# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001398344-25-012789
**Filing Date:** 2025-7
**Character Count:** 570188
**Document Hash:** 69d2118f51b5cc2cbc38b64bc8b3ab59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012789.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012789

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 145

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08194
- **FILM NUMBER:** 251108606

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

### 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           |

### 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           |

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

<u>FINANCIAL INVESTORS TRUST</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Brendan Hamill, Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

<u>Denver, Colorado 80203</u>

(Name and address of agent for service)

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

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

Date of reporting period: <u>April 30, 2025</u>

**Item 1. Reports to Stockholders.**

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

![Image](i6e68b448e0fddaf6040a6a4a.jpg)

APRIL 30, 2025

ANNUAL

SHAREHOLDER REPORT

TICKER: DGIFX

# DISCIPLINED GROWTH INVESTORS FUND

## FUND OVERVIEW
This annual shareholder report contains important information about Disciplined Growth Investors Fund for the period of May 1, 2024 to April 30, 2025.

You can find additional information about the Fund at **https://www.dgifund.com/geeks-lawyers/literature-forms**. You can also request this information by contacting us at

**1-855-DGI-FUND (344 3863)** or **dgi@alpsinc.com**.

**This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| **Disciplined Growth Investors Fund** | **$75** | **0.78%** |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The DGI Fund returned -6.38% for the twelve months ended April 30, 2025. Stocks in the Fund returned -11.27% and bonds returned +6.97%.

Stock selection was the primary impact on the Fund's performance. The most impactful stock was SuperMicro Computer (SMCI). SMCI's total performance in this period was -62.30% which contributed -5.03% to the Fund's total return. From a high of $95.24/share on May 15, 2024, SMCI stock declined over six months to a low of $18.01/share on Nov. 14, 2024 following the resignation of its auditor and a short seller report on the company. In the subsequent two months, SMCI found a new auditor (BDO) and filed its delayed annual report, maintaining its listing status. From that low point through April 30th, the stock increased 99.9% to $36.00/share. The average weight of SMCI over the year was 3.69% of Fund assets.

The five largest contributors to performance were Interdigital (1.60% contribution), Arista Networks (1.39%), Royal Caribbean Cruises (1.32%), Intuitive Surgical (0.85%), and Plexus (0.83%). The top five detractors were Super Micro (-5.03%), Microchip Technology (-1.42%), Cognex (-1.04%), Align Technology (-1.02%), and Gentex (-0.94%).

Four stocks had performance increases over the period of over 50%. Those were Interdigital (106.03%), Take-Two Interactive (63.38%), Royal Caribbean (52.76%), and Stitch Fix (52.75%).

In total, 19 stocks increased in value while 27 declined.

## HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](id9df3954439c5836725fe4d5.jpg)

---

| | | |
|:---|:---|:---|
| | **Disciplined Growth Investors Fund - $17,361** | **S&P 500 Total Return Index - $31,955** |
| **4/30/2015** | $10000 | $10000 |
| **10/31/2015** | $9660 | $10077 |
| **4/30/2016** | $9795 | $10121 |
| **10/31/2016** | $10352 | $10531 |
| **4/30/2017** | $11261 | $11934 |
| **10/31/2017** | $11848 | $13020 |
| **4/30/2018** | $12359 | $13517 |
| **10/31/2018** | $12746 | $13977 |
| **4/30/2019** | $14181 | $15341 |
| **10/31/2019** | $14315 | $15979 |
| **4/30/2020** | $13501 | $15474 |
| **10/31/2020** | $15574 | $17531 |
| **4/30/2021** | $19847 | $22589 |
| **10/31/2021** | $20248 | $25054 |
| **4/30/2022** | $17494 | $22637 |
| **10/31/2022** | $16597 | $21393 |
| **4/30/2023** | $17786 | $23240 |
| **10/31/2023** | $19105 | $23563 |
| **4/30/2024** | $25781 | $28507 |
| **10/31/2024** | $25807 | $32521 |
| **4/30/2025** | $24136 | $31955 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| Disciplined Growth Investors Fund | **1 Year** | **5 Year** | **10 Year** |
| Disciplined Growth Investors Fund | -6.38% | 12.32% | 9.21% |
| S&P 500 Total Return Index | 12.10% | 15.61% | 12.32% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-855-344-3863 for current month-end performance.

