# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001752724-25-165718
**Filing Date:** 2025-7
**Character Count:** 121480
**Document Hash:** 49bfd46c9f2fcb83cb26a2a93579c9eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-165718.hdr.sgml**: 20250710

**ACCESSION NUMBER**: 0001752724-25-165718

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250710

**DATE AS OF CHANGE**: 20250710

**EFFECTIVENESS DATE**: 20250710

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08194
- **FILM NUMBER:** 251115948

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

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

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

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

## Series and Classes Contracts Data

### ALPS Global Opportunity Fund (Series ID: S000019569)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000054404 | Investor Shares | LPEFX           |
| C000054405 | Class I         | LPEIX           |
| C000054406 | Class R         | LPERX           |
| C000090359 | Class C         | LPFCX           |
| C000200954 | Class A         | LPFAX           |

### Clough China Fund (Series ID: S000026776)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000080470 | Investor Shares | CHNAX           |
| C000080471 | Class C         | CHNCX           |
| C000080472 | Class I         | CHNIX           |
| C000200956 | Class A         | CHCAX           |

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

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

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

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

### ALPS | CoreCommodity Management CompleteCommodities Strategy Fund (Series ID: S000028470)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000087089 | Investor Shares | JCRAX           |
| C000087090 | Class C         | JCRCX           |
| C000087091 | Class I         | JCRIX           |
| C000200957 | Class A         | JCCSX           |

### RiverFront Asset Allocation Aggressive (Series ID: S000029516)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000090571 | Investor Shares   | RLTAX           |
| C000090572 | Class C           | RLTCX           |
| C000090573 | Class I           | RLFIX           |
| C000091168 | Investor Class II | RLTSX           |
| C000091169 | Class L           | RLTIX           |
| C000200958 | Class A           | RLAAX           |

### ALPS Asset Allocation Growth & Income (Series ID: S000029518)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000090577 | Investor Shares | RLGAX           |
| C000090578 | Class C         | RLGCX           |
| C000090579 | Class I         | RLIIX           |
| C000200960 | Class A         | RAGIX           |

### RiverFront Asset Allocation Moderate (Series ID: S000029519)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000090580 | Investor Shares | RMIAX           |
| C000090581 | Class C         | RMICX           |
| C000090582 | Class I         | RMIIX           |
| C000200961 | Class A         | RMOAX           |

### ALPS | Kotak India ESG Fund (Series ID: S000030224)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000093015 | Investor Shares | INDAX           |
| C000093016 | Class C         | INFCX           |
| C000093017 | Class I         | INDIX           |
| C000200962 | Class A         | INAAX           |
| C000215313 | Class II        | INDSX           |

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000109812 | Investor 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           |

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

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

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

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

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

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

### Emerald Small Cap Value Fund (Series ID: S000049345)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000156081 | Class A             | ELASX           |
| C000156082 | Class C             | ELCSX           |
| C000156083 | Institutional Class | LSRYX           |
| C000156084 | Investor Class      | LSRIX           |

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

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

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

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

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

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

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

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

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

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

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

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

### ALPS | Smith Short Duration Bond Fund (Series ID: S000062209)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000201375 | Class A         | SMASX           |
| C000201376 | Class C         | SMCMX           |
| C000201377 | Class I         | SMDSX           |
| C000201378 | Investor Shares | SMRSX           |

### ALPS | Smith Total Return Bond Fund (Series ID: S000062210)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000201379 | Class A         | SMAMX           |
| C000201380 | Class C         | SMCHX           |
| C000201381 | Class I         | SMTHX           |
| C000201382 | Investor Shares | SMTRX           |

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

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

### Emerald Select trueLiberty Income Fund (Series ID: S000066801)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000215137 | Class A             | ESTAX           |
| C000217844 | Institutional Class |  |

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

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

### ALPS Balanced Opportunity Fund (Series ID: S000069460)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000221738 | Investor Class | ALIBX           |
| C000221739 | Class C        | ALCBX           |
| C000221740 | Class I        | ALPBX           |
| C000221741 | Class A        | ALABX           |

