# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001398344-26-000465
**Filing Date:** 2026-1
**Character Count:** 291052
**Document Hash:** 63115e38de72eb9579ff3361733a2d0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000465.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001398344-26-000465

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANCIAL INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000915802

**ORGANIZATION NAME:**
- **EIN:** 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:** 26522173

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000109812 | Investor Class      | SFGIX           |
| C000109813 | Institutional Class | SIGIX           |
| C000253515 | Retail Class        | SFGRX           |

### 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           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000167154 | Investor Class      | SFVLX           |
| C000167155 | Institutional Class | SIVLX           |
| C000253516 | Retail Class        | SFVRX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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)

Brendan Hamill, 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, 2025 – October 31, 2025</u>

**Item 1. Reports to Stockholders.**

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

**# EMERALD FINANCE & BANKING INNOVATION FUND
CLASS A: HSSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - A for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - A | $105 | 1.62% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - A returned 14.16% for the six months ended October 31, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 27.09% return for the same period. Bank M&A activity saw a strong rebound in Q3'25, with the number and aggregate value of announced deals reaching four-year highs, according to S&P Global.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](ic2b4ff36fe313af77f839c37.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Class A - NAV - $14,007 | Class A - Load - $13,343 | Russell 2000<sup>®</sup> Index TR - $24,471 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 | Russell 2000<sup>®</sup> Financial Services Index TR - $21,667 |
| 10/31/25 | $14007 | $13343 | $24471 | $12071 | $37343 | $21667 |
| 10/31/24 | $12425 | $11836 | $21388 | $11370 | $30910 | $20626 |
| 10/31/23 | $8312 | $7918 | $15953 | $10286 | $22422 | $14180 |
| 10/31/22 | $10687 | $10180 | $17447 | $10249 | $20688 | $17226 |
| 10/31/21 | $25220 | $24025 | $21418 | $12155 | $24782 | $19129 |
| 10/31/20 | $11128 | $10600 | $14203 | $12214 | $17222 | $11945 |
| 10/31/19 | $13119 | $12497 | $14222 | $11502 | $15635 | $14556 |
| 10/31/18 | $13416 | $12780 | $13557 | $10315 | $13776 | $13296 |
| 10/31/17 | $14023 | $13359 | $13311 | $10531 | $12924 | $13584 |
| 10/31/16 | $10006 | $9532 | $10411 | $10437 | $10424 | $10821 |
| 10/31/15 | $10000 | $9526 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class A | 1 Year | 5 Year | 10 Year |
| Class A - NAV | 12.73% | 4.71% | 3.43% |
| Class A - Load | 7.40% | 3.70% | 2.93% |
| Russell 2000<sup>®</sup> Index TR | 14.41% | 11.50% | 9.36% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 5.05% | 12.65% | 8.04% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$47,747,659

* # of Portfolio Holdings62

* Portfolio Turnover Rate46%

* Advisory Fees Paid$249,583

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i8893ca83a6a96d1a13b9ba76.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financial Services | 83.89% |
| Technology | 9.85% |
| Consumer, Non-cyclical | 2.33% |
| Communications | 1.47% |
| Materials & Processing | 0.95% |
| Cash, Cash Equivalents, & Other Net Assets | 1.51% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| Coastal Financial Corp. | 4.87% |
| Esquire Financial Holdings, Inc. | 4.51% |
| Customers Bancorp, Inc. | 4.37% |
| Axos Financial, Inc. | 4.36% |
| Bancorp, Inc. | 4.34% |
| Metropolitan Bank Holding Corp. | 4.31% |
| Robinhood Markets, Inc. | 4.26% |
| Northeast Bancorp | 4.13% |
| LendingClub Corp. | 3.96% |
| Wintrust Financial Corp | 3.55% |
| Total % of Top 10 Holdings | 42.66% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](id315fedfdc8555750c6b9de6.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS A : HSSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609246–SA–10312025

# EMERALD FINANCE & BANKING INNOVATION FUND
CLASS C: HSSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - C for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - C | $143 | 2.21% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - C returned 13.82% for the six months ended October 31, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 27.09% return for the same period. Bank M&A activity saw a strong rebound in Q3'25, with the number and aggregate value of announced deals reaching four-year highs, according to S&P Global.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i01c56dc03bc883a6e3230a6a.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class C - NAV - $13,130 | Russell 2000<sup>®</sup> Index TR - $24,471 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 | Russell 2000<sup>®</sup> Financial Services Index TR - $21,667 |
| 10/31/25 | $13130 | $24471 | $12071 | $37343 | $21667 |
| 10/31/24 | $11719 | $21388 | $11370 | $30910 | $20626 |
| 10/31/23 | $7890 | $15953 | $10286 | $22422 | $14180 |
| 10/31/22 | $10212 | $17447 | $10249 | $20688 | $17226 |
| 10/31/21 | $24259 | $21418 | $12155 | $24782 | $19129 |
| 10/31/20 | $10774 | $14203 | $12214 | $17222 | $11945 |
| 10/31/19 | $12780 | $14222 | $11502 | $15635 | $14556 |
| 10/31/18 | $13158 | $13557 | $10315 | $13776 | $13296 |
| 10/31/17 | $13846 | $13311 | $10531 | $12924 | $13584 |
| 10/31/16 | $9942 | $10411 | $10437 | $10424 | $10821 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class C | 1 Year | 5 Year | 10 Year |
| Class C - NAV | 12.05% | 4.03% | 2.76% |
| Class C - Load | 11.05% | 4.03% | 2.76% |
| Russell 2000<sup>®</sup> Index TR | 14.41% | 11.50% | 9.36% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 5.05% | 12.65% | 8.04% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$47,747,659

* # of Portfolio Holdings62

* Portfolio Turnover Rate46%

* Advisory Fees Paid$249,583

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i8893ca83a6a96d1a13b9ba76.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financial Services | 83.89% |
| Technology | 9.85% |
| Consumer, Non-cyclical | 2.33% |
| Communications | 1.47% |
| Materials & Processing | 0.95% |
| Cash, Cash Equivalents, & Other Net Assets | 1.51% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| Coastal Financial Corp. | 4.87% |
| Esquire Financial Holdings, Inc. | 4.51% |
| Customers Bancorp, Inc. | 4.37% |
| Axos Financial, Inc. | 4.36% |
| Bancorp, Inc. | 4.34% |
| Metropolitan Bank Holding Corp. | 4.31% |
| Robinhood Markets, Inc. | 4.26% |
| Northeast Bancorp | 4.13% |
| LendingClub Corp. | 3.96% |
| Wintrust Financial Corp | 3.55% |
| Total % of Top 10 Holdings | 42.66% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](id315fedfdc8555750c6b9de6.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS C : HSSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609238–SA–10312025

# EMERALD FINANCE & BANKING INNOVATION FUND
INSTITUTIONAL: HSSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Institutional for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - Institutional | $71 | 1.10% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - Institutional returned 14.46% for the six months ended October 31, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 27.09% return for the same period. Bank M&A activity saw a strong rebound in Q3'25, with the number and aggregate value of announced deals reaching four-year highs, according to S&P Global.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K](ida59e3043ec96c07beeda58d.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Institutional - $14,502 | Russell 2000<sup>®</sup> Index TR - $24,471 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 | Russell 2000<sup>®</sup> Financial Services Index TR - $21,667 |
| 10/31/25 | $14502 | $24471 | $12071 | $37343 | $21667 |
| 10/31/24 | $12818 | $21388 | $11370 | $30910 | $20626 |
| 10/31/23 | $8545 | $15953 | $10286 | $22422 | $14180 |
| 10/31/22 | $10947 | $17447 | $10249 | $20688 | $17226 |
| 10/31/21 | $25745 | $21418 | $12155 | $24782 | $19129 |
| 10/31/20 | $11319 | $14203 | $12214 | $17222 | $11945 |
| 10/31/19 | $13294 | $14222 | $11502 | $15635 | $14556 |
| 10/31/18 | $13548 | $13557 | $10315 | $13776 | $13296 |
| 10/31/17 | $14114 | $13311 | $10531 | $12924 | $13584 |
| 10/31/16 | $10037 | $10411 | $10437 | $10424 | $10821 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Institutional | 13.14% | 5.08% | 3.79% |
| Russell 2000<sup>®</sup> Index TR | 14.41% | 11.50% | 9.36% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 5.05% | 12.65% | 8.04% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$47,747,659

* # of Portfolio Holdings62

* Portfolio Turnover Rate46%

* Advisory Fees Paid$249,583

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i8893ca83a6a96d1a13b9ba76.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financial Services | 83.89% |
| Technology | 9.85% |
| Consumer, Non-cyclical | 2.33% |
| Communications | 1.47% |
| Materials & Processing | 0.95% |
| Cash, Cash Equivalents, & Other Net Assets | 1.51% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| Coastal Financial Corp. | 4.87% |
| Esquire Financial Holdings, Inc. | 4.51% |
| Customers Bancorp, Inc. | 4.37% |
| Axos Financial, Inc. | 4.36% |
| Bancorp, Inc. | 4.34% |
| Metropolitan Bank Holding Corp. | 4.31% |
| Robinhood Markets, Inc. | 4.26% |
| Northeast Bancorp | 4.13% |
| LendingClub Corp. | 3.96% |
| Wintrust Financial Corp | 3.55% |
| Total % of Top 10 Holdings | 42.66% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](id315fedfdc8555750c6b9de6.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - INSTITUTIONAL : HSSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609212–SA–10312025

# EMERALD FINANCE & BANKING INNOVATION FUND
INVESTOR: FFBFX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Investor for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - Investor | $116 | 1.79% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - Investor returned 14.10% for the six months ended October 31, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 27.09% return for the same period. Bank M&A activity saw a strong rebound in Q3'25, with the number and aggregate value of announced deals reaching four-year highs, according to S&P Global.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i02d7d77d1b4c50a3e26e466b.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Investor - $13,966 | Russell 2000<sup>®</sup> Index TR - $24,471 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 | Russell 2000<sup>®</sup> Financial Services Index TR - $21,667 |
| 10/31/25 | $13966 | $24471 | $12071 | $37343 | $21667 |
| 10/31/24 | $12406 | $21388 | $11370 | $30910 | $20626 |
| 10/31/23 | $8304 | $15953 | $10286 | $22422 | $14180 |
| 10/31/22 | $10680 | $17447 | $10249 | $20688 | $17226 |
| 10/31/21 | $25212 | $21418 | $12155 | $24782 | $19129 |
| 10/31/20 | $11128 | $14203 | $12214 | $17222 | $11945 |
| 10/31/19 | $13123 | $14222 | $11502 | $15635 | $14556 |
| 10/31/18 | $13424 | $13557 | $10315 | $13776 | $13296 |
| 10/31/17 | $14023 | $13311 | $10531 | $12924 | $13584 |
| 10/31/16 | $10000 | $10411 | $10437 | $10424 | $10821 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Investor | 1 Year | 5 Year | 10 Year |
| Investor | 12.58% | 4.65% | 3.40% |
| Russell 2000<sup>®</sup> Index TR | 14.41% | 11.50% | 9.36% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 5.05% | 12.65% | 8.04% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$47,747,659

* # of Portfolio Holdings62

* Portfolio Turnover Rate46%

* Advisory Fees Paid$249,583

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i8893ca83a6a96d1a13b9ba76.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financial Services | 83.89% |
| Technology | 9.85% |
| Consumer, Non-cyclical | 2.33% |
| Communications | 1.47% |
| Materials & Processing | 0.95% |
| Cash, Cash Equivalents, & Other Net Assets | 1.51% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| Coastal Financial Corp. | 4.87% |
| Esquire Financial Holdings, Inc. | 4.51% |
| Customers Bancorp, Inc. | 4.37% |
| Axos Financial, Inc. | 4.36% |
| Bancorp, Inc. | 4.34% |
| Metropolitan Bank Holding Corp. | 4.31% |
| Robinhood Markets, Inc. | 4.26% |
| Northeast Bancorp | 4.13% |
| LendingClub Corp. | 3.96% |
| Wintrust Financial Corp | 3.55% |
| Total % of Top 10 Holdings | 42.66% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](id315fedfdc8555750c6b9de6.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - INVESTOR : FFBFX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609220–SA–10312025

# EMERALD GROWTH FUND
CLASS A: HSPGX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - A for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - A | $82 | 0.81% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The equity market recovery off of the April 8th market low continued in earnest throughout the third quarter, with the S&P 500 up 19.94%, the Russell 2000<sup>®</sup> Growth Index TR up and Emerald Growth Fund - A up 51.01% for the six months ended October 31, 2025. The third quarter advance cements this recovery as one of the top 5 in magnitude since the 1960's according to an October 1, 2025 report from Michael Kantrowitz and the portfolio strategy group at Piper Sandler.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](ibd1c41c10f3b5777b57b6fb9.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class A - NAV - $31,201 | Class A - Load - $29,723 | Russell 2000<sup>®</sup> Growth Index TR - $25,121 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 |
| 10/31/25 | $31201 | $29723 | $25121 | $12071 | $37343 |
| 10/31/24 | $22890 | $21806 | $21144 | $11370 | $30910 |
| 10/31/23 | $16255 | $15485 | $15492 | $10286 | $22422 |
| 10/31/22 | $17668 | $16831 | $16771 | $10249 | $20688 |
| 10/31/21 | $23503 | $22389 | $22670 | $12155 | $24782 |
| 10/31/20 | $17341 | $16519 | $16374 | $12214 | $17222 |
| 10/31/19 | $14473 | $13788 | $14443 | $11502 | $15635 |
| 10/31/18 | $13529 | $12888 | $13574 | $10315 | $13776 |
| 10/31/17 | $12972 | $12358 | $13036 | $10531 | $12924 |
| 10/31/16 | $9644 | $9187 | $9951 | $10437 | $10424 |
| 10/31/15 | $10000 | $9526 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class A | 1 Year | 5 Year | 10 Year |
| Class A - NAV | 36.31% | 12.47% | 12.05% |
| Class A - Load | 29.83% | 11.37% | 11.51% |
| Russell 2000<sup>®</sup> Growth Index TR | 18.81% | 8.94% | 9.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$1,155,212,568

* # of Portfolio Holdings123

* Portfolio Turnover Rate31%

* Advisory Fees Paid$2,861,367

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i3dd9a2ba1055e4c4e35d4a0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 23.93% |
| Industrials | 23.24% |
| Health Care | 20.37% |
| Financial Services | 11.78% |
| Consumer Discretionary | 7.07% |
| Consumer Staples | 3.57% |
| Consumer, Non-cyclical | 2.35% |
| Energy | 2.31% |
| Telecommunications | 2.04% |
| Producer Durables | 1.04% |
| Communications | 0.61% |
| Consumer, Cyclical | 0.59% |
| Cash, Cash Equivalents, & Other Net Assets | 1.10% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.68% |
| Credo Technology Group Holding, Ltd. | 3.09% |
| AeroVironment, Inc. | 2.73% |
| Bloom Energy Corp. | 2.47% |
| Guardant Health, Inc. | 2.47% |
| Kratos Defense & Security Solutions, Inc. | 2.46% |
| TTM Technologies, Inc. | 2.16% |
| Rambus, Inc. | 2.15% |
| Lumentum Holdings, Inc. | 2.04% |
| Modine Manufacturing Co. | 1.90% |
| Total % of Top 10 Holdings | 27.15% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-growth-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](ic1772c204c115ef6c8505b4c.jpg)

EMERALD GROWTH FUND - CLASS A : HSPGX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609287–SA–10312025

# EMERALD GROWTH FUND
CLASS C: HSPCX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - C for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - C | $155 | 1.52% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The equity market recovery off of the April 8th market low continued in earnest throughout the third quarter, with the S&P 500 up 19.94%, the Russell 2000<sup>®</sup> Growth Index TR up and Emerald Growth Fund - C up 50.45% for the six months ended October 31, 2025. The third quarter advance cements this recovery as one of the top 5 in magnitude since the 1960's according to an October 1, 2025 report from Michael Kantrowitz and the portfolio strategy group at Piper Sandler.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i6ff8204ea396263159237d4a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class C - NAV - $29,217 | Russell 2000<sup>®</sup> Growth Index TR - $25,121 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 |
| 10/31/25 | $29217 | $25121 | $12071 | $37343 |
| 10/31/24 | $21576 | $21144 | $11370 | $30910 |
| 10/31/23 | $15434 | $15492 | $10286 | $22422 |
| 10/31/22 | $16886 | $16771 | $10249 | $20688 |
| 10/31/21 | $22604 | $22670 | $12155 | $24782 |
| 10/31/20 | $16788 | $16374 | $12214 | $17222 |
| 10/31/19 | $14098 | $14443 | $11502 | $15635 |
| 10/31/18 | $13265 | $13574 | $10315 | $13776 |
| 10/31/17 | $12804 | $13036 | $10531 | $12924 |
| 10/31/16 | $9583 | $9951 | $10437 | $10424 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class C | 1 Year | 5 Year | 10 Year |
| Class C - NAV | 35.41% | 11.72% | 11.32% |
| Class C - Load | 34.41% | 11.72% | 11.32% |
| Russell 2000<sup>®</sup> Growth Index TR | 18.81% | 8.94% | 9.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$1,155,212,568

* # of Portfolio Holdings123

* Portfolio Turnover Rate31%

* Advisory Fees Paid$2,861,367

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i3dd9a2ba1055e4c4e35d4a0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 23.93% |
| Industrials | 23.24% |
| Health Care | 20.37% |
| Financial Services | 11.78% |
| Consumer Discretionary | 7.07% |
| Consumer Staples | 3.57% |
| Consumer, Non-cyclical | 2.35% |
| Energy | 2.31% |
| Telecommunications | 2.04% |
| Producer Durables | 1.04% |
| Communications | 0.61% |
| Consumer, Cyclical | 0.59% |
| Cash, Cash Equivalents, & Other Net Assets | 1.10% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.68% |
| Credo Technology Group Holding, Ltd. | 3.09% |
| AeroVironment, Inc. | 2.73% |
| Bloom Energy Corp. | 2.47% |
| Guardant Health, Inc. | 2.47% |
| Kratos Defense & Security Solutions, Inc. | 2.46% |
| TTM Technologies, Inc. | 2.16% |
| Rambus, Inc. | 2.15% |
| Lumentum Holdings, Inc. | 2.04% |
| Modine Manufacturing Co. | 1.90% |
| Total % of Top 10 Holdings | 27.15% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-growth-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](ic1772c204c115ef6c8505b4c.jpg)

EMERALD GROWTH FUND - CLASS C : HSPCX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609279–SA–10312025

