# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001398344-23-000445
**Filing Date:** 2023-1
**Character Count:** 1178681
**Document Hash:** 1db64921c7af9294b831f4a75547bcf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000445.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000445

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANCIAL INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000915802
- **IRS NUMBER:** 841255767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08194
- **FILM NUMBER:** 23517945

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FGIC PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERAL PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19931206

## Series and Classes Contracts Data

### Vulcan Value Partners Fund (Series ID: S000027283)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000082313 | Investor Class Shares      | VVPLX           |
| C000211491 | Institutional Class Shares |  |

### Vulcan Value Partners Small Cap Fund (Series ID: S000027284)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000082314 | Investor Class Shares      | VVPSX           |
| C000211492 | Institutional Class Shares |  |

### The Disciplined Growth Investors Fund (Series ID: S000033265)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000102285 | The Disciplined Growth Investors Fund | DGIFX           |

### Grandeur Peak Global Opportunities Fund (Series ID: S000033955)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000104683 | Grandeur Peak Global Opportunities Fund Investor Class      | GPGOX           |
| C000104684 | Grandeur Peak Global Opportunities Fund Institutional Class | GPGIX           |

### Grandeur Peak International Opportunities Fund (Series ID: S000033956)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000104685 | Grandeur Peak International Opportunities Fund Investor Class      | GPIOX           |
| C000104686 | Grandeur Peak International Opportunities Fund Institutional Class | GPIIX           |

### Highland Resolute Fund (Series ID: S000035431)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108821 | Class I      | RMRGX           |

### Seafarer Overseas Growth and Income Fund (Series ID: S000035831)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000109812 | Investor      | SFGIX           |
| C000109813 | Institutional | SIGIX           |

### Emerald Finance and Banking Innovation Fund (Series ID: S000036389)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000111283 | Class A             | HSSAX           |
| C000111284 | Class C             | HSSCX           |
| C000111285 | Institutional Class | HSSIX           |
| C000111286 | Investor Class      | FFBFX           |

### Emerald Growth Fund (Series ID: S000036390)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000111287 | Class A             | HSPGX           |
| C000111288 | Class C             | HSPCX           |
| C000111289 | Institutional Class | FGROX           |
| C000111290 | Investor Class      | FFGRX           |

### Grandeur Peak Emerging Markets Opportunities Fund (Series ID: S000040698)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000126203 | Grandeur Peak Emerging Markets Opportunities Fund Investor Class      | GPEOX           |
| C000126204 | Grandeur Peak Emerging Markets Opportunities Fund Institutional Class | GPEIX           |

### Grandeur Peak Global Reach Fund (Series ID: S000040699)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000126205 | Grandeur Peak Global Reach Fund Investor Class      | GPROX           |
| C000126206 | Grandeur Peak Global Reach Fund Institutional Class | GPRIX           |

### Emerald Insights Fund (Series ID: S000046191)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144476 | Class A             | EFCAX           |
| C000144477 | Class C             | EFCCX           |
| C000144478 | Institutional Class | EFCIX           |
| C000144479 | Investor Class      | EFCNX           |

### Grandeur Peak Global Stalwarts Fund (Series ID: S000049921)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157624 | Investor Class      | GGSOX           |
| C000157625 | Institutional Class | GGSYX           |

### Grandeur Peak International Stalwarts Fund (Series ID: S000049922)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157626 | Investor Class      | GISOX           |
| C000157627 | Institutional Class | GISYX           |

### Grandeur Peak Global Micro Cap Fund (Series ID: S000049923)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000157629 | Institutional Class | GPMCX           |

### Seafarer Overseas Value Fund (Series ID: S000053110)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000167154 | Investor Class      | SFVLX           |
| C000167155 | Institutional Class | SIVLX           |

### RONDURE NEW WORLD FUND (Series ID: S000056734)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000180091 | Investor Class      | RNWOX           |
| C000180092 | Institutional Class | RNWIX           |

### RONDURE OVERSEAS FUND (Series ID: S000056735)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000180093 | Investor Class      | ROSOX           |
| C000180094 | Institutional Class | ROSIX           |

### Grandeur Peak Global Contrarian Fund (Series ID: S000066520)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000214541 | Institutional Class |  |

### Grandeur Peak US Stalwarts Fund (Series ID: S000067354)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000216567 | Institutional Class |  |

### Grandeur Peak Global Explorer Fund (Series ID: S000074764)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232936 | Institutional Class |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-08194</u>

<u>FINANCIAL INVESTORS TRUST</u>

(Exact name of Registrant as specified in charter)

<u>1290 Broadway, Suite 1000, Denver, Colorado 80203</u>

(Address of principal executive offices) (Zip code)

Michael Lawlor, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

<u>Denver, Colorado 80203</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>303-623-2577</u>

Date of fiscal year end: <u>April 30</u>

Date of reporting period: <u>April 30, 2022 – October 31, 2022</u>

Item 1. **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report of Shareholders.

![](fp0081423_01.jpg)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | ![](fp0081423_02.jpg) |

---

SEMI-ANNUAL REPORT

---

| | |
|:---|:---|
| SHAREHOLDER LETTER | 1 |
| PERFORMANCE UPDATE | 5 |
| DISCLOSURE OF FUND EXPENSES | 7 |
| PORTFOLIO OF INVESTMENTS | 8 |
| STATEMENT OF ASSETS AND LIABILITIES | 20 |
| STATEMENT OF OPERATIONS | 21 |
| STATEMENTS OF CHANGES IN NET ASSETS | 22 |
| FINANCIAL HIGHLIGHTS | 24 |
| NOTES TO FINANCIAL STATEMENTS | 26 |
| ADDITIONAL INFORMATION | 33 |
| PRIVACY POLICY | 34 |

---

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.

---

| | |
|:---|:---|
| OCTOBER 31, 2022 | **DGINV.COM** |

---

The Disciplined Growth Investors Fund Shareholder Letter

*October 31, 2022 (Unaudited)*

**Market Commentary**

Investors in both stocks and bonds have experienced the most challenging period since the Fund's inception in 2011 (8/12/11). The last six months, 2022 year-to-date, and going back a full twelve months - all have produced negative returns to stocks and bonds for most investors. However, this same period resulted in important developments for investors as well. The two that stand out to us are a change in stock market leadership and bonds now offering sufficient yields for investors for the first time in The DGI Fund's existence.

A change in market leadership often happens through bear markets. Coming into 2022, the leading stocks for three years or more were big tech companies, software-as-a-service companies, and a few select others. Alongside these real businesses with excessive valuations were speculative "assets" like cryptocurrencies and non-fungible tokens (NFTs). We likely do not need to elaborate on the pain experienced by owners of these speculative assets. The real story, to us, is the overvaluation and subsequent sell off in a narrow portion of the market - which could also be framed as a lack of valuation discipline by many investors heading into 2022.

To illustrate, in just the two years of 2020 and 2021, Tesla stock increased 1163.1% and for a time its market value was greater than all other automakers combined, despite having a tiny fraction of market share and realistically being constrained by economics of its industry. Its stock traded at over a hundred times its annual earnings. Alphabet (Google) stock more than doubled in market value in the same two years. Meta (Facebook), Netflix, and Amazon all increased by over 60% in 2020 and 2021.

As a result, holders of these stocks - including index funds - likely outperformed investors with a more reasonable valuation discipline. That lack of valuation discipline inherent in index funds and rampant with many active investors is coming home to roost. In 2022 through October 31, Meta stock is down 72.3%. That means to get back to even, investors who held it at its peak would have to see over a 350% increase. Netflix' share price has fallen over 50%. Amazon, Google, and Netflix have lost over 1/3 of their market value as well and may shed more yet.

We have not owned any of these stocks in The DGI Fund, something which you may have noticed on both sides of the increase in valuations and this year's sell off.

Not only have these stock prices fallen, but they were the largest holdings for many investors and have "led" the overall market downturn. The leadership in terms of top performers (individual securities) has begun to shift. While the next group of leading stocks will only be truly visible in hindsight, strong hints are emerging. One emerging group of companies are energy producers, particularly natural gas producers. Significant innovation within the industry combined with global events have driven the cost of producing natural gas down and the market price of it up. We believe this is a sustainable development as alternative energy options such as wind and solar, though growing, are still a tiny portion of total energy consumption and have serious constraints around their potential use. Natural gas and liquified natural gas fill a critical part of on-demand and continuous energy needs. Well-managed companies in that industry that continue to innovate stand to produce outsized growth going forward in our estimation.

The DGI Fund currently owns two natural gas producers in Southwestern Energy (SWN) and Coterra Energy (CTRA).

The second important development has been the increase in bond yields. In the short-term view this may seem a euphemistic way to frame a historically rapid increase in interest rates. Yet for the investor, US Treasury Bond yields (10 year treasuries) being above 4% for the first time in over 11 years<sup>1</sup> is significant tailwind. Yields on investment-grade corporate bonds of 5-10 year maturities are higher still, in the 5-7% range. Entering 2022, a 10 year loan to the federal government through a treasury bond offered under 1.5% annual interest. This was insufficient to keep pace even with more normal inflation rates of 2-3%. For us in managing The DGI Fund, corporate bond yields of only 2-4% translated to a very expensive allocation of the portfolio away from higher-return stocks for the sake of some income and protection of principal. While we still see the outlook heavily favoring stocks over bonds, we believe the bond portfolio can finally achieve returns of 4-6% annually for the next seven years versus the under 2% returns bonds have produced in the Fund in the past seven years (the largest bond index has produced negative total returns for the seven years ending 10/31/22).

Semi-Annual Report \| October 31, 2022 1

The Disciplined Growth Investors Fund Shareholder Letter

*October 31, 2022 (Unaudited)*

Inflation is, of course, a pernicious phenomenon. We believe inflation will come down to more "normal" long-run levels in the 2-3% range. This may take some time, likely beyond just 2023. However, we do not believe inflation above 3% will be a 7-year or longer issue. Ten year corporate bonds do offer the promise of 5%+ yields, however, as a contractual obligation to the bond holder. So, we believe sufficient yields on bonds will outlive high inflation.

To summarize, 2022 has been a challenging year, yet going forward we think the future is now bright. That is not a forecast of next year's stock market performance or even the next two to three years. It reflects our view that for the first time in years there are many potentially good stocks at attractive valuations and that bonds offer high enough yields to be investible for the first time in over 11 years. We believe the future will be challenging for index investors and index copycats, but can be rewarding for discerning investors who maintain their valuation discipline and hold high-quality, attractively valued companies through the turbulence.

Our view is still that expected returns for the Fund's stocks greatly exceed the expected returns on bonds, and it is encouraging that the expected returns for both are higher than in recent years. Because of this, as of the end of the period, the Fund's allocation to stocks and bonds remains similar to recent years, at approximately 70% stocks, 30% bonds and cash.

**Fund Fiscal Year Commentary**

In the first half of the fiscal year (5/1/22 to 10/31/22), the DGI Fund's total return was -5.12%. Performance for longer time frames is available in the Performance Update section of this Annual Report.

In the last six months, stocks in the Fund returned -5.37% while bonds returned -4.20%. In this time frame, the average allocation to stocks was 69.35%, and the average allocation to bonds and cash was 30.65%.

Seventeen stocks posted positive total returns while 30 stocks posted negative total returns. The five stocks that made the greatest positive contribution were Super Micro Computer (+1.90% to the Fund's performance), Plexus (+0.67%), Coterra Energy (+0.31%), Autodesk (+0.27%), and Viasat (+0.18%). The five stocks that detracted the most from the Fund's total performance were Under Armour (-0.85%), Algin Technology (-0.80%), Akamai Technology (-0.77%), Cognex (-0.59%), and Garmin (-0.48%). 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 first part of the fiscal year.

*<sup>1</sup>* *Since The DGI Fund's inception (8/12/2011), yields on 10-year US Treasury Notes were below 4% until 10/14/2022.*

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

The Disciplined Growth Investors Fund Shareholder Letter

*October 31, 2022 (Unaudited)*

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**

In the last six months, we added three new stocks to the Fund's portfolio; Floor & Décor Holdings, Generac, and Semtech. We added to existing positions on several occasions.

Floor & Décor (FND), a hard surface flooring retailer, serves homeowners, professional installers, and commercial customers with an expansive array of options. It stands out with low pricing and a broad selection of in-stock merchandise, including tile, wood, laminate, natural stone, and decorative materials. Floor & Décor's 166 stores are known for expert help, free design services, and installation accessories. Our initial purchase is based in our view that FND has a compelling business model & successful expansion, and we believe it will continue making market share gains.

Generac (GNRC) designs and manufactures generators and other power generation solutions for both residential and commercial/industrial end-markets. The company competes effectively on attributes such as a broad dealer network, fuel-efficient products, after-market support, product robustness, product breadth, and control/monitoring systems. We purchased an initial position because we believe the company has a significant opportunity to help solve problems resulting from an increasingly unreliable electricity grid and has a proven, profitable business model.

Semtech (SMTC) designs analog and mixed-signal semiconductor products for consumer, enterprise computing, communications, and industrial equipment manufacturers. Its product expertise revolves around the utilization or enablement of low power. Semtech serves original equipment manufacturers and their suppliers in many markets like automotive, industrial, and broadcasting. We took an initial position because we believe Semtech has a healthy culture of innovation, business lines that are on the cusp of accelerating demand, and an attractive high- margin business model.

We made one complete sale of an equity holding, selling S&P Global (SPGI) which came into the Fund when it acquired a prior holding, IHS Markit. After analyzing S&P Global, we decided to sell the position to fund other investments we believe offer better opportunities.

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.*

Semi-Annual Report \| October 31, 2022 3

The Disciplined Growth Investors Fund Shareholder Letter

*October 31, 2022 (Unaudited)*

*<sup>1</sup>* *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<sup>®</sup> 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 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

*October 31, 2022 (Unaudited)*

**Annualized Total Return Performance** *(for the period ended October 31, 2022)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **6 month** | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since** **Inception\*** |
| The Disciplined Growth Investors Fund | -5.12% | -18.03% | 5.06% | 6.97% | 8.88% | 9.89% |
| S&P 500<sup>®</sup> Total Return Index<sup>(1)</sup> | -5.50% | -14.61% | 10.22% | 10.44% | 12.79% | 13.40% |

---

***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. 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.*

*<sup>(1)</sup>* *The S&P 500<sup>®</sup> 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.*

Semi-Annual Report \| October 31, 2022 5

The Disciplined Growth Investors Fund Performance Update

*October 31, 2022 (Unaudited)*

**Growth of $10,000 Investment in the Fund** *(for the period ended October 31, 2022)*

![](fp0081423_03.jpg)

*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 | 39.31% |
| Consumer Discretionary | 12.44% |
| Energy | 6.62% |
| Industrials | 4.42% |
| Health Care | 4.47% |
| Producer Durables | 2.78% |
| Communications | 0.66% |
| Corporate Bond | 24.99% |
| Government Bond | 3.62% |
| Other Assets in Excess of Liabilities | 0.69% |

---

**Top Ten Holdings**

(as a % of Net Assets)\*

---

| | |
|:---|:---|
| Super Micro Computer, Inc. | 5.23% |
| Plexus Corp. | 4.01% |
| Coterra Energy, Inc. | 3.38% |
| Akamai Technologies, Inc. | 3.14% |
| Southwestern Energy Co. | 3.06% |
| Power Integrations, Inc. | 3.04% |
| Microchip Technology, Inc. | 3.00% |
| Gentex Corp. | 2.84% |
| Cognex Corp. | 2.51% |
| Pure Storage, Inc. | 2.47% |
| **Top Ten Holdings** | 32.68% |

---

\* *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

*October 31, 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 May 1, 2022 through October 31, 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 5/1/2022** | **Ending Account Value 10/31/2022** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid**<br> **During period** <br> **5/1/2022 - 10/31/2022<sup>(b)</sup>** |
| Actual | $1000.00 | $948.80 | 0.78% | $3.83 |
| Hypothetical (5% return before expenses) | $1000.00 | $1021.27 | 0.78% | $3.97 |

---

*<sup>(a)</sup>* *The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.*

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).*

Semi-Annual Report \| October 31, 2022 7

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCKS (70.71%)** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATIONS (0.36%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Media (0.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 10156 | $1203283 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMUNICATIONS** |  | 1203283 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (10.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Discretionary Products (5.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 359636 | 9526757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentherm, Inc. <sup>(a)</sup> | 43892 | 2564171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LGI Homes, Inc. <sup>(a)</sup> | 36077 | 3320888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc. , Class A<sup>(a)</sup> | 474075 | 3531859 |
|  |  | 18943675 |
| &nbsp;&nbsp;&nbsp;*Consumer Discretionary Services (1.67%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. <sup>(a)</sup> | 65294 | 3485394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 30479 | 2103051 |
|  |  | 5588445 |
| &nbsp;&nbsp;&nbsp;*Retail & Whsle - Discretionary (2.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. , Class A<sup>(a)</sup> | 31605 | 2318859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 78177 | 1590120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sleep Number Corp. <sup>(a)</sup> | 96329 | 2672166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stitch Fix, Inc. , Class A<sup>(a)</sup> | 60012 | 240048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 37847 | 2728769 |
|  |  | 9549962 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER DISCRETIONARY** |  | 34082082 |
| &nbsp;&nbsp;&nbsp;**ENERGY (6.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas (6.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories NV | 31556 | 614080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 363956 | 11329950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Co. <sup>(a)</sup> | 1479705 | 10254356 |
|  |  | 22198386 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 22198386 |

---

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

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (4.47%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care (4.47%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 30650 | $5955295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 26769 | 6597755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics, Inc. <sup>(a)</sup> | 117097 | 2428592 |
|  |  | 14981642 |
| &nbsp;&nbsp;&nbsp;**TOTAL HEALTH CARE** |  | 14981642 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (11.98%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Industrial Products (7.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 182083 | 8417697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 14193 | 1645110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 42976 | 2990270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)</sup> | 113273 | 4325896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 32739 | 7269695 |
|  |  | 24648668 |
| &nbsp;&nbsp;&nbsp;*Industrial Services (4.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. <sup>(a)</sup> | 129070 | 7594479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 37708 | 5890744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. , Class A | 24042 | 1995005 |
|  |  | 15480228 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDUSTRIALS** |  | 40128896 |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY (37.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software & Tech Services (9.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> | 119128 | 10522576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | 36359 | 7791734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 18770 | 8024175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corp. | 94795 | 2744315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 19539 | 2311659 |
|  |  | 31394459 |

---

Semi-Annual Report \| October 31, 2022 9

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Tech Hardware & Semiconductors (27.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 59525 | $7194192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. , Class A | 110942 | 7415363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin, Ltd. | 86462 | 7612115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 44156 | 2202060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. <sup>(a)</sup> | 14999 | 1284814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 162979 | 10062324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp. <sup>(a)</sup> | 136418 | 13423531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 152710 | 10187284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. , Class A<sup>(a)</sup> | 268033 | 8271498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>(a)</sup> | 44544 | 1233423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. <sup>(a)</sup> | 251897 | 17529512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. <sup>(a)</sup> | 160105 | 6557901 |
|  |  | 92974017 |
| &nbsp;&nbsp;&nbsp;**TOTAL TECHNOLOGY** |  | 124368476 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $200,922,059)** |  | $236962765 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **CORPORATE BONDS (23.44%)** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATIONS (1.29%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150% 10/15/2028 | $1168000 | $1096748 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 07/30/2030 | 1000000 | 1040580 |
| &nbsp;&nbsp;&nbsp;*Wireless Telecommunications Services (0.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% 03/01/2029 | 1151000 | 1070789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329% 09/21/2028 | 1176000 | 1103613 |
|  |  | 2174402 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMUNICATIONS** |  | 4311730 |

---

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

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (2.52%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Airlines (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% 11/16/2027 | $1225000 | $1100490 |
| &nbsp;&nbsp;&nbsp;*Automobiles Manufacturing (0.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400% 10/15/2029 | 1100000 | 1020773 |
| &nbsp;&nbsp;&nbsp;*Consumer Services (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. No 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700% 04/01/2027 | 1167000 | 1101027 |
| &nbsp;&nbsp;&nbsp;*Restaurants (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp., Series MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.300% 03/01/2038 | 966000 | 995305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% 11/15/2028 | 1190000 | 1104566 |
|  |  | 2099871 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Discretionary (0.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% 10/01/2027 | 1238000 | 1011897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200% 12/03/2025 | 1035000 | 1050655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% 04/05/2029 | 1186000 | 1067185 |
|  |  | 3129737 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER DISCRETIONARY** |  | 8451898 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (0.96%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Food & Beverage (0.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% 04/13/2028 | 1166000 | 1102712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% 09/28/2023 | 1090000 | 1078697 |
|  |  | 2181409 |

---

Semi-Annual Report \| October 31, 2022 11

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Mass Merchants (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600% 04/20/2030 | $1280000 | $1022749 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER STAPLES** |  | 3204158 |
| &nbsp;&nbsp;&nbsp;**ENERGY (2.53%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Exploration & Production (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% 05/15/2025 | 1100000 | 1047466 |
| &nbsp;&nbsp;&nbsp;*Integrated Oils (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.234% 11/06/2028 | 1170000 | 1102454 |
| &nbsp;&nbsp;&nbsp;*Pipeline (1.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% 11/15/2026 | 1000000 | 1059158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% 04/15/2029 | 1175000 | 1102348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% 07/31/2029 | 1216000 | 1046271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650% 08/15/2030 | 1314000 | 1035896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 09/30/2028 | 1047000 | 1038522 |
|  |  | 5282195 |
| &nbsp;&nbsp;&nbsp;*Refining & Marketing (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150% 12/15/2030 | 1337000 | 1037526 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 8469641 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (4.71%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (1.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800% 08/12/2028 | 1344000 | 1093432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., Series MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 03/19/2029 | 1156000 | 1028151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, Series DMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% 07/30/2029 | 1217000 | 1028424 |

---

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

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.574% 08/01/2026 | $980000 | $1039090 |
|  |  | 4189097 |
| &nbsp;&nbsp;&nbsp;*Commercial Finance (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700% 04/01/2029 | 1172000 | 1080665 |
| &nbsp;&nbsp;&nbsp;*Consumer Finance (0.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300% 05/03/2027 | 1157000 | 1048825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% 10/29/2025 | 1150000 | 1092007 |
|  |  | 2140832 |
| &nbsp;&nbsp;&nbsp;*Diversified Banks (0.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183% 11/25/2027 | 1091000 | 1000255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 07/25/2028 | 1216000 | 1095944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/2026 | 1081000 | 1024894 |
|  |  | 3121093 |
| &nbsp;&nbsp;&nbsp;*Financial Services (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% 11/24/2025 | 1030000 | 1028360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 1.131% 05/08/2032 (b) | 1227000 | 1088436 |
|  |  | 2116796 |
| &nbsp;&nbsp;&nbsp;*Life Insurance (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% 11/15/2026 | 1181000 | 1074216 |
| &nbsp;&nbsp;&nbsp;*Real Estate (0.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450% 09/13/2029 | 1274000 | 1021583 |

---

Semi-Annual Report \| October 31, 2022 13

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 03/15/2029 | $1187000 | $1056134 |
|  |  | 2077717 |
| &nbsp;&nbsp;&nbsp;**TOTAL FINANCIALS** |  | 15800416 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (1.57%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% 08/15/2029 | 1202000 | 1043628 |
| &nbsp;&nbsp;&nbsp;*Managed Care (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650% 12/01/2027 | 1191000 | 1100085 |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals (0.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 11/14/2028 | 1116000 | 1051417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% 05/28/2028 | 1212000 | 1013222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800% 11/15/2026 | 1000000 | 1064923 |
|  |  | 3129562 |
| &nbsp;&nbsp;&nbsp;**TOTAL HEALTH CARE** |  | 5273275 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (3.00%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% 05/15/2025 | 1100000 | 1066128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% 09/15/2029 | 955000 | 1053810 |
|  |  | 2119938 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction (0.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 09/15/2028 | 737000 | 644083 |
| &nbsp;&nbsp;&nbsp;*Industrial Other (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co., Series GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% 01/09/2023 | 1100000 | 1096575 |

---

14 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Railroad (0.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%03/15/2023 | $2000 | $1986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%03/15/2029 | 1108000 | 1038190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%09/10/2028 | 1169000 | 1100836 |
|  |  | 2141012 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics (0.60%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%05/15/2031 | 1302000 | 1012470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200%01/15/2038 | 935000 | 991475 |
|  |  | 2003945 |
| &nbsp;&nbsp;&nbsp;*Waste & Environment Services & Equipment (0.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/15/2027 | 1120000 | 1018477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%07/15/2028 | 938000 | 1015720 |
|  |  | 2034197 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDUSTRIALS** |  | 10039750 |
| &nbsp;&nbsp;&nbsp;**MATERIALS (0.33%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.725% 11/15/2028 | 1157000 | 1107440 |
| &nbsp;&nbsp;&nbsp;**TOTAL MATERIALS** |  | 1107440 |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY (0.32%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Hardware (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% 10/02/2023 | 1090000 | 1081566 |
| &nbsp;&nbsp;&nbsp;**TOTAL TECHNOLOGY** |  | 1081566 |
| &nbsp;&nbsp;&nbsp;**UTILITIES (6.21%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (6.21%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%03/15/2028 | 1237000 | 1013632 |

---

Semi-Annual Report \| October 31, 2022 15

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300% 12/01/2028 | $1085000 | $1006164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%08/15/2029 | 1271000 | 1038640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%01/15/2027 | 1161000 | 1049132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 11/01/2028 | 1183000 | 1066474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%08/15/2027 | 1108000 | 1001291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison Co., Series 122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%08/15/2027 | 1200000 | 1082055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%03/01/2030 | 1321000 | 1098836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%06/15/2029 | 1254000 | 1095345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% 11/15/2029 | 926000 | 760498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%07/01/2023 | 1100000 | 1085361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%02/07/2028 | 1145000 | 1047434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%04/01/2029 | 1190000 | 1052131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%09/01/2029 | 1307000 | 1092511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%06/15/2035 | 1085000 | 1020125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Electric and Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%05/15/2029 | 1235000 | 1096378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%06/15/2030 | 1253000 | 1093162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co., Series 21-B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%03/15/2028 | 1239000 | 1012503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375% 10/15/2027 | 1243000 | 1021954 |

---

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

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;**UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050% 10/15/2027 | $1200000 | $1091496 |
|  |  | 20825122 |
| &nbsp;&nbsp;&nbsp;**TOTAL UTILITIES** |  | 20825122 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $89,206,387)** |  | $78564996 |
| **FOREIGN CORPORATE BONDS (1.54%)** |  |  |
| &nbsp;&nbsp;&nbsp;**ENERGY (1.23%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Exploration & Production (0.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%06/01/2027 | 1102000 | 1015295 |
| &nbsp;&nbsp;&nbsp;*Integrated Oils (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375% 11/07/2029 | 1243000 | 1049028 |
| &nbsp;&nbsp;&nbsp;*Pipeline (0.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%07/15/2027 | 1191000 | 1093191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%08/15/2038 | 929000 | 978244 |
|  |  | 2071435 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 4135758 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (0.31%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Banks (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, Series GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%01/27/2026 | 1066000 | 1029577 |
| &nbsp;&nbsp;&nbsp;**TOTAL FINANCIALS** |  | 1029577 |
| **TOTAL FOREIGN CORPORATE BONDS** |  |  |
| **(Cost $6,048,701)** |  | $5165335 |
| **GOVERNMENT & AGENCY OBLIGATIONS (3.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%08/15/2023 | 160000 | 157300 |

---

Semi-Annual Report \| October 31, 2022 17

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **GOVERNMENT & AGENCY OBLIGATIONS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125% 12/31/2022 | $4900000 | $4869229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.375% 10/31/2023 | 1070000 | 1025327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500% 03/31/2023 | 5900000 | 5833283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750% 08/31/2023 | 240000 | 236503 |
| **TOTAL GOVERNMENT & AGENCY OBLIGATIONS** |  |  |
| **(Cost $12,252,591)** |  | $12121642 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (0.70%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MONEY MARKET FUND (0.70%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund, 12/31/2049 | 2.980 %<sup>(c)</sup> | 2341988 | 2341988 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $2,341,988)** |  |  | $2341988 |
| **TOTAL INVESTMENTS (100.01%)** |  |  |  |
| **(Cost $310,771,726)** |  |  | $335156726 |
| **Liabilities In Excess Of Other Assets (-0.01%)** |  |  | (36021) |
| **NET ASSETS (100.00%)** |  |  | $335120705 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *Floating or variable rate security. The reference rate is described below. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the securities last reset date.*

*<sup>(c)</sup>* *Represents the 7-day yield.*

***Common Abbreviations:***

*LLC - Limited Liability Company*

*LP - Limited Partnership*

*Ltd. - Limited*

18 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

The Disciplined Growth Investors Fund Portfolio of Investments

<br> *October 31, 2022 (Unaudited)*

*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.*

Semi-Annual Report \| October 31, 2022 19

The Disciplined Growth Investors Fund Statement of Assets and Liabilities

*October 31, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $335156726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 1317426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest receivable | 985057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 337460209 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 2125746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 213758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2339504 |
| **NET ASSETS** | $335120705 |
| **NET ASSETS CONSIST OF** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $305499035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | 29621670 |
| **NET ASSETS** | $335120705 |
| **INVESTMENTS, AT COST** | $310771726 |
| **PRICING OF SHARES** |  |
| Net Asset Value, offering and redemption price per share | $19.39 |
| Shares of beneficial interest outstanding | 17286905 |

---

*See Notes to Financial Statements.*

20 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

The Disciplined Growth Investors Fund Statement of Operations

---

| | |
|:---|:---|
| | **For the Six Months Ended October 31, 2022 (Unaudited)** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1391635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | (7583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1259426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2643478 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 1320117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1320117 |
| **NET INVESTMENT INCOME** | 1323361 |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (33176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (19043978) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (19077154) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(17753793) |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 21

The Disciplined Growth Investors Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended October 31, 2022 (Unaudited)** | **For the Year Ended April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1323361 | $1128119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (33176) | 18922462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (19043978) | (64699237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (17753793) | (44648656) |
| **DISTRIBUTIONS (Note 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1218159) | (36801592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1218159) | (36801592) |
| **CAPITAL SHARE TRANSACTIONS (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 13420463 | 60892430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1202216 | 36008172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (5033296) | (16396837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 9589383 | 80503765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets | (9382569) | (946483) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 344503274 | 345449757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $335120705 | $344503274 |
| **OTHER INFORMATION** |  |  |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 691786 | 2611650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 60109 | 1547140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (258370) | (681946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in share transactions | 493525 | 3476844 |

---

*See Notes to Financial Statements.*

22 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

*Intentionally Left Blank*

The Disciplined Growth Investors Fund

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **DISTRIBUTIONS** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |
| &nbsp;&nbsp;&nbsp;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** |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Not annualized.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

24 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

Financial Highlights

*For a share outstanding during the years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended October 31, 2022 (Unaudited)** | **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** |
| $20.51 | $25.94 | $19.42 | $21.15 | $19.12 | $18.20 |
| 0.08 | 0.08 | 0.09 | 0.18 | 0.16 | 0.12 |
| (1.13) | (2.84) | 8.83 | (1.14) | 2.55 | 1.64 |
| (1.05) | (2.76) | 8.92 | (0.96) | 2.71 | 1.76 |
| (0.07) | (0.08) | (0.10) | (0.17) | (0.12) | (0.12) |
| – | (2.59) | (2.30) | (0.60) | (0.56) | (0.72) |
| (0.07) | (2.67) | (2.40) | (0.77) | (0.68) | (0.84) |
| (1.12) | (5.43) | 6.52 | (1.73) | 2.03 | 0.92 |
| $19.39 | $20.51 | $25.94 | $19.42 | $21.15 | $19.12 |
| (5.12 %)<sup>(b)</sup> | (11.86%) | 47.00% | (4.79%) | 14.74% | 9.75 %<sup>(c)</sup> |
| $335121 | $344503 | $345450 | $226591 | $240172 | $204068 |
| 0.78 %<sup>(d)</sup> | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| 0.78 %<sup>(d)</sup> | 0.32% | 0.39% | 0.86% | 0.80% | 0.64% |
| 16 %<sup>(b)</sup> | 21% | 31% | 29% | 22% | 18% |

---

Semi-Annual Report \| October 31, 2022 25

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

1. ORGANIZATION

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This 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 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.

26 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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.

Semi-Annual Report \| October 31, 2022 27

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

The following is a summary of each input used to value the Fund as of October 31, 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<sup>(a)</sup> | $236962765 | $– | $– | $236962765 |
| Corporate Bonds<sup>(a)</sup> |  | 78564996 |  | 78564996 |
| Foreign Corporate Bonds<sup>(a)</sup> |  | 5165335 |  | 5165335 |
| Government & Agency Obligations |  | 12121642 |  | 12121642 |
| Short Term Investments | 2341988 | – | – | 2341988 |
| TOTAL | $239304753 | $95851973 | $– | $335156726 |

---

*<sup>(a)</sup>* *For detailed descriptions of the underlying industries, see the accompanying Portfolio of Investments.*

For the six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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.

28 1-855-DGI-FUND (344-3863) \| www.DGIfund.com

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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. The remainder of LIBOR publications ended 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 October 31, 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 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(excess of value over tax cost) | $65502438 |
| Gross depreciation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(excess of tax cost over value) | (41117438) |
| Net unrealized appreciation | $24385000 |
| Cost of investments for income tax purposes | $310771726 |

---

Semi-Annual Report \| October 31, 2022 29

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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 | $4688850 | $32112742 |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities, and U.S. Government Obligations) during six months ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| The Disciplined Growth Investors Fund | $60156176 | $33330894 |

---

Investment transactions in U.S. Government Obligations during the six months ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| The Disciplined Growth Investors Fund | $1334635 | $18151398 |

---

The cost of purchases in Kind, proceeds from sales in Kind along with there Realized gains/(loss) included in above transactions during the six months ended October 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Proceeds** | **Net Realized Gain/(Loss)** |
| Disciplined Growth Investors Fund | $2684514 | $– $|  |

---

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.

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

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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 six months ended October 31, 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.

Semi-Annual Report \| October 31, 2022 31

The Disciplined Growth Investors Fund Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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.

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

The Disciplined Growth Investors Fund Additional Information

*October 31, 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.

Semi-Annual Report \| October 31, 2022 33

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?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide account information or give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● make a wire transfer or deposit money  |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes-information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for non-affiliates to market to you<br>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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *The Fund does not share with non-affiliates so they can market to you.*  |
| **Joint marketing** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *The Fund does not jointly market.*  |

---

34 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?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and account transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account balances and transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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**<br> **PERSONAL INFORMATION** | **DOES THE**<br> **FUND SHARE:** | **CAN YOU LIMIT**<br> **THIS SHARING?** |
| **For our everyday business purposes –**<br> 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 –**<br> 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 –**<br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We do not share. |
| **For non-affiliates to market to you** | No | We do not share. |

---

Semi-Annual Report \| October 31, 2022 35

The Disciplined Growth Investors Fund Privacy Policy

---

| | |
|:---|:---|
| **OTHER IMPORTANT INFORMATION** | **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. |

---

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

![](fp0081423_04.jpg)

![](fp0081423_05.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Manager** **Commentary** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 1 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 6 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 10 |
| **Disclosure of Fund Expenses** | 17 |
| **Schedule** **of Investments** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 19 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 21 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 23 |
| **Statements of Assets and Liabilities** | 25 |
| **Statements of Operations** | 26 |
| **Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 27 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 29 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 31 |
| **Financial** **Highlights** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 33 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 37 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 41 |
| **Notes to Financial Statements** | 45 |
| **Additional Information** | 52 |
| **Privacy Policy** | 53 |

---

Emerald Growth Fund Manager Commentary

October 31, 2022 (Unaudited)

Dear Shareholder:

**Investment Results**

The performance of the Emerald Growth Fund's Class A shares (without sales load), for the six months ended October 31, 2022, declined by -1.00% trailing the Russell 2000 Growth Index which advanced by 1.02%.

The triple threat of inflation, rising interest rates, and global recession fears continues to weigh heavily on equity returns both domestically and abroad with the S&P 500 falling 5.50% over the trailing six-month period and -17.70% year-to-date and the MSCI All Country World ex-US (U.S. Dollars) declining 14.35% and 23.96% over the respective six-month and year-to-date periods. Negative returns weren't confined to the equity market, with long-term treasury bonds declining 17.21% for the six-month period and 31.87% year-to-date, while investment grade corporate bonds fell by 7.88% and 19.24% for the respective periods.

The Russell 2000 similarly succumbed to selling pressure, but notably, despite the surge in treasury yields and historic strength in the US Dollar, small capitalization stocks held their own on a relative basis in the face of the broad-based market turmoil. The Russell 2000, which fell 0.20%, outpaced the Russell 1000, which fell 5.73% for the trailing six-month period. The month of October was particularly noteworthy for the Russell 2000 performance, as it marked the fifth time in the last six months that small capitalization outperformed large capitalization stocks, with the Russell 2000 index gaining 11.01% outpacing the Russell 1000, which gained 8.02%. This recent streak of outperformance has pushed small capitalization stocks ahead of large capitalization stocks on a year-to-date basis with the Russell 2000 declining 16.86% and the Russell 1000 declining 18.54%.

**Investment Analysis**

The market's persistent consternation over inflation, interest rates and the probability of recession has driven pairwise correlations in small capitalization stocks to the highest levels since May of 2020, according to a November 1, 2022 report from Steve DeSanctis, Equity Strategist at Jefferies, creating a challenging backdrop for fundamental bottom-up stock pickers, like Emerald.

These challenges proved to be a headwind to the Emerald Growth Fund which underperformed the Russell 2000 Growth Index for trailing six-month period ended October as both stock selection and allocation effect weighed on relative performance. At the sector level, stock selection driven relative outperformance within the healthcare, real estate, financials, and technology sectors was more than offset by relative underperformance within the industrials, consumer staples, consumer discretionary, basic materials and telecommunications sectors.

The industrials sector was the largest detractor to return as stock selection within the professional business services, defense, commercial vehicle-equipment, and machinery specialty equipment proved challenging to relative performance. Relative underperformance within the consumer staples, consumer discretionary, basic materials and telecommunication sectors also detracted from return. At the industry level the stock selection related challenges were most acute within the food products, recreational services, specialty retailers, chemicals and telecommunications equipment industries.

Partially offsetting these headwinds was relative outperformance within the healthcare, real estate, financials, and technology sectors. Of these, the healthcare sector was the largest positive contributor to return driven by holdings within the medical equipment and biotechnology industries. Outside of healthcare the portfolio experienced a positive contribution to return from holdings within the real estate, financials, and technology sectors and more specifically positions held within the property and casualty, full line insurance, computer hardware and semiconductor industries.

Exiting October, the Fund held the largest active exposures in the healthcare, financial services and consumer discretionary sectors. Thoughts on those sectors and other notable areas of exposure as of October 31 are highlighted below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 healthcare sector now represents the portfolio's largest nominal and active exposure.
 At the industry level, the portfolio currently holds the largest nominal weights within
 the medical equipment, biotechnology and pharmaceuticals industries, with the largest
 relative overweight positions falling within the medical equipment and pharmaceutical
 industries. Emerald remains focused on medical device and diagnostic companies that are
 profitable and not trading on a revenue multiple. For therapeutics, we are focused on
 the few companies that are profitable and those with quality assets generating revenue
 with a view towards profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Fund also ended the period with an overweight position to the financial services sector,
 comprised of holdings within the bank, full line insurance, investment services, and
 property and casualty insurance industries. We maintain a positive bias to the regional
 and community banks as we believe core net interest income to grow by more than 20% year-over-year
 every quarter through the first half of 2023. Emerald invests in community and regional
 asset sensitive banks. These banks have a focus on commercial loans and maintain a small
 branch footprint. We believe this subset of the banking industry will benefit more than
 the bank universe in general as their net interest margins should outpace the average
 for the industry as they will benefit to a greater degree from the rising rate environment
 and higher loan yields, loan growth greater than 8% and rational deposit pricing. However,
 all eyes will be on deposit levels and deposit

Semi-Annual Report \| October 31, 2022 1

Emerald Growth Fund Manager Commentary

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
|  | betas, as well as Accumulated Other Comprehensive Income (AOCI), which reflects the impact of bond losses held in a bank's securities portfolio. We believe the collective impact of these factors will heavily influence relative stock performance. While we believe there will be credit deterioration amongst the financial technology stocks in the subprime retail lending space, we do not anticipate credit deterioration among the regional and community banks over the next twelve months. |
| • | The Fund also held an overweight position within the consumer discretionary sector at quarter-end. The overweight is comprised of a diverse subset of holdings within the specialty retail, recreational services, recreational products, restaurants, casinos and gambling, and auto parts industries among others. While the market has become increasingly concerned with the outlook for consumer spending given the step up in inflationary pressures and tightening financial conditions, 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. |

---

**Market Outlook:**

The Federal Reserve has continued to raise the Federal Funds rate at a fast and furious pace, with yet another 75bps rate increase announced at the November Federal Reserve Open Market Committee meeting. Although the market continues to wish for kinder gentler Federal Reserve messaging, the outcome has largely been the same. Powell and crew continue to communicate that there is no pause in site and that ongoing increases will be appropriate. With each successive rate hike, the pathway to a soft landing domestically has been narrowing. As a result, domestically, good news has become bad news as this seemingly persistent strength in employment and consumer spending adds fuel to the Federal Reserve's resolve to push the terminal rate higher. With the Federal Reserve in the driver's seat, idiosyncratic stock specific behavior has taken a backseat to macroeconomic factors.

Despite these challenges, new market leadership can be born out of bear markets and in this regard, we believe the recent outperformance of small capitalization stocks is a noteworthy standout. The Russell 2000 lagged the Russell 1000 by more than 200 bps over the trailing one-year, more than 460 bps annualized over the trailing 5-year period, and by approximately 272 bps annualized over the trailing 10-year period ended October 31, 2022. As a result of this underperformance, as of October 31, 2022, small capitalization stocks represented less than 4% of the US equity market, a level not witnessed since the 1930's, outside of the brief March 2020 COVID related market sell-off, according to a recent report from Steve DeSanctis of Jefferies. From a valuation perspective, relative to the S&P 500, according to Furey Research, there has been no other time in history that the Russell 2000 has been as attractive relative to large caps. Exiting the period, the Russell 2000 forward P/E is at 10.8x, the lowest since 1990 and 30% below its long-term average since 1985, according to an October 7, 2022, report from Jill Carey Hall, Equity and Quant Strategist at B of A Securities. Conversely, large capitalization stocks remain the most expensive size segment, trading in-line with the long-term average (since 1985). Further, according to the same report, the relative forward P/E of the Russell 2000 vs. Russell 1000 held at 0.71x, a 30% discount to its average of 1.01x. Notably, this is the lowest this ratio has been since the Tech Bubble. Further, based on the valuation dispersion as of the last day of the period and looking longer-term, as this metric which has historically been more predictive over a ten-year horizon than near term implies approximately 13% annualized returns over the next decade for the Russell 2000 as compared to approximately 10% for the Russell 1000, according to Jill Carey Hall.

Despite the substantial multiple compression already reflected in current valuations, the debate on where corporate earnings will base rages on. While we acknowledge that slowing economic growth will translate to slower earnings growth, we remain firm in our belief that small capitalization earnings should demonstrate a relative resiliency versus their large capitalization peers. Small capitalization stocks are inherently less exposed to international markets and with the persistent strength in the US Dollar, and noteworthy economic pressures in both Europe and China, we continue to believe that small capitalization stocks remain relatively better positioned. In this regard, during the course of the third quarter, within the Russell 2000 Growth benchmark, those companies with foreign sales representing 20% or less of total revenue outperformed the index by 271 bps for the period, according to an October 3, 2022 report from Steve DeSanctis, Equity Strategist at Jefferies.

While the path of corporate earnings will serve as the ultimate arbiter of equity valuations, in the near term the Federal Reserve remains in the driver seat and the path and pace of monetary tightening remains the predominant driver of market direction. As a result, we expect market volatility to remain elevated as the market assessment of the distribution of outcomes for both the path of interest rates and the implications to economic growth evolve. Consequently, as has been the case year-to-date we believe the rolling shifts in sentiment surrounding the path of rate hikes will continue to have an outsized impact on the direction of the equity market and risk assets. In the near-term, seasonality has moved in the favor of improved equity returns. According to Savita Subramanian of B of A Securities, the fourth quarter has seasonally been the strongest quarter (+4.5% on average positive 81% of the time), this is particularly true in midterm years (+7.7% on average, with an 86% positive hit rate). The months of November and December tend to be the seasonally strongest period of the year for small caps both on an absolute basis and relative to large capitalization peers.

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

2 www.emeraldmutualfunds.com

Emerald Growth Fund Manager Commentary

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| <u>Top Contributors</u> | <u>Top Detractors</u> |  |
| Super Micro Computer Inc. | Rapid7 Inc. |  |
| Biohaven Pharmaceutical Holding Co. | Varonis Systems Inc. |  |
| Palomar Holdings Inc. | SeaWorld Entertainment Inc. |  |
| Chart Industries Inc. | Freshpet Inc. |  |
| Karuna Therapeutics Inc. | Avient Corporation. |  |
| 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 |  |  |

---

***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<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> 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<sup>®</sup> 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.*

*Emerald's Dynamic Barbell approach utilizes Emerald's in-house research team to monitor and dynamically adjust factors such as sizes of companies, sectors and industries and portfolio weightings. Like a barbell, the approach balances offsetting factors such as large/small companies; cyclical/secular trends and companies with more international/domestic exposure.*

*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<sup>®</sup> 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.*

Semi-Annual Report \| October 31, 2022 3

Emerald Growth Fund Manager Commentary

October 31, 2022 (Unaudited)

**TOP TEN HOLDINGS**

**(as a % of Net Assets)\***

---

| | |
|:---|:---|
| Chart Industries, Inc. | 2.69% |
| Super Micro Computer, Inc. | 2.63% |
| Simply Good Foods Co. | 2.54% |
| Palomar Holdings, Inc. | 2.25% |
| MACOM Technology Solutions Holdings, Inc. | 2.00% |
| BRP Group, Inc. | 1.95% |
| Everi Holdings, Inc. | 1.94% |
| Merit Medical Systems, Inc. | 1.90% |
| Churchill Downs, Inc. | 1.81% |
| United Therapeutics Corp. | 1.75% |
| **Top Ten Holdings** | **21.46%** |

---

---

| | |
|:---|:---|
| **INDUSTRY SECTOR ALLOCATION** | **INDUSTRY SECTOR ALLOCATION** |
| **(as a % of Net Assets)** |  |
| Health Care | 30.88% |
| Consumer Discretionary | 14.06% |
| Industrials | 13.01% |
| Technology | 11.77% |
| Financials | 11.54% |
| Energy | 7.57% |
| Consumer Staples | 5.20% |
| Basic Materials | 1.48% |
| Telecommunications | 1.19% |
| Utilities | 0.84% |
| Real Estate | 0.69% |
| Producer Durables | 0.13% |
| Auto & Transportation | 0.10% |
| Cash, Cash Equivalents, & Other Net Assets | 1.54% |
| **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 October 31, 2022)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **1 Year<sup>\*</sup>** | **3 Year** | **5 Year** | **10 Year** | **Since Inception<sup>(1)</sup>** | **Expense Gross<sup>(2)</sup>** | **Ratio Net<sup>(2)</sup>** |
| **Class A (NAV)** | -24.83% | 6.87% | 6.37% | 11.64% | 10.59% | 1.01% | 1.01% |
| **Class A (LOAD)** | -28.40% | 5.16% | 5.35% | 11.10% | 10.41% | 1.01% | 1.01% |
| Russell 2000<sup>®</sup> Growth Index<sup>(3)</sup> | -26.02% | 5.11% | 5.17% | 10.15% | 7.88% |  |  |
| **Class C (NAV)** | -25.30% | 6.20% | 5.69% | 10.92% | 6.22% | 1.66% | 1.66% |
| **Class C (LOAD)** | -25.83% | 6.20% | 5.69% | 10.92% | 6.22% | 1.66% | 1.66% |
| Russell 2000<sup>®</sup> Growth Index<sup>(3)</sup> | -26.02% | 5.11% | 5.17% | 10.15% | 7.88% |  |  |
| **Investor Class** | -24.85% | 6.84% | 6.34% | 11.60% | 9.70% | 1.06% | 1.06% |
| Russell 2000<sup>®</sup> Growth Index<sup>(3)</sup> | -26.02% | 5.11% | 5.17% | 10.15% | 7.88% |  |  |
| **Institutional Class** | -24.60% | 7.21% | 6.71% | 11.99% | 12.68% | 0.71% | 0.71% |
| Russell 2000<sup>®</sup> Growth Index<sup>(3)</sup> | -26.02% | 5.11% | 5.17% | 10.15% | 7.88% |  |  |

---

***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.***

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

*<sup>(2)</sup>* *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 1.03%, 1.68%, 0.73% and 1.08% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2023. 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, 2023, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(3)</sup>* *The Russell 2000<sup>®</sup> Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000<sup>®</sup> 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.*

<sup>\*</sup> *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

October 31, 2022 (Unaudited)

**GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2022)**

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

![](fp0081423_06.jpg)

*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.*

 

Semi-Annual Report \| October 31, 2022 5

Emerald Insights Fund Manager Commentary

October 31, 2022 (Unaudited)

Dear Shareholder:

**Investment Results**

The performance of the Emerald Insights Fund Class A Shares (without the sales load) for the six months ended October 31, 2022, reflected a return of -12.31%, trailing the Russell 300 Growth Index benchmark return of -7.70% by 461 basis points. Performance was driven by strength in Energy offset by weakness in Technology, Industrials, and Financials.

**Investment Analysis**

In the early part of the investment period, investors continued to shun risk assets, especially growthier, smaller cap equities, and gravitated towards the perceived safety of mega-cap names which make up a large portion of the Fund's benchmark index. As the period progressed, a spike in Fed rates and geopolitically induced asset class and equity correlations as well as a drop-off in equity return dispersions made it difficult for most active managers to outperform.

At the stock level, our Dynamic Barbell approach to portfolio construction (where we "balance" offsetting factors such as large/small companies; cyclical/secular trends and companies with more international/domestic exposure) led us to continue underweighting mega-caps and steer more of the Fund's allocation toward cyclicals and small caps given what we saw as favorable growth and valuation characteristics of those asset classes. This cyclical small cap bias detracted from performance for most of the reporting period given economic and geopolitical concerns. As the reporting period ended, the Fund benefitted from its underweight to a number of large benchmark holdings that saw share price declines.

**Market Outlook**

Clearly, for the six months ending October 31, 2022, equity market performance has been challenging for both passive and active investors. It's certainly been hard to add substantial alpha (the excess return of an investment relative to the return of a benchmark index is an investment's alpha) in such a macro driven environment. Unfortunately, we don't expect the Fed/Macro influences to subside anytime soon. We anticipate more volatility when factoring in Q3/Q4 earnings, which have just recently seen substantial estimate revisions. This does not mean we are negative on the markets, quite the contrary - we are becoming more bullish on the market, especially for small caps. We believe the Fed is reasonably close to pausing its historic liquidity draining policy in the next few months due to data showing inflation moving toward their 2% target, and due to the potential damage to the mechanics of the financial system. While we believe stocks should rebound because of this pause, we still must consider the probability of a recession on asset prices.

At Emerald, our mantra is that earnings growth drives stock prices. Exiting the period, the Fund remains overweight Energy, where earnings growth has been strong and as of the date of this report, is expected to remain so. We expect small cap earnings to outpace large caps in 2022 and 2023 and remain at a discount to their 20-year P/E valuation. Additionally, exiting the period, we believe small-cap valuations remain attractive relative to large caps and tend to outperform in periods where inflation is high and falling - both conditions that are likely to prevail in 2023.

Through all this turmoil, we believe Emerald's longstanding Dynamic Barbell approach to multi/large-cap active management has shown its mettle by allowing us to deftly and flexibly move in and out of segments of the market with the greatest expected growth in most market environments. Emerald's Dynamic Barbell approach balances offsetting factors such as large/small companies; cyclical/secular trends and companies with more international/domestic exposure Given a potential "rolling recession" scenario, we further believe that Emerald's Dynamic Barbell approach is even more vital in terms of guiding us to areas of the economy that should still experience growth versus those more impacted by a recessionary environment. We believe our fundamental, bottom-up research model - honed over our company's more than 30-year history - should give our investors the best opportunity for future performance gains.

---

| | |
|:---|:---|
| <u>Top Contributors</u> | <u>Top Detractors</u> |
| United Therapeutics Corporation | Microsoft Corporation |
| Chart Industries, Inc. | Meta Platforms Inc. Class A |
| TETRA Technologies, Inc. | Silvergate Capital Corp. Class A |
| Cheniere Energy, Inc. | Petco Health & Wellness Company, Inc. Class A |
| TJX Companies Inc | Generac Holdings Inc. |
| WillScot Mobile Mini Holdings Corp. Class A | Alphabet Inc. Class A |
| Everi Holdings, Inc. | GXO Logistics Inc |
| Cactus, Inc. Class A | NVIDIA Corporation |
| Dick's Sporting Goods, Inc. | Babcock & Wilcox Enterprises Inc |
| Northern Oil and Gas, Inc. | Horizon Therapeutics Public Limited Company |

---

6 www.emeraldmutualfunds.com

Emerald Insights Fund Manager Commentary

October 31, 2022 (Unaudited)

David A. Volpe, CFA Deputy Chief Investment Officer Portfolio Manager Stephen L. Amsterdam Associate Portfolio Manager Joseph Hovorka Associate Portfolio Manager

Emerald Mutual Fund Advisers Trust

\* *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<sup>®</sup> Growth Index is a market capitalization weighted index based on the Russell 3000<sup>®</sup> index. The Russell 3000<sup>®</sup> 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.*

Semi-Annual Report \| October 31, 2022 7

Emerald Insights Fund Manager Commentary

October 31, 2022 (Unaudited)

**TOP TEN HOLDINGS**

**(as a % of Net Assets)\***

---

| | |
|:---|:---|
| Apple, Inc. | 11.10% |
| Microsoft Corp. | 8.71% |
| Alphabet, Inc. | 3.68% |
| Amazon.com, Inc. | 3.68% |
| NVIDIA Corp. | 3.29% |
| Chart Industries, Inc. | 2.79% |
| TETRA Technologies, Inc. | 2.41% |
| Visa, Inc. | 2.29% |
| TJX Cos., Inc. | 2.18% |
| Everi Holdings, Inc. | 2.17% |
| **Top Ten Holdings** | **42.30%** |

---

**INDUSTRY SECTOR ALLOCATION**

**(as a % of Net Assets)**

---

| | |
|:---|:---|
| Technology | 36.29% |
| Consumer Discretionary | 21.59% |
| Industrials | 13.99% |
| Health Care | 12.81% |
| Energy | 8.79% |
| Financials | 1.93% |
| Basic Materials | 1.73% |
| Consumer Staples | 1.15% |
| Communications | 0.93% |
| Utilities | 0.53% |
| Cash, Cash Equivalents, & Other Net Assets | 0.26% |
| **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 October 31, 2022)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Expense Ratio** | **Expense Ratio** |
|  | <br>**1 Year<sup>\*</sup>** | <br>**3 Year** | <br>**5 Year** | **Since**<br>**Inception<sup>(1)</sup>** | **Gross<sup>(2)</sup>** | **Net<sup>(2)</sup>** |
| **Class A (NAV)** | -30.00% | 13.58% | 11.65% | 9.69% | 1.93% | 1.36% |
| **Class A (LOAD)** | -33.32% | 11.74% | 10.56% | 9.04% | 1.93% | 1.36% |
| Russell 3000<sup>®</sup> Growth Index<sup>(3)</sup> | -24.67% | 11.31% | 12.07% | 12.81% |  |  |
| **Class C (NAV)** | -30.44% | 12.86% | 10.94% | 8.96% | 2.58% | 2.01% |
| **Class C (LOAD)** | -31.00% | 12.86% | 10.94% | 8.96% | 2.58% | 2.01% |
| Russell 3000<sup>®</sup> Growth Index<sup>(3)</sup> | -24.67% | 11.31% | 12.07% | 12.81% |  |  |
| **Investor Class** | -30.01% | 13.52% | 11.62% | 9.63% | 1.99% | 1.41% |
| Russell 3000<sup>®</sup> Growth Index<sup>(3)</sup> | -24.67% | 11.31% | 12.07% | 12.81% |  |  |
| **Institutional Class** | -29.79% | 13.93% | 11.98% | 10.00% | 1.62% | 1.06% |
| Russell 3000<sup>®</sup> Growth Index<sup>(3)</sup> | -24.67% | 11.31% | 12.07% | 12.81% |  |  |

---

***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.***

*<sup>(1)</sup>* *Inception Date – August 1, 2014.* 

*<sup>(2)</sup>* *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, 2023. 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, 2023, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(3)</sup>* *The Russell 3000<sup>®</sup> Growth Index is a market capitalization weighted index based on the Russell 3000<sup>®</sup> index. The Russell 3000<sup>®</sup> 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.* 

<sup>\*</sup> *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.*

8 www.emeraldmutualfunds.com

Emerald Insights Fund Manager Commentary

October 31, 2022 (Unaudited)

**GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2022)**

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

 

![(graphic)](fp0081423_07.jpg) 

*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.*

 

Semi-Annual Report \| October 31, 2022 9

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

Dear Shareholder:

**Investment Results**

U.S. bank stocks were bifurcated over the six months ended October 31, 2022 with the KBW NASDAQ Bank Index (BKX) down 5.4%)and the KBW NASDAQ Regional Banking Index (KRX) up 10.8%. FinTechs significantly underperformed the broader market over the last six months with the KBW NASDAQ Financial Technology Index (KFTX) down 9.5%. We believe the Fund's exposure to financial technology and banks providing banking-as-a-service (BaaS) for the fintech and neo bank industries led to the Fund's underperformance with the Fund's Class A shares (without sales load) down 25.04% over the last six months.

**Investment Analysis**

We continued our focus on high growth, tech forward banks with unique niches such as payment processing and BaaS that should perform well in a rising rate environment. We believe that BaaS provides the opportunity to deliver outsized deposit growth in an environment where deposit growth is slowing.

However, many community banks selling banking-as-a-service to fintechs trade at lower valuations compared to the benchmark index, despite the group showing strong profitability metrics.

The BaaS group's median P/TBV ratio was 129.9%, lower than the bank industry P/TBV median of 143.6% as of September 30, according to data compiled by S&P Global Market Intelligence.

BaaS typically refers to chartered banks providing depository, lending or payment services to nonbanks who would not have the authority to provide such services directly to their end customers. In this way, banks offer their specialty in funding, regulatory compliance, and risk management, so that financial technology companies can skip the hassle of building a bank and focus on technology, product development and customer engagement.

Pre-pandemic, shares of banks in BaaS typically traded at around a two-point discount on a price-to-earnings basis to the KBW Nasdaq Regional Banking Index, or KRX. During the pandemic, the relative gap closed, and there was a brief period when BaaS stocks traded at a slight premium to KRX. But since then, BaaS stocks have been back to a discount of about 1 to 1.5 points. For new entrants into Baas, earnings and revenue may not reflect upfront investments, putting downward pressure on valuations.

Not all BaaS models are the same. BaaS profitability metrics are dispersed on a broad spectrum depending on variables such as whether they focus on payment processing, credit cards, being the lender of record or providing federally insured deposits; whether they are native to a BaaS model; and the external competitive dynamics in their niches.

We believe that banking-as-a-service and blockchain-as-a-service banks provide attractive opportunities at current valuations. We believe that community banks that want to sell banking-as-a-service to financial technology companies may find fewer new opportunities from neobanks (neobanks are fintech firms that offer apps, software, and other technologies to streamline mobile and online banking) but more from another fast-growing corner of fintech known as embedded finance. We believe the neobank marketplace will provide community banks seeking fee income, loan and deposit growth with fewer opportunities as fewer scalable partnership opportunities exist.

Unlike neobanks, embedded finance providers do not resemble a digital version of banks. Instead, such providers blend financial services in nonfinancial experiences such as ride-hailing, pet care or food delivery. Retail point-of-sales services can demonstrate how embedded finance applications can work. Typically, consumers do not visit e-commerce websites with the goal of applying for personal loans, but instead encounter financing and payment options designed and provided deliberately in the context of shopping. We continue to believe community banks remain highly interested in the robust profitability metrics of the banking-as-a-service model. According to data compiled by S&P Global Market Intelligence, most of the banks in banking-as-a-service generated a better return on average assets, net interest margin and efficiency ratio in the second quarter compared to industry medians.

We believe there is no shortage of new market opportunities as fintechs reimagine ways to consume financial services in industries such as but not limited to retail, gaming, and healthcare.

Recently, the fast growth of banking-as-a-service has drawn increased regulatory attention, especially on depository products structured upon fintech and bank partnerships.

10 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

In late April, the Consumer Financial Protection Bureau said it would use its dormant legal authority under the Dodd-Frank Act to supervise nonbank financial companies such as fintechs. In May, the Federal Deposit Insurance Corp. approved a final rule to prohibit misrepresentations about the status of FDIC deposit insurance.

For banks, fintechs' advertising and marketing efforts could pose compliance risks, such as the misuse of the FDIC logo. Banks also need to ensure compliance around anti-money laundering when gathering deposits through fintechs. Additionally, we believe the viability of the fintech partner could be another concern since the failure of the fintech may cause damage if the bank relies on those deposits.

The market has witnessed the concern around the viability of fintech partners play out in the blockchain-as-a-service space. As crypto related companies experienced liquidity tightening in over the last six months, banks that are providing blockchain-as-a-service experienced an industry stress test and emerged unblemished. In fact, several reported that the growth of new customers in crypto offset the impact of the unfavorable market shocks.

The market capitalization of the cryptocurrency marketplace declined significantly over the last six months, according to CoinMarketCap.com. The decline came in response to the collapse of the algorithmic stablecoin pair LUNA tokens and TerraUSD in May, which triggered the insolvency of crypto hedge fund Three Arrows Capital Ltd and the bankruptcy of lenders to the hedge fund. As the events unfolded the valuation of community banks providing blockchain-as-a-service plummeted and their stocks underperformed the market, according to data compiled by S&P Global Market Intelligence.

We believe community banks providing blockchain-as-a-service benefit from fee income generated from treasury management services for crypto companies and facilitating payments between fiat currency and crypto. Community banks also grow deposits by providing crypto companies with noninterest-bearing depository accounts. We believe several banks are exploring the potential to add net interest income under the current regulatory framework, by accepting bitcoin or ethereum as collateral for loans but to date only one community bank has done so, and its credit quality remains strong with no charge offs despite the stress experienced in the crypto industry.

While the bank sector has delivered bifurcated returns over the last six months, the Fund's exposure to banks, exchanges and other financial services companies that are considered part of the distributed ledger technology (DLT), otherwise referred to as "blockchain" ecosystem underperformed the BKX and the KRX. Blockchain-as-a-service banks and block chain focused exchanges and financial services companies tend to trade in sympathy with Bitcoin (BTC). Bitcoin (BTC) was down by about 45.6% over the last six months. Despite the distraction of the crypto currency market, we continue to believe in the adoption of distributed ledger technology (DLT) by the banking and financial services industry.

DLT or Blockchain is simply software that transforms everything from payments transactions to how money is raised in the private market. We believe blockchain technology provides a way for untrusted parties to come to an agreement on the state of a database, without using a middleman. By providing a ledger that nobody administers, a blockchain could provide specific financial services, like payments or securitization, without the need for a centralized entity. Additionally, blockchain allows for the use of tools like smart contracts. Smart contracts allow for self-executing contracts based on the blockchain, which could potentially automate manual processes from compliance and claims processing to the distribution of content from a will.

We believe blockchain technology has an opportunity to disrupt the $7 trillion plus financial services industry by disintermediating the "middleman". We believe the following "low hanging fruit" are "ripe" for disruption.

**Payments:** By establishing a decentralized ledger for payments, blockchain technology could facilitate faster payments at lower fees than banks.

**Clearance and Settlement** Systems: Distributed ledgers can reduce operational costs and bring the industry closer to real-time transactions between financial institutions.

**Fundraising:** Tokenized Equity Offerings are experimenting with a new model of financing that unbundles access to capital from traditional capital-raising services and firms.

**Securities:** By tokenizing traditional securities such as stocks, bonds, and alternative assets, and placing them on public blockchains, blockchain technology could create more efficient, interoperable capital markets.

**Loans and Credit:** By removing the need for gatekeepers in the loan and credit industry, blockchain technology can make it more secure to borrow money and provide lower interest rates.

Semi-Annual Report \| October 31, 2022 11

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

**Trade Finance:** By replacing the paper intensive bills of lading process in the trade finance industry, blockchain technology can create more transparency, security, and trust among trade parties globally.

**Customer KYC and Fraud Prevention:** By storing customer information on decentralized blocks, blockchain technology can make it easier and safer to share information between financial institutions.

We believe the future of blockchain is near, and banking is not the only industry affected. It remains to be seen to what degree the traditional financial services industry embraces distributed ledger technology. We believe one thing is clear, however: blockchain will indeed transform the industry and it has nothing to do with the price of cryptocurrencies.

**Market Outlook** 

With a more hawkish than expected Fed-led global rate cycle we note the increased likelihood there is no soft landing and stocks overall have suffered over the past six months. Higher rates are having the desired effect on mortgage activity and slowing some other borrowing, but many banks we speak with are still showing some loan growth, margin improvement and strong asset quality metrics. Funding costs will be more of an issue, and the big unknown is how credit metrics may look a year from now as the Fed's experiment works its way through the economy.

While bank valuations are currently trading at or below PE multiples seen during the Great Recession in 2008-'09, we believe that the banking industry is more resilient today, as in our opinion, bank balance sheets are strong by historic standards. We believe banks with low loan-to-deposit ratios have been hit with adverse Accumulated Other Comprehensive Income (AOCI) trends, as we have previously discussed. However, we believe that banks with an ability and willingness to hold securities will eventually see tangible common equity and tangible book value levels come back when the Fed is no longer raising rates and as securities mature.

As recessionary fears continue, so too does the industry's M&A drought. Continuing a trend that started six months ago with higher interest rates, there was a substantial lack of M&A due to the pain of interest rate marks, compounded by a drop in acquisition currencies, stock prices, and AOCI marks. Unfortunately, until the Fed stops raising rates, we believe this trend will continue unless the sellers are willing to accept a lower price. Additionally, we would note that economic uncertainty and a steeper path for interest rates increase recession risk and will increase the credit mark too in an M&A transaction, also weighing on the buyer's tangible book value dilution. We would note that we believe this is a temporary slowdown in bank M&A and we believe the trend will remain a major theme for bank investors over the next several years. We remind investors that a minimum of four percent of the publicly traded FDIC insured banks have been acquired per year from 2012 through 2019.

We continue to be investors in asset sensitive technology driven growth banks with branch lite operating models. While the trend of branch closures has slowed recently, we continue to believe in the long-term trend of reducing and rationalizing branch networks will continue. After the COVID-19 pandemic accelerated digital banking, U.S. banks began shuttering branches at a rapid pace, leading to a record number of closures in both 2020 and 2021. While branch closings still outpace openings, the pace of closures has slowed over the last six months.

According to S&P Global, U.S. banks closed more than eight hundred branches each quarter in 2021 for 4,056 closures that year, but 2022 is set to fall short of that record, with just 2,514 closures through September 20.

In the second half of 2022, the ability to maintain the low-cost deposits that have been generated from both the banking-as-a-service and blockchain-as-a-service relationships will be more of a focus by the industry as deposit costs are expected to increase significantly. We believe competition for deposits is building among community and regional banks as the cost of deposits starts to catch up with the aggressive series of Federal Reserve interest rate increases. Year-to-date the increase in industrywide funding costs has been modest, according to S&P Global Market Intelligence data. However, we believe there will be sizable outflows from aggregate savings balances as commercial customers seek higher yields even as online banks raise prices sharply to secure funding.

Despite our expectation for an increased average cost of deposits for the industry in the second half of 2022, we still believe community and regional bank stocks are well positioned given the historically low valuations, expectations for high single digit loan growth for the industry and continued annualized double-digit growth in net interest income.

We believe the Emerald Ten Step Research Process will provide us with the methodology to identify the abovementioned growth opportunities across the banking (79% of the portfolio at period end), finance (92% of the portfolio at period end), and fintech (8% of the portfolio at period end) industries.

12 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| Top Contributors | Top Detractors |
| COWEN INC (COWN | SILVERGATE CAPITAL CORPORATION (SI) |
| THE BANCORP INC (TBBK) | FINWISE BANCORP (FINW) |
| KINSALE CAPITAL GROUP INC (KNSL) | CORE SCIENTIFIC INC (CORZ) |
| NATIONAL BANK HOLDING (NBHC) | POWER REIT (PW) |
| COASTAL FINANCIAL CORP (CCB) | GALAXY DIGITAL HOLDINGS LTD (GLXY CN) |
| PACIFIC PREMIER BANCORP (PPBI) | SIGNATURE BK NEW YORK N Y (SBNY) |
| TRISURA GROUP LTD (TSU) | GRAYSCALE BITCOIN TRUST btc (GBTC) |
| PALOMAR HOLDINGS INC (PLMR) | SVB FINL GROUP (SIVB) |
| LINKBANCORP INC (LNKB) | TRIUMPH BANCORP (TBK) |
| ESQUIRE FINANCIAL HOLDINGS (ESQ) | LENDINGCLUB CORP (LC) |
| Kenneth G. Mertz II, CFA | Steven E. Russell, Esq. |
| Chief Investment Officer | Portfolio Manager |
| Portfolio Manager |  |
| Emerald Mutual Fund Advisers Trust |  |

---

***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<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> 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.*

Semi-Annual Report \| October 31, 2022 13

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

**TOP TEN HOLDINGS**

**(as a % of Net Assets)\***

---

| | |
|:---|:---|
| Coastal Financial Corp. | 4.94% |
| Customers Bancorp, Inc. | 4.92% |
| Bancorp, Inc. | 4.76% |
| Finwise Bancorp | 4.33% |
| Triumph Bancorp, Inc. | 4.29% |
| Metropolitan Bank Holding Corp. | 4.08% |
| Silvergate Capital Corp. | 3.35% |
| Live Oak Bancshares, Inc. | 3.33% |
| Western Alliance Bancorp | 3.30% |
| National Bank Holdings Corp. | 3.06% |
| **Top Ten Holdings** | **40.36%** |

---

**INDUSTRY SECTOR ALLOCATION**

**(as a % of Net Assets)**

---

| | |
|:---|:---|
| Banks | 64.37% |
| Banks: Diversified | 8.16% |
| Open End And Misc Investment Vehicles | 3.95% |
| Full Line Insurance | 3.68% |
| Consumer Lending | 2.82% |
| Property And Casualty Insurance | 2.34% |
| Investment Services | 2.23% |
| Software | 1.84% |
| Infrastructure Reits | 1.38% |
| Savings&Loans | 1.06% |
| Banks: Savings, Thrift & Mortgage Lending | 1.04% |
| Closed End Investments | 0.83% |
| Transaction Processing Services | 0.79% |
| Financial Data Providers | 0.60% |
| General Mining | 0.17% |
| Cash, Cash Equivalents, & Other Net Assets | 4.74% |
| **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 October, 31 2022)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Expense Ratio** | **Expense Ratio** |
|  | <br>**1 Year<sup>\*</sup>** | <br>**3 Year** | <br>**5 Year** | <br>**10 Year** | **Since**<br>**Inception<sup>(1)</sup>** | **Gross<sup>(2)</sup>** | **Net<sup>(2)</sup>** |
| **Class A (NAV)** | -57.63% | -6.61% | -5.29% | 6.65% | 6.64% | 1.59% | 1.59% |
| **Class A (LOAD)** | -59.64% | -8.11% | -6.21% | 6.13% | 6.44% | 1.59% | 1.59% |
| Russell 2000<sup>®</sup> Index<sup>(3)</sup> | -18.54% | 7.05% | 5.56% | 9.93% | 7.86% |  |  |
| Russell 2000<sup>®</sup> Financial Services Index<sup>(4)</sup> | -9.95% | 5.78% | 4.87% | 9.99% | 8.19% |  |  |
| **Class C (NAV)** | -57.91% | -7.20% | -5.91% | 5.96% | 6.25% | 2.24% | 2.24% |
| **Class C (LOAD)** | -58.27% | -7.20% | -5.91% | 5.96% | 6.25% | 2.24% | 2.24% |
| Russell 2000<sup>®</sup> Index<sup>(3)</sup> | -18.54% | 7.05% | 5.56% | 9.93% | 7.86% |  |  |
| Russell 2000<sup>®</sup> Financial Services Index<sup>(4)</sup> | -9.95% | 5.78% | 4.87% | 9.99% | 8.19% |  |  |
| **Investor Class** | -57.64% | -6.63% | -5.30% | 6.64% | 6.56% | 1.63% | 1.63% |
| Russell 2000<sup>®</sup> Index<sup>(3)</sup> | -18.54% | 7.05% | 5.56% | 9.93% | 7.86% |  |  |
| Russell 2000<sup>®</sup> Financial Services Index<sup>(4)</sup> | -9.95% | 5.78% | 4.87% | 9.99% | 8.19% |  |  |
| **Institutional Class** | -57.48% | -6.27% | -4.95% | 7.01% | 7.37% | 1.28% | 1.28% |
| Russell 2000<sup>®</sup> Index<sup>(3)</sup> | -18.54% | 7.05% | 5.56% | 9.93% | 7.86% |  |  |
| Russell 2000<sup>®</sup> Financial Services Index<sup>(4)</sup> | -9.95% | 5.78% | 4.87% | 9.99% | 8.19% |  |  |

---

***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.***

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

*<sup>(2)</sup>* *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 1.71%, 2.36%, 1.41% and 1.75% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2023. 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

October 31, 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, 2023, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(3)</sup>* *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000<sup>®</sup> is a subset of the Russell 3000<sup>®</sup> 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.* 

*<sup>(4)</sup>* *The Russell 2000<sup>®</sup> Financial Services Index is an additional index, and is comprised of the smallest financial services companies in the Russell 3000<sup>®</sup> 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.* 

<sup>\*</sup> *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.*

Semi-Annual Report \| October 31, 2022 15

Emerald Finance & Banking Innovation Fund Manager Commentary

October 31, 2022 (Unaudited)

**GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2022)**

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

 

![(graphic)](fp0081423_08.jpg)

*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

October 31, 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 May 1, 2022 through October 31, 2002.