### ALPS | Smith Credit Opportunities Fund (Series ID: S000069461)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000221742 | Investor Class | SMCVX           |
| C000221743 | Class A        | SMCAX           |
| C000221744 | Class C        | SMCCX           |
| C000221745 | Class I        | SMCRX           |

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

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

### ALPS | CoreCommodity Natural Resources ETF (Series ID: S000085672)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000251006 | ALPS | CoreCommodity Natural Resources ETF | CCNR            |

## Internal

![](fp0094198-1_01.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of <br> Financial Investors Trust

In planning and performing our audit of the financial statements of Seafarer Overseas Growth and Income Fund, Seafarer Overseas Value Fund, The Disciplined Growth Investors Fund, Emerald Growth Fund, Emerald Insights Fund, Emerald Finance & Banking Innovation Fund, Vulcan Value Partners Fund, and Vulcan Value Partners Small Cap Fund (the "Funds"), each a series of Financial Investors Trust, as of and for the year ended April 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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 (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of April 30, 2025.

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

![](fp0094198-1_02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

![](fp0094198-1_03.jpg)

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0000915802

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-04-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Financial Investors Trust

- **Item B.1.b - Investment Company Act file number:** 811-08194

- **Item B.1.c - CIK:** 0000915802

- **Item B.1.d - LEI:** 549300XD6LCPI5YWPZ35

- **Item B.2.a - Street 1:** 1290 Broadway

- **Item B.2.a - Street 2:** Suite 1000

- **Item B.2.b - City:** Denver

- **Item B.2.c - State:** CO

- **Item B.2.e - Zip Code:** 80203

- **Item B.2.f - Telephone:** 303-623-2577

- **Item B.2.g - Public Website:** ssctech.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** ALPS Distributors, Inc.

- **b. Street 1:** 1290 Broadway

- **Street 2:** Suite 1000

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** (303) 623-2577

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Rondure Global Advisors

- **b. Street 1:** 136 S. Main Street

- **Street 2:** Suite 720

- **c. City:** Salt Lake City

- **d. State, if applicable:** UT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 84101

- **g. Telephone number:** (801) 736-8550

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Emerald Mutual Fund Advisers Trust

- **b. Street 1:** 3175 Oregon Pike

- **c. City:** Leola

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 17540

- **g. Telephone number:** (717) 556-8900

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Seafarer Capital Partners, LLC

- **b. Street 1:** 1100 Larkspur Landing Circle

- **Street 2:** Suite 375

- **c. City:** Larkspur

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94939

- **g. Telephone number:** (415) 578-9080

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** ALPS Fund Services, Inc.

- **b. Street 1:** 1290 Broadway

- **Street 2:** Suite 1000

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** (303) 623-2577

- **h. Briefly describe the books and records kept at this location:** regulatory documents and accounting records

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Highland Associates, Inc.

- **b. Street 1:** 2545 Highland Avenue, South

- **Street 2:** Suite 200

- **c. City:** Biringham

- **d. State, if applicable:** AL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 35205

- **g. Telephone number:** (205) 933-8664

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Vulcan Value Partners

- **b. Street 1:** Three Protective Center, 2801 US-280

- **Street 2:** Suite 300

- **c. City:** Birmingham

- **d. State, if applicable:** AL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 35223

- **g. Telephone number:** (205) 803-1584

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Parametric Portfolio Associates

- **b. Street 1:** 800 5th Avenue

- **Street 2:** Suite 2800

- **c. City:** Seattle

- **d. State, if applicable:** WA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 98104

- **g. Telephone number:** (206) 694-5575

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Grandeur Peak Global Advisors

- **b. Street 1:** 136 S. Main Street

- **Street 2:** Suite 720

- **c. City:** Salt Lake City

- **d. State, if applicable:** UT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 84101

- **g. Telephone number:** (801) 384-0000

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Disciplined Growth Investors