# EMERALD GROWTH FUND
INSTITUTIONAL: FGROX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - Institutional for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - Institutional | $76 | 0.75% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The equity market recovery off of the April 8th market low continued in earnest throughout the third quarter, with the S&P 500 up 19.94%, the Russell 2000<sup>®</sup> Growth Index TR up and Emerald Growth Fund - Institutional up 51.14% for the six months ended October 31, 2025. The third quarter advance cements this recovery as one of the top 5 in magnitude since the 1960's according to an October 1, 2025 report from Michael Kantrowitz and the portfolio strategy group at Piper Sandler.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K](i625cf4ba707147d6e6b20fc7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Institutional - $32,145 | Russell 2000<sup>®</sup> Growth Index TR - $25,121 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 |
| 10/31/25 | $32145 | $25121 | $12071 | $37343 |
| 10/31/24 | $23543 | $21144 | $11370 | $30910 |
| 10/31/23 | $16673 | $15492 | $10286 | $22422 |
| 10/31/22 | $18067 | $16771 | $10249 | $20688 |
| 10/31/21 | $23961 | $22670 | $12155 | $24782 |
| 10/31/20 | $17621 | $16374 | $12214 | $17222 |
| 10/31/19 | $14664 | $14443 | $11502 | $15635 |
| 10/31/18 | $13660 | $13574 | $10315 | $13776 |
| 10/31/17 | $13058 | $13036 | $10531 | $12924 |
| 10/31/16 | $9678 | $9951 | $10437 | $10424 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Institutional | 36.54% | 12.78% | 12.39% |
| Russell 2000<sup>®</sup> Growth Index TR | 18.81% | 8.94% | 9.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$1,155,212,568

* # of Portfolio Holdings123

* Portfolio Turnover Rate31%

* Advisory Fees Paid$2,861,367

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i3dd9a2ba1055e4c4e35d4a0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 23.93% |
| Industrials | 23.24% |
| Health Care | 20.37% |
| Financial Services | 11.78% |
| Consumer Discretionary | 7.07% |
| Consumer Staples | 3.57% |
| Consumer, Non-cyclical | 2.35% |
| Energy | 2.31% |
| Telecommunications | 2.04% |
| Producer Durables | 1.04% |
| Communications | 0.61% |
| Consumer, Cyclical | 0.59% |
| Cash, Cash Equivalents, & Other Net Assets | 1.10% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.68% |
| Credo Technology Group Holding, Ltd. | 3.09% |
| AeroVironment, Inc. | 2.73% |
| Bloom Energy Corp. | 2.47% |
| Guardant Health, Inc. | 2.47% |
| Kratos Defense & Security Solutions, Inc. | 2.46% |
| TTM Technologies, Inc. | 2.16% |
| Rambus, Inc. | 2.15% |
| Lumentum Holdings, Inc. | 2.04% |
| Modine Manufacturing Co. | 1.90% |
| Total % of Top 10 Holdings | 27.15% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-growth-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](ic1772c204c115ef6c8505b4c.jpg)

EMERALD GROWTH FUND - INSTITUTIONAL : FGROX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609253–SA–10312025

# EMERALD GROWTH FUND
INVESTOR: FFGRX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

## FUND OVERVIEW
This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - Investor for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund. You can also request this information by contacting us at (855) 828-9909.

## WHAT WERE THE FUND'S COSTS FOR LAST SIX-MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - Investor | $112 | 1.10% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The equity market recovery off of the April 8th market low continued in earnest throughout the third quarter, with the S&P 500 up 19.94%, the Russell 2000<sup>®</sup> Growth Index TR up and Emerald Growth Fund - Investor up 50.84% for the six months ended October 31, 2025. The third quarter advance cements this recovery as one of the top 5 in magnitude since the 1960's according to an October 1, 2025 report from Michael Kantrowitz and the portfolio strategy group at Piper Sandler.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i8014022fb0ccf77319cc668f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Investor - $31,003 | Russell 2000<sup>®</sup> Growth Index TR - $25,121 | Bloomberg U.S. Aggregate Bond Index - $12,071 | Russell 3000<sup>®</sup> Index - $37,343 |
| 10/31/25 | $31003 | $25121 | $12071 | $37343 |
| 10/31/24 | $22797 | $21144 | $11370 | $30910 |
| 10/31/23 | $16195 | $15492 | $10286 | $22422 |
| 10/31/22 | $17616 | $16771 | $10249 | $20688 |
| 10/31/21 | $23441 | $22670 | $12155 | $24782 |
| 10/31/20 | $17302 | $16374 | $12214 | $17222 |
| 10/31/19 | $14443 | $14443 | $11502 | $15635 |
| 10/31/18 | $13507 | $13574 | $10315 | $13776 |
| 10/31/17 | $12954 | $13036 | $10531 | $12924 |
| 10/31/16 | $9638 | $9951 | $10437 | $10424 |
| 10/31/15 | $10000 | $10000 | $10000 | $10000 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Investor | 1 Year | 5 Year | 10 Year |
| Investor | 36.00% | 12.37% | 11.98% |
| Russell 2000<sup>®</sup> Growth Index TR | 18.81% | 8.94% | 9.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

### Fund Statistics
* Total Net Assets$1,155,212,568

* # of Portfolio Holdings123

* Portfolio Turnover Rate31%

* Advisory Fees Paid$2,861,367

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS
(as a % of Net Assets)

![Group By Sector Chart](i3dd9a2ba1055e4c4e35d4a0e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 23.93% |
| Industrials | 23.24% |
| Health Care | 20.37% |
| Financial Services | 11.78% |
| Consumer Discretionary | 7.07% |
| Consumer Staples | 3.57% |
| Consumer, Non-cyclical | 2.35% |
| Energy | 2.31% |
| Telecommunications | 2.04% |
| Producer Durables | 1.04% |
| Communications | 0.61% |
| Consumer, Cyclical | 0.59% |
| Cash, Cash Equivalents, & Other Net Assets | 1.10% |

---

### Top Ten Holdings
(as a % of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.68% |
| Credo Technology Group Holding, Ltd. | 3.09% |
| AeroVironment, Inc. | 2.73% |
| Bloom Energy Corp. | 2.47% |
| Guardant Health, Inc. | 2.47% |
| Kratos Defense & Security Solutions, Inc. | 2.46% |
| TTM Technologies, Inc. | 2.16% |
| Rambus, Inc. | 2.15% |
| Lumentum Holdings, Inc. | 2.04% |
| Modine Manufacturing Co. | 1.90% |
| Total % of Top 10 Holdings | 27.15% |

---

MATERIAL FUND CHANGES

There have been no material fund changes during the reporting period.

## CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

## ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-growth-fund.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](ic1772c204c115ef6c8505b4c.jpg)

EMERALD GROWTH FUND - INVESTOR : FFGRX

#### SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2025
![Image](i42dfbe2c7fbfdbd7a09e7c3a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609261–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Institutional Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Growth and Income Fund - Institutional Class | $49 | 0.87% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Growth and Income Fund's Institutional Class returned 18.60%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Emerging market (EM) stocks surged during this period – as did most stock markets around the world. EM equities' strong gains were driven by rising corporate profits, technology stocks, and Chinese companies. In absolute terms, the Fund performed well; it underperformed its benchmarks in part because its exposure was not as concentrated in technology holdings. The Fund's contributions were far more balanced than those of the indices, with gains driven by financial and consumer stocks. Dividends are rising among the Fund's holdings on pace with, if not eclipsing, the growth in underlying earnings. This trend is reflective of a broader shift towards improved capital management at EM companies.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform over the last 10 years?

### Total Return Based on $25,000 Investment
![growth of 10k chart](ie1e8dc93dbe9013c72398af6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Institutional Class $48,270 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $53,922 | Morningstar EM Net Return USD Index $54,004 |
| 10/15 | $25000 | $25000 | $25000 |
| 01/16 | $23018 | $22071 | $22051 |
| 04/16 | $26274 | $25033 | $25058 |
| 07/16 | $27354 | $26436 | $26413 |
| 10/16 | $27586 | $27284 | $27296 |
| 01/17 | $27044 | $27672 | $27519 |
| 04/17 | $29261 | $29922 | $29733 |
| 07/17 | $30638 | $32566 | $32236 |
| 10/17 | $31250 | $34144 | $33920 |
| 01/18 | $34274 | $38298 | $38179 |
| 04/18 | $31626 | $36067 | $35853 |
| 07/18 | $30488 | $34233 | $33717 |
| 10/18 | $26844 | $30201 | $29945 |
| 01/19 | $29393 | $33124 | $33196 |
| 04/19 | $30307 | $34240 | $34188 |
| 07/19 | $30209 | $33465 | $33325 |
| 10/19 | $31588 | $33870 | $33854 |
| 01/20 | $31427 | $34969 | $34553 |
| 04/20 | $27780 | $30592 | $29920 |
| 07/20 | $32249 | $36726 | $35405 |
| 10/20 | $33409 | $37675 | $36330 |
| 01/21 | $41067 | $45291 | $43982 |
| 04/21 | $42304 | $46308 | $45313 |
| 07/21 | $42599 | $45260 | $43604 |
| 10/21 | $40761 | $45502 | $43449 |
| 01/22 | $38866 | $43559 | $41819 |
| 04/22 | $36209 | $39006 | $38195 |
| 07/22 | $35493 | $37075 | $35608 |
| 10/22 | $32598 | $32326 | $31185 |
| 01/23 | $37211 | $38400 | $37393 |
| 04/23 | $36196 | $36898 | $35912 |
| 07/23 | $39419 | $39602 | $39037 |
| 10/23 | $34956 | $35325 | $34649 |
| 01/24 | $38104 | $37350 | $37451 |
| 04/24 | $38419 | $40224 | $40109 |
| 07/24 | $39545 | $41561 | $42050 |
| 10/24 | $39545 | $43490 | $43301 |
| 01/25 | $38462 | $42254 | $42053 |
| 04/25 | $40701 | $43018 | $42808 |
| 07/25 | $43972 | $48069 | $48285 |
| 10/25 | $48270 | $53922 | $54004 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Growth and Income Fund | 1 Year | 5 Year | 10 Year |
| Seafarer Overseas Growth and Income Fund - Institutional Class (Incep. February 15, 2012) | 22.07% | 7.64% | 6.80% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 7.43% | 7.99% |
| Morningstar EM Net Return USD Index | 24.72% | 8.25% | 8.01% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $3168871071 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $11476484 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic14fa2b72191b6ac93864710.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Communications | 0.3% |
| Utilities | 1.3% |
| Real Estate | 2.2% |
| Energy | 3.2% |
| Materials | 4.7% |
| Industrials | 8.4% |
| Health Care | 8.9% |
| Consumer Staples | 13.7% |
| Technology | 16.3% |
| Consumer Discretionary | 17.0% |
| Financials | 22.6% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 5.9% |
| Accton Technology Corp. | 3.3% |
| Samsung Biologics Co., Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.8% |
| Richter Gedeon Nyrt | 2.8% |
| Samsung SDI Co., Ltd. | 2.6% |
| Singapore Exchange, Ltd. | 2.6% |
| DBS Group Holdings, Ltd. | 2.4% |
| UPL, Ltd. | 2.4% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i26a9d69028c566eb9e2b209c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Other | 4.9% |
| Emerging Europe | 5.1% |
| Middle East & Africa | 6.1% |
| Latin America | 16.0% |
| East & South Asia | 66.5% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](ib0abe79079689783edca99e0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 89.8% |
| ADR | 8.8% |
| Cash and Other Assets, Less Liabilities | 1.4% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](i4e6c39e0f4ab205c55c55844.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

Seafarer Overseas Growth and Income Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

317609295–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Investor Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Growth and Income Fund - Investor Class | $54 | 0.96% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Growth and Income Fund's Investor Class returned 18.55%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Emerging market (EM) stocks surged during this period – as did most stock markets around the world. EM equities' strong gains were driven by rising corporate profits, technology stocks, and Chinese companies. In absolute terms, the Fund performed well; it underperformed its benchmarks in part because its exposure was not as concentrated in technology holdings. The Fund's contributions were far more balanced than those of the indices, with gains driven by financial and consumer stocks. Dividends are rising among the Fund's holdings on pace with, if not eclipsing, the growth in underlying earnings. This trend is reflective of a broader shift towards improved capital management at EM companies.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform over the last 10 years?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i94e65733ccdd52ff44e60547.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Investor Class $19,103 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $21,569 | Morningstar EM Net Return USD Index $21,602 |
| 10/15 | $10000 | $10000 | $10000 |
| 01/16 | $9211 | $8828 | $8820 |
| 04/16 | $10506 | $10013 | $10023 |
| 07/16 | $10928 | $10574 | $10565 |
| 10/16 | $11020 | $10914 | $10919 |
| 01/17 | $10797 | $11069 | $11008 |
| 04/17 | $11675 | $11969 | $11893 |
| 07/17 | $12224 | $13026 | $12894 |
| 10/17 | $12479 | $13658 | $13568 |
| 01/18 | $13672 | $15319 | $15272 |
| 04/18 | $12623 | $14427 | $14341 |
| 07/18 | $12155 | $13693 | $13487 |
| 10/18 | $10698 | $12080 | $11978 |
| 01/19 | $11707 | $13250 | $13278 |
| 04/19 | $12073 | $13696 | $13675 |
| 07/19 | $12031 | $13386 | $13330 |
| 10/19 | $12572 | $13548 | $13542 |
| 01/20 | $12512 | $13988 | $13821 |
| 04/20 | $11054 | $12237 | $11968 |
| 07/20 | $12828 | $14690 | $14162 |
| 10/20 | $13281 | $15070 | $14532 |
| 01/21 | $16336 | $18116 | $17593 |
| 04/21 | $16819 | $18523 | $18125 |
| 07/21 | $16934 | $18104 | $17442 |
| 10/21 | $16199 | $18201 | $17380 |
| 01/22 | $15445 | $17424 | $16728 |
| 04/22 | $14384 | $15602 | $15278 |
| 07/22 | $14095 | $14830 | $14243 |
| 10/22 | $12951 | $12931 | $12474 |
| 01/23 | $14770 | $15360 | $14957 |
| 04/23 | $14365 | $14759 | $14365 |
| 07/23 | $15637 | $15841 | $15615 |
| 10/23 | $13855 | $14130 | $13860 |
| 01/24 | $15103 | $14940 | $14980 |
| 04/24 | $15229 | $16089 | $16044 |
| 07/24 | $15662 | $16624 | $16820 |
| 10/24 | $15662 | $17396 | $17320 |
| 01/25 | $15234 | $16901 | $16821 |
| 04/25 | $16114 | $17207 | $17123 |
| 07/25 | $17415 | $19228 | $19314 |
| 10/25 | $19103 | $21569 | $21602 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Growth and Income Fund | 1 Year | 5 Year | 10 Year |
| Seafarer Overseas Growth and Income Fund - Investor Class (Incep. February 15, 2012) | 21.97% | 7.54% | 6.69% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 7.43% | 7.99% |
| Morningstar EM Net Return USD Index | 24.72% | 8.25% | 8.01% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $3168871071 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $11476484 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic14fa2b72191b6ac93864710.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Communications | 0.3% |
| Utilities | 1.3% |
| Real Estate | 2.2% |
| Energy | 3.2% |
| Materials | 4.7% |
| Industrials | 8.4% |
| Health Care | 8.9% |
| Consumer Staples | 13.7% |
| Technology | 16.3% |
| Consumer Discretionary | 17.0% |
| Financials | 22.6% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 5.9% |
| Accton Technology Corp. | 3.3% |
| Samsung Biologics Co., Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.8% |
| Richter Gedeon Nyrt | 2.8% |
| Samsung SDI Co., Ltd. | 2.6% |
| Singapore Exchange, Ltd. | 2.6% |
| DBS Group Holdings, Ltd. | 2.4% |
| UPL, Ltd. | 2.4% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i26a9d69028c566eb9e2b209c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Other | 4.9% |
| Emerging Europe | 5.1% |
| Middle East & Africa | 6.1% |
| Latin America | 16.0% |
| East & South Asia | 66.5% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](ib0abe79079689783edca99e0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 89.8% |
| ADR | 8.8% |
| Cash and Other Assets, Less Liabilities | 1.4% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](i4e6c39e0f4ab205c55c55844.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

Seafarer Overseas Growth and Income Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

317609311–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Retail Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Growth and Income Fund - Retail Class | $65 | 1.17% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Growth and Income Fund's Retail Class returned 18.37%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Emerging market (EM) stocks surged during this period – as did most stock markets around the world. EM equities' strong gains were driven by rising corporate profits, technology stocks, and Chinese companies. In absolute terms, the Fund performed well; it underperformed its benchmarks in part because its exposure was not as concentrated in technology holdings. The Fund's contributions were far more balanced than those of the indices, with gains driven by financial and consumer stocks. Dividends are rising among the Fund's holdings on pace with, if not eclipsing, the growth in underlying earnings. This trend is reflective of a broader shift towards improved capital management at EM companies.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i4802091bfd73b43fe8ee2094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Retail Class $11,779 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $12,832 | Morningstar EM Net Return USD Index $12,663 |
| 08/30/24 | $10000 | $10000 | $10000 |
| 08/31/24 | $10000 | $10000 | $10000 |
| 09/30/24 | $10173 | $10791 | $10617 |
| 10/31/24 | $9677 | $10350 | $10153 |
| 11/30/24 | $9551 | $10046 | $9830 |
| 12/31/24 | $9224 | $10005 | $9784 |
| 01/31/25 | $9408 | $10055 | $9861 |
| 02/28/25 | $9424 | $10082 | $9854 |
| 03/31/25 | $9552 | $10161 | $9899 |
| 04/30/25 | $9952 | $10237 | $10038 |
| 05/31/25 | $10232 | $10667 | $10522 |
| 06/30/25 | $10720 | $11225 | $11131 |
| 07/31/25 | $10745 | $11439 | $11322 |
| 08/31/25 | $11173 | $11808 | $11502 |
| 09/30/25 | $11424 | $12482 | $12192 |
| 10/31/25 | $11779 | $12832 | $12663 |

---

### Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Growth and Income Fund | 1 Year | Since Inception |
| Seafarer Overseas Growth and Income Fund - Retail Class (Incep. August 30, 2024) | 21.72% | 15.03% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 23.76% |
| Morningstar EM Net Return USD Index | 24.72% | 22.36% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $3168871071 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $11476484 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic14fa2b72191b6ac93864710.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Communications | 0.3% |
| Utilities | 1.3% |
| Real Estate | 2.2% |
| Energy | 3.2% |
| Materials | 4.7% |
| Industrials | 8.4% |
| Health Care | 8.9% |
| Consumer Staples | 13.7% |
| Technology | 16.3% |
| Consumer Discretionary | 17.0% |
| Financials | 22.6% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.0% |
| Samsung Electronics Co., Ltd. | 5.9% |
| Accton Technology Corp. | 3.3% |
| Samsung Biologics Co., Ltd. | 3.2% |
| Alibaba Group Holding, Ltd. | 2.8% |
| Richter Gedeon Nyrt | 2.8% |
| Samsung SDI Co., Ltd. | 2.6% |
| Singapore Exchange, Ltd. | 2.6% |
| DBS Group Holdings, Ltd. | 2.4% |
| UPL, Ltd. | 2.4% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i26a9d69028c566eb9e2b209c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Other | 4.9% |
| Emerging Europe | 5.1% |
| Middle East & Africa | 6.1% |
| Latin America | 16.0% |
| East & South Asia | 66.5% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](ib0abe79079689783edca99e0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 89.8% |
| ADR | 8.8% |
| Cash and Other Assets, Less Liabilities | 1.4% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](i4e6c39e0f4ab205c55c55844.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

Seafarer Overseas Growth and Income Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

31761T878–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

# Seafarer Overseas Value Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Institutional Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Value Fund - Institutional Class | $60 | 1.05% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Value Fund's Institutional Class returned 20.89%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Despite lingering uncertainty surrounding U.S. tariffs and trade policy with many emerging market (EM) countries, the aforementioned EM equity indices appreciated throughout this period driven by semiconductor and AI-related stocks in Taiwan, South Korea, and China. While the Fund lacked direct exposure to these market segments, it still delivered strong performance with gains concentrated in two groups: China holdings that benefited from the country's broader positive sentiment shift, and companies propelled by incremental improvements in their capital allocation with a focus on capital recycling and increasing returns of capital to shareholders through dividends and share buybacks. The latter grouping highlighted the growing corporate sophistication of EM companies that has given rise to the opportunity sets within each of the seven sources of value that the Fund targets.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform since inception?