### PROFILE
* Total Net Assets$496,668,358

* # of Portfolio Holdings131

* Portfolio Turnover Rate17%

* Advisory Fees Paid$4,220,685

## WHAT DID THE FUND INVEST IN?

### TOP 10 HOLDINGS
(as a % of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10 |
| Cognex Corp. | 4.3% |
| Garmin, Ltd. | 3.7% |
| Pure Storage, Inc. | 3.7% |
| InterDigital, Inc. | 3.6% |
| Arista Networks, Inc. | 3.5% |
| Plexus Corp. | 3.1% |
| Expand Energy Corp. | 3.1% |
| Coterra Energy, Inc. | 3.1% |
| Alarm.com Holdings, Inc. | 3.0% |
| Super Micro Computer, Inc. | 3.0% |

---

### INDUSTRY SECTOR ALLOCATION
(as a % of Net Assets)

![Group By Sector Chart](i6f99696d4cf3b424d56f42b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 39.0% |
| Energy | 11.3% |
| Industrials | 9.6% |
| Consumer Discretionary | 9.0% |
| Utilities | 7.2% |
| Health Care | 4.3% |
| Communications | 4.2% |
| Financials | 3.2% |
| Consumer, Non-cyclical | 2.9% |
| Government | 2.4% |
| Other Sectors | 4.2% |
| Cash, Cash Equivalents, & Other Net Assets | 2.7% |

---

### ASSET WEIGHTING
(as a % of Net Assets)

![Group By Asset Type Chart](i1eb02268fd881859da534bd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stock | 69.9% |
| Corporate Bond | 25.0% |
| Government Bond | 2.4% |
| Cash, Cash Equivalents, & Other Net Assets | 2.7% |

---

### FIXED INCOME: QUALITY STRUCTURE
(as a % of Net Assets)

![Credit Rating Chart](i471a4cede1f219c9b39ace4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Baa1 | 3.2% |
| Baa2 | 2.5% |
| A3 | 0.9% |
| B1 | 0.8% |

---

Credit quality ratings reflect the highest rating assigned by Moody's Ratings. Moody's is an independent, nationally recognized statistical rating organization and is widely used. Investment grade ratings are Baa or higher. Below investment grade ratings are Ba or lower.

## MATERIAL FUND CHANGES
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025 at https://www.dgifund.com/geeks-lawyers/literature-forms or upon request at 1-855-DGI-FUND (344 3863).

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Disciplined Growth Investors, Inc., the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust on April 17, 2025, subject to the approval of the shareholders of the Fund (the "Reorganization"). Shareholders of the Fund approved the Reorganization at a special shareholder meeting held on June 16, 2025. The Reorganization is expected to occur on or around July 11, 2025.

![Image](i6e68b448e0fddaf6040a6a4a.jpg)

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

DISCIPLINED GROWTH INVESTORS FUND

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

TICKER: DGIFX

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting **https://www.dgifund.com/geeks-lawyers/literature-forms**.

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 1-855-DGI-Fund (344-3863).

Contact Us

1-855-DGI-FUND (344-3863)

*Distributor, ALPS Distributors, Inc.*

317609394–A–04302025

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

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i24c84c04f1962a1a63633ceb.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - A for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - A | $174 | 1.79% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i1289cacf12c07b102ee75144.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Class A - NAV - $13,762 | Class A - Load - $13,108 | Russell 2000<sup>®</sup> Index TR - $18,462 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 2000<sup>®</sup> Financial Services Index TR - $20,135 |
| 4/30/25 | $13762 | $13108 | $18462 | $11651 | $30174 | $20135 |
| 4/30/24 | $11141 | $10611 | $18302 | $10786 | $27085 | $17073 |
| 4/30/23 | $9388 | $8942 | $16151 | $10947 | $22146 | $14629 |
| 4/30/22 | $16018 | $15256 | $16762 | $10994 | $21819 | $16599 |
| 4/30/21 | $23070 | $21973 | $20163 | $12017 | $22520 | $18457 |
| 4/30/20 | $10244 | $9757 | $11527 | $12049 | $14922 | $10970 |
| 4/30/19 | $14639 | $13943 | $13787 | $10870 | $15079 | $14481 |
| 4/30/18 | $16383 | $15605 | $13179 | $10324 | $13382 | $13916 |
| 4/30/17 | $14426 | $13741 | $11816 | $10357 | $11837 | $13132 |
| 4/30/16 | $10839 | $10324 | $9406 | $10272 | $9982 | $10270 |
| 4/30/15 | $10000 | $9525 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - A returned 23.53% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 0.88% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class A | 1 Year | 5 Year | 10 Year |
| Class A - NAV | 23.53% | 6.08% | 3.24% |
| Class A - Load | 17.66% | 5.06% | 2.74% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 6.32% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 17.94% | 12.91% | 7.25% |