- **b. Street 1:** 150 South Fifth Street

- **Street 2:** Suite 2550

- **c. City:** Minneapolis

- **d. State, if applicable:** MN

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 55402

- **g. Telephone number:** (612) 317-4100

- **h. Briefly describe the books and records kept at this location:** All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Financial Investors Trust

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 8

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name            | Is Interested Person?   | Other Investment Company File Numbers                                       |
|:---|:---|:---|
| Edmund J. Burke | Yes                     | 811-23059, 811-21712, 811-04537, 811-21583, 811-22175, 811-21846, 811-04809 |
| Ross Shell      | No                      | N/A                                                                         |
| Jerry Rutledge  | No                      | 811-21846, 811-21712, 811-21583, 811-22742                                  |
| Jeremy Deems    | No                      | 811-21987, 811-21432, 811-22175, 811-23059                                  |
| Mary K. Anstine | No                      | 811-21432, 811-22175, 811-03373, 811-21987                                  |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Ted Uhl

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 1290 Broadway

- **   Street Address 2:** Suite 1000

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80203

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** ALPS DISTRIBUTORS, INC.

- **ii. SEC file number:** 8-34626

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Emerald Insights Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Emerald Insights Fund

- **b. Series identification number, if any:** S000046191

- **c. LEI:** 549300DA5H6L1G1MIQ82

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional Class     | C000144478                                | EFCIX                        |
|                           2 | Class C                 | C000144477                                | EFCCX                        |
|                           3 | Class A                 | C000144476                                | EFCAX                        |
|                           4 | Investor Class          | C000144479                                | EFCNX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Emerald Mutual Fund Advisers Trust

- **ii. SEC file number:** 801-64204

- **iii. CRD number:** 000135130

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** MUFG Union Bank

- **ii. LEI, if any:** OX3PU53ZLPQKJ4700D47

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $353.00

**Brokers Record: 2**

- **i. Full name of broker:** Bloomberg Tradebook

- **ii. SEC file number:** 8-49219

- **iii. CRD number:** 000040881

- **iv. LEI, if any:** 549300P0PVQNO43T7K36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $678.00

**Brokers Record: 3**

- **i. Full name of broker:** Piper Sandler

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $451.00

**Brokers Record: 4**

- **i. Full name of broker:** Sturdivant

- **ii. SEC file number:** 8-41204

- **iii. CRD number:** 000024583

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,223.00

**Brokers Record: 5**

- **i. Full name of broker:** Royal Bank Of Canada

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,805.00

**Brokers Record: 6**

- **i. Full name of broker:** Cowen Group

- **ii. SEC file number:** 8-68531

- **iii. CRD number:** 000153397

- **iv. LEI, if any:** 5493008YIIJEE4T4UC61

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $390.00

**Brokers Record: 7**

- **i. Full name of broker:** CRAIG-HALLUM CAPITAL GROUP LLC

- **ii. SEC file number:** 8-65407

- **iii. CRD number:** 000121395

- **iv. LEI, if any:** 549300YWNPUXBR9XZW77

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $757.00

**Brokers Record: 8**

- **i. Full name of broker:** LOOP CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-50140

- **iii. CRD number:** 000043098

- **iv. LEI, if any:** 254900FPPM2WN90D4786

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,018.00

**Brokers Record: 9**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,983.00

**Brokers Record: 10**

- **i. Full name of broker:** STIFEL, NICOLAUS & COMPANY, INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $868.00

**Aggregate Commission:** $25,736.00

**Item C.17.a. Principal transaction counterparties.**

| Name                                 | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| GOLDMAN SACHS & CO. LLC              | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | UT      | US        | $26,640.00                |
| JPMORGAN DISTRIBUTION SERVICES, INC. | 8-52700           |    000104234 | N/A                  | OH      | US        | $14,088.00                |
| Piper Sandler                        | 8-15204           |    000000665 | 549300GRQCWQ3XGH0H10 | MN      | US        | $31,507.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $72,235.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $22,339,948.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - Emerald Growth Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Emerald Growth Fund