**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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Emerald Growth Fund** | **Beginning <br> Account Value <br> 05/01/22** | **Ending <br> Account Value <br> 10/31/22** | **Expense**<br> **Ratio<sup>(a)</sup>** | **Expense Paid** <br> **During Period** <br> **5/01/22 - 10/31/22<sup>(b)</sup>** |
| **Class A** | | | | |
| Actual | $1000.00 | $990.00 | 1.13% | $5.67 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.51 | 1.13% | $5.75 |
| **Class C** |  |  |  |  |
| Actual | $1000.00 | $987.30 | 1.79% | $8.97 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.18 | 1.79% | $9.10 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $991.50 | 0.82% | $4.12 |
| Hypothetical (5% return before expenses) | $1000.00 | $1021.07 | 0.82% | $4.18 |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $989.90 | 1.17% | $5.87 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.31 | 1.17% | $5.96 |

---

Semi-Annual Report \| October 31, 2022 17

Emerald Funds Disclosure of Fund Expenses

October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Emerald Insights Fund** | **Beginning <br> Account Value <br> 05/01/22** | **Ending <br> Account Value <br> 10/31/22** | **Expense**<br> **Ratio<sup>(a)</sup>** | **Expense Paid** <br> **During Period** <br> **5/01/22 - 10/31/22<sup>(b)</sup>** |
| **Class A** |  |  |  |  |
| Actual | $1000.00 | $876.90 | 1.35% | $6.39 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.40 | 1.35% | $6.87 |
| **Class C** |  |  |  |  |
| Actual | $1000.00 | $874.30 | 2.00% | $9.45 |
| Hypothetical (5% return before expenses) | $1000.00 | $1015.12 | 2.00% | $10.16 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $878.20 | 1.05% | $4.97 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.91 | 1.05% | $5.35 |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $876.70 | 1.40% | $6.62 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.15 | 1.40% | $7.12 |
| **Emerald Finance & Banking Innovation Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Actual | $1000.00 | $748.40 | 1.68% | $7.40 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.74 | 1.68% | $8.54 |
| **Class C** |  |  |  |  |
| Actual | $1000.00 | $746.10 | 2.33% | $10.25 |
| Hypothetical (5% return before expenses) | $1000.00 | $1013.46 | 2.33% | $11.82 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $749.60 | 1.38% | $6.09 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.25 | 1.38% | $7.02 |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $748.30 | 1.72% | $7.58 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.53 | 1.72% | $8.74 |

---

*<sup>(a)</sup>* *The Fund's expense ratios have been based on the Fund's most recent fiscal half-year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

18 www.emeraldmutualfunds.com

Emerald Growth Fund Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **COMMON STOCKS: 98.46%** | **COMMON STOCKS: 98.46%** | |
| **Basic Materials: 1.48%** | **Basic Materials: 1.48%** |  |
| 70053 | Avient Corp. | $2416128 |
| 276028 | Carpenter Technology Corp. | 10323447 |
|  |  | **12739575** |
| **Consumer Discretionary: 14.06%** | **Consumer Discretionary: 14.06%** |  |
| 89623 | Arhaus, Inc.<sup>(a)</sup> | 746560 |
| 118266 | BJ's Restaurants, Inc.<sup>(a)</sup> | 3885038 |
| 75017 | Churchill Downs, Inc. | 15596785 |
| 223194 | Chuy's Holdings, Inc.<sup>(a)</sup> | 6539584 |
| 877715 | Everi Holdings, Inc.<sup>(a)</sup> | 16659031 |
| 35104 | Five Below, Inc.<sup>(a)</sup> | 5137471 |
| 126115 | Jack in the Box, Inc. | 11127127 |
| 75965 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 637346 |
| 341977 | National Vision Holdings, Inc.<sup>(a)</sup> | 12666828 |
| 493720 | Noodles & Co.<sup>(a)</sup> | 2873450 |
| 97629 | Petco Health & Wellness Company<sup>(a)</sup> | 1028033 |
| 161698 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 10587985 |
| 415410 | PlayAGS, Inc.<sup>(a)</sup> | 2791555 |
| 345639 | Portillo's, Inc.<sup>(a)</sup> | 7410500 |
| 86783 | SeaWorld Entertainment, Inc.<sup>(a)</sup> | 5047299 |
| 29771 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 484672 |
| 96545 | Visteon Corp.<sup>(a)</sup> | 12596226 |
| 159054 | YETI Holdings, Inc.<sup>(a)</sup> | 5102452 |
|  |  | **120917942** |
| **Consumer Staples: 5.20%** | **Consumer Staples: 5.20%** |  |
| 87288 | Celsius Holdings, Inc.<sup>(a)</sup> | 7950191 |
| 204871 | Freshpet, Inc.<sup>(a)</sup> | 12077145 |
| 571169 | Simply Good Foods Co.<sup>(a)</sup> | 21875773 |
| 33434 | Utz Brands, Inc. | 541965 |
| 481891 | Zevia PBC, Class A<sup>(a)</sup> | 2260069 |
|  |  | **44705143** |
| **Energy: 7.57%** | **Energy: 7.57%** |  |
| 84146 | Ameresco, Inc., Class A<sup>(a)</sup> | 5089150 |
| 246714 | Cactus, Inc. | 12760048 |
| 90473 | ChampionX Corp. | 2589337 |
| 289376 | Excelerate Energy, Inc. | 7992565 |
| 163330 | Matador Resources Co. | 10853279 |
| 260169 | Northern Oil and Gas, Inc. | 8882170 |
| 506163 | ProFrac Holding Corp.<sup>(a)</sup> | 11090032 |
| 1176312 | TETRA Technologies, Inc.<sup>(a)</sup> | 5810981 |
|  |  | **65067562** |
| **Financial Services: 11.54%** | **Financial Services: 11.54%** |  |
| 14700 | Bancorp, Inc.<sup>(a)</sup> | 405426 |
| 592679 | BRP Group, Inc., Class A<sup>(a)</sup> | 16802450 |
| 74467 | CNB Financial Corp. | 1892951 |
| 145027 | Customers Bancorp, Inc.<sup>(a)</sup> | 4885960 |
| 73689 | Enterprise Financial Services Corp. | 3940151 |
| 83227 | Houlihan Lokey, Inc. | 7433836 |
| 19240 | Metropolitan Bank Holding Corp.<sup>(a)</sup> | 1269840 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 153281 | Mid Penn Bancorp, Inc. | $5239145 |
| 347535 | Moelis & Co., Class A | 14756336 |
| 381252 | Pacific Premier Bancorp, Inc. | 13881385 |
| 217213 | Palomar Holdings, Inc.<sup>(a)</sup> | 19323268 |
| 45470 | Silvergate Capital Corp., Class A<sup>(a)</sup> | 2580877 |
| 58357 | Terreno Realty Corp. | 3334519 |
| 263213 | Trinity Capital, Inc. | 3137499 |
| 7318 | Triumph Bancorp, Inc.<sup>(a)</sup> | 376877 |
|  |  | **99260520** |
| **Health Care:** 30.89%** | **Health Care:** 30.89%** |  |
| 93043 | 908 Devices, Inc.<sup>(a)</sup> | 1487758 |
| 550841 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 8829981 |
| 413257 | AdaptHealth Corp.<sup>(a)</sup> | 9422260 |
| 95141 | Alkermes PLC<sup>(a)</sup> | 2159701 |
| 320071 | Amylyx Pharmaceuticals, Inc.<sup>(a)</sup> | 11416933 |
| 173047 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 6677884 |
| 89617 | Arvinas, Inc.<sup>(a)</sup> | 4454861 |
| 214814 | AtriCure, Inc.<sup>(a)</sup> | 9047966 |
| 142054 | Blueprint Medicines Corp.<sup>(a)</sup> | 7364079 |
| 109228 | Certara, Inc.<sup>(a)</sup> | 1335858 |
| 363752 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 6525711 |
| 156420 | Cutera, Inc.<sup>(a)</sup> | 7190627 |
| 168309 | Cytokinetics, Inc.<sup>(a)</sup> | 7348371 |
| 837489 | DocGo, Inc.<sup>(a)</sup> | 8291141 |
| 522621 | Gossamer Bio, Inc.<sup>(a)</sup> | 5801093 |
| 141151 | Haemonetics Corp.<sup>(a)</sup> | 11990777 |
| 373411 | Imago Biosciences, Inc.<sup>(a)</sup> | 6347987 |
| 30233 | Integer Holdings Corp.<sup>(a)</sup> | 1884423 |
| 374756 | IVERIC bio, Inc.<sup>(a)</sup> | 8964164 |
| 51488 | Karuna Therapeutics, Inc.<sup>(a)</sup> | 11293378 |
| 178972 | Lantheus Holdings, Inc.<sup>(a)</sup> | 13242138 |
| 391987 | MannKind Corp.<sup>(a)</sup> | 1324916 |
| 237409 | Merit Medical Systems, Inc.<sup>(a)</sup> | 16326617 |
| 141943 | NeoGenomics, Inc.<sup>(a)</sup> | 1079477 |
| 507564 | Ocular Therapeutix, Inc.<sup>(a)</sup> | 1832306 |
| 215107 | Pacira BioSciences, Inc.<sup>(a)</sup> | 11133938 |
| 138863 | Privia Health Group, Inc.<sup>(a)</sup> | 4649133 |
| 273505 | Reata Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 8806861 |
| 508167 | Replimune Group, Inc.<sup>(a)</sup> | 9329946 |
| 376035 | SeaSpine Holdings Corp.<sup>(a)</sup> | 2417905 |
| 156314 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 5356881 |
| 126789 | Tandem Diabetes Care, Inc.<sup>(a)</sup> | 7119202 |
| 460443 | Thorne HealthTech, Inc.<sup>(a)</sup> | 2237753 |
| 233791 | TransMedics Group, Inc.<sup>(a)</sup> | 11273402 |
| 494048 | Treace Medical Concepts, Inc.<sup>(a)</sup> | 12094295 |
| 110987 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 4490534 |
| 65246 | United Therapeutics Corp.<sup>(a)</sup> | 15041160 |
|  |  | **265591417** |
| **Industrials: 13.10%** | **Industrials: 13.10%** |  |
| 19030 | AAR Corp.<sup>(a)</sup> | 843410 |
| 89710 | Altra Industrial Motion Corp. | 5395159 |

---

Semi-Annual Report \| October 31, 2022 19

Emerald Growth Fund Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 546868 | Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> | $2493718 |
| 103627 | Chart Industries, Inc.<sup>(a)</sup> | 23096386 |
| 114861 | Exponent, Inc. | 10941659 |
| 31039 | First Advantage Corp.<sup>(a)</sup> | 436098 |
| 93759 | Forward Air Corp. | 9926265 |
| 4585 | Herc Holdings, Inc. | 539242 |
| 25830 | HireRight Holdings Corp.<sup>(a)</sup> | 347672 |
| 791929 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 8774573 |
| 216538 | Montrose Environmental Group, Inc.<sup>(a)</sup> | 9480034 |
| 89751 | NV5 Global, Inc.<sup>(a)</sup> | 13009407 |
| 192964 | Shift4 Payments, Inc.<sup>(a)</sup> | 8870555 |
| 35396 | Tetra Tech, Inc. | 5000747 |
| 17352 | Trex Co., Inc.<sup>(a)</sup> | 834458 |
| 195198 | TriNet Group, Inc.<sup>(a)</sup> | 12683966 |
|  |  | **112673349** |
| **Real Estate: 0.69%** | **Real Estate: 0.69%** |  |
| 1000 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 27180 |
| 66884 | Ryman Hospitality Properties, Inc. | 5947325 |
|  |  | **5974505** |
| **Technology: 11.77%** | **Technology: 11.77%** |  |
| 7967 | Ambarella, Inc.<sup>(a)</sup> | 436034 |
| 88058 | Coherent, Inc.<sup>(a)</sup> | 2959629 |
| 144426 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 1984413 |
| 115275 | Jamf Holding Corp.<sup>(a)</sup> | 2728559 |
| 297862 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 17237274 |
| 298242 | Model N, Inc.<sup>(a)</sup> | 11333196 |
| 146651 | PDF Solutions, Inc.<sup>(a)</sup> | 3458031 |
| 180383 | Perficient, Inc.<sup>(a)</sup> | 12080250 |
| 207095 | Rapid7, Inc.<sup>(a)</sup> | 9375191 |
| 271032 | SkyWater Technology, Inc.<sup>(a)</sup> | 2198070 |
| 325070 | Super Micro Computer, Inc.<sup>(a)</sup> | 22621621 |
| 89774 | Tenable Holdings, Inc.<sup>(a)</sup> | 3648415 |
| 415238 | Varonis Systems, Inc.<sup>(a)</sup> | 11115921 |
|  |  | **101176604** |
| **Telecommunications: 1.19%** | **Telecommunications: 1.19%** |  |
| 92579 | Cogent Communications Holdings, Inc. | 4861323 |
| 354738 | Viavi Solutions, Inc.<sup>(a)</sup> | 5356544 |
|  |  | **10217867** |
| **Utilities: 0.97%** | **Utilities: 0.97%** |  |
| 426569 | Aris Water Solution, Inc. | 7264470 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Utilities (continued)** | **Utilities (continued)** |  |
| 27500 | Evoqua Water Technologies Corp.<sup>(a)</sup> | $1077450 |
|  |  | **8341920** |
|  | **Total Common Stocks** |  |
|  | (Cost $618,249,216) | **846666404** |
| **SHORT-TERM INVESTMENTS: 1.42%** | **SHORT-TERM INVESTMENTS: 1.42%** |  |
| 12176411 | First American Government <br> Obligations Fund 2.921% (12/31/49) | 12176411 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $12,176,411) | **12176411** |
| **Total Investments: 99.88%** | **Total Investments: 99.88%** |  |
| (Cost $630,425,627) | (Cost $630,425,627) | **858842815** |
| **Other Assets In Excess Of Liabilities: 0.12%** | **Other Assets In Excess Of Liabilities: 0.12%** | 1032407 |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**859875222** |

---

*<sup>(a)</sup>* *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

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **COMMON STOCKS: 99.73%** | **COMMON STOCKS: 99.73%** | |
| **Basic Materials: 1.73%** | **Basic Materials: 1.73%** |  |
| 4147 | MP Materials Corp.<sup>(a)</sup> | $124576 |
| 4339 | Scotts Miracle-Gro Co. | 199204 |
|  |  | **323780** |
| **Communications: 0.93%** | **Communications: 0.93%** |  |
| 930 | Meta Platforms, Inc., Class A<sup>(a)</sup> | 86639 |
| 299 | Netflix, Inc.<sup>(a)</sup> | 87272 |
|  |  | **173911** |
| **Consumer Discretionary: 21.59%** | **Consumer Discretionary: 21.59%** |  |
| 6705 | Amazon.com, Inc.<sup>(a)</sup> | 686860 |
| 24 | AutoZone, Inc.<sup>(a)</sup> | 60789 |
| 1344 | Churchill Downs, Inc. | 279431 |
| 17484 | Cinemark Holdings, Inc.<sup>(a)</sup> | 185505 |
| 293 | Costco Wholesale Corp. | 146940 |
| 2255 | Dick's Sporting Goods, Inc. | 256529 |
| 21321 | Everi Holdings, Inc.<sup>(a)</sup> | 404673 |
| 418 | Home Depot, Inc. | 123782 |
| 1758 | Hyatt Hotels Corp., Class A<sup>(a)</sup> | 165621 |
| 307 | Lululemon Athletica, Inc.<sup>(a)</sup> | 101015 |
| 24335 | Petco Health & Wellness Company<sup>(a)</sup> | 256248 |
| 22742 | PlayAGS, Inc.<sup>(a)</sup> | 152826 |
| 3376 | SeaWorld Entertainment, Inc.<sup>(a)</sup> | 196348 |
| 7394 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 120374 |
| 1901 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 225231 |
| 1145 | Tesla, Inc.<sup>(a)</sup> | 260533 |
| 5656 | TJX Cos., Inc. | 407798 |
|  |  | **4030503** |
| **Consumer Staples: 1.15%** | **Consumer Staples: 1.15%** |  |
| 991 | CVS Health Corp. | 93848 |
| 2049 | Freshpet, Inc.<sup>(a)</sup> | 120788 |
|  |  | **214636** |
| **Energy: 8.79%** | **Energy: 8.79%** |  |
| 4163 | Cactus, Inc. | 215311 |
| 1986 | Cheniere Energy, Inc. | 350350 |
| 7381 | Excelerate Energy, Inc. | 203863 |
| 6756 | Northern Oil and Gas, Inc. | 230650 |
| 2649 | PDC Energy, Inc. | 191099 |
| 90982 | TETRA Technologies, Inc.<sup>(a)</sup> | 449451 |
|  |  | **1640724** |
| **Financial Services: 1.93%** | **Financial Services: 1.93%** |  |
| 1117 | Euronet Worldwide, Inc.<sup>(a)</sup> | 93839 |
| 285 | S&P Global, Inc. | 91556 |
| 3069 | Silvergate Capital Corp., Class A<sup>(a)</sup> | 174197 |
|  |  | **359592** |
| **Health Care: 12.81%** | **Health Care: 12.81%** |  |
| 2262 | Abbott Laboratories | 223802 |
| 9029 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 144735 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Health Care (continued)** | **Health Care (continued)** |  |
| 3204 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | $123642 |
| 16705 | DocGo, Inc.<sup>(a)</sup> | 165380 |
| 275 | Eli Lilly & Co. | 99575 |
| 2723 | Horizon Therapeutics PLC<sup>(a)</sup> | 169697 |
| 3117 | Integer Holdings Corp.<sup>(a)</sup> | 194283 |
| 2203 | Merit Medical Systems, Inc.<sup>(a)</sup> | 151500 |
| 3043 | Reata Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 97985 |
| 2469 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 281515 |
| 2007 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 81203 |
| 1575 | United Therapeutics Corp.<sup>(a)</sup> | 363085 |
| 529 | UnitedHealth Group, Inc. | 293674 |
|  |  | **2390076** |
| **Industrials: 13.99%** | **Industrials: 13.99%** |  |
| 47571 | Babcock & Wilcox Enterprises, Inc.<sup>(a)</sup> | 216924 |
| 2337 | Chart Industries, Inc.<sup>(a)</sup> | 520870 |
| 2737 | Crown Holdings, Inc. | 187731 |
| 8456 | First Advantage Corp.<sup>(a)</sup> | 118807 |
| 1177 | Generac Holdings, Inc.<sup>(a)</sup> | 136426 |
| 9513 | GXO Logistics, Inc.<sup>(a)</sup> | 347605 |
| 21532 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 238575 |
| 1109 | MasTec, Inc.<sup>(a)</sup> | 85482 |
| 2059 | Visa, Inc., Class A | 426542 |
| 7808 | WillScot Mobile Mini Holdings Corp.<sup>(a)</sup> | 332074 |
|  |  | **2611036** |
| **Technology: 36.28%** | **Technology: 36.28%** |  |
| 7268 | Alphabet, Inc., Class A<sup>(a)</sup> | 686899 |
| 2564 | Alteryx, Inc., Class A<sup>(a)</sup> | 124944 |
| 13513 | Apple, Inc. | 2072083 |
| 1155 | Cadence Design Systems, Inc.<sup>(a)</sup> | 174855 |
| 3487 | Coherent, Inc.<sup>(a)</sup> | 117198 |
| 1706 | Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 275007 |
| 6596 | Ebix, Inc. | 130535 |
| 175 | Intuit, Inc. | 74813 |
| 3392 | Marvell Technology, Inc. | 134595 |
| 3227 | Match Group, Inc.<sup>(a)</sup> | 139406 |
| 7003 | Microsoft Corp. | 1625606 |
| 485 | Mongodb Inc<sup>(a)</sup> | 88770 |
| 4552 | NVIDIA Corp. | 614383 |
| 1213 | Palo Alto Networks, Inc.<sup>(a)</sup> | 208139 |
| 5071 | Pure Storage, Inc., Class A<sup>(a)</sup> | 156491 |
| 2124 | Super Micro Computer, Inc.<sup>(a)</sup> | 147809 |
|  |  | **6771533** |
| **Utilities: 0.53%** | **Utilities: 0.53%** |  |
| 5842 | Aris Water Solution, Inc. | 99489 |
|  | **Total Common Stocks** |  |
|  | (Cost $15,493,136) | **18615280** |

---

Semi-Annual Report \| October 31, 2022 21

Emerald Insights Fund Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Utilities (continued)** | **Utilities (continued)** | |
| **SHORT-TERM INVESTMENTS: 0.91%** | **SHORT-TERM INVESTMENTS: 0.91%** |  |
| 169411 | First American Government Obligations <br> Fund 2.921% (12/31/49) | $169411 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $169,411) | **169411** |
| **Total Investments: 100.64%** | **Total Investments: 100.64%** |  |
| (Cost $15,662,547) | (Cost $15,662,547) | **18784691** |
| **Liabilities In Excess Of Other Assets: (0.64)%** | **Liabilities In Excess Of Other Assets: (0.64)%** | (120015) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**18664676** |

---

*<sup>(a)</sup>* *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

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **COMMON STOCKS: 92.78%** | **COMMON STOCKS: 92.78%** | |
| **Basic Materials: 0.17%** | **Basic Materials: 0.17%** | |
| **General Mining: 0.17%** | **General Mining: 0.17%** |  |
| 1316448 | Tokens.com Corp.<sup>(a)</sup> | $180353 |
| **Computer Services: 0.75%** | **Computer Services: 0.75%** |  |
| **Software: 0.75%** | **Software: 0.75%** |  |
| 226445 | Cleanspark, Inc.<sup>(a)</sup> | 788029 |
| **Financial Services: 88.61%** | **Financial Services: 88.61%** |  |
| **Asset Managers And Custodians: 0.43%** | **Asset Managers And Custodians: 0.43%** |  |
| 38160 | Trinity Capital, Inc. | 454867 |
| **Banks: 74.64%** | **Banks: 74.64%** |  |
| 62003 | Axos Financial, Inc.<sup>(a)</sup> | 2415637 |
| 180728 | Bancorp, Inc.<sup>(a)</sup> | 4984478 |
| 32033 | Bank of America Corp.<sup>(a)</sup> | 1348589 |
| 44246 | Byline Bancorp, Inc. | 1022968 |
| 13544 | Capital Bancorp, Inc. | 334266 |
| 79499 | CNB Financial Corp. | 2020865 |
| 110840 | Coastal Financial Corp.<sup>(a)</sup> | 5167361 |
| 116842 | Community Heritage Financial, Inc. | 2404608 |
| 24740 | ConnectOne Bancorp, Inc. | 619737 |
| 152899 | Customers Bancorp, Inc.<sup>(a)</sup> | 5151167 |
| 17640 | Esquire Financial Holdings, Inc. | 796975 |
| 495675 | Finwise Bancorp<sup>(a)</sup> | 4525513 |
| 33310 | First BanCorp | 525965 |
| 40740 | First Financial Bankshares, Inc. | 1568083 |
| 15513 | First Foundation, Inc. | 247588 |
| 23555 | First Republic Bank | 2828956 |
| 18040 | Five Star Bancorp | 523340 |
| 32190 | Heritage Financial Corp. | 1084481 |
| 11369 | HV Bancorp, Inc.<sup>(a)</sup> | 292297 |
| 260000 | LINKBANCORP, Inc. | 2103400 |
| 107294 | Live Oak Bancshares, Inc. | 3483836 |
| 53 | Mechanics Bank/Walnut Creek CA | 1325000 |
| 64755 | Metropolitan Bank Holding Corp.<sup>(a)</sup> | 4273830 |
| 22300 | MVB Financial Corp. | 552148 |
| 73048 | National Bank Holdings Corp. | 3200963 |
| 39510 | New York Community Bancorp, Inc. | 367838 |
| 2806 | OFG Bancorp | 78231 |
| 63910 | Pacific Premier Bancorp, Inc. | 2326963 |
| 9469 | Pathward Financial, Inc. | 397982 |
| 11920 | Pinnacle Financial Partners, Inc. | 989241 |
| 142380 | Primis Financial Corp. | 1835278 |
| 35580 | Seacoast Banking Corp. of Florida | 1099422 |
| 32928 | ServisFirst Bancshares, Inc. | 2480466 |
| 13265 | Signature Bank | 2102901 |
| 61799 | Silvergate Capital Corp., Class A<sup>(a)</sup> | 3507711 |
| 87250 | Triumph Bancorp, Inc.<sup>(a)</sup> | 4493375 |
| 28725 | Washington Federal, Inc. | 1111658 |
| 19470 | Webster Financial Corp. | 1056442 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Banks (continued)** | **Banks (continued)** |  |
| 51340 | Western Alliance Bancorp | $3448508 |
|  |  | **78098067** |
| **Closed End Investments: 0.83%** | **Closed End Investments: 0.83%** |  |
| 53970 | Newtek Business Services Corp. | 868377 |
| **Consumer Lending: 2.82%** | **Consumer Lending: 2.82%** |  |
| 266150 | LendingClub Corp.<sup>(a)</sup> | 2831836 |
| 20978 | SoFi Technologies, Inc.<sup>(a)</sup> | 114120 |
|  |  | **2945956** |
| **Financial Data Providers: 0.60%** | **Financial Data Providers: 0.60%** |  |
| 772040 | Banxa Holdings, Inc.<sup>(a)</sup> | 626109 |
| **Full Line Insurance: 3.68%** | **Full Line Insurance: 3.68%** |  |
| 98840 | Eastern Bankshares, Inc. | 1894763 |
| 66960 | Trisura Group, Ltd.<sup>(a)</sup> | 1954562 |
|  |  | **3849325** |
| **Investment Services: 2.23%** | **Investment Services: 2.23%** |  |
| 37105 | Bakkt Holdings, Inc.<sup>(a)</sup> | 79034 |
| 2340 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 155025 |
| 1450 | Intercontinental Exchange, Inc. | 138576 |
| 17520 | Marathon Digital Holdings, Inc.<sup>(a)</sup> | 229687 |
| 10623 | OTC Markets Group, Inc. | 594888 |
| 164901 | Riot Blockchain, Inc.<sup>(a)</sup> | 1136168 |
|  |  | **2333378** |
| **Open End And Misc Investment Vehicles: 1.04%** | **Open End And Misc Investment Vehicles: 1.04%** |  |
| 108569 | Blue Owl Capital, Inc. | 1087862 |
| **Property And Casualty Insurance: 2.34%** | **Property And Casualty Insurance: 2.34%** |  |
| 6153 | Kinsale Capital Group, Inc. | 1939241 |
| 5700 | Palomar Holdings, Inc.<sup>(a)</sup> | 507072 |
|  |  | **2446313** |
| **Industrials: 0.78%** | **Industrials: 0.78%** |  |
| **Transaction Processing Services: 0.78%** | **Transaction Processing Services: 0.78%** |  |
| 1810 | Block, Inc., Class A<sup>(a)</sup> | 108727 |
| 2159 | PayPal Holdings, Inc.<sup>(a)</sup> | 180449 |
| 11467 | Shift4 Payments, Inc.<sup>(a)</sup> | 527138 |
|  |  | **816314** |
| **Real Estate: 1.38%** | **Real Estate: 1.38%** |  |
| **Infrastructure Reits: 1.38%** | **Infrastructure Reits: 1.38%** |  |
| 164638 | Power REIT<sup>(a)</sup> | 1440582 |
| **Technology: 1.09%** | **Technology: 1.09%** |  |
| **Software: 1.09%** | **Software: 1.09%** |  |
| 57515 | Ebix, Inc. | 1138222 |
|  | **Total Common Stocks** |  |
|  | (Cost $93,292,128) | **97073754** |

---

Semi-Annual Report \| October 31, 2022 23

Emerald Finance & Banking Innovation Fund Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value <br> (Note 2)** |
| **Software (continued)** | **Software (continued)** | |
| **MUTUAL FUNDS: 2.47%** | **MUTUAL FUNDS: 2.47%** | |
| **Financial Services: 2.47%** | **Financial Services: 2.47%** | |
| **Open End And Misc Investment Vehicles: 2.47%** | **Open End And Misc Investment Vehicles: 2.47%** |  |
| 215470 | Grayscale Bitcoin Trust BTC<sup>(a)</sup> | $2585640 |
|  | **Total Mutual Funds** |  |
|  | (Cost $4,968,603) | **2585640** |
| **RIGHTS: 0.00%** | **RIGHTS: 0.00%** |  |
| 93600 | Terawulf, Inc., Strike Price $0.01, Expiration Date 0<sup>(b)</sup> | $0 |
|  | **Total Rights** |  |
|  | (Cost $0) | **0** |
| **WARRANTS: 0.01%** | **WARRANTS: 0.01%** |  |
| 62749 | Paysafe, Ltd., Strike Price $11.50, Expiration Date 0 | 9343 |
|  | **Total Warrants** |  |
|  | (Cost $211,219) | **9343** |
| **SHORT-TERM INVESTMENTS: 3.66%** | **SHORT-TERM INVESTMENTS: 3.66%** |  |
|  | First American Government Obligations Fund |  |
| 3834946 | &nbsp;&nbsp;&nbsp;2.921% (12/31/2049) | 3834946 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $3,834,946) | **3834946** |
| **Total Investments: 98.92%** | **Total Investments: 98.92%** |  |
| **(Cost $102,306,896)** | **(Cost $102,306,896)** | **103503683** |
| **Other Assets In Excess Of Liabilities: 1.08%** | **Other Assets In Excess Of Liabilities: 1.08%** | 1125213 |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**104628896** |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *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

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerald Growth<br> Fund** | **Emerald Insights<br> Fund** | **Emerald Finance & Banking Innovation Fund** |
| **ASSETS:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $858842815 | $18784691 | $103503683 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 8524970 | 110894 | 1076457 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 443641 | 10028 | 6986 |
| &nbsp;&nbsp;&nbsp;Receivable due from advisor |  |  | 767069 |
| &nbsp;&nbsp;&nbsp;Receivable due from affiliate (Note 7) |  |  | 72432 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 181997 | 2903 | 35187 |
| &nbsp;&nbsp;&nbsp;Other assets | 18825 | 38440 | 351036 |
| &nbsp;&nbsp;&nbsp;Total Assets | 868012248 | 18946956 | 105812850 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 6801239 | 240663 |  |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 589501 |  | 207359 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 285903 | 3435 | 88555 |
| &nbsp;&nbsp;&nbsp;Payable to fund accounting and administration | 75932 | 12831 |  |
| &nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 164964 | 6233 | 72050 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 21148 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 45766 | 6908 | 26773 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 4402 |  | 1244 |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fee | 1186 | 18 | 307 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 54450 | 3050 | 4020 |
| &nbsp;&nbsp;&nbsp;Tax liability (Note 7) |  |  | 767069 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 92535 | 9142 | 16577 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 8137026 | 282280 | 1183954 |
| **NET ASSETS** | $859875222 | $18664676 | $104628896 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $643130814 | $17645290 | $169478889 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 216744408 | 1019386 | (64849993) |
| **NET ASSETS** | $859875222 | $18664676 | $104628896 |
| **INVESTMENTS, AT COST** | $630425627 | $15662548 | $102306896 |
| **PRICING OF SHARES** |  |  |  |
| **Class A: <sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $21.30 | $12.73 | $23.94 |
| &nbsp;&nbsp;&nbsp;Net Assets | $88653583 | $13955657 | $29844413 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4161754 | 1096381 | 1246549 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price) | $22.36 | $13.36 | $25.14 |
| &nbsp;&nbsp;&nbsp;**Class C: <sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $15.64 | $11.72 | $19.57 |
| &nbsp;&nbsp;&nbsp;Net Assets | $9218035 | $66706 | $8422040 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 589558 | 5694 | 430364 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $22.97 | $13.17 | $25.02 |
| &nbsp;&nbsp;&nbsp;Net Assets | $687598047 | $3918264 | $53810627 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 29934128 | 297532 | 2150775 |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $21.12 | $12.63 | $22.47 |
| &nbsp;&nbsp;&nbsp;Net Assets | $74405557 | $724049 | $12551816 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3523379 | 57345 | 558632 |

---

*<sup>(a)</sup>* *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.* 

*See Notes to Financial Statements*

Semi-Annual Report \| October 31, 2022 25

Emerald Funds Statements of Operations

For Six Months Ended October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerald Growth<br> Fund** | **Emerald Insights<br> Fund** | **Emerald Finance &<br> Banking Innovation<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2474755 | $50892 | $689425 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | – | – | 1416 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 2474755 | 50892 | 690841 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 6) | 2721399 | 74561 | 618570 |
| &nbsp;&nbsp;&nbsp;Administration fee | 244933 | 14056 | 43115 |
| &nbsp;&nbsp;&nbsp;Custodian fee | 68649 | 2810 | 15260 |
| &nbsp;&nbsp;&nbsp;Professional fees | 46282 | 9945 | 17565 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee | 105441 | 19253 | 67604 |
| &nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1361 | 24 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 672 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 563 |  | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 339 |  |  |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 41106 | 754 | 7010 |
| &nbsp;&nbsp;&nbsp;Registration/filing fees | 34522 | 18848 | 36129 |
| &nbsp;&nbsp;&nbsp;Reports to shareholder and printing fees | 50130 | 2311 | 9950 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 185289 | 25965 | 60788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 48399 | 523 | 49535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 170935 | 1038 | 16702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 148280 | 1581 | 29619 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fee | 32630 | 564 | 5539 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fee | 7243 | 131 | 1228 |
| &nbsp;&nbsp;&nbsp;Other | 23876 | 4435 | 9248 |
| &nbsp;&nbsp;&nbsp;Total expenses before waiver | 3932049 | 176799 | 992069 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) |  | (48349) |  |
| &nbsp;&nbsp;&nbsp;Total Net Expenses | 3932049 | 128450 | 992069 |
| **NET INVESTMENT INCOME/(LOSS):** | (1457294) | (77558) | (301228) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss | (3630221) | (1148772) | (26247307) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  |  | 11 |
| &nbsp;&nbsp;&nbsp;Net change in foreign currency transactions |  |  | (18347) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (7532007) | (1402139) | (12723942) |
| **NET REALIZED AND UNREALIZED LOSS** | (11162228) | (2550911) | (38989585) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(12619522) | $(2628469) | $(39290813) |

---

*See Notes to Financial Statements.*

26 www.emeraldmutualfunds.com

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(1457294) | $(1935386) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (3630221) | 95344691 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (7532007) | (418750378) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (12619522) | (325341073) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (8293933) | (23904012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (989129) | (3479389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (51089283) | (178975365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5970084) | (15399326) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (66342429) | (221758092) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 5231955 | 20191882 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 7737114 | 22113206 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (31633790) | (32742489) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (18664721) | 9562599 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15375 | 316410 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 929042 | 3348849 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2161099) | (6820334) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1216682) | (3155075) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 78357969 | 195678848 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 44782452 | 158489487 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (107661529) | (556769026) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 15478892 | (202600691) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 16553990 | 34586631 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1401007 | 4618024 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (14717468) | (25770258) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 3237529 | 13434397 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | $(80126933) | $(729857935) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 940002155 | 1669860090 |
| &nbsp;&nbsp;&nbsp;End of year | $859875222 | $940002155 |

---

Semi-Annual Report \| October 31, 2022 27

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 241980 | 684027 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 346800 | 795438 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1510482) | (1034418) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (921702) | 445047 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 955 | 13236 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 56683 | 158939 |
| &nbsp;&nbsp;&nbsp;Redeemed | (132420) | (279539) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (74782) | (107364) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 3379105 | 5988600 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 1862831 | 5329169 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4749541) | (17774501) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 492395 | (6456732) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 773360 | 1194440 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 63337 | 167380 |
| &nbsp;&nbsp;&nbsp;Redeemed | (689839) | (850121) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 146858 | 511699 |

---

*See Notes to Financial Statements.*

28 www.emeraldmutualfunds.com

Emerald Insights Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(77558) | $(201454) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (1148772) | 1494489 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (1402139) | (4303855) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (2628469) | (3010820) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (685859) | (2504146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (4516) | (32544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (184623) | (604189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (35572) | (122300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (910570) | (3263179) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 992876 | 2327320 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 684529 | 2497342 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (579571) | (2196743) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 1097834 | 2627919 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  | 20300 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 4152 | 30932 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (101847) | (50562) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (97695) | 670 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 285574 | 1740617 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 184623 | 604183 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (163404) | (413500) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 306793 | 1931300 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 330676 | 462152 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 29579 | 120559 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (194445) | (297384) |
| &nbsp;&nbsp;&nbsp;Net increase from share transactions | 165810 | 285327 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | $(2066297) | $(1428783) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 20730973 | 22159756 |
| &nbsp;&nbsp;&nbsp;End of year | $18664676 | $20730973 |

---

Semi-Annual Report \| October 31, 2022 29

Emerald Insights Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 70878 | 124550 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 46982 | 140695 |
| &nbsp;&nbsp;&nbsp;Redeemed | (44712) | (115084) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 73148 | 150161 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold |  | 1041 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 309 | 1875 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7873) | (2602) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (7564) | 314 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 19818 | 90128 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 12259 | 33033 |
| &nbsp;&nbsp;&nbsp;Redeemed | (11986) | (22713) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 20091 | 100448 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 23671 | 22270 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 2047 | 6841 |
| &nbsp;&nbsp;&nbsp;Redeemed | (14139) | (15130) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 11579 | 13981 |

---

*See Notes to Financial Statements.*

30 www.emeraldmutualfunds.com

Emerald Finance <br> & Banking Innovation Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(301228) | $4385718 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (26247307) | (21209704) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 11 | 20480 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (12723942) | (67610909) |
| &nbsp;&nbsp;&nbsp;Net change in foreign currency transactions | (18347) | (2378) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (39290813) | (84416793) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;From return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (1176630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (368003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (2052634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (837189) |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (6656984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (2082039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (11613121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | – | (4736535) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (29523135) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1269132 | 20893694 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 6492436 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4099378) | (23635651) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (2830246) | 3750479 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 64821 | 2898795 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 2208485 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1164844) | (6619462) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1100023) | (1512182) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 8007068 | 69535231 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 12582299 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19541004) | (75313683) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (11533936) | 6803847 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 387414 | 65750525 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 5226660 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2127988) | (62093741) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (1740574) | 8883444 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | $(56495592) | $(96014340) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 161124488 | 257138828 |
| &nbsp;&nbsp;&nbsp;End of year | $104628896 | $161124488 |

---

Semi-Annual Report \| October 31, 2022 31

Emerald Finance <br> & Banking Innovation Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 46272 | 378407 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 137931 |
| &nbsp;&nbsp;&nbsp;Redeemed | (157907) | (492199) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (111635) | 24139 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 2808 | 64998 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 57051 |
| &nbsp;&nbsp;&nbsp;Redeemed | (52737) | (159539) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (49929) | (37490) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 285824 | 1375123 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 256573 |
| &nbsp;&nbsp;&nbsp;Redeemed | (717458) | (1569146) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (431634) | 62550 |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 15551 | 1144497 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 118278 |
| &nbsp;&nbsp;&nbsp;Redeemed | (85718) | (1272787) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (70167) | (10012) |

---

 

*See Notes to Financial Statements*.

32 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.23 | $36.29 | $23.06 | $26.00 | $25.99 | $21.83 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.06) | (0.12) | (0.22) | (0.16) | (0.13) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.09) | (7.38) | 16.30 | (2.40) | 2.61 | 4.32 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.15) | (7.50) | 16.08 | (2.56) | 2.48 | 4.16 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.93) | (13.06) | 13.23 | (2.94) | 0.01 | 4.16 |
| **NET ASSET VALUE, END OF PERIOD** | $21.30 | $23.23 | $36.29 | $23.06 | $26.00 | $25.99 |
| **TOTAL RETURN<sup>(b)</sup>** | (1.00) | (23.19)% | 70.77% | (10.00)% | 11.79% | 19.06% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $88654 | $118082 | $168322 | $134755 | $188883 | $239316 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.56) | (0.39)% | (0.72)% | (0.64)% | (0.50)% | (0.64)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.13 | 1.03% | 1.01% | 1.02% | 1.01% | 1.03% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.13 | 1.03% | 1.01% | 1.02% | 1.01% | 1.03% |
| **PORTFOLIO TURNOVER RATE** | 27 | 38% | 66% | 48% | 64% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements*.

Semi-Annual Report \| October 31, 2022 33

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.56 | $29.09 | $18.97 | $21.59 | $22.18 | $18.75 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.10) | (0.26) | (0.35) | (0.27) | (0.26) | (0.27) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.04) | (5.71) | 13.32 | (1.97) | 2.14 | 3.70 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.14) | (5.97) | 12.97 | (2.24) | 1.88 | 3.43 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.92) | (11.53) | 10.12 | (2.62) | (0.59) | 3.43 |
| **NET ASSET VALUE, END OF PERIOD** | $15.64 | $17.56 | $29.09 | $18.97 | $21.59 | $22.18 |
| **TOTAL RETURN<sup>(b)</sup>** | (1.27) | (23.71)% | 69.60% | (10.57)% | 11.08% | 18.29% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $9218 | $11668 | $22447 | $17434 | $29975 | $33197 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.21) | (1.02)% | (1.37)% | (1.29)% | (1.15)% | (1.30)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.79 | 1.68% | 1.66% | 1.68% | 1.66% | 1.68% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.79 | 1.68% | 1.66% | 1.68% | 1.66% | 1.68% |
| **PORTFOLIO TURNOVER RATE** | 27 | 38% | 66% | 48% | 64% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

34 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.88 | $38.32 | $24.18 | $27.16 | $26.94 | $22.56 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.03) | (0.02) | (0.13) | (0.08) | (0.05) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.10) | (7.86) | 17.12 | (2.52) | 2.74 | 4.47 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.13) | (7.88) | 16.99 | (2.60) | 2.69 | 4.38 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.91) | (13.44) | 14.14 | (2.98) | 0.22 | 4.38 |
| **NET ASSET VALUE, END OF PERIOD** | $22.97 | $24.88 | $38.32 | $24.18 | $27.16 | $26.94 |
| **TOTAL RETURN** | (0.85) | (22.94)% | 71.27% | (9.72)% | 12.17% | 19.41% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $687598 | $732429 | $1375765 | $863360 | $1050538 | $839076 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.26) | 0.06% | (0.41)% | (0.32)% | (0.18)% | (0.33)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.82 | 0.72% | 0.70% | 0.70% | 0.69% | 0.72% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.82 | 0.72% | 0.70% | 0.70% | 0.69% | 0.72% |
| **PORTFOLIO TURNOVER RATE** | 27 | 38% | 66% | 48% | 64% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Not Annualized.* 

*<sup>(c)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 35

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $23.05 | $36.07 | $22.94 | $25.88 | $25.88 | $21.75 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.07) | (0.14) | (0.23) | (0.17) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.08) | (7.32) | 16.21 | (2.39) | 2.61 | 4.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.15) | (7.46) | 15.98 | (2.56) | 2.47 | 4.13 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (1.78) | (5.56) | (2.85) | (0.38) | (2.47) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (1.93) | (13.02) | 13.13 | (2.94) | 0.00 | 4.13 |
| **NET ASSET VALUE, END OF PERIOD** | $21.12 | $23.05 | $36.07 | $22.94 | $25.88 | $25.88 |
| **TOTAL RETURN** | (1.01) | (23.22)% | 70.71% | (10.05)% | 11.81% | 18.99% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $74406 | $77823 | $103326 | $80740 | $104403 | $107629 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.61) | (0.44)% | (0.75)% | (0.68)% | (0.53)% | (0.68)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.17 | 1.07% | 1.05% | 1.06% | 1.04% | 1.07% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.17 | 1.07% | 1.05% | 1.06% | 1.04% | 1.07% |
| **PORTFOLIO TURNOVER RATE** | 27 | 38% | 66% | 48% | 64% | 66% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Not Annualized.* 

*<sup>(c)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

36 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $15.16 | $20.18 | $12.13 | $11.51 | $13.09 | $11.33 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.06) | (0.18) | (0.14) | (0.10) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.72) | (1.98) | 9.80 | 0.72 | 1.04 | 1.83 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.78) | (2.16) | 9.66 | 0.62 | 0.95 | 1.76 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.65) | (2.86) | (1.61) | 0.00 <sup>(b)</sup> | (2.53) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.65) | (2.86) | (1.61) | – | (2.53) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.43) | (5.02) | 8.05 | 0.62 | (1.58) | 1.76 |
| **NET ASSET VALUE, END OF PERIOD** | $12.73 | $15.16 | $20.18 | $12.13 | $11.51 | $13.09 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.31) | (12.78%) | 82.17% | 5.43% | 11.53% | 15.53% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $13956 | $15516 | $17618 | $10174 | $9397 | $9321 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.84) | (0.92%) | (0.86%) | (0.83 %) | (0.71%) | (0.58%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.84 | 1.73% | 1.92% | 2.25% | 2.18% | 2.10% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.35 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| **PORTFOLIO TURNOVER RATE** | 32 | 70% | 89% | 94% | 63% | 138% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Less than $(0.005) per share.* 

*<sup>(c)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(d)</sup>* *Not Annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*See Notes to Financial Statements*.

Semi-Annual Report \| October 31, 2022 37

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $14.05 | $19.02 | $11.57 | $11.04 | $12.75 | $11.11 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.09) | (0.28) | (0.24) | (0.16) | (0.16) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.59) | (1.83) | 9.30 | 0.69 | 0.98 | 1.79 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.68) | (2.11) | 9.06 | 0.53 | 0.82 | 1.64 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.65) | (2.86) | (1.61) | 0.00 <sup>(b)</sup> | (2.53) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.65) | (2.86) | (1.61) | – | (2.53) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.33) | (4.97) | 7.45 | 0.53 | (1.71) | 1.64 |
| **NET ASSET VALUE, END OF PERIOD** | $11.72 | $14.05 | $19.02 | $11.57 | $11.04 | $12.75 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.57) | (13.32%) | 80.92% | 4.84% | 10.75% | 14.76% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $67 | $186 | $246 | $138 | $141 | $129 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.43) | (1.58%) | (1.51%) | (1.48 %) | (1.36%) | (1.24%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.49 | 2.38% | 2.57% | 2.90% | 2.84% | 2.75% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.00 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| **PORTFOLIO TURNOVER RATE** | 32 | 70% | 89% | 94% | 63% | 138% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Less than $(0.005) per share.* 

*<sup>(c)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(d)</sup>* *Not Annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

38 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $15.64 | $20.67 | $12.37 | $11.69 | $13.22 | $11.41 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.04) | (0.12) | (0.10) | (0.06) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.78) | (2.05) | 10.01 | 0.74 | 1.05 | 1.85 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.82) | (2.17) | 9.91 | 0.68 | 1.00 | 1.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.65) | (2.86) | (1.61) | 0.00 <sup>(b)</sup> | (2.53) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.65) | (2.86) | (1.61) | – | (2.53) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.47) | (5.03) | 8.30 | 0.68 | (1.53) | 1.81 |
| **NET ASSET VALUE, END OF PERIOD** | $13.17 | $15.64 | $20.67 | $12.37 | $11.69 | $13.22 |
| **TOTAL RETURN** | (12.18) | (12.51%) | 82.62% | 5.85% | 11.81% | 15.86% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $3918 | $4340 | $3658 | $1462 | $1383 | $1228 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.54) | (0.62%) | (0.57%) | (0.53 %) | (0.41%) | (0.29%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.54 | 1.42% | 1.60% | 1.93% | 1.87% | 1.77% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.05 | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 32 | 70% | 89% | 94% | 63% | 138% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Less than $(0.005) per share.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 39

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $15.05 | $20.06 | $12.07 | $11.45 | $13.05 | $11.29 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.06) | (0.18) | (0.15) | (0.09) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.71) | (1.97) | 9.75 | 0.71 | 1.03 | 1.84 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.77) | (2.15) | 9.60 | 0.62 | 0.93 | 1.76 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.65) | (2.86) | (1.61) | 0.00 <sup>(b)</sup> | (2.53) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.65) | (2.86) | (1.61) | – | (2.53) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.42) | (5.01) | 7.99 | 0.62 | (1.60) | 1.76 |
| **NET ASSET VALUE, END OF PERIOD** | $12.63 | $15.05 | $20.06 | $12.07 | $11.45 | $13.05 |
| **TOTAL RETURN** | (12.33) | (12.80%) | 82.08% | 5.45% | 11.41% | 15.59% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $724 | $689 | $638 | $274 | $174 | $126 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.90) | (0.97%) | (0.91%) | (0.82 %) | (0.77%) | (0.65%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.89 | 1.71% | 1.86% | 2.17% | 2.08% | 2.07% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.40 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
| **PORTFOLIO TURNOVER RATE** | 32 | 70% | 89% | 94% | 63% | 138% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Less than $(0.005) per share.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

40 www.emeraldmutualfunds.com

Emerald Finance <br> & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $31.99 | $51.56 | $22.89 | $32.71 | $46.01 | $41.61 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.08) | 0.84 | 0.06 | (0.03) | (0.24) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (7.97) | (14.81) | 28.61 | (9.79) | (5.35) | 5.98 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (8.05) | (13.97) | 28.67 | (9.82) | (5.59) | 5.69 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (3.37) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  | (1.37) |  |  | (7.71) | (1.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.86) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (5.60) | – | – | (7.71) | (1.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (8.05) | (19.57) | 28.67 | (9.82) | (13.30) | 4.40 |
| **NET ASSET VALUE, END OF PERIOD** | $23.94 | $31.99 | $51.56 | $22.89 | $32.71 | $46.01 |
| **TOTAL RETURN<sup>(b)</sup>** | (25.16) | (30.58)% | 125.21% | (30.02)% | (10.65)% | 13.59% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $29844 | $43448 | $68778 | $37933 | $87267 | $172338 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.59) | 1.70% | 0.18% | (0.10)% | (0.58)% | (0.65)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.68 | 1.78% | 1.53% | 1.48% | 1.42% | 1.41% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.68 | 1.48% | 1.53% | 1.48% | 1.42% | 1.41% |
| **PORTFOLIO TURNOVER RATE** | 28 | 94% | 171% | 46% | 55% | 62% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 41

Emerald Finance <br> & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $26.23 | $43.35 | $19.38 | $27.87 | $40.83 | $37.29 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.13) | 0.40 | (0.11) | (0.20) | (0.44) | (0.51) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (6.53) | (12.11) | 24.08 | (8.29) | (4.81) | 5.34 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (6.66) | (11.71) | 23.97 | (8.49) | (5.25) | 4.83 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (3.27) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  | (1.37) |  |  | (7.71) | (1.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.77) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (5.41) | – | – | (7.71) | (1.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (6.66) | (17.12) | 23.97 | (8.49) | (12.96) | 3.54 |
| **NET ASSET VALUE, END OF PERIOD** | $19.57 | $26.23 | $43.35 | $19.38 | $27.87 | $40.83 |
| **TOTAL RETURN<sup>(b)</sup>** | (25.39) | (31.05)% | 123.68% | (30.46)% | (11.21)% | 12.85% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $8422 | $12600 | $22447 | $16804 | $50079 | $78988 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (1.23) | 0.98% | (0.40)% | (0.73)% | (1.23)% | (1.30)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.33 | 2.43% | 2.18% | 2.13% | 2.07% | 2.06% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.33 | 2.13% | 2.18% | 2.13% | 2.07% | 2.06% |
| **PORTFOLIO TURNOVER RATE** | 28 | 94% | 171% | 46% | 55% | 62% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Total return does not reflect the effect of sales charges.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

42 www.emeraldmutualfunds.com

Emerald Finance <br> & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $33.38 | $53.48 | $23.67 | $33.70 | $46.95 | $42.30 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.04) | 1.00 | 0.14 | 0.09 | (0.09) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (8.32) | (15.39) | 29.67 | (10.12) | (5.45) | 6.09 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (8.36) | (14.39) | 29.81 | (10.03) | (5.54) | 5.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (3.53) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  | (1.37) |  |  | (7.71) | (1.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.81) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (5.71) | – | – | (7.71) | (1.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (8.36) | (20.10) | 29.81 | (10.03) | (13.25) | 4.65 |
| **NET ASSET VALUE, END OF PERIOD** | $25.02 | $33.38 | $53.48 | $23.67 | $33.70 | $46.95 |
| **TOTAL RETURN** | (25.04) | (30.32)% | 125.94% | (29.76)% | (10.30)% | 13.97% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $53811 | $86196 | $134767 | $67358 | $162910 | $221638 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.28) | 1.95% | 0.39% | 0.28% | (0.23)% | (0.34)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.38 | 1.44% | 1.18% | 1.13% | 1.06% | 1.09% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.38 | 1.13% | 1.18% | 1.13% | 1.06% | 1.09% |
| **PORTFOLIO TURNOVER RATE** | 28 | 94% | 171% | 46% | 55% | 62% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Not Annualized.* 

*<sup>(c)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 43

Emerald Finance <br> & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $30.03 | $48.76 | $21.66 | $30.96 | $44.05 | $39.86 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.08) | 0.73 | 0.03 | (0.04) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (7.48) | (13.85) | 27.07 | (9.26) | (5.15) | 5.73 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | (7.56) | (13.12) | 27.10 | (9.30) | (5.38) | 5.48 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (3.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  | (1.37) |  |  | (7.71) | (1.29) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (1.14) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (5.61) | – | – | (7.71) | (1.29) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (7.56) | (18.73) | 27.10 | (9.30) | (13.09) | 4.19 |
| **NET ASSET VALUE, END OF PERIOD** | $22.47 | $30.03 | $48.76 | $21.66 | $30.96 | $44.05 |
| **TOTAL RETURN** | (25.17) | (30.60)% | 125.07% | (30.04)% | (10.64)% | 13.67% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $12552 | $18881 | $31147 | $15472 | $41410 | $71236 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.63) | 1.53% | 0.11% | (0.12)% | (0.60)% | (0.60)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.72 | 1.81% | 1.56% | 1.51% | 1.43% | 1.37% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.72 | 1.51% | 1.56% | 1.51% | 1.43% | 1.37% |
| **PORTFOLIO TURNOVER RATE** | 28 | 94% | 171% | 46% | 55% | 62% |

---

*<sup>(a)</sup>* *Per share amounts are based upon average shares outstanding.* 

*<sup>(b)</sup>* *Not Annualized.* 

*<sup>(c)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

44 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This semi-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.

Semi-Annual Report \| October 31, 2022 45

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

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 October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other <br> Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Growth Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $846666404 | $– | $– | $846666404 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 12176411 | – | – | 12176411 |
| &nbsp;&nbsp;&nbsp;TOTAL | $858842815 | $– | $– | $858842815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other <br> Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Insights Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $18615280 | $– | $– | $18615280 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 169411 | – | – | 169411 |
| &nbsp;&nbsp;&nbsp;TOTAL | $18784691 | $– | $– | $18784691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other <br> Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Finance & Banking Innovation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banks | $73553163 | $1325000 | $– | $74878163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 22195591 |  |  | 22195591 |
| &nbsp;&nbsp;&nbsp;Rights |  |  | – <sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 2585640 |  |  | 2585640 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3834946 |  |  | 3834946 |
| &nbsp;&nbsp;&nbsp;Warrants | 9343 | – | – | 9343 |
| &nbsp;&nbsp;&nbsp;TOTAL | $102178683 | $1325000 | $– | $103503683 |

---

*<sup>(a)</sup>* *For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.* 

*<sup>(b)</sup>* *Value is $0.00.* 

**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

46 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

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 six months ended October 31, 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 six months ended October 31, 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.

**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**

**Tax Basis of Investments:** As of October 31, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross <br> Appreciation <br> (excess of value <br> over tax cost)** | **Gross <br> Depreciation <br> (excess of tax cost<br> over value)** | **Net<br> Appreciation/(Depreciation)<br> of Foreign Currency and<br> Derivatives** | **Net Unrealized<br> Appreciation/(Depreciation)** | **Cost of<br> Investments for<br> Income Tax<br> Purposes** |
| Emerald Growth Fund | $271009059 | $(45702923) | $– $| 225306136 | $633536679 |
| Emerald Insights Fund | 4772889 | (1954197) | – | 2818692 | 15965999 |
| Emerald Finance & Banking Innovation Fund | 19360678 | (18520687) | – | 839991 | 102663692 |

---

Semi-Annual Report \| October 31, 2022 47

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**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 characters of distributions paid by the Funds for the fiscal year ended April 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capita** |
| Emerald Growth Fund | $| $| $|
| Emerald Insights Fund |  |  |  |
| Emerald Finance & Banking Innovation Fund |  |  |  |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal yearend. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six months ended October 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Cost of Investments <br> Purchased** | **Proceeds from <br> Investments Sold** |
| Emerald Growth Fund | $228777926 | $282099053 |
| Emerald Insights Fund | 6914757 | 6081066 |
| Emerald Finance & Banking Innovation Fund | 34161312 | 50470823 |

---

**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.

48 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**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.

---

| | |
|:---|:---|
| **Emerald Growth Fund**<br>**Average Total Net Assets** | <br>**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**<br>**Average Total Net Assets** | <br>**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**<br>**Average Total Net Assets** | <br>**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 six months ended October 31, 2022 are disclosed in the Statements of Operations.

---

| | | | |
|:---|:---|:---|:---|
| | | **Institutional Class** | **Investor Class** |
| **Emerald Growth Fund**<br>**Class A** | <br>**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** | **Emerald Finance & Banking Innovation Fund** | &nbsp;&nbsp;**Institutional Class** | **Investor Class** |
| **Class A** | **Class C** | &nbsp;&nbsp;**Institutional Class** | **Investor Class** |
| 1.84% | 2.49% | &nbsp;&nbsp;1.54% | 1.89% |

---

Semi-Annual Report \| October 31, 2022 49

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

For the year ended October 31, 2022, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/ Reimbursed By <br> Adviser** | **Recoupment of Past Waived<br> Fees By Adviser** |
| **Emerald Insights Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $36088 | $– |
| &nbsp;&nbsp;&nbsp;Class C | 253 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10086 |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1922 |  |

---

As of October 31, 2022, the balances of recoupable expenses for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/ Reimbursed By <br> Adviser** | **Recoupment of Past Waived<br> Fees By Adviser** |
| **Emerald Insights Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | $36088 | $– |
| &nbsp;&nbsp;&nbsp;Class C | 253 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 10086 |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1922 |  |

---

**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 period ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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.

50 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

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 six months ended October 31, 2022, are included as an offset to distribution and service fees as 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. 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.

Semi-Annual Report \| October 31, 2022 51

Emerald Funds Additional Information

October 31, 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.

52 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?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide account information or give us your contact information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● make a wire transfer or deposit money <br>|
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes-information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. <br>|
| **Definitions** |  |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| **Non-affiliates** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *The Funds do not share with non-affiliates so they can market to you.* <br>|
| **Joint marketing** | A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *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. |

---

Semi-Annual Report \| October 31, 2022 53

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:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and account transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account balances and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wire transfer instructions<br>|
| **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 –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | <br> Yes | <br> No |
| **For our marketing purposes –**<br> 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 –**<br> information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes –**<br> information about your creditworthiness | No | We do not share. |
| **For non-affiliates to market to you** | No | We do not share. |

---

54 www.emeraldmutualfunds.com

*Intentionally Left Blank*

![(graphic)](fp0081423_09.jpg)

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Shareholder Letter | 1 |
| Performance Update | 7 |
| Disclosure of Fund Expenses | 37 |
| Portfolio of Investments |  |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 40 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 43 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 46 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 52 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 55 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 59 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 65 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 68 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 72 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 75 |
| Statements of Assets and Liabilities | 77 |
| Statements of Operations | 79 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 81 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 82 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 83 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 84 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 85 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 86 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 87 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 88 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 89 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 90 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Emerging Markets Opportunities Fund | 91 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Contrarian Fund | 93 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Explorer Fund | 94 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Micro Cap Fund | 95 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Opportunities Fund | 96 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Reach Fund | 98 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak Global Stalwarts Fund | 100 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Opportunities Fund | 102 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak International Stalwarts Fund | 104 |
| &nbsp;&nbsp;&nbsp;Grandeur Peak US Stalwarts Fund | 106 |
| Notes to Financial Statements | 107 |
| Disclosure Regarding Approval of Fund Advisory Agreement | 122 |
| Additional Information | 125 |
| Privacy Policy | 126 |

---

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

Dear Fellow Shareholders,

In October we embarked on our semi-annual hike of the nearby Grandeur Peak, a 5.9 mile out-and-back trail with 2,365 feet of elevation gain. Our tradition at the summit is for someone to share a few words of reflection. Stuart Rigby, Portfolio Manager of the Emerging Markets Opportunities Fund and Technology Sector PM, shared a thought (once he caught his breath) on the Ray Dalio formula:

*Pain + Reflection = Progress*

It was an appropriate and timely message that really sums up what all of us at Grandeur Peak hope to get out of this miserable year in markets. The third quarter really felt like a continuation of the first half of the year, with no meaningful changes in what's working versus what's not working.

While it has been frustrating to watch good stocks get beat up, we feel this is the time to get more exposure to Healthcare. We believe **Healthcare** should be resilient and defensive in an inflationary and recessionary environment. From a bottom-up perspective, we believe many of our highest conviction companies are very compelling at today's levels. We continue to have confidence in our top themes, and we see this as a good opportunity to get more weight behind our favorite companies.

One of the largest **Technology** positions across Funds has been in a Chinese Semiconductor company. The company's momentum slowed dramatically over recent months as a result of a dip in demand and excess client inventories. The stock suffered this year. We had been buying on dips earlier in the year, but decided to reduce exposure as momentum began to slow. The key question is whether this current softness will reverse after inventories correct or if there is more slowing of customer demand on the horizon. The Biden administration's targeting of Chinese Semiconductor companies is an added wrinkle to navigate.

Many new tech positions have been in IT Services, an area where we're seeing ample opportunity. These companies tend to have good profitability, are not particularly expensive, and are less likely to lose momentum in a weaker economy. They're delivering mission critical services to companies that increasingly rely on digitization.

We are keeping Tech weight steady or increasing slightly, despite generally being overweight versus the Funds benchmark indices. We believe the opportunity set is attractive. Companies in Japan, Korea, Europe, and resource rich countries look particularly compelling from a valuation perspective.

We have increasing rationale to be optimistic about the Funds' **Consumer** holdings. The Funds generally have a large weight in e-commerce companies. Over the last year, many of the Funds' holdings had to navigate logistical challenges while also facing tough comparisons to the prior year's earnings. These companies are now signaling that supply chains are smoothing, and as a result, companies could see improving margins. We also anticipate that more reliability in inventory will lead to steadier sales.

An example of a European Consumer company we're scratching our heads on is B&M European Value Retail (BME LN)<sup>1</sup>. They are a UK-based general merchandise discount retailer whose stock price has nearly been cut in half this year. We see them as a defensive company, as consumers tend to prefer discount retailers in recessionary environments. B&M is able to keep prices quite low due to bargaining power over suppliers, but also has one of the highest margins in the industry. The healthy margin means they will likely fare better than smaller rivals when times get tough. With 5-year earnings per share growth annualizing over 20%, a ~5% dividend, and trading at a ~8x P/E<sup>2</sup> ratio, we see this as an excellent place to hide out. The market has disagreed thus far in 2022.

For **Industrials**, it's always important to look by subsector given the typical underweights in Energy and Materials across Funds. Core Industrials is where we focus most of our time and thought. Many of the Funds' industrial holdings have benefitted from good industrial and commercial activity. We're certainly seeing weakness in some areas like residential construction and where large capital expenditure projects are being delayed. However, for the most part, customers have been willing to spend on professional services, and these companies have continued to have good results. We've found a few backdoor plays to solar/green energy/EVs etc. that we're enthusiastic about. These are companies focused on batteries, solar components, and power supply. As of the date of this letter, the solar panel manufacturers themselves don't fit out investment style well, but we plan on focusing on related companies as great ways to play the exciting theme. The Inflation Reduction Act looks like it will have a big impact on alternative energy.

We're finally getting a shot at a subset of companies we call Industrial Compounders. The company multiples have made their way down to low 20s P/E ratios, which we think is becoming attractive for the quality and growth they provide. We think this type of investment could be resilient in a down-market given their broad geographical and end-market exposure. These companies tend to grow ~5-7% organically and another ~5-7% through acquisitions. But given they're mostly in Europe, we're still cautious due to energy and recession worries.

*<sup>1</sup>* *As of 9/30/2022, the Grandeur Peak Funds owned 22,234,950 shares of B&M European Value Retail*

*<sup>2</sup>* *P/E is the Price-to-Earnings ratio (the ratio of the current price divided by typically the earnings over the past 12 months)*

Semi-Annual Report \| October 31, 2022 1

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

We intentionally sold more industrials than we bought during the period. We brought the industrials weight down because Industrial companies held up better versus other sectors, so we rotated to what we believe to be more attractive opportunities, like Healthcare.

Within **Financials**, we've historically liked owning logistics warehouses and data centers, and we still do, but higher relative valuations in data centers have caused us to trim back some exposure. We also like Diversified Financial, where our favorite types of companies are tied to mergers and acquisitions, ESG (Environmental, Social & Governance themes), and alternative asset management<sup>3</sup>. While we are excited about the quality and long-term growth prospects of these types of companies, the short-term drawback is that they can be market sensitive.

We like to pair Diversified Financial weight with exposure to Commercial Banks. While higher interest rates can benefit banks due to rising net interest margins, offsetting factors can be lower demand for loans, borrowing rates rising faster than lending rates, and increasing loan defaults in a recessionary economy. The banking models that we prefer are asset sensitive (where assets reprice more quickly than the liabilities, which means rising rates should lead to rising net interest margins) and have limited market exposure. This thesis is still playing out. The owned companies in the Funds are certainly seeing stronger margin expansion than Banks in general. At fiscal year end, we continue to like the banks held in the Funds and believe they are well positioned to come out of this weak economic period stronger.

***Grandeur Peak Insights: A Discussion on Quality***

To Grandeur Peak, quality equals sustainable strength that will deliver long-term outperformance via growth and returns. When looking for high quality companies, the numbers are important. The industry typically associates quality with high returns on equity, strong balance sheets, high margins, etc. Grander Peak also pays careful attention to financial measurements such as these, measuring the trend, level, and volatility of said metrics. However, the numbers never paint the whole picture, particularly in the universe of global small-cap. We believe in marrying the quantitative with substantial qualitative assessment in order to measure the probability of long-term outperformance.

Understanding company quality requires that we truly know our companies intimately, and that knowledge is power as an investor. This intimate knowledge of our companies (and their competitors, suppliers, customers, etc.) requires thorough and thoughtful analysis plus a unified research team and a standardized due diligence process.

We believe that owning high quality companies gives us the confidence to capitalize on market inefficiency. In our view, it allows us to comfortably forecast periods longer than the market often considers, and it also allows us to buy into stock weakness when the market overreacts. We also believe that high quality companies in our framework are less vulnerable to negative surprises, which can help us avoid mistakes and permanent loss of capital.

Quality is of course not the only input we use in building portfolios. We also analyze business momentum and valuation (through a variety of lenses). While momentum and valuation are vitally important to portfolio construction, we believe that quality is the most constant of the three attributes.

Knowing that high quality companies come in all shapes and sizes, we wanted to dedicate some time to defining and illustrating two ends of the quality spectrum in Grandeur Peak portfolios. Namely, quality growth and quality value. "Growth versus Value" has been a very hot topic of late. We're not in the business of timing market factors (chances of success are very low). But as we scour the universe, focusing on small caps, we find companies in both camps that we're very excited to own.

As shown in Exhibit 1, you can see the Global Stalwarts Fund has a growth bias, while the Global Contrarian Fund has a value bias. Despite this difference, both maintain a high degree of quality, as do all Grandeur Peak portfolios.

*<sup>3</sup>* *Investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.*

2 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

***Exhibit 1 (as of 9/30/2022)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Contrarian** | **MSCI ACWI Small Cap**<br> **Value Index<sup>4</sup>** | **Global Stalwarts** | **MSCI ACWI Mid Cap Index<sup>5</sup>** |
| Est 3yr EPS Growth<sup>6</sup> | 11.8% | 9.5% | 14.6% | 13.1% |
| Trailing P/E<sup>7</sup> | 9.0 | 8.3 | 21.4 | 11.8 |
| Return on Assets<sup>8</sup> | 11.5% | 4.6% | 11.1% | 7.4% |
| Operating Margin<sup>9</sup> | 22.6% | 20.7% | 19.9% | 18.4% |
| Debt/Equity<sup>10</sup> | 47.3% | 109.2% | 74.6% | 113.7% |

---

 

*Source: FactSet, Grandeur Peak*

To us, quality growth companies are not only growing their earnings per share at a strong rate, but they also have a large opportunity to increase market share. They will typically have a healthy balance sheet and a management team who can navigate growth skillfully. Companies like this rarely come cheap. A well-known Warren Buffet quote exemplifies this thinking,

*"It is far better to buy a wonderful company at a fair price than a*

*fair company at a wonderful price."*

Quality value companies may not have the same potential to increase market share or sustain levels of growth quite as high, but they are masterful business operators. They tend to have fortified balance sheets, reliable free cash flow, and attractive return on assets. These investments often have a contrarian element to them, perhaps due to industry cyclicality, geopolitical headwinds, or macroeconomic factors. Mr. Buffett has also aptly described our view of what quality value companies looks like.

*"Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.'*

*Whether we're talking about socks or stocks, I like buying quality*

*merchandise when it is marked down."*

Grandeur Peak portfolios have holdings that fit neatly into the growth and value buckets, but it's important to recognize that many holdings sit somewhere between the growth and value spectrum. And that's exactly how we like it. We believe our diversity of exposure, bottom-up investment style, and longer-list portfolios can potentially reduce risk to any single factor, region, industry, or company, and may benefit clients over the long term.

***Notes from the Road***

Our team has been hitting the road hard. In the third quarter alone, our team visited Japan, Switzerland, Germany, Italy, China, Inner Mongolia, New York, New Jersey, California, Illinois, Colorado, Texas, New Mexico, Connecticut, Florida, Canada, and the UK. Our visits include meeting with management teams at their headquarters, as well as visiting secondary locations such as manufacturing plants, research labs, or distribution centers. Here are a few thoughts from Sam Gardiner, Research Analyst, on traveling to Japan with teammates Spencer (Speen) Hackett, Amy Sunderland, Brad Barth, and Blake Walker, over a two-week stretch.