---

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

### Fund Statistics
* Total Net Assets$45,721,128

* # of Portfolio Holdings63

* Portfolio Turnover Rate32%

* Advisory Fees Paid$498,862

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i3358b4459fcc60f0b67b19cc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 98.94% |
| Technology | 0.68% |
| Cash, Cash Equivalents, & Other Net Assets | 0.38% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| Metropolitan Bank Holding Corp. | 4.94% |
| Coastal Financial Corp. | 4.60% |
| Skyward Specialty Insurance Group, Inc. | 4.49% |
| Northeast Bancorp | 4.39% |
| Axos Financial, Inc. | 4.34% |
| Bancorp, Inc. | 4.28% |
| Kinsale Capital Group, Inc. | 3.84% |
| Mechanics Bank/Walnut Creek CA | 3.49% |
| Esquire Financial Holdings, Inc. | 3.20% |
| Wintrust Financial Corp | 3.17% |
| Total % of Top 10 Holdings | 40.74% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the Emerald Banking & Finance Evolution Fund, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](i4a97d5073caa6a079816ccb3.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS A : HSSAX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i24c84c04f1962a1a63633ceb.jpg)

*Distributor, ALPS Distributors, Inc.*

317609246–A–04302025

# EMERALD FINANCE & BANKING INNOVATION FUND
CLASS C: HSSCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i967304db25ba11a54cd88b6d.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - C for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - C | $238 | 2.44% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i012f35c48319387058e804df.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class C - NAV - $12,897 | Russell 2000<sup>®</sup> Index TR - $18,462 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 2000<sup>®</sup> Financial Services Index TR - $20,135 |
| 4/30/25 | $12897 | $18462 | $11651 | $30174 | $20135 |
| 4/30/24 | $10506 | $18302 | $10786 | $27085 | $17073 |
| 4/30/23 | $8908 | $16151 | $10947 | $22146 | $14629 |
| 4/30/22 | $15302 | $16762 | $10994 | $21819 | $16599 |
| 4/30/21 | $22191 | $20163 | $12017 | $22520 | $18457 |
| 4/30/20 | $9921 | $11527 | $12049 | $14922 | $10970 |
| 4/30/19 | $14267 | $13787 | $10870 | $15079 | $14481 |
| 4/30/18 | $16068 | $13179 | $10324 | $13382 | $13916 |
| 4/30/17 | $14238 | $11816 | $10357 | $11837 | $13132 |
| 4/30/16 | $10767 | $9406 | $10272 | $9982 | $10270 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - C returned 22.75% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 0.88% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class C | 1 Year | 5 Year | 10 Year |
| Class C - NAV | 22.75% | 5.39% | 2.58% |
| Class C - Load | 21.75% | 5.39% | 2.58% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 6.32% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 17.94% | 12.91% | 7.25% |

---

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

### Fund Statistics
* Total Net Assets$45,721,128

* # of Portfolio Holdings63

* Portfolio Turnover Rate32%

* Advisory Fees Paid$498,862

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](ic7a2ee88dd07396a3fad5c16.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 98.94% |
| Technology | 0.68% |
| Cash, Cash Equivalents, & Other Net Assets | 0.38% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| Metropolitan Bank Holding Corp. | 4.94% |
| Coastal Financial Corp. | 4.60% |
| Skyward Specialty Insurance Group, Inc. | 4.49% |
| Northeast Bancorp | 4.39% |
| Axos Financial, Inc. | 4.34% |
| Bancorp, Inc. | 4.28% |
| Kinsale Capital Group, Inc. | 3.84% |
| Mechanics Bank/Walnut Creek CA | 3.49% |
| Esquire Financial Holdings, Inc. | 3.20% |
| Wintrust Financial Corp | 3.17% |
| Total % of Top 10 Holdings | 40.74% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the Emerald Banking & Finance Evolution Fund, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](i4bf19382aea6747dd87feed9.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS C : HSSCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i967304db25ba11a54cd88b6d.jpg)