- **b. Series identification number, if any:** S000036390

- **c. LEI:** 549300S7DYC4OY6QMR25

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class          | C000111290                                | FFGRX                        |
|                           2 | Class A                 | C000111287                                | HSPGX                        |
|                           3 | Institutional Class     | C000111289                                | FGROX                        |
|                           4 | Class C                 | C000111288                                | HSPCX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Emerald Mutual Fund Advisers Trust

- **ii. SEC file number:** 801-64204

- **iii. CRD number:** 000135130

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** MUFG Union Bank

- **ii. LEI, if any:** OX3PU53ZLPQKJ4700D47

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CRAIG-HALLUM CAPITAL GROUP LLC

- **ii. SEC file number:** 8-65407

- **iii. CRD number:** 000121395

- **iv. LEI, if any:** 549300YWNPUXBR9XZW77

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,146.00

**Brokers Record: 2**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $99,984.00

**Brokers Record: 3**

- **i. Full name of broker:** Royal Bank Of Canada

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $169,442.00

**Brokers Record: 4**

- **i. Full name of broker:** STURDIVANT & CO. INC

- **ii. SEC file number:** 8-41204

- **iii. CRD number:** 000024583

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,995.00

**Brokers Record: 5**

- **i. Full name of broker:** Jefferies

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $181,927.00

**Brokers Record: 6**

- **i. Full name of broker:** STIFEL, NICOLAUS & COMPANY, INCORPORATED

- **ii. SEC file number:** 8-1447

- **iii. CRD number:** 000000793

- **iv. LEI, if any:** 5WUVMA08EYG4KEUPW589

- **v. State, if applicable:** MO

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31,669.00

**Brokers Record: 7**

- **i. Full name of broker:** COWEN PRIME SERVICES LLC

- **ii. SEC file number:** 8-68531

- **iii. CRD number:** 000153397

- **iv. LEI, if any:** 5493008YIIJEE4T4UC61

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $28,499.00

**Brokers Record: 8**

- **i. Full name of broker:** Bloomberg Tradebook

- **ii. SEC file number:** 8-49219

- **iii. CRD number:** 000040881

- **iv. LEI, if any:** 549300P0PVQNO43T7K36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $86,678.00

**Brokers Record: 9**

- **i. Full name of broker:** Piper Sandler

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $33,210.00

**Brokers Record: 10**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,560.00

**Aggregate Commission:** $826,639.00

**Item C.17.a. Principal transaction counterparties.**

| Name                                     | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Piper Sandler                            | 8-15204           |    000000665 | 549300GRQCWQ3XGH0H10 | MN      | US        | $2,138,491.00             |
| JPMorgan Chase                           | 8-52700           |    000104234 | 549300ZK53CNGEEI6A29 | OH      | US        | $1,162,082.00             |
| BARCLAYS CAPITAL INC.                    | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $3,945,115.00             |
| CITICORP SECURITIES SERVICES, INC.       | 8-32117           |    000015387 | 549300N0SOX9OZVKG341 | NY      | US        | $3,333,360.00             |
| Goldman Sachs                            | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | UT      | US        | $9,665,631.00             |
| Stephens                                 | 8-1927            |    000003496 | 213800LH6T9XDYZCA534 | AR      | US        | $1,128,375.00             |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | 8-1447            |    000000793 | 5WUVMA08EYG4KEUPW589 | MO      | US        | $6,763,065.00             |
| MORGAN STANLEY                           | 8-68191           |    000149777 | IGJSJL3JD5P30I6NJZ34 | MD      | US        | $1,003,425.00             |
| KEEFE, BRUYETTE & WOODS, INC.            | 8-10888           |    000000481 | 549300OM47DQV01G4854 | NY      | US        | $2,065,390.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $31,204,933.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $960,018,698.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - Seafarer Overseas Value Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Seafarer Overseas Value Fund

- **b. Series identification number, if any:** S000053110

- **c. LEI:** 5493007GNLVHZIAL6N09

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 1

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Retail Class            | C000253516                                | SFVRX                        |
|                           2 | Institutional Class     | C000167155                                | SIVLX                        |
|                           3 | Investor Class          | C000167154                                | SFVLX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** Yes