*From Sam Gardiner:*

*I recently traveled to Japan for my first international trip since joining Grandeur Peak as an intern in September of 2019. Over the course of my time at Grandeur Peak, I've done at least a hundred online video meetings with management teams from a diverse set of companies. Although these* 

*<sup>4</sup>* *The MSCI ACWI Small Cap Value Index is designed to measure the equity market performance of small-cap companies exhibiting overall value-style characteristics across developed and emerging markets globally. You cannot invest directly in these or any indices.*

*<sup>5</sup>* *The MSCI ACWI Mid Cap Index is designed to measure the equity market performance of mid-cap companies across developed and emerging markets globally. You cannot invest directly in these or any indices.*

*<sup>6</sup>* *Portfolio characteristics for the benchmark are based on MSCI data, calculated with FactSet using the weighted harmonic average. Estimated weighted average annual increase in Earnings Per Share (EPS) of the fund's holdings over the next 3 years. These returns are not guaranteed. Actual EPS growth may be higher or lower.*

*<sup>7</sup>* *The trailing 12-month Price/Earnings (P/E) of the portfolio, calculated as a weighted harmonic average.*

*<sup>8</sup>* *Weighted average Return on Assets (ROA) of the portfolio's holdings, calculated by dividing a company's annual returns by its total assets.*

*<sup>9</sup>* *Operating Margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. It is calculated by dividing Operating Income by Net Sales.*

*<sup>10</sup>* *Debt/Equity is a measure of a company's financial leverage. It is calculated by dividing its total liabilities by stockholders' equity.*

Semi-Annual Report \| October 31, 2022 3

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

*virtual meetings have been helpful and productive, I would say nothing compares with visiting management teams face to face. In-person meetings help me gain valuable insights into a company's competitive position, industry, and long-term business strategy*

*Visiting Japan was beneficial as it broadened my understanding of the cultural background of the people. I was impressed with the politeness of each person I encountered, including the translators, drivers, restaurant servers, and of course management teams. I loved walking through the streets, observing how clean, organized, and tidy everything felt. Each person I met with was dressed professionally and engaged with me in a respectful manner. I don't recall seeing a single piece of litter anywhere throughout the entirety of the trip. This is especially impressive given the fact that Tokyo is home to over 37 million residents.*

*Another fascinating part of the trip was getting to observe the Japanese railway infrastructure. We traveled using the Shinkansen (bullet train), which has operating speeds of up to 320 km/hr. These trains allowed us to easily visit companies in Tokyo, Nagoya, Kyoto, Kobe, and Osaka.*

*We also had lots of time in cars between meetings, and I relished the time I spent getting to know the drivers and translators. I was surprised when I learned that one of the translators shared some of my same beliefs and values despite her growing up in a very different culture. I'm also grateful for the conversations I had with my colleagues, which not only helped me develop and learn as an investor, but also as a person.*

*When we left on our trip, Japan was still restricting tourist visas as the country continued to try to limit the spread of COVID-19. The country has since relaxed its tourist visa restrictions. We wore masks in every meeting as there was still a reluctance from the Japanese people to go unmasked, despite the absence of any legal requirement to do so. Our translators explained that they were eager to remove their masks but were hesitant to do so because of social pressures.*

*Our team split into two tracks, allowing us to cover as much ground as possible over the course of the trip. Overall, our team of five met with 51 companies across various industries. I was fortunate to visit a variety of companies ranging from hospice care providers to auto parts manufacturers. This is something unique about Grandeur Peak that I love. Although we do work in specific industry teams, there are plenty of opportunities to do work on companies that fall in different sectors.*

*In my discussions with management teams, I was expecting to hear more concerns about inflation and hiring issues than I did. Other than the software engineer shortage, there seems to be a healthy labor environment. For example, each of the hospice service providers explained that there was no shortage of nurses. In fact, they tend to only accept about one in every four applicants, demonstrating a good supply of labor within that industry.*

*Another key topic of discussion was the cash on company balance sheets. Most Japanese management teams have a very conservative view regarding cash as the cash tends to sit without producing any sort of return at all. When asking management teams what they would do with their cash, the answers were a mixed bag. Some of the more innovative companies expressed a desire to make tuck in acquisitions to help boost future growth. Some explained that they would be willing to buy back shares or pay a special dividend. Others are making the unfortunate error to pursue "diworsification" as a strategy by acquiring completely non-core assets. For example, a healthcare SAAS company that we visited decided to acquire a chain of gyms. We moved that company from our Watch A list to Watch B.*

*Perhaps one of the most interesting topics we covered with management teams was the impact of foreign exchange rates. The Japanese Yen has been extremely weak in recent months, which is obviously very beneficial to exporters. The most interesting meetings were with companies that had cracked the overseas growth code, achieving significant sales in international markets. I would expect these companies to do very well if the Japanese Yen continues to be weak.*

*At Grandeur Peak we are constantly debating which companies we think will outperform the market. We have adopted a formalized process where we give endorser and detractor ratings after every meeting with a company. These ratings range from anywhere between -5 to +5. A -5 detractor rating means that we believe it is highly likely that this company will underperform the market, while a +5 means exactly the opposite. Generally, I was pleased to leave most of the meetings with a positive endorser score, as I usually viewed the opportunity to be greater than the valuation of the company.*

*Before our flight home, Speen and I were able to visit the Meiji Shrine and take in some more of the amazing Japanese culture. The shrine was dedicated in 1920 and rebuilt after being destroyed in World War II as a tribute to the emperor who helped modernize Japan. Even though it's in the middle of a bustling city, once you enter the grounds and through the torii gate, thousands of trees surround you and transport you into a quiet space. During our trip, we had many opportunities to sample the delicious Japanese food including sushi, tempura, ramen, yakisoba, yakiniku, and a meal at Katsu Curry. Shake Shack serves a black sesame seed shake in Japan! My only regret was that all the fantastic food probably did not help my preparations to run a marathon the week after our return.*

*I came away from the trip excited about our owned companies and am very intrigued by many on our watch lists. It felt great to broaden my investment understanding and to strengthen my belief that Japan should continue to be a core geography at Grandeur Peak.*

4 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

***Business Update***

We're pleased to announce that Juliette Douglas has been promoted to the role of Director of Research (DOR). Ms. Douglas has been serving as the Deputy Director of Research for the last several years and this is a natural evolution of her role at the firm. She has always been passionate about our research process and is great at keeping the team on task and focused while also looking for ways we can improve our process. Rob Green, who had been working as the Director of Research, has moved into a newly created role as Director of Quantitative Research. With the split of the tasks, Mr. Green will now be able to focus on the important role that screening and quantitative research play in narrowing down a universe of over 70,000 global stocks into the most interesting potential investments. Rob has a dedicated team of five, including a new senior software engineer, Will VanDenBerghe, and an additional data analyst, Jacob Grant. Together, they will be able to push forward our objectives in enhancing our screening and sharpening our insights gained from the body of data we have on companies across the globe.

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

Semi-Annual Report \| October 31, 2022 5

Grandeur Peak Funds<sup>®</sup> Shareholder Letter

October 31, 2022 (Unaudited)

**RISKS: 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.**

***An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a Grandeur Peak Funds prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-7325. Please read it carefully before investing.***

*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.***

*Grandeur Peak Funds are distributed by ALPS Distributors, Inc. (ADI). ADI is not affiliated with Grandeur Peak Global Advisors.*

***Total Returns as of Sept 30, 2022 (returns are annualized for periods over 1 year)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter** | **YTD** | **1 yr** | **3 yr** | **5 yr** | **Since** <br> **Inception<sup>11</sup>** |
| Global Stalwarts, Investor Class (GGSOX) | -8.83% | -43.05% | -42.08% | 2.52% | 2.91% | 7.09% |
| Global Stalwarts, Institutional Class (GGSYX) | -8.77% | -42.95% | -41.94% | 2.76% | 3.18% | 7.36% |
| *MSCI All-Country World Mid Cap Index<sup>12</sup>* | *-6.58%* | *-26.98%* | *-23.76%* | *2.24%* | *2.91%* | *5.96%* |
| *MSCI All-Country World Small Cap Index<sup>13</sup>* | *-5.15%* | *-26.08%* | *-24.44%* | *3.40%* | *2.76%* | *6.39%* |
| Global Contrarian, Institutional Class (GPGCX) | -6.70% | -22.16% | -22.05% | 8.81% |  | 8.45% |
| *MSCI All-Country World Small Cap Value Index<sup>14</sup>* | *-5.93%* | *-21.04%* | *-18.28%* | *3.12%* | *–* | *2.68%* |
| *MSCI All-Country World Small Cap Index* | *-5.15%* | *-26.08%* | *-24.44%* | *3.40%* | *–* | *2.82%* |

---

*<sup>11</sup>* *Inception of the Grandeur Peak Global Stalwarts Fund is 9/1/2015; Inception of the Grandeur Peak Global Contrarian Fund is 09/17/2019.*

*<sup>12</sup>* *The MSCI All-Country World (ACWI) Mid Cap Index captures mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries.*

*<sup>13</sup>* *The MSCI All-Country World (ACWI) Small Cap Index captures small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries.*

*<sup>14</sup>* *The MSCI ACWI Small Cap Value Index is designed to measure the equity market performance of small-cap companies exhibiting overall value-style characteristics across developed and emerging markets globally. You cannot invest directly in these or any indices.*

6 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | <br>**6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX) | -13.32% | -30.61% | 1.70% | 1.11% | 3.77% | 1.78% | 1.78% |
| Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX) | -13.18% | -30.40% | 1.95% | 1.36% | 4.01% | 1.52% | 1.52% |
| MSCI Emerging Markets SMID Cap Index<sup>(d)</sup> | -15.66% | -23.76% | 1.49% | -0.12% | 2.07% |  |  |
| MSCI Emerging Markets IMI Index<sup>(e)</sup> | -19.01% | -29.78% | -3.06% | -2.28% | 1.28% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of December 16, 2013.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 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.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

Semi-Annual Report \| October 31, 2022 7

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 2022**

![](fp0081423_12.jpg)

***The chart shown above represents a hypothetical investment of $10,000 in the Fund's Investor Class shares for the period from inception to October 31, 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.***

8 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Asia ex Japan | 65.9% |
| North America | 10.7% |
| Latin America | 12.6% |
| Europe | 5.4% |
| Africa/Middle East | 2.4% |
| Cash, Cash Equivalents, & Other Net Assets | 3.0% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Top 10 Holdings (as a % of Net Assets)\*** | |
| Genpact, Ltd. | 3.5% |
| Dino Polska SA | 3.3% |
| WNS Holdings, Ltd. | 3.1% |
| Wilcon Depot, Inc. | 2.3% |
| Globant SA | 2.0% |
| Metropolis Healthcare, Ltd. | 1.9% |
| FPT Corp. | 1.8% |
| Grupo Mateus SA | 1.7% |
| Poya International Co., Ltd. | 1.6% |
| Hypera SA | 1.6% |
| **Total** | **22.8%** |

---

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

Semi-Annual Report \| October 31, 2022 9

Grandeur Peak Global Contrarian Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | <br>**6 Months** | <br>**1 Year** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Contrarian Fund – Institutional (GPGCX) | -10.74% | -22.15% | 9.08% | 1.40% | 1.35% |
| MSCI All Country World Index Small Cap Value<sup>(d)</sup> | -7.58% | -14.15% | 5.21% |  |  |
| MSCI All Country World Index Small Cap<sup>(e)</sup> | -8.92% | -21.65% | 5.01% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of September 17, 2019.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 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.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

10 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

Semi-Annual Report \| October 31, 2022 11

Grandeur Peak Global Contrarian Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| North America | 31.1% |
| Asia ex Japan | 28.2% |
| Europe | 15.0% |
| Japan | 12.5% |
| Australia/New Zealand | 5.2% |
| Latin America | 4.6% |
| Cash, Cash Equivalents, & Other Net Assets | 3.4% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Top 10 Holdings (as a % of Net Assets)\*** | |
| O2Micro International, Ltd. | 5.7% |
| Hackett Group, Inc. | 3.6% |
| Plumas Bancorp | 3.4% |
| Beenos, Inc. | 3.0% |
| Bank of NT Butterfield & Son, Ltd. | 2.8% |
| B&M European Value Retail SA | 2.7% |
| Medikit Co., Ltd. | 2.7% |
| Evolution Petroleum Corp. | 2.6% |
| Plover Bay Technologies, Ltd. | 2.6% |
| Patria Investments, Ltd. | 2.4% |
| **Total** | **31.5%** |

---

 

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

12 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | **6 Months** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Explorer Fund – Institutional (GPGEX) | -13.08% | -32.20% | 2.45% | 1.25% |
| MSCI All Country World Index Small Cap<sup>(d)</sup> | -8.92% | -18.05% |  |  |
| MSCI All Country World Index IMI<sup>(e)</sup> | -9.15% | -19.13% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of December 16, 2021.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

Semi-Annual Report \| October 31, 2022 13

Grandeur Peak Global Explorer Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

14 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| North America | 28.0% |
| Europe | 28.4% |
| Asia ex Japan | 17.1% |
| Japan | 11.5% |
| Latin America | 3.8% |
| Australia/New Zealand | 2.5% |
| Africa/Middle East | 0.7% |
| Cash, Cash Equivalents, & Other Net Assets | 8.0% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Top 10 Holdings (as a % of Net Assets)\*** | |
| Endava PLC | 1.1% |
| CVS Group PLC | 1.0% |
| Dechra Pharmaceuticals PLC | 1.0% |
| Impax Asset Management Group PLC | 1.0% |
| B&M European Value Retail SA | 1.0% |
| First Republic Bank | 1.0% |
| WNS Holdings, Ltd. | 1.0% |
| Sporton International, Inc. | 0.9% |
| Musti Group Oyj | 0.9% |
| Interpump Group SpA | 0.9% |
| **Total** | **9.8%** |

---

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

Semi-Annual Report \| October 31, 2022 15

Grandeur Peak Global Micro Cap Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**Since**<br> **Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Micro Cap Fund – Institutional (GPMCX) | -15.93% | -39.46%\* | 7.27% | 4.06% | 7.59% | 1.94% | 1.94% |
| MSCI All Country World Index Small Cap<sup>(d)</sup> | -8.92% | -21.65% | 4.77% | 3.82% | 6.86% |  |  |
| MSCI World Micro Cap Index<sup>(e)</sup> | -14.93% | -29.33% | 4.19% | 1.56% | 5.92% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of October 20, 2015.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 2023. 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, 2023 except with the approval of the Fund's Board of Trustees.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

16 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

Semi-Annual Report \| October 31, 2022 17

Grandeur Peak Global Micro Cap Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | **Regional Allocation (as a % of Net Assets)\*** |
| Europe | 32.0% |
| North America | 22.1% |
| Japan | 22.4% |
| Asia ex Japan | 18.9% |
| Australia/New Zealand | 5.0% |
| Africa/Middle East | 0.6% |
| Cash, Cash Equivalents, & Other Net Assets | -1.0% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Top 10 Holdings (as a % of Net Assets)\*** | |
| Esquire Financial Holdings, Inc. | 2.6% |
| Beenos, Inc. | 2.5% |
| YAKUODO Holdings Co., Ltd. | 2.0% |
| M&A Capital Partners Co., Ltd. | 1.9% |
| Fiducian Group, Ltd. | 1.9% |
| Bowman Consulting Group, Ltd. | 1.9% |
| MaxCyte, Inc. | 1.8% |
| LeMaitre Vascular, Inc. | 1.8% |
| Hackett Group, Inc. | 1.8% |
| K3 Capital Group PLC | 1.8% |
| **Total** | **20.0%** |

---

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

18 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**10 Years** | <br>**Since**<br> **Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Opportunities Fund – Investor (GPGOX) | -16.49% | -38.26% | 5.82% | 4.39% | 9.73% | 10.63% | 1.59% | 1.59% |
| Grandeur Peak Global Opportunities Fund – Institutional (GPGIX) | -16.36% | -38.12% | 6.08% | 4.66% | 10.00% | 10.92% | 1.34% | 1.34% |
| MSCI All Country World Index Small Cap<sup>(d)</sup> | -8.92% | -21.65% | 4.77% | 3.82% | 8.29% | 8.82% |  |  |
| MSCI All Country World Index IMI<sup>(e)</sup> | -9.15% | -19.84% | 5.26% | 5.51% | 8.51% | 8.95% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of October 17, 2011.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 2023. 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, 2023 except with the approval of the Fund's Board of Trustees.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

Semi-Annual Report \| October 31, 2022 19

Grandeur Peak Global Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

20 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Europe | 40.0% |
| North America | 33.1% |
| Asia ex Japan | 13.9% |
| Japan | 10.3% |
| Latin America | 1.7% |
| Africa/Middle East | 0.3% |
| Australia/New Zealand | 0.1% |
| Cash, Cash Equivalents, & Other Net Assets | 0.6% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Endava PLC | 2.7% |
| Littelfuse, Inc. | 2.7% |
| CVS Group PLC | 2.6% |
| B&M European Value Retail SA | 2.3% |
| Dechra Pharmaceuticals PLC | 2.0% |
| Genpact, Ltd. | 1.8% |
| Alten SA | 1.8% |
| WNS Holdings, Ltd. | 1.8% |
| Virbac SA | 1.6% |
| First Republic Bank | 1.5% |
| **Total** | **20.8%** |

---

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

Semi-Annual Report \| October 31, 2022 21

Grandeur Peak Global Reach Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Reach Fund – Investor (GPROX) | -15.68% | -38.98% | 4.21% | 3.90% | 8.07% | 1.50% | 1.50% |
| Grandeur Peak Global Reach Fund – Institutional (GPRIX) | -15.58% | -38.86% | 4.45% | 4.15% | 8.32% | 1.25% | 1.25% |
| MSCI All Country World Small Cap Index<sup>(d)</sup> | -8.92% | -21.65% | 4.77% | 3.82% | 7.10% |  |  |
| MSCI All Country World IMI Index<sup>(e)</sup> | -9.15% | -19.84% | 5.26% | 5.51% | 7.64% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of June 19, 2013.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022, to the Prospectus and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

22 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

Semi-Annual Report \| October 31, 2022 23

Grandeur Peak Global Reach Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Europe | 33.9% |
| North America | 36.0% |
| Asia ex Japan | 16.4% |
| Japan | 8.1% |
| Latin America | 4.7% |
| Australia/New Zealand | 1.5% |
| Africa/Middle East | 1.2% |
| Cash, Cash Equivalents, & Other Net Assets | -1.8% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Endava PLC | 1.7% |
| B&M European Value Retail SA | 1.5% |
| Bank of NT Butterfield & Son, Ltd. | 1.4% |
| Figs, Inc. | 1.3% |
| Parex Resources, Inc. | 1.3% |
| First Republic Bank | 1.3% |
| Dino Polska SA | 1.3% |
| PJT Partners, Inc. | 1.3% |
| Impax Asset Management Group PLC | 1.2% |
| BayCurrent Consulting, Inc. | 1.1% |
| **Total** | **13.4%** |

---

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

24 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak Global Stalwarts Fund – Investor (GGSOX)\* | -17.14% | -43.78% | 2.24% | 3.19% | 7.40% | 1.17% | 1.17% |
| Grandeur Peak Global Stalwarts Fund – Institutional (GGSYX)\* | -17.03% | -43.64% | 2.50% | 3.44% | 7.67% | 0.93% | 0.93% |
| MSCI All Country World Mid Cap Index<sup>(d)</sup> | -10.28% | -22.08% | 3.43% | 3.84% | 6.80% |  |  |
| MSCI All Country World Small Cap Index<sup>(e)</sup> | -8.92% | -21.65% | 4.77% | 3.82% | 7.32% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of September 1, 2015.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 2023. 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, 2023 except with the approval of the Fund's Board of Trustees.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

Semi-Annual Report \| October 31, 2022 25

Grandeur Peak Global Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

26 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| North America | 47.3% |
| Europe | 32.2% |
| Asia ex Japan | 11.4% |
| Latin America | 5.0% |
| Japan | 3.7% |
| Australia/New Zealand | 0.3% |
| Cash, Cash Equivalents, & Other Net Assets | 0.1% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| First Republic Bank | 4.4% |
| Globant SA | 3.7% |
| Endava PLC | 3.5% |
| Littelfuse, Inc. | 3.1% |
| B&M European Value Retail SA | 2.8% |
| Dechra Pharmaceuticals PLC | 2.5% |
| Techtronic Industries Co., Ltd. | 2.1% |
| Paycom Software, Inc. | 2.1% |
| Genpact, Ltd. | 2.0% |
| SVB Financial Group | 1.9% |
| **Total** | **28.1%** |

---

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

Semi-Annual Report \| October 31, 2022 27

Grandeur Peak International Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**10 Years** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak International Opportunities Fund – Investor (GPIOX) | -17.65% | -39.86% | 2.07% | 0.76% | 7.57% | 8.66% | 1.60% | 1.60% |
| Grandeur Peak International Opportunities Fund – Institutional (GPIIX) | -17.45% | -39.62% | 2.39% | 1.02% | 7.80% | 8.91% | 1.35% | 1.35% |
| MSCI All Country World Index ex USA Small Cap Index<sup>(d)</sup> | -16.37% | -27.39% | 0.54% | 0.11% | 5.16% | 5.40% |  |  |
| MSCI All Country World IMI ex USA Index<sup>(e)</sup> | -14.64% | -24.80% | -1.00% | -0.10% | 3.93% | 4.33% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of October 17, 2011.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 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 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, 2023 except with the approval of the Fund's Board of Trustees.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

28 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

Semi-Annual Report \| October 31, 2022 29

Grandeur Peak International Opportunities Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Europe | 48.5% |
| Asia ex Japan | 19.7% |
| Japan | 14.6% |
| North America | 9.3% |
| Latin America | 2.8% |
| Australia/New Zealand | 1.4% |
| Africa/Middle East | 0.9% |
| Cash, Cash Equivalents, & Other Net Assets | 2.8% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Endava PLC | 2.5% |
| CVS Group PLC | 2.3% |
| Genpact, Ltd. | 1.9% |
| Uniphar PLC | 1.8% |
| Bank of NT Butterfield & Son, Ltd. | 1.8% |
| WNS Holdings, Ltd. | 1.7% |
| Dechra Pharmaceuticals PLC | 1.7% |
| Virbac SA | 1.6% |
| Alten SA | 1.5% |
| Interpump Group SpA | 1.5% |
| **Total** | **18.3%** |

---

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

30 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
| | **6 Months** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak International Stalwarts Fund – Investor (GISOX)\* | -17.92% | -42.82% | 2.68% | 2.58% | 7.44% | 1.14% | 1.14% |
| Grandeur Peak International Stalwarts Fund – Institutional (GISYX)\* | -17.82% | -42.66% | 2.96% | 2.84% | 7.70% | 0.89% | 0.89% |
| MSCI All Country World ex USA Mid Cap Index<sup>(d)</sup> | -14.93% | -26.57% | -2.18% | -0.92% | 3.37% |  |  |
| MSCI All Country World ex USA Small Index<sup>(e)</sup> | -16.37% | -27.39% | 0.54% | 0.11% | 4.61% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of September 1, 2015.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 2023. 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, 2023 except with the approval of the Fund's Board of Trustees.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

Semi-Annual Report \| October 31, 2022 31

Grandeur Peak International Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

32 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Europe | 48.7% |
| Asia ex Japan | 19.3% |
| North America | 17.1% |
| Japan | 7.3% |
| Latin America | 5.7% |
| Australia/New Zealand | 0.8% |
| Cash, Cash Equivalents, & Other Net Assets | 1.1% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Globant SA | 4.1% |
| Endava PLC | 3.8% |
| B&M European Value Retail SA | 3.5% |
| Dechra Pharmaceuticals PLC | 3.3% |
| WNS Holdings, Ltd. | 2.8% |
| St. James's Place PLC | 2.8% |
| Genpact, Ltd. | 2.7% |
| Alten SA | 2.6% |
| Dino Polska SA | 2.6% |
| Techtronic Industries Co., Ltd. | 2.2% |
| **Total** | **30.4%** |

---

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

Semi-Annual Report \| October 31, 2022 33

Grandeur Peak US Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | **6 Months** | <br>**1 Year** | **Since**<br>**Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Grandeur Peak US Stalwarts Fund – Institutional (GUSYX) | -8.33% | -37.44% | 21.22% | 0.91% | 0.91% |
| MSCI USA Mid Cap Index<sup>(d)</sup> | -5.92% | -17.96% | 25.56% |  |  |
| MSCI USA Small Cap Index<sup>(e)</sup> | -1.91% | -16.33% | 28.21% |  |  |

---

 ****

***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.*

*<sup>(a)</sup>* *Fund inception date of March 19, 2020.*

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.*

*<sup>(c)</sup>* *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, 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.*

*<sup>(d)</sup>* *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.*

*<sup>(e)</sup>* *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.*

34 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak US Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 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 October 31, 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.***

Semi-Annual Report \| October 31, 2022 35

Grandeur Peak US Stalwarts Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| North America | 86.4% |
| Asia ex Japan | 4.9% |
| Europe | 4.6% |
| Latin America | 4.2% |
| Cash, Cash Equivalents, & Other Net Assets | -0.1% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| First Republic Bank | 4.5% |
| Littelfuse, Inc. | 4.5% |
| Globant SA | 4.2% |
| Endava PLC | 3.8% |
| PJT Partners, Inc. | 3.8% |
| Paycom Software, Inc. | 3.5% |
| Global Industrial Co. | 3.3% |
| Genpact, Ltd. | 2.9% |
| Pool Corp. | 2.7% |
| Qualys, Inc. | 2.6% |
| **Total** | **35.8%** |

---

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

36 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Disclosure of Fund Expenses

October 31, 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 May 1, 2022 through October 31, 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.

Semi-Annual Report \| October 31, 2022 37

Grandeur Peak Funds<sup>®</sup> Disclosure of Fund Expenses

October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account<br> Value<br> May 1, 2022** | **Ending Account<br> Value<br> October 31, 2022** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid<br> During period<br> May 1, 2022 -<br> October 31,<br> 2022<sup>(b)</sup>** |
| **Grandeur Peak Emerging Markets Opportunities Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $866.80 | 1.79% | $8.42 |
| Hypothetical (5% return before expenses) | $1000.00 | $1016.18 | 1.79% | $9.10 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $868.20 | 1.55% | $7.30 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.39 | 1.55% | $7.88 |
| **Grandeur Peak Global Contrarian Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $891.90 | 1.35% | $6.44 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.40 | 1.35% | $6.87 |
| **Grandeur Peak Global Explorer Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $869.20 | 1.25% | $5.89 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **Grandeur Peak Global Micro Cap Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $841.40 | 1.95% | $9.05 |
| Hypothetical (5% return before expenses) | $1000.00 | $1015.38 | 1.95% | $9.91 |
| **Grandeur Peak Global Opportunities Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $835.10 | 1.57% | $7.26 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.29 | 1.57% | $7.98 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $836.40 | 1.32% | $6.11 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.55 | 1.32% | $6.72 |
| **Grandeur Peak Global Reach Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $843.20 | 1.50% | $6.97 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.64 | 1.50% | $7.63 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $844.20 | 1.25% | $5.81 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **Grandeur Peak Global Stalwarts Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $828.60 | 1.23% | $5.67 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.00 | 1.23% | $6.26 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $829.70 | 0.95% | $4.38 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.42 | 0.95% | $4.84 |
| **Grandeur Peak International Opportunities Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $823.50 | 1.58% | $7.26 |
| Hypothetical (5% return before expenses) | $1000.00 | $1017.24 | 1.58% | $8.03 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $825.50 | 1.34% | $6.17 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.45 | 1.34% | $6.82 |
| **Grandeur Peak International Stalwarts Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $820.80 | 1.18% | $5.42 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.26 | 1.18% | $6.01 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $822.30 | 0.93% | $4.27 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| **Grandeur Peak US Stalwarts Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $916.70 | 0.89% | $4.30 |

---

38 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Disclosure of Fund Expenses

October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account<br> Value<br> May 1, 2022<br> (continued)** | **Ending Account<br> Value<br> October 31, 2022<br> (continued)** | **Expense Ratio<sup>(a)</sup><br> (continued)** | **Expenses Paid<br> During period<br> May 1, 2022 - <br> October 31,<br> 2022<sup>(b)</sup><br> (continued)** |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.72 | 0.89% | $4.53 |

---

 

*<sup>(a)</sup>* *The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.*

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).*

Semi-Annual Report \| October 31, 2022 39

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (97.02%)** |  |  |
| *Argentina (1.97%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 40727 | $7684370 |
| *Bangladesh (0.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;Square Pharmaceuticals, Ltd. | 1759296 | 3643636 |
| *Brazil (8.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Class A<sup>(a)</sup> | 254514 | 2087015 |
| &nbsp;&nbsp;&nbsp;Grupo Mateus SA<sup>(a)</sup> | 4868100 | 6832586 |
| &nbsp;&nbsp;&nbsp;Hypera SA<sup>(a)</sup> | 634000 | 6262062 |
| &nbsp;&nbsp;&nbsp;Locaweb Servicos de Internet SA<sup>(a)(b)(c)</sup> | 1711800 | 3608848 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A<sup>(a)</sup> | 169251 | 2315354 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 435628 | 6194630 |
| &nbsp;&nbsp;&nbsp;Pet Center Comercio e Participacoes SA | 1707503 | 2872558 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 825800 | 4233314 |
|  |  | 34406367 |
| *China (12.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;Angelalign Technology, Inc.<sup>(b)(c)</sup> | 223600 | 1974035 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | 291600 | 2563223 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | 4336720 | 4458457 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group Co., Ltd. | 193847 | 2006834 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 1176000 | 3303099 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 211434 | 2414576 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | 116300 | 2149794 |
| &nbsp;&nbsp;&nbsp;Li Ning Co., Ltd. | 279400 | 1445114 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 5226100 | 2916094 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Greater China, Ltd.<sup>(c)</sup> | 1794600 | 1680369 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 746299 | 3089678 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 105200 | 4690802 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 328288 | 3810372 |
| &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co., Ltd., Class A | 1012759 | 1934324 |
| &nbsp;&nbsp;&nbsp;TK Group Holdings, Ltd. | 10499117 | 2140043 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd., Class H<sup>(b)(c)</sup> | 618000 | 4952093 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)(c)</sup> | 462000 | 2089393 |
|  |  | 47618300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Colombia (1.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 269031 | $4103545 |
| *Greece (1.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO SA | 158446 | 2253247 |
| &nbsp;&nbsp;&nbsp;Sarantis SA | 314979 | 1976615 |
|  |  | 4229862 |
| *Hong Kong (2.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;Plover Bay Technologies, Ltd.<sup>(c)</sup> | 9628000 | 2244589 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 631100 | 5977628 |
|  |  | 8222217 |
| *India (20.16%)* |  |  |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts, Ltd.<sup>(a)(b)(c)</sup> | 42817 | 2235003 |
| &nbsp;&nbsp;&nbsp;Bata India, Ltd. | 90331 | 1995188 |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 89313 | 6015538 |
| &nbsp;&nbsp;&nbsp;City Union Bank, Ltd. | 1445217 | 3247384 |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 137847 | 4245027 |
| &nbsp;&nbsp;&nbsp;EPL, Ltd. | 1135862 | 2109737 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 157066 | 784500 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | 465200 | 5851143 |
| &nbsp;&nbsp;&nbsp;Home First Finance Co. India, Ltd.<sup>(a)(b)(c)</sup> | 405453 | 3557250 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 84187 | 4669631 |
| &nbsp;&nbsp;&nbsp;Jyothy Labs, Ltd. | 453427 | 1084303 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | 221253 | 5083654 |
| &nbsp;&nbsp;&nbsp;L&T Technology Services, Ltd.<sup>(b)(c)</sup> | 46457 | 1986128 |
| &nbsp;&nbsp;&nbsp;LTIMindtree, Ltd.<sup>(b)(c)</sup> | 53731 | 3076644 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 355418 | 7264005 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 1001785 | 3273629 |
| &nbsp;&nbsp;&nbsp;Polycab India, Ltd. | 120866 | 4055441 |
| &nbsp;&nbsp;&nbsp;SJS Enterprises, Ltd.<sup>(a)</sup> | 275996 | 1489216 |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 494169 | 4646033 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 141224 | 12156562 |
|  |  | 78826016 |
| *Indonesia (6.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 37757000 | 1367700 |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 41025200 | 2406671 |
| &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 86382000 | 4347483 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 9803800 | 5531235 |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Pensiunan Nasional Syariah | 17451900 | 3300728 |
| &nbsp;&nbsp;&nbsp;Metrodata Electronics Tbk PT | 92334600 | 3463103 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 40185800 | 3864639 |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk PT | 30552300 | 2761901 |
|  |  | 27043460 |

---

*See Notes to Financial Statements.*

40 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Malaysia (0.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;Scicom MSC Bhd | 3545500 | $757393 |
| *Mexico (4.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV | 1350900 | 2449116 |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 2198500 | 4050131 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 676200 | 5392399 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 882000 | 6147691 |
|  |  | 18039337 |
| *Philippines (4.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 20298765 | 963272 |
| &nbsp;&nbsp;&nbsp;Concepcion Industrial Corp. | 1861792 | 514041 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 6905100 | 3574685 |
| &nbsp;&nbsp;&nbsp;Robinsons Land Corp. | 8263000 | 2116012 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 17692900 | 8960943 |
|  |  | 16128953 |
| *Poland (4.28%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 198951 | 13010306 |
| &nbsp;&nbsp;&nbsp;LiveChat Software SA | 160376 | 3728815 |
|  |  | 16739121 |
| *Singapore (1.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;iFAST Corp., Ltd. | 723300 | 2069345 |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 5069200 | 1933716 |
|  |  | 4003061 |
| *South Africa (2.41%)* |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | 216900 | 3675270 |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. | 3636472 | 2722095 |
| &nbsp;&nbsp;&nbsp;Transaction Capital, Ltd. | 1356800 | 3035096 |
|  |  | 9432461 |
| *South Korea (1.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 327272 | 1183229 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 21776 | 2091303 |
| &nbsp;&nbsp;&nbsp;Suprema, Inc.<sup>(a)</sup> | 97329 | 1653524 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon Korea Co., Ltd. | 28153 | 2006058 |
|  |  | 6934114 |
| *Taiwan (10.59%)* |  |  |
| &nbsp;&nbsp;&nbsp;91APP, Inc. | 607000 | 1499486 |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 930000 | 3088215 |
| &nbsp;&nbsp;&nbsp;Brighten Optix Corp. | 345000 | 1873691 |
| &nbsp;&nbsp;&nbsp;eMemory Technology, Inc. | 68700 | 2291954 |
| &nbsp;&nbsp;&nbsp;FineTek Co., Ltd. | 759206 | 2082824 |
| &nbsp;&nbsp;&nbsp;GEM Services, Inc./Tw | 1147000 | 2217646 |
| &nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 773000 | 2518892 |
| &nbsp;&nbsp;&nbsp;Poya International Co., Ltd. | 498518 | 6343157 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | 237000 | 1875553 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 603000 | 4687765 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 973148 | 6100579 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Taiwan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 77108 | $3134812 |
| &nbsp;&nbsp;&nbsp;Wistron Information Technology & Services Corp. | 1552400 | 3704851 |
|  |  | 41419425 |
| *Thailand (1.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;Humanica PCL | 8383900 | 2423092 |
| &nbsp;&nbsp;&nbsp;Netbay PCL | 2801100 | 2189509 |
| &nbsp;&nbsp;&nbsp;TQM Alpha PCL | 2793500 | 2752398 |
|  |  | 7364999 |
| *United States (6.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 738000 | 5645651 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 19782682 | 4460753 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 279858 | 13573113 |
|  |  | 23679517 |
| *Uruguay (0.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 3617 | 3261160 |
| *Vietnam (4.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 2301428 | 7001527 |
| &nbsp;&nbsp;&nbsp;Lix Detergent JSC | 437310 | 756713 |
| &nbsp;&nbsp;&nbsp;Orient Commercial Joint Stock Bank<sup>(a)</sup> | 4481550 | 2380542 |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 3440269 | 3405659 |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC | 2386220 | 2362214 |
|  |  | 15906655 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $357,325,570)** |  | 379443969 |
| **TOTAL INVESTMENTS (97.02%)** |  |  |
| **(Cost $357,325,570)** |  | $379443969 |
| **Other Assets In Excess Of Liabilities (2.98%)** | **Other Assets In Excess Of Liabilities (2.98%)** | 11657637 |
| **NET ASSETS (100.00%)** |  | $391101606 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $60,207,848, representing 15.39% of net assets.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 41

Grandeur Peak Emerging Markets Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $64,132,807, representing 16.40% 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** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 28.1% |
| Consumer | 23.3% |
| Financials | 14.4% |
| Health Care | 14.2% |
| Industrials | 14.1% |
| Energy & Materials | 2.9% |
| Cash, Cash Equivalents, & Other Net Assets | 3.0% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 16.9% |
| Food & Staples Retailing | 8.6% |
| Banks | 7.4% |
| Specialty Retail | 5.0% |
| Life Sciences Tools & Services | 4.7% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Electrical Equipment | 3.7% |
| Pharmaceuticals | 3.6% |
| Health Care Equipment & Supplies | 3.5% |
| Capital Markets | 3.5% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Software | 2.9% |
| Professional Services | 2.5% |
| Health Care Providers & Services | 2.4% |
| Building Products | 2.2% |
| Machinery | 2.1% |
| Household Durables | 2.0% |
| Multiline Retail | 1.6% |
| Textiles, Apparel & Luxury Goods | 1.6% |
| Internet & Direct Marketing Retail | 1.4% |
| Auto Components | 1.4% |
| Transportation Infrastructure | 1.4% |
| Chemicals | 1.3% |
| Trading Companies & Distributors | 1.2% |
| Real Estate Management & Development | 1.1% |
| Oil, Gas & Consumable Fuels | 1.0% |
| Road & Rail | 1.0% |
| Other Industries (each less than 1%) | 5.3% |
| Cash and Other Assets, Less Liabilities | 3.0% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

42 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (96.58%)** |  |  |
| *Australia (5.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atturra, Ltd.<sup>(a)</sup> | 1051596 | $538124 |
| &nbsp;&nbsp;&nbsp;Fiducian Group, Ltd. | 246652 | 1118600 |
| &nbsp;&nbsp;&nbsp;Kogan.com, Ltd.<sup>(a)</sup> | 700000 | 1473119 |
| &nbsp;&nbsp;&nbsp;QANTM Intellectual Property, Ltd. | 2514634 | 1552193 |
|  |  | 4682036 |
| *Bangladesh (0.78%)* |  |  |
| &nbsp;&nbsp;&nbsp;Square Pharmaceuticals, Ltd. | 342206 | 708735 |
| *Brazil (2.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 150093 | 2134322 |
| *Britain (11.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 673637 | 2492177 |
| &nbsp;&nbsp;&nbsp;boohoo Group PLC<sup>(a)</sup> | 692327 | 322269 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 46811 | 1406493 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 12694 | 967791 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 648962 | 1164721 |
| &nbsp;&nbsp;&nbsp;IG Group Holdings PLC | 81690 | 745242 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 132654 | 422155 |
| &nbsp;&nbsp;&nbsp;Manolete Partners PLC | 171578 | 452562 |
| &nbsp;&nbsp;&nbsp;Petershill Partners PLC<sup>(b)(c)</sup> | 468349 | 1064539 |
| &nbsp;&nbsp;&nbsp;Premier Miton Group PLC | 407097 | 406168 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 873321 | 577881 |
|  |  | 10021998 |
| *Canada (1.01%)* |  |  |
| &nbsp;&nbsp;&nbsp;BioSyent, Inc. | 113187 | 573267 |
| &nbsp;&nbsp;&nbsp;Guardian Capital Group, Ltd., Class A | 17715 | 338085 |
|  |  | 911352 |
| *China (11.44%)* |  |  |
| &nbsp;&nbsp;&nbsp;Chaoju Eye Care Holdings, Ltd. | 2625000 | 953068 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | 818000 | 840962 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Greater China, Ltd.<sup>(c)</sup> | 458800 | 429596 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 1245942 | 5158201 |
| &nbsp;&nbsp;&nbsp;TK Group Holdings, Ltd. | 5489283 | 1118885 |
| &nbsp;&nbsp;&nbsp;Xin Point Holdings, Ltd.<sup>(c)</sup> | 7076984 | 1866243 |
|  |  | 10366955 |
| *Colombia (2.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;Canacol Energy, Ltd.<sup>(a)</sup> | 153500 | 226473 |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 136380 | 2080211 |
|  |  | 2306684 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *France (2.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;Neurones | 12999 | $450904 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 5650 | 470698 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 3847 | 942846 |
|  |  | 1864448 |
| *Greece (1.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO SA | 67267 | 956598 |
| &nbsp;&nbsp;&nbsp;Kri-Kri Milk Industry SA | 143477 | 762836 |
|  |  | 1719434 |
| *Hong Kong (2.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;Plover Bay Technologies, Ltd.<sup>(c)</sup> | 9996539 | 2330507 |
| *India (1.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 188624 | 942123 |
| *Indonesia (0.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 3508600 | 337419 |
| *Japan (12.49%)* |  |  |
| &nbsp;&nbsp;&nbsp;Beenos, Inc. | 150000 | 2727732 |
| &nbsp;&nbsp;&nbsp;Central Automotive Products, Ltd. | 42900 | 647417 |
| &nbsp;&nbsp;&nbsp;Gakujo Co., Ltd. | 57100 | 552587 |
| &nbsp;&nbsp;&nbsp;geechs, Inc. | 140600 | 752666 |
| &nbsp;&nbsp;&nbsp;MCJ Co., Ltd. | 94500 | 597397 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | 148600 | 2418454 |
| &nbsp;&nbsp;&nbsp;Naigai Trans Line, Ltd. | 7800 | 108060 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | 90000 | 1472006 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 87800 | 586337 |
| &nbsp;&nbsp;&nbsp;System Support, Inc. | 62000 | 600424 |
| &nbsp;&nbsp;&nbsp;YAMADA Consulting Group Co., Ltd. | 104500 | 856690 |
|  |  | 11319770 |
| *Mexico (0.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 70700 | 492791 |
| *Philippines (1.37%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 5200000 | 246764 |
| &nbsp;&nbsp;&nbsp;Concepcion Industrial Corp. | 1376400 | 380024 |
| &nbsp;&nbsp;&nbsp;Pryce Corp. | 7013600 | 611194 |
|  |  | 1237982 |
| *Singapore (2.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 5534575 | 2111239 |
| *Taiwan (5.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 410773 | 1364038 |
| &nbsp;&nbsp;&nbsp;FineTek Co., Ltd. | 243005 | 666666 |
| &nbsp;&nbsp;&nbsp;Fuzetec Technology Co., Ltd. | 229363 | 289707 |
| &nbsp;&nbsp;&nbsp;GEM Services, Inc./Tw | 148000 | 286148 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 125000 | 783614 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 43

Grandeur Peak Global Contrarian Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Taiwan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Wistron Information Technology & Services Corp. | 852600 | $2034756 |
|  |  | 5424929 |
| *United States (29.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;AgileThought, Inc.<sup>(a)</sup> | 184213 | 828959 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 73081 | 2524218 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 11500 | 1003030 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 71000 | 543145 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.<sup>(a)</sup> | 57771 | 892562 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.<sup>(a)</sup> | 28835 | 358131 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 39941 | 1804534 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 300714 | 2372633 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 3084000 | 695404 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 21449 | 680791 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 940770 | 866542 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 147473 | 3220810 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | 72601 | 1013510 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 5283 | 1163581 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 26007 | 1456392 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 50091 | 520445 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 93025 | 3079129 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 7095 | 1124770 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. | 39330 | 746877 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 40979 | 1208881 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 20033 | 457754 |
|  |  | 26562098 |
| *Vietnam (2.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 320746 | 975791 |
| &nbsp;&nbsp;&nbsp;Orient Commercial Joint Stock Bank<sup>(a)</sup> | 1073775 | 570375 |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 520800 | 515561 |
|  |  | 2061727 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $97,218,940)** |  | 87536549 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **TOTAL INVESTMENTS (96.58%)** |  |  |
| **(Cost $97,218,940)** |  | $87536549 |
| **Other Assets In Excess Of Liabilities (3.42%)** | **Other Assets In Excess Of Liabilities (3.42%)** | 3101791 |
| **NET ASSETS (100.00%)** |  | $90638340 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $1,759,944, representing 1.94% of net assets.*

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $6,386,290, representing 7.05% 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.*

44 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Contrarian Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 23.0% |
| Financials | 21.6% |
| Consumer | 18.1% |
| Health Care | 13.8% |
| Industrials | 12.8% |
| Energy & Materials | 7.3% |
| Cash, Cash Equivalents, & Other Net Assets | 3.4% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| Banks | 11.0% |
| IT Services | 10.8% |
| Capital Markets | 10.6% |
| Health Care Equipment & Supplies | 6.5% |
| Professional Services | 6.4% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Oil, Gas & Consumable Fuels | 5.8% |
| Multiline Retail | 5.8% |
| Internet & Direct Marketing Retail | 5.6% |
| Pharmaceuticals | 5.0% |
| Communications Equipment | 2.6% |
| Auto Components | 2.5% |
| Electronic Equipment, Instruments & Components | 1.6% |
| Health Care Providers & Services | 1.5% |
| Specialty Retail | 1.4% |
| Trading Companies & Distributors | 1.3% |
| Food & Staples Retailing | 1.3% |
| Electrical Equipment | 1.3% |
| Machinery | 1.2% |
| Commercial Services & Supplies | 1.1% |
| Construction & Engineering | 1.0% |
| Chemicals | 1.0% |
| Other Industries (each less than 1%) | 5.4% |
| Cash and Other Assets, Less Liabilities | 3.4% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 45

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (92.02%)** |  |  |
| *Argentina (0.81%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 375 | $70755 |
| *Australia (2.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atturra, Ltd.<sup>(a)</sup> | 61650 | 31548 |
| &nbsp;&nbsp;&nbsp;Australian Ethical Investment, Ltd. | 3458 | 10241 |
| &nbsp;&nbsp;&nbsp;EQT Holdings, Ltd. | 1493 | 24066 |
| &nbsp;&nbsp;&nbsp;HUB24, Ltd. | 1168 | 18932 |
| &nbsp;&nbsp;&nbsp;Imdex, Ltd. | 7446 | 9716 |
| &nbsp;&nbsp;&nbsp;Kogan.com, Ltd.<sup>(a)</sup> | 15573 | 32773 |
| &nbsp;&nbsp;&nbsp;Netwealth Group, Ltd. | 2531 | 19686 |
| &nbsp;&nbsp;&nbsp;PeopleIN, Ltd. | 12274 | 25751 |
| &nbsp;&nbsp;&nbsp;QANTM Intellectual Property, Ltd. | 48896 | 30182 |
| &nbsp;&nbsp;&nbsp;Redbubble, Ltd.<sup>(a)</sup> | 21783 | 7176 |
| &nbsp;&nbsp;&nbsp;Whispir, Ltd.<sup>(a)</sup> | 44990 | 12662 |
|  |  | 222733 |
| *Belgium (1.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 523 | 36077 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 1180 | 30296 |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 4483 | 23237 |
|  |  | 89610 |
| *Brazil (2.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Class A<sup>(a)</sup> | 1866 | 15301 |
| &nbsp;&nbsp;&nbsp;Grupo Mateus SA<sup>(a)</sup> | 50860 | 71384 |
| &nbsp;&nbsp;&nbsp;Locaweb Servicos de Internet SA<sup>(a)(b)(c)</sup> | 13400 | 28250 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 4623 | 65739 |
| &nbsp;&nbsp;&nbsp;Pet Center Comercio e Participacoes SA | 23332 | 39252 |
|  |  | 219926 |
| *Britain (11.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;AB Dynamics PLC | 1154 | 21373 |
| &nbsp;&nbsp;&nbsp;Abcam PLC<sup>(a)</sup> | 1906 | 29377 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 22995 | 85072 |
| &nbsp;&nbsp;&nbsp;boohoo Group PLC<sup>(a)</sup> | 17178 | 7996 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC | 3653 | 15048 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 4111 | 89151 |
| &nbsp;&nbsp;&nbsp;Darktrace PLC<sup>(a)</sup> | 3700 | 15169 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 2891 | 86864 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 1103 | 31446 |
| &nbsp;&nbsp;&nbsp;Elixirr International PLC | 2575 | 15208 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 1234 | 94080 |
| &nbsp;&nbsp;&nbsp;Ergomed PLC<sup>(a)</sup> | 1830 | 25729 |
| &nbsp;&nbsp;&nbsp;Foresight Group Holdings, Ltd. | 8771 | 36412 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 11942 | 21433 |
| &nbsp;&nbsp;&nbsp;Gresham House PLC | 2015 | 16869 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Britain (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Halma PLC | 534 | $12952 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 11171 | 85833 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 5436 | 43576 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 14584 | 46412 |
| &nbsp;&nbsp;&nbsp;Keystone Law Group PLC | 4427 | 24623 |
| &nbsp;&nbsp;&nbsp;Marlowe PLC<sup>(a)</sup> | 2824 | 25909 |
| &nbsp;&nbsp;&nbsp;Pensionbee Group PLC<sup>(a)</sup> | 7202 | 4873 |
| &nbsp;&nbsp;&nbsp;Pets at Home Group PLC | 4200 | 13862 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 3931 | 50491 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 2497 | 30497 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC | 16311 | 57800 |
|  |  | 988055 |
| *Canada (1.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 500 | 19393 |
| &nbsp;&nbsp;&nbsp;Converge Technology Solutions Corp.<sup>(a)</sup> | 4900 | 20070 |
| &nbsp;&nbsp;&nbsp;Docebo, Inc.<sup>(a)</sup> | 611 | 17765 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 778 | 24550 |
| &nbsp;&nbsp;&nbsp;Guardian Capital Group, Ltd., Class A | 392 | 7481 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. | 355 | 9529 |
|  |  | 98788 |
| *China (3.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;Angelalign Technology, Inc.<sup>(b)(c)</sup> | 1200 | 10594 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | 1200 | 10548 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | 18000 | 18505 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group Co., Ltd. | 2000 | 20705 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 5931 | 16659 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 1000 | 11420 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 28900 | 16126 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 8811 | 36478 |
| &nbsp;&nbsp;&nbsp;Shanghai Kindly Medical Instruments Co., Ltd., Class H<sup>(c)</sup> | 2300 | 7867 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 700 | 31213 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 5000 | 58034 |
| &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co., Ltd., Class A | 2200 | 4202 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd., Class H<sup>(b)(c)</sup> | 4634 | 40815 |

---

*See Notes to Financial Statements.*

46 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *China (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)(c)</sup> | 4500 | $20351 |
|  |  | 303517 |
| *Colombia (0.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 2884 | 43990 |
| *Finland (0.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;Evli Oyj<sup>(a)</sup> | 467 | 7292 |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj<sup>(a)</sup> | 4237 | 79641 |
|  |  | 86933 |
| *France (3.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 608 | 71081 |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 1669 | 36320 |
| &nbsp;&nbsp;&nbsp;Aubay | 398 | 17424 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 400 | 9910 |
| &nbsp;&nbsp;&nbsp;Esker SA | 209 | 27450 |
| &nbsp;&nbsp;&nbsp;Neurones | 240 | 8325 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 482 | 40155 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 297 | 72791 |
| &nbsp;&nbsp;&nbsp;Wavestone | 404 | 17407 |
|  |  | 300863 |
| *Germany (2.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atoss Software AG | 342 | 41707 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 1173 | 44630 |
| &nbsp;&nbsp;&nbsp;Mensch und Maschine Software SE | 874 | 39732 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 529 | 52697 |
| &nbsp;&nbsp;&nbsp;Nexus AG | 863 | 46310 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 417 | 18164 |
|  |  | 243240 |
| *Greece (0.14%)* |  |  |
| &nbsp;&nbsp;&nbsp;Kri-Kri Milk Industry SA | 2300 | 12229 |
| *Hong Kong (0.59%)* |  |  |
| &nbsp;&nbsp;&nbsp;Plover Bay Technologies, Ltd.<sup>(c)</sup> | 95861 | 22348 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 3100 | 29363 |
|  |  | 51711 |
| *India (4.69%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ajanta Pharma, Ltd. | 1246 | 19492 |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 709 | 47753 |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 900 | 27716 |
| &nbsp;&nbsp;&nbsp;EPL, Ltd. | 6200 | 11516 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 5160 | 25773 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 188 | 10428 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | 1985 | 45609 |
| &nbsp;&nbsp;&nbsp;Mayur Uniquoters, Ltd.<sup>(a)</sup> | 2400 | 13556 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *India (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 2372 | $48479 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 7500 | 24508 |
| &nbsp;&nbsp;&nbsp;Polycab India, Ltd. | 500 | 16777 |
| &nbsp;&nbsp;&nbsp;SJS Enterprises, Ltd.<sup>(a)</sup> | 2273 | 12265 |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 2553 | 24002 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 970 | 83497 |
|  |  | 411371 |
| *Indonesia (1.48%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 196500 | 7118 |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 362800 | 21283 |
| &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 445300 | 22411 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 36500 | 20593 |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Pensiunan Nasional Syariah | 56600 | 10705 |
| &nbsp;&nbsp;&nbsp;Metrodata Electronics Tbk PT | 336400 | 12617 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 186600 | 17945 |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk PT | 188000 | 16995 |
|  |  | 129667 |
| *Ireland (0.97%)* |  |  |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 1872 | 51738 |
| &nbsp;&nbsp;&nbsp;Uniphar PLC | 9638 | 33337 |
|  |  | 85075 |
| *Israel (0.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.<sup>(a)</sup> | 281 | 23632 |
| *Italy (2.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 99 | 12944 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 2610 | 35182 |
| &nbsp;&nbsp;&nbsp;GVS SpA<sup>(b)(c)</sup> | 2062 | 10576 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | 1975 | 76471 |
| &nbsp;&nbsp;&nbsp;Piovan SpA<sup>(b)(c)</sup> | 941 | 7235 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 662 | 24880 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 335 | 36318 |
|  |  | 203606 |
| *Japan (11.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 2000 | 56357 |
| &nbsp;&nbsp;&nbsp;Beenos, Inc. | 3000 | 54555 |
| &nbsp;&nbsp;&nbsp;Carenet, Inc. | 4500 | 41340 |
| &nbsp;&nbsp;&nbsp;Central Automotive Products, Ltd. | 700 | 10564 |
| &nbsp;&nbsp;&nbsp;Charm Care Corp. | 3000 | 21184 |
| &nbsp;&nbsp;&nbsp;Confidence, Inc. | 400 | 4985 |
| &nbsp;&nbsp;&nbsp;Cosmos Pharmaceutical Corp. | 200 | 19368 |
| &nbsp;&nbsp;&nbsp;Create SD Holdings Co., Ltd. | 400 | 8527 |
| &nbsp;&nbsp;&nbsp;Creema, Ltd.<sup>(a)</sup> | 3600 | 11524 |
| &nbsp;&nbsp;&nbsp;CrowdWorks, Inc.<sup>(a)</sup> | 1200 | 14300 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 47

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Japan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Cyber Security Cloud, Inc.<sup>(a)</sup> | 900 | $12275 |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | 2100 | 33980 |
| &nbsp;&nbsp;&nbsp;ENECHANGE, Ltd.<sup>(a)</sup> | 2200 | 13390 |
| &nbsp;&nbsp;&nbsp;Freee KK<sup>(a)</sup> | 600 | 11742 |
| &nbsp;&nbsp;&nbsp;Future Corp. | 1700 | 19127 |
| &nbsp;&nbsp;&nbsp;Gakujo Co., Ltd. | 1700 | 16452 |
| &nbsp;&nbsp;&nbsp;GMO Financial Gate, Inc. | 100 | 9375 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | 100 | 7216 |
| &nbsp;&nbsp;&nbsp;GMO Pepabo, Inc. | 900 | 12178 |
| &nbsp;&nbsp;&nbsp;gremz, Inc. | 1900 | 22029 |
| &nbsp;&nbsp;&nbsp;Hennge KK<sup>(a)</sup> | 1300 | 9224 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | 100 | 14318 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 1500 | 38333 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | 400 | 11960 |
| &nbsp;&nbsp;&nbsp;MarkLines Co., Ltd. | 2500 | 43125 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | 300 | 10935 |
| &nbsp;&nbsp;&nbsp;MCJ Co., Ltd. | 1700 | 10747 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | 700 | 11392 |
| &nbsp;&nbsp;&nbsp;Meinan M&A Co., Ltd. | 800 | 6537 |
| &nbsp;&nbsp;&nbsp;Meitec Corp. | 2400 | 40496 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 1900 | 28980 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | 3300 | 37351 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | 600 | 17270 |
| &nbsp;&nbsp;&nbsp;Open Door, Inc.<sup>(a)</sup> | 2100 | 25139 |
| &nbsp;&nbsp;&nbsp;Prestige International, Inc. | 1800 | 8716 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | 3000 | 49067 |
| &nbsp;&nbsp;&nbsp;SHIFT, Inc.<sup>(a)</sup> | 100 | 15676 |
| &nbsp;&nbsp;&nbsp;SMS Co., Ltd. | 200 | 4600 |
| &nbsp;&nbsp;&nbsp;Sun\*, Inc.<sup>(a)</sup> | 3400 | 20602 |
| &nbsp;&nbsp;&nbsp;Synchro Food Co., Ltd.<sup>(a)</sup> | 2800 | 9453 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 1500 | 10017 |
| &nbsp;&nbsp;&nbsp;System Support, Inc. | 1300 | 12590 |
| &nbsp;&nbsp;&nbsp;Syuppin Co., Ltd. | 2200 | 22149 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | 2000 | 47681 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 200 | 11635 |
| &nbsp;&nbsp;&nbsp;User Local, Inc. | 1400 | 15159 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.<sup>(a)</sup> | 400 | 27277 |
| &nbsp;&nbsp;&nbsp;WDB coco Co., Ltd. | 300 | 8504 |
| &nbsp;&nbsp;&nbsp;WealthNavi, Inc.<sup>(a)</sup> | 1200 | 11226 |
| &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co., Ltd. | 1500 | 28104 |
|  |  | 1008731 |
| *Luxembourg (0.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sword Group | 316 | 11914 |
| *Mexico (0.95%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV | 10300 | 18673 |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 11132 | 20508 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 2151 | 17153 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Mexico (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 3850 | $26835 |
|  |  | 83169 |
| *Netherlands (0.14%)* |  |  |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 293 | 12147 |
| *Norway (0.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bouvet ASA | 3852 | 20379 |
| &nbsp;&nbsp;&nbsp;Nordhealth AS, Class A<sup>(a)</sup> | 5100 | 9124 |
| &nbsp;&nbsp;&nbsp;Self Storage Group ASA<sup>(a)</sup> | 13300 | 36077 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 13607 | 20942 |
|  |  | 86522 |
| *Philippines (0.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 196808 | 9339 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 35797 | 18532 |
| &nbsp;&nbsp;&nbsp;Robinsons Land Corp. | 32000 | 8195 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 63033 | 31924 |
|  |  | 67990 |
| *Poland (0.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;Answear.com SA, Class A<sup>(a)</sup> | 1850 | 7618 |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 960 | 62779 |
|  |  | 70397 |
| *Singapore (0.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;iFAST Corp., Ltd. | 5800 | 16594 |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 61445 | 23439 |
|  |  | 40033 |
| *South Africa (0.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. | 20554 | 15386 |
| &nbsp;&nbsp;&nbsp;Transaction Capital, Ltd. | 9996 | 22360 |
|  |  | 37746 |
| *South Korea (0.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 1082 | 3912 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 120 | 11525 |
| &nbsp;&nbsp;&nbsp;MegaStudyEdu Co., Ltd. | 147 | 8854 |
| &nbsp;&nbsp;&nbsp;Suprema, Inc.<sup>(a)</sup> | 499 | 8478 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon Korea Co., Ltd. | 162 | 11543 |
|  |  | 44312 |
| *Sweden (3.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 2600 | 31460 |
| &nbsp;&nbsp;&nbsp;Beijer Alma AB | 1676 | 23437 |
| &nbsp;&nbsp;&nbsp;Byggfakta Group Nordic Holdco AB<sup>(a)</sup> | 4150 | 10983 |
| &nbsp;&nbsp;&nbsp;Cint Group AB<sup>(a)</sup> | 2301 | 12150 |
| &nbsp;&nbsp;&nbsp;EQT AB | 620 | 12219 |
| &nbsp;&nbsp;&nbsp;KNOW IT AB | 2219 | 44174 |
| &nbsp;&nbsp;&nbsp;Lifco AB | 870 | 12572 |
| &nbsp;&nbsp;&nbsp;Lyko Group AB, Class A<sup>(a)(c)</sup> | 640 | 8776 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ | 2442 | 30301 |

---

*See Notes to Financial Statements.*

48 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Sweden (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 1000 | $18440 |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 1194 | 23034 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 6960 | 23985 |
| &nbsp;&nbsp;&nbsp;Teqnion AB | 3170 | 35888 |
| &nbsp;&nbsp;&nbsp;Vitec Software Group AB, Class B | 290 | 10653 |
|  |  | 298072 |
| *Taiwan (3.11%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 6227 | 20678 |
| &nbsp;&nbsp;&nbsp;Brighten Optix Corp. | 3000 | 16293 |
| &nbsp;&nbsp;&nbsp;FineTek Co., Ltd. | 6660 | 18271 |
| &nbsp;&nbsp;&nbsp;Fuzetec Technology Co., Ltd. | 11000 | 13894 |
| &nbsp;&nbsp;&nbsp;GEM Services, Inc./Tw | 9000 | 17401 |
| &nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 6000 | 19552 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | 2000 | 15827 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 3000 | 23322 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 13000 | 81496 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 1000 | 40655 |
| &nbsp;&nbsp;&nbsp;Zhen Yu Hardware Co., Ltd. | 2000 | 5772 |
|  |  | 273161 |
| *Thailand (0.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;Humanica PCL | 60700 | 17543 |
| &nbsp;&nbsp;&nbsp;Netbay PCL | 15500 | 12116 |
| &nbsp;&nbsp;&nbsp;TQM Alpha PCL | 7000 | 6897 |
|  |  | 36556 |
| *United States (25.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;AgileThought, Inc.<sup>(a)</sup> | 4104 | 18468 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 154 | 22376 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 102 | 19819 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.<sup>(a)</sup> | 2252 | 10337 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 274 | 14297 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 249 | 18912 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 1405 | 48529 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 200 | 17444 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 3000 | 22950 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 204 | 18593 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.<sup>(a)</sup> | 1197 | 18494 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.<sup>(a)</sup> | 420 | 8362 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 454 | 17583 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.<sup>(a)</sup> | 226 | 10536 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 212 | 25605 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 146 | 14637 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.<sup>(a)</sup> | 613 | 22019 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 647 | 41376 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 21 | 7350 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 34 | 19259 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 1180 | 53312 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 339 | 31836 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | 289 | $10051 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 611 | 29530 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A<sup>(a)</sup> | 4893 | 36110 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 787 | 20131 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 699 | 83950 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 163 | 23855 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.<sup>(a)</sup> | 299 | 17626 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 172400 | 38874 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 1072 | 51992 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | 347 | 16816 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 2091 | 66368 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 593 | 24615 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 27205 | 25059 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 1557 | 34005 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 378 | 27125 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 109 | 9736 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 140 | 41518 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A<sup>(a)</sup> | 583 | 12686 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 464 | 54761 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 2211 | 56159 |
| &nbsp;&nbsp;&nbsp;Joint Corp.<sup>(a)</sup> | 732 | 12093 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 926 | 40188 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> | 271 | 24946 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 229 | 50437 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 70 | 23033 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 72 | 17571 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 5071 | 35091 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 196 | 43508 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.<sup>(a)</sup> | 174 | 11484 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 483 | 29820 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 21 | 7128 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 37 | 17348 |
| &nbsp;&nbsp;&nbsp;New Relic, Inc.<sup>(a)</sup> | 302 | 17890 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.<sup>(a)</sup> | 104 | 15075 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 844 | 47264 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 5561 | 57779 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.<sup>(a)</sup> | 1309 | 32646 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | 115 | 39790 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 57 | 13212 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 899 | 66886 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 408 | 13505 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 73 | 22209 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 328 | 21881 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 486 | 69284 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | 492 | 22273 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 486 | 26866 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 137 | 13110 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 1491 | 34457 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 91 | 14426 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 207 | 23788 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A, Class A<sup>(a)</sup> | 397 | 13669 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 49

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 792 | $23364 |
| &nbsp;&nbsp;&nbsp;Squarespace, Inc., Class A<sup>(a)</sup> | 1408 | 31272 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | 216 | 49887 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 350 | 19999 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 1286 | 39545 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. | 239 | 13164 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 646 | 14761 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 39 | 16355 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 40 | 23374 |
|  |  | 2273439 |
| *Vietnam (1.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 24000 | 73014 |
| &nbsp;&nbsp;&nbsp;Lix Detergent JSC | 11700 | 20246 |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 49000 | 48507 |
|  |  | 141767 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $11,037,763)** |  | 8071657 |
| **TOTAL INVESTMENTS (92.02%)** | **TOTAL INVESTMENTS (92.02%)** |  |
| **(Cost $11,037,763)** |  | $8071657 |
| **Other Assets In Excess Of Liabilities (7.98%)** | **Other Assets In Excess Of Liabilities (7.98%)** | 699818 |
| **NET ASSETS (100.00%)** |  | $8771475 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $386,655, representing 4.41% of net assets.* 

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $425,646, representing 4.85% 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.*

50 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 26.9% |
| Financials | 18.4% |
| Industrials | 16.7% |
| Consumer | 14.3% |
| Health Care | 14.1% |
| Energy & Materials | 1.6% |
| Cash, Cash Equivalents, & Other Net Assets | 8.0% |
|  | 100.0% |

---

*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** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 12.85% |
| Capital Markets | 9.75% |
| Software | 7.48% |
| Professional Services | 6.15% |
| Banks | 5.85% |
| Trading Companies & Distributors | 3.68% |
| Semiconductors & Semiconductor Equipment | 3.49% |
| Pharmaceuticals | 3.31% |
| Specialty Retail | 3.25% |
| Health Care Equipment & Supplies | 3.23% |
| Life Sciences Tools & Services | 3.15% |
| Food & Staples Retailing | 3.04% |
| Health Care Providers & Services | 2.57% |
| Internet & Direct Marketing Retail | 2.35% |
| Multiline Retail | 2.07% |
| Electronic Equipment, Instruments & Components | 2.04% |
| Machinery | 1.67% |
| Equity Real Estate Investment Trusts (REITs) | 1.54% |
| Electrical Equipment | 1.51% |
| Building Products | 1.45% |
| Commercial Services & Supplies | 1.32% |
| Health Care Technology | 1.25% |
| Other Industries (each less than 1%) | 9.02% |
| Cash, Cash Equivalents, & Other Net Assets | 7.98% |
| **Total** | **100%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 51

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (101.04%)** |  |  |
| *Australia (4.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atturra, Ltd.<sup>(a)</sup> | 498743 | $255218 |
| &nbsp;&nbsp;&nbsp;Australian Ethical Investment, Ltd. | 44054 | 130470 |
| &nbsp;&nbsp;&nbsp;Fiducian Group, Ltd. | 183653 | 832891 |
| &nbsp;&nbsp;&nbsp;Kogan.com, Ltd.<sup>(a)</sup> | 224164 | 471743 |
| &nbsp;&nbsp;&nbsp;PeopleIN, Ltd. | 146846 | 308091 |
| &nbsp;&nbsp;&nbsp;Whispir, Ltd.<sup>(a)</sup> | 671027 | 188858 |
|  |  | 2187271 |
| *Belgium (0.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 43412 | 225020 |
| *Britain (12.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;AB Dynamics PLC | 13514 | 250291 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC | 15079 | 62115 |
| &nbsp;&nbsp;&nbsp;City of London Investment Group PLC | 51167 | 225619 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 11141 | 241604 |
| &nbsp;&nbsp;&nbsp;Elixirr International PLC | 67655 | 399572 |
| &nbsp;&nbsp;&nbsp;Ergomed PLC<sup>(a)</sup> | 16808 | 236317 |
| &nbsp;&nbsp;&nbsp;Foresight Group Holdings, Ltd. | 78753 | 326937 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 252703 | 453537 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 59855 | 459900 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 49351 | 395605 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 241532 | 768646 |
| &nbsp;&nbsp;&nbsp;Keystone Law Group PLC | 41394 | 230233 |
| &nbsp;&nbsp;&nbsp;On the Beach Group PLC<sup>(a)(b)(c)</sup> | 163775 | 194203 |
| &nbsp;&nbsp;&nbsp;Pensionbee Group PLC<sup>(a)</sup> | 153582 | 103916 |
| &nbsp;&nbsp;&nbsp;Premier Miton Group PLC | 280507 | 279867 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 248056 | 164140 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC | 136926 | 485213 |
| &nbsp;&nbsp;&nbsp;XPS Pensions Group PLC<sup>(c)</sup> | 147229 | 200923 |
|  |  | 5478638 |
| *Canada (0.67%)* |  |  |
| &nbsp;&nbsp;&nbsp;BioSyent, Inc.<sup>(a)</sup> | 48100 | 243616 |
| &nbsp;&nbsp;&nbsp;Guardian Capital Group, Ltd., Class A | 2536 | 48399 |
|  |  | 292015 |
| *China (1.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 144479 | 598143 |
| &nbsp;&nbsp;&nbsp;TK Group Holdings, Ltd. | 1060600 | 216183 |
|  |  | 814326 |
| *Finland (1.72%)* |  |  |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj<sup>(a)</sup> | 40126 | 754229 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *France (3.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aubay | 3600 | $157606 |
| &nbsp;&nbsp;&nbsp;Esker SA | 1872 | 245866 |
| &nbsp;&nbsp;&nbsp;Neurones | 9400 | 326063 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 4482 | 373393 |
| &nbsp;&nbsp;&nbsp;Wavestone | 5647 | 243316 |
|  |  | 1346244 |
| *Germany (2.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | 5285 | 102369 |
| &nbsp;&nbsp;&nbsp;Mensch und Maschine Software SE | 7688 | 349493 |
| &nbsp;&nbsp;&nbsp;Nexus AG | 6251 | 335441 |
| &nbsp;&nbsp;&nbsp;UmweltBank AG | 9246 | 105536 |
|  |  | 892839 |
| *Greece (1.03%)* |  |  |
| &nbsp;&nbsp;&nbsp;Kri-Kri Milk Industry SA | 42365 | 225245 |
| &nbsp;&nbsp;&nbsp;Sarantis SA | 36028 | 226090 |
|  |  | 451335 |
| *Hong Kong (0.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;Plover Bay Technologies, Ltd.<sup>(c)</sup> | 1383600 | 322561 |
| *India (4.96%)* |  |  |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 7803 | 525559 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 50712 | 253292 |
| &nbsp;&nbsp;&nbsp;Jyothy Labs, Ltd. | 121614 | 290822 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 26021 | 531815 |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 26944 | 253319 |
| &nbsp;&nbsp;&nbsp;Westlife Foodworld, Ltd. | 35235 | 318308 |
|  |  | 2173115 |
| *Indonesia (1.23%)* |  |  |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 2517600 | 147691 |
| &nbsp;&nbsp;&nbsp;Map Aktif Adiperkasa PT<sup>(a)</sup> | 830500 | 170386 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 2309700 | 222122 |
|  |  | 540199 |
| *Ireland (0.71%)* |  |  |
| &nbsp;&nbsp;&nbsp;Uniphar PLC | 90411 | 312720 |
| *Israel (0.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Max Stock, Ltd. | 41382 | 59141 |
| *Italy (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;Piovan SpA<sup>(b)(c)</sup> | 18758 | 144222 |
| *Japan (22.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;Beenos, Inc. | 60400 | 1098366 |
| &nbsp;&nbsp;&nbsp;Carenet, Inc. | 61100 | 561301 |
| &nbsp;&nbsp;&nbsp;Central Automotive Products, Ltd. | 10900 | 164495 |
| &nbsp;&nbsp;&nbsp;Charm Care Corp. | 62600 | 442046 |