*Distributor, ALPS Distributors, Inc.*

317609238–A–04302025

# EMERALD FINANCE & BANKING INNOVATION FUND
INSTITUTIONAL: HSSIX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i8e6403d764b4eed52ac5d6b4.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Institutional for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - Institutional | $149 | 1.53% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K](ic15cd4f32135be0cf4bb49bf.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Institutional - $14,230 | Russell 2000<sup>®</sup> Index TR - $18,462 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 2000<sup>®</sup> Financial Services Index TR - $20,135 |
| 4/30/25 | $14230 | $18462 | $11651 | $30174 | $20135 |
| 4/30/24 | $11490 | $18302 | $10786 | $27085 | $17073 |
| 4/30/23 | $9642 | $16151 | $10947 | $22146 | $14629 |
| 4/30/22 | $16404 | $16762 | $10994 | $21819 | $16599 |
| 4/30/21 | $23541 | $20163 | $12017 | $22520 | $18457 |
| 4/30/20 | $10419 | $11527 | $12049 | $14922 | $10970 |
| 4/30/19 | $14834 | $13787 | $10870 | $15079 | $14481 |
| 4/30/18 | $16538 | $13179 | $10324 | $13382 | $13916 |
| 4/30/17 | $14515 | $11816 | $10357 | $11837 | $13132 |
| 4/30/16 | $10871 | $9406 | $10272 | $9982 | $10270 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - Institutional returned 23.85% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 0.88% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Institutional | 23.85% | 6.43% | 3.59% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 6.32% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 17.94% | 12.91% | 7.25% |

---

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

### Fund Statistics
* Total Net Assets$45,721,128

* # of Portfolio Holdings63

* Portfolio Turnover Rate32%

* Advisory Fees Paid$498,862

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i010fdbba33c8967fea2567aa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 98.94% |
| Technology | 0.68% |
| Cash, Cash Equivalents, & Other Net Assets | 0.38% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| Metropolitan Bank Holding Corp. | 4.94% |
| Coastal Financial Corp. | 4.60% |
| Skyward Specialty Insurance Group, Inc. | 4.49% |
| Northeast Bancorp | 4.39% |
| Axos Financial, Inc. | 4.34% |
| Bancorp, Inc. | 4.28% |
| Kinsale Capital Group, Inc. | 3.84% |
| Mechanics Bank/Walnut Creek CA | 3.49% |
| Esquire Financial Holdings, Inc. | 3.20% |
| Wintrust Financial Corp | 3.17% |
| Total % of Top 10 Holdings | 40.74% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the Emerald Banking & Finance Evolution Fund, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](i95820e5a07efefeeed6ef924.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - INSTITUTIONAL : HSSIX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i8e6403d764b4eed52ac5d6b4.jpg)

*Distributor, ALPS Distributors, Inc.*

317609212–A–04302025

# EMERALD FINANCE & BANKING INNOVATION FUND
INVESTOR: FFBFX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ic37829a42bcba85265fcaea8.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Investor for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Finance & Banking Innovation Fund - Investor | $184 | 1.89% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i24c98293d21b0fc4b6de3db1.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Investor - $13,728 | Russell 2000<sup>®</sup> Index TR - $18,462 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 2000<sup>®</sup> Financial Services Index TR - $20,135 |
| 4/30/25 | $13728 | $18462 | $11651 | $30174 | $20135 |
| 4/30/24 | $11126 | $18302 | $10786 | $27085 | $17073 |
| 4/30/23 | $9377 | $16151 | $10947 | $22146 | $14629 |
| 4/30/22 | $16009 | $16762 | $10994 | $21819 | $16599 |
| 4/30/21 | $23063 | $20163 | $12017 | $22520 | $18457 |
| 4/30/20 | $10247 | $11527 | $12049 | $14922 | $10970 |
| 4/30/19 | $14647 | $13787 | $10870 | $15079 | $14481 |
| 4/30/18 | $16392 | $13179 | $10324 | $13382 | $13916 |
| 4/30/17 | $14421 | $11816 | $10357 | $11837 | $13132 |
| 4/30/16 | $10836 | $9406 | $10272 | $9982 | $10270 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Finance & Banking Innovation Fund - Investor returned 23.39% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Index TR, which had a 0.88% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Investor | 1 Year | 5 Year | 10 Year |
| Investor | 23.39% | 6.02% | 3.22% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 6.32% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 2000<sup>®</sup> Financial Services Index TR | 17.94% | 12.91% | 7.25% |