### Total Return Based on $25,000 Investment
![growth of 10k chart](i27b2953623663264be82239d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Institutional Class $54,741 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $55,599 | Morningstar EM Net Return USD Index $56,007 |
| 04/16 | $25000 | $25000 | $25000 |
| 07/16 | $25550 | $27258 | $27393 |
| 10/16 | $25675 | $28133 | $28309 |
| 01/17 | $26977 | $28532 | $28539 |
| 04/17 | $28571 | $30853 | $30835 |
| 07/17 | $30140 | $33579 | $33431 |
| 10/17 | $30976 | $35206 | $35178 |
| 01/18 | $33028 | $39489 | $39595 |
| 04/18 | $31325 | $37189 | $37182 |
| 07/18 | $30566 | $35298 | $34967 |
| 10/18 | $27999 | $31140 | $31056 |
| 01/19 | $29363 | $34155 | $34427 |
| 04/19 | $30904 | $35305 | $35456 |
| 07/19 | $32148 | $34505 | $34561 |
| 10/19 | $32581 | $34924 | $35109 |
| 01/20 | $31451 | $36056 | $35834 |
| 04/20 | $26432 | $31543 | $31029 |
| 07/20 | $27520 | $37868 | $36718 |
| 10/20 | $28998 | $38847 | $37678 |
| 01/21 | $34522 | $46699 | $45613 |
| 04/21 | $37265 | $47748 | $46993 |
| 07/21 | $38169 | $46667 | $45221 |
| 10/21 | $38989 | $46918 | $45060 |
| 01/22 | $38313 | $44914 | $43370 |
| 04/22 | $37640 | $40219 | $39612 |
| 07/22 | $37259 | $38228 | $36928 |
| 10/22 | $34066 | $33332 | $32341 |
| 01/23 | $40370 | $39594 | $38779 |
| 04/23 | $39983 | $38046 | $37244 |
| 07/23 | $42933 | $40834 | $40485 |
| 10/23 | $38285 | $36423 | $35934 |
| 01/24 | $41094 | $38512 | $38839 |
| 04/24 | $43334 | $41474 | $41596 |
| 07/24 | $42199 | $42853 | $43609 |
| 10/24 | $43120 | $44842 | $44906 |
| 01/25 | $41831 | $43568 | $43613 |
| 04/25 | $45282 | $44356 | $44395 |
| 07/25 | $51258 | $49564 | $50075 |
| 10/25 | $54741 | $55599 | $56007 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Value Fund | 1 Year | 5 Year | Since Inception |
| Seafarer Overseas Value Fund - Institutional Class (Incep. May 31, 2016) | 26.95% | 13.55% | 8.68% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 7.43% | 8.86% |
| Morningstar EM Net Return USD Index | 24.72% | 8.25% | 8.94% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $129603842 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $423205 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic626f369648157a02372c03f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Communications | 1.6% |
| Utilities | 4.8% |
| Real Estate | 6.4% |
| Energy | 6.5% |
| Materials | 7.2% |
| Industrials | 9.1% |
| Consumer Discretionary | 17.5% |
| Consumer Staples | 18.5% |
| Financials | 24.8% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Georgia Capital PLC | 5.3% |
| Lion Finance Group PLC | 3.7% |
| Melco International Development, Ltd. | 3.6% |
| Moneta Money Bank AS | 3.6% |
| Hongkong Land Holdings, Ltd. | 3.5% |
| China Foods, Ltd. | 3.3% |
| Samsung SDI Co., Ltd. | 3.2% |
| First Pacific Co., Ltd. | 3.2% |
| DFI Retail Group Holdings, Ltd. | 3.1% |
| Jardine Matheson Holdings, Ltd. | 3.1% |
| Total % of Top 10 Holdings | 35.5% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i3f8bb8fb27fa0c23c690bbd6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Other | 4.6% |
| Middle East & Africa | 11.5% |
| Emerging Europe | 12.6% |
| Latin America | 17.4% |
| East & South Asia | 50.2% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](iefc115997d7e032b405ac7d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 82.6% |
| ADR | 13.6% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 3.6% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i6a4638f0858432a167f4d9a5.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

Seafarer Overseas Value Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

31761R591–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

# Seafarer Overseas Value Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Investor Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Value Fund - Investor Class | $66 | 1.15% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Value Fund's Investor Class returned 20.84%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Despite lingering uncertainty surrounding U.S. tariffs and trade policy with many emerging market (EM) countries, the aforementioned EM equity indices appreciated throughout this period driven by semiconductor and AI-related stocks in Taiwan, South Korea, and China. While the Fund lacked direct exposure to these market segments, it still delivered strong performance with gains concentrated in two groups: China holdings that benefited from the country's broader positive sentiment shift, and companies propelled by incremental improvements in their capital allocation with a focus on capital recycling and increasing returns of capital to shareholders through dividends and share buybacks. The latter grouping highlighted the growing corporate sophistication of EM companies that has given rise to the opportunity sets within each of the seven sources of value that the Fund targets.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i5d357499cfe948835461032e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Investor Class $21,683 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $22,239 | Morningstar EM Net Return USD Index $22,403 |
| 04/16 | $10000 | $10000 | $10000 |
| 07/16 | $10210 | $10903 | $10957 |
| 10/16 | $10260 | $11253 | $11323 |
| 01/17 | $10778 | $11413 | $11416 |
| 04/17 | $11415 | $12341 | $12334 |
| 07/17 | $12041 | $13431 | $13373 |
| 10/17 | $12374 | $14082 | $14071 |
| 01/18 | $13195 | $15796 | $15838 |
| 04/18 | $12504 | $14876 | $14873 |
| 07/18 | $12201 | $14119 | $13987 |
| 10/18 | $11175 | $12456 | $12422 |
| 01/19 | $11712 | $13662 | $13771 |
| 04/19 | $12317 | $14122 | $14182 |
| 07/19 | $12824 | $13802 | $13824 |
| 10/19 | $12986 | $13970 | $14044 |
| 01/20 | $12540 | $14423 | $14334 |
| 04/20 | $10526 | $12617 | $12412 |
| 07/20 | $10971 | $15147 | $14687 |
| 10/20 | $11550 | $15539 | $15071 |
| 01/21 | $13744 | $18680 | $18245 |
| 04/21 | $14838 | $19099 | $18797 |
| 07/21 | $15187 | $18667 | $18088 |
| 10/21 | $15503 | $18767 | $18024 |
| 01/22 | $15235 | $17966 | $17348 |
| 04/22 | $14966 | $16088 | $15845 |
| 07/22 | $14803 | $15291 | $14771 |
| 10/22 | $13542 | $13333 | $12937 |
| 01/23 | $16035 | $15838 | $15512 |
| 04/23 | $15881 | $15218 | $14897 |
| 07/23 | $17044 | $16333 | $16194 |
| 10/23 | $15192 | $14569 | $14374 |
| 01/24 | $16313 | $15405 | $15536 |
| 04/24 | $17193 | $16590 | $16638 |
| 07/24 | $16741 | $17141 | $17444 |
| 10/24 | $17095 | $17937 | $17962 |
| 01/25 | $16583 | $17427 | $17445 |
| 04/25 | $17944 | $17742 | $17758 |
| 07/25 | $20309 | $19826 | $20030 |
| 10/25 | $21683 | $22239 | $22403 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Value Fund | 1 Year | 5 Year | Since Inception |
| Seafarer Overseas Value Fund - Investor Class (Incep. May 31, 2016) | 26.84% | 13.43% | 8.56% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 7.43% | 8.86% |
| Morningstar EM Net Return USD Index | 24.72% | 8.25% | 8.94% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $129603842 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $423205 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic626f369648157a02372c03f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Communications | 1.6% |
| Utilities | 4.8% |
| Real Estate | 6.4% |
| Energy | 6.5% |
| Materials | 7.2% |
| Industrials | 9.1% |
| Consumer Discretionary | 17.5% |
| Consumer Staples | 18.5% |
| Financials | 24.8% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Georgia Capital PLC | 5.3% |
| Lion Finance Group PLC | 3.7% |
| Melco International Development, Ltd. | 3.6% |
| Moneta Money Bank AS | 3.6% |
| Hongkong Land Holdings, Ltd. | 3.5% |
| China Foods, Ltd. | 3.3% |
| Samsung SDI Co., Ltd. | 3.2% |
| First Pacific Co., Ltd. | 3.2% |
| DFI Retail Group Holdings, Ltd. | 3.1% |
| Jardine Matheson Holdings, Ltd. | 3.1% |
| Total % of Top 10 Holdings | 35.5% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i3f8bb8fb27fa0c23c690bbd6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Other | 4.6% |
| Middle East & Africa | 11.5% |
| Emerging Europe | 12.6% |
| Latin America | 17.4% |
| East & South Asia | 50.2% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](iefc115997d7e032b405ac7d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 82.6% |
| ADR | 13.6% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 3.6% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i6a4638f0858432a167f4d9a5.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

Seafarer Overseas Value Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

31761R617–SA–10312025

![Image](i46ea7f4740c632e37ae39faa.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

# Seafarer Overseas Value Fund

## Fund Overview
This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Retail Class for the period of May 1, 2025 to October 31, 2025.

You can find additional information about the Fund at www.seafarerfunds.com/literature. You can also request this information by contacting us at 855-732-9220 or seafarerfunds@alpsinc.com.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment (annualized) |
| Seafarer Overseas Value Fund - Retail Class | $77 | 1.35% |

---

## How did the Fund perform over the last six months?
During the semi-annual period (May 1, 2025 to October 31, 2025), the Seafarer Overseas Value Fund's Retail Class returned 20.64%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 25.35% and 26.15%, respectively.

Despite lingering uncertainty surrounding U.S. tariffs and trade policy with many emerging market (EM) countries, the aforementioned EM equity indices appreciated throughout this period driven by semiconductor and AI-related stocks in Taiwan, South Korea, and China. While the Fund lacked direct exposure to these market segments, it still delivered strong performance with gains concentrated in two groups: China holdings that benefited from the country's broader positive sentiment shift, and companies propelled by incremental improvements in their capital allocation with a focus on capital recycling and increasing returns of capital to shareholders through dividends and share buybacks. The latter grouping highlighted the growing corporate sophistication of EM companies that has given rise to the opportunity sets within each of the seven sources of value that the Fund targets.

*<sup>(1)</sup> Broad-based securities market index*

*<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Additional index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i7ddb5c9e72f0fc74c8a85149.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Retail Class $12,662 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $12,832 | Morningstar EM Net Return USD Index $12,663 |
| 08/30/24 | $10000 | $10000 | $10000 |
| 08/31/24 | $10000 | $10000 | $10000 |
| 09/30/24 | $10365 | $10791 | $10617 |
| 10/31/24 | $10007 | $10350 | $10153 |
| 11/30/24 | $9843 | $10046 | $9830 |
| 12/31/24 | $9603 | $10005 | $9784 |
| 01/31/25 | $9699 | $10055 | $9861 |
| 02/28/25 | $9811 | $10082 | $9854 |
| 03/31/25 | $10071 | $10161 | $9899 |
| 04/30/25 | $10496 | $10237 | $10038 |
| 05/31/25 | $11062 | $10667 | $10522 |
| 06/30/25 | $11583 | $11225 | $11131 |
| 07/31/25 | $11865 | $11439 | $11322 |
| 08/31/25 | $12320 | $11808 | $11502 |
| 09/30/25 | $12595 | $12482 | $12192 |
| 10/31/25 | $12662 | $12832 | $12663 |

---

### Total Returns

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seafarer Overseas Value Fund | 1 Year | Since Inception |
| Seafarer Overseas Value Fund - Retail Class (Incep. August 30, 2024) | 26.53% | 22.35% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 23.99% | 23.76% |
| Morningstar EM Net Return USD Index | 24.72% | 22.36% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 855-732-9220 for current month-end performance.

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $129603842 |
| # of Portfolio Holdings | 41 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $423205 |

---

## What did the Fund invest in?
October 31, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ic626f369648157a02372c03f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Communications | 1.6% |
| Utilities | 4.8% |
| Real Estate | 6.4% |
| Energy | 6.5% |
| Materials | 7.2% |
| Industrials | 9.1% |
| Consumer Discretionary | 17.5% |
| Consumer Staples | 18.5% |
| Financials | 24.8% |

---

### Top Ten Holdings (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Georgia Capital PLC | 5.3% |
| Lion Finance Group PLC | 3.7% |
| Melco International Development, Ltd. | 3.6% |
| Moneta Money Bank AS | 3.6% |
| Hongkong Land Holdings, Ltd. | 3.5% |
| China Foods, Ltd. | 3.3% |
| Samsung SDI Co., Ltd. | 3.2% |
| First Pacific Co., Ltd. | 3.2% |
| DFI Retail Group Holdings, Ltd. | 3.1% |
| Jardine Matheson Holdings, Ltd. | 3.1% |
| Total % of Top 10 Holdings | 35.5% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i3f8bb8fb27fa0c23c690bbd6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Other | 4.6% |
| Middle East & Africa | 11.5% |
| Emerging Europe | 12.6% |
| Latin America | 17.4% |
| East & South Asia | 50.2% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](iefc115997d7e032b405ac7d3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 82.6% |
| ADR | 13.6% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 3.6% |

---

Source: Bloomberg Index Services Limited. BLOOMBERG<sup><sup>®</sup></sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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 EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
There were no material changes during the period.

Availability of Additional Information

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting www.seafarerfunds.com/literature.

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling Investor Services at 855-732-9220.

![Image](i46ea7f4740c632e37ae39faa.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i6a4638f0858432a167f4d9a5.jpg)

OCTOBER 31, 2025

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

Seafarer Overseas Value Fund

#### Investor Services: 855-732-9220
*Distributor: ALPS Distributors, Inc.*

31761T860–SA–10312025** 

&nbsp;&nbsp;&nbsp;&nbsp;&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 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

 **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0096605-1_01.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 1 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 3 |
| **Statements of Assets and Liabilities** | 5 |
| **Statements of Operations** | 6 |
| **Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 7 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 9 |
| **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 11 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 15 |
| **Notes to Financial Statements and Financial Highlights** | 19 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 28 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 29 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 30 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 31 |