---

*See Notes to Financial Statements.*

52 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Japan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Confidence, Inc. | 14800 | $184434 |
| &nbsp;&nbsp;&nbsp;Creema, Ltd.<sup>(a)</sup> | 49200 | 157498 |
| &nbsp;&nbsp;&nbsp;CrowdWorks, Inc.<sup>(a)</sup> | 28600 | 340827 |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | 26000 | 420700 |
| &nbsp;&nbsp;&nbsp;ENECHANGE, Ltd.<sup>(a)</sup> | 20200 | 122943 |
| &nbsp;&nbsp;&nbsp;GMO Pepabo, Inc. | 25200 | 340983 |
| &nbsp;&nbsp;&nbsp;gremz, Inc. | 21300 | 246957 |
| &nbsp;&nbsp;&nbsp;Hennge KK<sup>(a)</sup> | 35100 | 249037 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 33000 | 843337 |
| &nbsp;&nbsp;&nbsp;MarkLines Co., Ltd. | 19000 | 327751 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | 4800 | 78120 |
| &nbsp;&nbsp;&nbsp;Meinan M&A Co., Ltd. | 28300 | 231242 |
| &nbsp;&nbsp;&nbsp;Naigai Trans Line, Ltd. | 4400 | 60957 |
| &nbsp;&nbsp;&nbsp;Open Door, Inc.<sup>(a)</sup> | 11300 | 135270 |
| &nbsp;&nbsp;&nbsp;Prestige International, Inc. | 50000 | 242106 |
| &nbsp;&nbsp;&nbsp;Strike Co., Ltd. | 16500 | 509886 |
| &nbsp;&nbsp;&nbsp;Sun\*, Inc.<sup>(a)</sup> | 72600 | 439911 |
| &nbsp;&nbsp;&nbsp;Synchro Food Co., Ltd.<sup>(a)</sup> | 62300 | 210327 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 33400 | 223049 |
| &nbsp;&nbsp;&nbsp;System Support, Inc. | 33200 | 321517 |
| &nbsp;&nbsp;&nbsp;Syuppin Co., Ltd. | 57500 | 578886 |
| &nbsp;&nbsp;&nbsp;User Local, Inc. | 9300 | 100696 |
| &nbsp;&nbsp;&nbsp;Vega Corp. Co., Ltd. | 3000 | 9987 |
| &nbsp;&nbsp;&nbsp;WDB coco Co., Ltd. | 5000 | 141733 |
| &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co., Ltd. | 46100 | 863745 |
| &nbsp;&nbsp;&nbsp;YMIRLINK, Inc.<sup>(a)</sup> | 20500 | 171643 |
|  |  | 9819750 |
| *Luxembourg (0.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sword Group | 8972 | 338260 |
| *Norway (3.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bouvet ASA | 38828 | 205417 |
| &nbsp;&nbsp;&nbsp;Nordhealth AS, Class A<sup>(a)</sup> | 129479 | 231654 |
| &nbsp;&nbsp;&nbsp;Self Storage Group ASA<sup>(a)</sup> | 268416 | 728090 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 166002 | 255482 |
|  |  | 1420643 |
| *Oman (0.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;Tethys Oil AB | 30300 | 186747 |
| *Philippines (1.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 3701098 | 175635 |
| &nbsp;&nbsp;&nbsp;Pryce Corp. | 3937000 | 343086 |
|  |  | 518721 |
| *Poland (0.44%)* |  |  |
| &nbsp;&nbsp;&nbsp;Answear.com SA, Class A<sup>(a)</sup> | 46403 | 191090 |
| *Singapore (0.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 992800 | 378717 |
| *South Korea (0.76%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 25910 | 93676 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *South Korea (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;MegaStudyEdu Co., Ltd. | 2818 | $169739 |
| &nbsp;&nbsp;&nbsp;Suprema, Inc.<sup>(a)</sup> | 4066 | 69077 |
|  |  | 332492 |
| *Sweden (5.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;KNOW IT AB | 27537 | 548186 |
| &nbsp;&nbsp;&nbsp;Lyko Group AB, Class A<sup>(a)(c)</sup> | 12424 | 170361 |
| &nbsp;&nbsp;&nbsp;OEM International AB, Class B | 35479 | 177376 |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 8461 | 163225 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 218835 | 754146 |
| &nbsp;&nbsp;&nbsp;Teqnion AB | 36700 | 415489 |
| &nbsp;&nbsp;&nbsp;Vitec Software Group AB, Class B | 8128 | 298583 |
|  |  | 2527366 |
| *Taiwan (5.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 77000 | 255691 |
| &nbsp;&nbsp;&nbsp;Brighten Optix Corp. | 44000 | 238963 |
| &nbsp;&nbsp;&nbsp;FineTek Co., Ltd. | 123256 | 338144 |
| &nbsp;&nbsp;&nbsp;Fuzetec Technology Co., Ltd. | 123955 | 156567 |
| &nbsp;&nbsp;&nbsp;GEM Services, Inc./Tw | 182000 | 351885 |
| &nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 53000 | 172705 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 98761 | 619124 |
| &nbsp;&nbsp;&nbsp;Tofu Restaurant Co., Ltd. | 38776 | 223227 |
| &nbsp;&nbsp;&nbsp;Wistron Information Technology & Services Corp. | 83000 | 198082 |
|  |  | 2554388 |
| *Thailand (0.84%)* |  |  |
| &nbsp;&nbsp;&nbsp;Humanica PCL | 935000 | 270231 |
| &nbsp;&nbsp;&nbsp;Netbay PCL | 125000 | 97708 |
|  |  | 367939 |
| *United States (21.44%)* |  |  |
| &nbsp;&nbsp;&nbsp;4imprint Group PLC | 13553 | 539328 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 8530 | 743987 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.<sup>(a)</sup> | 53433 | 825540 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.<sup>(a)</sup> | 15973 | 744661 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 25349 | 1145268 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 88988 | 702115 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 1093800 | 246638 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 12150 | 385641 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 35644 | 778465 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 4072 | 292207 |
| &nbsp;&nbsp;&nbsp;Joint Corp.<sup>(a)</sup> | 41778 | 690173 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 18438 | 800209 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 115776 | 801170 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 21261 | 703739 |
|  |  | 9399141 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 53

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Vietnam (0.59%)* |  |  |
| &nbsp;&nbsp;&nbsp;Lix Detergent JSC | 150720 | $260803 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $44,875,020)** |  | 44289932 |
| **TOTAL INVESTMENTS (101.04%)** | **TOTAL INVESTMENTS (101.04%)** |  |
| **(Cost $44,875,020)** |  | $44289932 |
| **Liabilities In Excess Of Other Assets (-1.04%)** | **Liabilities In Excess Of Other Assets (-1.04%)** | (457346) |
| **NET ASSETS (100.00%)** |  | $43832586 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $1,737,505, representing 3.96% of net assets.* 

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $2,431,349, representing 5.55% 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** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 22.6% |
| Industrials | 19.7% |
| Financials | 18.6% |
| Health Care | 18.5% |
| Consumer | 18.0% |
| Energy & Materials | 3.6% |
| Cash, Cash Equivalents, & Other Net Assets | -1.0% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| Capital Markets | 11.5% |
| IT Services | 10.7% |
| Professional Services | 7.4% |
| Internet & Direct Marketing Retail | 6.9% |
| Banks | 6.1% |
| Health Care Providers & Services | 5.1% |
| Software | 5.1% |
| Health Care Equipment & Supplies | 4.7% |
| Life Sciences Tools & Services | 3.8% |
| Commercial Services & Supplies | 3.1% |
| Oil, Gas & Consumable Fuels | 3.0% |
| Trading Companies & Distributors | 3.0% |
| Specialty Retail | 2.9% |
| Semiconductors & Semiconductor Equipment | 2.7% |
| Health Care Technology | 2.6% |
| Building Products | 2.6% |
| Pharmaceuticals | 2.3% |
| Food & Staples Retailing | 2.0% |
| Construction & Engineering | 1.9% |
| Hotels, Restaurants & Leisure | 1.9% |
| Household Products | 1.3% |
| Interactive Media & Services | 1.2% |
| Media | 1.2% |
| Auto Components | 1.1% |
| Diversified Financial Services | 1.0% |
| Electronic Equipment, Instruments & Components | 1.0% |
| Other Industries (each less than 1%) | 4.9% |
| Cash and Other Assets, Less Liabilities | -1.0% |
| **Total** | **100.0%** |

---

 

*See Notes to Financial Statements.*

54 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (99.06%)** |  |  |
| *Argentina (1.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 38237 | $7214557 |
| *Australia (0.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Fiducian Group, Ltd. | 182850 | 829249 |
| *Bangladesh (0.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;Square Pharmaceuticals, Ltd. | 1038829 | 2151494 |
| *Belgium (1.72%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 103300 | 7125616 |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 666184 | 3453078 |
|  |  | 10578694 |
| *Brazil (0.55%)* |  |  |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 238699 | 3394300 |
| *Britain (17.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 3818859 | 14128189 |
| &nbsp;&nbsp;&nbsp;boohoo Group PLC<sup>(a)</sup> | 3622736 | 1686337 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC | 256480 | 1056521 |
| &nbsp;&nbsp;&nbsp;City of London Investment Group PLC | 393420 | 1734768 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 735454 | 15949076 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 413659 | 12428888 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 154351 | 4400470 |
| &nbsp;&nbsp;&nbsp;Elixirr International PLC | 59520 | 351527 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 218462 | 16655543 |
| &nbsp;&nbsp;&nbsp;Foresight Group Holdings, Ltd. | 617350 | 2562881 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 756129 | 1357059 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 99798 | 2420587 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 556731 | 4277684 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 106243 | 4452023 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 473767 | 3797786 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 1023251 | 3256369 |
| &nbsp;&nbsp;&nbsp;Marlowe PLC<sup>(a)</sup> | 252521 | 2316733 |
| &nbsp;&nbsp;&nbsp;On the Beach Group PLC<sup>(a)(b)(c)</sup> | 1126330 | 1335595 |
| &nbsp;&nbsp;&nbsp;Premier Miton Group PLC | 1939173 | 1934748 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 355577 | 4567096 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 340805 | 4162402 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 1039569 | 687888 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC | 1315960 | 4663260 |
|  |  | 110183430 |
| *Canada (2.28%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 101000 | 3917378 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 119825 | 3781170 |
| &nbsp;&nbsp;&nbsp;Guardian Capital Group, Ltd., Class A | 47650 | 909385 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Canada (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. | 200965 | $5394568 |
|  |  | 14002501 |
| *China (2.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 1241826 | 3487989 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 4124900 | 2301639 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 759114 | 3142732 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 477008 | 5536535 |
| &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co., Ltd., Class A | 871633 | 1664780 |
|  |  | 16133675 |
| *Finland (1.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj<sup>(a)</sup> | 411649 | 7737564 |
| *France (6.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 93899 | 10977727 |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 83500 | 1817065 |
| &nbsp;&nbsp;&nbsp;Esker SA | 33542 | 4405352 |
| &nbsp;&nbsp;&nbsp;Neurones | 110960 | 3848932 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 63244 | 5268823 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 39336 | 9640700 |
| &nbsp;&nbsp;&nbsp;Wavestone | 59623 | 2569017 |
|  |  | 38527616 |
| *Germany (2.60%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 114282 | 4348157 |
| &nbsp;&nbsp;&nbsp;Fashionette AG<sup>(a)</sup> | 140250 | 541934 |
| &nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | 60903 | 1179672 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 30956 | 3083700 |
| &nbsp;&nbsp;&nbsp;Nexus AG | 82800 | 4443210 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 55480 | 2416709 |
|  |  | 16013382 |
| *India (4.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 44638 | 3006523 |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 96734 | 2978943 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 186873 | 933377 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 346724 | 7086318 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 367612 | 1201281 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 127009 | 10932935 |
|  |  | 26139377 |
| *Indonesia (1.66%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 53571800 | 1940572 |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 46609800 | 2734282 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 40416300 | 3886805 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 55

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Indonesia (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk PT | 18240200 | $1648898 |
|  |  | 10210557 |
| *Ireland (1.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 20418 | 4039497 |
| &nbsp;&nbsp;&nbsp;Irish Residential Properties REIT PLC | 762218 | 824068 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 238989 | 6605162 |
|  |  | 11468727 |
| *Italy (2.20%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 21445 | 2803836 |
| &nbsp;&nbsp;&nbsp;GVS SpA<sup>(b)(c)</sup> | 11886 | 60964 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | 153326 | 5936725 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 84788 | 3186599 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 14281 | 1548217 |
|  |  | 13536341 |
| *Japan (10.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;AIT Corp. | 335100 | 3396185 |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 153000 | 4311308 |
| &nbsp;&nbsp;&nbsp;Carenet, Inc. | 253500 | 2328800 |
| &nbsp;&nbsp;&nbsp;Charm Care Corp. | 191500 | 1352265 |
| &nbsp;&nbsp;&nbsp;Create SD Holdings Co., Ltd. | 127500 | 2718148 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | 110800 | 1976881 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 231100 | 5905915 |
| &nbsp;&nbsp;&nbsp;MarkLines Co., Ltd. | 247400 | 4267669 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | 83700 | 1362211 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 176500 | 2692101 |
| &nbsp;&nbsp;&nbsp;Naigai Trans Line, Ltd. | 66000 | 914355 |
| &nbsp;&nbsp;&nbsp;Prestige International, Inc. | 205300 | 994089 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | 444700 | 7273347 |
| &nbsp;&nbsp;&nbsp;Strike Co., Ltd. | 219800 | 6792300 |
| &nbsp;&nbsp;&nbsp;Sun\*, Inc.<sup>(a)</sup> | 367100 | 2224400 |
| &nbsp;&nbsp;&nbsp;Synchro Food Co., Ltd.<sup>(a)</sup> | 449300 | 1516854 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 135500 | 904882 |
| &nbsp;&nbsp;&nbsp;Trancom Co., Ltd. | 75370 | 3867468 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 49000 | 2850466 |
| &nbsp;&nbsp;&nbsp;User Local, Inc. | 140200 | 1518020 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.<sup>(a)</sup> | 12100 | 825139 |
| &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co., Ltd. | 164800 | 3087749 |
|  |  | 63080552 |
| *Luxembourg (0.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sword Group | 41691 | 1571823 |
| *Mexico (1.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 829069 | 1527331 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 392400 | 3129218 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Mexico (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 691727 | $4821456 |
|  |  | 9478005 |
| *Netherlands (0.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 38472 | 1594937 |
| *Norway (0.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bouvet ASA | 230309 | 1218431 |
| &nbsp;&nbsp;&nbsp;Nordhealth AS, Class A<sup>(a)</sup> | 1049587 | 1877841 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 1457082 | 2242495 |
|  |  | 5338767 |
| *Philippines (1.22%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 3534674 | 167737 |
| &nbsp;&nbsp;&nbsp;Concepcion Industrial Corp. | 1020252 | 281692 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 8009700 | 4146523 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 5691200 | 2882428 |
|  |  | 7478380 |
| *Poland (1.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 119058 | 7785741 |
| *Singapore (0.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 10959200 | 4180537 |
| *South Africa (0.29%)* |  |  |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. | 2394999 | 1792786 |
| *South Korea (0.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 18998 | 1824512 |
| *Sweden (4.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 173160 | 2095259 |
| &nbsp;&nbsp;&nbsp;Beijer Alma AB | 355025 | 4964665 |
| &nbsp;&nbsp;&nbsp;Boozt AB<sup>(a)(b)(c)</sup> | 213043 | 1555199 |
| &nbsp;&nbsp;&nbsp;Byggfakta Group Nordic Holdco AB<sup>(a)</sup> | 570528 | 1509875 |
| &nbsp;&nbsp;&nbsp;Cint Group AB<sup>(a)</sup> | 224379 | 1184771 |
| &nbsp;&nbsp;&nbsp;Hexpol AB | 235268 | 2322593 |
| &nbsp;&nbsp;&nbsp;KNOW IT AB | 187743 | 3737448 |
| &nbsp;&nbsp;&nbsp;Lifco AB | 152926 | 2209845 |
| &nbsp;&nbsp;&nbsp;Lyko Group AB, Class A<sup>(a)(c)</sup> | 50031 | 686039 |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 184009 | 3549788 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 538549 | 1855939 |
|  |  | 25671421 |
| *Taiwan (1.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 1193000 | 3961549 |
| &nbsp;&nbsp;&nbsp;Fuzetec Technology Co., Ltd. | 278482 | 351748 |
| &nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 237000 | 772286 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 903954 | 5666808 |
| &nbsp;&nbsp;&nbsp;Tofu Restaurant Co., Ltd. | 131040 | 754377 |
|  |  | 11506768 |

---

*See Notes to Financial Statements.*

56 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *United States (28.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;4imprint Group PLC | 146389 | $5825409 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 15760 | 3062168 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 214652 | 7414080 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 659900 | 5048191 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 20635 | 1319608 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 36196 | 1635335 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A<sup>(a)</sup> | 525523 | 3878360 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 77957 | 9362636 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 42648 | 6241535 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 11166283 | 2517860 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 228623 | 11088215 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 143685 | 8230277 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 237580 | 7540789 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 2094198 | 1928964 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 126955 | 2772697 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 78514 | 5634165 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 8442 | 2503560 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 27905 | 3293348 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 67577 | 1716456 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 118442 | 5140383 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 74738 | 16461044 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 545988 | 3734154 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 18043 | 4005185 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.<sup>(a)</sup> | 27127 | 3932059 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 71696 | 4014976 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 400806 | 4164374 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | 23497 | 8129962 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 77349 | 5754766 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 43088 | 1426213 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 30373 | 2026183 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 59587 | 8494723 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | 71327 | 3228973 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 13200 | 1516944 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | 5800 | 1339568 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 31100 | 3077345 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 277024 | 6329998 |
|  |  | 173790503 |
| *Vietnam (0.96%)* |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 5964004 | 5904004 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $586,162,459)** |  | 609120200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **PREFERRED STOCKS (0.31%)** |  |  |
| *United States (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dataminr Inc - Private Placement<sup>(a)(d)</sup> | 96640 | $1923136 |
| **TOTAL PREFERRED STOCKS** | **TOTAL PREFERRED STOCKS** |  |
| **(Cost $1,923,136)** |  | 1923136 |
| **TOTAL INVESTMENTS (99.37%)** | **TOTAL INVESTMENTS (99.37%)** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $588,085,595)** |  | $611043336 |
| **Other Assets In Excess Of Liabilities (0.63%)** | **Other Assets In Excess Of Liabilities (0.63%)** | 3849183 |
| **NET ASSETS (100.00%)** |  | $614892519 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $31,916,090, representing 5.19% of net assets.* 

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $32,602,129, representing 5.30% of net assets.* 

*<sup>(d)</sup>* *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** *(October 31, 2022) (Unaudited)* | |
| Technology | 30.9% |
| Health Care | 18.4% |
| Industrials | 17.0% |
| Consumer | 16.2% |
| Financials | 15.2% |
| Energy & Materials | 1.7% |
| Cash, Cash Equivalents, & Other Net Assets | 0.6% |
| **Total** | **100%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 57

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 15.2% |
| Capital Markets | 8.5% |
| Banks | 6.6% |
| Software | 6.3% |
| Pharmaceuticals | 5.4% |
| Health Care Equipment & Supplies | 4.9% |
| Trading Companies & Distributors | 4.4% |
| Multiline Retail | 4.2% |
| Specialty Retail | 4.0% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Health Care Providers & Services | 3.9% |
| Professional Services | 3.8% |
| Food & Staples Retailing | 3.7% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Life Sciences Tools & Services | 2.8% |
| Machinery | 1.8% |
| Building Products | 1.8% |
| Health Care Technology | 1.4% |
| Household Durables | 1.2% |
| Commercial Services & Supplies | 1.2% |
| Containers & Packaging | 1.0% |
| Media | 1.0% |
| Other Industries (each less than 1%) | 8.8% |
| Cash and Other Assets, Less Liabilities | 0.6% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

58 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (101.07%)** |  |  |
| *Argentina (0.98%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 12851 | $2424727 |
| *Australia (1.55%)* |  |  |
| &nbsp;&nbsp;&nbsp;Australian Ethical Investment, Ltd. | 309244 | 915854 |
| &nbsp;&nbsp;&nbsp;EQT Holdings, Ltd. | 55585 | 895987 |
| &nbsp;&nbsp;&nbsp;Imdex, Ltd. | 267464 | 349011 |
| &nbsp;&nbsp;&nbsp;Netwealth Group, Ltd. | 89313 | 694691 |
| &nbsp;&nbsp;&nbsp;PeopleIN, Ltd. | 349923 | 734159 |
| &nbsp;&nbsp;&nbsp;Redbubble, Ltd.<sup>(a)</sup> | 691449 | 227778 |
|  |  | 3817480 |
| *Bangladesh (0.23%)* |  |  |
| &nbsp;&nbsp;&nbsp;Square Pharmaceuticals, Ltd. | 276516 | 572686 |
| *Belgium (0.91%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 12468 | 860041 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 30732 | 789036 |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 113341 | 587488 |
|  |  | 2236565 |
| *Brazil (2.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Class A<sup>(a)</sup> | 81500 | 668300 |
| &nbsp;&nbsp;&nbsp;Grupo Mateus SA<sup>(a)</sup> | 1257700 | 1765236 |
| &nbsp;&nbsp;&nbsp;Hypera SA<sup>(a)</sup> | 60100 | 593612 |
| &nbsp;&nbsp;&nbsp;Locaweb Servicos de Internet SA<sup>(a)(b)(c)</sup> | 439768 | 927127 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 77699 | 1104880 |
| &nbsp;&nbsp;&nbsp;Pet Center Comercio e Participacoes SA | 435257 | 732239 |
|  |  | 5791394 |
| *Britain (15.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;AB Dynamics PLC | 53301 | 987180 |
| &nbsp;&nbsp;&nbsp;Abcam PLC<sup>(a)</sup> | 92182 | 1420803 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 1028470 | 3804911 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC | 57053 | 235019 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 113963 | 2471405 |
| &nbsp;&nbsp;&nbsp;Darktrace PLC<sup>(a)</sup> | 361301 | 1481268 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 92561 | 2781108 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 18786 | 535579 |
| &nbsp;&nbsp;&nbsp;dotdigital group PLC | 579337 | 504932 |
| &nbsp;&nbsp;&nbsp;Elixirr International PLC | 238541 | 1408831 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 53770 | 4099425 |
| &nbsp;&nbsp;&nbsp;Ergomed PLC<sup>(a)</sup> | 49436 | 695060 |
| &nbsp;&nbsp;&nbsp;Foresight Group Holdings, Ltd. | 216892 | 900411 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 474926 | 852371 |
| &nbsp;&nbsp;&nbsp;Gamma Communications PLC | 41298 | 503917 |
| &nbsp;&nbsp;&nbsp;Gresham House PLC | 70460 | 589867 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 17505 | 424581 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Britain (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 378517 | $2908363 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 9324 | 390714 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 341843 | 2740264 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 644228 | 2050176 |
| &nbsp;&nbsp;&nbsp;Keystone Law Group PLC | 169151 | 940816 |
| &nbsp;&nbsp;&nbsp;Marlowe PLC<sup>(a)</sup> | 106336 | 975571 |
| &nbsp;&nbsp;&nbsp;On the Beach Group PLC<sup>(a)(b)(c)</sup> | 579035 | 686616 |
| &nbsp;&nbsp;&nbsp;Pensionbee Group PLC<sup>(a)</sup> | 815693 | 551909 |
| &nbsp;&nbsp;&nbsp;Pets at Home Group PLC | 218096 | 719825 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 28597 | 367305 |
| &nbsp;&nbsp;&nbsp;Spirax-Sarco Engineering PLC | 4814 | 593476 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 42479 | 518815 |
| &nbsp;&nbsp;&nbsp;Victorian Plumbing Group PLC<sup>(a)</sup> | 534034 | 353373 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC | 121147 | 429299 |
|  |  | 37923190 |
| *Canada (1.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 32500 | 1260542 |
| &nbsp;&nbsp;&nbsp;Docebo, Inc.<sup>(a)</sup> | 18900 | 549513 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 25125 | 792839 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. | 13700 | 367753 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 9723 | 635204 |
|  |  | 3605851 |
| *China (3.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;Angelalign Technology, Inc.<sup>(b)(c)</sup> | 40200 | 354902 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | 35000 | 307657 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. | 551520 | 567002 |
| &nbsp;&nbsp;&nbsp;Guangzhou Kingmed Diagnostics Group Co., Ltd. | 41500 | 429636 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 141900 | 398563 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 18900 | 215838 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 1964800 | 1096332 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup Greater China, Ltd.<sup>(c)</sup> | 175050 | 163908 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 150009 | 621037 |
| &nbsp;&nbsp;&nbsp;Shanghai Kindly Medical Instruments Co., Ltd., Class H<sup>(c)</sup> | 89400 | 305796 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 26300 | 1172700 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 101700 | 1180411 |
| &nbsp;&nbsp;&nbsp;TK Group Holdings, Ltd. | 1492400 | 304197 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd., Class H<sup>(b)(c)</sup> | 157512 | 1262159 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 59

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *China (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)(c)</sup> | 135500 | $612798 |
|  |  | 8992936 |
| *Colombia (1.39%)* |  |  |
| &nbsp;&nbsp;&nbsp;Canacol Energy, Ltd. | 92300 | 136179 |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 215620 | 3288864 |
|  |  | 3425043 |
| *Finland (1.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;Evli Oyj<sup>(a)</sup> | 40300 | 629258 |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj<sup>(a)</sup> | 140484 | 2640609 |
|  |  | 3269867 |
| *France (3.01%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 11958 | 1398009 |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 51284 | 1116004 |
| &nbsp;&nbsp;&nbsp;Aubay | 5771 | 252651 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 11479 | 284397 |
| &nbsp;&nbsp;&nbsp;Esker SA | 12426 | 1632011 |
| &nbsp;&nbsp;&nbsp;Neurones | 15303 | 530824 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 8346 | 695301 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 6169 | 1511935 |
|  |  | 7421132 |
| *Germany (2.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atoss Software AG | 3895 | 474996 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 17100 | 650614 |
| &nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | 17499 | 338950 |
| &nbsp;&nbsp;&nbsp;Mensch und Maschine Software SE | 8301 | 377359 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 20872 | 2079176 |
| &nbsp;&nbsp;&nbsp;Nexus AG | 18017 | 966828 |
| &nbsp;&nbsp;&nbsp;Puma SE | 8413 | 372557 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 11559 | 503510 |
| &nbsp;&nbsp;&nbsp;UmweltBank AG | 19299 | 220284 |
|  |  | 5984274 |
| *Greece (0.29%)* |  |  |
| &nbsp;&nbsp;&nbsp;Kri-Kri Milk Industry SA | 61300 | 325919 |
| &nbsp;&nbsp;&nbsp;Sarantis SA | 60646 | 380577 |
|  |  | 706496 |
| *Hong Kong (0.71%)* |  |  |
| &nbsp;&nbsp;&nbsp;Plover Bay Technologies, Ltd.<sup>(c)</sup> | 3254000 | 758609 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 105000 | 994535 |
|  |  | 1753144 |
| *India (4.38%)* |  |  |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts, Ltd.<sup>(a)(b)(c)</sup> | 9163 | 478299 |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 5867 | 395163 |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 42700 | 1314955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *India (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;EPL, Ltd. | 357480 | $663979 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 146334 | 730897 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | 43536 | 547582 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 7034 | 390157 |
| &nbsp;&nbsp;&nbsp;Jyothy Labs, Ltd. | 262240 | 627108 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | 12958 | 297732 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 116642 | 2383920 |
| &nbsp;&nbsp;&nbsp;Polycab India, Ltd. | 12231 | 410389 |
| &nbsp;&nbsp;&nbsp;SJS Enterprises, Ltd.<sup>(a)</sup> | 86869 | 468727 |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 33903 | 318746 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 20810 | 1791325 |
|  |  | 10818979 |
| *Indonesia (1.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 10683000 | 386978 |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 11519400 | 675765 |
| &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 13596400 | 684288 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 580500 | 327514 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 10020400 | 963655 |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk PT | 6163200 | 557148 |
|  |  | 3595348 |
| *Ireland (1.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 6797 | 1344718 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 58166 | 1607588 |
| &nbsp;&nbsp;&nbsp;Uniphar PLC | 523697 | 1811402 |
|  |  | 4763708 |
| *Israel (0.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.<sup>(a)</sup> | 3736 | 399528 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange, Ltd. | 62559 | 368781 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.<sup>(a)</sup> | 10813 | 909373 |
|  |  | 1677682 |
| *Italy (0.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;GVS SpA<sup>(b)(c)</sup> | 45729 | 234545 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | 19759 | 765061 |
| &nbsp;&nbsp;&nbsp;Piovan SpA<sup>(b)(c)</sup> | 61096 | 469742 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 10461 | 393157 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 3709 | 402096 |
|  |  | 2264601 |
| *Japan (8.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;AIT Corp. | 23900 | 242223 |
| &nbsp;&nbsp;&nbsp;Asahi Intecc Co., Ltd. | 32000 | 545331 |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 100000 | 2817849 |
| &nbsp;&nbsp;&nbsp;Beenos, Inc. | 22900 | 416434 |
| &nbsp;&nbsp;&nbsp;Carenet, Inc. | 150000 | 1377988 |
| &nbsp;&nbsp;&nbsp;Comture Corp. | 16900 | 275501 |
| &nbsp;&nbsp;&nbsp;Confidence, Inc. | 54600 | 680412 |
| &nbsp;&nbsp;&nbsp;CrowdWorks, Inc.<sup>(a)</sup> | 56200 | 669736 |

---

*See Notes to Financial Statements.*

60 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Japan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Enjin Co., Ltd. | 43600 | $599337 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | 65300 | 1165075 |
| &nbsp;&nbsp;&nbsp;geechs, Inc. | 37600 | 201282 |
| &nbsp;&nbsp;&nbsp;gremz, Inc. | 99300 | 1151304 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 8200 | 209556 |
| &nbsp;&nbsp;&nbsp;M&A Research Institute, Inc.<sup>(a)</sup> | 9800 | 466620 |
| &nbsp;&nbsp;&nbsp;MarkLines Co., Ltd. | 53300 | 919429 |
| &nbsp;&nbsp;&nbsp;Medikit Co., Ltd. | 36500 | 594035 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 33900 | 517066 |
| &nbsp;&nbsp;&nbsp;Naigai Trans Line, Ltd. | 27350 | 378903 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | 58700 | 664394 |
| &nbsp;&nbsp;&nbsp;Prestige International, Inc. | 135800 | 657561 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | 23100 | 377815 |
| &nbsp;&nbsp;&nbsp;Strike Co., Ltd. | 10600 | 327563 |
| &nbsp;&nbsp;&nbsp;Sun\*, Inc.<sup>(a)</sup> | 86800 | 525954 |
| &nbsp;&nbsp;&nbsp;Synchro Food Co., Ltd.<sup>(a)</sup> | 113400 | 382843 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 71800 | 479488 |
| &nbsp;&nbsp;&nbsp;Systena Corp. | 118800 | 333162 |
| &nbsp;&nbsp;&nbsp;Syuppin Co., Ltd. | 42400 | 426866 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 8900 | 517738 |
| &nbsp;&nbsp;&nbsp;User Local, Inc. | 74300 | 804486 |
| &nbsp;&nbsp;&nbsp;Vega Corp. Co., Ltd. | 8400 | 27963 |
| &nbsp;&nbsp;&nbsp;WDB coco Co., Ltd. | 11900 | 337325 |
| &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co., Ltd. | 43300 | 811283 |
|  |  | 19902522 |
| *Luxembourg (0.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sword Group | 8334 | 314206 |
| *Malaysia (0.16%)* |  |  |
| &nbsp;&nbsp;&nbsp;MR DIY Group M Bhd<sup>(b)(c)</sup> | 953100 | 407204 |
| *Mexico (0.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV | 163700 | 296780 |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 362100 | 667069 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 108200 | 862848 |
|  |  | 1826697 |
| *Netherlands (0.22%)* |  |  |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 13306 | 551628 |
| *Norway (1.23%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bouvet ASA | 120257 | 636210 |
| &nbsp;&nbsp;&nbsp;Nordhealth AS, Class A<sup>(a)</sup> | 190069 | 340057 |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor ASA<sup>(a)</sup> | 25476 | 359982 |
| &nbsp;&nbsp;&nbsp;Self Storage Group ASA<sup>(a)</sup> | 391782 | 1062725 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Norway (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 417293 | $642227 |
|  |  | 3041201 |
| *Philippines (1.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;AllHome Corp. | 5887317 | 279381 |
| &nbsp;&nbsp;&nbsp;Concepcion Industrial Corp. | 1793920 | 495301 |
| &nbsp;&nbsp;&nbsp;Pryce Corp. | 6894800 | 600841 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 861100 | 445781 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 3237300 | 1639599 |
|  |  | 3460903 |
| *Poland (1.38%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 47943 | 3135210 |
| &nbsp;&nbsp;&nbsp;LiveChat Software SA | 11893 | 276517 |
|  |  | 3411727 |
| *Singapore (0.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;iFAST Corp., Ltd. | 263100 | 752723 |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 1260700 | 480912 |
|  |  | 1233635 |
| *South Africa (0.52%)* |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | 40332 | 683407 |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. | 798035 | 597372 |
|  |  | 1280779 |
| *South Korea (0.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 33500 | 121117 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 3790 | 363980 |
| &nbsp;&nbsp;&nbsp;Suprema, Inc.<sup>(a)</sup> | 8000 | 135912 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon Korea Co., Ltd. | 7139 | 508694 |
|  |  | 1129703 |
| *Sweden (5.00%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddLife AB | 16771 | 156755 |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 53621 | 648821 |
| &nbsp;&nbsp;&nbsp;Beijer Alma AB | 52400 | 732761 |
| &nbsp;&nbsp;&nbsp;Boozt AB<sup>(a)(b)(c)</sup> | 46348 | 338337 |
| &nbsp;&nbsp;&nbsp;Byggfakta Group Nordic Holdco AB<sup>(a)</sup> | 96749 | 256042 |
| &nbsp;&nbsp;&nbsp;Cint Group AB<sup>(a)</sup> | 43467 | 229516 |
| &nbsp;&nbsp;&nbsp;EQT AB | 133671 | 2634388 |
| &nbsp;&nbsp;&nbsp;KNOW IT AB | 66725 | 1328312 |
| &nbsp;&nbsp;&nbsp;Lifco AB | 55000 | 794773 |
| &nbsp;&nbsp;&nbsp;Lyko Group AB, Class A<sup>(a)(c)</sup> | 20071 | 275219 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ | 53748 | 666909 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class A | 63654 | 1171677 |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 36666 | 707338 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 253863 | 874858 |
| &nbsp;&nbsp;&nbsp;Teqnion AB | 71969 | 814778 |
| &nbsp;&nbsp;&nbsp;Vitec Software Group AB, Class B | 19425 | 713580 |
|  |  | 12344064 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 61

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Switzerland (0.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 986 | $885613 |
| *Taiwan (2.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 166000 | 551230 |
| &nbsp;&nbsp;&nbsp;Brighten Optix Corp. | 114000 | 619133 |
| &nbsp;&nbsp;&nbsp;Fuzetec Technology Co., Ltd. | 227519 | 287378 |
| &nbsp;&nbsp;&nbsp;GEM Services, Inc./Tw | 193000 | 373152 |
| &nbsp;&nbsp;&nbsp;M3 Technology, Inc. | 79000 | 257429 |
| &nbsp;&nbsp;&nbsp;Poya International Co., Ltd. | 27853 | 354402 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | 22000 | 174102 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 32000 | 248770 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 317351 | 1989445 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 7247 | 294625 |
| &nbsp;&nbsp;&nbsp;Wistron Information Technology & Services Corp. | 194000 | 462987 |
|  |  | 5612653 |
| *Thailand (0.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;Humanica PCL | 861000 | 248844 |
| *United States (32.44%)* |  |  |
| &nbsp;&nbsp;&nbsp;4imprint Group PLC | 21862 | 869977 |
| &nbsp;&nbsp;&nbsp;AgileThought, Inc.<sup>(a)</sup> | 100826 | 453717 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 5200 | 755560 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 3598 | 699091 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.<sup>(a)</sup> | 91309 | 419108 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 12082 | 630433 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 10266 | 779703 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 98397 | 3398632 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 12931 | 1127842 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1673 | 495643 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 98000 | 749694 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | 11491 | 1047290 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group, Ltd.<sup>(a)</sup> | 61376 | 948259 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.<sup>(a)</sup> | 16376 | 326046 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 17055 | 660540 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A<sup>(a)</sup> | 5722 | 322263 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.<sup>(a)</sup> | 27040 | 1260605 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc.<sup>(a)</sup> | 45935 | 408362 |
| &nbsp;&nbsp;&nbsp;Cross Creek Lucid LP/Partnership Interest<sup>(a)(d)</sup> | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 2804 | 225750 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 9303 | 1123616 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.<sup>(a)</sup> | 21724 | 780326 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 14593 | 933222 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 1484 | 519400 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 29190 | 1318804 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 5610 | 526835 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 214007 | 1688515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | 8472 | $294656 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 8411 | 406504 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A<sup>(a)</sup> | 449143 | 3314675 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 26190 | 3145419 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 3477 | 508859 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.<sup>(a)</sup> | 19230 | 1133608 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 5278000 | 1190124 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 51931 | 2518654 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | 8298 | 402121 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 50707 | 1609440 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 1045674 | 963169 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 41923 | 915598 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | 50208 | 700904 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 10856 | 779027 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 8180 | 730638 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 2907 | 862100 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A<sup>(a)</sup> | 20080 | 436941 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 8278 | 976970 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 58615 | 1488821 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 7571 | 363635 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 19790 | 858886 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 7666 | 1688437 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 2592 | 852872 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 219088 | 1493378 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 7953 | 1765407 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 9426 | 581961 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 14588 | 619406 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2317 | 786506 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 606 | 284129 |
| &nbsp;&nbsp;&nbsp;New Relic, Inc.<sup>(a)</sup> | 15118 | 895590 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.<sup>(a)</sup> | 2227 | 322804 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 9021 | 505176 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 176600 | 1834874 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.<sup>(a)</sup> | 46946 | 1170833 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | 3585 | 1240410 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 41483 | 3086335 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 2525 | 768181 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 8412 | 561165 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 12907 | 1840022 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | 21039 | 952436 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.<sup>(a)</sup> | 30558 | 733392 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 19272 | 1065356 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 4061 | 388597 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 53139 | 1228042 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 4150 | 476918 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A, Class A<sup>(a)</sup> | 11770 | 405241 |
| &nbsp;&nbsp;&nbsp;Squarespace, Inc., Class A<sup>(a)</sup> | 32698 | 726223 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | 9607 | 2218833 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 18310 | 1046233 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 3860 | 381947 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 43206 | 1328585 |

---

*See Notes to Financial Statements.*

62 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. | 10174 | $560384 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 10447 | 238714 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 1605 | 673089 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 3443 | 305738 |
|  |  | 80097196 |
| *Vietnam (1.11%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 201480 | 612953 |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 2138281 | 2116769 |
|  |  | 2729722 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $236,960,767)** |  | 249523400 |
| **PREFERRED STOCKS (0.77%)** |  |  |
| *United States (0.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dataminr Inc - Private Placement<sup>(a)(d)</sup> | 45833 | 912077 |
| &nbsp;&nbsp;&nbsp;Gusto Inc Series E Preferred<sup>(a)(d)</sup> | 32241 | 980126 |
|  |  | 1892203 |
| **TOTAL PREFERRED STOCKS** |  |  |
| **(Cost $1,892,052)** |  | 1892203 |
| **TOTAL INVESTMENTS (101.84%)** |  |  |
| **(Cost $238,852,819)** |  | $251415603 |
| **Liabilities In Excess Of Other Assets (-1.84%)** |  | (4544727) |
| **NET ASSETS (100.00%)** |  | $246870876 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $17,417,590, representing 7.06% of net assets.*

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $18,921,122, representing 7.66% of net assets.*

*<sup>(d)</sup>* *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.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 63

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 27.3% |
| Financials | 20.8% |
| Industrials | 17.2% |
| Health Care | 16.7% |
| Consumer | 16.3% |
| Energy & Materials | 3.5% |
| Cash, Cash Equivalents, & Other Net Assets | -1.8% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| Capital Markets | 12.8% |
| IT Services | 12.4% |
| Software | 8.6% |
| Professional Services | 6.4% |
| Banks | 6.1% |
| Health Care Equipment & Supplies | 4.5% |
| Specialty Retail | 4.4% |
| Life Sciences Tools & Services | 4.3% |
| Food & Staples Retailing | 3.4% |
| Health Care Providers & Services | 3.0% |
| Semiconductors & Semiconductor Equipment | 3.0% |
| Pharmaceuticals | 3.0% |
| Trading Companies & Distributors | 2.9% |
| Commercial Services & Supplies | 2.5% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Multiline Retail | 1.9% |
| Internet & Direct Marketing Retail | 1.8% |
| Machinery | 1.6% |
| Electronic Equipment, Instruments & Components | 1.5% |
| Equity Real Estate Investment Trusts (REITs) | 1.4% |
| Health Care Technology | 1.1% |
| Electrical Equipment | 1.1% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Auto Components | 1.0% |
| Other Industries (each less than 1%) | 9.7% |
| Cash and Other Assets, Less Liabilities | -1.8% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

64 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (99.18%)** |  |  |
| *Argentina (3.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 43746 | $8253995 |
| *Australia (0.34%)* |  |  |
| &nbsp;&nbsp;&nbsp;Netwealth Group, Ltd. | 97242 | 756365 |
| *Belgium (1.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 36164 | 2494587 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 38351 | 984651 |
|  |  | 3479238 |
| *Brazil (1.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Class A<sup>(a)</sup> | 93100 | 763420 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 147625 | 2099228 |
|  |  | 2862648 |
| *Britain (16.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 1637030 | 6056330 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 178422 | 3869265 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 180663 | 5428240 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 68309 | 1947455 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 101114 | 7708931 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 49113 | 1191229 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 312410 | 2400425 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 201375 | 1614252 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 82267 | 1056652 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 330155 | 4032329 |
|  |  | 35305108 |
| *Canada (1.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 42100 | 1632887 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 16856 | 1101203 |
|  |  | 2734090 |
| *China (2.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 79100 | 903322 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 293600 | 3407755 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd., Class H<sup>(b)(c)</sup> | 163192 | 1307673 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)(c)</sup> | 92900 | 420140 |
|  |  | 6038890 |
| *Finland (0.38%)* |  |  |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj<sup>(a)</sup> | 44449 | 835486 |
| *France (3.29%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 34642 | 4049994 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *France (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 61304 | $1334052 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 7610 | 1865104 |
|  |  | 7249150 |
| *Germany (1.79%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atoss Software AG | 7946 | 969015 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 43685 | 1662110 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 13125 | 1307454 |
|  |  | 3938579 |
| *Hong Kong (2.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 481500 | 4560652 |
| *India (4.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 47431 | 1460647 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | 62253 | 782999 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 20408 | 1131978 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 124314 | 2540720 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 40344 | 3472812 |
|  |  | 9389156 |
| *Ireland (2.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 11367 | 2248847 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 101776 | 2812878 |
|  |  | 5061725 |
| *Italy (1.73%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 15406 | 2014264 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 87314 | 1176969 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 5719 | 620002 |
|  |  | 3811235 |
| *Japan (3.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 109000 | 3071455 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 55700 | 1423451 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 126200 | 1924890 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | 162100 | 1834724 |
|  |  | 8254520 |
| *Mexico (1.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 150200 | 1197779 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 221633 | 1544820 |
|  |  | 2742599 |
| *Norway (0.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor ASA<sup>(a)</sup> | 119315 | 1685949 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 65

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Philippines (0.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 1835100 | $929425 |
| *Poland (1.78%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 60028 | 3925503 |
| *South Korea (0.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 13165 | 1264328 |
| *Sweden (2.78%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 69202 | 837353 |
| &nbsp;&nbsp;&nbsp;EQT AB | 152956 | 3014457 |
| &nbsp;&nbsp;&nbsp;Lifco AB | 62396 | 901649 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 41241 | 760485 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 174228 | 600422 |
|  |  | 6114366 |
| *Switzerland (0.69%)* |  |  |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 1689 | 1517039 |
| *Taiwan (0.78%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 110500 | 859035 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 20975 | 852735 |
|  |  | 1711770 |
| *United States (43.00%)* |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 9909 | 1925319 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 39238 | 2047419 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 66278 | 2289242 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.<sup>(a)</sup> | 4816 | 642262 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 121000 | 925642 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A<sup>(a)</sup> | 18743 | 1055606 |
| &nbsp;&nbsp;&nbsp;Cross Creek Lucid LP/Partnership Interest<sup>(a)(d)</sup> | 1300000 | 1300000 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 4825 | 777790 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 13354 | 1075131 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 14329 | 916340 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 3313 | 1159550 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 21649 | 2033058 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A<sup>(a)</sup> | 335353 | 2474905 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 81512 | 9789591 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 14387 | 2105537 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 90267 | 4377949 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | 28388 | 1375682 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 97812 | 3104553 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 665739 | 613211 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 29968 | 2150504 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 8065 | 2391756 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 5050 | 1816384 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 55425 | 1407795 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 31406 | 6917171 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 9143 | 3008413 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 218368 | $1511107 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 9943 | 2207147 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 4479 | 1520397 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 39351 | 2203656 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 172322 | 1790426 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.<sup>(a)</sup> | 35605 | 887989 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | 13136 | 4545056 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 52707 | 3921401 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 7522 | 2288418 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 15388 | 1026533 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 19513 | 2781773 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | 16688 | 755466 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 101201 | 2338755 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 11766 | 1352149 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | 18440 | 4258902 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 18051 | 1031434 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 39701 | 1220806 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. | 11587 | 638212 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> | 14644 | 704230 |
|  |  | 94664667 |
| *Vietnam (0.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 1291505 | 1278512 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $224,565,283)** |  | 218364995 |
| **PREFERRED STOCKS (0.74%)** |  |  |
| *United States (0.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dataminr Inc - Private Placement<sup>(a)(d)</sup> | 24262 | 482814 |
| &nbsp;&nbsp;&nbsp;Gusto Inc Series E Preferred<sup>(a)(d)</sup> | 37637 | 1144165 |
|  |  | 1626979 |
| **TOTAL PREFERRED STOCKS** |  |  |
| **(Cost $1,626,803)** |  | 1626979 |
| **TOTAL INVESTMENTS (99.92%)** |  |  |
| **(Cost $226,192,086)** |  | $219991974 |
| **Other Assets In Excess Of Liabilities (0.08%)** |  | 180439 |
| **NET ASSETS (100.00%)** |  | $220172413 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*See Notes to Financial Statements.*

66 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $10,940,265, representing 4.97% of net assets.*

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $10,940,265, representing 4.97% of net assets.*

*<sup>(d)</sup>* *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** *(October 31, 2022) (Unaudited)* | |
| Technology | 36.6% |
| Financials | 23.1% |
| Health Care | 16.0% |
| Industrials | 12.9% |
| Consumer | 11.3% |
| Cash, Cash Equivalents, & Other Net Assets | 0.1% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 17.4% |
| Capital Markets | 12.7% |
| Banks | 9.1% |
| Software | 9.1% |
| Semiconductors & Semiconductor Equipment | 5.8% |
| Trading Companies & Distributors | 5.0% |
| Health Care Equipment & Supplies | 4.7% |
| Pharmaceuticals | 4.5% |
| Electronic Equipment, Instruments & Components | 4.3% |
| Life Sciences Tools & Services | 3.9% |
| Multiline Retail | 3.7% |
| Health Care Providers & Services | 2.9% |
| Specialty Retail | 2.5% |
| Professional Services | 2.2% |
| Machinery | 2.1% |
| Electrical Equipment | 1.9% |
| Food & Staples Retailing | 1.8% |
| Textiles, Apparel & Luxury Goods | 1.4% |
| Distributors | 1.0% |
| Equity Real Estate Investment Trusts (REITs) | 1.0% |
| Other Industries (each less than 1%) | 2.9% |
| Cash and Other Assets, Less Liabilities | 0.1% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 67

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (97.24%)** |  |  |
| *Argentina (0.82%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 25539 | $4818699 |
| *Australia (1.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;Fiducian Group, Ltd. | 215640 | 977956 |
| &nbsp;&nbsp;&nbsp;HUB24, Ltd. | 117537 | 1905131 |
| &nbsp;&nbsp;&nbsp;Netwealth Group, Ltd. | 290554 | 2259978 |
| &nbsp;&nbsp;&nbsp;PeopleIN, Ltd. | 1360968 | 2855391 |
|  |  | 7998456 |
| *Bangladesh (0.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;Square Pharmaceuticals, Ltd. | 1579730 | 3271741 |
| *Belgium (2.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 87620 | 6044013 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 158128 | 4059893 |
| &nbsp;&nbsp;&nbsp;X-Fab Silicon Foundries SE<sup>(a)(b)(c)</sup> | 692246 | 3588167 |
|  |  | 13692073 |
| *Brazil (1.41%)* |  |  |
| &nbsp;&nbsp;&nbsp;Locaweb Servicos de Internet SA<sup>(a)(b)(c)</sup> | 2004700 | 4226345 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 287046 | 4081794 |
|  |  | 8308139 |
| *Britain (17.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ascential PLC<sup>(a)</sup> | 534511 | 1176918 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 2380086 | 8805327 |
| &nbsp;&nbsp;&nbsp;boohoo Group PLC<sup>(a)</sup> | 2044911 | 951879 |
| &nbsp;&nbsp;&nbsp;Bytes Technology Group PLC | 339088 | 1396810 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 637764 | 13830568 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 330904 | 9942413 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 171792 | 4897704 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 189815 | 14471496 |
| &nbsp;&nbsp;&nbsp;Ergomed PLC<sup>(a)</sup> | 169734 | 2386425 |
| &nbsp;&nbsp;&nbsp;Foresight Group Holdings, Ltd. | 1289723 | 5354187 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC | 778908 | 1397942 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 926655 | 7120023 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 711979 | 5707328 |
| &nbsp;&nbsp;&nbsp;K3 Capital Group PLC | 1011260 | 3218209 |
| &nbsp;&nbsp;&nbsp;Marlowe PLC<sup>(a)</sup> | 440981 | 4045744 |
| &nbsp;&nbsp;&nbsp;On the Beach Group PLC<sup>(a)(b)(c)</sup> | 1518553 | 1800690 |
| &nbsp;&nbsp;&nbsp;Pensionbee Group PLC<sup>(a)</sup> | 1259004 | 851859 |
| &nbsp;&nbsp;&nbsp;Premier Miton Group PLC | 1379140 | 1375993 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 343485 | 4411785 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 302906 | 3699525 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC | 1945086 | 6892643 |
|  |  | 103735468 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Canada (2.52%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 118500 | $4596132 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 138685 | 4376312 |
| &nbsp;&nbsp;&nbsp;Guardian Capital Group, Ltd., Class A | 33900 | 646970 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. | 195950 | 5259949 |
|  |  | 14879363 |
| *China (3.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 1315377 | 3694575 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 249200 | 2845864 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 5489500 | 3063068 |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 567170 | 2348084 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 456996 | 5304259 |
| &nbsp;&nbsp;&nbsp;Suofeiya Home Collection Co., Ltd., Class A | 787700 | 1504472 |
| &nbsp;&nbsp;&nbsp;TK Group Holdings, Ltd. | 7310000 | 1490003 |
|  |  | 20250325 |
| *Colombia (0.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 206175 | 3144799 |
| *Finland (1.22%)* |  |  |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj | 384110 | 7219927 |
| *France (6.45%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 76579 | 8952846 |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 87055 | 1894426 |
| &nbsp;&nbsp;&nbsp;Aubay | 21122 | 924710 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 120583 | 2987494 |
| &nbsp;&nbsp;&nbsp;Esker SA | 37170 | 4881848 |
| &nbsp;&nbsp;&nbsp;Neurones | 77697 | 2695120 |
| &nbsp;&nbsp;&nbsp;Thermador Groupe | 72605 | 6048683 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 39519 | 9685551 |
|  |  | 38070678 |
| *Germany (5.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atoss Software AG | 25398 | 3097286 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 161607 | 6148761 |
| &nbsp;&nbsp;&nbsp;Fashionette AG<sup>(a)</sup> | 86366 | 333723 |
| &nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | 99654 | 1930267 |
| &nbsp;&nbsp;&nbsp;Mensch und Maschine Software SE | 92196 | 4191183 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 59864 | 5963387 |
| &nbsp;&nbsp;&nbsp;Nexus AG | 81206 | 4357673 |
| &nbsp;&nbsp;&nbsp;PATRIZIA SE | 186894 | 1372306 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 81231 | 3538422 |
|  |  | 30933008 |
| *India (7.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;Cera Sanitaryware, Ltd. | 65257 | 4395284 |

---

*See Notes to Financial Statements.*

68 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *India (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 119221 | $3671435 |
| &nbsp;&nbsp;&nbsp;EPL, Ltd. | 876429 | 1627869 |
| &nbsp;&nbsp;&nbsp;Gulf Oil Lubricants India, Ltd. | 101019 | 504561 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 52816 | 2929565 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | 92126 | 2116747 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 370832 | 7579035 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 829002 | 2709010 |
| &nbsp;&nbsp;&nbsp;Polycab India, Ltd. | 103054 | 3457791 |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 303500 | 2853419 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 118346 | 10187224 |
|  |  | 42031940 |
| *Indonesia (2.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 17159400 | 621578 |
| &nbsp;&nbsp;&nbsp;Arwana Citramulia Tbk PT | 48815300 | 2863664 |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Pensiunan Nasional Syariah | 17877500 | 3381223 |
| &nbsp;&nbsp;&nbsp;Selamat Sempurna Tbk PT | 37382900 | 3595086 |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk PT | 22958000 | 2075382 |
|  |  | 12536933 |
| *Ireland (3.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 15149 | 2997078 |
| &nbsp;&nbsp;&nbsp;Irish Residential Properties REIT PLC | 2895293 | 3130232 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 226979 | 6273230 |
| &nbsp;&nbsp;&nbsp;Uniphar PLC | 3116612 | 10779968 |
|  |  | 23180508 |
| *Israel (0.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.<sup>(a)</sup> | 24258 | 2040098 |
| *Italy (4.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 17335 | 2266472 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 377700 | 5091293 |
| &nbsp;&nbsp;&nbsp;GVS SpA<sup>(b)(c)</sup> | 300176 | 1539608 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | 229473 | 8885108 |
| &nbsp;&nbsp;&nbsp;Piovan SpA<sup>(b)(c)</sup> | 186219 | 1431760 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 79759 | 2997593 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 27704 | 3003418 |
|  |  | 25215252 |
| *Japan (14.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;AIT Corp. | 316300 | 3205650 |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 229000 | 6452873 |
| &nbsp;&nbsp;&nbsp;Carenet, Inc. | 269000 | 2471193 |
| &nbsp;&nbsp;&nbsp;Charm Care Corp. | 480900 | 3395844 |
| &nbsp;&nbsp;&nbsp;Create SD Holdings Co., Ltd. | 115500 | 2462322 |
| &nbsp;&nbsp;&nbsp;CrowdWorks, Inc.<sup>(a)</sup> | 279700 | 3333188 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Japan (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;eGuarantee, Inc. | 200900 | $3250717 |
| &nbsp;&nbsp;&nbsp;Funai Soken Holdings, Inc. | 281500 | 5022492 |
| &nbsp;&nbsp;&nbsp;gremz, Inc. | 353900 | 4103188 |
| &nbsp;&nbsp;&nbsp;Japan Lifeline Co., Ltd. | 69800 | 471295 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 196300 | 5016578 |
| &nbsp;&nbsp;&nbsp;MarkLines Co., Ltd. | 247800 | 4274569 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 153700 | 2344340 |
| &nbsp;&nbsp;&nbsp;Naigai Trans Line, Ltd. | 86100 | 1192818 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | 172200 | 1949041 |
| &nbsp;&nbsp;&nbsp;Open Door, Inc.<sup>(a)</sup> | 145900 | 1746542 |
| &nbsp;&nbsp;&nbsp;Prestige International, Inc. | 131100 | 634803 |
| &nbsp;&nbsp;&nbsp;Seria Co., Ltd. | 268000 | 4383308 |
| &nbsp;&nbsp;&nbsp;Strike Co., Ltd. | 186700 | 5769437 |
| &nbsp;&nbsp;&nbsp;Sun\*, Inc.<sup>(a)</sup> | 352600 | 2136539 |
| &nbsp;&nbsp;&nbsp;Synchro Food Co., Ltd.<sup>(a)</sup> | 644400 | 2175519 |
| &nbsp;&nbsp;&nbsp;System Information Co., Ltd. | 423300 | 2826839 |
| &nbsp;&nbsp;&nbsp;Systena Corp. | 972300 | 2726716 |
| &nbsp;&nbsp;&nbsp;Trancom Co., Ltd. | 76790 | 3940332 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 70700 | 4112815 |
| &nbsp;&nbsp;&nbsp;User Local, Inc. | 207200 | 2243465 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.<sup>(a)</sup> | 17200 | 1172924 |
| &nbsp;&nbsp;&nbsp;YAKUODO Holdings Co., Ltd. | 191800 | 3593630 |
|  |  | 86408977 |
| *Luxembourg (0.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sword Group | 62260 | 2347309 |
| *Mexico (0.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 783200 | 1442830 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 432400 | 3448201 |
|  |  | 4891031 |
| *Netherlands (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;Shop Apotheke Europe NV<sup>(a)(b)(c)</sup> | 44871 | 1860220 |
| *Norway (1.55%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bouvet ASA | 276844 | 1464621 |
| &nbsp;&nbsp;&nbsp;Nordhealth AS, Class A<sup>(a)</sup> | 985229 | 1762697 |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor ASA<sup>(a)</sup> | 76983 | 1087787 |
| &nbsp;&nbsp;&nbsp;Self Storage Group ASA<sup>(a)</sup> | 1016072 | 2756139 |
| &nbsp;&nbsp;&nbsp;SmartCraft ASA<sup>(a)</sup> | 1335830 | 2055884 |
|  |  | 9127128 |
| *Philippines (1.52%)* |  |  |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 6141500 | 3179379 |
| &nbsp;&nbsp;&nbsp;Robinsons Land Corp. | 11279400 | 2888460 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 5738600 | 2906435 |
|  |  | 8974274 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 69

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Poland (1.16%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 104658 | $6844060 |
| *Singapore (0.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. | 7661900 | 2922737 |
| *South Africa (0.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;Italtile, Ltd. | 4209423 | 3150980 |
| *South Korea (1.15%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Ezwel Co., Ltd. | 242703 | 877476 |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 23508 | 2257639 |
| &nbsp;&nbsp;&nbsp;Suprema, Inc.<sup>(a)</sup> | 130376 | 2214960 |
| &nbsp;&nbsp;&nbsp;Tokai Carbon Korea Co., Ltd. | 20105 | 1432593 |
|  |  | 6782668 |
| *Sweden (4.69%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 195500 | 2365576 |
| &nbsp;&nbsp;&nbsp;Beijer Alma AB | 333735 | 4666946 |
| &nbsp;&nbsp;&nbsp;Byggfakta Group Nordic Holdco AB<sup>(a)</sup> | 650446 | 1721374 |
| &nbsp;&nbsp;&nbsp;Cint Group AB<sup>(a)</sup> | 439658 | 2321492 |
| &nbsp;&nbsp;&nbsp;KNOW IT AB | 271432 | 5403466 |
| &nbsp;&nbsp;&nbsp;Lyko Group AB, Class A<sup>(a)(c)</sup> | 94106 | 1290408 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ | 133460 | 1655981 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 117372 | 2164343 |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 140324 | 2707044 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 448286 | 1544876 |
| &nbsp;&nbsp;&nbsp;Teqnion AB | 163203 | 1847659 |
|  |  | 27689165 |
| *Taiwan (2.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 749000 | 2487175 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 222000 | 1725844 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 1085703 | 6806176 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 47850 | 1945333 |
| &nbsp;&nbsp;&nbsp;Wistron Information Technology & Services Corp. | 929000 | 2217087 |
|  |  | 15181615 |
| *United States (5.42%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 309782 | 10699870 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 539900 | 4130200 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(b)(c)</sup> | 11900000 | 2683304 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 230418 | 11175273 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 1987710 | 1830878 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 58300 | 1480820 |
|  |  | 32000345 |
| *Vietnam (0.71%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 21300 | 64800 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Vietnam (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 4151773 | $4110005 |
|  |  | 4174805 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $564,269,856)** |  | 573682721 |
| **TOTAL INVESTMENTS (97.24%)** |  |  |
| **(Cost $564,269,856)** |  | $573682721 |
| **Other Assets In Excess Of Liabilities (2.76%)** |  | 16304472 |
| **NET ASSETS (100.00%)** |  | $589987193 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $44,341,922, representing 7.52% of net assets.*

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $45,632,330, representing 7.73% 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** *(October 31, 2022) (Unaudited)* | |
| Technology | 27.2% |
| Industrials | 21.2% |
| Health Care | 17.7% |
| Financials | 16.2% |
| Consumer | 13.7% |
| Energy & Materials | 1.2% |
| Cash, Cash Equivalents, & Other Net Assets | 2.8% |
| **Total** | **100%** |

---

*See Notes to Financial Statements.*

70 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 16.3% |
| Capital Markets | 9.1% |
| Health Care Providers & Services | 6.0% |
| Pharmaceuticals | 5.9% |
| Professional Services | 5.3% |
| Software | 4.7% |
| Banks | 4.3% |
| Trading Companies & Distributors | 4.3% |
| Food & Staples Retailing | 3.7% |
| Semiconductors & Semiconductor Equipment | 3.7% |
| Specialty Retail | 3.3% |
| Life Sciences Tools & Services | 3.0% |
| Machinery | 3.0% |
| Commercial Services & Supplies | 2.4% |
| Building Products | 2.4% |
| Multiline Retail | 2.2% |
| Electrical Equipment | 1.6% |
| Health Care Equipment & Supplies | 1.4% |
| Health Care Technology | 1.4% |
| Household Durables | 1.4% |
| Equity Real Estate Investment Trusts (REITs) | 1.2% |
| Electronic Equipment, Instruments & Components | 1.2% |
| Interactive Media & Services | 1.1% |
| Real Estate Management & Development | 1.1% |
| Other Industries (each less than 1%) | 7.2% |
| Cash and Other Assets, Less Liabilities | 2.8% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 71

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (98.95%)** |  |  |
| *Argentina (4.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 298087 | $56243055 |
| *Australia (0.76%)* |  |  |
| &nbsp;&nbsp;&nbsp;Netwealth Group, Ltd. | 1340583 | 10427281 |
| *Belgium (2.73%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 348506 | 24039885 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 512278 | 13152598 |
|  |  | 37192483 |
| *Brazil (1.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;CI&T, Inc., Class A<sup>(a)</sup> | 595700 | 4884740 |
| &nbsp;&nbsp;&nbsp;Patria Investments, Ltd., Class A | 1155126 | 16425892 |
|  |  | 21310632 |
| *Britain (22.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;Abcam PLC<sup>(a)</sup> | 1003242 | 15462990 |
| &nbsp;&nbsp;&nbsp;B&M European Value Retail SA | 12793173 | 47329415 |
| &nbsp;&nbsp;&nbsp;CVS Group PLC | 1138274 | 24684642 |
| &nbsp;&nbsp;&nbsp;Dechra Pharmaceuticals PLC | 1505211 | 45225895 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 645168 | 18393418 |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 688426 | 52485598 |
| &nbsp;&nbsp;&nbsp;Halma PLC | 410578 | 9958514 |
| &nbsp;&nbsp;&nbsp;Impax Asset Management Group PLC | 2151343 | 16530004 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | 238498 | 9994056 |
| &nbsp;&nbsp;&nbsp;JTC PLC<sup>(b)(c)</sup> | 1643945 | 13178105 |
| &nbsp;&nbsp;&nbsp;Softcat PLC | 806680 | 10361146 |
| &nbsp;&nbsp;&nbsp;St. James's Place PLC | 3139418 | 38343102 |
|  |  | 301946885 |
| *Canada (2.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 296638 | 11505378 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 311884 | 9841739 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 222941 | 14564736 |
|  |  | 35911853 |
| *China (4.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;Angelalign Technology, Inc.<sup>(b)(c)</sup> | 326200 | 2879830 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co., Ltd., Class A | 941619 | 2644780 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting Co., Ltd., Class A | 578150 | 6602472 |
| &nbsp;&nbsp;&nbsp;Man Wah Holdings, Ltd. | 10598700 | 5913933 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 2155800 | 25021932 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd., Class H<sup>(b)(c)</sup> | 1892812 | 15167284 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *China (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc.<sup>(a)(b)(c)</sup> | 1152400 | $5211723 |
|  |  | 63441954 |
| *Finland (0.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;Musti Group Oyj | 287787 | 5409391 |
| *France (5.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alten SA | 305224 | 35683720 |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners SA | 389963 | 8486086 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 414012 | 10257321 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 59813 | 14659324 |
|  |  | 69086451 |
| *Germany (2.67%)* |  |  |
| &nbsp;&nbsp;&nbsp;Atoss Software AG | 59126 | 7210417 |
| &nbsp;&nbsp;&nbsp;Dermapharm Holding SE | 321680 | 12239156 |
| &nbsp;&nbsp;&nbsp;Nagarro SE<sup>(a)</sup> | 95867 | 9549846 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 172030 | 7493627 |
|  |  | 36493046 |
| *Hong Kong (2.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 3229500 | 30589049 |
| *India (8.21%)* |  |  |
| &nbsp;&nbsp;&nbsp;Avenue Supermarts, Ltd.<sup>(a)(b)(c)</sup> | 144557 | 7545726 |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | 442965 | 13641197 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | 683087 | 8591659 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 157227 | 8720968 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. | 203101 | 4666581 |
| &nbsp;&nbsp;&nbsp;Metropolis Healthcare, Ltd.<sup>(b)(c)</sup> | 1099847 | 22478586 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 2319898 | 7580954 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 451174 | 38837058 |
|  |  | 112062729 |
| *Indonesia (0.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Pensiunan Nasional Syariah | 38835900 | 7345145 |
| *Ireland (2.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 78362 | 15503138 |
| &nbsp;&nbsp;&nbsp;Keywords Studios PLC | 884656 | 24450062 |
|  |  | 39953200 |
| *Italy (4.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 116160 | 15187390 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | 1495004 | 20152244 |
| &nbsp;&nbsp;&nbsp;Interpump Group SpA | 285800 | 11066068 |
| &nbsp;&nbsp;&nbsp;Sesa SpA | 87818 | 9520437 |
|  |  | 55926139 |

---

*See Notes to Financial Statements.*

72 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Japan (7.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 866000 | $24402569 |
| &nbsp;&nbsp;&nbsp;GMO Payment Gateway, Inc. | 88200 | 6364612 |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 510700 | 13051279 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 1053400 | 16067193 |
| &nbsp;&nbsp;&nbsp;Nihon M&A Center Holdings, Inc. | 2027800 | 22951595 |
| &nbsp;&nbsp;&nbsp;Systena Corp. | 5235500 | 14682427 |
| &nbsp;&nbsp;&nbsp;Visional, Inc.<sup>(a)</sup> | 35800 | 2441320 |
|  |  | 99960995 |
| *Mexico (1.81%)* |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 1465100 | 11683531 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 1857300 | 12945699 |
|  |  | 24629230 |
| *Norway (0.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;Nordic Semiconductor ASA<sup>(a)</sup> | 890593 | 12584285 |
| *Philippines (0.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 21551800 | 10915364 |
| *Poland (2.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 533928 | 34915968 |
| *South Korea (0.81%)* |  |  |
| &nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | 114462 | 10992595 |
| *Sweden (5.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | 616849 | 7463955 |
| &nbsp;&nbsp;&nbsp;Byggfakta Group Nordic Holdco AB<sup>(a)</sup> | 553106 | 1463768 |
| &nbsp;&nbsp;&nbsp;Cint Group AB<sup>(a)</sup> | 907290 | 4790694 |
| &nbsp;&nbsp;&nbsp;EQT AB | 1356129 | 26726594 |
| &nbsp;&nbsp;&nbsp;Lifco AB | 522688 | 7553062 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ | 726135 | 9009935 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | 447699 | 8255581 |
| &nbsp;&nbsp;&nbsp;SwedenCare AB | 1152051 | 3970179 |
|  |  | 69233768 |
| *Switzerland (1.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 19845 | 17824530 |
| *Taiwan (1.45%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 1142000 | 8877989 |
| &nbsp;&nbsp;&nbsp;Voltronic Power Technology Corp. | 267490 | 10874758 |
|  |  | 19752747 |
| *United States (11.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 390969 | 20400566 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 705164 | 24356365 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 1054000 | 8063030 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 30572 | $10700200 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 767923 | 37244266 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 518825 | 13178155 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 83328 | 27418245 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 48472 | 16453820 |
|  |  | 157814647 |
| *Vietnam (0.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Technological & Commercial Joint Stock Bank<sup>(a)</sup> | 8443926 | 8358977 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $1,376,488,577)** |  | 1350322399 |
| **TOTAL INVESTMENTS (98.95%)** |  |  |
| **(Cost $1,376,488,577)** |  | $1350322399 |
| **Other Assets In Excess Of Liabilities (1.05%)** |  | 14397727 |
| **NET ASSETS (100.00%)** |  | $1364720126 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $117,679,144, representing 8.62% of net assets.*

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $117,679,144, representing 8.62% 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** *(October 31, 2022) (Unaudited)* | |
| Technology | 34.0% |
| Financials | 20.3% |
| Industrials | 17.4% |
| Health Care | 15.2% |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 73

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* **(continued)** | **Sector Composition** *(October 31, 2022) (Unaudited)* **(continued)** |
| Consumer | 12.0% |
| Cash, Cash Equivalents, & Other Net Assets | 1.1% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 22.5% |
| Capital Markets | 13.1% |
| Semiconductors & Semiconductor Equipment | 6.5% |
| Pharmaceuticals | 5.6% |
| Banks | 5.6% |
| Trading Companies & Distributors | 5.2% |
| Professional Services | 5.2% |
| Life Sciences Tools & Services | 3.7% |
| Health Care Providers & Services | 3.5% |
| Multiline Retail | 3.5% |
| Food & Staples Retailing | 3.2% |
| Machinery | 3.0% |
| Software | 3.0% |
| Textiles, Apparel & Luxury Goods | 2.7% |
| Electronic Equipment, Instruments & Components | 2.0% |
| Specialty Retail | 2.0% |
| Electrical Equipment | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Commercial Services & Supplies | 1.1% |
| Biotechnology | 1.1% |
| Equity Real Estate Investment Trusts (REITs) | 1.0% |
| Other Industries (each less than 1%) | 2.7% |
| Cash and Other Assets, Less Liabilities | 1.1% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