---

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

### Fund Statistics
* Total Net Assets$45,721,128

* # of Portfolio Holdings63

* Portfolio Turnover Rate32%

* Advisory Fees Paid$498,862

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](ibc5a445b91f06f49116dcfaa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 98.94% |
| Technology | 0.68% |
| Cash, Cash Equivalents, & Other Net Assets | 0.38% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| Metropolitan Bank Holding Corp. | 4.94% |
| Coastal Financial Corp. | 4.60% |
| Skyward Specialty Insurance Group, Inc. | 4.49% |
| Northeast Bancorp | 4.39% |
| Axos Financial, Inc. | 4.34% |
| Bancorp, Inc. | 4.28% |
| Kinsale Capital Group, Inc. | 3.84% |
| Mechanics Bank/Walnut Creek CA | 3.49% |
| Esquire Financial Holdings, Inc. | 3.20% |
| Wintrust Financial Corp | 3.17% |
| Total % of Top 10 Holdings | 40.74% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the Emerald Banking & Finance Evolution Fund, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund](i3202d656d1dadd3b6036be32.jpg)

EMERALD FINANCE & BANKING INNOVATION FUND - INVESTOR : FFBFX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ic37829a42bcba85265fcaea8.jpg)

*Distributor, ALPS Distributors, Inc.*

317609220–A–04302025

# EMERALD GROWTH FUND
CLASS A: HSPGX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](iebdc89833c7c1581b532f135.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Growth Fund - A for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - A | $82 | 1.02% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i29d786f458091cba58208fc0.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class A - NAV - $20,342 | Class A - Load - $19,375 | Russell 2000<sup>®</sup> Growth Index TR - $18,579 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 |
| 4/30/25 | $20342 | $19375 | $18579 | $11651 | $30174 |
| 4/30/24 | $19733 | $18794 | $18140 | $10786 | $27085 |
| 4/30/23 | $17149 | $16333 | $16141 | $10947 | $22146 |
| 4/30/22 | $17570 | $16734 | $16025 | $10994 | $21819 |
| 4/30/21 | $22868 | $21780 | $21786 | $12017 | $22520 |
| 4/30/20 | $13391 | $12754 | $12879 | $12049 | $14922 |
| 4/30/19 | $14879 | $14171 | $14187 | $10870 | $15079 |
| 4/30/18 | $13309 | $12676 | $13270 | $10324 | $13382 |
| 4/30/17 | $11179 | $10647 | $11381 | $10357 | $11837 |
| 4/30/16 | $8972 | $8545 | $9173 | $10272 | $9982 |
| 4/30/15 | $10000 | $9524 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Growth Fund - A returned 3.09% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Growth Index TR, which had a 2.42% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class A | 1 Year | 5 Year | 10 Year |
| Class A - NAV | 3.09% | 8.72% | 7.36% |
| Class A - Load | -1.81% | 7.67% | 6.84% |
| Russell 2000<sup>®</sup> Growth Index TR | 2.42% | 7.60% | 6.39% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

### Fund Statistics
* Total Net Assets$805,723,518

* # of Portfolio Holdings121

* Portfolio Turnover Rate45%

* Advisory Fees Paid$5,700,768

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i1147ea1c58adc809d537a7f5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 26.64% |
| Industrials | 20.74% |
| Technology | 20.74% |
| Financials | 15.78% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 5.25% |
| Energy | 1.28% |
| Telecommunications | 1.10% |
| Real Estate | 0.73% |
| Cash, Cash Equivalents, & Other Net Assets | 1.28% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.70% |
| Credo Technology Group Holding, Ltd. | 2.51% |
| Palomar Holdings, Inc. | 2.43% |
| Kratos Defense & Security Solutions, Inc. | 2.32% |
| FTAI Aviation Ltd | 2.18% |
| Skyward Specialty Insurance Group, Inc. | 2.09% |
| Soleno Therapeutics, Inc. | 2.00% |
| Carpenter Technology Corp. | 1.85% |
| Freshpet, Inc. | 1.81% |
| Chart Industries, Inc. | 1.77% |
| Total % of Top 10 Holdings | 24.66% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund or upon request at (855) 828-9909.