---

Emerald Growth Fund Schedule of Investments

October 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| |  | **Value** | **Value** |
|<br>**Shares** | | **(Note 2)** | **(Note 2)** |
| **COMMON STOCKS: 93.22%** | **COMMON STOCKS: 93.22%** | | |
| **Communications: 0.44%** | **Communications: 0.44%** |  |  |
| 111509 | Hims & Hers Health, Inc.<sup>(a)</sup> | $| 5069199 |
| **Consumer Discretionary: 7.07%** | **Consumer Discretionary: 7.07%** |  |  |
| 531344 | Arhaus, Inc.<sup>(a)</sup> |  | 5324067 |
| 586203 | Arlo Technologies, Inc.<sup>(a)</sup> |  | 11337166 |
| 199537 | BJ's Restaurants, Inc.<sup>(a)</sup> |  | 6776276 |
| 61160 | Boot Barn Holdings, Inc.<sup>(a)</sup> |  | 11598994 |
| 170842 | IMAX Corp.<sup>(a)</sup> |  | 5550657 |
| 200325 | Life Time Group Holdings, Inc.<sup>(a)</sup> |  | 4954037 |
| 577474 | National Vision Holdings, Inc.<sup>(a)</sup> |  | 14869955 |
| 387670 | OneSpaWorld Holdings, Ltd. |  | 9021081 |
| 508587 | Rush Street Interactive, Inc.<sup>(a)</sup> |  | 8625636 |
| 34176 | Visteon Corp. |  | 3662300 |
|  |  |  | **81720169** |
| **Consumer Staples: 3.57%** | **Consumer Staples: 3.57%** |  |  |
| 28000 | Five Below, Inc.<sup>(a)</sup> |  | 4403560 |
| 137528 | Freshpet, Inc.<sup>(a)</sup> |  | 6767753 |
| 114419 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> |  | 13822959 |
| 144847 | Utz Brands, Inc. |  | 1525239 |
| 391299 | Vital Farms, Inc.<sup>(a)</sup> |  | 12854172 |
| 800124 | Zevia PBC, Class A<sup>(a)</sup> |  | 1888293 |
|  |  |  | **41261976** |
| **Consumer, Cyclical: 0.59%** | **Consumer, Cyclical: 0.59%** | **Consumer, Cyclical: 0.59%** | **Consumer, Cyclical: 0.59%** |
| 70476 | Black Rock Coffee Bar, Inc.<sup>(a)</sup> |  | 1808414 |
| 303007 | First Watch Restaurant Group, Inc.<sup>(a)</sup> |  | 4996586 |
|  |  |  | **6805000** |
| **Consumer, Non-cyclical: 2.89%** | **Consumer, Non-cyclical: 2.89%** |  |  |
| 427502 | Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> |  | 3868893 |
| 28125 | Axsome Therapeutics, Inc.<sup>(a)</sup> |  | 3796594 |
| 382344 | Cogent Biosciences, Inc.<sup>(a)</sup> |  | 6232207 |
| 101018 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> |  | 7338958 |
| 104721 | Nektar Therapeutics<sup>(a)</sup> |  | 6799535 |
| 454246 | Trevi Therapeutics, Inc.<sup>(a)</sup> |  | 5296508 |
|  |  |  | **33332695** |
| **Energy: 2.31%** | **Energy: 2.31%** |  |  |
| 184095 | American Superconductor Corp.<sup>(a)</sup> |  | 10903947 |
| 101127 | Excelerate Energy, Inc. |  | 2620201 |
| 68201 | Sable Offshore Corp.<sup>(a)</sup> |  | 713382 |
| 145986 | Solaris Energy Infrastructure, Inc. |  | 7770835 |
| 666751 | TETRA Technologies, Inc.<sup>(a)</sup> |  | 4707262 |
|  |  |  | **26715627** |
| **Financial Services: 11.78%** | **Financial Services: 11.78%** |  |  |
| 159805 | American Integrity Insurance Group, Inc.<sup>(a)</sup> |  | 3808153 |
| 72310 | Ategrity Specialty Holdings LLC<sup>(a)</sup> |  | 1404983 |
| 192287 | Axos Financial, Inc.<sup>(a)</sup> |  | 14994540 |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 183996 | Bancorp, Inc.<sup>(a)</sup> | $12027819 |
| 170579 | Cadence Bank | 6437651 |
| 43274 | Coastal Financial Corp.<sup>(a)</sup> | 4608681 |
| 589788 | Compass, Inc.<sup>(a)</sup> | 4547265 |
| 103327 | Customers Bancorp, Inc.<sup>(a)</sup> | 6935308 |
| 40902 | GBank Financial Holdings, Inc.<sup>(a)</sup> | 1483516 |
| 221731 | LendingClub Corp.<sup>(a)</sup> | 3855902 |
| 136911 | LendingTree, Inc.<sup>(a)</sup> | 8762304 |
| 140038 | Mid Penn Bancorp, Inc. | 3984081 |
| 179865 | Moelis & Co., Class A | 11390850 |
| 41232 | Neptune Insurance Holdings, Inc.<sup>(a)</sup> | 1058838 |
| 25000 | Norwood Financial Corp. | 665250 |
| 94386 | Palomar Holdings, Inc.<sup>(a)</sup> | 10760948 |
| 301177 | Perella Weinberg Partners | 5625986 |
| 22353 | Piper Sandler Cos. | 7136419 |
| 232362 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 10593384 |
| 202734 | Slide Insurance Holdings, Inc.<sup>(a)</sup> | 3241717 |
| 338791 | Trinity Capital, Inc. | 5112356 |
| 71794 | UMB Financial Corp. | 7673343 |
|  |  | **136109294** |
| **Healthcare: 14.15%** | **Healthcare: 14.15%** |  |
| 140215 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 3182881 |
| 31640 | Akero Therapeutics, Inc.<sup>(a)</sup> | 1714888 |
| 456555 | Alphatec Holdings, Inc.<sup>(a)</sup> | 8669979 |
| 50475 | Biohaven, Ltd.<sup>(a)</sup> | 868170 |
| 209824 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 13143375 |
| 187077 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 6734772 |
| 74747 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 5491662 |
| 306626 | Guardant Health, Inc.<sup>(a)</sup> | 28522351 |
| 300117 | KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 3274276 |
| 143700 | LivaNova PLC<sup>(a)</sup> | 7562931 |
| 17063 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 7147691 |
| 53957 | Merit Medical Systems, Inc.<sup>(a)</sup> | 4723396 |
| 185834 | RadNet, Inc.<sup>(a)</sup> | 14121526 |
| 798875 | Savara, Inc.<sup>(a)</sup> | 3315331 |
| 178017 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 11955622 |
| 153485 | Spyre Therapeutics, Inc.<sup>(a)</sup> | 3754243 |
| 117813 | TransMedics Group, Inc.<sup>(a)</sup> | 15497122 |
| 499403 | Travere Therapeutics, Inc.<sup>(a)</sup> | 17559009 |
| 695032 | WaVe Life Sciences, Ltd.<sup>(a)</sup> | 6283089 |
|  |  | **163522314** |
| **Industrials: 23.24%** | **Industrials: 23.24%** |  |
| 153709 | AAR Corp.<sup>(a)</sup> | 12943835 |
| 85328 | AeroVironment, Inc.<sup>(a)</sup> | 31563680 |
| 161809 | Allegiant Travel Co.<sup>(a)</sup> | 10061284 |
| 35775 | Argan, Inc. | 10954663 |
| 113839 | ATI, Inc.<sup>(a)</sup> | 11266646 |
| 216236 | Bloom Energy Corp., Class A<sup>(a)</sup> | 28577750 |
| 27171 | Bowman Consulting Group, Ltd.<sup>(a)</sup> | 1176233 |
| 23823 | Carpenter Technology Corp. | 7525686 |

---

Semi-Annual Report \| October 31, 2025 1

Emerald Growth Fund Schedule of Investments

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 130177 | CECO Environmental Corp.<sup>(a)</sup> | $6364353 |
| 1063406 | Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 8230762 |
| 354552 | First Advantage Corp.<sup>(a)</sup> | 4477992 |
| 313680 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 28419408 |
| 351654 | Latham Group, Inc.<sup>(a)</sup> | 2549491 |
| 208114 | Mercury Systems, Inc.<sup>(a)</sup> | 16110105 |
| 436745 | Mirion Technologies, Inc.<sup>(a)</sup> | 12827201 |
| 143133 | Modine Manufacturing Co.<sup>(a)</sup> | 21929407 |
| 87882 | Napco Security Technologies, Inc. | 3879990 |
| 102158 | Shift4 Payments, Inc.<sup>(a)</sup> | 7059118 |
| 57383 | SPX Technologies Inc<sup>(a)</sup> | 12847480 |
| 29665 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 11210403 |
| 102180 | VSE Corp. | 18461882 |
|  |  | **268437369** |
| **Producer Durables: 1.04%** | **Producer Durables: 1.04%** |  |
| 54511 | Esco Technologies, Inc. | 11963529 |
| **Technology: 24.10%** | **Technology: 24.10%** |  |
| 128147 | Agilysys, Inc.<sup>(a)</sup> | 16077323 |
| 242324 | Applied Optoelectronics, Inc.<sup>(a)</sup> | 8617041 |
| 48874 | Cogent Communications Holdings, Inc. | 2016052 |
| 56412 | Commvault Systems, Inc.<sup>(a)</sup> | 7853679 |
| 190564 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 35753618 |
| 222690 | D-Wave Quantum, Inc.<sup>(a)</sup> | 8252891 |
| 206904 | EverQuote, Inc., Class A<sup>(a)</sup> | 4456712 |
| 39675 | Fabrinet<sup>(a)</sup> | 17479615 |
| 79900 | HeartFlow, Inc.<sup>(a)</sup> | 2969084 |
| 31561 | Impinj, Inc.<sup>(a)</sup> | 6380372 |
| 19986 | InterDigital, Inc. | 7234132 |
| 172267 | IonQ, Inc.<sup>(a)</sup> | 10746015 |
| 48532 | IPG Photonics Corp.<sup>(a)</sup> | 4131044 |
| 114395 | Kulicke & Soffa Industries, Inc. | 4567792 |
| 25170 | Life360, Inc.<sup>(a)</sup> | 2484531 |
| 33143 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 4909473 |
| 209166 | nLight, Inc.<sup>(a)</sup> | 6904570 |
| 46457 | Onto Innovation, Inc.<sup>(a)</sup> | 6269837 |
| 350922 | PDF Solutions, Inc.<sup>(a)</sup> | 10222358 |
| 183378 | Q2 Holdings, Inc.<sup>(a)</sup> | 11325425 |
| 241019 | Rambus, Inc.<sup>(a)</sup> | 24786394 |
| 173131 | Semtech Corp.<sup>(a)</sup> | 11748670 |
| 49116 | SiTime Corp.<sup>(a)</sup> | 14225958 |
| 422523 | SkyWater Technology, Inc.<sup>(a)</sup> | 7387815 |
| 63496 | Synaptics, Inc.<sup>(a)</sup> | 4504406 |
| 371548 | TTM Technologies, Inc.<sup>(a)</sup> | 24968026 |
| 344646 | Varonis Systems, Inc.<sup>(a)</sup> | 12141878 |
|  |  | **278414711** |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Telecommunications: 2.04%** | **Telecommunications: 2.04%** |  |
| 116989 | Lumentum Holdings, Inc.<sup>(a)</sup> | $23580303 |
|  | **Total Common Stocks** |  |
|  | (Cost $645,359,298) | **1076932186** |
| **MUTUAL FUND: 5.68%** | **MUTUAL FUND: 5.68%** |  |
| **Healthcare: 5.68%** | **Healthcare: 5.68%** |  |
| 1997035 | F/m Emerald Life Sciences Innovation ETF<sup>(a)(b)</sup> | 65642940 |
|  | **Total Mutual Fund** |  |
|  | (Cost $31,078,469) | **65642940** |
| **SHORT-TERM INVESTMENT: 1.51%** | **SHORT-TERM INVESTMENT: 1.51%** |  |
| 17393006 | First American Government Obligations Fund, Class X 4.028% <sup>(b)</sup> | 17393006 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $17,393,006) | **17393006** |
| **Total Investments: 100.41%** | **Total Investments: 100.41%** |  |
| (Cost $693,830,773) | (Cost $693,830,773) | **1159968132** |
| **Liabilities In Excess Of Other Assets: (0.41)%** | **Liabilities In Excess Of Other Assets: (0.41)%** | (4755564) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**1155212568** |

---

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

*<sup>(b)</sup>* *Affiliated company. See Note 8 to Notes to Financial Statements.*

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

 

*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 Statement and Financial Highlights.*

2 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Schedule of Investments

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **COMMON STOCKS: 98.49%** | **COMMON STOCKS: 98.49%** | |
| **Communications: 1.47%** | **Communications: 1.47%** | |
| **Internet: 1.47%** | **Internet: 1.47%** |  |
| 4053 | Shopify, Inc., Class A<sup>(a)</sup> | $704654 |
| **Consumer, Non-cyclical: 2.33%** | **Consumer, Non-cyclical: 2.33%** |  |
| **Commercial Services: 2.33%** | **Commercial Services: 2.33%** |  |
| 6520 | Affirm Holdings, Inc.<sup>(a)</sup> | 468658 |
| 17146 | Klarna Group PLC<sup>(a)</sup> | 644175 |
|  |  | **1112833** |
| **Financial Services: 83.89%** | **Financial Services: 83.89%** |  |
| **Banks: 57.58%** | **Banks: 57.58%** |  |
| 4442 | Ameris Bancorp | 318136 |
| 26719 | Axos Financial, Inc.<sup>(a)</sup> | 2083548 |
| 31714 | Bancorp, Inc.<sup>(a)</sup> | 2073144 |
| 9842 | Bank OZK | 442792 |
| 10435 | Bank7 Corp. | 433157 |
| 5156 | CNB Financial Corp. | 126838 |
| 21816 | Coastal Financial Corp.<sup>(a)</sup> | 2323404 |
| 31064 | Customers Bancorp, Inc.<sup>(a)</sup> | 2085016 |
| 6314 | East West Bancorp, Inc. | 641502 |
| 22968 | Esquire Financial Holdings, Inc. | 2154398 |
| 54364 | Finwise Bancorp<sup>(a)</sup> | 1043245 |
| 13910 | First Financial Bankshares, Inc. | 429680 |
| 18040 | Five Star Bancorp | 640600 |
| 60462 | Mechanics Bancorp<sup>(a)</sup> | 809586 |
| 31063 | Metropolitan Bank Holding Corp. | 2058545 |
| 18743 | MVB Financial Corp. | 479446 |
| 22853 | Northeast Bancorp | 1971757 |
| 37532 | NU Holdings, Ltd.<sup>(a)</sup> | 604640 |
| 16572 | Pathward Financial, Inc. | 1127890 |
| 3676 | Private Bancorp of America, Inc.<sup>(a)</sup> | 210819 |
| 13110 | QCR Holdings, Inc. | 975253 |
| 13306 | Seacoast Banking Corp. of Florida | 403172 |
| 19108 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 702219 |
| 21457 | Western Alliance Bancorp | 1659699 |
| 13020 | Wintrust Financial Corp | 1692860 |
|  |  | **27491346** |
| **Banks: Diversified: 3.24%** | **Banks: Diversified: 3.24%** |  |
| 21123 | First Busey Corp. | 472311 |
| 4373 | Mid Penn Bancorp, Inc. | 124412 |
| 4256 | UMB Financial Corp. | 454881 |
| 13818 | United Bankshares, Inc. | 494546 |
|  |  | **1546150** |
| **Computer Services: 0.27%** | **Computer Services: 0.27%** |  |
| 16576 | Opendoor Technologies, Inc.<sup>(a)</sup> | 128796 |
| **Consumer Lending: 5.35%** | **Consumer Lending: 5.35%** |  |
| 108783 | LendingClub Corp.<sup>(a)</sup> | 1891736 |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Consumer Lending (continued)** | **Consumer Lending (continued)** |  |
| 22392 | SoFi Technologies, Inc.<sup>(a)</sup> | $664595 |
|  |  | **2556331** |
| **Diversified Finan Serv: 3.77%** | **Diversified Finan Serv: 3.77%** |  |
| 11558 | BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 539181 |
| 2282 | Circle Internet Group, Inc.<sup>(a)</sup> | 289768 |
| 2478 | Dave, Inc.<sup>(a)</sup> | 593035 |
| 4478 | GBank Financial Holdings, Inc.<sup>(a)</sup> | 162417 |
| 2500 | Miami International Holdings, Inc.<sup>(a)</sup> | 109250 |
| 5763 | Perella Weinberg Partners | 107653 |
|  |  | **1801304** |
| **Insurance: 5.53%** | **Insurance: 5.53%** |  |
| 11624 | American Integrity Insurance Group, Inc.<sup>(a)</sup> | 277000 |
| 7410 | Ategrity Specialty Holdings LLC<sup>(a)</sup> | 143976 |
| 8914 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 213579 |
| 55248 | Neptune Insurance Holdings, Inc.<sup>(a)</sup> | 1418769 |
| 10211 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 465520 |
| 4900 | TWFG, Inc.<sup>(a)</sup> | 119364 |
|  |  | **2638208** |
| **Investment Services: 0.90%** | **Investment Services: 0.90%** |  |
| 1251 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 430069 |
| **Mortgage Finance: 1.89%** | **Mortgage Finance: 1.89%** |  |
| 54049 | Rocket Cos., Inc. | 900456 |
| **Open End And Misc Investment Vehicles: 0.98%** | **Open End And Misc Investment Vehicles: 0.98%** |  |
| 30950 | Trinity Capital, Inc. | 467035 |
| **Property And Casualty Insurance: 2.58%** | **Property And Casualty Insurance: 2.58%** |  |
| 533 | Kinsale Capital Group, Inc. | 212918 |
| 3718 | Palomar Holdings, Inc.<sup>(a)</sup> | 423889 |
| 39577 | Porch Group, Inc.<sup>(a)</sup> | 595634 |
|  |  | **1232441** |
| **Real Estate: 1.80%** | **Real Estate: 1.80%** |  |
| 111802 | Compass, Inc.<sup>(a)</sup> | 861993 |
| **Materials & Processing: 0.95%** | **Materials & Processing: 0.95%** |  |
| **Aluminum: 0.95%** | **Aluminum: 0.95%** |  |
| 28159 | Real Industry, Inc.<sup>(a)</sup> | 451670 |
| **Technology: 9.85%** | **Technology: 9.85%** |  |
| **Computers: 2.31%** | **Computers: 2.31%** |  |
| 27860 | Figure Technology Solutions, Inc.<sup>(a)</sup> | 1103256 |
| **Internet: 4.26%** | **Internet: 4.26%** |  |
| 13847 | Robinhood Markets, Inc.<sup>(a)</sup> | 2032463 |
| **Software: 3.28%** | **Software: 3.28%** |  |
| 5000 | Bullish<sup>(a)</sup> | 252850 |
| 27736 | Chime Financial, Inc.<sup>(a)</sup> | 476227 |

---

Semi-Annual Report \| October 31, 2025 3

Emerald Finance & Banking Innovation Fund Schedule of Investments

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Software (continued)** | **Software (continued)** |  |
| 31165 | Pagaya Technologies, Ltd.<sup>(a)</sup> | $838027 |
|  |  | **1567104** |
|  | **Total Common Stocks** |  |
|  | (Cost $34,923,646) | **47026109** |
| **RIGHTS AND WARRANTS: 0.00%** | **RIGHTS AND WARRANTS: 0.00%** |  |
| 62749 | Paysafe Ltd, Strike Price $138.00, Expiration Date 12/31/2028 | 565 |
|  | **Total Rights and Warrants** |  |
|  | (Cost $211,219) | **565** |
| **SHORT-TERM INVESTMENT: 1.67%** | **SHORT-TERM INVESTMENT: 1.67%** |  |
| 796463 | First American Government Obligations Fund, Class X 4.028% <sup>(b)</sup> | 796463 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $796,463) | 796463 |
| **Total Investments: 100.16%** | **Total Investments: 100.16%** |  |
| (Cost $35,931,328) | (Cost $35,931,328) | **47823137** |
| **Liabilities In Excess Of Other Assets: (0.16)%** | **Liabilities In Excess Of Other Assets: (0.16)%** | (75478) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**47747659** |

---

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

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

 

*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 Statement and Financial Highlights.*