74 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak US Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (99.52%)** |  |  |
| *Argentina (4.23%)* |  |  |
| &nbsp;&nbsp;&nbsp;Globant SA<sup>(a)</sup> | 22983 | $4336432 |
| *Britain (3.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;Endava PLC, ADR<sup>(a)</sup> | 51501 | 3926436 |
| *Canada (2.14%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aritzia, Inc.<sup>(a)</sup> | 23219 | 900570 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 19762 | 1291051 |
|  |  | 2191621 |
| *China (0.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;O2Micro International, Ltd., ADR<sup>(a)</sup> | 152896 | 632989 |
| *Germany (0.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 18875 | 822195 |
| *Hong Kong (2.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | 259300 | 2456027 |
| *India (1.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 22672 | 1951606 |
| *Ireland (2.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 11763 | 2327191 |
| *United States (81.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 8482 | 1648053 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | 27605 | 1440415 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 6877 | 522308 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son, Ltd. | 57761 | 1995065 |
| &nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc.<sup>(a)</sup> | 3573 | 476495 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 3341 | 989805 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A<sup>(a)</sup> | 12944 | 729006 |
| &nbsp;&nbsp;&nbsp;Cross Creek Lucid LP/Partnership Interest<sup>(a)(b)</sup> | 700000 | 700000 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 3189 | 514067 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 8193 | 659618 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(a)</sup> | 8226 | 993536 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 13316 | 851558 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 2068 | 723800 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 516 | 292283 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(a)</sup> | 19214 | 1804387 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 12847 | 620896 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A<sup>(a)</sup> | 241815 | 1784595 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 38595 | 4635261 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 10622 | 1554530 |
| &nbsp;&nbsp;&nbsp;Frontage Holdings Corp.<sup>(a)(c)(d)</sup> | 2272700 | 512466 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 60325 | 2925763 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A<sup>(a)</sup> | 16797 | 813983 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 17104 | 979717 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *United States (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 105301 | $3342254 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 15799 | 655816 |
| &nbsp;&nbsp;&nbsp;GQG Partners, Inc. | 423100 | 389717 |
| &nbsp;&nbsp;&nbsp;Heska Corp.<sup>(a)</sup> | 27648 | 1984020 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(a)</sup> | 6132 | 1818506 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 4620 | 1661722 |
| &nbsp;&nbsp;&nbsp;JFrog, Ltd.<sup>(a)</sup> | 30224 | 767690 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 23597 | 1024110 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> | 5851 | 538585 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 20770 | 4574593 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 6907 | 2272679 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.<sup>(a)</sup> | 126453 | 875055 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 8164 | 1812245 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 11454 | 707170 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 14285 | 606541 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 5018 | 1703360 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 1659 | 777839 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.<sup>(a)</sup> | 5108 | 740405 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 27203 | 1523368 |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | 102500 | 1064975 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.<sup>(a)</sup> | 27695 | 690713 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.<sup>(a)</sup> | 10471 | 3622967 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 2008 | 465434 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 52252 | 3887549 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 9108 | 2770926 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 15508 | 1034539 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(a)</sup> | 18413 | 2624957 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.<sup>(a)</sup> | 12078 | 546771 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 15246 | 842799 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 70259 | 1623685 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(a)</sup> | 10391 | 1194134 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(a)</sup> | 10147 | 2343551 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 15918 | 909554 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 42256 | 1299372 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. | 8181 | 450609 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> | 9858 | 474071 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 2626 | 1534503 |
|  |  | 83324391 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $111,784,107)** |  | 101968888 |
| **PREFERRED STOCKS (0.61%)** |  |  |
| *United States (0.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;Gusto Inc Series E Preferred<sup>(a)(b)</sup> | 20595 | 626088 |
| **TOTAL PREFERRED STOCKS** |  |  |
| **(Cost $625,992)** |  | 626088 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 75

Grandeur Peak US Stalwarts Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **TOTAL INVESTMENTS (100.13%)** |  |  |
| **(Cost $112,410,099)** |  | $102594976 |
| **Liabilities In Excess Of Other Assets (-0.13%)** | **Liabilities In Excess Of Other Assets (-0.13%)** | (133960) |
| **NET ASSETS (100.00%)** |  | $102461016 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $512,466, representing 0.50% of net assets.*

*<sup>(d)</sup>* *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 October 31, 2022, the aggregate market value of these securities was $512,466, representing 0.50% 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** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Technology | 38.0% |
| Financials | 21.8% |
| Health Care | 16.0% |
| Industrials | 13.2% |
| Consumer | 11.1% |
| Cash, Cash Equivalents, & Other Net Assets | -0.1% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| IT Services | 14.3% |
| Software | 14.1% |
| Banks | 10.2% |
| Capital Markets | 9.0% |
| Health Care Equipment & Supplies | 8.8% |
| Life Sciences Tools & Services | 7.2% |
| Trading Companies & Distributors | 6.7% |
| Semiconductors & Semiconductor Equipment | 5.1% |
| Electronic Equipment, Instruments & Components | 4.5% |
| Distributors | 2.7% |
| Machinery | 2.4% |
| Specialty Retail | 2.4% |
| Textiles, Apparel & Luxury Goods | 2.2% |
| Equity Real Estate Investment Trusts (REITs) | 2.0% |
| Internet & Direct Marketing Retail | 1.8% |
| Electrical Equipment | 1.6% |
| Multiline Retail | 1.5% |
| Commercial Services & Supplies | 1.3% |
| Other Industries (each less than 1%) | 2.3% |
| Cash and Other Assets, Less Liabilities | -0.1% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

76 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Statements of Assets and Liabilities

October 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Emerging Markets**<br> **Opportunities Fund** | **Grandeur Peak**<br> **Global Contrarian**<br> **Fund** | **Grandeur Peak**<br> **Global Explorer Fund** | **Grandeur Peak**<br> **Global Micro Cap**<br> **Fund** | **Grandeur Peak**<br> **Global Opportunities**<br> **Fund** |
| **ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost - see below) | $379443969 | $87536549 | $8071657 | $44289932 | $611043336 |
| &nbsp;&nbsp;&nbsp;Cash | 10639534 | 1827499 | 508398 | 132629 | 3662579 |
| &nbsp;&nbsp;&nbsp;Foreign cash, at value (Cost $3,213,564, $624,934, $10, $159,700 and $268,128, respectively) | 3146481 | 624616 |  | 157654 | 264538 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 211016 | 177018 | 5828 | 53122 | 912894 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1224036 | 702994 | 142027 | 47562 | 593842 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares subscribed | 85791 | 201772 | 3251 | 10203 | 191982 |
| &nbsp;&nbsp;&nbsp;Due from advisor |  | 66255 | 85258 |  |  |
| &nbsp;&nbsp;&nbsp;Deferred offering cost |  | 2 | 22788 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 13461 | 14157 | 39084 | 1512 | 18992 |
| &nbsp;&nbsp;&nbsp;Total assets | 394764288 | 91150862 | 8878291 | 44692614 | 616688163 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian due to overdraft |  |  | 1000 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 312026 | 329932 | 91980 |  | 216407 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax | 1536846 | 3998 |  | 50371 | 243515 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 981017 | 35955 |  | 658638 | 431885 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 452676 |  |  | 55249 | 620985 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 54911 | 30348 | 376 | 24559 | 62983 |
| &nbsp;&nbsp;&nbsp;Custodian fees payable | 215493 | 37666 |  | 30169 | 129715 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 9745 | 6068 | 801 | 2922 | 2638 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 5196 | 4634 | 11615 | 4523 | 10009 |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fees | 2958 | 858 | 328 | 3779 | 3021 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees payable | 4739 |  |  |  | 17917 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 5321 | 4366 | 716 | 5818 | 8284 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 81754 | 58697 | – | 24000 | 48285 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3662682 | 512522 | 106816 | 860028 | 1795644 |
| **NET ASSETS** | $391101606 | $90638340 | $8771475 | $43832586 | $614892519 |
| **NET ASSETS CONSISTS OF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $369304253 | $108634035 | $12379908 | $48665672 | $595721430 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 21797353 | (17995695) | (3608433) | (4833086) | 19171089 |
| **NET ASSETS** | $391101606 | $90638340 | $8771475 | $43832586 | $614892519 |
| **INVESTMENTS, AT COST** | $357325570 | $97218940 | $11037763 | $44875020 | $588085595 |
| **PRICING OF SHARES** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| Net Assets | $8894922 | $– | $– | $– | $71029733 |
| Net Asset Value, offering and redemption price per share | $11.45 | $– | $– | $– | $3.09 |
| Shares of beneficial interest outstanding | 776552 |  |  |  | 22986977 |
| **Institutional Class** |  |  |  |  |  |
| Net Assets | $382206684 | $90638340 | $8771475 | $43832586 | $543862786 |
| Net Asset Value, offering and redemption price per share | $11.59 | $12.13 | $6.78 | $11.35 | $3.17 |
| Shares of beneficial interest outstanding | 32975456 | 7469338 | 1292984 | 3862460 | 171566621 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 77

Grandeur Peak Funds<sup>®</sup> Statements of Assets and Liabilities

October 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Global Reach Fund** | **Grandeur Peak**<br> **Global Stalwarts**<br> **Fund** | **Grandeur Peak**<br> **International**<br> **Opportunities Fund** | **Grandeur Peak**<br> **International**<br> **Stalwarts Fund** | **Grandeur Peak US**<br> **Stalwarts Fund** |
| **ASSETS** | | | | | |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost - see below) | $251415603 | $219991974 | $573682721 | $1350322399 | $102594976 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 12920351 | 9028482 | 860532 |
| &nbsp;&nbsp;&nbsp;Foreign cash, at value (Cost $499,216, $154,002, $4,454,545, $1,067,363 and $6, respectively) | 500703 | 153953 | 4419692 | 1066364 | 6 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 238872 | 218873 | 824799 | 1778131 | 22362 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 3167164 | 1448073 | 2409213 | 6266802 | 212155 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares subscribed | 189334 | 475345 | 328007 | 1407475 | 27004 |
| &nbsp;&nbsp;&nbsp;Deferred offering cost |  |  |  |  | 8469 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 28867 | 32052 | – | 28081 | 6388 |
| &nbsp;&nbsp;&nbsp;Total assets | 255540543 | 222320270 | 594584783 | 1369897734 | 103731892 |
| **LIABILITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian due to overdraft | 6685595 | 654908 |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 1396135 | 36125 | 2620181 | 1723426 | 68210 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax | 107731 |  | 910814 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 57320 | 1178606 | 184007 | 2091701 | 1078812 |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 221224 | 150951 | 593549 | 910602 | 65118 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 51656 | 35300 | 39680 | 115821 | 21303 |
| &nbsp;&nbsp;&nbsp;Custodian fees payable | 81568 | 36754 | 169537 | 246836 | 13857 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 5344 | 2497 | 4879 | 6582 | 1148 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 2183 | 784 | 23673 | 13818 | 164 |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fees | 416 | 157 | 260 | 337 | 46 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees payable | 13340 | 8706 | 9042 | 6464 |  |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 8346 | 17702 | 2826 | 24635 | 4520 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 38809 | 25367 | 39142 | 37386 | 17698 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 8669667 | 2147857 | 4597590 | 5177608 | 1270876 |
| **NET ASSETS** | $246870876 | $220172413 | $589987193 | $1364720126 | $102461016 |
| **NET ASSETS CONSISTS OF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $244869405 | $254548101 | $592945051 | $1451369077 | $131360977 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 2001471 | (34375688) | (2957858) | (86648951) | (28899961) |
| **NET ASSETS** | $246870876 | $220172413 | $589987193 | $1364720126 | $102461016 |
| **INVESTMENTS, AT COST** | $238852819 | $226192086 | $564269856 | $1376488577 | $112410099 |
| **PRICING OF SHARES** |  |  |  |  |  |
| **Investor Class** |  |  |  |  |  |
| Net Assets | $26027654 | $37897022 | $31539858 | $29986452 | $– |
| Net Asset Value, offering and redemption price per share | $13.50 | $13.68 | $2.94 | $14.70 | $– |
| Shares of beneficial interest outstanding | 1928471 | 2770390 | 10725939 | 2039350 |  |
| **Institutional Class** |  |  |  |  |  |
| Net Assets | $220843222 | $182275391 | $558447335 | $1334733674 | $102461016 |
| Net Asset Value, offering and redemption price per share | $13.65 | $13.89 | $2.98 | $14.85 | $16.18 |
| Shares of beneficial interest outstanding | 16179669 | 13121738 | 187637730 | 89882756 | 6332029 |

---

*See Notes to Financial Statements.*

78 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Statements of Operations

For the Six Months Ended October 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Emerging Markets**<br> **Opportunities Fund** | **Grandeur Peak**<br> **Global Contrarian**<br> **Fund** | **Grandeur Peak**<br> **Global Explorer Fund** | **Grandeur Peak**<br> **Global Micro Cap**<br> **Fund** | **Grandeur Peak**<br> **Global Opportunities**<br> **Fund** |
| **INVESTMENT INCOME** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividends | $6850272 | $2270846 | $83164 | $647063 | $6866446 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (677173) | (110743) | (7460) | (47136) | (564997) |
| &nbsp;&nbsp;&nbsp;Total investment income | 6173099 | 2160103 | 75704 | 599927 | 6301449 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees (Note 6) | 3018673 | 495566 | 49705 | 356950 | 4301643 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 81699 | 28238 | 15068 | 16861 | 113961 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 11562 |  |  |  | 98698 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 22266 | 18111 | 13449 | 20920 | 34140 |
| &nbsp;&nbsp;&nbsp;Recoupment of previously waived fees |  | 43341 |  |  |  |
| &nbsp;&nbsp;&nbsp;Professional fees | 41100 | 12790 | 13898 | 7272 | 22983 |
| &nbsp;&nbsp;&nbsp;Printing fees | 19363 | 1778 | 7233 | 2624 | 17722 |
| &nbsp;&nbsp;&nbsp;Registration fees |  |  | 725 |  | 13463 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 313617 | 62048 | 63035 | 41957 | 191470 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 25873 |  | 5656 | 1812 | 28474 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 13013 | 1290 |  | 3742 | 22116 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fees | 3855 | 140 | 548 | 3597 | 4393 |
| &nbsp;&nbsp;&nbsp;Offering costs |  |  | 14122 |  |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 9023 | 5103 | 16184 | 8834 | 28539 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3560044 | 668405 | 199623 | 464569 | 4877602 |
| &nbsp;&nbsp;&nbsp;Voluntary waiver of investment advisory fees (Note 6) | (78814) |  |  |  | (230192) |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) | – | – | (143158) | – | – |
| &nbsp;&nbsp;&nbsp;Total net expenses | 3481230 | 668405 | 56465 | 464569 | 4647410 |
| **NET INVESTMENT INCOME** | 2691869 | 1491698 | 19239 | 135358 | 1654039 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 7796289 | (9861153) | (536140) | (2033214) | (7592986) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (221047) | (87714) | (3971) | (14061) | (170089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 7575242 | (9948867) | (540111) | (2047275) | (7763075) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments (net of change in foreign capital gains tax of $(1008947), $(30929), $0, $(20146) and $(551822), respectively) | (72693302) | (2888856) | (741010) | (6521239) | (119316823) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | (64204) | 10201 | 207 | 857 | 18951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (72757506) | (2878655) | (740803) | (6520382) | (119297872) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS** | (65182264) | (12827522) | (1280914) | (8567657) | (127060947) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(62490395) | $(11335824) | $(1261675) | $(8432299) | $(125406908) |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 79

Grandeur Peak Funds<sup>®</sup> Statements of Operations

For the Six Months Ended October 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Grandeur Peak**<br> **Global Reach Fund** | **Grandeur Peak**<br> **Global Stalwarts**<br> **Fund** | **Grandeur Peak**<br> **International**<br> **Opportunities Fund** | **Grandeur Peak**<br> **International**<br> **Stalwarts Fund** | **Grandeur Peak US**<br> **Stalwarts Fund** |
| **INVESTMENT INCOME** | | | | | |
| &nbsp;&nbsp;&nbsp;Dividends | $2700902 | $1902819 | $6925991 | $14246280 | $524495 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (192121) | (133686) | (635861) | (1341442) | (2626) |
| &nbsp;&nbsp;&nbsp;Total investment income | 2508781 | 1769133 | 6290130 | 12904838 | 521869 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees (Note 6) | 1577640 | 1129486 | 3989451 | 6003370 | 456171 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 54108 | 53749 | 108243 | 229842 | 28863 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 35767 | 55620 | 43066 | 42951 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 28033 | 37255 | 20240 | 76771 | 19157 |
| &nbsp;&nbsp;&nbsp;Professional fees | 11669 | 12152 | 13590 | 29598 | 11604 |
| &nbsp;&nbsp;&nbsp;Printing fees | 22852 | 14060 | 7228 | 71243 | 1126 |
| &nbsp;&nbsp;&nbsp;Registration fees |  |  |  |  | 1756 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 128613 | 75919 | 242090 | 375699 | 13321 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 10851 | 11237 | 27578 | 57204 | 4482 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 4859 | 5081 | 11444 | 60163 | 1949 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fees | 558 | 578 | 1353 | 2924 | 231 |
| &nbsp;&nbsp;&nbsp;Other expenses | 14892 | 11504 | 21966 | 37509 | 2514 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1889842 | 1406641 | 4486249 | 6987274 | 541174 |
| &nbsp;&nbsp;&nbsp;Voluntary waiver of investment advisory fees (Note 6) |  |  | (167753) |  |  |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) | (62706) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Total net expenses | 1827136 | 1406641 | 4318496 | 6987274 | 541174 |
| **NET INVESTMENT INCOME/(LOSS)** | 681645 | 362492 | 1971634 | 5917564 | (19305) |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (5572106) | (25200145) | (944168) | (47813012) | (15175734) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on foreign currency transactions | (41953) | (54816) | (177617) | (468396) | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (5614059) | (25254961) | (1121785) | (48281408) | (15175433) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments (net of change in foreign capital gains tax of $(306276), $(2932), $(917411), $(779074) and $0, respectively) | (44107912) | (25520348) | (125610168) | (251702750) | 3054483 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies | 6453 | 744 | (16200) | (14734) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (44101459) | (25519604) | (125626368) | (251717484) | 3054503 |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS** | (49715518) | (50774565) | (126748153) | (299998892) | (12120930) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(49033873) | $(50412073) | $(124776519) | $(294081328) | $(12140235) |

---

*See Notes to Financial Statements.*

80 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2691869 | $916863 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 7575242 | 25770353 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (72757506) | (119829805) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (62490395) | (93142589) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (1618022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (67571163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | (549374) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (69738559) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 467290 | 1267340 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 1591129 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1025887) | (3279504) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 20 | – |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (558577) | (421035) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 13852553 | 49481761 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 63205715 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (55780436) | (91861917) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 1856 | 3893 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (41926027) | 20829452 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (104974999) | (142472731) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 496076605 | 638549336 |
| &nbsp;&nbsp;&nbsp;End of period | $391101606 | $496076605 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 37408 | 75970 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 99757 |
| &nbsp;&nbsp;&nbsp;Redeemed | (81752) | (202959) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (44344) | (27232) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1112161 | 2900542 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 3925821 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4472553) | (5465808) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (3360392) | 1360555 |

---

 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 81

Grandeur Peak Global Contrarian Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1491698 | $1183034 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (9948867) | 2272824 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (2878655) | (13473089) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (11335824) | (10017231) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (5635245) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (5635245) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 14923468 | 86906012 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 5276808 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (19084048) | (19814461) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 6223 | 9594 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (4154357) | 72377953 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (15490181) | 56725477 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 106128521 | 49403044 |
| &nbsp;&nbsp;&nbsp;End of period | $90638340 | $106128521 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1161541 | 5617970 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 350386 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1495098) | (1370653) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (333557) | 4597703 |

---

 

*See Notes to Financial Statements.*

82 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Explorer Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the Period<br> December 16, 2021<br> (Inception) to<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $19239 | $(5004) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (540111) | (131015) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (740803) | (2225453) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (1261675) | (2361472) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  |  |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1315465 | 12437366 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (743890) | (616937) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 518 | 2100 |
| &nbsp;&nbsp;&nbsp;Net increase from capital shares transactions | 572093 | 11822529 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (689582) | 9461057 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9461057 | – |
| &nbsp;&nbsp;&nbsp;End of period | $8771475 | $9461057 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 180330 | 1285196 |
| &nbsp;&nbsp;&nbsp;Redeemed | (100486) | (72056) |
| &nbsp;&nbsp;&nbsp;Net increase in share transactions | 79844 | 1213140 |

---

 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 83

Grandeur Peak Global Micro Cap Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $135358 | $(343036) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (2047275) | 3882046 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (6520382) | (20697626) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (8432299) | (17158616) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (9713708) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (9713708) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 3914081 | 6982822 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 8977600 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4824524) | (6287953) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 2 | 424 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (910441) | 9672893 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (9342740) | (17199431) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 53175326 | 70374757 |
| &nbsp;&nbsp;&nbsp;End of period | $43832586 | $53175326 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 323693 | 384248 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 505780 |
| &nbsp;&nbsp;&nbsp;Redeemed | (401905) | (357886) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (78212) | 532142 |

---

 

*See Notes to Financial Statements.*

84 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1654039 | $640542 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (7763075) | 80206834 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (119297872) | (263718405) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (125406908) | (182871029) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (21606186) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (154238516) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (175844702) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 3729220 | 13720488 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 20538090 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (10202662) | (30630234) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 536 | 1747 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (6472906) | 3630091 |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 64165393 | 82166481 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 136412929 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (89562994) | (112901232) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 9875 | 5768 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (25387726) | 105683946 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (157267540) | (249401694) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 772160059 | 1021561753 |
| &nbsp;&nbsp;&nbsp;End of period | $614892519 | $772160059 |
| **OTHER INFORMATION** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1129176 | 2715233 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 4182910 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3067715) | (5896930) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (1938539) | 1001213 |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 18852084 | 16333444 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 27119867 |
| &nbsp;&nbsp;&nbsp;Redeemed | (26748637) | (22636949) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (7896553) | 20816362 |

---

 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 85

Grandeur Peak Global Reach Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $681645 | $(456612) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (5614059) | 16515946 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (44101459) | (98575646) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (49033873) | (82516312) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (6454970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (51278451) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (57733421) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1298717 | 4516080 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 6242422 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3601824) | (22081221) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 12 | 714 |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (2303095) | (11322005) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 15324236 | 90834951 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 45829430 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (38077453) | (41125069) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 271 | 525 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (22752946) | 95539837 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (74089914) | (56031901) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 320960790 | 376992691 |
| &nbsp;&nbsp;&nbsp;End of period | $246870876 | $320960790 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 88976 | 199535 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 291566 |
| &nbsp;&nbsp;&nbsp;Redeemed | (250128) | (955939) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (161152) | (464838) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1045299 | 3969683 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 2120751 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2642780) | (1948673) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (1597481) | 4141761 |

---

 

*See Notes to Financial Statements.*

86 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $362492 | $(223063) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (25254961) | 18787713 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (25519604) | (115854900) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (50412073) | (97290250) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (7942440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (36357966) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (44300406) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 2500006 | 22339787 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 7509724 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (8198013) | (59944372) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 2720 | 7384 |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (5695287) | (30087477) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 46966300 | 173132185 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 33920668 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (108227419) | (65478111) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 17377 | 25711 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (61243742) | 141600453 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (117351102) | (30077680) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 337523515 | 367601195 |
| &nbsp;&nbsp;&nbsp;End of period | $220172413 | $337523515 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 167790 | 935479 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 322999 |
| &nbsp;&nbsp;&nbsp;Redeemed | (545494) | (2576843) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (377704) | (1318365) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3077921 | 7389417 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 1439757 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7008580) | (2999583) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (3930659) | 5829591 |

---

 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 87

Grandeur Peak International Opportunities Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $1971634 | $(265359) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (1121785) | 43129999 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (125626368) | (243280059) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (124776519) | (200415419) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (6995097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (114521322) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (121516419) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 2484367 | 6094435 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 6638611 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4639266) | (22861894) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 549 | 103 |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (2154350) | (10128745) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 80020793 | 80347232 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 102989186 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (61103154) | (126377233) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 419 | 858 |
| &nbsp;&nbsp;&nbsp;Net increase from capital shares transactions | 18918058 | 56960043 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (108012811) | (275100540) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 698000004 | 973100544 |
| &nbsp;&nbsp;&nbsp;End of period | $589987193 | $698000004 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 761713 | 1215869 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 1380169 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1482805) | (4501887) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (721092) | (1905849) |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 24780495 | 16355704 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 21191191 |
| &nbsp;&nbsp;&nbsp;Redeemed | (19369165) | (28781125) |
| &nbsp;&nbsp;&nbsp;Net increase in share transactions | 5411330 | 8765770 |

---

 

*See Notes to Financial Statements.*

88 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5917564 | $2555888 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (48281408) | 105562123 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (251717484) | (475348396) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (294081328) | (367230385) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (6131180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (175308794) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (181439974) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1538999 | 7235961 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 6035460 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15307257) | (11277946) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 2299 | 117 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (13765959) | 1993592 |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 250723381 | 427381221 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 166321475 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (212535133) | (446402441) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 7606 | 17239 |
| &nbsp;&nbsp;&nbsp;Net increase from capital shares transactions | 38195854 | 147317494 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (269651433) | (399359273) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1634371559 | 2033730832 |
| &nbsp;&nbsp;&nbsp;End of period | $1364720126 | $1634371559 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 93400 | 292270 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 240361 |
| &nbsp;&nbsp;&nbsp;Redeemed | (916048) | (484652) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (822648) | 47979 |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 15543300 | 18058917 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 6571374 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13307516) | (18255599) |
| &nbsp;&nbsp;&nbsp;Net increase in share transactions | 2235784 | 6374692 |

---

 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 89

Grandeur Peak US Stalwarts Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(19305) | $(217484) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (15175433) | (2423252) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 3054503 | (33336025) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (12140235) | (35976761) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (2904349) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (2904349) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 31493413 | 59933339 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 2054218 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (48427412) | (17719415) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 1205 | 41072 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (16932794) | 44309214 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (29073029) | 5428104 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 131534045 | 126105941 |
| &nbsp;&nbsp;&nbsp;End of period | $102461016 | $131534045 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1837748 | 2667132 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 84675 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2959956) | (851248) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (1122208) | 1900559 |

---

 

*See Notes to Financial Statements.*

90 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** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $13.21 | $17.70 | $11.07 | $11.82 | $13.05 | $11.55 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.06 | (0.01) | (0.08) | 0.01 | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.82) | (2.48) | 6.71 | (0.75) | (1.13) | 1.47 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.76) | (2.49) | 6.63 | (0.74) | (1.12) | 1.50 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.00)<sup>(b)</sup> | (0.01) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.00) | – | – | (0.09) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.00) | 0.00 | (0.01) | (0.11) | – |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | – | 0.00 <sup>(b)</sup> | – | 0.00 <sup>(b)</sup> | – |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.76) | (4.49) | 6.63 | (0.75) | (1.23) | 1.50 |
| **NET ASSET VALUE, END OF PERIOD** | $11.45 | $13.21 | $17.70 | $11.07 | $11.82 | $13.05 |
| **TOTAL RETURN** | (13.32)%<sup>(c)</sup> | (16.01)% | 59.92% | (6.29)% | (8.48)% | 12.99% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $8895 | $10846 | $15011 | $10056 | $13869 | $18668 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.82 %<sup>(d)</sup> | 1.76% | 1.75% | 1.76% | 1.77% | 1.79% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.79 %<sup>(d)</sup> | 1.63% | 1.68% | 1.74% | 1.76% | 1.78% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.96 %<sup>(d)</sup> | (0.09)% | (0.50)% | 0.09% | 0.11% | 0.26% |
| **PORTFOLIO TURNOVER RATE** | 12 %<sup>(c)</sup> | 31% | 35% | 24% | 34% | 33% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 91

Grandeur Peak Emerging Markets Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $13.35 | $17.83 | $11.14 | $11.88 | $13.12 | $11.60 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.08 | 0.03 | (0.04) | 0.04 | 0.03 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.84) | (2.51) | 6.76 | (0.75) | (1.14) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.76) | (2.48) | 6.72 | (0.71) | (1.11) | 1.54 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.03) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.00) | (0.02) | – | (0.09) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.00) | (0.03) | (0.03) | (0.13) | (0.02) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.76) | (4.48) | 6.69 | (0.74) | (1.24) | 1.52 |
| **NET ASSET VALUE, END OF PERIOD** | $11.59 | $13.35 | $17.83 | $11.14 | $11.88 | $13.12 |
| **TOTAL RETURN** | (13.18)%<sup>(c)</sup> | (15.82)% | 60.30% | (6.03)% | (8.32)% | 13.24% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $382207 | $485230 | $623538 | $389373 | $452530 | $471260 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.59 %<sup>(d)</sup> | 1.52% | 1.52% | 1.53% | 1.53% | 1.55% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.55 %<sup>(d)</sup> | 1.39% | 1.45% | 1.51% | 1.52% | 1.54% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.21 %<sup>(d)</sup> | 0.15% | (0.27)% | 0.29% | 0.29% | 0.49% |
| **PORTFOLIO TURNOVER RATE** | 12 %<sup>(c)</sup> | 31% | 35% | 24% | 34% | 33% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

92 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** | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **For the Period<br> September 18, 2019<br> (Commencement of<br> Operations) to<br> April 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $13.60 | $15.41 | $8.78 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.19 | 0.20 | 0.25 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.66) | (1.12) | 6.61 | (1.25) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.47) | (0.92) | 6.86 | (1.19) |
| **DISTRIBUTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.14) | (0.23) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.75) | – | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.89) | (0.23) | (0.03) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.47) | (1.81) | 6.63 | (1.22) |
| **NET ASSET VALUE, END OF PERIOD** | $12.13 | $13.60 | $15.41 | $8.78 |
| **TOTAL RETURN** | (10.81)%<sup>(c)</sup> | (6.51)% | 78.51% | (11.96)%<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $90638 | $106129 | $49403 | $8861 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 1.35 %<sup>(d)</sup> | 1.40% | 1.87% | 4.69 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 1.35 %<sup>(d)</sup> | 1.35% | 1.35% | 1.35 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 3.01 %<sup>(d)</sup> | 1.33% | 1.91% | 1.05 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 31 %<sup>(c)</sup> | 50% | 54% | 34 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Expense ratios during startup periods may not be representative of longer term operating periods.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 93

Grandeur Peak Global Explorer Fund Financial Highlights

For a Share Outstanding Throughout the Period Presented

---

| | | |
|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the Period<br> December 16, 2021<br> (Inception) to<br> April 30, 2022** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $7.80 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (1.04) | (2.19) |
| &nbsp;&nbsp;&nbsp;Total loss from investment operations | (1.02) | (2.20) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **DECREASE IN NET ASSET VALUE** | (1.02) | (2.20) |
| **NET ASSET VALUE, END OF PERIOD** | $6.78 | $7.80 |
| **TOTAL RETURN** | (13)%<sup>(c)</sup> | (22)%<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $8771 | $9461 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 4.42 %<sup>(d)(e)</sup> | 2.45 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 1.25 %<sup>(d)(e)</sup> | 1.25 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.43 %<sup>(d)</sup> | (0.16)%<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 19 %<sup>(c)</sup> | 8 %<sup>(c)</sup> |

---

 

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Expense ratios during startup periods may not be representative of longer term operating periods.*

*See Notes to Financial Statements.*

94 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** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $13.49 | $20.65 | $11.05 | $11.31 | $13.12 | $11.98 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.03 | (0.09) | (0.10) | 0.01 | (0.01) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.17) | (4.24) | 11.17 | (0.19) | (1.08) | 2.12 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (2.14) | (4.33) | 11.07 | (0.18) | (1.09) | 2.12 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.14) | (0.03) |  | (0.06) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.83) | (1.33) | (0.05) | (0.72) | (0.92) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.83) | (1.47) | (0.08) | (0.72) | (0.98) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | – | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (2.14) | (7.16) | 9.60 | (0.26) | (1.81) | 1.14 |
| **NET ASSET VALUE, END OF PERIOD** | $11.35 | $13.49 | $20.65 | $11.05 | $11.31 | $13.12 |
| **TOTAL RETURN** | (15.86)%<sup>(c)</sup> | (24.25)% | 102.43% | (1.62)% | (7.67)% | 17.68% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $43833 | $53175 | $70375 | $29634 | $35654 | $41709 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.95 %<sup>(d)</sup> | 1.94% | 2.02% | 2.06% | 2.05% | 2.06% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.95 %<sup>(d)</sup> | 1.94% | 2.00% | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.57 %<sup>(d)</sup> | (0.50)% | (0.62)% | 0.09% | (0.06)% | 0.00 %<sup>(e)</sup> |
| **PORTFOLIO TURNOVER RATE** | 14 %<sup>(c)</sup> | 36% | 36% | 33% | 37% | 46% |

---

 

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Less than 0.005% of average net assets.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 95

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $3.70 | $5.51 | $3.24 | $3.48 | $3.95 | $3.52 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.00 <sup>(b)</sup> | (0.01) | (0.02) | (0.01)<sup>(c)</sup> | (0.00)<sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.61) | (0.82) | 2.66 | (0.03) | (0.14) | 0.65 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.61) | (0.83) | 2.64 | (0.04) | (0.14) | 0.65 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.00)<sup>(b)</sup> |  | (0.00)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.98) | (0.37) | (0.20) | (0.33) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.98) | (0.37) | (0.20) | (0.33) | (0.22) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (0.61) | (1.81) | 2.27 | (0.24) | (0.47) | 0.43 |
| **NET ASSET VALUE, END OF PERIOD** | $3.09 | $3.70 | $5.51 | $3.24 | $3.48 | $3.95 |
| **TOTAL RETURN** | (16.49)%<sup>(d)</sup> | (19.49)% | 82.94% | (1.73)% | (1.83)% | 18.41% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $71030 | $92173 | $131739 | $92843 | $130745 | $188379 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.63 %<sup>(e)</sup> | 1.57% | 1.60% | 1.61% | 1.61% | 1.61% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.57 %<sup>(e)</sup> | 1.45% | 1.51% | 1.57% | 1.57% | 1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.27 %<sup>(e)</sup> | (0.14)% | (0.34)% | (0.17)% | (0.12)% | 0.03% |
| **PORTFOLIO TURNOVER RATE** | 15 %<sup>(d)</sup> | 33% | 47% | 41% | 38% | 29% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.*

*<sup>(d)</sup>* *Not Annualized.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements.*

96 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $3.79 | $5.61 | $3.29 | $3.52 | $4.00 | $3.56 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | 0.00 <sup>(b)</sup> | (0.00)<sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.63) | (0.84) | 2.70 | (0.03) | (0.14) | 0.65 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.62) | (0.84) | 2.70 | (0.03) | (0.14) | 0.66 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.00)<sup>(b)</sup> | (0.01) |  | (0.01) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.98) | (0.37) | (0.20) | (0.33) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.98) | (0.38) | (0.20) | (0.34) | (0.22) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (0.62) | (1.82) | 2.32 | (0.23) | (0.48) | 0.44 |
| **NET ASSET VALUE, END OF PERIOD** | $3.17 | $3.79 | $5.61 | $3.29 | $3.52 | $4.00 |
| **TOTAL RETURN** | (16.36)%<sup>(c)</sup> | (19.30)% | 83.44% | (1.42)% | (1.84)% | 18.62% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $543863 | $679987 | $889823 | $470142 | $523862 | $591470 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.39 %<sup>(d)</sup> | 1.34% | 1.35% | 1.37% | 1.37% | 1.36% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.32 %<sup>(d)</sup> | 1.22% | 1.27% | 1.33% | 1.33% | 1.31% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.51 %<sup>(d)</sup> | 0.09% | (0.08)% | 0.05% | 0.13% | 0.28% |
| **PORTFOLIO TURNOVER RATE** | 15 %<sup>(c)</sup> | 33% | 47% | 41% | 38% | 29% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 97

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.01 | $23.16 | $14.12 | $14.98 | $16.97 | $14.52 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | (0.07) | (0.07) | (0.01)<sup>(b)</sup> | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.53) | (3.77) | 10.79 | (0.44) | (0.58) | 2.66 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (2.51) | (3.84) | 10.72 | (0.45) | (0.57) | 2.67 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) |  | (0.00)<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (3.31) | (1.67) | (0.41) | (1.42) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (3.31) | (1.68) | (0.41) | (1.42) | (0.22) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (2.51) | (7.15) | 9.04 | (0.86) | (1.99) | 2.45 |
| **NET ASSET VALUE, END OF PERIOD** | $13.50 | $16.01 | $23.16 | $14.12 | $14.98 | $16.97 |
| **TOTAL RETURN** | (15.68)%<sup>(d)</sup> | (20.17)% | 77.38% | (3.31)% | (1.61)% | 18.44% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $26028 | $33459 | $59164 | $40307 | $56307 | $65923 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.54 %<sup>(e)</sup> | 1.49% | 1.52% | 1.52% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.50 %<sup>(e)</sup> | 1.48% | 1.52% | 1.52% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.25 %<sup>(e)</sup> | (0.32)% | (0.38)% | (0.04)% | 0.05% | 0.06% |
| **PORTFOLIO TURNOVER RATE** | 22 %<sup>(d)</sup> | 42% | 41% | 32% | 50% | 43% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.*

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(d)</sup>* *Not Annualized.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements.*

98 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.17 | $23.31 | $14.19 | $15.04 | $17.02 | $14.55 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | (0.02) | (0.03) | 0.03 | 0.05 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.56) | (3.81) | 10.86 | (0.45) | (0.58) | 2.67 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (2.52) | (3.83) | 10.83 | (0.42) | (0.53) | 2.71 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.04) | (0.02) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (3.31) | (1.67) | (0.41) | (1.42) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (3.31) | (1.71) | (0.43) | (1.45) | (0.24) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (2.52) | (7.14) | 9.12 | (0.85) | (1.98) | 2.47 |
| **NET ASSET VALUE, END OF PERIOD** | $13.65 | $16.17 | $23.31 | $14.19 | $15.04 | $17.02 |
| **TOTAL RETURN** | (15.58)%<sup>(c)</sup> | (19.99)% | 77.81% | (3.09)% | (1.33)% | 18.69% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $220843 | $287502 | $317828 | $200988 | $272743 | $302269 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.29 %<sup>(d)</sup> | 1.25% | 1.27% | 1.27% | 1.27% | 1.28% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.25 %<sup>(d)</sup> | 1.24% | 1.27% | 1.27% | 1.27% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.50 %<sup>(d)</sup> | (0.09)% | (0.14)% | 0.21% | 0.29% | 0.27% |
| **PORTFOLIO TURNOVER RATE** | 22 %<sup>(c)</sup> | 42% | 41% | 32% | 50% | 43% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 99

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.51 | $23.26 | $14.26 | $14.83 | $15.06 | $12.76 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.00 <sup>(b)</sup> | (0.06) | (0.04) | (0.01)<sup>(c)</sup> | 0.01 | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.83) | (4.21) | 9.72 | (0.31) | 0.16 | 2.52 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (2.83) | (4.27) | 9.68 | (0.32) | 0.17 | 2.52 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.00)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.48) | (0.68) | (0.25) | (0.40) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.48) | (0.68) | (0.25) | (0.40) | (0.22) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (2.83) | (6.75) | 9.00 | (0.57) | (0.23) | 2.30 |
| **NET ASSET VALUE, END OF PERIOD** | $13.68 | $16.51 | $23.26 | $14.26 | $14.83 | $15.06 |
| **TOTAL RETURN** | (17.14)%<sup>(d)</sup> | (21.45)% | 68.36% | (2.22)% | 1.78% | 19.79% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $37897 | $51984 | $103891 | $85310 | $90400 | $92552 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.23 %<sup>(e)</sup> | 1.17% | 1.21% | 1.24% | 1.27% | 1.35% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.23 %<sup>(e)</sup> | 1.17% | 1.21% | 1.24% | 1.27% | 1.35% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.01 %<sup>(e)</sup> | (0.24)% | (0.23)% | (0.10)% | 0.05% | (0.03)% |
| **PORTFOLIO TURNOVER RATE** | 15 %<sup>(d)</sup> | 49% | 50% | 50% | 52% | 30% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.*

*<sup>(d)</sup>* *Not Annualized.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements.*

100 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.74 | $23.50 | $14.37 | $14.93 | $15.14 | $12.79 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | (0.00)<sup>(b)</sup> | 0.01 | 0.03 | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.87) | (4.28) | 9.80 | (0.31) | 0.17 | 2.54 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (2.85) | (4.28) | 9.81 | (0.28) | 0.21 | 2.57 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.03) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.48) | (0.68) | (0.25) | (0.40) | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.48) | (0.68) | (0.28) | (0.42) | (0.22) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (2.85) | (6.76) | 9.13 | (0.56) | (0.21) | 2.35 |
| **NET ASSET VALUE, END OF PERIOD** | $13.89 | $16.74 | $23.50 | $14.37 | $14.93 | $15.14 |
| **TOTAL RETURN** | (17.03)%<sup>(c)</sup> | (21.26)% | 68.74% | (2.05)% | 2.08% | 20.14% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $182275 | $285539 | $263711 | $119600 | $108934 | $95533 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.95 %<sup>(d)</sup> | 0.93% | 0.96% | 0.99% | 1.02% | 1.10% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.95 %<sup>(d)</sup> | 0.93% | 0.96% | 0.99% | 1.02% | 1.10% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.30 %<sup>(d)</sup> | (0.01)% | 0.06% | 0.17% | 0.27% | 0.24% |
| **PORTFOLIO TURNOVER RATE** | 15 %<sup>(c)</sup> | 49% | 50% | 50% | 52% | 30% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 101

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $3.57 | $5.17 | $3.04 | $3.34 | $4.10 | $3.55 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | (0.01) | (0.01) | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.64) | (0.94) | 2.30 | (0.18) | (0.38) | 0.68 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.63) | (0.95) | 2.29 | (0.18) | (0.38) | 0.69 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.00)<sup>(b)</sup> | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.65) | (0.15) | (0.12) | (0.37) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.65) | (0.16) | (0.12) | (0.38) | (0.14) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (0.63) | (1.60) | 2.13 | (0.30) | (0.76) | 0.55 |
| **NET ASSET VALUE, END OF PERIOD** | $2.94 | $3.57 | $5.17 | $3.04 | $3.34 | $4.10 |
| **TOTAL RETURN** | (17.65)%<sup>(c)</sup> | (21.60)% | 75.87% | (5.79)% | (7.40)% | 19.30% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $31540 | $40835 | $69041 | $41351 | $58070 | $78686 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.63 %<sup>(d)</sup> | 1.60% | 1.60% | 1.61% | 1.62% | 1.61% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.58 %<sup>(d)</sup> | 1.48% | 1.53% | 1.58% | 1.57% | 1.55% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.41 %<sup>(d)</sup> | (0.24)% | (0.27)% | 0.01% | 0.11% | 0.31% |
| **PORTFOLIO TURNOVER RATE** | 9 %<sup>(c)</sup> | 26% | 36% | 27% | 34% | 26% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

102 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $3.61 | $5.21 | $3.06 | $3.36 | $4.12 | $3.57 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | (0.00)<sup>(b)</sup> | (0.00)<sup>(b)</sup> | 0.01 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.64) | (0.95) | 2.31 | (0.18) | (0.38) | 0.67 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (0.63) | (0.95) | 2.31 | (0.17) | (0.37) | 0.69 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.00)<sup>(b)</sup> | (0.01) | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.65) | (0.15) | (0.12) | (0.37) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.65) | (0.16) | (0.13) | (0.39) | (0.14) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (0.63) | (1.60) | 2.15 | (0.30) | (0.76) | 0.55 |
| **NET ASSET VALUE, END OF PERIOD** | $2.98 | $3.61 | $5.21 | $3.06 | $3.36 | $4.12 |
| **TOTAL RETURN** | (17.45)%<sup>(c)</sup> | (21.38)% | 76.29% | (5.60)% | (7.19)% | 19.38% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $558447 | $657165 | $904059 | $473820 | $653241 | $813322 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.39 %<sup>(d)</sup> | 1.35% | 1.36% | 1.37% | 1.37% | 1.37% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.34 %<sup>(d)</sup> | 1.23% | 1.28% | 1.34% | 1.32% | 1.30% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.63 %<sup>(d)</sup> | (0.01)% | (0.02)% | 0.24% | 0.41% | 0.54% |
| **PORTFOLIO TURNOVER RATE** | 9 %<sup>(c)</sup> | 26% | 36% | 27% | 34% | 26% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 103

Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.91 | $24.05 | $14.40 | $14.70 | $15.53 | $13.04 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | (0.03) | (0.00)<sup>(b)</sup> | 0.01 | 0.04 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (3.25) | (3.93) | 9.70 | (0.29) | (0.53) | 2.62 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (3.21) | (3.96) | 9.70 | (0.28) | (0.49) | 2.67 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.02) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.18) | (0.05) | – | (0.29) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.18) | (0.05) | (0.02) | (0.34) | (0.18) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (3.21) | (6.14) | 9.65 | (0.30) | (0.83) | 2.49 |
| **NET ASSET VALUE, END OF PERIOD** | $14.70 | $17.91 | $24.05 | $14.40 | $14.70 | $15.53 |
| **TOTAL RETURN** | (17.92)%<sup>(c)</sup> | (19.07)% | 67.36% | (1.91)% | (2.69)% | 20.50% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $29986 | $51250 | $67688 | $82289 | $72204 | $52478 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 1.18 %<sup>(d)</sup> | 1.14% | 1.15% | 1.17% | 1.19% | 1.19% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 1.18 %<sup>(d)</sup> | 1.14% | 1.15% | 1.17% | 1.19% | 1.19% |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 0.54 %<sup>(d)</sup> | (0.13)% | (0.01)% | 0.04% | 0.26% | 0.33% |
| **PORTFOLIO TURNOVER RATE** | 14 %<sup>(c)</sup> | 43% | 33% | 32% | 42% | 24% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

104 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months<br> Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **Year Ended<br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended<br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.06 | $24.19 | $14.46 | $14.74 | $15.57 | $13.06 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.03 | 0.06 | 0.05 | 0.07 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (3.28) | (3.98) | 9.75 | (0.29) | (0.54) | 2.63 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (3.21) | (3.95) | 9.81 | (0.24) | (0.47) | 2.71 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.00)<sup>(b)</sup> | (0.03) | (0.04) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (2.18) | (0.05) | – | (0.29) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (2.18) | (0.08) | (0.04) | (0.36) | (0.20) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (3.21) | (6.13) | 9.73 | (0.28) | (0.83) | 2.51 |
| **NET ASSET VALUE, END OF PERIOD** | $14.85 | $18.06 | $24.19 | $14.46 | $14.74 | $15.57 |
| **TOTAL RETURN** | (17.77)%<sup>(c)</sup> | (18.90)% | 67.84% | (1.63)% | (2.50)% | 20.79% |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $1334734 | $1583122 | $1966043 | $870916 | $561100 | $496358 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/reimbursed by investment advisor) | 0.93 %<sup>(d)</sup> | 0.89% | 0.90% | 0.92% | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/reimbursed by investment advisor) | 0.93 %<sup>(d)</sup> | 0.89% | 0.90% | 0.92% | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.80 %<sup>(d)</sup> | 0.13% | 0.31% | 0.32% | 0.51% | 0.57% |
| **PORTFOLIO TURNOVER RATE** | 14 %<sup>(c)</sup> | 43% | 33% | 32% | 42% | 24% |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 105

Grandeur Peak US Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Years or Period Presented

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** | **For the Period<br> March 20, 2020<br> (Commencement of<br> Operations) to<br> April 30, 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.65 | $22.71 | $13.15 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.00)<sup>(b)</sup> | (0.03) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.47) | (4.62) | 9.73 | 3.16 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.47) | (4.65) | 9.67 | 3.15 |
| **DISTRIBUTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.42) | (0.11) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.42) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.01 | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.47) | (5.06) | 9.56 | 3.15 |
| **NET ASSET VALUE, END OF PERIOD** | $16.18 | $17.65 | $22.71 | $13.15 |
| **TOTAL RETURN** | (8.33)%<sup>(c)</sup> | (20.93)% | 73.67% | 31.50 %<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $102461 | $131534 | $126106 | $9421 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 0.89 %<sup>(d)</sup> | 0.91% | 1.11% | 6.23 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 0.89 %<sup>(d)</sup> | 0.91% | 1.00% | 1.00 %<sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | (0.03)%<sup>(d)</sup> | (0.14)% | 0.30% | (0.53)%<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 25 %<sup>(c)</sup> | 31% | 24% | 2 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Expense ratios during startup periods may not be representative of longer term operating periods.*

*See Notes to Financial Statements.*

106 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As of April 30, 2022, the Trust consists of multiple separate portfolios or series. This semi-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.

Semi-Annual Report \| October 31, 2022 107

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each Fund's investments in the fair value hierarchy as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Emerging Markets Opportunities Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 379443969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 379443969 |
| Total | $379443969 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $379443969 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Contrarian Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 87536549 | – | – | 87536549 |
| Total | $87536549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $87536549 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Explorer Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 8071657 | – | – | 8071657 |
| Total | $8071657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $8071657 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

108 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Micro Cap Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 44289932 | – | – | 44289932 |
| Total | $44289932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $44289932 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Opportunities Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 609120200 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 609120200 |
| Preferred Stocks<sup>\*</sup> | – | – | 1923136 | 1923136 |
| Total | $609120200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1923136 | $611043336 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Reach Fund** | | | | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $80441914 | $– | $1000000 | $81441914 |
| &nbsp;&nbsp;&nbsp;Other<sup>\*</sup> | 168081486 |  |  | 168081486 |
| Preferred Stocks<sup>\*</sup> | – | – | 1892203 | 1892203 |
| Total | $248523400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2892203 | $251415603 |
| **Other Financial Instruments<sup>\*\*</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $– | $– | $– | $(6685595) |
| Total | $– | $– | $– | $(6685595) |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

Semi-Annual Report \| October 31, 2022 109

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak Global Stalwarts Fund** | | | | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $95613514 | $– | $1300000 | $96913514 |
| &nbsp;&nbsp;&nbsp;Other<sup>\*</sup> | 121451481 |  |  | 121451481 |
| Preferred Stocks<sup>\*</sup> | – | – | 1626979 | 1626979 |
| Total | $217064995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2926979 | $219991974 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak International Opportunities Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 573682721 | – | – | 573682721 |
| Total | $573682721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $573682721 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak International Stalwarts Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | 1350322399 | – | – | 1350322399 |
| Total | $1350322399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1350322399 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted<br> and Unadjusted<br> Prices** | **Level 2 - Other<br> Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable<br> Inputs** | **Total** |
| **Grandeur Peak US Stalwarts Fund** | | | | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | $84951582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $700000 | $85651582 |
| &nbsp;&nbsp;&nbsp;Other<sup>\*</sup> | 16317306 |  |  | 16317306 |
| Preferred Stocks<sup>\*</sup> | – | – | 626088 | 626088 |
| Total | $101268888 | $– | $1326088 | $102594976 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

110 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

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

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak Global Opportunities Fund** | **Common Stock** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2022 | $1 | $2406336 | $2406337 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (2402751) |  | (2402751) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 2402750 | (483200) | 1919550 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales Proceeds |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – | – |
| Balance as of October 31, 2022 | $– | $1923136 | $1923136 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2022 | $– | $(483200) | $(483200) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grandeur Peak Global Reach Fund** | **Common Stock** | **Preferred Stocks** | **Domestic Stock** | **Total** |
| Balance as of April 30, 2022 | $1 | $2121368 | $1000000 | $3121369 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) | (1808383) |  |  | (1808383) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) | 1808381 | (229164) |  | 1579217 |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales Proceeds | 1 | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – | – | – |
| Balance as of October 31, 2022 | $– | $1892203 | $1000000 | $2892203 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2022 | $1 | $(229164) | $– | $(229164) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak Global Stalwarts Fund** | **Common Stock** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2022 | $1300000 | $1748289 | $3048289 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) |  | (121310) | (121310) |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales Proceeds |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – | – |
| Balance as of October 31, 2022 | $1300000 | $1626979 | $2926979 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2022 | $– | $(121310) | $– |

---

Semi-Annual Report \| October 31, 2022 111

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Grandeur Peak International Opportunities Fund** | **Common Stock** | **Total** |
| Balance as of April 30, 2022 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) |  |  |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |
| &nbsp;&nbsp;&nbsp;Sales Proceeds | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – |
| Balance as of October 31, 2022 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2022 | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Grandeur Peak US Stalwarts Fund** | **Common Stock** | **Preferred Stocks** | **Total** |
| Balance as of April 30, 2022 | $700000 | $626088 | $1326088 |
| &nbsp;&nbsp;&nbsp;Accrued discount/ premium |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized Gain/(Loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation/(Depreciation) |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales Proceeds |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer into Level 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfer out of Level 3 | – | – | – |
| Balance as of October 31, 2022 | $700000 | $626088 | $1326088 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2022 | $– | $– | $– |

---

The table below provides additional information about the Level 3 Fair Value Measurements as of October 31, 2022:

**Quantitative Information about Level 3 Fair Value Measurements**

**Grandeur Peak Global Opportunities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)<br> at 10/31/2022** | **Valuation Technique** | **Unobservable Inputs<sup>(a)</sup>** | **Value/Range** |
| Preferred Stocks | $2406336 | Market Approach | Enterprise Value-to-Sales Multiple | 4.08x |

---

**Grandeur Peak Global Reach Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)<br> at 10/31/2022** | **Valuation Technique** | **Unobservable Inputs<sup>(a)</sup>** | **Value/Range** |
| Private Investment Funds | $1000000 | Cost/Third-Party Valuation | Third-Party Valuation | Cost |
| Preferred Stocks | $1141242 | Market Approach | Enterprise Value-to-Sales Multiple | 4.08x |
| Preferred Stocks | $980126 | Market Approach | Enterprise Value-to-Sales Multiple | 6.88x |

---

**Grandeur Peak Global Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)<br> at 10/31/2022** | **Valuation Technique** | **Unobservable Inputs<sup>(a)</sup>** | **Value/Range** |
| Private Investment Funds | $1300000 | Cost/Third-Party Valuation | Third-Party Valuation | Cost |
| Preferred Stocks | $604124 | Market Approach | Enterprise Value-to-Sales Multiple | 4.08x |
| Preferred Stocks | $1144165 | Market Approach | Enterprise Value-to-Sales Multiple | 6.88x |

---

112 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

**Grandeur Peak US Stalwarts Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)<br> at 10/31/2022** | **Valuation Technique** | **Unobservable Inputs** | **Value/Range** |
| Private Investment Funds | $700000 | Cost/Third-Party Valuation | Third-Party Valuation | Cost |
| Preferred Stocks | $626088 | Market Approach | Enterprise Value-to-Sales Multiple | 6.88x |

---

**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 October 31, 2022, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | |
| Grandeur Peak Emerging Markets Opportunities Fund | $9965461 |
| Grandeur Peak Global Contrarian Fund | $2317383 |
| Grandeur Peak Global Explorer Fund | $98064 |
| Grandeur Peak Global Micro Cap Fund | $56188 |
| Grandeur Peak Global Opportunities Fund | $4518526 |
| Grandeur Peak Global Reach Fund | $2429143 |
| Grandeur Peak Global Stalwarts Fund | $– |
| Grandeur Peak International Opportunities Fund | $17495646 |
| Grandeur Peak International Stalwarts Fund | $12423952 |
| Grandeur Peak US Stalwarts Fund | $482128 |

---

As of October 31, 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 | $53117 |
| Grandeur Peak Global Explorer Fund | $156 |
| Grandeur Peak Global Micro Cap Fund | $5427 |
| Grandeur Peak Global Opportunities Fund | $2115 |
| Grandeur Peak Global Reach Fund | $8897 |
| Grandeur Peak Global Stalwarts Fund | $934 |
| Grandeur Peak International Opportunities Fund | $65364 |
| Grandeur Peak International Stalwarts Fund | $8644 |
| Grandeur Peak US Stalwarts Fund | $53106 |

---

**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.

Semi-Annual Report \| October 31, 2022 113

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

If the price of the security sold short increases between the time of the short sale and the time that a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent that a Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of segregated or "earmarked" assets determined to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short, or will ensure that such positions are covered by "offsetting" positions, until the Fund replaces the borrowed security. A short sale is "against the box" to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

**Foreign Securities:** The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**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.

**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.

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Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

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 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. The remainder of LIBOR publications ended 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**

**Tax Basis of Investments:** As of October 31, 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<br> (excess of<br> value over<br> tax cost)** | **Gross<br> Depreciation<br> (excess of<br> tax cost<br> over value)** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Cost of<br> Investments<br> for Income<br> Tax Purposes** |
| Grandeur Peak Emerging Markets Opportunities Fund | $90536173 | $(68733448) | $21802725 | $357641244 |
| Grandeur Peak Global Contrarian Fund | 5375878 | (16197020) | (10821142) | 98357691 |
| Grandeur Peak Global Explorer Fund | 257598 | (3241572) | (2983974) | 11055631 |
| Grandeur Peak Global Micro Cap Fund | 8538620 | (9245786) | (707166) | 44997098 |
| Grandeur Peak Global Opportunities Fund | 135954429 | (114397933) | 21556496 | 589486840 |
| Grandeur Peak Global Reach Fund | 56372393 | (45894027) | 10478366 | 240937237 |
| Grandeur Peak Global Stalwarts Fund | 35617641 | (44212426) | (8594785) | 228586759 |
| Grandeur Peak International Opportunities Fund | 126234445 | (117380198) | 8854247 | 564828474 |
| Grandeur Peak International Stalwarts Fund | 207429603 | (237506947) | (30077344) | 1380399743 |
| Grandeur Peak US Stalwarts Fund | 8681131 | (20125986) | (11444855) | 114039831 |

---

Semi-Annual Report \| October 31, 2022 115

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

**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 year ended April 30, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term<br> Capital Gain** | **Return of Capital** |
| Grandeur Peak Emerging Markets Opportunities Fund | $726332 | $68462853 | $549374 |
| Grandeur Peak Global Contrarian Fund | 3862022 | 1773223 |  |
| Grandeur Peak Global Explorer Fund |  |  |  |
| Grandeur Peak Global Micro Cap Fund | 805398 | 8908310 |  |
| Grandeur Peak Global Opportunities Fund | 13505418 | 162339284 |  |
| Grandeur Peak Global Reach Fund | 5530237 | 52203184 |  |
| Grandeur Peak Global Stalwarts Fund | 4870113 | 39430293 |  |
| Grandeur Peak International Opportunities Fund | 12992299 | 108524120 |  |
| Grandeur Peak International Stalwarts Fund | 2961918 | 178478056 |  |
| Grandeur Peak US Stalwarts Fund | 1608892 | 1295457 |  |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the six months ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds<br> From Sales of <br> Securities** |
| Grandeur Peak Emerging Markets Opportunities Fund | $134211437 | $206821554 |
| Grandeur Peak Global Contrarian Fund | 86882277 | 66321367 |
| Grandeur Peak Global Explorer Fund | 8734292 | 2248174 |
| Grandeur Peak Global Micro Cap Fund | 19435902 | 21197606 |
| Grandeur Peak Global Opportunities Fund | 276707135 | 362718234 |
| Grandeur Peak Global Reach Fund | 169290746 | 170639313 |
| Grandeur Peak Global Stalwarts Fund | 192521368 | 226775806 |
| Grandeur Peak International Opportunities Fund | 183968787 | 246329724 |
| Grandeur Peak International Stalwarts Fund | 749119696 | 697032729 |
| Grandeur Peak US Stalwarts Fund | 77901699 | 71740990 |

---

**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 six months ended October 31, 2022 and the year ended April 30, 2022, the redemption fees charged by the Funds are presented in the Statements of Changes in Net Assets.

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Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

**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% |

---

Semi-Annual Report \| October 31, 2022 117

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

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, 2023. The Expense Agreement may not be terminated or modified prior to August 31, 2023 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 |  |  |
| Investor Class | 1.95% | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Institutional Class | 1.70% |  |
| Grandeur Peak Global Contrarian Fund |  | September 12, 2019–August 31, 2021 / September 1, 2021–August 31, 2023 |
| 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, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Institutional Class | 2.00% |  |
| Grandeur Peak Global Opportunities Fund |  | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| 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-December 31, 2021 |
| Institutional Class | 1.35% |  |
| Investor Class | 1.50% | January 1, 2022-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Institutional Class | 1.25% |  |
| Grandeur Peak Global Stalwarts Fund |  | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Investor Class | 1.35% |  |
| Institutional Class | 1.10% |  |
| Grandeur Peak International Opportunities Fund |  | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Investor Class | 1.75% |  |
| Institutional Class | 1.50% |  |
| Grandeur Peak International Stalwarts Fund |  | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| Investor Class | 1.35% |  |
| Institutional Class | 1.10% |  |
| Grandeur Peak US Stalwarts Fund |  | September 1, 2021-August 31, 2022 / September 1, 2022-August 31, 2023 |
| 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 six months ended October 31, 2022 are disclosed in the Statements of Operations.

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

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Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

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 six months ended October 31, 2022 are disclosed in the Statements of Operations.

For the six months ended October 31, 2022, the fee waivers/reimbursements and/or recoupments, excluding voluntary waivers, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees<br> Waived/Reimbursed<br> By Adviser** | **Recoupment<br> of Previously<br> Waived Fees<br> By Adviser** |
| **Grandeur Peak Emerging Markets Opportunities Fund** | | |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 78814 | – |
| **Grandeur Peak Global Contrarian Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $43341 |
| **Grandeur Peak Global Explorer Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 143158 | – |
| **Grandeur Peak Global Micro Cap Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $– |
| **Grandeur Peak Global Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 230192 | – |
| **Grandeur Peak Global Reach Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $5783 | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 56923 | – |
| **Grandeur Peak Global Stalwarts Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – |
| **Grandeur Peak International Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 167753 | – |
| **Grandeur Peak International Stalwarts Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – |
| **Grandeur Peak US Stalwarts Fund** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $– |

---

Semi-Annual Report \| October 31, 2022 119

Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

As October 31, 2022, the balances of recoupable expenses for each Fund were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br> 2023** | **Expires<br> 2024** | **Expires<br> 2025** | **Expires<br> 2026** | **Total** |
| **Grandeur Peak Emerging Markets Opportunities Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | – | 78814 | 78814 |
| **Grandeur Peak Global Contrarian Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $95872 | $109006 | $40900 | $– | $245778 |
| **Grandeur Peak Global Explorer Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $– | $39713 | $143158 | $182871 |
| **Grandeur Peak Global Micro Cap Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $– | $– | $– | $– |
| **Grandeur Peak Global Opportunities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | 230192 | – | 230192 |
| **Grandeur Peak Global Reach Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $4693 | $5783 | $10476 |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | 49396 | 56923 | 106319 |
| **Grandeur Peak Global Stalwarts Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | – | – | – |
| **Grandeur Peak International Opportunities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | – | 167753 | 167753 |
| **Grandeur Peak International Stalwarts Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | – | – | – |
| **Grandeur Peak US Stalwarts Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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.

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Grandeur Peak Funds<sup>®</sup> Notes to Financial Statements

October 31, 2022 (Unaudited)

**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.

Semi-Annual Report \| October 31, 2022 121

Grandeur Peak Funds<sup>®</sup> Disclosure Regarding Approval of Fund Advisory Agreement

In anticipation of and as part of the process to consider the renewal of the Grander Peak Investment Advisory Agreement (the "Advisory Agreement"), legal counsel to the Independent Trustees requested certain information from Grandeur Peak. In response to these requests, the Trustees received reports from Grandeur Peak that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel a memorandum regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, on September 13, 2022, the Board met with representatives of Grandeur Peak and discussed the services the firm provided pursuant to the Advisory Agreement, as well as the information Grandeur Peak provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreement, the Board had received sufficient information to renew and approve the Advisory Agreement.

In approving Grandeur Peak as investment adviser, and the fees to be charged under the Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreement. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

**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 Explorer Fund and 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 and for the Grandeur Peak International Stalwarts Fund, and 0.75%<sup>1</sup> for the Grandeur Peak US 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 and 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: the Investor Class of the Grandeur Peak Emerging Markets Opportunities Fund and 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 and the Grandeur Peak Emerging Markets Opportunities Fund was lower than the Data Provider peer group median; each class of the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund, the Institutional Class of the Grandeur Peak Global Explorer Fund, and the Investor 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 Contrarian Fund, the Grandeur Peak Global Micro Cap Fund, and the Grandeur Peak Global Reach 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.

*<sup>1</sup>* *It was noted that the Grandeur Peak US Stalwarts Fund's contractual management fee was incorrectly presented as 0.80% instead of 0.75% in the third party data provider report.* 

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Grandeur Peak Funds<sup>®</sup> Disclosure Regarding Approval of Fund Advisory Agreement

**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, 2022. 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 Grandeur Peak Global Contrarian Fund significantly outperformed the Data Provider peer group median; the Institutional Class of the Grandeur Peak International Opportunities Fund and the Grandeur Peak US Stalwarts Fund performed equal to the Data Provider peer group median; the Institutional Class of the Grandeur Peak Global Explorer Fund and the Grandeur Peak Global Opportunities Fund, the Investor Class of the Grandeur Peak International Opportunities Fund, and each class of the Grandeur Peak Emerging Markets Opportunities Fund, underperformed the Data Provider peer group median; and each remaining class of each Grandeur Peak Fund significantly underperformed the Data Provider peer group median.

For the 1-year period, the Trustees noted that: the Institutional Class of the Grandeur Peak Global Contrarian Fund significantly outperformed the Data Provider peer group median; each class of the Grandeur Peak Emerging Market Opportunities Fund and the Grandeur Peak International Opportunities Fund, and the Investor Class of the Grandeur Peak International Stalwarts Fund underperformed the Data Provider peer group median; and each remaining class of each Grandeur Peak Fund significantly underperformed the Data Provider peer group median.

The Trustees noted that for each Grandeur Peak Fund with a 3-year period: the Institutional Class of the Grandeur Peak Global Stalwarts Fund and the Investor Class of the Grandeur Peak Emerging Market Opportunities 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.

The Trustees noted that for each Grandeur Peak Fund with a 5-year period: the Investor Class of the Grandeur Peak International Opportunities Fund outperformed the peer group median; each class of the Grandeur Peak Emerging Market Opportunities Fund performed equal to the Data Provider peer group median; each remaining class of each Grandeur Peak significantly outperformed the Data Provider peer group median.

The Trustees noted that for each Grandeur Peak Fund with a 10-year period, each class of each Grandeur Peak Fund significantly outperformed the Data Provider peer group median during the period.

Finally, the Trustees noted that for the relevant period since the inception of each Grandeur Peak Fund, the Institutional Class of the Grandeur Peak Global Explorer Fund underperformed the Data Provider peer group median during the period; and each remaining 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 and 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: the Investor Class of the Grandeur Peak Emerging Markets Opportunities Fund and 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 and the Institutional Class of the Grandeur Peak Emerging Markets Opportunities Fund was lower than the Data Provider peer group median; each class of the Grandeur Peak International Opportunities Fund and the Grandeur Peak Global Opportunities Fund, the Investor Class of the Grandeur Peak Global Reach Fund, and the Institutional Class of the Grandeur Peak Global Explorer Fund was higher than the Data Provider peer group median; and the Institutional Class of the Grandeur Peak Global Micro Cap Fund, the Grandeur Peak Global Reach Fund, and the Grandeur Peak Global Contrarian 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;

Semi-Annual Report \| October 31, 2022 123

Grandeur Peak Funds<sup>®</sup> Disclosure Regarding Approval of Fund Advisory Agreement

● for the period ended June 30, 2022, each class of each of the Grandeur Peak Funds outperformed or significantly outperformed the Data Provider peer group median for the 3-year (as applicable), 5-year (as applicable), 10-year (as applicable) and since inception periods, except for the Investor Class of the Grandeur Peak Emerging Market Opportunities Fund, which performed equal to the Data Provider peer group median for the 5-year period, and the Institutional Class of the Grandeur Peak Global Explorer Fund, which underperformed the Data Provider peer group median for the since inception period; for the 1-year period, each class of each of the Grandeur Peak Funds underperformed or significantly underperformed the Data Provider peer group median except for the Institutional Class of the Grandeur Peak Global Contrarian Fund, which significantly outperformed the Data Provider peer group median; and for the 3-month period, each class of each of the Grandeur Peak Funds underperformed or significantly underperformed the Data Provider peer group median except for the Institutional Class of the Grandeur Peak International Opportunities Fund and the Grandeur Peak US Stalwarts Fund, which performed equal to the Data Provider peer group median, and the Grandeur Peak Global Contrarian Fund, which significantly outperformed the Data Provider peer group median.

● 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.

124 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Additional Information

October 31, 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 <u>http://www.sec.gov</u>.

Semi-Annual Report \| October 31, 2022 125

Grandeur Peak Funds<sup>®</sup> Privacy Policy

October 31, 2022 (Unaudited)

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| | |
|:---|:---|
| **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 Contrarian Fund, Grandeur Peak Global Explorer Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak US 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?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● open an account<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● provide account information or give us your contact information<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● make a wire transfer or deposit money<br>|
| **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes-information about your creditworthiness<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing.<br>|
| **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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● The Funds does not share with non-affiliates so they can market to you.*<br>|
| **Joint marketing** | A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*● The Funds does not jointly market.*<br>|
| **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. |

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126 1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds<sup>®</sup> Privacy Policy

October 31, 2022 (Unaudited)

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| | |
|:---|:---|
| **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?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and account transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account balances and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wire transfer instructions<br>|
| **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. |

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| | | |
|:---|:---|:---|
| **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<br> 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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Semi-Annual Report \| October 31, 2022 127

![(graphic)](fp0081423_22.jpg)

**Contact Us**

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| | | | |
|:---|:---|:---|:---|
| **Mail:** | Grandeur Peak Funds, P.O. Box 13664, Denver, CO 80201 | **E-Mail:** | grandeurpeakglobal@alpsinc.com |
| **Phone:** | 1.855.377.PEAK (7325) | **Web:** | www.GrandeurPeakGlobal.com |

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**SEMI-ANNUAL** October 31, 2022

**Highland Resolute Fund**

Class I RMRGX

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| | |
|:---|:---|
| Highland Resolute Fund | **Table of Contents** |

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| | |
|:---|:---|
|  | **PAGE** |
| Shareholder Letter | 2 |
| Performance Update | 5 |
| Consolidated Disclosure of Fund Expenses | 7 |
| Consolidated Schedule of Investments | 8 |
| 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 |
| Additional Information | 33 |
| Privacy Policy | 34 |

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Highland Resolute Fund Shareholder Letter

October 31, 2022 (Unaudited)

PERFORMANCE:

October 31, 2022

Highland sought to reduce risk throughout much of the year within the fund and, exiting the period, maintained a defensive posture. Five of the six indicators we monitor as part of our Highland Diffusion Index (Economic, Yield Curve, Monetary Policy, Credit Spreads, and Momentum) continue to signal Risk-Off sentiment. Market-based indicators like credit spreads and momentum turned negative earlier in the year as spreads on investment-grade and high-yield bonds increased and equity markets declined. In recent months, economic, yield curve, and monetary policy indicators also shifted in favor of less risky assets as portions of the yield curve inverted and the Federal Reserve continued to adopt a more restrictive strategy. As of the end of the period, employment remains a bright spot, although labor market strength provides cover for the Fed to tighten policy further.

Highland Resolute underperformed the HFRX Global Index by 9.4% since January of 2022 while outperforming the S&P 500 Index by 3.8%. A similar story played out over the prior 6 calendar months ending October 31, 2022 when the strategy underperformed the HFRX Global Index while outperforming the S&P 500 Index. Resolute captured more equity market downside than expected this year, primarily a result of underperformance within the Alpha sleeve. A majority of the underperformance can be attributed to the risk parity strategy, a portfolio that allocates capital based on an asset's volatility in an attempt to generate a superior Sharpe Ratio\* to traditional stock and bond portfolios. Correlations between all asset classes have risen in 2022, causing the strategy strategies like this to fall 22% through the first three quarters of 2022. The team trimmed the risk parity strategy in October of 2022 as it is uncertain when traditional negative correlations between stocks and bonds will return. The other Alpha allocations outperformed broader equities but detracted on an absolute basis. The fund's Beta sleeve performed in-line with expectations, outperforming the S&P 500 by approximately 395 basis points year-to-date. Entering the year the sleeve was allocated to a portfolio of mutual funds, a majority of which was Vanguard Total Stock Market Index and Parametric Volatility Risk Premium Fund. The portfolio had a beta sensitivity to equities of close to +1 which detracted throughout the calendar year and the team pared back the exposure throughout the 3rd quarter. In August of 2022 the mutual fund portfolio was replaced by an equity futures strategy, Passaic Partners Beta Plus. Beta Plus incorporates a tail-risk hedge around a core S&P 500 exposure, along with income generated from option premiums written on the underlying index. In the 55 days since implementation, the Beta Plus outperformed the S&P 500 Index by 170 basis points.

At the end of October, the fund held a beta sensitivity to U.S. equities of 0.39, reflective of Highland's risk-off stance. As such, we would expect the strategy to lag over the near-term if equity markets rally into year-end. The team has also increased the fund's cash position to maintain flexibility to invest and will look to deploy it into more directional strategies over the coming months.

![](fp0081423_23.jpg)

*Beta Sleeve<sup>3</sup> –* The prior proxy portfolio of liquid funds was transitioned to Passaic Partners Beta+ Strategy in August of 2022. The allocation was fully invested on August 15, 2022, and through the end of October had outperformed the S&P 500 Index by 170 basis points cumulative. Additionally, PIMCO Income Fund was reallocated to the sleeve as a result of the strategy's increased correlation and beta coefficient to equity markets.

*Liquidity Sleeve<sup>4</sup> –* The team has decided to remove PIMCO Income Fund from the sleeve and reallocate the position to the Beta sleeve during the quarter. The portfolio is now holding cash and short-term investments within this sleeve until

*Alpha Sleeve<sup>6</sup> –* The alpha sleeve consists of a European long/short strategy, a risk parity strategy, a commodity trading strategy, and a quantitative equity strategy.