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Seafarer Capital Partners, LLC

- **ii. SEC file number:** 801-72898

- **iii. CRD number:** 000158671

- **iv. LEI, if any:** 254900DT53DWRS4BO726

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Macquarie Equities

- **ii. SEC file number:** 8-47198

- **iii. CRD number:** 000036368

- **iv. LEI, if any:** 549300670K07JRB5UQ40

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,858.00

**Brokers Record: 2**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $200.00

**Brokers Record: 3**

- **i. Full name of broker:** Clsa

- **ii. SEC file number:** 8-69166

- **iii. CRD number:** 000165533

- **iv. LEI, if any:** 213800M2DXATWY7JMS07

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,741.00

**Brokers Record: 4**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,093.00

**Brokers Record: 5**

- **i. Full name of broker:** Btg Pactual

- **ii. SEC file number:** 8-68148

- **iii. CRD number:** 000149486

- **iv. LEI, if any:** 549300EUEDL5GKQW8U35

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,497.00

**Brokers Record: 6**

- **i. Full name of broker:** Jefferies

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,750.00

**Brokers Record: 7**

- **i. Full name of broker:** UBS SECURITIES LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,702.00

**Brokers Record: 8**

- **i. Full name of broker:** Ho Chi Minh Securities

- **ii. SEC file number:** N/A

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,385.00

**Brokers Record: 9**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 8-12900

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** UT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,185.00

**Brokers Record: 10**

- **i. Full name of broker:** DEUTSCHE BANK SECURITIES INC.

- **ii. SEC file number:** 8-17822

- **iii. CRD number:** 000002525

- **iv. LEI, if any:** 9J6MBOOO7BECTDTUZW19

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,589.00

**Aggregate Commission:** $53,788.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $94,041,060.62

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 4 - Vulcan Value Partners Small Cap Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Vulcan Value Partners Small Cap Fund

- **b. Series identification number, if any:** S000027284

- **c. LEI:** 549300I5666K4TQ8WH14

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Institutional Class     | C000211492                                | VVISX                        |
|                           2 | Investor Class          | C000082314                                | VVPSX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Vulcan Value Partners, LLC

- **ii. SEC file number:** 801-70739

- **iii. CRD number:** 000151190

- **iv. LEI, if any:** 549300MHYFHBK14BXI81

- **v. State, if applicable:** AL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** BNY MELLON CAPITAL MARKETS, LLC

- **ii. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Jones Trading

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $132,968.00

**Brokers Record: 2**

- **i. Full name of broker:** ALLIANCEBERNSTEIN INVESTMENTS, INC.

- **ii. SEC file number:** 8-30851

- **iii. CRD number:** 000014549

- **iv. LEI, if any:** 549300TDIO6ROCMUID11

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,854.00

**Brokers Record: 3**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $98,998.00

**Brokers Record: 4**

- **i. Full name of broker:** CANTOR FITZGERALD & CO.

- **ii. SEC file number:** 8-201

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $84,561.00

**Brokers Record: 5**

- **i. Full name of broker:** Jefferies

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,561.00

**Brokers Record: 6**

- **i. Full name of broker:** Redburn (USA) LLC

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

- **iv. LEI, if any:** 213800TYRTQILMQQLV79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $24,705.00

**Brokers Record: 7**

- **i. Full name of broker:** WELLS FARGO PRIME SERVICES, LLC

- **ii. SEC file number:** 8-66677

- **iii. CRD number:** 000133068

- **iv. LEI, if any:** PBLD0EJDB5FWOLXP3B76

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,304.00

**Brokers Record: 8**

- **i. Full name of broker:** MKM PARTNERS LLC

- **ii. SEC file number:** 8-53436

- **iii. CRD number:** 000114666

- **iv. LEI, if any:** 25490041O5W104HFWA62

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,584.00

**Brokers Record: 9**

- **i. Full name of broker:** MORGAN STANLEY

- **ii. SEC file number:** 8-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $41,627.00

**Aggregate Commission:** $451,795.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $210,468,052.54

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - Emerald Banking and Finance Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Emerald Banking and Finance Fund