4 www.emeraldmutualfunds.com

Emerald Funds Statements of Assets and Liabilities

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | | **Emerald Finance &** |
|  | **Emerald Growth** | **Banking Innovation** |
|  | **Fund** | **Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $1094325192 | $47823137 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value | 65642940 |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 990691 | 5426 |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 20354 | 4745 |
| &nbsp;&nbsp;&nbsp;Other assets | 38798 | 52251 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1161017975 | 47885559 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 2385691 |  |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 2509408 | 51122 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 526625 | 41923 |
| &nbsp;&nbsp;&nbsp;Payable to fund accounting and administration | 517 | 3429 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 259022 | 15931 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 18752 | 3886 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 5927 |  |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 7474 |  |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fee | 1430 | 2 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 46840 | 21607 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 43721 | – |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 5805407 | 137900 |
| **NET ASSETS** | $1155212568 | $47747659 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $641599978 | $88180202 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 513612590 | (40432543) |
| **NET ASSETS** | $1155212568 | $47747659 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $662752304 | $35931328 |
| **AFFILIATED INVESTMENTS, AT COST** | $31078469 | $– |
| **PRICING OF SHARES** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A: <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $28.02 | $30.63 |
| &nbsp;&nbsp;&nbsp;Net Assets | $82019659 | $19283454 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2926932 | 629498 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price) | $29.42 | $32.16 |
| &nbsp;&nbsp;&nbsp;**Class C: <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $17.62 | $24.46 |
| &nbsp;&nbsp;&nbsp;Net Assets | $947160 | $1485850 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 53751 | 60746 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $31.19 | $32.37 |
| &nbsp;&nbsp;&nbsp;Net Assets | $979088597 | $20856803 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 31395395 | 644242 |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $27.61 | $28.64 |
| &nbsp;&nbsp;&nbsp;Net Assets | $93157152 | $6121552 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3373571 | 213753 |

---

*<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 and Financial Highlights.*

Semi-Annual Report \| October 31, 2025 5

Emerald Funds Statements of Operations

For Six Months Ended October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | | **Emerald Finance &** |
|  | **Emerald Growth** | **Banking Innovation** |
|  | **Fund** | **Fund** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1718165 | $297284 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1718165 | 297284 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 6) | 3004324 | 249544 |
| &nbsp;&nbsp;&nbsp;Recoupment of previously waived fees (Note 6) |  | 74 |
| &nbsp;&nbsp;&nbsp;Administration fee | 329174 | 26976 |
| &nbsp;&nbsp;&nbsp;Custodian fee | 44523 | 4628 |
| &nbsp;&nbsp;&nbsp;Professional fees | 32927 | 6371 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee | 91455 | 48514 |
| &nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 3634 | 7892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 452 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3501 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 156 | 4 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 29925 | 1702 |
| &nbsp;&nbsp;&nbsp;Registration/filing fees | 19522 | 18126 |
| &nbsp;&nbsp;&nbsp;Reports to shareholder and printing fees | 1208 | 1923 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 35623 | 15751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 3151 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 209422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 180187 | 12734 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fee | 41819 | 1781 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fee | 8855 | 385 |
| &nbsp;&nbsp;&nbsp;Other | 16393 | (45530) |
| &nbsp;&nbsp;&nbsp;Total expenses before waiver | 4056251 | 359616 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) |  | (35) |
| &nbsp;&nbsp;&nbsp;Less fees waived from investments in affiliated securities | (142957) | – |
| &nbsp;&nbsp;&nbsp;Total Net Expenses | 3913294 | 359581 |
| **NET INVESTMENT INCOME/(LOSS):** | (2195129) | (62297) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 130131115 | 7071345 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | 253682263 | (466280) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on affiliated investments | 19671194 | – |
| **NET REALIZED AND UNREALIZED GAIN** | 403484572 | 6605065 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $401289443 | $6542768 |

---

*See Notes to Financial Statements and Financial Highlights.*

6 www.emeraldmutualfunds.com

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(2195129) | $(4098852) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 130131115 | 113989334 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | 273353457 | (61375629) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 401289443 | 48514853 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (6096526) | (10965350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (116847) | (214754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (63859400) | (100636791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (8010052) | (11496905) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (78082825) | (123313800) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4444626 | 4696281 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 5658801 | 10156397 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6696918) | (31990354) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 3406509 | (17137676) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 24517 | 90595 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 114610 | 203737 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (276593) | (408482) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (137466) | (114150) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 126539449 | 153664984 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 56118828 | 86156955 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (146344674) | (282853318) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 36313603 | (43031379) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 11666431 | 24774192 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1961561 | 2739608 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (26928206) | (18588600) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (13300214) | 8925200 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | $349489050 | $(126156952) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 805723518 | 931880470 |
| &nbsp;&nbsp;&nbsp;End of year | $1155212568 | $805723518 |

---

Semi-Annual Report \| October 31, 2025 7

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 177217 | 198008 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 242971 | 437193 |
| &nbsp;&nbsp;&nbsp;Redeemed | (271711) | (1368179) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 148477 | (732978) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 1423 | 5300 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 7813 | 12965 |
| &nbsp;&nbsp;&nbsp;Redeemed | (18780) | (25131) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (9544) | (6866) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 4606803 | 5997751 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 2165914 | 3375819 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5285291) | (10820447) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1487426 | (1446877) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 497547 | 1104864 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 85434 | 119193 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1094976) | (806866) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (511995) | 417191 |

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.emeraldmutualfunds.com

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **OPERATIONS:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(62297) | $(44368) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 7071345 | 5221007 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (466280) | 5274830 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 6542768 | 10451469 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (464793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (68122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (412309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | – | (158612) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | – | (1103836) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 626078 | 946595 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 387241 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2379097) | (6240120) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1753019) | (4906284) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 11630 | 35627 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 58912 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (529111) | (1321772) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (517481) | (1227233) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1645808 | 4317829 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 392786 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3459717) | (6285786) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1813909) | (1575171) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 191019 | 459462 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions |  | 139951 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (622847) | (2219591) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (431828) | (1620178) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | $2026531 | $18767 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 45721128 | 45702361 |
| &nbsp;&nbsp;&nbsp;End of year | $47747659 | $45721128 |

---

Semi-Annual Report \| October 31, 2025 9

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

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**April 30, 2025** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 21118 | 34186 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 16903 |
| &nbsp;&nbsp;&nbsp;Redeemed | (76594) | (234243) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (55476) | (183154) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 463 | 1655 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 3195 |
| &nbsp;&nbsp;&nbsp;Redeemed | (22319) | (61681) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (21856) | (56831) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 50972 | 152517 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 16298 |
| &nbsp;&nbsp;&nbsp;Redeemed | (107786) | (228295) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (56814) | (59480) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 6577 | 18609 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested |  | 6525 |
| &nbsp;&nbsp;&nbsp;Redeemed | (21532) | (88699) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (14955) | (63565) |

---

*See Notes to Financial Statements and Financial Highlights.*

10 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **For the**<br> **Six Months**<br> **Ended**<br> **October 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **April 30, 2025** | **Year Ended**<br> **April 30, 2024** | **Year Ended**<br> **April 30, 2023** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.33 | $22.66 | $21.00 | $23.23 | $36.29 | $23.06 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.06) | (0.15) | (0.11) | (0.12) | (0.12) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 9.98 | 1.16 | 3.22 | (0.33) | (7.38) | 16.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 9.92 | 1.01 | 3.11 | (0.45) | (7.50) | 16.08 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.73) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.23) | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.23) | (3.34) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 7.69 | (2.33) | 1.66 | (2.23) | (13.06) | 13.23 |
| **NET ASSET VALUE, END OF PERIOD** | $28.02 | $20.33 | $22.66 | $21.00 | $23.23 | $36.29 |
| **TOTAL RETURN<sup>(b)</sup>** | 51.01 %<sup>(c)</sup> | 3.09% | 15.07% | (2.39)% | (23.19)% | 70.77% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $82020 | $56476 | $79554 | $82009 | $118082 | $168322 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.46)%<sup>(d)</sup> | (0.62)% | (0.53)% | (0.55)% | (0.39)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.83 %<sup>(d)</sup> | 1.04% | 1.10% | 1.13% | 1.03% | 1.01% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.81 %<sup>(d)</sup> | 1.02% | 1.10% | 1.13% | 1.03% | 1.01% |
| **PORTFOLIO TURNOVER RATE** | 31 %<sup>(c)</sup> | 45% | 51% | 62% | 38% | 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 and Financial Highlights.*

Semi-Annual Report \| October 31, 2025 11

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the**<br> **Six Months**<br> **Ended** | | | | | |
|  | **October 31, 2025**<br> **(Unaudited)** | **Year Ended**<br> **April 30, 2025** | **Year Ended**<br> **April 30, 2024** | **Year Ended**<br> **April 30, 2023** | **Year Ended**<br> **April 30, 2022** | **Year Ended**<br> **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $13.49 | $16.06 | $15.37 | $17.56 | $29.09 | $18.97 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.09) | (0.21) | (0.18) | (0.19) | (0.26) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 6.45 | 0.92 | 2.32 | (0.22) | (5.71) | 13.32 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 6.36 | 0.71 | 2.14 | (0.41) | (5.97) | 12.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.67) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.23) | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.23) | (3.28) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.13 | (2.57) | 0.69 | (2.19) | (11.53) | 10.12 |
| **NET ASSET VALUE, END OF PERIOD** | $17.62 | $13.49 | $16.06 | $15.37 | $17.56 | $29.09 |
| **TOTAL RETURN<sup>(b)</sup>** | 50.45 %<sup>(c)</sup> | 2.45% | 14.23% | (3.00)% | (23.71)% | 69.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $947 | $854 | $1127 | $7255 | $11668 | $22447 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.18)%<sup>(d)</sup> | (1.27)% | (1.14)% | (1.19)% | (1.02)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.55 %<sup>(d)</sup> | 1.69% | 1.76% | 1.78% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.52 %<sup>(d)</sup> | 1.68% | 1.76% | 1.78% | 1.68% | 1.66% |
| **PORTFOLIO TURNOVER RATE** | 31 %<sup>(c)</sup> | 45% | 51% | 62% | 38% | 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 and Financial Highlights.*

12 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.41 | $24.67 | $22.68 | $24.88 | $38.32 | $24.18 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.06) | (0.10) | (0.05) | (0.06) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 11.07 | 1.23 | 3.49 | (0.36) | (7.86) | 17.12 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 11.01 | 1.13 | 3.44 | (0.42) | (7.88) | 16.99 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.78) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.23) | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.23) | (3.39) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 8.78 | (2.26) | 1.99 | (2.20) | (13.44) | 14.14 |
| **NET ASSET VALUE, END OF PERIOD** | $31.19 | $22.41 | $24.67 | $22.68 | $24.88 | $38.32 |
| **TOTAL RETURN** | 51.14 %<sup>(b)</sup> | 3.29% | 15.42% | (2.10)% | (22.94)% | 71.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $979089 | $670357 | $773394 | $728115 | $732429 | $1375765 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.40)%<sup>(c)</sup> | (0.37)% | (0.22)% | (0.24)% | 0.06% | (0.41)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.77 %<sup>(c)</sup> | 0.80% | 0.79% | 0.82% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.75 %<sup>(c)</sup> | 0.78% | 0.79% | 0.82% | 0.72% | 0.70% |
| **PORTFOLIO TURNOVER RATE** | 31 %<sup>(b)</sup> | 45% | 51% | 62% | 38% | 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 and Financial Highlights.*

Semi-Annual Report \| October 31, 2025 13

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $20.08 | $22.43 | $20.81 | $23.05 | $36.07 | $22.94 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.09) | (0.17) | (0.12) | (0.12) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 9.85 | 1.15 | 3.19 | (0.34) | (7.32) | 16.21 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 9.76 | 0.98 | 3.07 | (0.46) | (7.46) | 15.98 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.72) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.23) | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (2.23) | (3.33) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 7.53 | (2.35) | 1.62 | (2.24) | (13.02) | 13.13 |
| **NET ASSET VALUE, END OF PERIOD** | $27.61 | $20.08 | $22.43 | $20.81 | $23.05 | $36.07 |
| **TOTAL RETURN** | 50.84 %<sup>(b)</sup> | 2.96% | 15.01% | (2.44)% | (23.22)% | 70.71% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $93157 | $78037 | $77806 | $73777 | $77823 | $103326 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.75)%<sup>(c)</sup> | (0.73)% | (0.57)% | (0.59)% | (0.44)% | (0.75)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.12 %<sup>(c)</sup> | 1.15% | 1.14% | 1.17% | 1.07% | 1.05% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.10 %<sup>(c)</sup> | 1.13% | 1.14% | 1.17% | 1.07% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 31 %<sup>(b)</sup> | 45% | 51% | 62% | 38% | 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 and Financial Highlights.*

14 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $26.83 | $22.25 | $18.75 | $31.99 | $51.56 | $22.89 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.07) | (0.04) | 0.35 | 0.13 | 0.84 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.87 | 5.18 | 3.15 | (13.37) | (14.81) | 28.61 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.80 | 5.14 | 3.50 | (13.24) | (13.97) | 28.67 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.56) |  |  | (3.37) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | (0.86) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (0.56) | – | – | (5.60) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.80 | 4.58 | 3.50 | (13.24) | (19.57) | 28.67 |
| **NET ASSET VALUE, END OF PERIOD** | $30.63 | $26.83 | $22.25 | $18.75 | $31.99 | $51.56 |
| **TOTAL RETURN<sup>(b)</sup>** | 14.16 %<sup>(c)</sup> | 23.53% | 18.67% | (41.40)% | (30.58)% | 125.21% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $19283 | $18377 | $19312 | $19949 | $43448 | $68778 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.43)%<sup>(d)</sup> | (0.15)% | 1.65% | 0.52% | 1.70% | 0.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.62 %<sup>(d)</sup> | 1.79% | 1.77% | 1.82% | 1.78% | 1.53% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.62 %<sup>(d)</sup> | 1.79% | 1.77% | 1.82% | 1.48% | 1.53% |
| **PORTFOLIO TURNOVER RATE** | 46 %<sup>(c)</sup> | 32% | 56% | 88% | 94% | 171% |

---

*<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 and Financial Highlights.*

Semi-Annual Report \| October 31, 2025 15

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $21.49 | $18.01 | $15.27 | $26.23 | $43.35 | $19.38 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.12) | (0.16) | 0.21 | (0.05) | 0.40 | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.09 | 4.17 | 2.53 | (10.91) | (12.11) | 24.08 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.97 | 4.01 | 2.74 | (10.96) | (11.71) | 23.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.53) |  |  | (3.27) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | (0.77) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (0.53) | – | – | (5.41) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 2.97 | 3.48 | 2.74 | (10.96) | (17.12) | 23.97 |
| **NET ASSET VALUE, END OF PERIOD** | $24.46 | $21.49 | $18.01 | $15.27 | $26.23 | $43.35 |
| **TOTAL RETURN<sup>(b)</sup>** | 13.82 %<sup>(c)</sup> | 22.75% | 17.94% | (41.77)% | (31.05)% | 123.68% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $1486 | $1775 | $2511 | $4521 | $12600 | $22447 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (1.00)%<sup>(d)</sup> | (0.76)% | 1.25% | (0.27)% | 0.98% | (0.40)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.21 %<sup>(d)</sup> | 2.44% | 2.43% | 2.46% | 2.43% | 2.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.21 %<sup>(d)</sup> | 2.44% | 2.43% | 2.46% | 2.13% | 2.18% |
| **PORTFOLIO TURNOVER RATE** | 46 %<sup>(c)</sup> | 32% | 56% | 88% | 94% | 171% |

---

*<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 and Financial Highlights.*

16 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $28.28 | $23.38 | $19.62 | $33.38 | $53.48 | $23.67 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.01 | 0.03 (b) | 0.47 | 0.17 | 1.00 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.08 | 5.45 | 3.29 | (13.93) | (15.39) | 29.67 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.09 | 5.48 | 3.76 | (13.76) | (14.39) | 29.81 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.58) |  |  | (3.53) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | (0.81) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (0.58) | – | – | (5.71) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 4.09 | 4.90 | 3.76 | (13.76) | (20.10) | 29.81 |
| **NET ASSET VALUE, END OF PERIOD** | $32.37 | $28.28 | $23.38 | $19.62 | $33.38 | $53.48 |
| **TOTAL RETURN** | 14.46 %<sup>(c)</sup> | 23.85% | 19.16% | (41.21)% | (30.32)% | 125.94% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $20857 | $19828 | $17781 | $30063 | $86196 | $134767 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income | 0.09 %<sup>(d)</sup> | 0.10% | 2.09% | 0.68% | 1.95% | 0.39% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.10 %<sup>(d)</sup> | 1.53% | 1.43% | 1.48% | 1.44% | 1.18% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.10 %<sup>(d)</sup> | 1.53% | 1.43% | 1.48% | 1.13% | 1.18% |
| **PORTFOLIO TURNOVER RATE** | 46 %<sup>(c)</sup> | 32% | 56% | 88% | 94% | 171% |

---

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

*<sup>(b)</sup>* *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.*

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

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

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| October 31, 2025 17

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the period or years presented

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **For the** | | | | | |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **October 31, 2025** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
|  | **(Unaudited)** | **April 30, 2025** | **April 30, 2024** | **April 30, 2023** | **April 30, 2022** | **April 30, 2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $25.10 | $20.87 | $17.59 | $30.03 | $48.76 | $21.66 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | (0.09) | (0.06) | 0.34 | 0.10 | 0.73 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.63 | 4.85 | 2.94 | (12.54) | (13.85) | 27.07 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.54 | 4.79 | 3.28 | (12.44) | (13.12) | 27.10 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income |  | (0.56) |  |  | (3.10) |  |
| &nbsp;&nbsp;&nbsp;From capital gains |  |  |  |  | (1.37) |  |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | – | – | – | (1.14) | – |
| &nbsp;&nbsp;&nbsp;Total Distributions | – | (0.56) | – | – | (5.61) | – |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 3.54 | 4.23 | 3.28 | (12.44) | (18.73) | 27.10 |
| **NET ASSET VALUE, END OF PERIOD** | $28.64 | $25.10 | $20.87 | $17.59 | $30.03 | $48.76 |
| **TOTAL RETURN** | 14.10 %<sup>(b)</sup> | 23.39% | 18.65% | (41.43)% | (30.60)% | 125.07% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $6122 | $5741 | $6099 | $8129 | $18881 | $31147 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.60)%<sup>(c)</sup> | (0.24)% | 1.71% | 0.47% | 1.53% | 0.11% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.79 %<sup>(c)</sup> | 1.89% | 1.80% | 1.86% | 1.81% | 1.56% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.79 %<sup>(c)</sup> | 1.89% | 1.80% | 1.86% | 1.51% | 1.56% |
| **PORTFOLIO TURNOVER RATE** | 46 %<sup>(b)</sup> | 32% | 56% | 88% | 94% | 171% |

---

*<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 and Financial Highlights.*

18 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (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 and Emerald Finance & Banking Innovation Fund (each a "Fund" and collectively, the "Funds").

The Emerald Growth Fund seeks 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 increases and decreases in net assets 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 "Financial Services - Investment Companies". 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, 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 the valuation designee under the general supervision of the Board of Trustees of the Trust (the "Board" or the "Trustees").