\* *Sharpe Ratio - A measure of risk-adjusted return. The higher the ratio, the greater the investment return relative to amount of risk taken, and thus, the better the investment.* 

Highland Resolute Fund Shareholder Letter

October 31, 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 October 31, 2022.

**Performance** *(amounts greater than one year are annualized)*

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Standardized**<br> **Performance Data<br> as of September 30, 2022** | **Standardized**<br> **Performance Data<br> as of September 30, 2022** | **Standardized**<br> **Performance Data<br> as of September 30, 2022** | | | **Non-Standardized**<br> **Performance Data<br> as of October 31, 2022** | **Non-Standardized**<br> **Performance Data<br> as of October 31, 2022** | **Non-Standardized**<br> **Performance Data<br> as of October 31, 2022** |
| | **YTD** | **1-Year** | **3-Year** | **5-Year** | **Since Inception<br> (12/30/11)** | **YTD** | **1-Year** | **3-Year** | **5-Year** | **Since Inception<br> (12/30/11)** |
| Highland Resolute Fund - II Class | -16.31% | -11.64% | 1.81% | 1.25% | 2.81% | -13.89% | -11.90% | 2.78% | 1.67% | 3.06% |
| HFRX Global Index | -4.56% | -4.50% | 2.72% | 1.67% | 1.95% | -4.49% | -5.25% | 2.64% | 1.55% | 1.94% |
|  | **Gross Expense<br> Ratio** | **Gross Expense<br> Ratio** | **Less Expense<br> Waivers** | **Less Expense<br> Waivers** | **Net Expense<br> Ratio** | **Net Ratio ex Dividend & Short Expense** | **Net Ratio ex Dividend & Short Expense** | **Net Ratio ex Dividend & Short Expense** | **Net Ratio ex Dividend & Short Expense** | **Net Ratio ex Dividend & Short Expense** |
| Highland Resolute Fund - II Class | 2.02% | 2.02% | -1.50% | -1.50% | 0.52% |  |  | 0.52% |  |  |

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***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, 2022 and may differ from the ratios presented in the Financial Highlights*

*The Adviser has agreed to waive the portion of its 1.50% Management Fee in excess of any sub-advisory fees paid by the Adviser to sub-advisors in connection with the Fund ("Sub-Advisory Fees"). This agreement (the "Expense Agreement") is in effect through August 31, 2023. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2023 without the approval by the Fund's 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 and we appreciate your investment in the Highland Resolute Fund. Please feel free to contact us with any questions.

Sincerely,

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| | |
|:---|:---|
| ![](fp0081423_24.jpg) | ![](fp0081423_25.jpg) |

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Matthew W. Sampson, CFA & Jason T. Copeland, CFA, CAIA

Portfolio Managers<sup>9</sup>

*Representative of the overall composition of the hedge fund universe.*

*Basis Point = 0.01%, 100 basis points would equal 1.0%*

*Beta Sleeve is in place to create sensitivity to the overall equity market.*

*Liquidity Sleeve is in place to have liquidity for rebalancing and redemptions.*

*A broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.*

*Alpha Sleeve is to provide return streams which are uncorrelated to equity markets, generate additional returns and smooth volatility.*

*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.*

Semi-Annual Report \| October 31, 2022 3

Highland Resolute Fund Shareholder Letter

October 31, 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<sup>®</sup> 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.* 

Highland Resolute Fund Performance Update

October 31, 2022 (Unaudited)

**Performance** (for the year ended October 31, 2022)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Highland Resolute Fund**<br>**Cumulative Total Return**<br> *(for the period ended October 31, 2022)* | <br>**6 Months** | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | <br>**10 Year** | <br>**Since**<br> **Inception\*** | <br>**Gross**<br> **Ratio<sup>(a)</sup>** | <br>**Net**<br> **Ratio<sup>(a)</sup>** |
| Highland Resolute Fund - Class I – NAV\*\* | &nbsp;&nbsp;-4.78% | -11.96% | 2.79% | 1.67% | 2.96% | 3.06% | 2.15% | 0.50% |
| *HFRX Global Hedge Fund Index <sup>(b)</sup>* | &nbsp;&nbsp;-2.30% | -5.28% | 2.64% | 1.55% | 1.89% | 1.94% |  |  |
| *S&P 500<sup>®</sup> Index <sup>(c)</sup>* | &nbsp;&nbsp;-5.50% | -14.61% | 10.22% | 10.44% | 12.79% | 13.13% |  |  |
| *Dow Jones U.S. Select Dividend Index <sup>(d)</sup>* | &nbsp;&nbsp;-2.34% | 3.87% | 9.38% | 8.75% | 11.57% | 11.69% |  |  |

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***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.* 

*<sup>(a)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(b)</sup>* *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.* 

*<sup>(c)</sup>* *The S&P 500<sup>®</sup> 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.* 

*<sup>(d)</sup>* *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 October 31, 2022)

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| | |
|:---|:---|
| *As a percentage of Net Assets* |  |
| S&P 500 Emini Future | 30.12% |
| PIMCO Income Fund, Institutional Class | 24.87% |
| PIMCO Short-Term Fund, Institutional Class | 15.23% |
| Typhon Argos Segregated Portfolio | 13.24% |
| TREASURY BILL B 02/23/23 | 13.02% |
| United States Treasury Bill | 11.54% |
| Dalton Melchior Trs | 11.49% |
| WABR Cayman Company Limited | 6.73% |
| Castle Ridge Long/Short Alpha Segregated Portfolio | 6.61% |
| S&P 500 INDEX-SPX US 01/20/23 P3810 | 0.47% |
| **Top Ten Holdings** | **132.85%** |

---

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

Semi-Annual Report \| October 31, 2022 5

Highland Resolute Fund Performance Update

October 31, 2022 (Unaudited)

**Performance of $10,000 Initial Investment** (for the year ended October 31, 2022)

*Comparison of change in value of a $10,000 investment*

![](fp0081423_26.jpg)

*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.*

Highland Resolute Fund Consolidated Disclosure of Fund Expenses

October 31, 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 May 1, 2022 to October 31, 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<br> ACCOUNT VALUE<br> 05/01/22** | **ENDING<br> ACCOUNT VALUE<br> 10/31/22** | **EXPENSE <br> RATIO<sup>(a)</sup>** | **EXPENSES PAID <br> DURING THE <br> PERIOD<br> 05/01/22-10/31/22<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;***Class I*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $952.20 | 0.58% | $2.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.28 | 0.58% | $2.96 |

---

*<sup>(a)</sup>* *Annualized, based on the Fund's most recent fiscal half year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

Semi-Annual Report \| October 31, 2022 7

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value<br> (Note 2)** |
| **OPEN-END MUTUAL FUNDS (40.10%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Income Fund, Institutional Class | 4602378 | $47128352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Short-Term Fund, Institutional Class | 3025973 | 28867779 |
|  |  | 75996131 |
| **TOTAL OPEN-END MUTUAL FUNDS** |  |  |
| **(Cost 78,947,896)** |  | 75996131 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Notional Amount** | **Notional Amount** | **Exercise Date** | **Exercise Price** | **Contracts** | **Value<br> (Note 2)** |
| **PURCHASED OPTIONS (0.11%)** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Index | $| 29427048 | 11/30/2022 | $4100 | 76 | 201248 |
| **TOTAL PURCHASED OPTIONS** |  |  |  |  |  |  |
| **(Cost $209,100)** |  |  |  |  |  | 201248 |
| **PURCHASED PUT OPTIONS (0.47%)** | **PURCHASED PUT OPTIONS (0.47%)** | **PURCHASED PUT OPTIONS (0.47%)** |  |  |  |  |
| S&P 500<sup>®</sup> Index |  | 24780672 | 01/20/2023 | 3810 | 64 | 891520 |
| **TOTAL PURCHASED PUT OPTIONS** | **TOTAL PURCHASED PUT OPTIONS** | **TOTAL PURCHASED PUT OPTIONS** |  |  |  |  |
| **(Cost $891,714)** |  |  |  |  |  | 891520 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value<br> (Note 2)** |
| **Open-End Mutual Funds (11.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**MONEY MARKET FUNDS (11.11%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, 7-day yield, 2.920% | 21053344 | 21053344 |
| **TOTAL OPEN-END MUTUAL FUNDS** |  |  |
| **(Cost $21,053,344)** |  | 21053344 |
| **Short-Term Investments (24.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY BILLS (24.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.339%, 12/29/2022<sup>(a)</sup> | 22000000 | 21864779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.976%, 02/23/2023 | 25000000 | 24676076 |
|  |  | 46540855 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| **(Cost $46,650,743)** |  | 46540855 |
| **TOTAL INVESTMENTS (76.35%)** |  |  |
| **(Cost $147,752,797)** |  | $144683098 |
| **SEGREGATED CASH WITH BROKERS (23.51%)<sup>(b)</sup>** |  | 44560475 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (0.14%)** |  | 265486 |
| **NET ASSETS (100.00%)** |  | $189509059 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.* 

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.* 

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **TOTAL RETURN SWAP CONTRACTS<sup>\*</sup>** | **TOTAL RETURN SWAP CONTRACTS<sup>\*</sup>** | | | | | | |
| **Counterparty** | &nbsp;&nbsp;&nbsp;**Reference Obligation** | <br>**Notional**<br> **Amount** | <br>**Value** | <br>**Rate Paid by the Fund** | <br>**Reference Rate** | <br>**Termination Date** | <br>**Unrealized** <br> **Appreciation/<br> (Depreciation)**  |
| Morgan Stanley | Castle Ridge Long/Short Alpha Segregated Portfolio<sup>(a)</sup> | $12531162 | $12531158 | 70 bps + FEDEF-1D | 33 | &nbsp;&nbsp;&nbsp;&nbsp;02/08/2023 | $(4) |
| Morgan Stanley | Dalton Melchior Segregated Portfolio<sup>(b)</sup> | 21768217 | 21768225 | 95 bps | N/A | &nbsp;&nbsp;&nbsp;&nbsp;03/20/2023 | 8 |
| Morgan Stanley | Typhon Argos Segregated Portfolio<sup>(c)</sup> | 25092332 | 25092332 | 85 bps | N/A | &nbsp;&nbsp;&nbsp;&nbsp;09/08/2025 | 0 |
| Morgan Stanley | WABR Cayman Company Limited<sup>(d)</sup> | 12746224 | 12746222 | 5 bps | N/A | &nbsp;&nbsp;&nbsp;&nbsp;06/30/2022 | (2) |
|  |  | $72137935 | $72137937 |  |  |  | $2 |

---

<sup>\*</sup> *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.*

*<sup>(a)</sup>* *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.* 

*<sup>(b)</sup>* *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.* 

*<sup>(c)</sup>* *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.* 

*<sup>(d)</sup>* *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%.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WRITTEN OPTION CONTRACTS (0.44%)** | **WRITTEN OPTION CONTRACTS (0.44%)** | **WRITTEN OPTION CONTRACTS (0.44%)** | | | | | |
| | **Counterparty** | **Expiration<br> Date** | <br>**Strike<br> Price** | <br>**Contracts** | <br>**Premiums<br> Received** | <br>**Notional<br> Value** | <br>**Value<br> (Note 2)** |
| **Call Option Contracts - (0.32%)** | **Call Option Contracts - (0.32%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index |  |  |  |  |  |  |  |
|  | Citigroup | 11/18/2022 | $3950 | (6) | $17483 | $(2323188) | $(36540) |
|  | Citigroup | 11/25/2022 | 4110 | (6) | 13596 | (2323188) | (12180) |
|  | Citigroup | 11/30/2022 | 3950 | (38) | 172570 | (14713524) | (279946) |
|  | Citigroup | 12/16/2022 | 4125 | (64) | 306999 | (24780672) | (268096) |
| **Put Option Contracts - (0.12%)** | **Put Option Contracts - (0.12%)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index |  |  |  |  |  |  |  |
|  | Citigroup | 11/18/2022 | 3500 | (6) | 28799 | (2323188) | (4200) |
|  | Citigroup | 11/25/2022 | 3710 | (6) | 27665 | (2323188) | (25116) |
|  | Citigroup | 12/16/2022 | 3510 | (64) | 214841 | (24780672) | (214400) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  | $**781953** | $**(73567620)** | $**(840478)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | | | | | | |
| **Description** | **Counterparty** | <br>**Position** | <br>**Contracts** | <br>**Expiration <br> Date** |<br>**Notional<br> Amount** |<br>**Value** |<br>**Unrealized <br> Appreciation/<br> (Depreciation)** |
| S&P 500 EMINI FUTURE | 0 | Long | 294 | December 2022 | $57080100 | $642591 | $642591 |
|  |  |  |  |  | $57080100 | $642591 | $642591 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 9

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

**TYPHON ARGOS SEGREGATED PORTFOLIO**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/<br> Shares** | **Contracts/<br> Shares** | **Notional<br> Value** | **Expiration<br> Date** | **Value** | **Percentage<br> of Value** | **Counterparty** |
| **LONG SECURITIES** |  |  |  |  |  |  |  |
| **COMMODITY FUTURE CONTRACTS** |  |  |  |  |  |  |  |
| SOYBEANS |  | 42 | 2940116 | January 2023 | 54321 | 0.22% | Morgan Stanley & Co. LLC |
| GOLD CMX |  | 28 | 4891799 | February 2023 | (236543) | -0.94% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1375682 | December 2022 | (31625) | -0.13% | Morgan Stanley & Co. LLC |
| GOLD CMX |  | 113 | 18970254 | February 2023 | (350972) | -1.40% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1348565 | December 2022 | (4500) | -0.02% | Morgan Stanley & Co. LLC |
| LIVE CATTLE |  | 19 | 1165102 | February 2023 | 3586 | 0.01% | Morgan Stanley & Co. LLC |
| LIVE CATTLE |  | 19 | 1129875 | February 2023 | 38816 | 0.15% | Morgan Stanley & Co. LLC |
| SOYBEANS |  | 42 | 2939588 | January 2023 | 54848 | 0.22% | Morgan Stanley & Co. LLC |
| SOYBEANS |  | 42 | 2912165 | January 2023 | 82273 | 0.33% | Morgan Stanley & Co. LLC |
| LIVE CATTLE |  | 19 | 1138066 | February 2023 | 30624 | 0.12% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1330252 | December 2022 | 13818 | 0.06% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 28 | 2660817 | December 2022 | 28268 | 0.11% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1269866 | December 2022 | 74220 | 0.30% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1315946 | December 2022 | 28127 | 0.11% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 2395625 | May 2023 | 104384 | 0.42% | Morgan Stanley & Co. LLC |
| SILVER CMX |  | 14 | 1359338 | December 2022 | (15277) | -0.06% | Morgan Stanley & Co. LLC |
| LIVE CATTLE |  | 19 | 1177500 | February 2023 | (8813) | -0.04% | Morgan Stanley & Co. LLC |
| **COMMODITY FUTURE CONTRACTS Total** | **COMMODITY FUTURE CONTRACTS Total** |  | 50320554 |  | (134446) | -0.54% |  |
| **OPTIONS** |  |  |  |  |  |  |  |
| LIVE CATTLE |  | 94 | 28128 | February 2023 | 9376 | 0.04% | Morgan Stanley & Co. LLC |
| LIVE CATTLE |  | 94 | 23440 | February 2023 | 9376 | 0.04% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 47500 | November 2022 | 10938 | 0.04% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 55625 | November 2022 | 21877 | 0.09% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 45938 | November 2022 | 14689 | 0.06% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 106250 | November 2022 | 73131 | 0.29% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 157813 | November 2022 | 62505 | 0.25% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 35000 | November 2022 | 27815 | 0.11% | Morgan Stanley & Co. LLC |
| BRENT OIL |  | 31 | 61563 | December 2022 | 5000 | 0.02% | Morgan Stanley & Co. LLC |
| BRENT OIL |  | 31 | 63438 | December 2022 | 3125 | 0.01% | Morgan Stanley & Co. LLC |
| BRENT OIL |  | 31 | 94688 | January 2023 | 7501 | 0.03% | Morgan Stanley & Co. LLC |
| CRUDE OIL |  | 31 | 106875 | December 2022 | 100633 | 0.98% | Morgan Stanley & Co. LLC |
| **OPTIONS Total** |  |  | 826256 |  | 345966 | 1.96% |  |
| **TOTAL LONG** |  |  | $**51146810** |  | $**211520** | **1.42%** |  |

---

 

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/<br> Shares** | **Notional <br> Value** | **Expiration <br> Date** | **Value** | **Percentage <br> of Value** | **Counterparty** |
| **SECURITIES SOLD SHORT** |  |  |  |  |  |  |
| **COMMODITY FUTURE CONTRACTS** | **COMMODITY FUTURE CONTRACTS** | **COMMODITY FUTURE CONTRACTS** |  |  |  |  |
| SOYBEANS | (42) | (2942225) | May 2023 | (84382) | -0.34% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1403800) | March 2023 | 47304 | 0.19% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1386878) | March 2023 | 30378 | 0.12% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2349330) | December 2022 | 42517 | 0.17% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2349567) | December 2022 | 42754 | 0.17% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2352379) | December 2022 | 45566 | 0.18% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2353523) | December 2022 | 46711 | 0.19% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2362642) | December 2022 | 55833 | 0.22% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2363333) | December 2022 | 56523 | 0.23% | Morgan Stanley & Co. LLC |
| LIVE CATTLE | (19) | (1133227) | December 2022 | (10337) | -0.04% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2296746) | December 2022 | (10081) | -0.04% | Morgan Stanley & Co. LLC |
| LIVE CATTLE | (19) | (1102875) | December 2022 | (40691) | -0.16% | Morgan Stanley & Co. LLC |
| SOYBEANS | (42) | (2973340) | May 2023 | (53266) | -0.21% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2424542) | December 2022 | 117748 | 0.47% | Morgan Stanley & Co. LLC |
| SOYBEANS | (42) | (2952245) | May 2023 | (74362) | -0.30% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2371938) | December 2022 | 65131 | 0.26% | Morgan Stanley & Co. LLC |
| LIVE CATTLE | (19) | (1112566) | December 2022 | (30999) | -0.12% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1345612) | March 2023 | (10899) | -0.04% | Morgan Stanley & Co. LLC |
| SILVER CMX | (2) | (223739) | March 2023 | (2028) | -0.01% | Morgan Stanley & Co. LLC |
| SILVER CMX | (26) | (2465084) | March 2023 | (22174) | -0.09% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1284873) | March 2023 | (71654) | -0.29% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1330006) | March 2023 | (26510) | -0.11% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (2466268) | February 2023 | (123743) | -0.49% | Morgan Stanley & Co. LLC |
| GOLD CMX | (14) | (2332973) | December 2022 | 26155 | 0.10% | Morgan Stanley & Co. LLC |
| SILVER CMX | (14) | (1301930) | March 2023 | (54593) | -0.22% | Morgan Stanley & Co. LLC |
| CORN | (42) | (1440789) | December 2022 | (17931) | -0.07% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (19) | (678375) | February 2023 | 15001 | 0.06% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (19) | (682125) | February 2023 | 18752 | 0.07% | Morgan Stanley & Co. LLC |
| LIVE CATTLE | (19) | (1151625) | December 2022 | 8063 | 0.03% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (7) | (242394) | December 2022 | 3586 | 0.01% | Morgan Stanley & Co. LLC |
| **COMMODITY FUTURE CONTRACTS Total** | **COMMODITY FUTURE CONTRACTS Total** | (53176948) |  | (11627) | -0.05% |  |
| **OPTIONS** |  |  |  |  |  |  |
| CRUDE OIL | (31) | (64063) | November 2022 | (12501) | -0.05% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (310625) | February 2023 | (313776) | -1.25% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (314688) | February 2023 | (224706) | -0.90% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (187188) | November 2022 | (31253) | -0.12% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (203438) | November 2022 | (235332) | -0.94% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (61563) | November 2022 | (12501) | -0.05% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (67500) | November 2022 | (12501) | -0.05% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (50625) | November 2022 | (10313) | -0.04% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (128750) | November 2022 | (68756) | -0.27% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (137813) | November 2022 | (147825) | -0.59% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (239063) | January 2023 | (211580) | -0.84% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (229375) | January 2023 | (245958) | -0.98% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (194375) | December 2022 | (170952) | -0.68% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (46875) | December 2022 | (48442) | -0.19% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (176875) | December 2022 | (183453) | -0.73% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (125313) | November 2022 | (130949) | -0.52% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (34063) | December 2022 | (29065) | -0.12% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (31) | (123438) | November 2022 | (85007) | -0.34% | Morgan Stanley & Co. LLC |
| **OPTIONS Total** |  | (2695625) |  | (2174871) | -8.67% |  |
| **TOTAL SHORT** |  | $**(55872573)** |  | $**(2186499)** | **-8.71%** |  |
| **REMAINING SECURITIES AND CASH** | **REMAINING SECURITIES AND CASH** |  |  | **27067311** | **107.29%** |  |
| **Grand Total** |  |  |  | $**25092332** |  |  |

---

*See Notes to Financial Statements.* 

Semi-Annual Report \| October 31, 2022 11

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

**DALTON MELCHIOR SEGREGATED PORTFOLIO**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/**<br> **Shares** | **Notional** <br> **Value** | **Value** | **Percentage** <br> **of Value** | **Counterparty** | **Floating** <br> **Rate/Fixed Rate** <br> **Amount Paid** <br> **by Fund** | **Reference** <br> **Rate** | **Termination** <br> **Date** | **Unrealized** <br> **Gain (Loss)** |
| **LONG SECURITIES** | **LONG SECURITIES** | **LONG SECURITIES** | | |  |  |  |  | |
| **EQUITY SWAPS** | **EQUITY SWAPS** | | | |  |  |  |  | |
| Aalberts NV |  | $435246 | $337003 | 1.55% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | $(98243) |
| Aixtron SE |  | 1087199 | 1120590 | 5.15% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 113 bps | 03/27/23 | 33391 |
| Asml Holding NV |  | 945824 | 1004608 | 4.62% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | 58785 |
| Asr Nederland NV |  | 733756 | 830471 | 3.82% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 113 bps | 03/28/23 | 96715 |
| Capgemini SE |  | 614678 | 571657 | 2.63% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (43021) |
| Corticeira Amorim SA |  | 869718 | 827039 | 3.80% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (42680) |
| Crh PLC |  | 457528 | 431294 | 1.98% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (26234) |
| Erste Group Bank AG |  | 531218 | 461953 | 2.12% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (69265) |
| Ferguson PLC |  | 509436 | 432653 | 1.99% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (76783) |
| Finecobank SPA |  | 479685 | 571554 | 2.63% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | 91869 |
| Fluidra SA |  | 95227 | 65781 | 0.30% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (29446) |
| Games Workshop Group PLC |  | 631132 | 446542 | 2.05% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (184590) |
| Grafton Group PLC-UTS - CDI |  | 582067 | 332348 | 1.53% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (249720) |
| Howden Joinery Group PLC |  | 748883 | 495346 | 2.28% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (253537) |
| Inficon Holding AG |  | 458161 | 359148 | 1.65% | Morgan Stanley & Co. LLC | 49 bps + 1D SARON | 47 bps | 03/28/23 | (99012) |
| Inmobiliaria Colonial Socimi |  | 461312 | 312502 | 1.44% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (148811) |
| Jd Sports Fashion PLC |  | 725458 | 523210 | 2.40% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (202248) |
| Jet2 PLC |  | 555492 | 624177 | 2.87% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | 68685 |
| Laboratorios Farmaceuticos |  | 811516 | 615270 | 2.83% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (196247) |
| Lonza Group AG |  | 454464 | 440447 | 2.02% | Morgan Stanley & Co. LLC | 49 bps + 1D SARON | 47 bps | 03/28/23 | (14017) |
| Merck Kgaa |  | 1233087 | 1210638 | 5.56% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 113 bps | 03/27/23 | (22449) |
| Moncler SPA |  | 461658 | 401474 | 1.84% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (60184) |
| Musti Group Oy |  | 654023 | 514768 | 2.36% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (139254) |
| Nestle SA |  | 887450 | 852474 | 3.92% | Morgan Stanley & Co. LLC | 49 bps + 1D SARON | 47 bps | 03/28/23 | (34976) |
| Relx PLC |  | 736717 | 775662 | 3.56% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | 38945 |
| Renishaw PLC |  | 198776 | 167279 | 0.77% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (31497) |
| Rightmove PLC |  | 879673 | 799302 | 3.67% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (80371) |
| Robertet SA |  | 1113083 | 1062257 | 4.88% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (50826) |
| Sanoma Oyj |  | 403285 | 335858 | 1.54% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (67427) |
| Scout24 SE |  | 1614085 | 1534877 | 7.05% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 113 bps | 03/27/23 | (79208) |
| Stabilus SE |  | 478674 | 494633 | 2.27% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/27/23 | 15959 |
| Vivendi SE |  | 1276751 | 1094611 | 5.03% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 69 bps | 03/28/23 | (182140) |
| Volution Group PLC |  | 571725 | 472686 | 2.17% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 218 bps | 03/28/23 | (99039) |
| **EQUITY SWAPS Total** |  | 22696988 | 20520111 | 94.27% |  |  |  |  |  |
| **TOTAL LONG** |  | $**22696988** | $**20520111** | **94.27%** |  |  |  |  |  |

---

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/**<br> **Shares** | **Notional** <br> **Value** | **Value** | **Percentage** <br> **of Value** | **Counterparty** | **Floating** <br> **Rate/Fixed Rate** <br> **Amount Paid** <br> **by Fund** | **Reference** <br> **Rate** | **Termination** <br> **Date** | **Unrealized** <br> **Gain** <br> **(Loss)** |
| **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** | **SECURITIES SOLD SHORT** |  |  |  |  |  |  |  |
| **EQUITY SWAPS** |  |  |  |  |  |  |  |  |  |
| Alstom |  | $(902935) | $(805335) | -3.70% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 73 bps | 03/28/23 | $97600 |
| De'Longhi SPA |  | (961977) | (887239) | -4.08% | Morgan Stanley & Co. LLC | 1D EONIA -50 bps | 73 bps | 03/28/23 | 74738 |
| Djs Mid 200 |  | (2999939) | (2351675) | -10.80% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 74 bps | 07/31/23 | 648264 |
| Husqvarna AB-B Shares |  | (658166) | (680058) | -3.12% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 171 bps | 09/11/23 | (21892) |
| Logitech International |  | (884043) | (871287) | -4.00% | Morgan Stanley & Co. LLC | 1D SARON -40 bps | 47 bps | 03/28/23 | 12756 |
| Maire Tecnimont SPA |  | (612360) | (701590) | -3.22% | Morgan Stanley & Co. LLC | 1D EONIA-213 bps | 73 bps | 03/28/23 | (89230) |
| Melexis NV |  | (724001) | (644068) | -2.96% | Morgan Stanley & Co. LLC | 1D EONIA -50 bps | 73 bps | 03/28/23 | 79933 |
| Mips AB |  | (459501) | (435052) | -2.00% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 171 bps | 09/11/23 | 24449 |
| Nordex SE |  | (771509) | (791120) | -3.63% | Morgan Stanley & Co. LLC | 1D EONIA-40 bps | 73 bps | 03/27/23 | (19610) |
| Qt Group Oyj |  | (444893) | (482313) | -2.22% | Morgan Stanley & Co. LLC | 1D EONIA-347 bps | 73 bps | 03/28/23 | (37420) |
| Scor SE |  | (312289) | (292547) | -1.34% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 73 bps | 03/28/23 | 19742 |
| Sma Solar Technology AG |  | (641301) | (591042) | -2.72% | Morgan Stanley & Co. LLC | 1D EONIA -775 bps | 73 bps | 03/27/23 | 50258 |
| Stadler Rail AG |  | (960125) | (860432) | -3.95% | Morgan Stanley & Co. LLC | 1D SARON-338 bps | 47 bps | 03/28/23 | 99693 |
| Stoxx-Dj Small 200 Price |  | (3098217) | (2293681) | -10.54% | Morgan Stanley & Co. LLC | 1D EONIA-63 bps | 74 bps | 07/31/23 | 804536 |
| Thule Group AB/The |  | (271594) | (211523) | -0.97% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 171 bps | 09/11/23 | 60072 |
| Truecaller AB-B |  | (670105) | (685959) | -3.15% | Morgan Stanley & Co. LLC | 1W STBIO-713 bps | 171 bps | 09/11/23 | (15854) |
| **EQUITY SWAPS Total** |  | (15372956) | (13584921) | -62.41% |  |  |  |  |  |
| **INDEX FUTURE CONTRACTS** | **INDEX FUTURE CONTRACTS** | **INDEX FUTURE CONTRACTS** |  |  |  |  |  |  |  |
| EURO STOXX 50 DEC 22 | (89) | (3220020) | (116354) | -0.53% | Morgan Stanley & Co. LLC |  |  |  |  |
| **INDEX FUTURE CONTRACTS Total** | **INDEX FUTURE CONTRACTS Total** | **INDEX FUTURE CONTRACTS Total** | (116354) | -0.53% |  |  |  |  |  |
| **TOTAL SHORT** | **TOTAL SHORT** | $**(18592976)** | $**(13701275)** | **(62.94** **%)** |  |  |  |  |  |
| **REMAINING SECURITIES** | **REMAINING SECURITIES** | **REMAINING SECURITIES** | **14949389** | **68.68%** |  |  |  |  |  |
| **AND CASH** |  |  |  |  |  |  |  |  |  |
| **Grand Total** |  |  | $**21768225** |  |  |  |  |  |  |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 13

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

**WABR CAYMAN COMPANY LIMITED**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/ Shares** | **Notional Value** | **Value** | **Percentage of Value** | **Counterparty** |
| **LONG SECURITIES** |  |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |  |
| Advanced Micro Devices | 658 |  | $39535 | 0.31% |  |
| Ardagh Metal Packaging | 6692 |  | 29714 | 0.23% |  |
| Boston Properties Reit | 640 |  | 46511 | 0.36% |  |
| Brixmor Property Group REIT | 1680 |  | 35796 | 0.28% |  |
| Ciena | 1042 |  | 49921 | 0.39% |  |
| Commscope Holding | 6678 |  | 88422 | 0.69% |  |
| Conocophillips | 276 |  | 34762 | 0.27% |  |
| Cousins Properties REIT | 1307 |  | 31049 | 0.24% |  |
| Essential Properties Realty Trust | 2124 |  | 45706 | 0.36% |  |
| Fedex | 229 |  | 36771 | 0.29% |  |
| First Horizon | 1214 |  | 29745 | 0.23% |  |
| General Motors | 1044 |  | 40976 | 0.32% |  |
| Healthpeak Properties | 1361 |  | 32301 | 0.25% |  |
| Highwoods Property | 1270 |  | 35841 | 0.28% |  |
| Hilton Worldwide Holdings | 297 |  | 40192 | 0.32% |  |
| Intuit | 84 |  | 35918 | 0.28% |  |
| Invsco S&P 500 Equal Weight ETF | 239 |  | 33292 | 0.26% |  |
| iShares 20 Plus Year Treasury Bond ETF | 331 |  | 31785 | 0.25% |  |
| Las Vegas Sands | 936 |  | 35567 | 0.28% |  |
| National Retail Properties REIT | 868 |  | 36482 | 0.29% |  |
| Oracle | 798 |  | 62275 | 0.49% |  |
| Palo Alto Networks | 196 |  | 33707 | 0.26% |  |
| Procter & Gamble | 220 |  | 29691 | 0.23% |  |
| Qualcomm | 550 |  | 64689 | 0.51% |  |
| Royal Caribbean Group | 658 |  | 35116 | 0.28% |  |
| Sabra Health Care REIT | 2968 |  | 40541 | 0.32% |  |
| Ventas REIT | 1404 |  | 54957 | 0.43% |  |
| Zendesk | 548 |  | 42027 | 0.33% |  |
| **COMMON STOCKS Total** | **COMMON STOCKS Total** | **COMMON STOCKS Total** | **1153289** | **9.05%** |  |
| **EQUITY SWAPS** |  |  |  |  |  |
| iShares Iboxx High Yield Bond ETF |  | $2612186 | (169309) | -1.33% | Morgan Stanley & Co. LLC |
| iShares Iboxx Investment Grade ETF |  | 2508285 | (365539) | -2.87% | Morgan Stanley & Co. LLC |
| **EQUITY SWAPS Total** |  | **5120471** | **(534848)** | **-4.20%** |  |
| **INTEREST RATE FUTURE CONTRACTS** | **INTEREST RATE FUTURE CONTRACTS** | **INTEREST RATE FUTURE CONTRACTS** |  |  |  |
| 10 Yr US Gov Treasury Note Dec-22 | 11 | 1252 | (73679) | -0.58% | Morgan Stanley & Co. LLC |
| Ultra Long Term US Treasury Bonf Dec-22 | 8 | 1065 | (180309) | -1.41% | Morgan Stanley & Co. LLC |
| **INTEREST RATE FUTURE CONTRACTS Total** |  | **2317** | **(253988)** | **-1.99%** |  |
| **INDEX FUTURE CONTRACTS** | **INDEX FUTURE CONTRACTS** | **INDEX FUTURE CONTRACTS** |  |  |  |
| E-Mini Russell 2000 Index Dec-22 | 17 | 31649 | 30382 | 0.24% | Morgan Stanley & Co. LLC |
| Gold 100 Troy OZ. Dec-22 | 5 | 8154 | (51300) | -0.40% | Morgan Stanley & Co. LLC |
| **INDEX FUTURE CONTRACTS Total** |  | **39803** | **(20918)** | **-0.16%** |  |
| **TOTAL LONG** |  | $**5162591** | $**343535** | **2.70%** |  |

---

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/ Shares** | **Notional Value** | **Value** | **Percentage of Value** | **Counterparty** |
| **SECURITIES SOLD SHORT** |  |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |  |
| Bhp Group ADR | (633) |  | $(30290) | -0.24% |  |
| Corporate Office Prop REIT | (2506) |  | (66781) | -0.52% |  |
| Healthcare Realty Trust Cl A | (1608) |  | (32700) | -0.26% |  |
| Invesco QQQ Trust Srs 1 ETF | (1399) |  | (388775) | -3.05% |  |
| iShares Expanded Tech Software Sector ETF | (492) |  | (131605) | -1.03% |  |
| iShares Russell 1000 Growth ETF | (151) |  | (33644) | -0.26% |  |
| iShares Russell 2000 ETF | (691) |  | (126612) | -0.99% |  |
| Ishares Us Technology ETF | (550) |  | (41984) | -0.33% |  |
| Kilroy Realty REIT | (1080) |  | (46156) | -0.36% |  |
| Kite Realty Group REIT | (2103) |  | (41304) | -0.32% |  |
| Realty Income REIT | (958) |  | (59678) | -0.47% |  |
| Select Sector Health Care Sdr ETF | (273) |  | (36282) | -0.28% |  |
| Spdr S&P 500 ETF | (1330) |  | (513505) | -4.03% |  |
| Spdr S&P Oil & Gas Exploration & Production ETF | (263) |  | (39816) | -0.31% |  |
| Vaneck Semiconductor ETF | (302) |  | (57165) | -0.45% |  |
| Welltower | (518) |  | (31632) | -0.25% |  |
| **COMMON STOCKS Total** |  |  | **(1677929)** | **-13.16%** |  |
| **TOTAL SHORT** |  |  | $**(1677929)** | **-13.16%** |  |
| **REMAINING SECURITIES AND CASH** | **REMAINING SECURITIES AND CASH** |  | **14080616** | **110.47%** |  |
| **Grand Total** |  |  | $**12746222** |  |  |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 15

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

**CASTLE RIDGE LONG/SHORT ALPHA SEGREGATED PORTFOLIO**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Value** | **Percentage of Value** |
| **LONG SECURITIES** |  |  |  |
| **COMMON STOCKS** |  |  |  |
| Assurant, Inc. | 1651 | $224309 | 1.79% |
| ATI, Inc. | 2801 | 83367 | 0.67% |
| Carlisle Companies, Inc. | 327 | 78143 | 0.62% |
| CBIZ, Inc. | 1487 | 73835 | 0.59% |
| Celsius Holdings, Inc. | 1125 | 102509 | 0.82% |
| Cytokinetics, Inc. | 2117 | 92432 | 0.74% |
| Enphase Energy, Inc. | 263 | 80673 | 0.64% |
| EQT Corp. | 2048 | 85675 | 0.68% |
| Evolent Health, Inc. | 2385 | 75861 | 0.61% |
| Fox Corp., Class A | 3996 | 115370 | 0.92% |
| Generac Holdings, Inc. | 858 | 99421 | 0.79% |
| Grand Canyon Education, Inc. | 798 | 80328 | 0.64% |
| Griffon Corp. | 4393 | 141186 | 1.13% |
| Grocery Outlet Holding Corp. | 2251 | 77816 | 0.62% |
| Guardant Health, Inc. | 1527 | 75591 | 0.60% |
| H & R Block, Inc. | 1805 | 74265 | 0.59% |
| ICU Medical, Inc. | 451 | 66960 | 0.53% |
| Iron Mountain, Inc. | 2692 | 134800 | 1.08% |
| Lantheus Holdings, Inc. | 2330 | 172418 | 1.38% |
| Las Vegas Sands Corp. | 2385 | 90647 | 0.72% |
| Match Group, Inc. | 1849 | 79892 | 0.64% |
| Privia Health Group, Inc. | 4452 | 149064 | 1.19% |
| Solaredge Technologies, Inc. | 526 | 120893 | 0.96% |
| Syndax Pharmaceuticals, Inc. | 3084 | 70807 | 0.57% |
| T-Mobile US, Inc. | 506 | 76647 | 0.61% |
| Transmedics Group, Inc. | 1433 | 69093 | 0.55% |
| Vistra Corp. | 4948 | 113659 | 0.91% |
| Wynn Resorts Ltd. | 1359 | 86809 | 0.69% |
| **COMMON STOCKS Total** |  | **2792470** | **22.28%** |
| **TOTAL LONG** |  | $**2792470** | **22.28%** |

---

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Value** | **Percentage of Value** |
| **SECURITIES SOLD SHORT** |  |  |  |
| **COMMON STOCKS** |  |  |  |
| Advanced Micro Devices, Inc. | (1249) | $(75041) | -0.60% |
| American Tower Corp. | (342) | (70881) | -0.57% |
| Applied Materials, Inc. | (972) | (85798) | -0.68% |
| Boeing Co. | (540) | (77016) | -0.61% |
| Caesars Entertainment, Inc. | (1577) | (68947) | -0.55% |
| Capital One Financial Corp. | (783) | (83053) | -0.66% |
| Crown Castle, Inc. | (550) | (73339) | -0.59% |
| Emerson Electric Co. | (778) | (67411) | -0.54% |
| Estee Lauder Companies, Inc. | (565) | (113321) | -0.90% |
| Freshpet, Inc. | (1720) | (101420) | -0.81% |
| Illumina, Inc. | (372) | (85088) | -0.68% |
| Intuit, Inc. | (183) | (78424) | -0.63% |
| KKR & Co., Inc. | (2117) | (102954) | -0.82% |
| Live Nation Entertainment, Inc. | (937) | (74600) | -0.60% |
| Loews Corp. | (1359) | (77462) | -0.62% |
| Microchip Technology, Inc. | (1497) | (92445) | -0.74% |
| Paypal Holdings, Inc. | (937) | (78321) | -0.63% |
| Qorvo, Inc. | (962) | (82797) | -0.66% |
| Qualcomm, Inc. | (585) | (68837) | -0.55% |
| Starbucks Corp. | (1482) | (128366) | -1.02% |
| Walt Disney Co. | (689) | (73424) | -0.59% |
| Workiva Inc. | (1438) | (111878) | -0.89% |
| **COMMON STOCKS Total** |  | **(1870823)** | **-14.93%** |
| **TOTAL SHORT** |  | $**(1870823)** | **-14.93%** |
| **REMAINING SECURITIES AND CASH** |  | **11609511** | **92.65%** |
| **Grand Total** |  | $**12531158** |  |

---

***Common Abbreviations:***

*EONIA - Euro Overnight Index Average*

*ETF - Exchange Traded Fund.*

*EURIBOR - Euro Interbank Offered 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.*

***Currency Abbreviations:***

*EUR - Euro*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 17

Highland Resolute Fund Consolidated Statement of Assets and Liabilities

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments, at value | $144683098 |
| Unrealized appreciation on total return swap contracts | 8 |
| Deposits with brokers for total return swap contracts and written options | 43313386 |
| Cash | 2385917 |
| Receivable for investments sold | 721651 |
| Variation margin receivable | 1061342 |
| Dividends receivable | 221220 |
| Interest receivable | 1698 |
| Receivable for total return swap reset | 588252 |
| &nbsp;&nbsp;&nbsp;Total assets | 192976572 |
| **LIABILITIES** |  |
| Written options, at value (Premiums received 781,953) | 840478 |
| Unrealized depreciation on total return swap contracts | 6 |
| Investment advisory fees payable | 47579 |
| Broker Collateral Cash for written options | 229528 |
| Shareholder service fees payable | 172857 |
| Payable for interest expense on total return swap contracts | 523417 |
| Payable for investments purchased | 1424016 |
| Trustee fees and expenses payable | 15625 |
| Chief compliance officer fees payable | 15640 |
| Principal financial officer fees payable | 1187 |
| Administration fees payable | 51793 |
| Transfer agency fees payable | 12843 |
| Professional fees payable | 69642 |
| Custody fees payable | 10401 |
| Accrued expenses and other liabilities | 52501 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3467513 |
| **NET ASSETS** | $189509059 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital (Note 6) | $203493330 |
| Total distributable earnings/(loss) | (13984271) |
| **NET ASSETS** | $189509059 |
| **INVESTMENTS, AT COST** | $147752797 |
| **PRICING OF SHARES** |  |
| &nbsp;&nbsp;&nbsp;***Class I:*** |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $10.35 |
| &nbsp;&nbsp;&nbsp;Net Assets | $189509059 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 18313769 |

---

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Statement of Operations

For the Six Months Ended October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Dividends | $1381693 |
| Interest | 256790 |
| Foreign taxes withheld | (13771) |
| &nbsp;&nbsp;&nbsp;Total investment income | 1624712 |
| **EXPENSES** |  |
| Investment advisory fees (Note 7) | 1508307 |
| Investment advisory fees-subsidiary | 133623 |
| Administration fees | 241368 |
| Transfer agency fees | 41188 |
| Shareholder service fees |  |
| &nbsp;&nbsp;&nbsp;Class I | 91099 |
| Professional fees | 45718 |
| Custody fees | 12240 |
| Reports to shareholders and printing fees | 4700 |
| Trustee fees and expenses | 11281 |
| Registration/filing fees | 19346 |
| Chief compliance officer fees | 40848 |
| Principal financial officer fees | 8306 |
| Other | 16840 |
| &nbsp;&nbsp;&nbsp;Total expenses before waivers | 2174864 |
| Less fees waived/reimbursed by investment adviser (Note 7) |  |
| &nbsp;&nbsp;&nbsp;Class I | (1460709) |
| &nbsp;&nbsp;&nbsp;Waiver of investment advisory fees - subsidiary (Note 7) | (133623) |
| &nbsp;&nbsp;&nbsp;Total net expenses | 580532 |
| **NET INVESTMENT INCOME** | 1044180 |
| Net realized gain on investments | 7881349 |
| Net realized loss on futures contracts | (6803264) |
| Net realized loss on written options | (362874) |
| Net realized loss on total return swap contracts | (5018519) |
| &nbsp;&nbsp;&nbsp;Total net realized loss | (4303308) |
| Net change in unrealized appreciation/depreciation on investments | (7092976) |
| Net change in unrealized appreciation/depreciation on written options | (58525) |
| Net change in unrealized appreciation/depreciation on futures contracts | 642591 |
| Net change in unrealized appreciation/depreciation on total return swap contracts | 5 |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities in foreign currency transactions | (275) |
| &nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/depreciation | (6509180) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (10812488) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(9768308) |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 19

Highland Resolute Fund Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31, 2022**<br> **(Unaudited)** | **For the Year Ended**<br> **April 30, 2022** |
| **OPERATIONS** |  |  |
| Net investment income | $1044180 | $525599 |
| Net realized gain/(loss) | (4303308) | 8970336 |
| Net change in unrealized depreciation | (6509180) | (14118207) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (9768308) | (4622272) |
| **TOTAL DISTRIBUTIONS (NOTE 4)** |  |  |
| Class I | – | (10475416) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (10475416) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 5767100 | 59139370 |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 10475416 |
| Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;Class I | (12794320) | (7654687) |
| Net increase/(decrease) in net assets derived from beneficial interest transactions | (7027220) | 61960099 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in Net Assets | (16795528) | 46862411 |
| **NET ASSETS:** |  |  |
| Beginning of period | 206304587 | 159442176 |
| End of period | $189509059 | $206304587 |

---

*See Notes to Financial Statements.*

Highland Resolute Fund Consolidated Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the Six Months Ended October 31, 2022 (Unaudited)** | **For the<br> Year Ended<br> April 30,<br> 2022** | **For the<br> Year Ended<br> April 30,<br> 2021** | **For the<br> Year Ended<br> April 30,<br> 2020** | **For the<br> Year Ended<br> April 30,<br> 2019** | **For the<br> Year Ended<br> April 30,<br> 2018<sup>(a)</sup>** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $10.86 | $11.58 | $9.28 | $10.30 | $10.81 | $11.14 |
| **INCOME/(LOSS) FROM OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.06 | 0.03 | 0.14 | 0.19 | 0.20 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.57) | (0.14) | 2.16 | (1.09) | (0.22) | 0.38 |
| &nbsp;&nbsp;&nbsp;Total from Operations | (0.51) | (0.11) | 2.30 | (0.90) | (0.02) | 0.63 |
| **LESS DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.61) |  | (0.12) | (0.15) | (0.77) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | – | – | – | – | (0.34) | (0.19) |
| &nbsp;&nbsp;&nbsp;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** | (0.51) | (0.72) | 2.30 | (1.02) | (0.51) | (0.33) |
| **NET ASSET VALUE, END OF PERIOD** | $10.35 | $10.86 | $11.58 | $9.28 | $10.30 | $10.81 |
| **TOTAL RETURN<sup>(c)</sup>** | (4.78)% | (1.48)% | 24.78% | (8.65)% | 0.22% | 5.51% |
| **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, End of Period (000s) | $189509 | $206305 | $159442 | $179800 | $332435 | $373865 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver<sup>(d)</sup> | 2.16 %<sup>(e)</sup> | 1.97 %<sup>(f)(g)</sup> | 1.94 %<sup>(f)(g)</sup> | 1.90 %<sup>(f)(g)</sup> | 1.89 %<sup>(f)(g)</sup> | 1.94 %<sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver<sup>(d)</sup> | 0.58 %<sup>(e)</sup> | 0.47 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> | 0.69 %<sup>(f)</sup> | 0.74 %<sup>(f)</sup> | 0.82 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver<sup>(d)</sup> | 1.04 %<sup>(e)</sup> | 0.26% | 1.37% | 1.89% | 1.95% | 2.24% |
| **PORTFOLIO TURNOVER RATE** | 46 %<sup>(h)</sup> | 43% | 42% | 103% | 55% | 79% |

---

 

*<sup>(a)</sup>* *Prior to August 31, 2017 the Highland Resolute Fund was known as the Redmont Resolute Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Consolidated Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*<sup>(f)</sup>* *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.*

*<sup>(g)</sup>* *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.*

*<sup>(h)</sup>* *Not Annualized.*

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 21

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This semi-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 October 31, 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.

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

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.

Semi-Annual Report \| October 31, 2022 23

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

The following is a summary of the inputs used to value the Fund's investments as of October 31, 2022:

**Highland Resolute Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1 - <br> **Quoted Prices** | **Level 2 - **<br> Other Significant<br> Observable Inputs**  | **Level 3 - <br> **Significant <br> Unobservable Inputs**  | **Total** |
| Open-End Mutual Funds | $75996131 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $75996131 |
| Open-End Mutual Funds Money Market Funds | 21053344 |  |  | 21053344 |
| Purchased Options | 201248 |  |  | 201248 |
| Purchased Put Options | 891520 |  |  | 891520 |
| Short-Term Investments U.S. Treasury Bills | – | 46540855 | – | 46540855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $98142243 | $46540855 | $– | $144683098 |
| **Other Financial Instruments<sup>\*\*</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | $642591 | $– | $– | $642591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $– | $8 | $– | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Option Contracts | (840478) |  |  | (840478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swap Contracts | – | (6) | – | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(197887) | $2 | $– | $(197885) |

---

<sup>\*</sup> *For detailed descriptions, see the accompanying Consolidated Schedule of Investments.* 

---

| | |
|:---|:---|
| <sup>\*\*</sup> | *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 October 31, 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 six month ended October 31, 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

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

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.

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. The remainder of LIBOR publications ended at the end of 2021. There remains uncertainty regarding the nature of any replacement rate

Semi-Annual Report \| October 31, 2022 25

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

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 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

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

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 October 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Derivatives Statement of <br> Assets and Liabilities Location** | **Fair Value** | **Liability Derivatives Statement of <br> Assets and Liabilities Location** | **Fair Value** |
| **Highland Resolute Fund** |  | |  | |
| Equity Risk (Total Return Swap Contracts) | Unrealized appreciation on total return swap contracts | $8 | Unrealized depreciation on total return swap contracts | $6 |
| Commodity Risk (Total Return Swap Contracts) | Unrealized appreciation on total return swap contracts | – | Unrealized depreciation on total return swap contracts | – |
| Total |  | $8 |  | $6 |

---

The effect of derivative instruments on the Consolidated Statement of Operations for the six month ended October 31, 2022, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) <br> on Derivatives <br> Recognized in Income** | **Change in Unrealized<br> Appreciation/(Depreciation)<br> on Derivatives <br> Recognized in Income** |
| **Highland Resolute Fund** |  |  |  |
| Equity Risk <br> (Total Return Swap Contracts) | Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts | $(4610949) | $11 |
| Commodity Risk <br> (Total Return Swap Contracts) | Net realized gain/(loss) on total return swap contracts/Net change in unrealized appreciation/(depreciation) on total return swap contracts | $(407570) | $(6) |
| Equity Risk <br> (Written Options) | Net realized gain/(loss) on written options/Net change in unrealized appreciation/(depreciation) on written options | (362874) | (58525) |
| Equity Risk <br> (Futures Contracts) | Net realized gain/(loss) on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts | (6803265) | 642591 |
| Total |  | $(12188702) | $584071 |

---

Semi-Annual Report \| October 31, 2022 27

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

Volume of Derivative Instruments for the Fund during the six month ended October 31, 2022, was as follows:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measurement** | **Monthly Average** |
| Equity Risk (Total Return Swap Contracts) | Notional Quantity | 59574415 |
| Commodity Risk (Total Return Swap Contracts) | Notional Quantity | 25256713 |
| Equity Risk (Written Options) | Value | (9355097) |

---

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.

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of October 31, 2022:

---

| |
|:---|
| **Highland Resolute Fund** |
| **Offsetting of Derivatives Assets** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** |
|  |<br>**Gross Amounts of <br> Recognized<br> Assets** |<br>**Gross Amounts <br> Offset in the <br> Statement of <br> Assets and <br> Liabilities** |<br>**Net Amounts <br> Presented in the <br> Statement of Assets <br> and Liabilities** | **Financial <br> Instruments <br> Available for <br> Offset** **<sup>(a)</sup>** | **Cash Collateral <br> Received** **<sup>(a)</sup>** | **Net Receivable <br> Amount** |
| Total Return Swap Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Total | $8 | $– | $8 | $(8) | $– | $– |

---

---

| |
|:---|
| **Highland Resolute Fund** |
| **Offsetting of Derivatives Liabilities** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** | **Gross Amounts <br> Not Offset in the <br> Statement of <br> Assets and <br> Liabilities** |
| |<br>**Gross Amounts of<br> Recognized <br> Liabilities** |<br>**Gross Amounts <br> Offset in the <br> Statement of <br> Assets and <br> Liabilities** |<br>**Net Amounts <br> Presented in the <br> Statement of <br> Assets and <br> Liabilities** | **Financial <br> Instruments <br> Available for <br> Offset<sup>(a)</sup>** | **Cash Collateral <br> Pledged<sup>(a)</sup>** | **Net Payable <br> Amount** |
| Total Return Swap Contracts | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Total | $(6) | $– | $(6) | $6 | $– | $– |

---

*<sup>(a)</sup>* *These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.*

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

**4. TAX BASIS INFORMATION**

**Tax Basis of Investments:** As of October 31, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Appreciation<br> (excess of value <br> over tax cost)** | **Gross Depreciation<br> (excess of tax cost <br> over value)** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Cost of <br> Investments for <br> Income Tax <br> Purposes** |
| Highland Resolute Fund | $73240461 | $(76206459) | $(2965998) | $148233165 |

---

**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<br> Capital Gains** |
| Highland Resolute Fund | $10475416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**5. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the six month ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| Highland Resolute Fund | $50273304 | $113549453 |

---

**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.

Semi-Annual Report \| October 31, 2022 29

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

Transactions in common shares were as follows:

**Highland Resolute Fund**

---

| | | |
|:---|:---|:---|
| **Class I:** | **For the <br> Six Months Ended <br> October 31, 2022<br> (Unaudited)** | **For the <br> Year Ended <br> April 30, 2022** |
| Common Shares Outstanding - Beginning of Period | 18992561 | 13771457 |
| Common Shares Sold | 529107 | 4990996 |
| Common Shares Issued as Reinvestment of Dividends |  | 869329 |
| Common Shares Redeemed | (1207899) | (639221) |
| Common Shares Outstanding - End of Period | 18313769 | 18992561 |

---

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 six month ended October 31, 2022, and the year ended April 30, 2022, the Fund retained fees as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended <br> April 30, 2022** |
| Highland Resolute Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $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 six months ended October 31, 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 an Investment Sub-Advisory Agreement with Parametric Portfolio Associates, LLC ("Parametric") and an Investment Sub-Advisory Agreement with Passaic Partners, LLC ("Passaic") (Parametric and Passaic each a "Sub-Adviser" and collectively, the "Sub-Advisers"). The Adviser determines the allocation of the Fund's assets with each 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 each 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.

---

| | |
|:---|:---|
| **Sub-Advisers** | **Contractual <br> Sub-Advisory Fee**  |
| Parametric Portfolio Associates, LLC<sup>(a)</sup> | 0.30% |
| Passaic Partners, LLC | 0.50% |

---

*<sup>(a)</sup>* *Effective May 13, 2021, Parametric Portfolio Associates, LLC, ceased serving as an investment Sub-Adviser to the Fund.*

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

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 six months ended October 31, 2022, are disclosed in the Consolidated Statement of Operations.

For the six month ended October 31, 2022, the fee waivers and/or reimbursements were as follows:

---

| | |
|:---|:---|
| | **Fees Waived/ Reimbursed By Adviser** |
| Highland Resolute Fund - Class I | $(1460709) |

---

**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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 practicable. Plan fees are included with shareholder service fees in the Consolidated Statement of Operations. Fees recaptured pursuant to the Plan for the six months ended October 31, 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.

Semi-Annual Report \| October 31, 2022 31

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2022 (Unaudited)

**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.

Highland Resolute Fund Additional Information

October 31, 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.

Semi-Annual Report \| October 31, 2022 33

Highland Resolute Fund Privacy Policy

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who We Are** |  |
| &nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;Highland Resolute Fund |
| &nbsp;&nbsp;**What We Do** |  |
| &nbsp;&nbsp;**How does the Fund protect my personal information?** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**How does the Fund collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you |
|  | &nbsp;&nbsp;open an account |
|  | &nbsp;&nbsp;provide account information or give us your contact information |
|  | &nbsp;&nbsp;make a wire transfer or deposit money |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only |
|  | &nbsp;&nbsp;sharing for affiliates' everyday business purposes-information about your creditworthiness |
|  | &nbsp;&nbsp;affiliates from using your information to market to you |
|  | &nbsp;&nbsp;sharing for non-affiliates to market to you |
|  | &nbsp;&nbsp;State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** |  |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| &nbsp;&nbsp;**Non-affiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | &nbsp;&nbsp;*The Fund does not share with non-affiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between non-affiliated financial companies that together market financial products or services to you. |
|  | &nbsp;&nbsp;*The Fund does not jointly market.* |
| &nbsp;&nbsp;**Other Important Information** |  |
| &nbsp;&nbsp;**California Residents** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**Vermont Residents** | &nbsp;&nbsp;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. |

---

Highland Resolute Fund Privacy Policy

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social Security number and account transactions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account balances and transaction history |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wire transfer instructions |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;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. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Does the Fund share:** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**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 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our marketing purposes** — to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** — information about your transactions and experiences | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** — information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |

---

Semi-Annual Report \| October 31, 2022 35

![](fp0081423_27.jpg)

---

| | |
|:---|:---|
| ![](fp0081423_28.jpg) | **TABLE OF CONTENTS** |

---

---

| | |
|:---|:---|
| Shareholder Letter | 1 |
| Performance Update | 7 |
| Disclosure of Fund Expenses | 13 |
| Portfolio of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure New World Fund | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure Overseas Fund | 17 |
| Statements of Assets and Liabilities | 20 |
| Statements of Operations | 21 |
| Statement of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure New World Fund | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure Overseas Fund | 23 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure New World Fund | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rondure Overseas Fund | 26 |
| Notes to Financial Statements | 28 |
| Additional Information | 35 |
| Disclosure Regarding Approval of Fund Advisory Agreement | 36 |
| Privacy Policy | 38 |

---

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

Dear Fellow Shareholders,

**Taking Stock**

*Inflation stokes fear, the ground rules are clear,* <br> *The Fed will not pivot until there's a divot.*

*A dovish Oz move got the markets to groove,*<br> *'Twas brief in the face of job data apace.*

*As worries return of recession concerns, <br> Investors take flight, enveloped in fright, <br> Of an overcorrection by Fed misdirection. <br> Recession or not? Let us take stock.*

*Author: Yours truly, Laura Geritz (who should not become a poet)*

The Fed was late to act in the face of rising inflation and we are seeing the repercussions of inaction with global markets on pins and needles, reacting violently to a single data point, positive or negative. Case in point, a pivot-friendly rate hike from the Reserve Bank of Australia (RBA) set markets on fire in early October, only to be extinguished by a strong nonfarm payroll report two days later. Why the angst?

In a nutshell, fear of a prolonged and deep recession caused by a credibility-seeking, hindsight-biased Fed, or worse, a systemic financial crisis. Regarding the latter, there seem to be cracks emerging: The Bank of England was forced to buy gilts in response to a liquidity crunch among pension funds induced by the market's reaction to a new fiscal package that included a cap on energy prices and the biggest (unfunded) tax cuts since the 1970s. A surge in gilts yields caused what some predict so far to be ~$170 billion mark-to-market losses on derivative positions related to liability-driven investment (LDI)<sup>1</sup> pension funds. The obvious contradiction between the simultaneous purchase of government bonds (quantitative easing) and the raising of benchmark interest rates to tame inflation that sits close to a 40-year high is not dissimilar to the European Central Bank's (ECB) new policy tool, the Transmission Protection Instrument (TPI). This tool allows the ECB to purchase unlimited amounts of sovereign debt to keep peripheral bond spreads in check as they remove liquidity from the eurozone system in the form of interest rates increases.

Does this sound familiar? It should. It is known as yield curve control (YCC) and the Bank of Japan has been doing it for more than six years. While the UK and the ECB are using it to avoid catastrophe, Japan is using it to bolster their moribund economy. Same policy, different motives. In the UK and ECB's case it is a form of "blinking," i.e., intervention in their respective bond markets to prevent yield spikes. (To be clear, the ECB has yet to use TPI, relying first on geographically asymmetric purchases under the existing PEPP program.)

This begs an important question: *Will the Fed be forced to blink?* We know that since the Global Financial Crisis, and then Covid, the world has experienced a massive injection of liquidity that has pushed asset prices through the roof and spawned kooky financial products such as special purpose acquisition companies (SPACs)<sup>2</sup>, otherwise known as blank check companies. (Would you write a stranger a blank check?) We also know the Fed has been forced to play catch-up with aggressive rate increases starting in March of this year, a function of staying in the "inflation is transitory" camp for far too long. When over a decade of free money meets sudden and aggressive monetary tightening, things could get ugly.

Does the Fed have what it takes to win? To induce what could be a deep and prolonged recession or even financial instability? No wonder markets are spooked.

**Recession, Anyone?**

The Fed, heavily criticized for being behind the eight ball, remains decisively hawkish, stressing the importance of staying the course even as the labor market slows. What is curious is that the negative carry (2-year yield > 10-year yield) embedded in the US Treasury yield curve is screaming recession, yet the Fed still has a positive sign in front of their GDP forecast for 2023. Building back credibility as a competent group of bankers perhaps starts with a negative sign.

So, recession it likely is, depth and duration unknown. The risk of overcorrection given the leverage in the system is not insignificant. We will likely see the effects of the Fed's most aggressive rate hikes since the 1980's approximately 12 to 18 months from the first March hike. Lael Brainard, Vice Chair of the Federal Reserve, said it well in a recent speech: "We are starting to see the effects [of Fed tightening] in some areas, but it will take some time for the cumulative tightening to transmit through the economy and bring inflation down."<sup>3</sup> After 10+ years of unprecedented liquidity and leverage, we are in unchartered territory.

Semi-Annual Report \| October 31, 2022 1

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

Is the global economy slowing? Unequivocally, yes. But not everywhere. The most evident is the US housing market where mortgage rates have more than doubled so far this year, housing price increases are dissipating rapidly in most markets and housing starts, despite a blip in August, are rolling over. Permits are falling as well. Still, there is a long way to go to remove even the covid-induced excesses.

**US Housing Starts (1959-2022)**

![](fp0081423_29.jpg)

Global manufacturing and service PMIs are beginning to reflect a global slowdown.

**Manufacturing PMI (2019-2022)**

![](fp0081423_30.jpg)

*Source: Bloomberg*

2 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

**JPMorgan Global Services PMI (2019-2022)**

![](fp0081423_31.jpg)

*Source: Bloomberg*

Where are we not yet seeing any significant signs of weakness? US labor markets and consumption. Regarding the former, the supply of workers is still below pre-Covid levels, and the unemployment rate continues to fall. However, despite stronger wage growth, real wage growth is negative, more so than ever over the past 25 years according to the Federal Reserve Bank of Dallas. So why is consumption not showing signs of slowing? As one colleague put it, "no one is living poorly yet." The answer lies in consumer credit data. US consumer credit outstanding has reached $4.7 trillion, a historic high. A recent Federal Reserve report showed an annual increase of 8.3% and 18.1% in total credit and revolving credit, respectively. Included in revolving credit are credit card debt and personal loans. The consumer is still on fire. Increasingly higher rates will most certainly dampen growth just as they have done in the mortgage market. At 70% of GDP, slower consumption moving into 2023 will likely be the divot the Fed is looking for.

**International Markets and the Uber Strong US Dollar**

Keeping it simple, there are two main reasons for current greenback strength: Safe haven status and interest rate differentials. Investor trepidation causes dollar strength. As long as the world is full of uncertainty (Ukraine War, energy crisis in Europe, fear of recession/financial distress etc.) the dollar will catch a bid. One extreme example of currency weakness induced by interest rate differentials is the Japanese yen that sits at a 32-year low against the dollar. The euro is not pretty either having broken parity for the first time in 20 years. And the British pound has never been weaker versus the dollar. Ironically, emerging market currencies such as Brazilian real and the Mexican peso have held up remarkably well against the greenback, a function of proactive disciplined monetary policy. This is more than can be said for developed country central banks.

Semi-Annual Report \| October 31, 2022 3

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

**Japanese Yen vs. US Dollar (1990-2022)**

![](fp0081423_32.jpg)

*Source: Bloomberg*

The Fed has a domestically focused mandate and appears less concerned with the wider global economy. Plus, a strong dollar dampens inflationary pressure and clearly the Fed needs all the help it can get. The Bank of England was able (so far) to handle the LDIs without external help, but we cannot rule out a larger hiccup during this tightening cycle that may require a coordinated global central bank effort. Otherwise, the dollar reign will end when Mr. Market begins to price in peak inflation. Emerging markets (EM) should benefit as investors see the merit in buying riskier assets. China remains a unique case give their zero-covid policy that has inflicted heavy economic and social damage with no end in sight given the renewed wave of lockdowns. Combined with government efforts to moderate the debt-laden property sector, China's economic growth will be much lower than the official Beijing target of 5.5%. We cannot rule out a post Party Congress policy shift after Xi Jinping's solidified power.

European economies are bearing the brunt of the war in Ukraine and the energy shortage that has ensued. Arguably the energy crisis is self- inflicted, a consequence of green energy polices and over-reliance on Russian natural gas. Eurozone inflation reached 10% in September, with price pressures strengthening and broadening across the economy. High energy prices are crippling businesses and consumers. The ECB moved from complacency in June to urgency in September. At least they admit to stagnating economic growth into 2023, more than can be said for the Fed.

**Earnings and Stocks**

It is interesting to consider the forward price-earnings (P/E) ratio as a voting machine. In the numerator one finds the aggregated opinion of all market participants, the price they will pay for a year of earnings. The denominator, on the other hand, is an opinion on corporate profitability from a select few analysts who are compensated (indirectly) from business garnered from the corporates they are analyzing. The inherent positive bias in the divisor is a well-known dynamic. Earnings estimates have been slow to be revised down so far this year. In our opinion, this is patently absurd given the economic backdrop. In reality, we believe the P/E is higher than it appears. Markets are still more expensive than might be assumed at first glance. It is our job to accurately forecast earnings and decide when valuation is suitable for entry. Looking at statutory P/Es will not get you there. Bottom-up work is extremely important. Understanding top line growth and margin resiliency is key to forecasting earnings. Our fundamental work is leading us to some interesting names that may reach our desired attachment point in the coming months. We are still cautious but must be ever vigilant and opportunity seeking.

4 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

**New World Fund (Blurred Lines)**

If you took China, South Korea, and Taiwan out of emerging markets, a number of countries in the developing world are behaving quite admirably during this inflationary period. China's problems, like the UK's, are largely self-inflicted, but many countries have handled inflation well.

We think the EM story is changing from China-only to a bigger, broader story. There are some great investments in the emerging world right now, but capturing those investments requires owning stocks in smaller countries, domestic demand stories, and smaller capitalization stocks, where there is lower correlation to the interest rate cycle in the United States. In other words, you need to be a stock picker right now. Hugging the index, will get you a lot of what isn't handling the new inflation environment well—technology stocks, Taiwan, South Korea, and China are behemoths in the index because they reflect what has worked in the past, which was characterized by a perpetually falling interest rate environment. This playbook won't work in a world of higher interest rates and hence lower global consumer demand.

New themes today in EM include multi-shoring, friend-shoring, on-shoring, and near-shoring (Mexico, Brazil, Southeast Asia, and India). There are great demographic stories in EM (India, Indonesia, Mexico, and the Philippines). Themes also include relatively good handling of inflation versus the developed world (Brazil, Mexico, Chile, and India), and there are also EM Covid opening stories (Thailand, Malaysia, Indonesia). We are overweight great companies in these places. This is not a buy-the-dip playbook or inflation transitory playbook. It is a new and different world of forward-looking growth.

Taiwan and South Korea are highly correlated to US technology spending cycles and interest rates. We are treading lightly. We don't think that earnings have normalized yet with inflation still running high in the developed world and the developed market consumer cutting back on all things with a chip in it (semiconductor countries now have headwinds). As we have mentioned in the past, South Korea is a tough market for us from a governance perspective as well. Taiwan also has a big long-term problem: China wants to absorb it.

We are selectively adding to good companies around the world as valuations become more enticing, but exiting the fiscal period the fund remains underweight China due to poor government policy, namely zero-Covid, and deteriorating relations with the West. Is there value in China or is it increasingly becoming a value trap? We fear the latter. Demographics are also a long-term headwind.

We believe EM will have a double tailwind coming out of the US tightening cycle on relatively low valuations and a reversal in currency headwinds from the strong USD. We do not believe the market has bottomed yet (inflation in the West and the valuation of cyclical companies remain elevated but rapidly improving). We remain cautious, but we are slowly positioning for the turn. We remain focused on finding quality companies at a reasonable price. We believe patience is still critical.

**Overseas Fund (Blurred Lines Part 2)**

Overseas invests in anything outside of the US. We think the breadth of selection opportunities is going to be to our advantage as we eventually hit a bottom in this correction.

Exiting the fiscal period, stocks and themes we are parsing through include hard hit consumer and technology stocks that have market dominance in small countries (Australia, New Zealand, Scandinavian countries); fallen IPOs that were overpriced in the hot fiscal and interest rate induced Covid stock market mania (global); and stocks that have been hit by horrible governance from fiscal, monetary, and Covid policy (Japan, China, the UK, and Europe).

At fiscal period end, the fund remains conservatively positioned. We think P/Es have compressed, but we believe the earnings downgrade cycle is just beginning, and it will likely get worse, because the US Federal Reserve will need to force a recession to control inflation and hence that will force earnings to fall. Part of it is already in stock prices, but as discussed above, we don't think all of the contraction is factored in yet. We see this in our bottom-up work. If Covid stay-at-home spending, higher interest rates, and no fiscal stimulus work their way through consumer stocks (which in our opinion includes most technology stocks as well), then we believe the reversion to the mean in earnings (stripping out all of the Covid booms) will be greater than the current expectations.

One thing we do know is that it is silly to bucket countries into meaningless categories at the moment: emerging, developed, or frontier. There are countries that are behaving like emerging markets—that thought inflation was transitory and let growth go too far too fast (the US, South Korea, and Taiwan). There are countries that were emerging or developed that are behaving like frontier nations (the UK and Japan). There are countries where the agenda fits no known or index-defined standard (Russia and China), and there is the frontier (for example, Sri Lanka and Pakistan) where status quo is all too evident. Japan has at least finally opened, but it happens to coincide with a period of time when travel should be peaking (this should be happening, but it is another case of where the consumer is not acting poor enough).

Semi-Annual Report \| October 31, 2022 5

Rondure Funds Shareholder Letter

October 31, 2022 (Unaudited)

In Overseas, we look at the country as it is not as it is defined by index providers, and we place the companies we invest in the world as it is not as it was in a long period of easy money. It is as good a time as we can remember for people to pick stocks not buy-the-dip in what has worked in a different world. The global world is evolving. Old lines, old worlds are blurring. Old playbooks require new thinking. We are sitting back patiently and looking for great long-term investments.