- **b. Series identification number, if any:** S000036389

- **c. LEI:** 5493002N765XOK5MEJ73

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class          | C000111286                                | FFBFX                        |
|                           2 | Class C                 | C000111284                                | HSSCX                        |
|                           3 | Institutional Class     | C000111285                                | HSSIX                        |
|                           4 | Class A                 | C000111283                                | HSSAX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Emerald Mutual Fund Advisers Trust

- **ii. SEC file number:** 801-64204

- **iii. CRD number:** 000135130

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** MUFG Union Bank

- **ii. LEI, if any:** OX3PU53ZLPQKJ4700D47

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Keefe Bruyette Woods

- **ii. SEC file number:** 8-10888

- **iii. CRD number:** 000000481

- **iv. LEI, if any:** 549300OM47DQV01G4854

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,744.00

**Brokers Record: 2**

- **i. Full name of broker:** JPMORGAN DISTRIBUTION SERVICES, INC.

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31.00

**Brokers Record: 3**

- **i. Full name of broker:** BLOOMBERG TRADEBOOK LLC

- **ii. SEC file number:** 8-49219

- **iii. CRD number:** 000040881

- **iv. LEI, if any:** 549300P0PVQNO43T7K36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $326.00

**Brokers Record: 4**

- **i. Full name of broker:** Raymond James

- **ii. SEC file number:** 8-17983

- **iii. CRD number:** 000006694

- **iv. LEI, if any:** RGUZHJ05YTITL6D76949

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,564.00

**Brokers Record: 5**

- **i. Full name of broker:** Piper Sandler

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,927.00

**Brokers Record: 6**

- **i. Full name of broker:** JANNEY MONTGOMERY SCOTT LLC

- **ii. SEC file number:** 8-462

- **iii. CRD number:** 000000463

- **iv. LEI, if any:** 549300QQRY1JCFQHYS08

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,045.00

**Brokers Record: 7**

- **i. Full name of broker:** Stephens

- **ii. SEC file number:** 8-01927

- **iii. CRD number:** 000003496

- **iv. LEI, if any:** 213800LH6T9XDYZCA534

- **v. State, if applicable:** AR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,625.00

**Brokers Record: 8**

- **i. Full name of broker:** Jeffries LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $777.00

**Brokers Record: 9**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 8-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $530.00

**Brokers Record: 10**

- **i. Full name of broker:** D.A. DAVIDSON & CO.

- **ii. SEC file number:** 8-2399

- **iii. CRD number:** 000000199

- **iv. LEI, if any:** 549300094RQ5A7DYLF51

- **v. State, if applicable:** MT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $69.00

**Aggregate Commission:** $49,639.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| KEEFE, BRUYETTE & WOODS, INC. | 8-10888           |    000000481 | 549300OM47DQV01G4854 | NY      | US        | $1,012,305.00             |
| Piper Sandler                 | 8-15204           |    000000665 | 549300GRQCWQ3XGH0H10 | MN      | US        | $65,000.00                |
| STEPHENS                      | 8-1927            |    000003496 | 213800LH6T9XDYZCA534 | AR      | US        | $295,000.00               |
| MORGAN STANLEY                | 8-68191           |    000149777 | IGJSJL3JD5P30I6NJZ34 | MD      | US        | $47,991.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,420,296.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $50,134,475.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 6 - Vulcan Value Partners Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Vulcan Value Partners Fund

- **b. Series identification number, if any:** S000027283

- **c. LEI:** 549300JDPSKF89Z1MM80

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class          | C000082313                                | VVPLX                        |
|                           2 | Institutional Class     | C000211491                                | VVILX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Vulcan Value Partners, LLC

- **ii. SEC file number:** 801-70739

- **iii. CRD number:** 000151190

- **iv. LEI, if any:** 549300MHYFHBK14BXI81

- **v. State, if applicable:** AL

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** BNY MELLON CAPITAL MARKETS, LLC