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 established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Board.

**Fair Value Measurements:** Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has appointed the Adviser to serve as the Valuation Designee to perform fair value determinations for investments in the Funds. When such prices or quotations are not available, or when the Valuation Designee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures ("FV Procedures") have been adopted by the Board for the fair valuation of portfolio assets held by the Funds in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Fund' Pricing Procedures appear to be unreliable or not indicative of fair value. The Pricing Procedures reflect certain pricing methodologies (or "logics") that are not "readily available market quotations" and thus are viewed and treated as fair valuations. The Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Funds.

Semi-Annual Report \| October 31, 2025 19

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

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 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 the Funds as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Emerald Growth Fund** | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1076932186 | $– | $– | $1076932186 |
| &nbsp;&nbsp;&nbsp;Mutual Fund | 65642940 |  |  | 65642940 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 17393006 | – | – | 17393006 |
| &nbsp;&nbsp;&nbsp;TOTAL | $1159968132 | $– | $– | $1159968132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Emerald Finance & Banking Innovation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $47026109 | $– | $– | $47026109 |
| &nbsp;&nbsp;&nbsp;Rights and Warrants |  | 565 |  | 565 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 796463 | – | – | 796463 |
| &nbsp;&nbsp;&nbsp;TOTAL | $47822572 | $565 | $– | $47823137 |

---

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

20 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

For the six months ended October 31, 2025, 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, 2025.

**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. Foreign dividend income may be subject to foreign withholding taxes (a portion of which may be reclaimable). Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

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

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

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

As of and during the six months ended October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. 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 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.

Semi-Annual Report \| October 31, 2025 21

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

**3. TAX BASIS INFORMATION**

**Tax Basis of Investments:** As of October 31, 2025, 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**<br> **cost 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 | $485412769 | $(19922280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $465490489 | $694477643 |
| Emerald Finance & Banking Innovation Fund | 13170443 | (1502239) |  | 11668204 | 36154933 |

---

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

The tax character of distributions paid for the year ending April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term**<br> **Capital Gain** | **Return of Capital** |
| Emerald Growth Fund | $28023772 | $95290028 | $– |
| Emerald Finance & Banking Innovation Fund | 1103836 |  |  |

---

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, 2025.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year ended October 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Cost of Investments**<br> **Purchased** | **Proceeds from**<br> **Investments Sold** |
| Emerald Growth Fund | $302904354 | $359211791 |
| Emerald Insights Fund | 0 | 0 |
| Emerald Finance & Banking Innovation Fund | 22241927 | 27066913 |

---

During the six month period ended October 31, 2025, Emerald Growth Fund did not hold in-kind transactions.

22 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (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 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.

---

| | | |
|:---|:---|:---|
|  | **Emerald Growth Fund** | **Emerald Growth Fund** |
| | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**April 30, 2025** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 177217 | 198008 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 242971 | 437193 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (271711) | (1368179) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 148477 | (732978) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1423 | 5300 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 7813 | 12965 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (18780) | (25131) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (9544) | (6866) |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4606803 | 5997751 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 2165914 | 3375819 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5285291) | (10820447) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1487426 | (1446877) |
| **Investor** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 497547 | 1104864 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 85434 | 119193 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1094976) | (806866) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (511995) | 417191 |

---

Semi-Annual Report \| October 31, 2025 23

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Emerald Finance & Banking Innovation Fund** | **Emerald Finance & Banking Innovation Fund** |
| | **For the**<br>**Six Months Ended**<br>**October 31, 2025**<br>**(Unaudited)** |<br>**For the**<br>**Year Ended**<br>**April 30, 2025** |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21118 | 34187 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 16903 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (76594) | (234243) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (55476) | (183153) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 463 | 1655 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 3195 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (22319) | (61681) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (21856) | (56831) |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 50972 | 152517 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 16298 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (107786) | (228295) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (56814) | (59480) |
| **Investor** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 6577 | 18609 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  | 6525 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (21532) | (88699) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (14955) | (63565) |

---

**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** | **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** | **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 expenses) 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.

With respect to the Emerald Finance & Banking Innovation Fund, this agreement (the "2026 Expense Agreement") is in effect from September 1, 2025 through August 31, 2026. The prior expense agreement for the Emerald Finance & Banking Innovation Fund was in effect from September 1, 2024 through August 31, 2025.

24 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

With respect to the Emerald Growth Fund, this agreement (this agreement, together with the 2026 Expense Agreement, the "Expense Agreements") is in effect from October 30, 2024 through August 31, 2026. Prior expense agreements for the Emerald Growth Fund were in effect from September 1, 2025 through October 29, 2025 and from September 1, 2024 through August 31, 2025.

The Adviser will be permitted to recapture, on a class-by-class basis, 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; 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 pay any such deferred fees and expenses more than three years after the date on which the fees and expenses were deferred. The Adviser may not discontinue these waivers, prior to the expiration of their terms, without the approval by the Funds' Board, for all Funds. Fees waived/reimbursed by the Adviser for the six months ended October 31, 2025 are disclosed in the Statements of Operations.

In addition, the Adviser has contractually agreed to waive and/or reimburse the Fund's Class A, Class C, Institutional Class and Investor Class shares of the Emerald Growth Fund for any acquired fund fees and expenses incurred by the Fund in connection with the Fund's investment in any exchange-traded funds advised or sub-advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. This waiver is effective as of October 30, 2024, and shall continue until modified or discontinued by the Board of Trustees of the Trust. See Statement of Operations for amount of fees waived by Adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Emerald Growth Fund**<br>**Class A** | <br>**Class C** | <br>**Institutional Class** | <br>**Investor Class** |
| 1.29% | 1.94% | 0.99% | 1.34% |

---

---

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

---

For the six months ended October 31, 2025, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Fees Waived/ Reimbursed By**<br>**Adviser** | **Recoupment of Past Waived**<br>**Fees By Adviser** |
| **Emerald Finance & Banking Innovation Fund** | | |
| &nbsp;&nbsp;&nbsp;Class A | $– | $– |
| &nbsp;&nbsp;&nbsp;Class C |  | 74 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 35 |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |

---

As of April 30, 2025, the balances of recoupable expenses for the Emerald Finance & Banking Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expires 2028** | **Expires 2029** | **Total** |
| **Emerald Finance & Banking Fund** | | | |
| &nbsp;&nbsp;&nbsp;Class A | $45 | $974 | $1019 |
| &nbsp;&nbsp;&nbsp;Class C | 86 | 90 | 176 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 32 | 943 | 975 |
| &nbsp;&nbsp;&nbsp;Investor Class | 13 | 273 | 286 |

---

**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 six months ended October 31, 2025 are disclosed in the Statements of Operations.

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

Semi-Annual Report \| October 31, 2025 25

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

**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, 2025 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, 2025 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, 2025 are disclosed in the Statements of Operations.

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

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

Each Fund, has adopted a Shareholder Services Plan (a "Shareholder Services Plan") with respect to its Class C, Institutional Class and Investor Class shares. Under the Shareholder Services Plan, a Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the "Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25%, 0.05% and 0.15% of the average daily net asset value of Class C, Institutional Class and Investor Class, respectively, of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with such Participating Organizations (the "Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund's shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the six months ended October 31, 2025, 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 for the six months ended October 31, 2025.

**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. TRANSACTIONS WITH AFFILIATES**

The following investments are in companies deemed "affiliated" (as defined in Section 2(a)(3) of the 1940 Act) with the Emerald Growth Fund during the year ended October 31, 2025. The Emerald Finance & Banking Innovation Fund had no transactions with affiliates during the year ended October 31, 2025.

26 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

October 31, 2025 (Unaudited)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME** | **FAIR VALUE<br> AS OF APRIL 30,<br> 2025** | **PURCHASES** | **SALES** | **CHANGE IN<br> UNREALIZED<br> GAIN/(LOSS)** | **REALIZED<br> GAIN/(LOSS)** | **FAIR VALUE<br> AS OF OCTOBER<br> 31, 2025** | **SHARE BALANCE<br> AS OF OCTOBER<br> 31, 2025** | **DIVIDENDS** |
| F/m Emerald Life Sciences Innovation ETF | $45971746 | $– | $– | $19671194 | $– | $65642940 | 1997035 | $– |
| Total | $45971746 | $– | $– | $19671194 | $– | $65642940 | 1997035 | $– |

---

**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. Management has determined there were no subsequent events to report through the issuance of these Financial Statements.

Semi-Annual Report \| October 31, 2025 27

Emerald Funds Changes in and Disagreements with Accountants for Open-End Management Investment Companies

October 31, 2025 (Unaudited)

Not applicable for this reporting period.

28 www.emeraldmutualfunds.com

Emerald Funds Proxy Disclosures for Open-End Management Investment Companies

October 31, 2025 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report \| October 31, 2025 29

Emerald Funds Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

October 31, 2025 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular**<br>**Compensation**<br>**From the Trust** | **Aggregate Special**<br>**Compensation from**<br>**the Trust** | **Total Compensation**<br>**from the Trust** |
| Total | $371000 | $- | $371000 |

---

30 www.emeraldmutualfunds.com

Emerald Funds Statement Regarding Basis for Approval of Investment Advisory Contract

October 31, 2025 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report \| October 31, 2025 31

![](fp0096605-1_02.jpg)

![](fp0096605-1_03.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements and Financial Highlights for Open-End Management Investment Companies |  |
| Schedule of Investments | 1 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 11 |
| Statements of Changes in Net Assets | 13 |
| Financial Highlights | 18 |
| Notes to Financial Statements and Financial Highlights | 30 |
| Tax Designations | 42 |
| Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 43 |
| Proxy Disclosures for Open-End Management Investment Companies | 44 |
| Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies | 45 |
| Statement Regarding Basis for Approval of Investment Advisory Contract | 46 |

---

<u>Seafarer Overseas Growth and Income Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (98.6%)** |  |  |  |
| ***Belgium (1.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 980000 | $59682000 |
| &nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 59682000 |
| ***Brazil (8.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 27000000 | 62370000 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 10125000 | 74520000 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | BRL | 6500000 | 15452746 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | BRL | 15369500 | 57193355 |
| &nbsp;&nbsp;&nbsp;XP, Inc., ADR | USD | 3599000 | 65573780 |
| &nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 275109881 |
| ***China / Hong Kong (16.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | HKD | 4140000 | 88094021 |
| &nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 98314000 | 52479955 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 14749000 | 51747353 |
| &nbsp;&nbsp;&nbsp;Haitian International Holdings, Ltd. | HKD | 14000000 | 38255519 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | USD | 11300000 | 69046650 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 1250155 | 73402326 |
| &nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 182000000 | 60278022 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | CNY | 2100000 | 63489604 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Ltd., Class H | HKD | 21000000 | 28187753 |
| &nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 524981203 |
| ***Czech Republic (2.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 8463000 | 71635112 |
| &nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 71635112 |
| ***France (1.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | EUR | 24770 | 61292121 |
| ***Total France*** |  |  | 61292121 |
| ***Hungary (2.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | HUF | 2850000 | 87791580 |
| &nbsp;&nbsp;&nbsp;***Total Hungary*** |  |  | 87791580 |

---

Semi-annual Report – October 31, 2025 1

<u>Seafarer Overseas Growth and Income Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***India (9.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | INR | 947397 | $42017223 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR | USD | 432000 | 15647040 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | INR | 1637700 | 18209339 |
| &nbsp;&nbsp;&nbsp;L&T Technology Services, Ltd. | INR | 1578172 | 73064356 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. | INR | 12450000 | 39422388 |
| &nbsp;&nbsp;&nbsp;Tata Motors Limited<sup>(a)</sup> | INR | 3000000 | 8961685 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles Limited | INR | 3000000 | 13846597 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 9350000 | 75830712 |
| &nbsp;&nbsp;&nbsp;***Total India*** |  |  | 286999340 |
| ***Indonesia (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | IDR | 133000000 | 68094939 |
| &nbsp;&nbsp;&nbsp;***Total Indonesia*** |  |  | 68094939 |
| ***Mexico (5.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV | MXN | 33980000 | 41737686 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | MXN | 5800000 | 54448852 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | MXN | 20172000 | 66774928 |
| &nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 162961466 |
| ***Peru (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 259000 | 67599000 |
| &nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 67599000 |
| ***Poland (0.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt SA | PLN | 29069 | 1997260 |
| &nbsp;&nbsp;&nbsp;***Total Poland*** |  |  | 1997260 |
| ***Qatar (1.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 47313950 | 57540832 |
| &nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 57540832 |
| ***Singapore (7.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | SGD | 1850000 | 76594693 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | SGD | 6299700 | 81742092 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | SGD | 6000000 | 68662763 |
| &nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 226999548 |

---

2 (855) 732-9220 seafarerfunds.com

<u>Seafarer Overseas Growth and Income Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***South Africa (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sanlam, Ltd. | ZAR | 12500000 | $65587599 |
| &nbsp;&nbsp;&nbsp;***Total South Africa*** |  |  | 65587599 |
| ***South Korea (18.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | KRW | 865000 | 191283898 |
| &nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 40157 | 483023 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | KRW | 27850 | 5219540 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.<sup>(a)</sup> | KRW | 119700 | 102336744 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 170000 | 26902710 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | KRW | 2500000 | 188190549 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 371838 | 83783099 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 598199563 |
| ***Taiwan (8.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | TWD | 3006000 | 104538789 |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | TWD | 5200000 | 52818369 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | TWD | 1330000 | 42777950 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | TWD | 4743000 | 60431253 |
| &nbsp;&nbsp;&nbsp;***Total Taiwan*** |  |  | 260566361 |
| ***Thailand (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL, Class F | THB | 50000000 | 29177453 |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 5990000 | 37792066 |
| &nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 66969519 |
| ***United Arab Emirates (2.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | AED | 30000000 | 28504219 |
| &nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 49697777 | 40862872 |
| &nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 69367091 |
| ***United Kingdom (1.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 3176502 | 35506404 |
| &nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 35506404 |
| ***Vietnam (2.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;PetroVietnam Gas JSC | VND | 14420000 | 33805003 |

---

Semi-annual Report – October 31, 2025 3

<u>Seafarer Overseas Growth and Income Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***Vietnam (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | VND | 19125000 | $41868054 |
| &nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 75673057 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $2,596,756,022)** |  |  | 3124553876 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $2,596,756,022) (98.6%)** |  |  | $3124553876 |
| **Cash and Other Assets, Less Liabilities (1.4%)** |  |  | 44317195 |
| **NET ASSETS (100.0%)** |  |  | $3168871071 |

---

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

 

*ADR-American Depositary Receipt*

*Currency Abbreviations*

---

| | | |
|:---|:---|:---|
| *AED* | *-* | *United Arab Emirates Dirham* |
| *BRL* | *-* | *Brazil Real* |
| *CNY* | *-* | *China Yuan* |
| *CZK* | *-* | *Czech Republic Koruna* |
| *EUR* | *-* | *European Union Euro* |
| *GBP* | *-* | *United Kingdom Pound* |
| *HKD* | *-* | *Hong Kong Dollar* |
| *HUF* | *-* | *Hungary Forint* |
| *IDR* | *-* | *Indonesia Rupiah* |
| *INR* | *-* | *India Rupee* |
| *KRW* | *-* | *South Korea Won* |
| *MXN* | *-* | *Mexico Peso* |
| *PLN* | *-* | *Poland Zloty* |
| *QAR* | *-* | *Qatar Riyal* |
| *SGD* | *-* | *Singapore Dollar* |
| *THB* | *-* | *Thailand Baht* |
| *TWD* | *-* | *Taiwan New Dollar* |
| *USD* | *-* | *United States Dollar* |
| *VND* | *-* | *Vietnam Dong* |
| *ZAR* | *-* | *South Africa Rand* |

---

4 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Schedule of Investments

*October 31, 2025 (Unaudited)*

*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.*

---

| | |
|:---|:---|
| Industry Composition (Unaudited) |  |
| Advertising & Marketing | 0.0% |
| Apparel & Textile Products | 1.9% |
| Asset Management | 4.1% |
| Automotive | 9.1% |
| Banking | 14.1% |
| Beverages | 6.8% |
| Biotech & Pharma | 6.0% |
| Chemicals | 2.4% |
| Construction Materials | 1.2% |
| Containers & Packaging | 1.1% |
| E-Commerce Discretionary | 2.8% |
| Electric Utilities | 1.3% |
| Engineering & Construction | 3.2% |
| Entertainment Content | 0.1% |
| Food | 1.3% |
| Health Care Facilities & Svcs | 0.9% |
| Institutional Financial Svcs | 2.6% |
| Insurance | 0.5% |
| Internet Media & Services | 0.2% |
| Machinery | 1.2% |
| Medical Equipment & Devices | 2.0% |
| Oil & Gas Producers | 3.2% |
| Real Estate Owners & Developers | 2.2% |
| Retail - Consumer Staples | 5.6% |
| Retail - Discretionary | 2.3% |
| Semiconductors | 1.9% |
| Specialty Finance | 1.3% |
| Technology Hardware | 14.4% |
| Transportation & Logistics | 3.7% |
| Transportation Equipment | 0.3% |
| Wholesale - Discretionary | 0.9% |
| Cash and Other Assets, Less Liabilities | 1.4% |
| Total Net Assets | 100.0% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-annual Report – October 31, 2025 5

<u>Seafarer Overseas Value Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (96.3%)** |  |  |  |
| ***Belgium (2.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 54000 | $3288600 |
| &nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 3288600 |
| ***Brazil (8.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 1069000 | 2469390 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 466400 | 3432704 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | BRL | 1000000 | 2377345 |
| &nbsp;&nbsp;&nbsp;XP, Inc., ADR | USD | 172000 | 3133840 |
| &nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 11413279 |
| ***China / Hong Kong (28.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 8003000 | 4271997 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power Co., Ltd., Class A | CNY | 661990 | 2615328 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 1139000 | 3996219 |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | HKD | 5090000 | 4109718 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | USD | 745000 | 4552191 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 67475 | 3961766 |
| &nbsp;&nbsp;&nbsp;Melco International Development, Ltd. | HKD | 7801500 | 4686841 |
| &nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 9211000 | 3050664 |
| &nbsp;&nbsp;&nbsp;Pico Far East Holdings, Ltd. | HKD | 5538000 | 1869028 |
| &nbsp;&nbsp;&nbsp;Shangri-La Asia, Ltd. | HKD | 6092000 | 3802331 |
| &nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 36916083 |
| ***Czech Republic (3.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 546000 | 4621620 |
| &nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 4621620 |
| ***Georgia (9.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Georgia Capital PLC | GBP | 203174 | 6914091 |
| &nbsp;&nbsp;&nbsp;Lion Finance Group PLC | GBP | 46000 | 4842590 |
| &nbsp;&nbsp;&nbsp;***Total Georgia*** |  |  | 11756681 |
| ***India (5.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | INR | 85000 | 945102 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. | INR | 850000 | 2691488 |
| &nbsp;&nbsp;&nbsp;Tata Motors Limited | INR | 99000 | 295736 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles Limited | INR | 99000 | 456938 |