Sincerely,

Laura Geritz, CFA

Founder, CEO and Portfolio Manager

*<sup>1</sup>* *Liability - driven investment, otherwise known as liability-driven investing, is primarily slated toward gaining enough assets to cover all current and future liabilities. This type of investing is common when dealing with defined-benefit pension plans because the liabilities involved quite frequently climb into billions of dollars with the largest of the pension plans. Source: Investopedia* 

*<sup>2</sup>* *A special purpose acquisition company (SPAC) is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) or the purpose of acquiring or merging with an existing company. Source: Investopedia* 

*<sup>3</sup>* *Federal Reserve System Board of Governors Vice Chair Lael Brainard Remarks at National Association for Business Economics Annual Meeting, Chicago, Illinois, as Released by the Federal Reserve, October 10, 2022* 

**RISKS: 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 and frontier 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. Diversification does not eliminate the risk of experiencing investment loses.**

***An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a Rondure Funds prospectus, containing this and other information, visit www.rondureglobal.com or call 1-855-775-3337. Please read it carefully before investing.***

*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.***

*The CFA designation is owned by the CFA institute.*

*Rondure Funds are distributed by ALPS Distributors, Inc. (ADI). ADI is not affiliated with Rondure Global Advisors.*

6 1.855.775.3337 \| www.rondureglobal.com

Rondure New World Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | <br>**6 Month** | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | <br>**Since Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Rondure New World Fund – Institutional (RNWIX) | -9.41% | -21.21% | -0.72% | 0.92% | 2.24% | 1.27% | 1.10% |
| Rondure New World Fund – Investor (RNWOX) | -9.53% | -21.39% | -0.97% | 0.69% | 1.99% | 1.58% | 1.35% |
| MSCI Emerging Markets Index<sup>(d)</sup> | -19.41% | -30.73% | -4.07% | -2.73% | 0.21% |  |  |

---

***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.*

*<sup>(a)</sup>* *Fund inception date of May 1, 2017.* 

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(c)</sup>* *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, 2023. 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, 2023, except with the approval of the Fund's Board of Trustees.* 

*<sup>(d)</sup>* *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.* 

Semi-Annual Report \| October 31, 2022 7

Rondure New World Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 2022**

![](fp0081423_33.jpg)

***The chart shown above represent a hypothetical investment of $10,000 in the Fund's Investor Class shares for the period from inception to October 31, 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.***

8 1.855.775.3337 \| www.rondureglobal.com

Rondure New World Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Asia ex Japan | 71.0% |
| Latin America | 20.5% |
| Africa/Middle East | 3.6% |
| Europe | 0.7% |
| Cash, Cash Equivalents, & Other Net Assets | 4.2% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Arca Continental SAB de CV | 2.7% |
| Bangkok Bank PCL | 2.6% |
| Bank Rakyat Indonesia Persero Tbk PT | 2.5% |
| Unilever Indonesia Tbk PT | 2.4% |
| HDFC Bank, Ltd. | 2.3% |
| GMexico Transportes SAB de CV | 2.1% |
| Tata Consultancy Services, Ltd. | 2.1% |
| Coca-Cola Femsa SAB de CV | 2.0% |
| Yum China Holdings, Inc. | 2.0% |
| Bumrungrad Hospital PCL | 2.0% |
| **Total** | **22.7%** |

---

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

Semi-Annual Report \| October 31, 2022 9

Rondure Overseas Fund Performance Update

October 31, 2022 (Unaudited)

**Annualized Total Return Performance for the periods ended October 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **6 Month** | **1 Year** | **3 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** | **Expense Ratio<sup>(b)</sup>** | **Expense Ratio<sup>(b)</sup>** |
|  | **6 Month** | **1 Year** | **3 Year** | **5 Year** | **Since Inception<sup>(a)</sup>** | **Gross** | **Net<sup>(c)</sup>** |
| Rondure Overseas Fund – Institutional (ROSIX)<sup>(d)</sup> | -11.11% | -28.34% | -1.93% | 0.14% | 2.15% | 1.56% | 0.85% |
| Rondure Overseas Fund – Investor (ROSOX) | -11.30% | -28.54% | -2.20% | -0.11% | 1.89% | 1.88% | 1.10% |
| MSCI EAFE Index<sup>(e)</sup> | -12.48% | -22.62% | -0.82% | 0.39% | 2.22% |  |  |

---

***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.*

*<sup>(a)</sup>* *Fund inception date of May 1, 2017.* 

*<sup>(b)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(c)</sup>* *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, 2023. 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, 2023, except with the approval of the Fund's Board of Trustees.* 

*<sup>(d)</sup>* *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.* 

*<sup>(e)</sup>* *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.* 

10 1.855.775.3337 \| www.rondureglobal.com

Rondure Overseas Fund Performance Update

October 31, 2022 (Unaudited)

**Growth of $10,000 for the period ended October 31, 2022**

![](fp0081423_34.jpg)

***The chart shown above represent a hypothetical investment of $10,000 in the Fund's Investor Class shares for the period from inception to October 31, 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.***

Semi-Annual Report \| October 31, 2022 11

Rondure Overseas Fund Performance Update

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Regional Allocation (as a % of Net Assets)\*** | |
| Europe | 29.4% |
| US/Canada | 16.5% |
| Latin America | 14.8% |
| Asia ex Japan | 13.7% |
| Japan | 12.9% |
| Australia/New Zealand | 6.6% |
| Africa/Middle East | 1.1% |
| Cash, Cash Equivalents, & Other Net Assets | 5.1% |
| **Total** | **100.0%** |
| **Top 10 Holdings (as a % of Net Assets)\*** |  |
| Arca Continental SAB de CV | 4.1% |
| Genpact, Ltd. | 3.8% |
| Metro, Inc./CN | 3.5% |
| Unicharm Corp. | 3.3% |
| GMexico Transportes SAB de CV | 3.1% |
| Bunzl PLC | 3.0% |
| Dollarama, Inc. | 2.9% |
| Heineken Malaysia Bhd | 2.7% |
| Axfood AB | 2.6% |
| Public Bank Bhd | 2.1% |
| **Total** | **31.1%** |

---

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

12 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Disclosure of Fund Expenses

October 31, 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 May 1, 2022 through October 31, 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** <br> **Value May 1, 2022** | **Ending Account** <br> **Vale October**<br> **31, 2022** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid**<br> **During Period**<br> **May 1, 2022 -**<br> **October 31, 2022<sup>(b)</sup>** |
| **Rondure New World Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $905.90 | 1.10% | $5.28 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.66 | 1.10% | $5.60 |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $904.70 | 1.35% | $6.48 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.40 | 1.35% | $6.87 |
| **Rondure Overseas Fund** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $888.90 | 0.85% | $4.05 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.92 | 0.85% | $4.33 |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $887.00 | 1.10% | $5.23 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.66 | 1.10% | $5.60 |

---

*<sup>(a)</sup>* *The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

Semi-Annual Report \| October 31, 2022 13

Rondure New World Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (95.82%)** |  |  |
| *Brazil (5.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 900000 | $2613493 |
| &nbsp;&nbsp;&nbsp;Magazine Luiza SA<sup>(a)</sup> | 2151800 | 1862075 |
| &nbsp;&nbsp;&nbsp;Pet Center Comercio e Participacoes SA | 948200 | 1595172 |
| &nbsp;&nbsp;&nbsp;TOTVS SA<sup>(a)</sup> | 231000 | 1493193 |
| &nbsp;&nbsp;&nbsp;WEG SA | 443900 | 3464061 |
|  |  | 11027994 |
| *Chile (1.00%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, ADR | 21445 | 2008968 |
| *China (12.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products, Ltd. | 106500 | 936156 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co., Ltd. | 140000 | 659902 |
| &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Corp., Ltd. | 122000 | 2680503 |
| &nbsp;&nbsp;&nbsp;H World Group, Ltd. | 671400 | 1838948 |
| &nbsp;&nbsp;&nbsp;Hangzhou Oxygen Plant Group Co., Ltd., Class A | 278200 | 1604340 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd., Class A | 4400 | 813855 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology Co., Ltd., Class A | 544376 | 3578654 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry Co., Ltd. | 373200 | 690297 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 25000 | 1114734 |
| &nbsp;&nbsp;&nbsp;Sichuan Swellfun Co., Ltd., Class A | 132500 | 1027163 |
| &nbsp;&nbsp;&nbsp;Skshu Paint Co., Ltd.<sup>(a)</sup> | 153177 | 1823786 |
| &nbsp;&nbsp;&nbsp;Tsingtao Brewery Co., Ltd., Class H | 416800 | 2920385 |
| &nbsp;&nbsp;&nbsp;Yifeng Pharmacy Chain Co., Ltd., Class A | 155900 | 1199165 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 99867 | 4035570 |
|  |  | 24923458 |
| *Greece (0.28%)* |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO SA | 39200 | 557460 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Hong Kong (1.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | 143300 | $3815418 |
| *India (17.48%)* |  |  |
| &nbsp;&nbsp;&nbsp;3M India, Ltd.<sup>(a)</sup> | 1575 | 443104 |
| &nbsp;&nbsp;&nbsp;Asian Paints, Ltd. | 36352 | 1364756 |
| &nbsp;&nbsp;&nbsp;Blue Dart Express, Ltd. | 7516 | 688886 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India, Ltd. | 46704 | 920652 |
| &nbsp;&nbsp;&nbsp;Crompton Greaves Consumer Electricals, Ltd. | 358201 | 1567772 |
| &nbsp;&nbsp;&nbsp;Dabur India, Ltd. | 180000 | 1206197 |
| &nbsp;&nbsp;&nbsp;Divi's Laboratories, Ltd. | 65356 | 2849365 |
| &nbsp;&nbsp;&nbsp;HCL Technologies, Ltd. | 253230 | 3185049 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | 250449 | 4528368 |
| &nbsp;&nbsp;&nbsp;Honeywell Automation India, Ltd. | 355 | 168683 |
| &nbsp;&nbsp;&nbsp;IndiaMart InterMesh, Ltd.<sup>(b)(c)</sup> | 18967 | 1052050 |
| &nbsp;&nbsp;&nbsp;Marico, Ltd. | 31400 | 198978 |
| &nbsp;&nbsp;&nbsp;Nestle India, Ltd. | 7995 | 1966783 |
| &nbsp;&nbsp;&nbsp;Nippon Life India Asset Management, Ltd.<sup>(b)(c)</sup> | 681352 | 2226520 |
| &nbsp;&nbsp;&nbsp;Pidilite Industries, Ltd. | 13575 | 423826 |
| &nbsp;&nbsp;&nbsp;Schaeffler India, Ltd. | 37145 | 1236080 |
| &nbsp;&nbsp;&nbsp;SKF India, Ltd. | 25683 | 1364672 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | 109053 | 4206730 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | 212443 | 2729146 |
| &nbsp;&nbsp;&nbsp;United Breweries, Ltd. | 66362 | 1325075 |
| &nbsp;&nbsp;&nbsp;United Spirits, Ltd.<sup>(a)</sup> | 127406 | 1379606 |
|  |  | 35032298 |
| *Indonesia (10.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 22990800 | 832813 |
| &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 29435200 | 1481432 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 4012300 | 2263712 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 16986200 | 5064006 |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur Tbk PT | 4499100 | 2805177 |
| &nbsp;&nbsp;&nbsp;Mayora Indah Tbk PT | 5063900 | 779186 |
| &nbsp;&nbsp;&nbsp;Sumber Alfaria Trijaya Tbk PT | 13423000 | 2426854 |

---

*See Notes to Financial Statements.*

14 1.855.775.3337 \| www.rondureglobal.com

Rondure New World Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| *Indonesia (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | 15936800 | $4740936 |
|  |  | 20394116 |
| *Malaysia (6.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;Carlsberg Brewery Malaysia Bhd | 631000 | 2976163 |
| &nbsp;&nbsp;&nbsp;Genting Bhd | 2597800 | 2439559 |
| &nbsp;&nbsp;&nbsp;Heineken Malaysia Bhd | 774700 | 3785019 |
| &nbsp;&nbsp;&nbsp;MR DIY Group M Bhd<sup>(b)(c)</sup> | 5205800 | 2224136 |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 2496900 | 2360648 |
|  |  | 13785525 |
| *Mexico (12.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 674200 | 5507798 |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV | 924500 | 1957907 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV,ADR | 64778 | 4067411 |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)(c)</sup> | 2290203 | 4219069 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 322533 | 2572059 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV, Class B | 76900 | 1192759 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV, Class B | 51955 | 1219276 |
| &nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | 594842 | 1527561 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 940500 | 3633265 |
|  |  | 25897105 |
| *Philippines (4.12%)* |  |  |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 778800 | 2324977 |
| &nbsp;&nbsp;&nbsp;Monde Nissin Corp.<sup>(a)(c)</sup> | 4037000 | 813670 |
| &nbsp;&nbsp;&nbsp;Philippine Seven Corp.<sup>(a)</sup> | 1678447 | 1914501 |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 6319700 | 3200745 |
|  |  | 8253893 |
| *Poland (0.45%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dino Polska SA<sup>(a)(b)(c)</sup> | 13912 | 909769 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Qatar (0.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | 944402 | $1063238 |
| *South Africa (2.04%)* |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings, Ltd. | 11169 | 1155629 |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | 172634 | 2925204 |
|  |  | 4080833 |
| *South Korea (1.39%)* |  |  |
| &nbsp;&nbsp;&nbsp;Kangwon Land, Inc.<sup>(a)</sup> | 172681 | 2788208 |
| *Taiwan (6.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 75857 | 1742080 |
| &nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 530000 | 2903096 |
| &nbsp;&nbsp;&nbsp;momo.com, Inc. | 42480 | 636096 |
| &nbsp;&nbsp;&nbsp;President Chain Store Corp. | 234000 | 1946218 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 479700 | 3729222 |
| &nbsp;&nbsp;&nbsp;Taiwan FamilyMart Co., Ltd. | 274000 | 1573124 |
|  |  | 12529836 |
| *Thailand (8.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand PCL<sup>(a)</sup> | 721000 | 1401839 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL | 1351400 | 5166282 |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL, Class F | 1685000 | 1306030 |
| &nbsp;&nbsp;&nbsp;Bumrungrad Hospital PCL | 671500 | 4005005 |
| &nbsp;&nbsp;&nbsp;CP ALL PCL | 1116800 | 1760589 |
| &nbsp;&nbsp;&nbsp;TOA Paint Thailand PCL | 3321000 | 2748594 |
|  |  | 16388339 |
| *United Arab Emirates (1.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aramex PJSC | 2133000 | 2107971 |
| *Uruguay (1.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 2328 | 2098971 |
| *Vietnam (2.20%)* |  |  |
| &nbsp;&nbsp;&nbsp;FPT Corp. | 479028 | 1457325 |
| &nbsp;&nbsp;&nbsp;Saigon Beer Alcohol Beverage Corp. | 221920 | 1654800 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 15

Rondure New World Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Vietnam (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Vincom Retail JSC | 1305705 | $1292569 |
|  |  | 4404694 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $194,395,022)** |  | 192068094 |
| **TOTAL INVESTMENTS (95.82%)** |  |  |
| **(Cost $194,395,022)** |  | $192068094 |
| **Other Assets In Excess Of Liabilities (4.18%)** |  | 8376889 |
| **NET ASSETS (100.00%)** |  | $200444983 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.* 

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $10,631,544 representing 5.30% of net assets.* 

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of those securities was $11,445,214, representing 5.71% of net assets.* 

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* | |
| Consumer | 44.4% |
| Financials | 16.0% |
| Industrials | 12.8% |
| Technology | 11.7% |
| Energy & Materials | 6.3% |
| Health Care | 4.6% |
| Cash, Cash Equivalents, & Other Net Assets | 4.2% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| Beverages | 14.0% |
| Banks | 10.2% |
| Food & Staples Retailing | 9.1% |
| Chemicals | 5.8% |
| IT Services | 5.8% |
| Specialty Retail | 5.5% |
| Hotels, Restaurants & Leisure | 5.5% |
| Transportation Infrastructure | 4.4% |
| Capital Markets | 4.3% |
| Food Products | 3.3% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Health Care Providers & Services | 2.6% |
| Machinery | 2.5% |
| Household Products | 2.4% |
| Road & Rail | 2.1% |
| Semiconductors & Semiconductor Equipment | 1.8% |
| Electrical Equipment | 1.7% |
| Air Freight & Logistics | 1.4% |
| Life Sciences Tools & Services | 1.4% |
| Internet & Direct Marketing Retail | 1.3% |
| Personal Products | 1.1% |
| Other Industries (each less than 1%) | 6.3% |
| Cash and Other Assets, Less Liabilities | 4.2% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

16 1.855.775.3337 \| www.rondureglobal.com

Rondure Overseas Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (94.88%)** |  |  |
| *Australia (4.49%)* |  |  |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | 4419 | $191362 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Enterprises, Ltd. | 4022 | 164009 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. | 1993 | 155006 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | 7742 | 162283 |
|  |  | 672660 |
| *Austria (0.76%)* |  |  |
| &nbsp;&nbsp;&nbsp;Mayr Melnhof Karton AG | 800 | 113846 |
| *Belgium (1.38%)* |  |  |
| &nbsp;&nbsp;&nbsp;Melexis NV | 1495 | 103125 |
| &nbsp;&nbsp;&nbsp;Warehouses De Pauw CVA | 4044 | 103828 |
|  |  | 206953 |
| *Brazil (3.02%)* |  |  |
| &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 63300 | 183816 |
| &nbsp;&nbsp;&nbsp;WEG SA | 34400 | 268447 |
|  |  | 452263 |
| *Britain (6.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | 13764 | 448440 |
| &nbsp;&nbsp;&nbsp;Cranswick PLC | 6494 | 221483 |
| &nbsp;&nbsp;&nbsp;Diploma PLC | 3933 | 112128 |
| &nbsp;&nbsp;&nbsp;Greggs PLC | 4961 | 114810 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC | 15493 | 87380 |
|  |  | 984241 |
| *Canada (11.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dollarama, Inc. | 7336 | 435901 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 4998 | 194989 |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | 5375 | 169612 |
| &nbsp;&nbsp;&nbsp;Metro, Inc./CN | 10003 | 524031 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros Auctioneers, Inc. | 3207 | 209508 |
| &nbsp;&nbsp;&nbsp;TMX Group, Ltd. | 2192 | 210745 |
|  |  | 1744786 |
| *Colombia (1.43%)* |  |  |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 14070 | 214610 |
| *Denmark (1.16%)* |  |  |
| &nbsp;&nbsp;&nbsp;Royal Unibrew A/S | 3031 | 173107 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *France (1.91%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 6888 | $170653 |
| &nbsp;&nbsp;&nbsp;Virbac SA | 469 | 114945 |
|  |  | 285598 |
| *Germany (4.45%)* |  |  |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co., KGaA<sup>(a)</sup> | 3720 | 177712 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 1335 | 239125 |
| &nbsp;&nbsp;&nbsp;Puma SE | 2027 | 89763 |
| &nbsp;&nbsp;&nbsp;Symrise AG | 1558 | 159127 |
|  |  | 665727 |
| *India (2.95%)* |  |  |
| &nbsp;&nbsp;&nbsp;Radico Khaitan, Ltd. | 17491 | 220144 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd., ADR<sup>(a)</sup> | 2569 | 221140 |
|  |  | 441284 |
| *Indonesia (1.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;Avia Avian Tbk PT | 1887300 | 94985 |
| &nbsp;&nbsp;&nbsp;Sumber Alfaria Trijaya Tbk PT | 1026600 | 185608 |
|  |  | 280593 |
| *Ireland (1.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;ICON PLC, ADR<sup>(a)</sup> | 815 | 161240 |
| *Italy (2.59%)* |  |  |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | 1348 | 176245 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | 5612 | 210916 |
|  |  | 387161 |
| *Japan (12.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;M&A Capital Partners Co., Ltd.<sup>(a)</sup> | 5500 | 140556 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | 7700 | 280668 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | 6900 | 105244 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants Co., Ltd. | 6600 | 189973 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | 3800 | 216993 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 5000 | 208245 |
| &nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 5100 | 296681 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | 16100 | 490704 |
|  |  | 1929064 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 17

Rondure Overseas Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Malaysia (4.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;Heineken Malaysia Bhd | 82800 | $404543 |
| &nbsp;&nbsp;&nbsp;Public Bank Bhd | 328300 | 310385 |
|  |  | 714928 |
| *Mexico (10.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 74500 | 608619 |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV | 110700 | 234441 |
| &nbsp;&nbsp;&nbsp;GMexico Transportes SAB de CV<sup>(b)</sup> | 248500 | 457793 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 30800 | 245616 |
|  |  | 1546469 |
| *Netherlands (2.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | 4998 | 220242 |
| &nbsp;&nbsp;&nbsp;Euronext NV<sup>(b)(c)</sup> | 3421 | 217386 |
|  |  | 437628 |
| *New Zealand (2.09%)* |  |  |
| &nbsp;&nbsp;&nbsp;Mainfreight, Ltd. | 3810 | 168438 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands New Zealand, Ltd. | 34831 | 144793 |
|  |  | 313231 |
| *Norway (1.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;TGS ASA | 14760 | 201605 |
| *Philippines (1.66%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wilcon Depot, Inc. | 491200 | 248779 |
| *South Africa (1.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;Clicks Group, Ltd. | 9529 | 161465 |
| *Sweden (5.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | 8279 | 167212 |
| &nbsp;&nbsp;&nbsp;Axfood AB | 15511 | 384080 |
| &nbsp;&nbsp;&nbsp;Loomis AB | 8345 | 233242 |
|  |  | 784534 |
| *Switzerland (1.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;Flughafen Zurich AG<sup>(a)</sup> | 1009 | 156587 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| *Taiwan (1.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co., Ltd. | 26000 | $202126 |
| *Thailand (1.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL | 41400 | 158269 |
| *United States (3.79%)* |  |  |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | 11713 | 568081 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $14,446,706)** |  | 14206835 |
| **TOTAL INVESTMENTS (94.88%)** |  |  |
| **(Cost $14,446,706)** |  | $14206835 |
| **Other Assets In Excess Of Liabilities (5.12%)** |  | 767246 |
| **NET ASSETS (100.00%)** |  | $14974081 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.* 

*<sup>(b)</sup>* *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 October 31, 2022, these securities had a total aggregate market value of $675,179 representing 4.51% of net assets.* 

*<sup>(c)</sup>* *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 October 31, 2022, the aggregate market value of those securities was $675,179, representing 4.51% of net assets.* 

*See Notes to Financial Statements.*

18 1.855.775.3337 \| www.rondureglobal.com

Rondure Overseas Fund Portfolio of Investments

October 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Sector Composition** *(October 31, 2022) (Unaudited)* | **Sector Composition** *(October 31, 2022) (Unaudited)* |
| Consumer | 37.5% |
| Industrials | 21.0% |
| Financials | 13.0% |
| Technology | 11.4% |
| Health Care | 5.6% |
| Energy & Materials | 5.1% |
| Utilities | 1.3% |
| Cash, Cash Equivalents, & Other Net Assets | 5.1% |
| **Total** | **100%** |

---

---

| | |
|:---|:---|
| **Industry Composition** *(October 31, 2022) (Unaudited)* | **Industry Composition** *(October 31, 2022) (Unaudited)* |
| Food & Staples Retailing | 12.4% |
| Beverages | 11.0% |
| Capital Markets | 6.2% |
| IT Services | 5.3% |
| Trading Companies & Distributors | 4.4% |
| Commercial Services & Supplies | 4.3% |
| Household Products | 3.3% |
| Banks | 3.2% |
| Road & Rail | 3.0% |
| Insurance | 2.9% |
| Multiline Retail | 2.9% |
| Hotels, Restaurants & Leisure | 2.9% |
| Transportation Infrastructure | 2.6% |
| Pharmaceuticals | 2.2% |
| Textiles, Apparel & Luxury Goods | 1.8% |
| Electrical Equipment | 1.8% |
| Specialty Retail | 1.7% |
| Chemicals | 1.6% |
| Aerospace & Defense | 1.6% |
| Interactive Media & Services | 1.6% |
| Food Products | 1.5% |
| Oil, Gas & Consumable Fuels | 1.4% |
| Electronic Equipment, Instruments & Components | 1.3% |
| Energy Equipment & Services | 1.3% |
| Software | 1.3% |
| Electric Utilities | 1.3% |
| Health Care Equipment & Supplies | 1.2% |
| Entertainment | 1.2% |
| Building Products | 1.1% |
| Health Care Providers & Services | 1.1% |
| Air Freight & Logistics | 1.1% |
| Professional Services | 1.1% |
| Life Sciences Tools & Services | 1.1% |
| Other Industries (each less than 1%) | 2.2% |
| Cash and Other Assets, Less Liabilities | 5.1% |
| **Total** | **100.0%** |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 19

Rondure Funds Statements of Assets and Liabilities

October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rondure New World <br> Fund** | **Rondure Overseas <br> Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (Cost - see below) | $192068094 | $14206835 |
| &nbsp;&nbsp;&nbsp;Foreign cash, at value (Cost $4,501,182 and $600, respectively) | 4389909 | 593 |
| &nbsp;&nbsp;&nbsp;Cash | 4677367 | 748811 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 199877 | 58300 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares subscribed | 150741 | 100 |
| &nbsp;&nbsp;&nbsp;Total assets | 201485988 | 15014639 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax | 702356 |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 27870 |  |
| &nbsp;&nbsp;&nbsp;Advisory fees payable | 102647 |  |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 45124 | 10208 |
| &nbsp;&nbsp;&nbsp;Custodian fees payable | 55737 |  |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 24874 | 11371 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 8682 | 909 |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 5365 | 1127 |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fees | 3369 | 405 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees payable - Investor Class | 3053 | 459 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 45267 | 6804 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 16661 | 9275 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1041005 | 40558 |
| **NET ASSETS** | $200444983 | $14974081 |
| **NET ASSETS CONSISTS OF** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $203661405 | $16195123 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | (3216422) | (1221042) |
| **NET ASSETS** | $200444983 | $14974081 |
| **INVESTMENTS, AT COST** | $194395022 | $14446706 |
| **PRICING OF SHARES** |  |  |
| **Institutional Class** |  |  |
| Net Assets | $186056245 | $12785327 |
| Net Asset Value, offering and redemption price per share | $10.98 | $10.40 |
| Shares of beneficial interest outstanding | 16948176 | 1229751 |
| **Investor Class** |  |  |
| Net Assets | $14388738 | $2188754 |
| Net Asset Value, offering and redemption price per share | $10.92 | $10.36 |
| Shares of beneficial interest outstanding | 1318228 | 211222 |

---

*See Notes to Financial Statements.*

20 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Statements of Operations

For the Six Months Ended October 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Rondure New World <br> Fund** | **Rondure Overseas <br> Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2999768 | $287731 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (386667) | (30642) |
| &nbsp;&nbsp;&nbsp;Other Income | 25307 | 3886 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2638408 | 260975 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisor fees (Note 6) | 902757 | 77835 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 139961 | 28823 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees - Investor Class | 19165 | 4346 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 143705 | 36525 |
| &nbsp;&nbsp;&nbsp;Professional fees | 24905 | 13595 |
| &nbsp;&nbsp;&nbsp;Printing fees | 11681 | 1203 |
| &nbsp;&nbsp;&nbsp;Registration fees | 18410 | 16557 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 123537 | 16756 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 5788 | 574 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 16982 | 2427 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fees | 7371 | 846 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12333 | 4604 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1426595 | 204091 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) | (239713) | (105476) |
| &nbsp;&nbsp;&nbsp;Total net expenses | 1186882 | 98615 |
| **NET INVESTMENT INCOME** | 1451526 | 162360 |
| **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (3993890) | (1352449) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions | (63897) | (9565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (4057787) | (1362014) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments (net of change in foreign capital gains tax of ($603656) and $0, respectively) | (18059279) | (1774707) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies | (107115) | (1462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (18166394) | (1776169) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS** | (22224181) | (3138183) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(20772655) | $(2975823) |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 21

Rondure New World Fund Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the <br> Six Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1451526 | $1572178 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (4057787) | 6063366 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (18166394) | (32333252) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (20772655) | (24697708) |
| **TOTAL DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (989816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | – | (61430) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (1051246) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 20335082 | 40715555 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 965931 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (17173907) | (25404581) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 303 | 604 |
| &nbsp;&nbsp;&nbsp;Net increase from capital shares transactions | 3161478 | 16277509 |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1212983 | 3038124 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 61101 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1727187) | (10490696) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 183 | 430 |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (514021) | (7391041) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (18125198) | (16862486) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 218570181 | 235432667 |
| &nbsp;&nbsp;&nbsp;End of period | $200444983 | $218570181 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1741839 | 3010835 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 70097 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1471807) | (1855120) |
| &nbsp;&nbsp;&nbsp;Net increase in share transactions | 270032 | 1225812 |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 105449 | 227446 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 4450 |
| &nbsp;&nbsp;&nbsp;Redeemed | (148779) | (787705) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (43330) | (555809) |

---

*See Notes to Financial Statements.*

22 1.855.775.3337 \| www.rondureglobal.com

Rondure Overseas Fund Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the <br> Six Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, 2022** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $162360 | $57137 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (1362014) | 1519694 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (1776169) | (5575415) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (2975823) | (3998584) |
| **TOTAL DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (998357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | – | (167252) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (1165609) |
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 756618 | 3754957 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 987065 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6653735) | (6871302) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 684 | 247 |
| &nbsp;&nbsp;&nbsp;Net decrease from capital shares transactions | (5896433) | (2129033) |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 465288 | 1322038 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 167252 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1702238) | (977792) |
| &nbsp;&nbsp;&nbsp;Redemption fees | 28 | 509 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from capital shares transactions | (1236922) | 512007 |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (10109178) | (6781219) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 25083259 | 31864478 |
| &nbsp;&nbsp;&nbsp;End of period | $14974081 | $25083259 |
| **OTHER INFORMATION** |  |  |
| **Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 69537 | 263254 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 67793 |
| &nbsp;&nbsp;&nbsp;Redeemed | (649941) | (473872) |
| &nbsp;&nbsp;&nbsp;Net decrease in share transactions | (580404) | (142825) |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 42727 | 95574 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 11503 |
| &nbsp;&nbsp;&nbsp;Redeemed | (165382) | (67802) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in share transactions | (122655) | 39275 |

---

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 23

Rondure New World Fund – Institutional Class Financial Highlights

For a Share Outstanding Throughout the Years or Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the <br> Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **For the Period <br> May 2, 2017 <br> (Commencement <br> of Operations) to <br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.12 | $13.56 | $9.93 | $10.80 | $11.25 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 | 0.09 | 0.06 | 0.09 | 0.09 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.22) | (1.47) | 3.62 | (0.87) | (0.45) | 1.23 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.14) | (1.38) | 3.68 | (0.78) | (0.36) | 1.28 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.06) | (0.05) | (0.09) | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | – | – | – | – | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.06) | (0.05) | (0.09) | (0.09) | (0.03) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.14) | (1.44) | 3.63 | (0.87) | (0.45) | 1.25 |
| **NET ASSET VALUE, END OF PERIOD** | $10.98 | $12.12 | $13.56 | $9.93 | $10.80 | $11.25 |
| **TOTAL RETURN** | (9.41)%<sup>(c)</sup> | (10.21)% | 37.11% | (7.31)% | (3.09)% | 12.78 %<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $186056 | $202142 | $209531 | $118685 | $110800 | $100760 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 1.32 %<sup>(d)</sup> | 1.27% | 1.32% | 1.43% | 1.46% | 1.62 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 1.10 %<sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.39 %<sup>(d)</sup> | 0.68% | 0.48% | 0.83% | 0.87% | 0.43 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 25 %<sup>(c)</sup> | 29% | 36% | 27% | 37% | 13 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

24 1.855.775.3337 \| www.rondureglobal.com

Rondure New World Fund – Investor Class Financial Highlights

For a Share Outstanding Throughout the Years or Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the <br> Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **For the Period <br> May 2, 2017 <br> (Commencement <br> of Operations) to <br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $12.07 | $13.51 | $9.90 | $10.78 | $11.24 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.07 | 0.06 | 0.03 | 0.06 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.22) | (1.46) | 3.61 | (0.87) | (0.46) | 1.22 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.15) | (1.40) | 3.64 | (0.81) | (0.39) | 1.25 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.04) | (0.03) | (0.07) | (0.07) | (0.01) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | – | – | – | – | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.04) | (0.03) | (0.07) | (0.07) | (0.01) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.15) | (1.44) | 3.61 | (0.88) | (0.46) | 1.24 |
| **NET ASSET VALUE, END OF PERIOD** | $10.92 | $12.07 | $13.51 | $9.90 | $10.78 | $11.24 |
| **TOTAL RETURN** | (9.53)%<sup>(c)</sup> | (10.41)% | 36.83% | (7.56)% | (3.37)% | 12.53 %<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $14389 | $16428 | $25901 | $18382 | $20595 | $24233 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 1.67 %<sup>(d)</sup> | 1.58% | 1.63% | 1.72% | 1.76% | 1.91 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 1.35 %<sup>(d)</sup> | 1.35% | 1.35% | 1.35% | 1.35% | 1.35 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.14 %<sup>(d)</sup> | 0.45% | 0.25% | 0.59% | 0.66% | 0.24 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 25 %<sup>(c)</sup> | 29% | 36% | 27% | 37% | 13 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 25

Rondure Overseas Fund – Institutional Class Financial Highlights

For a Share Outstanding Throughout the Years or Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the <br> Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **For the Period <br> May 2, 2017 <br> (Commencement <br> of Operations) to <br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $11.70 | $14.18 | $10.34 | $11.11 | $11.46 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.08 | 0.03 | 0.06 | 0.10 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.38) | (1.92) | 3.84 | (0.76) | (0.31) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.30) | (1.89) | 3.90 | (0.66) | (0.21) | 1.58 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.04) | (0.06) | (0.11) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.55) | – | – | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.59) | (0.06) | (0.11) | (0.14) | (0.12) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.30) | (2.48) | 3.84 | (0.77) | (0.35) | 1.46 |
| **NET ASSET VALUE, END OF PERIOD** | $10.40 | $11.70 | $14.18 | $10.34 | $11.11 | $11.46 |
| **TOTAL RETURN** | (11.11)%<sup>(c)</sup> | (14.15)% | 37.71% | (6.06)% | (1.76)% | 15.88 %<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $12785 | $21184 | $27692 | $16758 | $18845 | $14283 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 1.79 %<sup>(d)</sup> | 1.56% | 1.70% | 1.73% | 1.72% | 2.57 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 0.85 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | 1.50 %<sup>(d)</sup> | 0.24% | 0.49% | 0.89% | 0.95% | 0.92 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 44 %<sup>(c)</sup> | 103% | 51% | 66% | 40% | 14 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Notes to Financial Statements.*

26 1.855.775.3337 \| www.rondureglobal.com

Rondure Overseas Fund – Investor Class Financial Highlights

For a Share Outstanding Throughout the Years or Periods Presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **For the <br> Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **For the Period <br> May 2, 2017 <br> (Commencement <br> of Operations) to <br> April 30, 2018** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $11.68 | $14.16 | $10.34 | $11.12 | $11.48 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.07 | (0.00)(b) | 0.03 | 0.07 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.39) | (1.92) | 3.83 | (0.76) | (0.32) | 1.46 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | (1.32) | (1.92) | 3.86 | (0.69) | (0.24) | 1.55 |
| **DISTRIBUTIONS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) | (0.04) | (0.09) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments | – | (0.55) | – | – | (0.03) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (0.56) | (0.04) | (0.09) | (0.12) | (0.08) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.01 |
| **INCREASE/DECREASE IN NET ASSET VALUE** | (1.32) | (2.48) | 3.82 | (0.78) | (0.36) | 1.48 |
| **NET ASSET VALUE, END OF PERIOD** | $10.36 | $11.68 | $14.16 | $10.34 | $11.12 | $11.48 |
| **TOTAL RETURN** | (11.30)%<sup>(c)</sup> | (14.31)% | 37.34% | (6.28)% | (1.98)% | 15.63 %<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) | $2189 | $3899 | $4173 | $2626 | $3922 | $5189 |
| **RATIOS TO AVERAGE NET ASSETS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses (excluding fees waived/ reimbursed by investment advisor) | 2.11 %<sup>(d)</sup> | 1.88% | 2.01% | 2.06% | 2.04% | 2.45 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses (including fees waived/ reimbursed by investment advisor) | 1.10 %<sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | 1.26 %<sup>(d)</sup> | (0.03)% | 0.23% | 0.61% | 0.74% | 0.82 %<sup>(d)</sup> |
| **PORTFOLIO TURNOVER RATE** | 44 %<sup>(c)</sup> | 103% | 51% | 66% | 40% | 14 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(c)</sup>* *Not Annualized.* 

*<sup>(d)</sup>* *Annualized.* 

*See Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 27

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As of October 31, 2022, the Trust consists of multiple separate Portfolios or series. This semi-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.

28 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each Fund's investments in the fair value hierarchy as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted <br> and Unadjusted <br> Prices** | **Level 2 - Other <br> Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable <br> Inputs** | **Total** |
| **Rondure New World Fund** |  |  |  |  |
| Common Stocks<sup>\*</sup> | $192068094 | $– | $– | $192068094 |
| Total | $192068094 | $– | $– | $192068094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Quoted <br> and Unadjusted <br> Prices** | **Level 2 - Other <br> Significant <br> Observable Inputs** | **Level 3 - Significant <br> Unobservable <br> Inputs** | **Total** |
| **Rondure Overseas Fund** | | | | |
| Common Stocks<sup>\*</sup> | $14206835 | $– | $– | $14206835 |
| Total | $14206835 | $– | $– | $14206835 |

---

*\** *For a detailed country breakdown, see the accompanying Portfolio of Investments.*

For the six months ended October 31, 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 six months ended October 31, 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.

Semi-Annual Report \| October 31, 2022 29

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**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 October 31, 2022, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| **Fund** | |
| Rondure New World Fund | $4733909 |
| Rondure Overseas Fund | 949819 |

---

As of October 31, 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.

30 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**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.

**3. TAX BASIS INFORMATION**

**Tax Basis of Investments:** As of October 31, 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 <br> (excess of value over <br> tax cost)** | **Gross Depreciation <br> (excess of tax cost over <br> value)** | **Net Unrealized <br> Appreciation** | **Cost of <br> Investments for <br> Income Tax <br> Purposes** |
| Rondure New World Fund | $21201933 | $(23543163) | $(2341230) | $194409324 |
| Rondure Overseas Fund | 1005708 | (1261576) | (255868) | 14462703 |

---

**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 <br> Gain** |
| Rondure New World Fund | $1051246 | $– |
| Rondure Overseas Fund | 125873 | 1039736 |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year- end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the six months ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of<br> Securities** |
| Rondure New World Fund | $57512442 | $51877923 |
| Rondure Overseas Fund | 8981206 | 14609433 |

---

Semi-Annual Report \| October 31, 2022 31

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

**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 six months ended October 31, 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, 2023. 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, 2023, except with the approval of the Fund's Board of Trustees. Fees waived/reimbursed by Advisor for the six months ended October 31, 2022, are disclosed in the Statements of Operations.

---

| | |
|:---|:---|
| **Fund** | **Term of Expense Limit Agreements** |
| Rondure New World Fund | September 1, 2022-August 31, 2023/September 1, 2021-August 31, 2022 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |
| Rondure Overseas Fund | September 1, 2022-August 31, 2023/September 1, 2021-August 31, 2022 |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |

---

32 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

For the six months ended October 31, 2022, the fee waivers/reimbursements and/or recoupments were as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees <br> Waived/Reimbursed <br> By Adviser** |
| **Rondure New World Fund** | |
| &nbsp;&nbsp;&nbsp;Institutional Class | $215542 |
| &nbsp;&nbsp;&nbsp;Investor Class | 24171 |
| **Rondure Overseas Fund** |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $87955 |
| &nbsp;&nbsp;&nbsp;Investor Class | 17521 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires <br> 2023** | **Expires <br> 2024** | **Expires <br> 2025** | **Total** |
| **Rondure New World Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Institutional Class | $385786 | $364149 | $364901 | $1114835 |
| &nbsp;&nbsp;&nbsp;Investor Class | 73814 | 66219 | 45713 | 185746 |
| **Rondure Overseas Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $76959 | $192733 | $173770 | $443462 |
| &nbsp;&nbsp;&nbsp;Investor Class | 15014 | 32020 | 33237 | 80271 |

---

**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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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 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.

Semi-Annual Report \| October 31, 2022 33

Rondure Funds Notes to Financial Statements

October 31, 2022 (Unaudited)

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

Rondure Funds Additional Information

October 31, 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.

Semi-Annual Report \| October 31, 2022 35

Rondure Funds Disclosure Regarding Approval of Fund Advisory Agreement

October 31, 2022 (Unaudited)

**Rondure Funds**

In anticipation of and as part of the process to consider the renewal of the Rondure Investment Advisory Agreement (the "Advisory Agreement"), legal counsel to the Independent Trustees requested certain information from Rondure. In response to these requests, the Trustees received reports from Rondure that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel a memorandum regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, on September 13, 2022, the Board met with representatives of Rondure and discussed the services the firm provided pursuant to the Advisory Agreement, as well as the information Rondure provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreement, the Board had received sufficient information to renew and approve the Advisory Agreement.

In approving Rondure as investment adviser, and the fees to be charged under the Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreement. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

In renewing and approving the Rondure Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Rondure Funds:

**Investment Advisory Fee Rate:** The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Rondure Funds, to Rondure, of 0.85% for the Rondure New World Fund and 0.70% for the Rondure Overseas Fund, in light of the extent and quality of the advisory services provided by Rondure to each of the Rondure Funds.

The Board received and considered information including a comparison of the Investor Class and Institutional Class of each Rondure 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 both classes of the Rondure New World Fund was lower than the Data Provider peer group median, and both classes of the Rondure Overseas Fund was significantly lower than the Data Provider peer group medians.

**Total Net Expense Ratios:** The Trustees reviewed and considered that the total net expense ratios of each class of the Rondure New World Fund and the Investor Class of the Rondure Overseas Fund were significantly lower than the Data Provider peer group medians, and that the Institutional Class of the Rondure Overseas 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 Rondure Funds under the Rondure Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by Rondure in its presentation, including its Form ADV.

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

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

The Trustees also reviewed, among other things, Rondure's Code of Ethics.

**Performance:** The Trustees reviewed performance information for the Investor Class and Institutional Class shares of the Rondure Funds for the 3- month, 1-year, 3-year, 5-year and since inception periods ended June 30, 2022. That review included a comparison of each Rondure 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 Rondure New World Fund significantly outperformed the Data Provider peer group median for each period. The Trustees also noted that the that each class of the Rondure Overseas Fund outperformed the Data Provider peer group median for the 3-month period; each class of the Rondure Overseas Fund significantly outperformed the Data Provider peer group median for the 1-year period; each class of the Rondure Overseas Fund significantly underperformed the Data Provider peer group median for the 3-year period; and each class of the Rondure Overseas Fund

36 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Disclosure Regarding Approval of Fund Advisory Agreement

October 31, 2022 (Unaudited)

underperformed the Data Provider peer group median for each of the 5-year and since inception periods. The Trustees also considered Rondure'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 Rondure regarding fees charged to its other clients utilizing a strategy similar to that employed by the Rondure Funds.

**Profitability:** The Trustees received and considered a retrospective and projected profitability analysis prepared by Rondure based on the fees payable under the Rondure Investment Advisory Agreement with respect to the Rondure Funds. The Trustees considered the profits, if any, realized by Rondure in connection with the operation of the Rondure Funds.

**Economies of Scale:** The Trustees considered whether economies of scale in the provision of services to the Rondure 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 Rondure from its relationship with the Rondure Funds, including whether soft dollar arrangements were used.

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

● the contractual advisory fee rate of both classes of each of the Rondure Funds was lower than or significantly lower than the Data Provider peer group medians;

● the total net expense ratios of both classes of each of the Rondure Funds was lower than or significantly lower than the Data Provider peer group medians;

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

● for the periods ended June 30, 2022, both classes of the Rondure New World Fund significantly outperformed the Data Provider peer group median for each of the 3-month, 1-year, 3-year, 5-year, and since inception periods;

● for the periods ended June 30, 2022, each class of the Rondure Overseas Fund outperformed the Data Provider peer group median for the 3-month period; significantly outperformed the Data Provider peer group median for the 1-year period; significantly underperformed the Data Provider peer group median for the 3-year period; and underperformed the Data Provider peer group median for the 5-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 Rondure's other clients employing a comparable strategy to any of the Rondure Funds were not indicative of any unreasonableness with respect to the advisory fee payable by the Rondure Funds;

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

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

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

Semi-Annual Report \| October 31, 2022 37

<u>Rondure Funds</u> <u>Privacy Policy</u> <br> October 31, 2022 (Unaudited)

● open an account

● provide account information or give us your contact information

● make a wire transfer or deposit money

● 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

● *The Funds does not share with non-affiliates so they can market to you.* 

● *The Funds does not jointly market.* 

38 1.855.775.3337 \| www.rondureglobal.com

Rondure Funds Privacy Policy

October 31, 2022 (Unaudited)

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|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and account transactions |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Account balances and transaction history |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Wire transfer instructions |
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;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. |

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|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | **Do the Funds share:** | **Can you limit this sharing?** |
| &nbsp;&nbsp;**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 |
| &nbsp;&nbsp;**For our marketing purposes** — to offer our products and services to you | No | We do not share. |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | No | We do not share. |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** — information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes** — information about your creditworthiness | No | We do not share. |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | No | We do not share. |

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Semi-Annual Report \| October 31, 2022 39

**Contact Us**

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| **Mail:** | &nbsp;&nbsp;&nbsp;Rondure Funds, P.O. Box 13664, Denver, CO 80201 | **E-Mail:** | rondureglobal@alpsinc.com |
| **Phone:** | &nbsp;&nbsp;&nbsp;1.855.775.3337 | **Web:** | www.rondureglobal.com |

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![](fp0081423_36.jpg)

**TABLE OF CONTENTS**

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|:---|:---|
| Letter to Shareholders | 1 |
| Performance Review |  |
| Seafarer Overseas Growth and Income Fund | 4 |
| Seafarer Overseas Value Fund | 9 |
| Disclosure of Fund Expenses | 15 |
| Portfolio of Investments | 17 |
| Statements of Assets and Liabilities | 26 |
| Statements of Operations | 27 |
| Statements of Changes in Net Assets | 28 |
| Financial Highlights | 30 |
| Notes to Financial Statements | 38 |
| Additional Information | 48 |
| Privacy Policy | 49 |

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| **Seafarer Funds** | **Letter to Shareholders** |

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*October 31, 2022*

**LETTER TO SHAREHOLDERS**

Dear Fellow Shareholders of the Seafarer Funds,

I am pleased to address you on behalf of Seafarer Capital Partners ("Seafarer"), the adviser to the Seafarer Funds (the "Funds"). This semi-annual report covers the first half of the Funds' 2022-2023 fiscal year (May 1, 2022 to October 31, 2022).

I write to you at an important moment for China, and by extension the emerging markets asset class as a whole. Seafarer has consistently advocated for a balanced approach to the risks of investing in China. Members of our investment team have for years sounded the alarm on stimulus-driven asset bubbles,<sup>1</sup> an overleveraged property market,<sup>2</sup> the impact of a deteriorating U.S.-China relationship,<sup>3</sup> and the Communist Party's efforts to exert control over Chinese companies.<sup>4</sup>

However, over the past several years, there appeared to be a major disconnect between the lofty valuations many investors were assigning Chinese companies and the long list of risks that could impact their growth. At the height of this trend, some of the analysis of China's leading technology firms seemed completely divorced from the difficult and complicated operating environment they face.

I believe this disconnect between perceptions and reality is now rapidly unwinding because of two key developments. The first is that the market has belatedly realized that Xi Jinping has reshaped China's political and economic objectives. For the past few decades, investors have viewed China's leadership as relatively flexible and pragmatic. The country's overriding economic goal was rapid growth and integration into the global trading system. Under Xi Jinping, however, China's priorities have changed.<sup>5</sup> National security now plays a larger role in shaping economic policy and the state is more willing to intervene to influence market outcomes. Perhaps even more concerning is that policymaking in China has become more rigid and less adaptable. The Chinese economy is currently being dragged down by the weight of several policies badly in need of reform, including "zero -Covid" and the crackdown on the real estate market. As Xi Jinping enters an unprecedented third term in office, it's clear to me that China's political trajectory is not about to change anytime soon.

The second factor bringing market expectations back to reality is the impact of the strained U.S.-China relationship. As ties have deteriorated, policymakers in both countries have taken actions to target each other's economies. Chinese companies now face tariffs, restrictions on access to key technologies, export bans, sanctions, forced delisting, and investment blacklists. Moreover, U.S. policymakers are now explicitly calling for action to prevent key industries from developing in China.<sup>6</sup> Under some extreme scenarios, such as a conflict over Taiwan, capital flows into and out of China may be dramatically restricted. For investors in Chinese stocks, I believe these policy risks can no longer be ignored or downplayed. Given hardening viewpoints in both Beijing and Washington, it is unlikely that the relationship will meaningfully improve anytime soon.

While these two developments – China's changing priorities under Xi and the deterioration of the U.S.-China relationship – are hugely significant, they are not new. As mentioned above, Seafarer's investment team has written extensively about developments as they have unfolded. However, as the market has finally caught up to the new reality on the ground, it has been accompanied by volatile moves in the prices of Chinese securities. Market participants are now struggling to value Chinese assets in this new and more difficult investing environment.

As investors reevaluate their approach to China, I would like to offer a few items for consideration:

First, I don't believe that the Chinese economic miracle of the past few decades was the result of a predictable and market-friendly government in Beijing. The view that China before Xi Jinping was a bastion of support for the private sector is historically inaccurate. A closer examination of the past reveals that Chinese entrepreneurs have faced policy discrimination and ideological backlash from the government almost continuously since China began opening up in 1978.<sup>7</sup> China's economic transformation is as much a story of private enterprise thriving in difficult circumstances as it is the government leading through top-down policy reforms. There's no guarantee that China's entrepreneurs will manage to overcome the unprecedented challenges of the Xi Jinping Era, but I wouldn't count them out yet.

**Semi-annual Report – October 31, 2022**<sub>1</sub>

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| **Seafarer Funds** | **Letter to Shareholders** |

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*October 31, 2022*

Second, despite policy retrenchment in other areas, China's capital markets have generally become more open and better governed over the past decade. Through the Stock Connect and reforms to the Qualified Foreign Institutional Investor (QFII) program, it's never been easier for foreign investors to access China's domestic equity markets.<sup>8</sup> Moreover, China has made meaningful improvements to its rules that govern trading on its stock exchanges, reducing suspensions and improving listing rules.<sup>9</sup> Last year, a Chinese court approved the country's first ever shareholder class action lawsuit.<sup>10</sup>

Third, Chinese companies are beginning to attach greater priority to shareholder return. The number of firms paying a cash dividend in China's A-share market increased from 1,981 to 3,241 between 2015 and 2021.<sup>11, 12</sup> During that same period, total annual dividends grew from $120 billion to $254 billion, with the average payout ratio increasing from 35.5% to 39.2%.<sup>13, 14</sup> Buybacks in the A-share market have grown quickly, although they are still far less common than in the U.S. and European markets. To further promote this trend, Chinese regulators recently relaxed the relatively strict rules governing buybacks.<sup>15</sup> China's Hong Kong and overseas-listed companies have announced record buybacks and special dividends in 2022.<sup>16</sup>

Fourth, I believe the very best Chinese companies will not be confined to China's domestic market. In 2021, there were more than 150 A-share stocks with at least $1 billion in overseas revenue.<sup>17</sup> As China's economy slows, more Chinese firms are making a concerted push to expand abroad. While growing international restrictions are an unavoidable headwind, Chinese companies are finding ways to access the American and European markets through overseas subsidiaries and joint ventures. Furthermore, the barriers to Chinese businesses are considerably lower in much of the developing world. In these countries, many Chinese companies (or their affiliates) are market leaders in industries such as electric vehicles, batteries, e-commerce, clean energy, and mobile payments.

My expectation is that the Chinese economy will not return to the rapid growth of the past, the country's policy environment will continue to be difficult, and the U.S.-China relationship will remain strained. However, given the factors listed in the paragraphs above, I'm also optimistic that through careful, bottom-up analysis, Seafarer will continue to find a handful of attractive companies in China. In fact, despite our concerns about political and economic developments in China over the past few years, we've continued to research new investment opportunities in the country. As market sentiment on China has oscillated between euphoria and despair, Seafarer has maintained a steady path between these two extremes, in my view.

Borrowing a phrase from the late Deng Xiaoping, we will continue to "seek truth through facts" when investing in China. That involves developing a deep understanding of the businesses we invest in through thorough analysis of their earnings, balance sheets, and governance structures. It also entails a clear-eyed examination of the operating environment these companies face that neither minimizes nor exaggerates risks. There's no guarantee of success when investing, but I believe that Seafarer's approach of disciplined active management is well-suited for the challenges and opportunities presented by China in this new era.

**Expansion of Seafarer's Team**

Seafarer continues to invest in its portfolio management and operational capacities, particularly through additions to the team. During this semi-annual period, I am pleased to report that Seafarer hired two individuals.

Lydia So joined Seafarer as a Portfolio Manager. Effective August 31, 2022, she was named a Lead Portfolio Manager of the Seafarer Overseas Growth and Income Fund. She joins Andrew Foster and Paul Espinosa, who remain Lead Portfolio Managers of the Fund. Lydia is responsible for the Fund's growth-oriented securities. For more information, view the *Message to Shareholders – Portfolio Manager Update*.<sup>18</sup>

Hannah Woolley joined the firm as a Business Manager. Hannah helps manage several key business functions, focused on fund administration, technology, business continuity, and human resources. Prior to joining Seafarer, she worked as an administrative lead at an asset management firm.

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| **2** | **(855) 732-9220 seafarerfunds.com** |

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| **Seafarer Funds** | **Letter to Shareholders** |

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*October 31, 2022*

Thank you for entrusting us with your capital. We are honored to serve as your investment adviser in the emerging markets.

Nicholas Borst

Vice President and Director of China Research

Seafarer Capital Partners, LLC

*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.*

*<sup>1</sup>* *www.seafarerfunds.com/funds/ogi/portfolio-review/2017/09/Q3/#views-on-china <br> www.seafarerfunds.com/funds/ogi/portfolio-review/2017/12/Q4#outlook*

*<sup>2</sup>* *www.seafarerfunds.com/commentary/china-residential-property-development-sector*

*<sup>3</sup>* *www.seafarerfunds.com/commentary/the-china-investment-dilemma*

*<sup>4</sup>* *www.seafarerfunds.com/prevailing-winds/party-committees-in-chinese-companies*

*<sup>5</sup>* *www.seafarerfunds.com/prevailing-winds/security-over-growth*

*<sup>6</sup>* *Remarks by National Security Advisor Jake Sullivan at the Special Competitive Studies Project Global Emerging Technologies Summit (www.whitehouse.gov/briefing-room/speeches-remarks/2022/09/16/remarks-by-national-security-advisor-jake-sullivan-at-the-special-competitive-studies-project-global-emerging-technologies-summit), The White House, 16 September 2022.*

*<sup>7</sup>* *www.seafarerfunds.com/prevailing-winds/chinas-complicated-relationship-with-the-private-sector*

*<sup>8</sup>* *The Stock Connect program consists of trading links that allow offshore, non-domestic-Chinese investors and entities to invest in Chinese A-shares listed on the Shanghai and Shenzhen Exchanges. The Stock Connect also allows Mainland China investors to purchase certain Hong Kong-listed stocks via accounts with the Shanghai and Shenzhen Exchanges. Qualified Foreign Institutional Investor (QFII) is a program that permits certain licensed global institutional investors to participate in China's renminbi-based mainland capital markets, subject to a quota.*

*<sup>9</sup>* *China A Shares Future Outlook (www.asifma.org/wp-content/uploads/2022/05/asifma-cewg-mini-white-paper-en-version.pdf), Asia Securities Industry & Financial Markets Association, July 2021.*

*<sup>10</sup>* *Chinese Court Rules Against Kangmei in 'Milestone' Case' (www.reuters.com/business/healthcare-pharmaceuticals/chinese-court-rules-against-kangmei-milestone-case-2021-11-12), Reuters, 12 November 2021.*

*<sup>11</sup>* *Chinese A-Shares are a class of securitized common stock in Chinese companies, traded exclusively on Chinese stock exchanges (i.e., Shanghai and Shenzhen), and denominated in renminbi, China's currency. If a Seafarer Fund is invested in Chinese A-Shares, please note the following: 1) any reduction or elimination of access to A-Shares could have a material adverse effect on the ability of the Fund to achieve its investment objective; and 2) uncertainties regarding China's laws governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the Fund, which could adversely impact Fund returns.*

*<sup>12</sup>* *Source: Wind Information. Data as of 2 November 2022.*

*<sup>13</sup>* *Dividend payout ratio is the ratio of the total amount of dividends paid out to shareholders relative to the net income of the company.*

*<sup>14</sup>* *Source: Wind Information. Data as of 2 November 2022.*

*<sup>15</sup>* *China to Ease Share Buyback Rules Amid a Sluggish Market (www.reuters.com/world/china/china-ease-share-buyback-rules-amid-sluggish-market-2022-10-14), Reuters, 14 October 2022.*

*<sup>16</sup>* *Sources: (a) Wind Information. Data as of 2 November 2022; (b) Clarence Leong, Chinese Companies Boost Returns to Shareholders (www.wsj.com/articles/chinese-companies-boost-returns-to-shareholders-11652088601), The Wall Street Journal, 9 May 2022.*

*<sup>17</sup>* *Source: Wind Information. Data as of 2 November 2022.*

*<sup>18</sup>* *www.seafarerfunds.com/message-to-shareholders/2022/08/31*

**Semi-annual Report – October 31, 2022**<sub>3</sub>

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| **Seafarer Overseas Growth and Income Fund** | **Performance Review** |

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*October 31, 2022*

SEAFARER OVERSEAS GROWTH AND INCOME FUND

**PERFORMANCE REVIEW**

This report addresses the first half of the 2022-2023 fiscal year (May 1, 2022 to October 31, 2022) for the Seafarer Overseas Growth and Income Fund (the "Growth and Income Fund" or the "Fund").

During the semi-annual period, the Fund returned -9.97%, while the Fund's benchmark index, the Morningstar Emerging Markets Net Return USD Index, returned -18.35%.<sup>1</sup> By way of broader comparison, the S&P 500 Index declined -5.50%.

The Fund began the fiscal year with a net asset value (NAV) of $12.13 per share. In June, the Fund paid a semi-annual distribution of $0.117 per share. That payment brought the cumulative distribution per share, as measured from the Fund's inception, to $4.616.<sup>2</sup> The Fund finished the semi-annual period with a value of $10.81 per share.<sup>3</sup>

**\* \* \***

During the semi-annual period, equities in the emerging markets suffered a pronounced downturn. While the Growth and Income Fund did not decline as much as the benchmark index, the Fund was not spared.

My experience typically leads me to believe that stock market outcomes over short horizons are largely noise. I know well that when substantial losses accrue over short horizons, dismissing them as "noise" is deeply unsatisfactory to investors in general, and shareholders of the Fund in particular.

Yet, over the past 20 years, my job has been to research, develop, implement, observe and assess equity investment strategies. I firmly believe that any credible strategy requires a longer horizon to make factual, discerning assessments of its merits – in my experience, it requires a bare minimum of three years, and preferably five, to separate signal from noise, to parse luck from skill, and to determine meaningful outcomes from random chance.

With that substantial caveat: I think the Fund's performance during the semi-annual period was the exception to the rule – it was not mere noise, but rather contained vital information. Given the Fund's - 10% decline, shareholders might reasonably assume that emerging markets were generally disastrous, and that the Fund slid lower amid the wreckage. Certainly, financial media is replete with stories about the dismal economic and corporate performance of the developing world, and there are constant suggestions that emerging currencies are in decline. In my view, it was not exactly so.

The Fund's decline during the period was due almost entirely to its holdings in only two countries: China (inclusive of Hong Kong) and South Korea. The former accounted for nearly -6% of the Fund's -10% decline, and the latter nearly -4%. Meanwhile, the Fund experienced gains, inclusive of currency movements, among its holdings in Latin America and Eastern Europe. The Fund's lone holding on the South African exchange (**Sanlam**, an insurance carrier) fell sharply, but otherwise the Fund generated gains in the Middle East and Africa region. Contrary to expectation, it was a surprisingly strong period for the Fund's holdings – apart from the obvious and material exception of exposures to China and South Korea.

Why were China and South Korea so weak, and why were other developing regions relatively stable, contrary to prevalent narratives? To reiterate: it is problematic to read too much into a short-term performance horizon; but I will venture an educated guess. China was weak because global investors are recognizing, belatedly, that the economy is set to deliver low growth — not just this year, and not only in 2023, but well beyond. The politicization of the Chinese economy by the Xi administration has structurally altered that market's potential investment risk and return, mostly for the worse — and yet I believe select opportunities persist there.

South Korean stocks fell sharply, and the Korean Won fell further still, because investors perceive the country to be highly dependent on external trade for growth.<sup>4</sup> Many investors presume that the U.S. and Europe will experience sharp slowdowns in growth and consumption, and that this will in turn dampen Korean companies' performance. Further, investors perceive that South Korea is locked in a perpetual trade competition with Japan and, to lesser extent, China. As the Chinese Renminbi has tumbled and the Japanese Yen has collapsed, traders have pushed the Won lower on the presumption that a cheap currency is the only means by which Korean companies can compete.<sup>5</sup> Suffice to say, I think those traders will be proven wrong over time. In my estimation, the Fund's Korean holdings that engage in global trade already surpass their Japan and China-based competitors, and the Won's weakness will make them hyper-competitive. While a recession may loom, so far, results from Korean companies do not in my view indicate a major slowdown.

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| **Seafarer Overseas Growth and Income Fund** | **Performance Review** |

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*October 31, 2022*

Top detractors to Fund performance include **China Literature** (a mainland China-based digital publisher and literary content platform), **Naver** (a search and e-commerce company based in South Korea), **Coway** (a Korean consumer appliance company), and the **Alibaba Group** (China's largest e-commerce firm). As mentioned above, **Sanlam** also ranked as a top detractor.

Meanwhile, several of the Fund's holdings in Latin America and the Middle East produced what I view as solid earnings, as have the Fund's holdings in Eastern Europe. I would argue that shares of Fund holdings from these regions are attractively priced and companies are performing reasonably well (particularly in light of the global and local stressors on their performance). The emerging markets outside China (and India) are cheap, and growth persists despite the headwinds. I know not to read much meaning into six months – and yet I am optimistic, not pessimistic, about the period that just unfolded.

Top contributors to Fund performance during the period were a mixed bunch: **Itaú Unibanco**, a Brazilian bank; **Tabreed**, a United Arab Emirates-based supplier of district water cooling services; **Coca-Cola Femsa**, the largest Coca-Cola franchise bottler in the world by volume, operating throughout Latin America; and **Qatar Gas Transport**, an owner and operator of transport vessels for liquefied natural gas.

Thank you for entrusting us with your capital despite trying market conditions. We are honored to be the recipient of your trust and 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 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.*

*As of October 31, 2022, the Fund did not own shares in the Coca-Cola Co.*

*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.*

*<sup>1</sup>* *References to the "Fund" pertain to the Fund's Institutional share class (ticker: SIGIX). The Investor share class (ticker: SFGIX) returned -9.96% during the semi-annual period.*

*<sup>2</sup>* *The Fund's inception date is February 15, 2012.*

*<sup>3</sup>* *The Fund's Investor share class began the fiscal year with a net asset value of $12.06 per share; it paid a semi-annual distribution of $0.115 per share in June; and it finished the semi-annual period with a value of $10.75 per share.*

*<sup>4</sup>* *The South Korean Won (KRW) is the official currency of South Korea.*

*<sup>5</sup>* *The Chinese Renminbi (RMB) is the official currency of the People's Republic of China. The Japanese Yen (JPY) is the official currency of Japan.*

**Semi-annual Report – October 31, 2022**<sub>5</sub>

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| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Performance Review** |

---

*October 31, 2022*

**Total Returns**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of October 31, 2022** | **6 Month** | **1 Year** | **3 Year** | **5 Year** | **7 Year** | **10 Year** | **Since <br> Inception <br> Annualized<sup>1</sup>** | **Gross <br> Expense <br> Ratio<sup>2</sup>** |
| Investor Class (SFGIX) | -9.96% | -20.05% | 0.99% | 0.75% | 3.76% | 3.64% | 4.24% | 0.97% |
| Institutional Class (SIGIX) | -9.97% | -20.03% | 1.05% | 0.85% | 3.86% | 3.76% | 4.35% | 0.87% |
| Morningstar Emerging Markets Net Return USD Index<sup>3</sup> | -18.35% | -28.23% | -2.70% | -1.67% | 3.21% | 1.69% | 1.25% |  |

---

 

*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. 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.*

*<sup>1</sup>* *Inception Date: February 15, 2012.*

*<sup>2</sup>* *Ratios as of Prospectus dated August 31, 2022. 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 shall continue at least through August 31, 2023.*

*<sup>3</sup>* *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.*

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| | |
|:---|:---|
| **6** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Performance Review** |

---

*October 31, 2022*

**Performance of a $10,000 Investment Since Inception**

![](fp0081423_37.jpg)

** 

*<sup>\*</sup>* *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 October 31, 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.

**Semi-annual Report – October 31, 2022**<sub>7</sub>

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| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Performance Review** |

---

*October 31, 2022*

---

| | |
|:---|:---|
| **Portfolio Composition by Region** | **% Net Assets** |
| East & South Asia | 61.0% |
| Emerging Europe | 7.7% |
| Latin America | 12.3% |
| Middle East & Africa | 10.8% |
| Other | 3.8% |
| Cash & Other Assets, Less Liabilities | 4.4% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Portfolio Composition by Sector** | **% Net Assets** |
| Communication Services | 6.6% |
| Consumer Discretionary | 12.0% |
| Consumer Staples | 17.5% |
| Energy | 2.4% |
| Financials | 11.5% |
| Health Care | 11.7% |
| Industrials | 4.5% |
| Information Technology | 19.7% |
| Materials | 2.9% |
| Real Estate | 2.5% |
| Utilities | 4.4% |
| Cash & Other Assets, Less Liabilities | 4.4% |
| **Total** | **100.0%** |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% Net Assets** |
| Hyundai Mobis Co., Ltd. | 5.0% |
| Rohm Co., Ltd. | 5.0% |
| Samsung Biologics Co., Ltd. | 4.8% |
| Richter Gedeon Nyrt | 4.1% |
| Samsung Electronics Co., Ltd. | 4.1% |
| Venture Corp., Ltd. | 4.0% |
| Sanlam, Ltd. | 3.5% |
| Itau Unibanco Holding SA | 2.8% |
| Alibaba Group Holding, Ltd. | 2.8% |
| Samsung SDI Co., Ltd. | 2.8% |
| **Total** | **38.9%** |
| **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.*

 

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| | |
|:---|:---|
| **8** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

---

*October 31, 2022*

**SEAFARER OVERSEAS VALUE FUND**

**PERFORMANCE REVIEW**

This report addresses the first half of the 2022-2023 fiscal year (May 1, 2022 to October 31, 2022) for the Seafarer Overseas Value Fund (the "Value Fund" or the "Fund").

During the semi-annual period, the Fund returned -9.56%, while the Fund's benchmark index, the Morningstar Emerging Markets Net Return USD Index, returned -18.35%.<sup>1</sup> By way of broader comparison, the S&P 500 Index declined -5.50%.

The Fund began the fiscal year with a net asset value (NAV) of $12.86 per share. The Fund paid no distributions during the first half of the fiscal year, and it finished the period with a value of $11.63 per share.<sup>2</sup>

**\* \* \***

For the semi-annual period, the Value Fund continued to widen its year-to-date performance differential versus the benchmark index, albeit accompanied by a disappointing decline in the NAV. The Fund's total return from the beginning of the calendar year to October 31, 2022 was -10.47%, compared to the benchmark's -27.09%.

The Fund's six-month and year-to-date performance relative to the benchmark might suggest that the Fund's portfolio is "defensive." I would describe the Fund's performance not as defensive but as validation of Seafarer's value ethos of investing in companies whose management teams serve as true stewards of capital – an approach that is not necessarily pursued by all value investors, as I point out in *How the Value Team Finds "Gems" in Emerging Markets*<sup>3</sup> – and as demonstrating discipline with regard to the price paid for the future cash flows these management teams are likely to deliver. Put differently, Seafarer does not lower its required rate of return threshold even if the market's discount rate is at historic lows.

The top detractor to the Fund's performance during the period was **Pacific Basin**, a dry-bulk shipping company headquartered in Hong Kong (*Asset Productivity* source of value; Seafarer's seven sources of value,<sup>4</sup> hereafter referenced using parenthesized italics, are defined in Figure 1). This stock declined following the downward trajectory of ship charter rates (the BDI Index) during the period. Shipping activity slowed as higher-cost energy is leading to a decline in global trade volume.

**Semi-annual Report – October 31, 2022**<sub>9</sub>

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

---

*October 31, 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.

---

| | | |
|:---|:---|:---|
| Opportunity Set | Source of Value | |
| Balance Sheet | Balance Sheet Liquidity | Cash or highly liquid assets undervalued by the market |
| Balance Sheet | Breakup | Assets whose liquidation value exceeds their market capitalization |
| Balance Sheet | Management Change | Assets that would become substantially more productive under a new owner / operator |
| Balance Sheet | Deleveraging | Shift of cash flow accrual from debt holders to equity holders |
| Balance Sheet | Asset Productivity | Cyclical downturn following a period of asset expansion |
| Balance Sheet | Structural Shift | Shift to a lower growth regime, but still highly cash generative |
| Income Statement / Cash Flow | Segregated Market | Productive, cash-generative assets trading in an illiquid public market |

---

*Source: Seafarer*

Another detractor to Fund performance was **Innocean Worldwide** (*Balance Sheet Liquidity*), a South Korea-based global advertising company. The stock detracted from the Fund's performance as the market focused more on the potential for earnings downgrades in the advertising industry generally and the auto sector (an area of specialization for Innocean) in particular.

Two other notable detractors to Fund performance include **Melco International** (*Breakup Value* and *Asset Productivity*), a casino owner and operator in Macao, and **PetroVietnam Fertilizer and Chemical**, a Vietnamese fertilizer manufacturer (*Management Change* and *Asset Productivity*).

Contributing to the positive side of the ledger are two non-cyclical companies. **Tabreed** (*Deleveraging*), a supplier of district water cooling services, and **Qatar Gas Transport** (*Deleveraging*), an owner and operator of transport vessels for liquefied natural gas, operate businesses based on multiyear revenue contracts that in my view are unaffected by global gross domestic product (GDP) growth expectations.<sup>5</sup>

The Fund's Brazilian holdings – such as **Itaú Unibanco** (*Asset Productivity*), Brazil's largest private bank, and **Ambev** (*Structural Shift* and *Asset Productivity*), a Brazil-based brewer in the Americas – also made positive contributions to the Fund, following weakness earlier in 2022. In my interpretation, after initially discounting the impact of tighter monetary conditions in Brazil, the market eventually bid up the share prices of both stocks based on their operational resiliency. Ambev appears to be gaining market share while raising prices. Itaú has been posting what I see as good results in an environment in which GDP is growing in the low single digits, even though the Brazilian central bank's SELIC Overnight Rate increased from 2.0% in early 2021 to 13.75% as of October 31, 2022.<sup>6</sup>

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

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| | |
|:---|:---|
| **10** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

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*October 31, 2022*

*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 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. The Baltic Dry Index is an index of shipping rates paid for transport of dry bulk materials across sea routes. Index code: BDI. 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.*

*<sup>1</sup>* *References to the "Fund" pertain to the Fund's Institutional share class (ticker: SIVLX). The Investor share class (ticker: SFVLX) returned -9.59% during the semi-annual period. Adjustments in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP) were applied during the financial statement preparation as of April 30, 2022. 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 semi-annual period ended October 31, 2022, the total return for the Institutional share class decreased from -9.49% to - 9.56%, and the total return for the Investor share class decreased from -9.52% to -9.59%.*

*<sup>2</sup>* *The Fund's Investor share class began the fiscal year with a net asset value of $12.83 per share. As of April 30, 2022, 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. The Fund's Investor class finished the period with a value of $11.60 per share.*

*<sup>3</sup>* *www.seafarerfunds.com/commentary/how-the-value-team-finds-gems-in-emerging-markets*

*<sup>4</sup>* *Additional information on Seafarer's seven sources of value is available in the white paper <u>On Value in the Emerging Markets</u> (www.seafarerfunds.com/value-in-em).*

*<sup>5</sup>* *Gross domestic product (GDP) is a macroeconomic measure of the value of a country's economic output.*

*<sup>6</sup>* *The SELIC Overnight Rate is the Brazilian Central Bank's overnight rate; the interest rate at which a depository institution lends or borrows funds in the overnight market.*

**Semi-annual Report – October 31, 2022**<sub>11</sub>

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

---

*October 31, 2022*

**Total Returns**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of October 31, 2022** | **6 Month** | **1 Year** | **3 Year** | **5 Year** | **Since Inception<br> Annualized<sup>1</sup>** | **Net Expense<br> Ratio<sup>2</sup>** |
| Investor Class (SFVLX)<sup>3</sup> | -9.59% | -12.65% | 1.41% | 1.82% | 4.84% | 1.15% |
| Institutional Class (SIVLX) <sup>3</sup> | -9.56% | -12.63% | 1.50% | 1.92% | 4.94% | 1.05% |
| Morningstar Emerging Markets Net Return USD Index<sup>4</sup> | -18.35% | -28.23% | -2.70% | -1.67% | 4.09% |  |

---

*Gross expense ratio: 1.45% for Investor Class; 1.35% for Institutional Class.<sup>2</sup>*

*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. 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.*

*<sup>1</sup>* *Inception Date: May 31, 2016.* 

*<sup>2</sup>* *Ratios as of Prospectus dated August 31, 2022. 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 shall continue at least through August 31, 2023.* 

<sup>3</sup> *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.* 

*<sup>4</sup>* *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.*

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|:---|:---|
| **12** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

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*October 31, 2022*

**Performance of a $10,000 Investment Since Inception**

![](fp0081423_38.jpg)

*<sup>\*</sup>* *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 October 31, 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.