- **ii. LEI, if any:** VJW2DOOHGDT6PR0ZRO63

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Barclays

- **ii. SEC file number:** 8-41342

- **iii. CRD number:** 000019714

- **iv. LEI, if any:** AC28XWWI3WIBK2824319

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,751.00

**Brokers Record: 2**

- **i. Full name of broker:** Morgan Stanley

- **ii. SEC file number:** 8-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** IGJSJL3JD5P30I6NJZ34

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,411.00

**Brokers Record: 3**

- **i. Full name of broker:** Goldman Sachs

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** UT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $16,732.00

**Brokers Record: 4**

- **i. Full name of broker:** ALLIANCEBERNSTEIN INVESTMENTS, INC.

- **ii. SEC file number:** 8-30851

- **iii. CRD number:** 000014549

- **iv. LEI, if any:** 549300TDIO6ROCMUID11

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,082.00

**Brokers Record: 5**

- **i. Full name of broker:** Redburn (USA) LLC

- **ii. SEC file number:** 8-67320

- **iii. CRD number:** 000140564

- **iv. LEI, if any:** 213800TYRTQILMQQLV79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $31,694.00

**Brokers Record: 6**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,593.00

**Brokers Record: 7**

- **i. Full name of broker:** JEFFERIES LLC

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** PR

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,767.00

**Brokers Record: 8**

- **i. Full name of broker:** MORGAN STANLEY

- **ii. SEC file number:** 8-68191

- **iii. CRD number:** 000149777

- **iv. LEI, if any:** IGJSJL3JD5P30I6NJZ34

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,411.00

**Brokers Record: 9**

- **i. Full name of broker:** Cantor Fitzgerald

- **ii. SEC file number:** 8-201

- **iii. CRD number:** 000000134

- **iv. LEI, if any:** 5493004J7H4GCPG6OB62

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $14,348.00

**Brokers Record: 10**

- **i. Full name of broker:** Jones Trading

- **ii. SEC file number:** 8-26089

- **iii. CRD number:** 000006888

- **iv. LEI, if any:** 2138008JJ5PA8H5UIL69

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $65,770.00

**Aggregate Commission:** $233,950.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $511,690,178.52

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - Seafarer Overseas Growth and Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Seafarer Overseas Growth and Income Fund

- **b. Series identification number, if any:** S000035831

- **c. LEI:** 254900GLVNAU8SACPS56

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 1

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class          | C000109812                                | SFGIX                        |
|                           2 | Institutional Class     | C000109813                                | SIGIX                        |
|                           3 | Retail Class            | C000253515                                | SFGRX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Seafarer Capital Partners, LLC

- **ii. SEC file number:** 801-72898

- **iii. CRD number:** 000158671

- **iv. LEI, if any:** 254900DT53DWRS4BO726

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Brown Brothers Harriman & Co.

- **ii. LEI, if any:** 5493006KMX1VFTPYPW14

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Clsa

- **ii. SEC file number:** 8-69166

- **iii. CRD number:** 000165533

- **iv. LEI, if any:** 213800M2DXATWY7JMS07

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $338,849.00

**Brokers Record: 2**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $106,045.00

**Brokers Record: 3**

- **i. Full name of broker:** MACQUARIE CAPITAL (USA) INC.

- **ii. SEC file number:** 8-47198

- **iii. CRD number:** 000036368

- **iv. LEI, if any:** 549300670K07JRB5UQ40

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $548,327.00

**Brokers Record: 4**

- **i. Full name of broker:** Jefferies

- **ii. SEC file number:** 8-15074

- **iii. CRD number:** 000002347

- **iv. LEI, if any:** 58PU97L1C0WSRCWADL48

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $757,396.00

**Brokers Record: 5**

- **i. Full name of broker:** DEUTSCHE BANK SECURITIES INC.