---

6 (855) 732-9220 seafarerfunds.com

<u>Seafarer Overseas Value Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***India (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 331875 | $2691585 |
| &nbsp;&nbsp;&nbsp;***Total India*** |  |  | 7080849 |
| ***Mexico (3.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV, ADR | USD | 29000 | 2492550 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | MXN | 232000 | 2177954 |
| &nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 4670504 |
| ***Peru (2.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 14000 | 3654000 |
| &nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 3654000 |
| ***Qatar (2.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 2160000 | 2626883 |
| &nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 2626883 |
| ***Singapore (4.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | SGD | 4920000 | 2757903 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | SGD | 1399000 | 3361946 |
| &nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 6119849 |
| ***South Korea (7.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 170000 | 2044821 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 24000 | 3798030 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 18240 | 4109864 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 9952715 |
| ***Thailand (1.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 271000 | 1709791 |
| &nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 1709791 |
| ***United Arab Emirates (9.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | AED | 2800000 | 2660394 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | AED | 974000 | 3769033 |
| &nbsp;&nbsp;&nbsp;Fertiglobe PLC | AED | 3310000 | 2252717 |

---

Semi-annual Report – October 31, 2025 7

<u>Seafarer Overseas Value Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***United Arab Emirates (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 4421137 | $3635180 |
| &nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 12317324 |
| ***United Kingdom (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 239109 | 2672720 |
| &nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 2672720 |
| ***Uruguay (2.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc. | USD | 400000 | 2868000 |
| &nbsp;&nbsp;&nbsp;***Total Uruguay*** |  |  | 2868000 |
| ***Vietnam (2.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;PetroVietnam Technical Services Corp. | VND | 2455080 | 3060104 |
| &nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 3060104 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $98,083,498)** |  |  | 124729002 |
| **PREFERRED STOCKS (0.1%)** |  |  |  |
| ***South Korea (0.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 1800 | 179636 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 179636 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $184,192)** |  |  | 179636 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $98,267,690) (96.4%)** |  |  | $124908638 |
| **Cash and Other Assets, Less Liabilities (3.6%)** |  |  | 4695204 |
| **NET ASSETS (100.0%)** |  |  | $129603842 |

---

*ADR-American Depositary Receipt*

 

*Currency Abbreviations*

---

| | | |
|:---|:---|:---|
| *AED* | *-* | *United Arab Emirates Dirham* |
| *BRL* | *-* | *Brazil Real* |
| *CNY* | *-* | *China Yuan* |
| *CZK* | *-* | *Czech Republic Koruna* |
| *GBP* | *-* | *United Kingdom Pound* |
| *HKD* | *-* | *Hong Kong Dollar* |

---

8 (855) 732-9220 seafarerfunds.com

<u>Seafarer Overseas Value Fund</u> <u>Schedule of Investments</u> <br> *October 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| *INR* | *-* | *India Rupee* |
| *KRW* | *-* | *South Korea Won* |
| *MXN* | *-* | *Mexico Peso* |
| *QAR* | *-* | *Qatar Riyal* |
| *SGD* | *-* | *Singapore Dollar* |
| *THB* | *-* | *Thailand Baht* |
| *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.*

---

| | |
|:---|:---|
| Industry Composition (Unaudited) |  |
| Advertising & Marketing | 1.6% |
| Asset Management | 7.8% |
| Automotive | 3.5% |
| Banking | 15.2% |
| Beverages | 9.7% |
| Chemicals | 3.8% |
| Commercial Support Services | 1.4% |
| Construction Materials | 1.3% |
| Containers & Packaging | 2.1% |
| Electric Utilities | 4.8% |
| Engineering & Construction | 3.1% |
| Food | 5.8% |
| Insurance | 1.8% |
| Leisure Facilities & Services | 10.9% |
| Oil & Gas Producers | 4.1% |
| Oil & Gas Services & Equipment | 2.3% |
| Real Estate Owners & Developers | 6.4% |
| Retail - Consumer Staples | 3.1% |
| Retail - Discretionary | 3.1% |
| Transportation & Logistics | 4.4% |
| Transportation Equipment | 0.2% |
| Cash and Other Assets, Less Liabilities | 3.6% |
| Total Net Assets | 100.0% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-annual Report – October 31, 2025 9

<u>Seafarer Funds</u> <u>Statements of Assets and Liabilities</u> <br> *October 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Seafarer<br> Overseas Growth<br> and Income Fund** | **Seafarer<br> Overseas Value<br> Fund** |
| **ASSETS:** |  |  |
| Investments, at value | $3124553876 | $124908638 |
| Cash | 38895126 | 4747569 |
| Foreign currency, at value (Cost $2,660,619 and $7,348, respectively) | 2657472 | 7356 |
| Receivable for investments sold | 14309121 |  |
| Receivable for shares sold | 1228011 | 25309 |
| Interest and dividends receivable | 4104535 | 137873 |
| Prepaid expenses and other assets | 41329 | 28399 |
| &nbsp;&nbsp;&nbsp;Total Assets | 3185789470 | 129855144 |
| **LIABILITIES:** |  |  |
| Payable for investments purchased | 3600418 |  |
| Foreign capital gains tax | 5006184 | 62883 |
| Administrative fees payable | 107908 | 9762 |
| Shareholder service plan fees payable | 205177 | 8420 |
| Payable for shares redeemed | 5526863 | 27604 |
| Investment advisory fees payable | 1918048 | 80363 |
| Payable for chief compliance officer fees | 4970 | 4988 |
| Trustee fees and expenses payable | 90771 | 2888 |
| Payable for principal financial officer fees | 1264 | 1264 |
| Audit and tax fees payable | 14590 | 10226 |
| Accrued expenses and other liabilities | 442206 | 42904 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 16918399 | 251302 |
| **NET ASSETS** | $3168871071 | $129603842 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital (Note 5) | $2647916946 | $98226251 |
| Total distributable earnings | 520954125 | 31377591 |
| **NET ASSETS** | $3168871071 | $129603842 |
| **INVESTMENTS, AT COST** | $2596756022 | $98267690 |
| **PRICING OF SHARES** |  |  |
| **Institutional Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $14.71 | $17.13 |
| Net Assets | $3015013618 | $127731115 |
| Shares of beneficial interest outstanding | 205024725 | 7458281 |
| **Investor Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $14.60 | $17.05 |
| Net Assets | $142478529 | $633812 |
| Shares of beneficial interest outstanding | 9758715 | 37178 |
| **Retail Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $14.57 | $17.01 |
| Net Assets | $11378924 | $1238915 |
| Shares of beneficial interest outstanding | 780728 | 72819 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Statements of Operations</u> <br> *Six Months Ended October 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Seafarer<br> Overseas Growth <br> and Income Fund** | **Seafarer<br> Overseas Value<br> Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends | $63427534 | $2435410 |
| Foreign taxes withheld | (4129590) | (56812) |
| Interest and other income | 1053459 | 174991 |
| &nbsp;&nbsp;&nbsp;Total investment income | 60351403 | 2553589 |
| **EXPENSES:** |  |  |
| Investment advisory fees (Note 7) | 11476484 | 431746 |
| Administrative and transfer agency fees | 366046 | 47632 |
| Trustee fees and expenses | 128497 | 4266 |
| Registration/filing fees | 40950 | 24824 |
| Shareholder service plan fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 757515 | 29525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 99927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 7285 | 567 |
| Recoupment of previously waived fees (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 9330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  | 75 |
| Legal fees | 38983 | 1201 |
| Audit and tax fees | 26146 | 18501 |
| Reports to shareholders and printing fees | 96883 | 11528 |
| Distribution and service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 9756 | 756 |
| Custody fees | 765363 | 44727 |
| Chief compliance officer fees | 15631 | 15613 |
| Principal financial officer fees | 4453 | 4454 |
| Insurance expense |  | 230 |
| Miscellaneous | 16500 | 2387 |
| &nbsp;&nbsp;&nbsp;Total expenses | 13850419 | 647906 |
| Less fees waived/reimbursed by investment adviser (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (18352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | – | (45) |
| &nbsp;&nbsp;&nbsp;Total net expenses | 13850419 | 629416 |
| **NET INVESTMENT INCOME:** | 46500984 | 1924173 |
| Net realized gain/(loss) on investments | 43298545 | (618) |
| Net realized gain on foreign capital gains tax |  |  |
| Net realized loss on foreign currency transactions | (745236) | (6782) |
| Net realized gain/(loss) | 42553309 | (7400) |
| Net change in unrealized appreciation on investments | 445810798 | 19560211 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currency transactions | (2320) | 3676 |
| Net change in unrealized foreign capital gains tax | 500526 | 8003 |

---

Semi-annual Report – October 31, 2025 11

<u>Seafarer Funds</u> <u>Statements of Operations</u> <br> *Six Months Ended October 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| | **Seafarer<br> Overseas Growth<br> and Income Fund** | **Seafarer<br> Overseas Value<br> Fund** |
| Net change in unrealized appreciation | 446309004 | 19571890 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS** | 488862313 | 19564490 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $535363297 | $21488663 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 (855) 732-9220 seafarerfunds.com

<u>Seafarer Overseas Growth and Income Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| Net investment income | $46500984 | $75571174 |
| Net realized gain | 42553309 | 25139519 |
| Net change in unrealized appreciation | 446309004 | 74705286 |
| Net increase in net assets resulting from operations | 535363297 | 175415979 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (32703101) | (98627698) |
| &nbsp;&nbsp;&nbsp;Investor Class | (1427904) | (5545365) |
| &nbsp;&nbsp;&nbsp;Retail Class | (97918) | (5134) |
| Net decrease in net assets from distributions | (34228923) | (104178197) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 294571953 | 923059815 |
| &nbsp;&nbsp;&nbsp;Investor Class | 10534659 | 23114742 |
| &nbsp;&nbsp;&nbsp;Retail Class | 5984513 | 7988983 |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 23961628 | 70513880 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1421030 | 5520034 |
| &nbsp;&nbsp;&nbsp;Retail Class | 97908 | 5134 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (592256767) | (1395207556) |
| &nbsp;&nbsp;&nbsp;Investor Class | (16197105) | (129371842) |
| &nbsp;&nbsp;&nbsp;Retail Class | (4336051) | (75109) |
| Net decrease in net assets derived from beneficial interest transactions | (276218232) | (494451919) |
| Net increase/(decrease) in net assets | 224916142 | (423214137) |
| **NET ASSETS:** |  |  |
| Beginning of period | 2943954929 | 3367169066 |
| End of period | $3168871071 | $2943954929 |

---

*<sup>(a)</sup>* *The Seafarer Overseas Growth and Income Fund began offering Retail Class shares on August 30, 2024.* 

*See Notes to Financial Statements and Financial Highlights.*

Semi-annual Report – October 31, 2025 13

<u>Seafarer Overseas Growth and Income Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025<sup>(a)</sup>** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Institutional Class** |  |  |
| Sold | 21604886 | 75720624 |
| Distributions reinvested | 1800273 | 5825240 |
| Redeemed | (42519394) | (114564428) |
| Net decrease in shares outstanding | (19114235) | (33018564) |
| **Investor Class** |  |  |
| Sold | 774305 | 1920580 |
| Distributions reinvested | 107491 | 459185 |
| Redeemed | (1199407) | (10833335) |
| Net decrease in shares outstanding | (317611) | (8453570) |
| **Retail Class** |  |  |
| Sold | 436908 | 657387 |
| Distributions reinvested | 7412 | 427 |
| Redeemed | (315006) | (6400) |
| Net increase in shares outstanding | 129314 | 651414 |

---

*<sup>(a)</sup>* *The Seafarer Overseas Growth and Income Fund began offering Retail Class shares on August 30, 2024.* 

*See Notes to Financial Statements and Financial Highlights.*

14 (855) 732-9220 seafarerfunds.com

<u>Seafarer Overseas Value Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |
| Net investment income | $1924173 | $3384848 |
| Net realized gain/(loss) | (7400) | 3103514 |
| Net change in unrealized appreciation/(depreciation) | 19571890 | (2361603) |
| Net increase in net assets resulting from operations | 21488663 | 4126759 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | (3666783) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (26464) |
| &nbsp;&nbsp;&nbsp;Retail Class | – | (6042) |
| Net decrease in net assets from distributions | – | (3699289) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 16755350 | 20954063 |
| &nbsp;&nbsp;&nbsp;Investor Class | 31228 | 20844 |
| &nbsp;&nbsp;&nbsp;Retail Class | 996121 | 212037 |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class |  | 3657551 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 23287 |
| &nbsp;&nbsp;&nbsp;Retail Class |  | 6042 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8386719) | (23467346) |
| &nbsp;&nbsp;&nbsp;Investor Class | (3796) | (215316) |
| &nbsp;&nbsp;&nbsp;Retail Class | (96330) | (1027) |
| Net increase in net assets derived from beneficial interest transactions | 9295854 | 1190135 |
| Net increase in net assets | 30784517 | 1617605 |
| **NET ASSETS:** |  |  |
| Beginning of period | 98819325 | 97201720 |
| End of period | $129603842 | $98819325 |

---

 

*<sup>(a)</sup>* *The Seafarer Overseas Value Fund began offering Retail Class shares on August 30, 2024.* 

*See Notes to Financial Statements and Financial Highlights.*

Semi-annual Report – October 31, 2025 15

<u>Seafarer Overseas Value Fund</u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025<sup>(a)</sup>** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Institutional Class** |  |  |
| Sold | 1055336 | 1532237 |
| Distributions reinvested |  | 275418 |
| Redeemed | (520173) | (1721192) |
| Net increase in shares outstanding | 535163 | 86464 |
| **Investor Class** |  |  |
| Sold | 1967 | 1517 |
| Distributions reinvested |  | 1760 |
| Redeemed | (249) | (16614) |
| Net increase/(decrease) in shares outstanding | 1718 | (13337) |
| **Retail Class** |  |  |
| Sold | 63032 | 15391 |
| Distributions reinvested |  | 457 |
| Redeemed | (5985) | (75) |
| Net increase in shares outstanding | 57047 | 15772 |

---

*<sup>(a)</sup>* *The Seafarer Overseas Value Fund began offering Retail Class shares on August 30, 2024.* 

*See Notes to Financial Statements and Financial Highlights.*

16 (855) 732-9220 seafarerfunds.com

*Page Intentionally Left Blank*

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

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

18 (855) 732-9220 seafarerfunds.com

<u>Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2023** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** |
| $12.54 | $12.22 | $11.77 | $12.13 | $15.39 | $10.36 |
| 0.20 | 0.29 | 0.32 | 0.26 | 0.35 | 0.20 |
| 2.12 | 0.42 | 0.40 | (0.28) | (2.44) | 5.16 |
| 2.32 | 0.71 | 0.72 | (0.02) | (2.09) | 5.36 |
| (0.15) | (0.39) | (0.27) | (0.21) | (0.29) | (0.18) |
| – | – | – | (0.13) | (0.88) | (0.15) |
| (0.15) | (0.39) | (0.27) | (0.34) | (1.17) | (0.33) |
| 2.17 | 0.32 | 0.45 | (0.36) | (3.26) | 5.03 |
| $14.71 | $12.54 | $12.22 | $11.77 | $12.13 | $15.39 |
| 18.60% | 5.94% | 6.14% | (0.03%) | (14.41%) | 52.28% |
| $3015014 | $2810363 | $3142235 | $2045090 | $1679354 | $1827624 |
| 0.87 %<sup>(c)</sup> | 0.87% | 0.85% | 0.90% | 0.91% | 0.92% |
| 0.87 %<sup>(c)</sup> | 0.87% | 0.85% | 0.90% | 0.91% | 0.92% |
| 2.94 %<sup>(c)</sup> | 2.35% | 2.60% | 2.22% | 2.46% | 1.47% |
| 6% | 16% | 5% | 22% | 16% | 47% |

---

Semi-annual Report – October 31, 2025 19

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

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements and Financial Highlights.*

20 (855) 732-9220 seafarerfunds.com

<u>Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2023** | **Year Ended**<br> **April 30, 2022** | **Year Ended<br> April 30, 2021** |
| $12.45 | $12.14 | $11.70 | $12.06 | $15.31 | $10.31 |
| 0.19 | 0.28 | 0.31 | 0.24 | 0.33 | 0.18 |
| 2.10 | 0.41 | 0.39 | (0.27) | (2.42) | 5.14 |
| 2.29 | 0.69 | 0.70 | (0.03) | (2.09) | 5.32 |
| (0.14) | (0.38) | (0.26) | (0.20) | (0.28) | (0.17) |
| – | – | – | (0.13) | (0.88) | (0.15) |
| (0.14) | (0.38) | (0.26) | (0.33) | (1.16) | (0.32) |
| 2.15 | 0.31 | 0.44 | (0.36) | (3.25) | 5.00 |
| $14.60 | $12.45 | $12.14 | $11.70 | $12.06 | $15.31 |
| 18.55% | 5.81% | 6.01% | (0.13%) | (14.48%) | 52.15% |
| $142479 | $125487 | $224934 | $178566 | $197523 | $228690 |
| 0.96 %<sup>(c)</sup> | 0.97% | 0.96% | 1.00% | 1.00% | 1.02% |
| 0.96 %<sup>(c)</sup> | 0.97% | 0.96% | 1.00% | 1.00% | 1.02% |
| 2.81 %<sup>(c)</sup> | 2.29% | 2.53% | 2.05% | 2.33% | 1.35% |
| 6% | 16% | 5% | 22% | 16% | 47% |

---

Semi-annual Report – October 31, 2025 21

Seafarer Overseas Growth and Income Fund

---

| |
|:---|
| **Retail 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;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>* *The Seafarer Overseas Growth and Income Fund began offering Retail Class shares on August 30, 2024.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<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.*