**Semi-annual Report – October 31, 2022**<sub>13</sub>

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| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Performance Review** |

---

*October 31, 2022*

---

| | |
|:---|:---|
| **Portfolio Composition by Region** | **% Net Assets** |
| East & South Asia | 52.8% |
| Emerging Europe | 4.9% |
| Latin America | 15.4% |
| Middle East & Africa | 11.0% |
| Other | 5.3% |
| Cash & Other Assets, Less Liabilities | 10.6% |
| **Total** | **100.0%** |
| **Portfolio Composition by Sector** | **% Net Assets** |
| Communication Services | 4.3% |
| Consumer Discretionary | 9.0% |
| Consumer Staples | 24.4% |
| Energy | 6.3% |
| Financials | 14.5% |
| Industrials | 10.8% |
| Information Technology | 3.5% |
| Materials | 7.2% |
| Real Estate | 2.9% |
| Utilities | 6.5% |
| Cash & Other Assets, Less Liabilities | 10.6% |
| **Total** | **100.0%** |
| **Top 10 Holdings** | **% Net Assets** |
| National Central Cooling Co. PJSC | 4.1% |
| Qatar Gas Transport Co., Ltd. | 4.0% |
| Samsung SDI Co., Ltd. | 3.5% |
| Credicorp, Ltd. | 3.4% |
| Itau Unibanco Holding SA | 3.4% |
| Ambev SA | 3.1% |
| Anheuser-Busch InBev SA | 3.1% |
| Genting Singapore, Ltd. | 3.0% |
| Want Want China Holdings, Ltd. | 3.0% |
| Samsung C&T Corp. | 2.9% |
| **Total** | **33.4%** |
| **Total Number of Holdings** | **36** |

---

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

*Source: ALPS Fund Services, Inc.*

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|:---|:---|
| **14** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Disclosure of Fund Expenses** |

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*October 31, 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 May 1, 2022 and held until October 31, 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.

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|:---|:---|
| **Semi-annual Report – October 31, 2022** | **15** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Disclosure of Fund Expenses** |

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*October 31, 2022 (Unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**SEAFARER OVERSEAS GROWTH AND INCOME FUND** | **Beginning <br> Account Value <br> 05/01/22** | **Ending <br> Account Value <br> 10/31/22** | **Expense <br> Ratio** **<sup>(a)</sup>** | **Expenses Paid <br> During Period <br> 05/01/22 - 10/31/22** **<sup>(b)</sup>** |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $900.40 | 1.03% | $4.93 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.01 | 1.03% | $5.24 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $900.30 | 0.93% | $4.45 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| **SEAFARER OVERSEAS VALUE FUND** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $904.10 | 1.15% | $5.52 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.41 | 1.15% | $5.85 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $904.40 | 1.05% | $5.04 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.91 | 1.05% | $5.35 |

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*<sup>(a)</sup>* *Annualized, based on the Fund's most recent fiscal half year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

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|:---|:---|
| **16** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Portfolio of Investments** |

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*October 31, 2022 (Unaudited)*

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| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| **COMMON STOCKS (91.5%)** |  |  |  |
| ***Belgium (2.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 700000 | $35070000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 35070000 |
| ***Brazil (7.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 15500000 | 47120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 8500000 | 49470000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Odontoprev SA | BRL | 8800000 | 14037750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc., Class A<sup>(a)</sup> | USD | 889000 | 16295370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 126923120 |
| ***China / Hong Kong (16.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd.<sup>(a)</sup> | HKD | 6250000 | 48593167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 90314000 | 23015530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Literature, Ltd.<sup>(a)</sup> | HKD | 9110000 | 24577519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 10000000 | 22419020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | HKD | 69000000 | 18271566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greatview Aseptic Packaging Co., Ltd.<sup>(a)</sup> | HKD | 12921000 | 1810817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 833715 | 38407585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 95000000 | 22999799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pico Far East Holdings, Ltd. | HKD | 53796000 | 7329487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shangri-La Asia, Ltd.<sup>(a)</sup> | HKD | 19558000 | 10821787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Want Want China Holdings, Ltd. | HKD | 61000000 | 40069998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WH Group, Ltd. | HKD | 30064500 | 15182909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Ltd., Class H | HKD | 30002000 | 18123946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 291623130 |
| ***Czech Republic (1.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 8062815 | 23518184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 23518184 |
| ***Hungary (4.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | HUF | 3600000 | 71210709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Hungary*** |  |  | 71210709 |

---

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **17** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| ***India (0.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | INR | 54795 | $1689040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total India*** |  |  | 1689040 |
| ***Japan (5.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rohm Co., Ltd. | JPY | 1250000 | 87830772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Japan*** |  |  | 87830772 |
| ***Mexico (3.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV | MXN | 10500000 | 19035987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV, ADR | USD | 600000 | 37674000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 56709987 |
| ***Peru (1.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 213000 | 31174680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 31174680 |
| ***Poland (2.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD Projekt SA | PLN | 1500000 | 39856141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Poland*** |  |  | 39856141 |
| ***Qatar (2.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 37613950 | 42347839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 42347839 |
| ***Singapore (6.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | SGD | 6200000 | 69770769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | SGD | 12800000 | 35066276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 104837045 |
| ***South Africa (3.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanlam, Ltd. | ZAR | 20850000 | 60776551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total South Africa*** |  |  | 60776551 |
| ***South Korea (21.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coway Co., Ltd. | KRW | 1130000 | 43816785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | KRW | 575000 | 88193115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 540000 | 15210071 |

---

---

| | |
|:---|:---|
| **18** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| ***South Korea (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAVER Corp. | KRW | 240000 | $28468398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Corp. | KRW | 438800 | 31225870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.<sup>(a)</sup> | KRW | 136500 | 83884356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 200000 | 16602319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | KRW | 525000 | 21850423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 93000 | 47980129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sindoh Co., Ltd. | KRW | 88723 | 2004797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 379236263 |
| ***Taiwan (2.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accton Technology Corp. | TWD | 5500000 | 41359213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Taiwan*** |  |  | 41359213 |
| ***Thailand (2.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL, Class F | THB | 44000000 | 34150550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 2000000 | 17025749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 51176299 |
| ***United Arab Emirates (4.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | AED | 26276000 | 43375266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 48197777 | 41768660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 85143926 |
| ***United Kingdom (1.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 1868570 | 31351812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 31351812 |
| ***Vietnam (2.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroVietnam Gas JSC | VND | 8000000 | 35695267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 35695267 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $1,839,289,257)** |  |  | 1597529978 |

---

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **19** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| **PREFERRED STOCKS (4.1%)** |  |  |  |
| ***South Korea (4.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | KRW | 1900000 | $71006632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 71006632 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $70,288,498)** |  |  | 71006632 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $1,909,577,755) (95.6%)** |  |  | $1668536610 |
| **Cash and Other Assets, Less Liabilities (4.4%)** |  |  | 76513077 |
| **NET ASSETS (100.0%)** |  |  | $1745049687 |

---

*Principal Amount is stated in local currency unless otherwise noted.*

*<sup>(a)</sup>* *Non-income producing security.*

---

| | | |
|:---|:---|:---|
| ***Currency Abbreviations*** | ***Currency Abbreviations*** | ***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.*

---

| | |
|:---|:---|
| **20** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **Industry Composition** | |
| Auto Components | 5.1% |
| Banks | 6.0% |
| Beverages | 8.2% |
| Capital Markets | 2.0% |
| Communications Equipment | 2.4% |
| Construction Materials | 1.0% |
| Containers & Packaging | 0.1% |
| Distributors | 1.0% |
| Electronic Equipment, Instruments & Components | 6.7% |
| Entertainment | 2.3% |
| Food & Staples Retailing | 1.3% |
| Food Products | 8.0% |
| Gas Utilities | 2.0% |
| Health Care Providers & Services | 2.8% |
| Hotels, Restaurants & Leisure | 0.6% |
| Household Durables | 2.5% |
| Industrial Conglomerates | 3.2% |
| Insurance | 3.5% |
| Interactive Media & Services | 1.6% |
| Internet & Direct Marketing Retail | 2.8% |
| IT Services | 0.1% |
| Life Sciences Tools & Services | 4.8% |
| Marine | 1.3% |
| Media | 2.7% |
| Oil, Gas & Consumable Fuels | 2.4% |
| Paper & Forest Products | 1.8% |
| Pharmaceuticals | 4.1% |
| Real Estate Management & Development | 2.5% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Technology Hardware, Storage & Peripherals | 5.4% |
| Water Utilities | 2.4% |
| Cash and Other Assets, Less Liabilities | 4.4% |
| **Total** | **100%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **21** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| **COMMON STOCKS (89.1%)** |  |  |  |
| ***Belgium (3.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 32000 | $1603200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 1603200 |
| ***Brazil (9.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 539000 | 1638560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 304000 | 1769280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XP, Inc., Class A | USD | 82200 | 1506726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 4914566 |
| ***China / Hong Kong (27.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 5103000 | 1300443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Yangtze Power Co., Ltd., Class A | CNY | 461990 | 1285678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 619000 | 1387737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | HKD | 4690000 | 1241937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Giordano International, Ltd. | HKD | 5200000 | 854994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greatview Aseptic Packaging Co., Ltd. | HKD | 1953000 | 273704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 28160 | 1297275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Melco International Development, Ltd. | HKD | 2304000 | 1204689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 5211000 | 1261600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pico Far East Holdings, Ltd. | HKD | 5538000 | 754530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shangri-La Asia, Ltd. | HKD | 1972000 | 1091142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Want Want China Holdings, Ltd. | HKD | 2367000 | 1554846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WH Group, Ltd. | HKD | 2335000 | 1179201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 14687776 |
| ***Czech Republic (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 383257 | 1117911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 1117911 |
| ***Georgia (2.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Capital PLC | GBP | 203174 | 1456252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Georgia*** |  |  | 1456252 |
| ***Mexico (2.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV, ADR | USD | 22000 | 1381380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 1381380 |

---

---

| | |
|:---|:---|
| **22** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| ***Peru (3.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 12200 | $1785592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 1785592 |
| ***Qatar (4.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 1860000 | 2094090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 2094090 |
| ******Russia (0.0%)*** ***<sup>(a)</sup>****** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Ports Investments PLC, GDR<sup>(b)</sup> | USD | 100000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Russia*** |  |  | 1000 |
| ***Singapore (8.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | SGD | 2770000 | 1575223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HRnetgroup, Ltd. | SGD | 2823000 | 1456422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | SGD | 559000 | 1531410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 4563055 |
| ***South Korea (9.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 53000 | 1492840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 18500 | 1535714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 3600 | 1857296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 4885850 |
| ***Thailand (1.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 119000 | 1013032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 1013032 |
| ***United Arab Emirates (7.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | AED | 924000 | 1525299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 2481137 | 2150177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 3675476 |
| ***United Kingdom (2.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 71384 | 1197717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 1197717 |

---

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **23** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value** |
| ***Vietnam (4.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petrovietnam Fertilizer & Chemicals JSC | VND | 740000 | $1290630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroVietnam Technical Services Corp. | VND | 1433080 | 1229789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 2520419 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $51,105,097)** |  |  | 46897316 |
| **PREFERRED STOCKS (0.3%)** |  |  |  |
| ***South Korea (0.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 1800 | 131880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 131880 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $184,192)** |  |  | 131880 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $51,289,289) (89.4%)** |  |  | $47029196 |
| **Cash and Other Assets, Less Liabilities (10.6%)** |  |  | 5596372 |
| **NET ASSETS (100.0%)** |  |  | $52625568 |

---

*Principal Amount is stated in local currency unless otherwise noted.*

*<sup>(a)</sup>* *Less than 0.05%.* 

*<sup>(b)</sup>* *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.*

---

| | |
|:---|:---|
| **24** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Portfolio of Investments** |

---

*October 31, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **Industry Composition** | |
| Banks | 8.9% |
| Beverages | 11.3% |
| Capital Markets | 5.6% |
| Chemicals | 2.5% |
| Communications Equipment | 0.0% |
| Construction Materials | 1.9% |
| Containers & Packaging | 0.5% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Energy Equipment & Services | 2.3% |
| Food & Staples Retailing | 2.6% |
| Food Products | 10.5% |
| Hotels, Restaurants & Leisure | 7.4% |
| Independent Power and Renewable Electricity Producers | 2.4% |
| Industrial Conglomerates | 5.6% |
| Marine | 2.4% |
| Media | 4.3% |
| Oil, Gas & Consumable Fuels | 4.0% |
| Paper & Forest Products | 2.3% |
| Professional Services | 2.8% |
| Real Estate Management & Development | 2.9% |
| Specialty Retail | 1.6% |
| Transportation Infrastructure | 0.0% |
| Water Utilities | 4.1% |
| Cash and Other Assets, Less Liabilities | 10.6% |
| **Total** | **100%** |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **25** |

---

---

| | |
|:---|:---|
| **Seafarer Funds** | **Statements of Assets and Liabilities** |

---

*October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Seafarer <br> Overseas Growth <br> and Income Fund** | **Seafarer<br> Overseas Value <br> Fund** |
| **ASSETS:** | | |
| Investments, at value | $1668536610 | $47029196 |
| Cash | 71070706 | 5322115 |
| Foreign currency, at value (Cost $1,004,605 and $63,864) | 965795 | 63075 |
| Receivable for investments sold | 3570408 |  |
| Receivable for shares sold | 5077638 | 263680 |
| Interest and dividends receivable | 2964393 | 46979 |
| Prepaid expenses and other assets | 27692 | 24811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 1752213242 | 52749856 |
| **LIABILITIES:** |  |  |
| Payable for investments purchased | 3687770 |  |
| Administrative fees payable | 137060 | 16839 |
| Shareholder service plan fees payable | 305827 | 6316 |
| Payable for shares redeemed | 1293844 | 610 |
| Investment advisory fees payable | 1088238 | 24270 |
| Payable for chief compliance officer fees | 8118 | 8688 |
| Trustee fees and expenses payable | 80020 | 1878 |
| Payable for principal financial officer fees | 3146 | 3260 |
| Audit and tax fees payable | 17879 | 16983 |
| Accrued expenses and other liabilities | 541653 | 45444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 7163555 | 124288 |
| **NET ASSETS** | $1745049687 | $52625568 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital (Note 5) | $2028747451 | $55908014 |
| Total distributable earnings | (283697764) | (3282446) |
| **NET ASSETS** | $1745049687 | $52625568 |
| **INVESTMENTS, AT COST** | $1909577755 | $51289289 |
| **PRICING OF SHARES** |  |  |
| **Investor Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $10.75 | $11.60 |
| Net Assets | $164662436 | $451846 |
| Shares of beneficial interest outstanding | 15322808 | 38955 |
| **Institutional Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $10.81 | $11.63 |
| Net Assets | $1580387251 | $52173722 |
| Shares of beneficial interest outstanding | 146153763 | 4484663 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **26** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Funds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Statements of Operations** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Six Months Ended October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Seafarer <br> Overseas Growth <br> and Income Fund** | **Seafarer<br> Overseas Value <br> Fund** |
| **INVESTMENT INCOME:** | |  |
| Dividends | $31513997 | $967848 |
| Foreign taxes withheld | (1506977) | (19478) |
| Interest and other income | 200616 | 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 30207636 | 972594 |
| **EXPENSES:** |  |  |
| Investment advisory fees (Note 6) | 6934820 | 170997 |
| Administrative and transfer agency fees | 302766 | 37077 |
| Trustee fees and expenses | 58447 | 1214 |
| Registration/filing fees | 21928 | 5806 |
| Shareholder service plan fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 141116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 421952 | 11444 |
| Legal fees | 12192 | 246 |
| Audit and tax fees | 14805 | 13635 |
| Reports to shareholders and printing fees | 36890 | 1590 |
| Custody fees | 800751 | 28859 |
| Chief compliance officer fees | 14908 | 15478 |
| Principal financial officer fees | 4531 | 4645 |
| Insurance expense | 11829 | 215 |
| Miscellaneous | 16869 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 8793804 | 294845 |
| Less fees waived/reimbursed by investment adviser (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (50959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net expenses | 8793804 | 243352 |
| **NET INVESTMENT INCOME:** | 21413832 | 729242 |
| Net realized loss on investments | (68900744) | (24635) |
| Net realized loss on foreign currency transactions | (399477) | (12201) |
| Net realized loss | (69300221) | (36836) |
| Net change in unrealized depreciation on investments | (148811005) | (5571279) |
| Net change in unrealized appreciation on translation of assets and liabilities in foreign currency transactions | 42453 | 400 |
| Net unrealized depreciation | (148768552) | (5570879) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS** | (218068773) | (5607715) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(196654941) | $(4878473) |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **27** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** | **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** |
| **OPERATIONS:** |  |  |
| Net investment income | $21413832 | $49624774 |
| Net realized gain/(loss) | (69300221) | 23850170 |
| Net change in unrealized depreciation | (148768552) | (380674270) |
| Net decrease in net assets resulting from operations | (196654941) | (307199326) |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1891337) | (17787543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (16813097) | (144664614) |
| Net decrease in net assets from distributions | (18704434) | (162452157) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 11489180 | 38570989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 384473975 | 540242470 |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1853833 | 17421787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10366375 | 93502418 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (24594001) | (35887904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (300056469) | (363636757) |
| Net increase in net assets derived from beneficial interest transactions | 83532893 | 290213003 |
| Net decrease in net assets | (131826482) | (179438480) |
| **NET ASSETS:** |  |  |
| Beginning of period | 1876876169 | 2056314649 |
| End of period | $1745049687 | $1876876169 |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Investor Class** |  |  |
| Sold | 1002985 | 2760044 |
| Distributions reinvested | 162048 | 1272567 |
| Redeemed | (2216703) | (2594775) |
| Net increase/(decrease) in shares outstanding | (1051670) | 1437836 |
| **Institutional Class** |  |  |
| Sold | 33286456 | 39311074 |
| Distributions reinvested | 900641 | 6789037 |
| Redeemed | (26444929) | (26450507) |
| Net increase in shares outstanding | 7742168 | 19649604 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **28** | **(855) 732-9220 seafarerfunds.com** |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** | **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** |
| **OPERATIONS:** | |  |
| Net investment income | $729242 | $1246220 |
| Net realized gain/(loss) | (36836) | 611226 |
| Net change in unrealized depreciation | (5570879) | (1636901) |
| Net increase/(decrease) in net assets resulting from operations | (4878473) | 220545 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (14510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (1233386) |
| Net decrease in net assets from distributions | – | (1247896) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 108075 | 54435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 17440757 | 10922366 |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 14510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1219306 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11709) | (83501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1843429) | (4435153) |
| Net increase in net assets derived from beneficial interest transactions | 15693694 | 7691963 |
| Net increase in net assets | 10815221 | 6664612 |
| **NET ASSETS:** |  |  |
| Beginning of period | 41810347 | 35145735 |
| End of period | $52625568 | $41810347 |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Investor Class** |  |  |
| Sold | 8348 | 4063 |
| Distributions reinvested |  | 1131 |
| Redeemed | (1001) | (6367) |
| Net increase/(decrease) in shares outstanding | 7347 | (1173) |
| **Institutional Class** |  |  |
| Sold | 1412732 | 827773 |
| Distributions reinvested |  | 94813 |
| Redeemed | (148415) | (335440) |
| Net increase in shares outstanding | 1264317 | 587146 |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **29** |

---

**Seafarer Overseas Growth and Income Fund**

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** **<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** **<sup>(e)</sup>** |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *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.* 

*<sup>(c)</sup>* *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%.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

---

| | |
|:---|:---|
| **30** | **(855) 732-9220 seafarerfunds.com** |

---

**Financial Highlights**

*For a share outstanding through the periods or years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **Year Ended <br> April 30, 2018** |
| $12.06 | $15.31 | $10.31 | $11.56 | $13.11 | $12.51 |
| 0.13 | 0.33 | 0.18 | 0.21 | 0.36 | 0.28 |
| (1.32) | (2.42) | 5.14 | (1.15) | (1.02) | 0.72 |
| (1.19) | (2.09) | 5.32 | (0.94) | (0.66) | 1.00 |
| (0.12) | (0.28) | (0.17) | (0.31) | (0.01) | (0.37) |
| – | (0.88) | (0.15) | – | (0.88) | (0.03) |
| (0.12) | (1.16) | (0.32) | (0.31) | (0.89) | (0.40) |
| (1.31) | (3.25) | 5.00 | (1.25) | (1.55) | 0.60 |
| $10.75 | $12.06 | $15.31 | $10.31 | $11.56 | $13.11 |
| (9.96 %) | (14.48%) | 52.15% | (8.44%) | (4.36%) | 8.03 %<sup>(c)</sup> |
| $164662 | $197523 | $228690 | $154017 | $233072 | $894241 |
| 1.03 %<sup>(d)</sup> | 1.00% | 1.02% | 1.02% | 0.99% | 0.97% |
| 1.03 %<sup>(d)</sup> | 1.00% | 1.02% | 1.02% | 0.99% | 0.97% |
| 2.21 %<sup>(d)</sup> | 2.33% | 1.35% | 1.88% | 3.02% | 2.12% |
| 12% | 16% | 47% | 29% | 52% | 23% |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **31** |

---

**Seafarer Overseas Growth and Income Fund**

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **REDEMPTION FEES ADDED TO PAID IN CAPITAL** |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** **<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** **<sup>(e)</sup>** |

---

*<sup>(a)</sup>* *Calculated using the average shares method.* 

*<sup>(b)</sup>* *Less than $0.005 per share.* 

*<sup>(c)</sup>* *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.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

---

| | |
|:---|:---|
| **32** | **(855) 732-9220 seafarerfunds.com** |

---

**Financial Highlights**

*For a share outstanding through the periods or years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **Year Ended <br> April 30, 2018** |
| $12.13 | $15.39 | $10.36 | $11.61 | $13.14 | $12.54 |
| 0.13 | 0.35 | 0.20 | 0.22 | 0.29 | 0.28 |
| (1.33) | (2.44) | 5.16 | (1.16) | (0.93) | 0.73 |
| (1.20) | (2.09) | 5.36 | (0.94) | (0.64) | 1.01 |
| (0.12) | (0.29) | (0.18) | (0.31) | (0.01) | (0.38) |
| – | (0.88) | (0.15) | – | (0.88) | (0.03) |
| (0.12) | (1.17) | (0.33) | (0.31) | (0.89) | (0.41) |
| – | – | 0.00 <sup>(b)</sup> | – | – | – |
| (1.32) | (3.26) | 5.03 | (1.25) | (1.53) | 0.60 |
| $10.81 | $12.13 | $15.39 | $10.36 | $11.61 | $13.14 |
| (9.97 %) | (14.41%) | 52.28% | (8.34%) | (4.17%) | 8.08% |
| $1580387 | $1679354 | $1827624 | $1101542 | $1304491 | $2134051 |
| 0.93 %<sup>(d)</sup> | 0.91% | 0.92% | 0.92% | 0.90% | 0.87% |
| 0.93 %<sup>(d)</sup> | 0.91% | 0.92% | 0.92% | 0.90% | 0.87% |
| 2.29 %<sup>(d)</sup> | 2.46% | 1.47% | 1.91% | 2.45% | 2.09% |
| 12% | 16% | 47% | 29% | 52% | 23% |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **33** |

---

**Seafarer Overseas Value Fund**

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** **<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** **<sup>(e)</sup>** |

---

*<sup>(a)</sup>* *Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *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.* 

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

---

| | |
|:---|:---|
| **34** | **(855) 732-9220 seafarerfunds.com** |

---

**Financial Highlights**

*For a share outstanding through the periods or years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended<br> April 30, 2019** | **Year Ended <br> April 30, 2018** |
| $12.83 <sup>(a)</sup> | $13.16 | $9.46 | $11.41 | $11.95 | $11.30 |
| 0.20 | 0.42 | 0.22 | 0.29 | 0.29 | 0.35 |
| (1.43) | (0.29) | 3.64 | (1.88) | (0.51) | 0.72 |
| (1.23) | 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) |
| (1.23) | (0.33) | 3.70 | (1.95) | (0.54) | 0.65 |
| $11.60 | $12.83 <sup>(a)</sup> | $13.16 | $9.46 | $11.41 | $11.95 |
| (9.59 %)<sup>(a)</sup> | 0.94 %<sup>(a)</sup> | 40.96% | (14.54%) | (1.50%) | 9.55% |
| $452 | $405 | $431 | $278 | $327 | $311 |
| 1.38 %<sup>(d)</sup> | 1.48% | 1.49% | 1.44% | 1.45% | 1.80% |
| 1.15 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| 3.16 %<sup>(d)</sup> | 3.15% | 1.99% | 2.61% | 2.59% | 2.91% |
| 1% | 14% | 24% | 25% | 3% | 3% |

---

*See accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **35** |

---

**Seafarer Overseas Value Fund**

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** **<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** **<sup>(f)</sup>** |

---

*<sup>(a)</sup>* *Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *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.* 

*<sup>(d)</sup>* *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%.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

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|:---|:---|
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**Financial Highlights**

*For a share outstanding through the periods or years presented*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months <br> Ended <br> October 31, 2022 <br> (Unaudited)** | **Year Ended <br> April 30, 2022** | **Year Ended <br> April 30, 2021** | **Year Ended <br> April 30, 2020** | **Year Ended <br> April 30, 2019** | **Year Ended <br> April 30, 2018** |
| $12.86 <sup>(a)</sup> | $13.18 | $9.48 | $11.43 | $11.96 | $11.28 |
| 0.20 | 0.46 | 0.25 | 0.30 | 0.30 | 0.35 |
| (1.43) | (0.32) | 3.62 | (1.88) | (0.50) | 0.74 |
| (1.23) | 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) |
| (1.23) | (0.32) | 3.70 | (1.95) | (0.53) | 0.68 |
| $11.63 | $12.86 <sup>(a)</sup> | $13.18 | $9.48 | $11.43 | $11.96 |
| (9.56 %)<sup>(a)</sup> | 1.08 %<sup>(a)</sup> | 40.98% | (14.47%) | (1.34%) | 9.74 %<sup>(d)</sup> |
| $52174 | $41405 | $34714 | $29557 | $28849 | $25291 |
| 1.27 %<sup>(e)</sup> | 1.37% | 1.51% | 1.42% | 1.48% | 1.76% |
| 1.05 %<sup>(e)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| 3.15 %<sup>(e)</sup> | 3.43% | 2.19% | 2.63% | 2.65% | 2.90% |
| 1% | 14% | 24% | 25% | 3% | 3% |

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*See accompanying Notes to Financial Statements.*

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| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **37** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**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 semi-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 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.

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|:---|:---|
| **38** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

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:

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| | |
|:---|:---|
| 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. |

---

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| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **39** |

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---

| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

---

*October 31, 2022 (Unaudited)*

The following is a summary of the inputs used to value each Fund as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant <br> Observable Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **Seafarer Overseas Growth and Income Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | $35070000 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $35070000 |
| &nbsp;&nbsp;&nbsp;Brazil | 126923120 |  |  | 126923120 |
| &nbsp;&nbsp;&nbsp;China / Hong Kong |  | 291623130 |  | 291623130 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 23518184 |  | 23518184 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 71210709 |  | 71210709 |
| &nbsp;&nbsp;&nbsp;India |  | 1689040 |  | 1689040 |
| &nbsp;&nbsp;&nbsp;Japan |  | 87830772 |  | 87830772 |
| &nbsp;&nbsp;&nbsp;Mexico | 56709987 |  |  | 56709987 |
| &nbsp;&nbsp;&nbsp;Peru | 31174680 |  |  | 31174680 |
| &nbsp;&nbsp;&nbsp;Poland |  | 39856141 |  | 39856141 |
| &nbsp;&nbsp;&nbsp;Qatar |  | 42347839 |  | 42347839 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 104837045 |  | 104837045 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 60776551 |  | 60776551 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 379236263 |  | 379236263 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 41359213 |  | 41359213 |
| &nbsp;&nbsp;&nbsp;Thailand | 17025749 | 34150550 |  | 51176299 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 85143926 |  | 85143926 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 31351812 |  | 31351812 |
| &nbsp;&nbsp;&nbsp;Vietnam |  | 35695267 |  | 35695267 |
| Preferred Stocks | – | 71006632 | – | 71006632 |
| Total | $266903536 | $1401633074 | $– | $1668536610 |

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|:---|:---|
| **40** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant <br> Observable Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| **Seafarer Overseas Value Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | $1603200 | $– | $– | $1603200 |
| &nbsp;&nbsp;&nbsp;Brazil | 4914566 |  |  | 4914566 |
| &nbsp;&nbsp;&nbsp;China / Hong Kong |  | 14687776 |  | 14687776 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 1117911 |  | 1117911 |
| &nbsp;&nbsp;&nbsp;Georgia | 1456252 |  |  | 1456252 |
| &nbsp;&nbsp;&nbsp;Mexico | 1381380 |  |  | 1381380 |
| &nbsp;&nbsp;&nbsp;Peru | 1785592 |  |  | 1785592 |
| &nbsp;&nbsp;&nbsp;Qatar |  | 2094090 |  | 2094090 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 4563055 |  | 4563055 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 4885850 |  | 4885850 |
| &nbsp;&nbsp;&nbsp;Thailand | 1013032 |  |  | 1013032 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 3675476 |  | 3675476 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1197717 |  | 1197717 |
| &nbsp;&nbsp;&nbsp;Vietnam |  | 2520419 |  | 2520419 |
| Preferred Stocks | – | 131880 | – | 131880 |
| Total | $12154022 | $34874174 | $1000 | $47029196 |

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*<sup>(a)</sup>* *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:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of April 30, 2022** | **Accrued<br> Discount/<br> Premium** | **Return<br> of<br> Capital** | **Realized<br> Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/ <br> (Depreciation)** | **Purchases** | **Sales <br> Proceeds** | **Transfer<br> into<br> Level 3** | **Transfer<br> Out of<br> Level 3** | **Balance as of October 31, 2022** | **Net change in<br> unrealized<br> appreciation/<br> (depreciation)<br> included in the<br> Statements of<br> Operations<br> attributable to Level 3 investments held at October 31, 2022** |
| Common Stocks | $1000 | $– | $– | $– | $– | $– | $– | $– | $– | $1000 | $– |
| **Total** | $1000 | $– | $– | $– | $– | $– | $– | $– | $– | $1000 | $– |

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**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.

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| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **41** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**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 October 31, 2022, the Funds had the following cash balances participating in the BBH CMS:

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| | |
|:---|:---|
| **Fund** | |
| Seafarer Overseas Growth and Income Fund | $66672627 |
| Seafarer Overseas Value Fund | 3354452 |

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As of October 31, 2022, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

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| | |
|:---|:---|
| **Fund** |  |
| Seafarer Overseas Growth and Income Fund | $|
| Seafarer Overseas Value Fund |  |

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**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 dates. 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.

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|:---|:---|
| **42** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**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.

**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 six months ended October 31, 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.

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|:---|:---|
| **Semi-annual Report – October 31, 2022** | **43** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**3. Tax Basis Information**

**Tax Basis of Investments**

As of October 31, 2022, the aggregate cost of investments, gross unrealized appreciation/(depreciation), and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund |
|  | $1916342499 | $148589644 | $(396395533) | $(247805889) |
| Seafarer Overseas Value Fund | Seafarer Overseas Value Fund | Seafarer Overseas Value Fund | Seafarer Overseas Value Fund | Seafarer Overseas Value Fund |
|  | 51300002 | 6242517 | (10513323) | (4270806) |

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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.

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2022 was as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** |
| Seafarer Overseas Growth and Income Fund | $39950471 | $122501686 |
| Seafarer Overseas Value Fund | 1145464 | 102432 |

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The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**4. Securities Transactions**

The cost of purchases and proceeds from sales of securities excluding short-term securities during the six months ended October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases of <br> Securities** | **Proceeds from Sales <br> of Securities** |
| Seafarer Overseas Growth and Income Fund | $264271501 | $213436093 |
| Seafarer Overseas Value Fund | 15350923 | 230733 |

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**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.

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|:---|:---|
| **44** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**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, 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 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 the date of the waiver. This agreement may not be terminated or modified prior to August 31, 2023, except with the approval of the Funds' Board. During the six months ended October 31, 2022, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of October 31, 2022, the Adviser had recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

For the six months ended October 31, 2022, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/<br> Reimbursed By <br> Adviser** | **Recoupment of Past <br> Waived Fees By <br> Adviser** |
| Seafarer Overseas Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $534 | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | 50959 | – |

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As of October 31, 2022 the balances of recoupable expenses for each class were as follows for the Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires <br> 2022** | **Expires <br> 2023** | **Expires <br> 2024** | **Expires <br> 2025** | **Total** |
| Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund | Seafarer Overseas Growth and Income Fund |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | – | – | – | – |
| Seafarer Overseas Value Fund | Seafarer Overseas Value Fund | Seafarer Overseas Value Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | $199 | $1406 | $1151 | $1028 | $3784 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 23165 | 147995 | 112881 | 44722 | 328763 |

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**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.

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| | |
|:---|:---|
| **Semi-annual Report – October 31, 2022** | **45** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 2022 are disclosed in the Statements of Operations.

**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 six months ended October 31, 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 six months ended October 31, 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.

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|:---|:---|
| **46** | **(855) 732-9220 seafarerfunds.com** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Notes to Financial Statements** |

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*October 31, 2022 (Unaudited)*

**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.

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|:---|:---|
| **Semi-annual Report – October 31, 2022** | **47** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Additional Information** |

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*October 31, 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.

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|:---|:---|
| **48** | **(855) 732-9220 seafarerfunds.com** |

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|:---|:---|
| **Seafarer Funds** | **Privacy Policy** |

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*October 31, 2022 (Unaudited)*

 

● Social Security number and account transactions

● Account balances and transaction history

● Wire transfer instructions

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your personal information** | &nbsp;&nbsp;**Do we share:** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;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 | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For our marketing purposes – to offer our products and services to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;For joint marketing with other financial companies | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;For our affiliates' everyday business purposes – information about your transactions and experiences | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;For our affiliates' everyday business purposes – information about your creditworthiness | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |
| &nbsp;&nbsp;For nonaffiliates to market to you | &nbsp;&nbsp;No | &nbsp;&nbsp;We do not share. |

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|:---|:---|
| **Semi-annual Report – October 31, 2022** | **49** |

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| | |
|:---|:---|
| **Seafarer Funds** | **Privacy Policy** |

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*October 31, 2022 (Unaudited)*

 

● open an account

● provide account information or give us your contact information

● make a wire transfer or deposit money

● 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

● *The Funds do not share with non-affiliates so they can market to you.* 

● *The Funds do not jointly market.* 

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|:---|:---|
| **50** | **(855) 732-9220 seafarerfunds.com** |

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*Page Intentionally Left Blank*

![](fp0081423_39.jpg)

![](fp0081423_40.jpg)

**Table of Contents**

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| | |
|:---|:---|
| **CONTENTS** | **PAGE** |
| Shareholder Letter | 1 |
| Fund Overview |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 8 |
| Disclosure of Fund Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 10 |
| Statements of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 15 |
| Statements of Assets and Liabilities | 18 |
| Statements of Operations | 20 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 22 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 28 |
| Notes to Financial Statements | 31 |
| Additional Information | 41 |
| Privacy Policy | 42 |

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Shareholder Letter

*October 31, 2022 (Unaudited)*

PORTFOLIO REVIEW

**General**

For the six months ended October 31, 2022, Vulcan Value Partners Fund returned -15.43% and the Vulcan Value Partners Small Cap Fund returned -20.39%. As you know, we place no weight on short-term results, good or bad. In fact, we have and will continue to make decisions that could negatively impact short-term performance when we think we can mitigate risk and improve our long-term returns.

**Vulcan Value Partners Fund Review**

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Fund. There was one material contributor, CoStar Group Inc., and eight material detractors during the six month period ending October 31, 2022. Material detractors include Microsoft Corp., Applied Materials Inc., Qorvo Inc., Skyworks Solutions Inc., Carlyle Group Inc., Meta Platforms Inc., Splunk Inc., and Upstart Holdings Inc.

We purchased Ares Management Corp. during the period. The company is a global, diversified alternative asset manager with a focus on credit and debt funds. Among alternative asset managers, Ares has the leading market share in credit products. These credit products generate fee-related revenue, which we believe translates to stable earnings power. Ares is benefiting from increasing investor demand for private credit assets. According to industry data, the gap between current and target allocations for institutions is wider for private credit than for private equity, implying that private credit has substantial opportunity for growth. Ares has generated strong historical returns in private credit and demand for private credit funding has increased. Demand for private credit has resulted in market share gains for private credit against the banks and public markets, and we believe that trend will continue. We think that scale and relationships are Ares' most important competitive advantages and, to the extent these advantages lead to strong returns, this should lead to continued growth in assets under management. The alternative asset management space is very competitive, but we believe that Ares is well positioned.

Additionally, we purchased Elevance Health Inc., formerly known as Anthem. The Fund owned Anthem for many years, up until late last year, and we are pleased to own it again. The healthcare industry is complex, but we believe Elevance is well positioned to weather those challenges. Elevance is the largest healthcare insurance company in the United States by medical membership, covering 47 million lives – two thirds of which are covered under commercial and specialty arrangements, and the other third is covered under government programs such as Medicare and Medicaid. The managed care industry is large, with healthcare spending of $4 trillion annually, and we believe that scale combined with the company's expertise are important for success in this industry. We think that Elevance is one of a few large players who bring those strengths to bear. Exiting the period, we estimate that Elevance will generate operating revenue north of $150 billion this year. Their size and scale allow for significant investments in technology and benefit design. We feel that Elevance has good momentum, and we estimate that the company should be able to grow its free-cash-flow per share at healthy rates despite the economic challenges.

We sold AppLovin Corp. during the period. AppLovin was a disappointing investment for us. The company owns a portfolio of over 300 mobile games and operates an advertising platform for third party gaming apps.

Semi-Annual Report \| October 31, 2022 1

Shareholder Letter

*October 31, 2022 (Unaudited)*

Our investment case hinged on the company's advertising platform data from the owned games business which we believed was its key competitive advantage. Through our recent research, as of the date of this report, we believe management is possibly planning to restructure or sell all or some of the owned games business. In addition, while we thought AppLovin's second quarter results were good, with revenue up 16%, the company lowered guidance on its long-term organic growth opportunity. To achieve its long-term plans, the company is relying on new initiatives which we would categorize as early stage. As our understanding of a company's competitive advantage changes, we reevaluate the business to determine how this affects our investment thesis. For AppLovin, we determined that the company's competitive advantage was not as strong as we once thought, and we followed our discipline by selling AppLovin and redeploying capital into companies that we believe have more stable values and attractive margins of safety.<sup>1</sup>

**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. There was one material contributor, Medpace Holdings Inc., and ten materials detractors during the six month period ending October 31, 2022. The material detractors were Victoria Plc, MillerKnoll Inc., Premium Brands Holdings Corp., Ibstock Plc, Park Hotels & Resorts Inc., PROG Holdings Inc., SmartRent Inc., Sdiptech AB, Upstart Holdings Inc., and Cushman & Wakefield Plc.

Medpace Holdings Inc. was a material contributor for the period. Medpace is a top ten global clinical contract research organization (CRO) providing outsourced drug development services. Medpace provides a full-service model attractive to small- and mid-sized biotechnology firms who lack the infrastructure needed to navigate the development process. This customer base is typically less price sensitive and relies on Medpace to perform end-to-end contract services for drug development.

We purchased Timken Co. during the period. Timken Co. is a manufacturer of engineered bearings used in rotating motion equipment and related power transmission products. Its products are mission critical, have a high cost of failure, and only a relatively small cost to the customer. The company was spun out of Timken Steel in 2014, and since that time, the business has improved generating higher growth, higher margins, better positioning within end markets, and improved free cash flow. We think Timken's scale along with its engineering abilities and technical expertise create high barriers to entry for competitors. Timken's leadership team has significant ownership of the company, solid management incentives aligned with shareholder interests, and in our opinion are intelligent capital allocators. The Fund owned Timken in the past, and we are pleased to have the opportunity to own the company again.

MillerKnoll Inc. was a material detractor during the period. MillerKnoll is facing what we estimate to be short-term challenges that have negatively impacted its stock price. The company grew revenue 12% organically in the quarter. It has approximately a $900 million order backlog, and over the last two years, MillerKnoll has implemented favorable pricing within that backlog. As they continue to work through the backlog and ship to customers, we are starting to see the benefits of the price increases as they accrue to the gross margin line. Unfortunately, the full benefit of net price realization has been tempered by continued commodity and transportation inflation. While MillerKnoll is profitable as of October 31, 2022, during the period those profits did not translate into positive cash flow given the company's investment in working capital. As we go into a tougher economic environment, we feel good about the company's future as we believe it to be a well-managed business with well-known brands trading at a discount to our estimate of value.

2 www.vulcanvaluepartners.com

Shareholder Letter

*October 31, 2022 (Unaudited)*

**Closing**

We know it is difficult to live through challenging periods like we are experiencing now. As long-term investors, we feel good about our margin of safety and our prospective returns. We believe our investment philosophy works well over the long term. Everyone at Vulcan Value Partners is 100% committed to our philosophy. We are also committed to learning from our mistakes and better executing our process. We have a knowledgeable and dedicated investment team surrounded by an equally capable and dedicated organization. Our Vulcan values permeate our firm. Those values have served us well over many years and in many market environments, and we plan to continue to live into these values daily. Despite the current challenging times, we are optimistic about the future of our investments and the future of our firm.

C.T. Fitzpatrick

Chief Executive Officer

Vulcan Value Partners, LLC

*<sup>1</sup>* *Margin of Safety is a favorable difference between the price of a company's shares and the estimated fair value of those shares.* 

***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 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.*

Semi-Annual Report \| October 31, 2022 3

Fund Overview

*October 31, 2022 (Unaudited)*

VULCAN VALUE PARTNERS FUND

**Annualized Total Returns** *(as of 10/31/22)*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Expense Ratios** **<sup>(1)</sup>** | **Expense Ratios** **<sup>(1)</sup>** |
|  | <br>**6 Month** | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | <br>**10 Year** | **Since**<br>**Inception\*** | **Total** | **Net** **<sup>(2)</sup>** |
| Vulcan Value Partners Fund - Investor Class<sup>(3)</sup> | -15.43% | -40.85% | -2.45% | 2.86% | 7.80% | 8.64% | 1.08% | 1.08% |
| Vulcan Value Partners Fund - Institutional Class | -15.36% | -40.71% | -2.22% |  |  | 0.30% | 1.12% | 0.85% |
| S&P 500<sup>®</sup> Total Return Index<sup>(4)</sup> | -5.50% | -14.61% | 10.22% | 10.44% | 12.79% | 12.29% |  |  |
| Russell 1000<sup>®</sup> Value Index<sup>(5)</sup> | -3.19% | -7.00% | 7.31% | 7.21% | 10.30% | 10.31% |  |  |

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***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*

*<sup>(1)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(2)</sup>* *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, 2023. 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, 2023 without the approval by the Fund's Board of Trustees.* 

*<sup>(3)</sup>* *The initial share class of the Fund was redesignated as Investor Class shares effective April 23, 2019.* 

*<sup>(4)</sup>* *The S&P 500 <sup>®</sup> 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.* 

*<sup>(5)</sup>* *The Russell 1000 <sup>®</sup> 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<sup>®</sup> 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.* 

4 www.vulcanvaluepartners.com

Fund Overview

*October 31, 2022 (Unaudited)*

**Growth of $10,000 Initial Investment** *(for the period ended October 31, 2022)*

![](fp0081423_41.jpg)

*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)\**

![](fp0081423_42.jpg)

**Top Ten Holdings** *(as a % of Net Assets)\**

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| | |
|:---|:---|
| TransDigm Group, Inc. | 6.24% |
| Microsoft Corp. | 6.10% |
| Amazon.com, Inc. | 5.59% |
| Carlyle Group, Inc. | 4.94% |
| General Electric Co. | 4.92% |
| KKR & Co., Inc. | 4.86% |
| Applied Materials, Inc. | 4.77% |
| Salesforce, Inc. | 4.73% |
| Qorvo, Inc. | 4.69% |
| Alphabet, Inc. | 4.57% |
| **Top Ten Holdings** | **51.41%** |

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

Semi-Annual Report \| October 31, 2022 5

Disclosure of Fund Expenses

*October 31, 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 May 1, 2022 and held until October 31, 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.

6 www.vulcanvaluepartners.com

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

**Vulcan Value Partners Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account <br>Value 5/1/22** | **Ending Account <br>Value 10/31/22** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid**<br> **During period**<br> **5/1/22 - 10/31/22<sup>(b)</sup>** |
| **VULCAN VALUE PARTNERS FUND** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $845.70 | 1.09% | $5.07 |
| Hypothetical (5% return before expenses) | $1000.00 | $1019.71 | 1.09% | $5.55 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $846.40 | 0.85% | $3.96 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.92 | 0.85% | $4.33 |

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*<sup>(a)</sup>* *The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

Semi-Annual Report \| October 31, 2022 7

Fund Overview

*October 31, 2022 (Unaudited)*

VULCAN VALUE PARTNERS SMALL CAP FUND

**Annualized Total Returns** *(as of 10/31/22)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Expense Ratios** **<sup>(1)</sup>** | **Expense Ratios** **<sup>(1)</sup>** |
|  | <br>**6 Month** | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | <br>**10 Year** | **Since**<br>**Inception\*** | **Total** | **Net<sup>(2)</sup>** |
| Vulcan Value Partners Small Cap Fund – Investor Class<sup>(3)</sup> | -20.39% | -48.70% | -5.24% | -1.90% | 5.25% | 7.67% | 1.25% | 1.25% |
| Vulcan Value Partners Small Cap Fund – Institutional Class | -20.25% | -48.55% | -4.98% |  |  | -3.88% | 1.27% | 1.00% |
| Russell 2000<sup>®</sup> Value Index<sup>(4)</sup> | -1.35% | -10.73% | 8.08% | 5.31% | 9.37% | 9.51% |  |  |
| Russell 2000<sup>®</sup> Index<sup>(5)</sup> | -0.20% | -18.54% | 7.05% | 5.56% | 9.93% | 10.15% |  |  |

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***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* 

*<sup>(1)</sup>* *Ratios as of the Prospectus dated August 31, 2022 and may differ from the ratios presented in the Financial Highlights.* 

*<sup>(2)</sup>* *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, 2023. 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, 2023 without the approval by the Fund's Board of Trustees.* 

*<sup>(3)</sup>* *The initial share class of the Fund was redesignated as Investor Class shares effective April 23, 2019.* 

*<sup>(4)</sup>* *The Russell 2000 <sup>®</sup> 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<sup>®</sup> 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.* 

*<sup>(5)</sup>* *The Russell 2000 <sup>®</sup> 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<sup>®</sup> Index is a subset of the Russell 3000<sup>®</sup> 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.* 

8 www.vulcanvaluepartners.com

Fund Overview

*October 31, 2022 (Unaudited)*

**Growth of $10,000 Initial Investment** *(for the period ended October 31, 2022)*

![](fp0081423_43.jpg)

*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)\**

![](fp0081423_44.jpg)

**Top Ten Holdings** *(as a% of Net Assets)\**

---

| | |
|:---|:---|
| Ituran Location and Control, Ltd. | 7.39% |
| Cushman & Wakefield PLC | 6.65% |
| Littelfuse, Inc. | 6.38% |
| Ibstock PLC | 5.19% |
| Medpace Holdings, Inc. | 4.98% |
| SmartRent, Inc. | 4.97% |
| Virtus Investment Partners, Inc. | 4.88% |
| ISS A/S | 4.49% |
| EnerSys | 4.48% |
| ABM Industries, Inc. | 4.42% |
| **Top Ten Holdings** | **53.83%** |

---

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

Semi-Annual Report \| October 31, 2022 9

Disclosure of Fund Expenses

*October 31, 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 May 1, 2022 and held until October 31, 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.

10 www.vulcanvaluepartners.com

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

**Vulcan Value Partners Small Cap Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning Account <br>Value 5/1/22** | **Ending Account <br>Value 10/31/22** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid During period**<br> **5/1/22 - 10/31/22<sup>(b)</sup>** |
| **VULCAN VALUE PARTNERS SMALL CAP FUND** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Actual | $1000.00 | $797.50 | 1.25% | $5.66 |
| Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | 5.00% | $6.36 |
| **Institutional Class** |  |  |  |  |
| Actual | $1000.00 | $796.10 | 1.00% | $4.53 |
| Hypothetical (5% return before expenses) | $1000.00 | $1020.16 | 5.00% | $5.09 |

---

*<sup>(a)</sup>* *The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.* 

*<sup>(b)</sup>* *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 (184)/365 (to reflect the half-year period).* 

Semi-Annual Report \| October 31, 2022 11

Statement of Investments Vulcan Value Partners Fund

*October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **COMMON STOCKS (94.88%)** |  |  |
| ***Communications (12.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet (10.15%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | 458866 | $43436256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 518866 | 53152633 |
|  |  | 96588889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications (1.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nice, Ltd. | 92953 | 17650845 |
| **TOTAL COMMUNICATIONS** |  | 114239734 |
| ***Consumer, Non-cyclical (9.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services (4.34%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 498914 | 41270166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare-Products (1.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 178989 | 17709172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare-Services (3.39%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 58899 | 32204206 |
| **TOTAL CONSUMER, NON-CYCLICAL** |  | 91183544 |
| ***Financial (28.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services (8.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 124282 | 40786867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 199132 | 41252185 |
|  |  | 82039052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Private Equity (12.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 388823 | 29484448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 1662278 | 47009222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | 949789 | 46188239 |
|  |  | 122681909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate (6.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 396080 | 28097915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 235998 | 37544922 |
|  |  | 65642837 |
| **TOTAL FINANCIAL** |  | 270363798 |
| ***Industrial (16.51%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace/Defense (9.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 251839 | 32059105 |

---

12 www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statement of Investments

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value <br> (Note 2)** |
| ***Industrial (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace/Defense (continued)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc.<sup>(a)</sup> |  | 103077 | $59347613 |
|  |  |  | 91406718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electric Equipment Manufacturing (4.92%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. |  | 601162 | 46776415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Packaging&Containers (1.98%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. |  | 380847 | 18810034 |
| **TOTAL INDUSTRIAL** |  |  | 156993167 |
| ***Technology (28.35%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors (17.52%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  | 513391 | 45327291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. |  | 93220 | 37733592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> |  | 518711 | 44650643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. |  | 452693 | 38936125 |
|  |  |  | 166647651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software (10.83%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. |  | 250165 | 58070801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc.<sup>(a)</sup> |  | 276749 | 44996620 |
|  |  |  | 103067421 |
| **TOTAL TECHNOLOGY** |  |  | 269715072 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $837,334,771)** |  |  | 902495315 |
|  | **7-Day<br> Yield** | **Shares** | **Value**<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (4.07%)** |  |  |  |
| ***Money Market Fund (4.07%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | 3.056% | 38748025 | 38748025 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $38,748,025)** |  |  | 38748025 |
| **TOTAL INVESTMENTS (98.95%)** |  |  |  |
| **(Cost $876,082,796)** |  |  | $941243340 |
| **Other Assets In Excess Of Liabilities (1.05%)** |  |  | 10011109 |
| **NET ASSETS (100.00%)** |  |  | $951254449 |

---

Semi-Annual Report \| October 31, 2022 13

Statement of Investments Vulcan Value Partners Fund

*October 31, 2022 (Unaudited)*

*<sup>(a)</sup>* *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

*October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (96.48%)** |  |  |
| ***Consumer, Cyclical (6.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Furnishings (6.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 1053934 | $22322322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sleep Number Corp.<sup>(a)</sup> | 449091 | 12457784 |
|  |  | 34780106 |
| **TOTAL CONSUMER, CYCLICAL** |  | 34780106 |
| ***Consumer, Non-cyclical (30.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services (21.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 552221 | 24579357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | 248652 | 23358369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISS A/S<sup>(a)</sup> | 1360037 | 24964909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc.<sup>(a)</sup> | 652710 | 10782769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savills PLC | 1303182 | 12337031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 1129704 | 21793550 |
|  |  | 117815985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food (4.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. | 381189 | 22487731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare-Services (4.98%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 124811 | 27705546 |
| **TOTAL CONSUMER, NON-CYCLICAL** |  | 168009262 |
| ***Financial (15.88%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services (4.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 158074 | 27108110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate (6.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC<sup>(a)</sup> | 3201001 | 36971562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITS (4.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 1849463 | 24190976 |
| **TOTAL FINANCIAL** |  | 88270648 |
| ***Industrial (41.79%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials (17.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forterra PLC | 8259461 | 20696249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ibstock PLC | 16178619 | 28850965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SmartRent, Inc.<sup>(a)</sup> | 10043291 | 27619050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victoria PLC<sup>(a)</sup> | 3650265 | 21098104 |
|  |  | 98264368 |

---

Semi-Annual Report \| October 31, 2022 15

Statement of Investments Vulcan Value Partners Small Cap Fund

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value <br> (Note 2)** |
| ***Industrial (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Components & Equipment (10.86%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnerSys |  | 375970 | $24923051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. |  | 161037 | 35468399 |
|  |  |  | 60391450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronics (7.39%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. |  | 1714262 | 41108003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Goods (2.93%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. |  | 228583 | 16295682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation (2.93%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corp. |  | 153648 | 16266714 |
| **TOTAL INDUSTRIAL** |  |  | 232326217 |
| ***Technology (2.34%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software (2.34%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerence, Inc.<sup>(a)</sup> |  | 756924 | 13019093 |
| **TOTAL TECHNOLOGY** |  |  | 13019093 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $682,435,187)** |  |  | 536405326 |
|  | **7-Day <br> Yield** | **Shares** | **Value <br> (Note 2)** |
| **SHORT TERM INVESTMENTS (1.87%)** |  |  |  |
| ***Money Market Fund (1.87%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | 3.056% | 10389244 | 10389244 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $10,389,244)** |  |  | 10389244 |
| **TOTAL INVESTMENTS (98.35%)** |  |  |  |
| **(Cost $692,824,431)** |  |  | $546794570 |
| **Other Assets In Excess Of Liabilities (1.65%)** |  |  | 9153789 |
| **NET ASSETS (100.00%)** |  |  | $555948359 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

16 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund Statement of Investments

*October 31, 2022 (Unaudited)*

*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.* 

 

Semi-Annual Report \| October 31, 2022 17

Statements of Assets and Liabilities

*October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Vulcan Value<br> Partners <br> Fund** | **Vulcan Value<br> Partners <br> Small Cap Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $941243340 | $546794570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 11469598 | 10654285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 29489 | 113524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 265938 | 415531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 178779 | 37378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 953187144 | 558015288 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares redeemed | 1116251 | 1416183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 618864 | 423168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration fees | 30649 | 21985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 91221 | 89747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for delegated transfer agent equivalent services fees | 26751 | 18501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 20164 | 16166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 28274 | 14247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for principal financial officer fees | 521 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | – | 66684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1932695 | 2066929 |
| **NET ASSETS** | $951254449 | $555948359 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $1158824920 | $940836210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | (207570471) | (384887851) |
| **NET ASSETS** | $951254449 | $555948359 |
| **INVESTMENTS, AT COST** | $876082796 | $692824431 |

---

*See Accompanying Notes to Financial Statements.*

18 www.vulcanvaluepartners.com

Statements of Assets and Liabilities

*October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Vulcan Value<br> Partners<br> Fund** | **Vulcan Value<br> Partners<br> Small Cap Fund** |
| **PRICING OF SHARES:** |  |  |
| **Investor Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $17.54 | $11.52 |
| Net Assets | $266627430 | $127268354 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 15198597 | 11048104 |
| **Institutional Class:** |  |  |
| Net Asset Value, offering and redemption price per share | 17.64 | 11.62 |
| Net Assets | 684627019 | 428680004 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 38801668 | 36906465 |

---

*See Accompanying Notes to Financial Statements.* 

Semi-Annual Report \| October 31, 2022 19

Statements of Operations

*For the Six Months Ended October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Vulcan Value<br> Partners <br> Fund** | **Vulcan Value<br> Partners <br> Small Cap Fund** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $6344631 | $5343437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | (86899) | (229673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 6257732 | 5113764 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 5732968 | 4473830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 180549 | 124897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 41399 | 47138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 19969 | 14318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 324580 | 227830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 19741 | 16641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 84197 | 86964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal financial officer fees | 4718 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 50044 | 31440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReFlow Fees (Note 2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 63614 | 61565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver | 6521779 | 5087792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (13322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1257844) | (957675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net expenses | 5263935 | 4116795 |
| **NET INVESTMENT INCOME** | 993797 | 996969 |
| Net realized loss on investments<sup>(a)</sup> | (319105302) | (265034504) |
| Net realized loss on foreign currency transactions | (30578) | (286215) |
| Net realized loss | (319135880) | (265320719) |
| Net change in unrealized appreciation of investments | 117160071 | 76052996 |
| Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 13998 | 100837 |
| Net change in unrealized appreciation | 117174069 | 76153833 |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (201961811) | (189166886) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(200968014) | $(188169917) |

---

*<sup>(a)</sup>* *See Note 2 for gain/(loss) on In-Kind transactions.*

*See Accompanying Notes to Financial Statements.*

20 www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six <br> Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, 2022** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $993797 | $(7519001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (319135880) | 254059242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 117174069 | (659097040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (200968014) | (412556799) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 3):** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (65496496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (133007059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (198503555) |
| **SHARE TRANSACTIONS (Note 5):** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 6452085 | 89289313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 55317235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (115444068) | (134816619) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 76423186 | 381028754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 124895847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (219035980) | (272791356) |
| Net increase/(decrease) from share transactions | (251604777) | 242923174 |
| Net decrease in net assets | (452572791) | (368137180) |
| **NET ASSETS:** |  |  |
| Beginning of year | 1403827240 | 1771964420 |
| End of period | $951254449 | $1403827240 |

---

*See Accompanying Notes to Financial Statements.* 

Semi-Annual Report \| October 31, 2022 21

Vulcan Value Partners Small Cap Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, 2022** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss) | $996969 | $(3072030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (265320719) | 264992091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 76153833 | (518698542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from operations | (188169917) | (256778481) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 3):** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (63198831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | – | (183523538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (246722369) |
| **SHARE TRANSACTIONS (Note 5):** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 8903818 | 28148318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 55885124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (56410066) | (51333248) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 108029508 | 524072122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 125805942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (259713204) | (257048753) |
| Net increase/(decrease) from share transactions | (199189944) | 425529505 |
| Net decrease in net assets | (387359861) | (77971345) |
| **NET ASSETS:** |  |  |
| Beginning of year | 943308220 | 1021279565 |
| End of period | $555948359 | $943308220 |

---

*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:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| 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) |
| 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 |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Accompanying Notes to Financial Statements.*

24 www.vulcanvaluepartners.com

Vulcan Value Partners Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six <br> Months Ended <br> October 31,<br> 2022 <br> (Unaudited)** | **For the Year** <br> **Ended April 30,**<br> **2022** | **For the Year** <br> **Ended April 30,**<br> **2021** | **For the Year** <br> **Ended April 30,**<br> **2020** | **For the Year** <br> **Ended April 30,**<br> **2019** | **For the Year** <br> **Ended April 30,**<br> **2018** |
| $20.74 | $29.87 | $19.50 | $21.05 | $21.39 | $19.30 |
| 0.00 <sup>(b)</sup> | (0.16) | (0.14) | 0.03 | 0.08 | 0.09 |
| (3.20) | (5.75) | 11.42 | (0.53) | 1.13 | 2.35 |
| (3.20) | (5.91) | 11.28 | (0.50) | 1.21 | 2.44 |
|  |  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | (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 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| (3.20) | (9.13) | 10.37 | (1.55) | (0.34) | 2.09 |
| $17.54 | $20.74 | $29.87 | $19.50 | $21.05 | $21.39 |
| (15.43 %)<sup>(c)</sup> | (22.93%) | 58.62% | (3.15 %) | 6.80% | 12.72% |
| $266627 | $437470 | $624789 | $500309 | $1284556 | $1314519 |
| 1.09 %<sup>(d)</sup> | 1.06% | 1.08% | 1.09% | 1.08% | 1.08% |
| 1.09 %<sup>(d)</sup> | 1.06% | 1.08% | 1.09% | 1.08% | 1.08% |
| 0.00 %<sup>(d)</sup> | (0.54%) | (0.57 %) | 0.12% | 0.38% | 0.46% |
| 26 %<sup>(c)</sup> | 49% | 67% | 80% | 73% | 50% |

---

*See Accompanying Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 25

Financial Highlights Vulcan Value Partners Fund

*For a share outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the Six <br> Months <br> Ended <br> October 31,<br> 2022 <br> (Unaudited)** | **For the Year <br> Ended April <br> 30, 2022** | **For the Year <br> Ended April <br> 30, 2021** | **For the <br> Period <br> May 1, 2019 <br> (Inception) to <br> April 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.84 | $29.93 | $19.52 | $21.02 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | (0.10) | (0.09) | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (3.22) | (5.77) | 11.46 | (0.51) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.20) | (5.87) | 11.37 | (0.42) |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.05) | (0.03) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | (3.22) | (0.91) | (1.05) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (3.22) | (0.96) | (1.08) |
| Redemption fees added to paid-in capital | – | – | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Increase/(decrease) in net asset value | (3.20) | (9.09) | 10.41 | (1.50) |
| **NET ASSET VALUE, END OF PERIOD** | $17.64 | $20.84 | $29.93 | $19.52 |
| Total return | (15.36 %)<sup>(c)</sup> | (22.74%) | 59.02% | (2.83 %)<sup>(c)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (000's) | $684627 | $966357 | $1147175 | $768726 |
| Ratio of expenses to average net assets without fee waivers/reimbursements | 1.16 %<sup>(d)</sup> | 1.11% | 1.12% | 1.14 %<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers/reimbursements | 0.85 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85 %<sup>(d)</sup> |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements | 0.24 %<sup>(d)</sup> | (0.34%) | (0.36 %) | 0.40 %<sup>(d)</sup> |
| Portfolio turnover rate | 26 %<sup>(c)</sup> | 49% | 67% | 80 %<sup>(c)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *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:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| 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) |
| 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 |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

 *<sup>(b)</sup>* *Less than $0.005 per share.*

*<sup>(c)</sup>* *Not Annualized.*

*<sup>(d)</sup>* *Annualized.*

*See Accompanying Notes to Financial Statements.*

28 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six <br> Months Ended <br> October 31,<br> 2022 <br> (Unaudited)** | **For the Year** <br> **Ended April 30,**<br> **2022** | **For the Year** <br> **Ended April 30,**<br> **2021** | **For the Year** <br> **Ended April 30,**<br> **2020** | **For the Year** <br> **Ended April 30,**<br> **2019** | **For the Year** <br> **Ended April 30,**<br> **2018** |
| $14.47 | $22.62 | $12.01 | $17.31 | $19.52 | $20.16 |
| 0.01 | (0.10) | (0.10) | 0.12 | 0.10 | 0.02 |
| (2.96) | (3.22) | 10.73 | (4.57) | 0.38 | 0.59 |
| (2.95) | (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 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| (2.95) | (8.15) | 10.61 | (5.30) | (2.21) | (0.64) |
| $11.52 | $14.47 | $22.62 | $12.01 | $17.31 | $19.52 |
| (20.39 %)<sup>(c)</sup> | (21.58%) | 88.51% | (27.28 %) | 4.76% | 3.08% |
| $127268 | $221910 | $310600 | $153249 | $543174 | $1196558 |
| 1.26 %<sup>(d)</sup> | 1.25% | 1.25% | 1.26% | 1.27% | 1.24% |
| 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.24% |
| 0.08 %<sup>(d)</sup> | (0.47%) | (0.65 %) | 0.75% | 0.54% | 0.08% |
| 12 %<sup>(c)</sup> | 69% | 75% | 102% | 68% | 68% |

---

*See Accompanying Notes to Financial Statements.*

Semi-Annual Report \| October 31, 2022 29

Financial Highlights Vulcan Value Partners Small Cap Fund

*For a share outstanding throughout the periods presented.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Class** | **For the Six <br> Months <br> Ended <br> October 31,<br> 2022 <br> (Unaudited)** | **For the Year <br> Ended April <br> 30, 2022** | **For the Year <br> Ended April <br> 30, 2021** | **For the <br> Period <br> May 1, 2019 <br> (Inception) to <br> April 30,<br> 2020** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $14.57 | $22.70 | $12.03 | $17.18 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.02 | (0.04) | (0.06) | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (2.97) | (3.26) | 10.77 | (4.41) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.95) | (3.30) | 10.71 | (4.29) |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments | – | (4.83) | – | (0.77) |
| &nbsp;&nbsp;&nbsp;Total distributions | – | (4.83) | (0.04) | (0.86) |
| Redemption fees added to paid-in capital | – | – | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Increase/(decrease) in net asset value | (2.95) | (8.13) | 10.67 | (5.15) |
| **NET ASSET VALUE, END OF PERIOD** | $11.62 | $14.57 | $22.70 | $12.03 |
| Total return | (20.25 %)<sup>(b)</sup> | (21.40%) | 89.07% | (26.56 %)<sup>(b)</sup> |
| **RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| Net assets, end of period (000's) | $428680 | $721399 | $710679 | $247629 |
| Ratio of expenses to average net assets without fee waivers/reimbursements | 1.33 %<sup>(c)</sup> | 1.27% | 1.29% | 1.32 %<sup>(c)</sup> |
| Ratio of expenses to average net assets including fee waivers/reimbursements | 1.00 %<sup>(c)</sup> | 1.00% | 1.00% | 1.00 %<sup>(c)</sup> |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements | 0.31 %<sup>(c)</sup> | (0.19%) | (0.39 %) | 0.76 %<sup>(c)</sup> |
| Portfolio turnover rate | 12 %<sup>(b)</sup> | 69% | 75% | 102 %<sup>(b)</sup> |

---

*<sup>(a)</sup>* *Per share numbers have been calculated using the average shares method.*

*<sup>(b)</sup>* *Not Annualized.*

*<sup>(c)</sup>* *Annualized.*

*See Accompanying Notes to Financial Statements.*

30 www.vulcanvaluepartners.com

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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 semi-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.

Semi-Annual Report \| October 31, 2022 31

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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 October 31, 2022:

**Vulcan Value Partners Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - <br> Unadjusted <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks<sup>(a)</sup> | $902495315 | $– | $– | $902495315 |
| Short Term Investments | 38748025 | – | – | 38748025 |
| TOTAL | $941243340 | $– | $– | $941243340 |

---

**Vulcan Value Partners Small Cap Fund:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - <br> Unadjusted <br> Quoted Prices** | **Level 2 - Other <br> Significant <br> Observable <br> Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks<sup>(a)</sup> | $536405326 | $– | $– | $536405326 |
| Short Term Investments | 10389244 | – | – | 10389244 |
| TOTAL | $546794570 | $– | $– | $546794570 |

---

*<sup>(a)</sup>* *For detailed descriptions, see the accompanying Statements of Investments.*

32 www.vulcanvaluepartners.com

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

For the six months ended October 31, 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 six months ended October 31, 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

Semi-Annual Report \| October 31, 2022 33

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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 six months ended October 31, 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 $0. For financial reporting purposes, the Vulcan Value Partners Fund recognized gains on the in-kind redemptions in the amount of $0. During the six months ended October 31, 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 $0. For financial reporting purposes, the Vulcan Value Partners Small Cap Fund recognized gains on the in-kind redemptions in the amount of $0. 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 six months ended October 31, 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

34 www.vulcanvaluepartners.com

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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 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. The remainder of LIBOR publications ended 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**

**Tax Basis of Investments:** As of October 31, 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 <br> Fund** | **Vulcan Value Partners <br> Small Cap Fund** |
| Gross appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(excess of value over tax cost) | $150968245 | $48938919 |
| Gross depreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(excess of tax cost over value) | (87043263) | (218506346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation | $63924982 | $(169567427) |
| Cost of investments for income tax purposes | $877318358 | $716361997 |

---

Semi-Annual Report \| October 31, 2022 35

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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<br> Capital Gain** |
| **2022** |  |  |
| Vulcan Value Partners Fund | $62751029 | $135752526 |
| Vulcan Value Partners Small Cap Fund | 205802260 | 40920109 |

---

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2022.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in-kind redemptions) during the six months ended October 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Proceeds** | **Net Realized <br> Gain/(Loss)** |
| Vulcan Value Partners Fund | $86678619 | $287373573 | $(265034476) |
| Vulcan Value Partners Small Cap Fund | 291009224 | 577238614 | (319105301) |

---

**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.

36 www.vulcanvaluepartners.com

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

Transactions in shares of capital stock for the dates listed below were as follows:

**Vulcan Value Partners Fund**

---

| | | |
|:---|:---|:---|
|  | **For the Six <br> Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the Year Ended <br> April 30, 2022** |
| Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 342217 | 3027298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4087209 | 13549095 |
| Shares Issued in Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 1889895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 4252497 |
| Less Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6234046) | (4743347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (11662542) | (9750118) |
| Net Increase/(Decrease) | (13467162) | 8225320 |

---

**Vulcan Value Partners Small Cap Fund**

---

| | | |
|:---|:---|:---|
| | **For the Six <br> Months Ended <br> October 31, 2022 <br> (Unaudited)** | **For the Year Ended <br> April 30, 2022** |
| Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 683176 | 1308205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 8233884 | 24765908 |
| Shares Issued in Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2615120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 5851439 |
| Less Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4968657) | (2321686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (20827107) | (12431204) |
| Net Increase/(Decrease) | (16878704) | 19787782 |

---

**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

Semi-Annual Report \| October 31, 2022 37

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

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.

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 six months ended October 31, 2022, the fee waivers and/or reimbursements and recoupment amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/Reimbursed <br> By Adviser** | **Recoupment of Previously <br> Waived Fees by Adviser** |
| Vulcan Value Partners Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (1257844) |  |
| Vulcan Value Partners Small Cap Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | (13322) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (957675) |  |

---

As of October 31, 2022, 2022, the balances of recoupable expenses for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2023** | **Expires 2024** | **Expires 2025** | **Total** |
| Vulcan Value Partners Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 2373402 | 3139514 | 1257844 | 7939476 |
| Vulcan Value Partners Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | 9343 |  | 13322 | 35546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 1148576 | 2306194 | 957675 | 4871393 |

---

38 www.vulcanvaluepartners.com

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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 six months ended October 31, 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 six months ended October 31, 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 six months ended October 31, 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.

Semi-Annual Report \| October 31, 2022 39

Notes to Financial Statements

*October 31, 2022 (Unaudited)*

**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.

40 www.vulcanvaluepartners.com

Additional Information

*October 31, 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.

Semi-Annual Report \| October 31, 2022 41

Privacy Policy

*October 31, 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<br>• open an account<br> • provide account information or give us your contact information<br> • make a wire transfer or deposit money |
| Why can't I limit all sharing? | Federal law gives you the right to limit only<br>• sharing for affiliates' everyday business purposes-information about your creditworthiness<br> • affiliates from using your information to market to you<br> • sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

---

42 www.vulcanvaluepartners.com

Privacy Policy

*October 31, 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:<br> ● Social Security number and account transactions<br> ● Account balances and transaction history<br> ● 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** <br> **SHARE:** | **CAN YOU** <br> **LIMIT** <br> **THIS** <br> **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. |

---

Semi-Annual Report \| October 31, 2022 43

![](fp0081423_45.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable to this Report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable to this Report.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable to this Report.

**Item 5.** **Audit Committee of Listed Registrants.** 

Not applicable to the Registrant.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the Reports to Stockholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing
date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) that occurred 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) Not applicable to this Report.

(a)(2) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.](fp0081423-1_ex99cert.htm)

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](fp0081423-1_ex99906cert.htm)

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/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |

---

Date: January 9, 2023

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/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | January 9, 2023 |
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2023 |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, Lucas Foss, President and Principal Executive Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | January 9, 2023 |

---

I, Jennell Panella, Treasurer and Principal Financial Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2023 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2022 of the Financial Investors Trust (the "Company").

I, Lucas Foss, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated: January 9, 2023

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2022 of the Financial Investors Trust (the "Company").

I, Jennell Panella, the Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.

Dated: January 9, 2023

---

| | |
|:---|:---|
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |

---