- **ii. SEC file number:** 8-17822

- **iii. CRD number:** 000002525

- **iv. LEI, if any:** 9J6MBOOO7BECTDTUZW19

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $56,788.00

**Brokers Record: 6**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 8-12900

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** UT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $68,408.00

**Brokers Record: 7**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-52700

- **iii. CRD number:** 000104234

- **iv. LEI, if any:** 549300ZK53CNGEEI6A29

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $543,874.00

**Brokers Record: 8**

- **i. Full name of broker:** UBS SECURITIES LLC

- **ii. SEC file number:** 8-22651

- **iii. CRD number:** 000007654

- **iv. LEI, if any:** T6FIZBDPKLYJKFCRVK44

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $263,367.00

**Brokers Record: 9**

- **i. Full name of broker:** Btg Pactual

- **ii. SEC file number:** 8-68148

- **iii. CRD number:** 000149486

- **iv. LEI, if any:** 549300EUEDL5GKQW8U35

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47,480.00

**Brokers Record: 10**

- **i. Full name of broker:** Ho Chi Minh Securities

- **ii. SEC file number:** N/A

- **iii. CRD number:** 030291095

- **iv. LEI, if any:** 213800SAZX6COB8ML838

- **vii. Gross commissions paid by the Fund for the reporting period:** $153,746.00

**Aggregate Commission:** $2,896,733.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $3,219,247,434.63

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 8 - The Disciplined Growth Investors Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** The Disciplined Growth Investors Fund

- **b. Series identification number, if any:** S000033265

- **c. LEI:** 549300DC533OFXUE3C57

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Investor Class          | C000102285                                | DGIFX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Disciplined Growth Investors, Inc.

- **ii. SEC file number:** 801-53297

- **iii. CRD number:** 000106746

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. SEC file number:** 84-05730

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CO

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE DATA PRICING & REFERENCE DATA, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** REFINITIV US LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 213800HQORQAP68CJJ04

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** Bloomberg Global Markets Services LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 254900X21QX3H0T4HC32

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 2**

- **i. Full name:** MUFG Union Bank

- **ii. LEI, if any:** OX3PU53ZLPQKJ4700D47

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** ALPS Fund Services, Inc.

- **ii. LEI, if any, or other identifying number:** 84-05730

- **iii. State, if applicable:** CO

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** CRAIG-HALLUM CAPITAL GROUP LLC

- **ii. SEC file number:** 8-65407

- **iii. CRD number:** 000121395

- **iv. LEI, if any:** 549300YWNPUXBR9XZW77

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,256.00

**Brokers Record: 2**

- **i. Full name of broker:** NEEDHAM & COMPANY, LLC

- **ii. SEC file number:** 8-33772

- **iii. CRD number:** 000016360

- **iv. LEI, if any:** 254900J2GFQ4J4NK1J89

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6,421.00

**Brokers Record: 3**

- **i. Full name of broker:** Capital Institutional Services

- **ii. SEC file number:** 8-22273

- **iii. CRD number:** 000007551

- **iv. LEI, if any:** 54930061X8RDWFDJIS05

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $113,096.00

**Brokers Record: 4**

- **i. Full name of broker:** BTIG

- **ii. SEC file number:** 8-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $25,584.00

**Brokers Record: 5**

- **i. Full name of broker:** PIPER SANDLER & CO.

- **ii. SEC file number:** 8-15204

- **iii. CRD number:** 000000665

- **iv. LEI, if any:** 549300GRQCWQ3XGH0H10

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,518.00

**Brokers Record: 6**

- **i. Full name of broker:** WILLIAM BLAIR

- **ii. SEC file number:** 8-2698

- **iii. CRD number:** 000001252

- **iv. LEI, if any:** SNQR0U5FDV8EZZX4W051

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,318.00

**Aggregate Commission:** $172,192.00

**Item C.17.a. Principal transaction counterparties.**

| Name                           | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Keybanc                        | 8-30177           |    000000566 | 2EQWV0180Z211YVAD813 | OH      | US        | $72,242,935.00            |
| Mischler Financial Group, Inc. | 8-48067           |    000037818 | 2549004IPXPSM9EJFC92 | CA      | US        | $35,301,632.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $107,544,567.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $538,554,476.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Financial Investors Trust

**Date:** 2025-04-30

**Signature:** Paul Holland

**Title:** Treasurer