*See Notes to Financial Statements and Financial Highlights.*

22 (855) 732-9220 seafarerfunds.com

<u> Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | |
|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **For the Period<br> August 30, 2024 (Inception)<br> to April 30, 2025<sup>(a)</sup>** |
| $12.44 | $12.70 |
| 0.17 | 0.24 |
| 2.10 | (0.31) |
| 2.27 | (0.07) |
| (0.14) | (0.19) |
| (0.14) | (0.19) |
| 2.13 | (0.26) |
| $14.57 | $12.44 |
| 18.37% | (0.48 %) |
| $11379 | $8104 |
| 1.17 %<sup>(d)</sup> | 1.17 %<sup>(d)</sup> |
| 1.17 %<sup>(d)</sup> | 1.17 %<sup>(d)</sup> |
| 2.43 %<sup>(d)</sup> | 3.04 %<sup>(d)</sup> |
| 6% | 16% |

---

Semi-annual Report – October 31, 2025 23

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>(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.*

*<sup>(f)</sup>* *Less than 0.5%.*

*See Notes to Financial Statements and Financial Highlights.*

24 (855) 732-9220 seafarerfunds.com

<u>Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2023** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** |
| $14.17 | $14.12 | $13.43 <sup>(a)</sup> | $12.86 <sup>(a)</sup> | $13.18 | $9.48 |
| 0.26 | 0.49 | 0.48 | 0.40 | 0.46 | 0.25 |
| 2.70 | 0.11 | 0.62 | 0.39 | (0.32) | 3.62 |
| 2.96 | 0.60 | 1.10 | 0.79 | 0.14 | 3.87 |
|  | (0.51) | (0.41) | (0.22) | (0.42) | (0.17) |
| – | (0.04) | – | – | (0.04) | – |
| – | (0.55) | (0.41) | (0.22) | (0.46) | (0.17) |
| 2.96 | 0.05 | 0.69 | 0.57 | (0.32) | 3.70 |
| $17.13 | $14.17 | $14.12 | $13.43 <sup>(a)</sup> | $12.86 <sup>(a)</sup> | $13.18 |
| 20.89% | 4.50% | 8.30 %<sup>(a)</sup> | 6.22 %<sup>(a)</sup> | 1.08 %<sup>(a)</sup> | 40.98% |
| $127731 | $98097 | $96515 | $80150 | $41405 | $34714 |
| 1.07 %<sup>(d)</sup> | 1.14% | 1.06% | 1.18% | 1.37% | 1.51% |
| 1.05 %<sup>(d)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| 3.22 %<sup>(d)</sup> | 3.60% | 3.51% | 3.11% | 3.43% | 2.19% |
| 0 %<sup>(f)</sup> | 11% | 3% | 1% | 14% | 24% |

---

Semi-annual Report – October 31, 2025 25

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>(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>* *Annualized.*

*<sup>(e)</sup>* *Ratio of operating expenses excluding reimbursement/waiver was updated from the April 30, 2024 Annual Report to be accurately represented.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Less than 0.5%.*

*See Notes to Financial Statements and Financial Highlights.*

26 (855) 732-9220 seafarerfunds.com

<u>Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2023** | **Year Ended<br> April 30, 2022** | **Year Ended<br> April 30, 2021** |
| $14.11 | $14.07 | $13.39 <sup>(a)</sup> | $12.83 <sup>(a)</sup> | $13.16 | $9.46 |
| 0.25 | 0.46 | 0.47 | 0.38 | 0.42 | 0.22 |
| 2.69 | 0.12 | 0.61 | 0.39 | (0.29) | 3.64 |
| 2.94 | 0.58 | 1.08 | 0.77 | 0.13 | 3.86 |
|  | (0.50) | (0.40) | (0.21) | (0.42) | (0.16) |
| – | (0.04) | – | – | (0.04) | – |
| – | (0.54) | (0.40) | (0.21) | (0.46) | (0.16) |
| 2.94 | 0.04 | 0.68 | 0.56 | (0.33) | 3.70 |
| $17.05 | $14.11 | $14.07 | $13.39 <sup>(a)</sup> | $12.83 <sup>(a)</sup> | $13.16 |
| 20.84% | 4.37% | 8.18 %<sup>(a)</sup> | 6.11% | 0.94 %<sup>(a)</sup> | 40.96% |
| $634 | $500 | $687 | $600 | $405 | $431 |
| 1.15 %<sup>(d)</sup> | 1.19% | 1.28 %<sup>(e)</sup> | 1.23% | 1.48% | 1.49% |
| 1.15 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| 3.12 %<sup>(d)</sup> | 3.33% | 3.41% | 2.98% | 3.15% | 1.99% |
| 0 %<sup>(g)</sup> | 11% | 3% | 1% | 14% | 24% |

---

Semi-annual Report – October 31, 2025 27

Seafarer Overseas Value Fund

---

| |
|:---|
| **Retail 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 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 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>* *The Seafarer Overseas Value Fund began offering Retail Class shares on August 30, 2024.*

*<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.*

*<sup>(f)</sup>* *Less than 0.5%.*

*See Notes to Financial Statements and Financial Highlights.*

28 (855) 732-9220 seafarerfunds.com

<u>Financial Highlights</u> <br> *For a share outstanding through the periods presented*

---

| | |
|:---|:---|
| **Six Months<br> Ended<br> October 31, 2025<br> (Unaudited)** | **For the Period<br> August 30, 2024 (Inception)<br> to April 30, 2025<sup>(a)</sup>** |
| $14.10 | $13.98 |
| 0.22 | 0.27 |
| 2.69 | 0.39 |
| 2.91 | 0.66 |
|  | (0.50) |
| – | (0.04) |
| – | (0.54) |
| 2.91 | 0.12 |
| $17.01 | $14.10 |
| 20.64% | 4.96% |
| $1239 | $222 |
| 1.35 %<sup>(d)</sup> | 1.38 %<sup>(d)</sup> |
| 1.35 %<sup>(d)</sup> | 1.35 %<sup>(d)</sup> |
| 2.69 %<sup>(d)</sup> | 2.99 %<sup>(d)</sup> |
| 0 %<sup>(f)</sup> | 11% |

---

Semi-annual Report – October 31, 2025 29

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

**NOTES TO FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS** 

**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 Institutional, Investor, and Retail 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 increases and decreases in net assets resulting from operations 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 "Financial Services - Investment Companies". 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 utilized by Seafarer Capital Partners, LLC (the "Adviser"), as the Funds' Valuation

30 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

Designee 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.

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 Adviser, as the Funds' Valuation Designee, believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

The Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. The deferred liability for potential future capital gains taxes for the Funds, if any, is disclosed in the Statements of Assets and Liabilities.

**Fair Value Measurements**

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has appointed the Adviser to serve as the Valuation Designee to perform fair value determinations for investments in the Funds. Fair valuation policies and procedures ("FV Procedures") are utilized by the Valuation Designee for the fair valuation of portfolio assets held by the Funds in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Fund's Pricing Procedures appear to be unreliable or not indicative of fair value. The Pricing Procedures reflect certain pricing methodologies (or "logics") that are not

Semi-annual Report – October 31, 2025 31

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

"readily available market quotations" and thus are viewed and treated as fair valuations. The Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Funds.

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

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

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date; |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date |

---

32 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

The following is a summary of the inputs used to value each Fund as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $59682000 | $– | $– | $59682000 |
| &nbsp;&nbsp;&nbsp;Brazil | 275109881 |  |  | 275109881 |
| &nbsp;&nbsp;&nbsp;China / Hong Kong | 120794003 | 404187200 |  | 524981203 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 71635112 |  | 71635112 |
| &nbsp;&nbsp;&nbsp;France |  | 61292121 |  | 61292121 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 87791580 |  | 87791580 |
| &nbsp;&nbsp;&nbsp;India | 15647040 | 271352300 |  | 286999340 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 68094939 |  | 68094939 |
| &nbsp;&nbsp;&nbsp;Mexico | 162961466 |  |  | 162961466 |
| &nbsp;&nbsp;&nbsp;Peru | 67599000 |  |  | 67599000 |
| &nbsp;&nbsp;&nbsp;Poland |  | 1997260 |  | 1997260 |
| &nbsp;&nbsp;&nbsp;Qatar | 57540832 |  |  | 57540832 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 226999548 |  | 226999548 |
| &nbsp;&nbsp;&nbsp;South Africa | 65587599 |  |  | 65587599 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 598199563 |  | 598199563 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 260566361 |  | 260566361 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 66969519 |  | 66969519 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 40862872 | 28504219 |  | 69367091 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 35506404 |  | 35506404 |
| &nbsp;&nbsp;&nbsp;Vietnam | – | 75673057 | – | 75673057 |
| Total | $865784693 | $2258769183 | $– | $3124553876 |

---

Semi-annual Report – October 31, 2025 33

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value(a)** | **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 | $3288600 | $– | $– | $3288600 |
| &nbsp;&nbsp;&nbsp;Brazil | 11413279 |  |  | 11413279 |
| &nbsp;&nbsp;&nbsp;China / Hong Kong | 12350741 | 24565342 |  | 36916083 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 4621620 |  | 4621620 |
| &nbsp;&nbsp;&nbsp;Georgia |  | 11756681 |  | 11756681 |
| &nbsp;&nbsp;&nbsp;India |  | 7080849 |  | 7080849 |
| &nbsp;&nbsp;&nbsp;Mexico | 4670504 |  |  | 4670504 |
| &nbsp;&nbsp;&nbsp;Peru | 3654000 |  |  | 3654000 |
| &nbsp;&nbsp;&nbsp;Qatar | 2626883 |  |  | 2626883 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 6119849 |  | 6119849 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 9952715 |  | 9952715 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 1709791 |  | 1709791 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 3635180 | 8682144 |  | 12317324 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 2672720 |  | 2672720 |
| &nbsp;&nbsp;&nbsp;Uruguay | 2868000 |  |  | 2868000 |
| &nbsp;&nbsp;&nbsp;Vietnam | 3060104 |  |  | 3060104 |
| Preferred Stocks | – | 179636 | – | 179636 |
| Total | $47567291 | $77341347 | $– | $124908638 |

---

*<sup>(a)</sup>* *For detailed descriptions of securities by country, see the accompanying Schedules of Investments.*

For the six months ended October 31, 2025, 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, 2025.

**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. 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 Statements of Operations. 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**

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.

34 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

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, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| Seafarer Overseas Growth and Income Fund | $38895126 |
| Seafarer Overseas Value Fund | 4747569 |

---

As of October 31, 2025, the Funds had the following foreign cash balances participating in the BBH CMS (cost at October 31, 2025 is disclosed on the Statements of Assets and Liabilities):

---

| | |
|:---|:---|
| Seafarer Overseas Growth and Income Fund | $2657472 |
| Seafarer Overseas Value Fund |  |

---

**Foreign Securities**

The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies, and possible future adverse political and economic developments.

Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Foreign Currency Translation**

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. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

**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

Semi-annual Report – October 31, 2025 35

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

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.

**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, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. 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.

36 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

**3. Tax Basis Information**

**Tax Basis of Investments**

As of October 31, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation), and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Cost of**<br> **Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross Unrealized**<br> **Depreciation** | **Net**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Foreign**<br> **Currencies** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Seafarer Overseas Growth and Income Fund | $2838675324 | $406755773 | $(360962752) | $(5454220) | $40338801 |
| Seafarer Overseas Value Fund | 81810666 | 19916129 | (12943290) | (66499) | 6906340 |

---

**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, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** |
| Seafarer Overseas Growth and Income Fund | $104178197 | $– |
| Seafarer Overseas Value Fund | 3451291 | 247998 |

---

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, 2025.

**4. Securities Transactions**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six months ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchase of Securities** | **Proceeds From Sales of<br> Securities** |
| Seafarer Overseas Growth and Income Fund | $177091620 | $426115518 |
| Seafarer Overseas Value Fund | 16791246 | 225706 |

---

Semi-annual Report – October 31, 2025 37

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (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 shares do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers' ownership of the shares. Shares have no pre-emptive rights.

**6. Borrowings**

On March 16, 2023, the Funds entered into a Credit Agreement with the Funds' custodian, Brown Brothers Harriman & Co. ("BBH"). On March 14, 2025, the Credit Agreement was renewed between the Funds and BBH. The Credit Agreement has a termination date of March 13, 2026. Under the terms of the Credit Agreement, the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund are collectively allowed to borrow up to $50,000,000. The borrowing of each Fund is several and not joint and subject to a 10:1 collateral-to-debt ratio. The collateral for the Credit Agreement is the assets of the applicable Fund. Interest is charged at a rate of the higher of the Federal Funds Rate or the Adjusted Term Secured Overnight Financing Rate (SOFR) plus an applicable margin of 2%. For the six months ended October 31, 2025, the Funds did not have outstanding borrowings.

**7. 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.

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 (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15% and 1.35% of a Fund's average daily net assets for the Institutional, Investor, and Retail share classes, respectively. The current agreement (the "Expense Agreement") shall continue at least through August 31, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through the Expense Agreement to the extent that a 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 fees and expenses more than three years after the date on which the fees or expenses

38 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

were deferred. This agreement may not be terminated or modified prior to August 31, 2026, except with the approval of the Funds' Board. During the six months ended October 31, 2025, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of October 31, 2025, the Adviser had recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

For the six months ended October 31, 2025, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/<br> Reimbursed By<br> Adviser** | **Recoupment of Past<br> Waived Fees By<br> Adviser** |
| Seafarer Overseas Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $18352 | $9330 |
| &nbsp;&nbsp;&nbsp;Investor Class | 93 | 544 |
| &nbsp;&nbsp;&nbsp;Retail Class | 45 | 75 |

---

As of October 31, 2025, the balances of recoupable expenses for each class were as follows for the Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Expires<br> 2029** | **Total** |
| Seafarer Overseas Growth and Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail Class |  |  |  |  |  |
| Seafarer Overseas Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | $24584 | $22770 | $82301 | $18351 | $148006 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 731 | 226 | 93 | 1050 |
| &nbsp;&nbsp;&nbsp;Retail Class |  |  |  | 45 | 45 |

---

**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. Officers of the Trust are employees of ALPS.

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. Administrative fees paid by the Funds for the six months ended October 31, 2025 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, 2025 are disclosed in the Statements of Operations.

Semi-annual Report – October 31, 2025 39

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

**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, 2025 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, 2025 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.

**Rule 12b-1 Plan**

Each Fund has adopted a separate plan of distribution for Retail Class shares, pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan allows each Fund, as applicable, to use Retail Class assets to pay fees in connection with the distribution and marketing of Retail Class shares and/or the provision of ongoing shareholder services to Retail Class shareholders. The Plan permits each Fund to make total payments at an annual rate of up to 0.20% of a Fund's average daily net assets attributable to its Retail Class shares. Because these fees are paid out of a Fund's Retail Class assets on an ongoing basis, over time they will increase the cost of an investment in Retail Class shares, and Plan fees may cost an investor more than other types of sales charges.

**Shareholder Service Plan**

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 0.05%, 0.15%, and 0.15% of the average daily net asset value of the Institutional, Investor, and Retail classes, respectively. Such payments will be

40 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Notes to Financial Statements and Financial Highlights</u> <br> *October 31, 2025 (Unaudited)*

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. Participating Organizations may charge less than the maximum fees described above, and therefore the Funds may pay less than those maximum fees. Shareholder Services Plan fees paid by the Funds for the six months ended October 31, 2025 are disclosed in the Statements of Operations.

**Trustees**

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

All Trustees receive a quarterly retainer of $33,500, plus $12,500 for each regular or special in person board, and $4,000 for each special telephonic Board or Committee meeting attended. Trustees receive $5,000 for each non-quarterly special Board meeting attended. Trustees receive $5,000 for each non-quarterly special committee meeting attended for which a corresponding non-quarterly special Board meeting is not held. The Chairman of the Board and the Chairman of the Audit Committee also receive an additional quarterly retainer of $7,500 and $6,000, respectively. The Chairman of the Nominating and Governance Committee receives an additional quarterly retainer of $2,000. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

**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 Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined there were no subsequent events to report through the issuance of these Financial Statements.

Semi-annual Report – October 31, 2025 41

<u>Seafarer Funds</u> <u>Tax Designations</u> <br> *October 31, 2025 (Unaudited)*

**Tax Designations**

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2024:

---

| |
|:---|
| **Fund** |
| Seafarer Overseas Growth and Income Fund – 38.69% |
| Seafarer Overseas Value Fund – 33.89% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

The Funds hereby designate the following numbers as long-term capital gain distributions:

---

| | |
|:---|:---|
| **Fund** | **Long Term Capital Gain Distributions** |
| Seafarer Overseas Growth and Income Fund |  |
| Seafarer Overseas Value Fund | $247998 |

---

The Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund designate foreign taxes paid in the amount of $5,918,911 and $108,016 and foreign source income in the amount of $111,734,701 and $4,423,812 respectively, for federal income tax purposes for the year ended April 30, 2025.

Please consult a tax advisor if you have questions about federal or state income tax laws, or how to prepare your tax returns.

42 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u> <br> *October 31, 2025 (Unaudited)*

Not applicable for this reporting period.

Semi-annual Report – October 31, 2025 43

<u>Seafarer Funds</u> <u>Proxy Disclosures for Open-End Management Investment Companies</u> <br> *October 31, 2025 (Unaudited)*

Not applicable for this reporting period.

44 (855) 732-9220 seafarerfunds.com

<u>Seafarer Funds</u> <u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u> <br> *October 31, 2025 (Unaudited)*

The following chart provides certain information about the Trustee fees paid by the Trust for the period ended October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Aggregate Regular<br> Compensation From<br> the Trust** | **Aggregate Special<br> Compensation from<br> the Trust** | **Total Compensation<br> from the Trust** |
| Total | $371000 | $– | $371000 |

---

Semi-annual Report – October 31, 2025 45

<u>Seafarer Funds</u> <u>Statement Regarding Basis for Approval of Investment Advisory Contract</u> <br> *October 31, 2025 (Unaudited)*

Not applicable for this reporting period.

46 (855) 732-9220 seafarerfunds.com

![](fp0096605-1_04.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Any changes in and disagreements with accountants are filed under Item 7 of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Any applicable proxy disclosures are filed under Item 7 of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Any remuneration paid are filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable to this Report.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

 **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

 **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

 **Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

 **Item 19. Exhibits.**

(a)(1) Not applicable to this Report.

(a)(2) Not applicable.

(a)(3) [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.](fp0096605-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&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 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto .](fp0096605-1_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, 2026 |

---

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, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2026 |

---

## 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;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;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;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;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;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;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, 2026 |

---

I, Paul Holland, 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;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;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;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;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;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;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/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2026 |

---

## 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, 2025 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.

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| | |
|:---|:---|
| Dated: | January 9, 2026 |
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |

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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, 2025 of the Financial Investors Trust (the "Company").

I, Paul Holland, 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.

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| | |
|:---|:---|
| Dated: | January 9, 2026 |
| By: | /s/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |

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