On October 30, 2024, the Fund's principal investment strategies were revised to reflect, among other changes, the Fund's intention to invest in affiliated exchange-traded funds advised or sub-advised by Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund ("Emerald"), including the F/m Emerald Life Sciences Innovation ETF. In addition, the Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald, approved on April 17, 2025, the proposed reorganization of the Fund into a correspondingly named series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](i7ad82df997ec50b695aa73a8.jpg)

EMERALD GROWTH FUND - CLASS A : HSPGX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](iebdc89833c7c1581b532f135.jpg)

*Distributor, ALPS Distributors, Inc.*

317609287–A–04302025

# EMERALD GROWTH FUND
CLASS C: HSPCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i3a3327a17210efd6e34fd70a.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Growth Fund - C for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - C | $135 | 1.68% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i436677bd2592813b77fcaca7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class C - NAV - $19,065 | Russell 2000<sup>®</sup> Growth Index TR - $18,579 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 |
| 4/30/25 | $19065 | $18579 | $11651 | $30174 |
| 4/30/24 | $18609 | $18140 | $10786 | $27085 |
| 4/30/23 | $16290 | $16141 | $10947 | $22146 |
| 4/30/22 | $16790 | $16025 | $10994 | $21819 |
| 4/30/21 | $22001 | $21786 | $12017 | $22520 |
| 4/30/20 | $12972 | $12879 | $12049 | $14922 |
| 4/30/19 | $14505 | $14187 | $10870 | $15079 |
| 4/30/18 | $13058 | $13270 | $10324 | $13382 |
| 4/30/17 | $11039 | $11381 | $10357 | $11837 |
| 4/30/16 | $8913 | $9173 | $10272 | $9982 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Growth Fund - C returned 2.45% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Growth Index TR, which had a 2.42% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class C | 1 Year | 5 Year | 10 Year |
| Class C - NAV | 2.45% | 8.00% | 6.67% |
| Class C - Load | 1.61% | 8.00% | 6.67% |
| Russell 2000<sup>®</sup> Growth Index TR | 2.42% | 7.60% | 6.39% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

### Fund Statistics
* Total Net Assets$805,723,518

* # of Portfolio Holdings121

* Portfolio Turnover Rate45%

* Advisory Fees Paid$5,700,768

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i2ef73c7dea9b35520429e590.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 26.64% |
| Industrials | 20.74% |
| Technology | 20.74% |
| Financials | 15.78% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 5.25% |
| Energy | 1.28% |
| Telecommunications | 1.10% |
| Real Estate | 0.73% |
| Cash, Cash Equivalents, & Other Net Assets | 1.28% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.70% |
| Credo Technology Group Holding, Ltd. | 2.51% |
| Palomar Holdings, Inc. | 2.43% |
| Kratos Defense & Security Solutions, Inc. | 2.32% |
| FTAI Aviation Ltd | 2.18% |
| Skyward Specialty Insurance Group, Inc. | 2.09% |
| Soleno Therapeutics, Inc. | 2.00% |
| Carpenter Technology Corp. | 1.85% |
| Freshpet, Inc. | 1.81% |
| Chart Industries, Inc. | 1.77% |
| Total % of Top 10 Holdings | 24.66% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund or upon request at (855) 828-9909.

On October 30, 2024, the Fund's principal investment strategies were revised to reflect, among other changes, the Fund's intention to invest in affiliated exchange-traded funds advised or sub-advised by Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund ("Emerald"), including the F/m Emerald Life Sciences Innovation ETF. In addition, the Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald, approved on April 17, 2025, the proposed reorganization of the Fund into a correspondingly named series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](i5390083691b1a3dc805086a8.jpg)

EMERALD GROWTH FUND - CLASS C : HSPCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i3a3327a17210efd6e34fd70a.jpg)

*Distributor, ALPS Distributors, Inc.*

317609279–A–04302025

# EMERALD GROWTH FUND
INSTITUTIONAL: FGROX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i9728fb3d713d454911c8d9e0.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Growth Fund - Institutional for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - Institutional | $63 | 0.78% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K](i235c5edcb736e8cae80c4e27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Institutional - $20,968 | Russell 2000<sup>®</sup> Growth Index TR - $18,579 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 |
| 4/30/25 | $20968 | $18579 | $11651 | $30174 |
| 4/30/24 | $20299 | $18140 | $10786 | $27085 |
| 4/30/23 | $17587 | $16141 | $10947 | $22146 |
| 4/30/22 | $17965 | $16025 | $10994 | $21819 |
| 4/30/21 | $23306 | $21786 | $12017 | $22520 |
| 4/30/20 | $13608 | $12879 | $12049 | $14922 |
| 4/30/19 | $15073 | $14187 | $10870 | $15079 |
| 4/30/18 | $13437 | $13270 | $10324 | $13382 |
| 4/30/17 | $11253 | $11381 | $10357 | $11837 |
| 4/30/16 | $9003 | $9173 | $10272 | $9982 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Growth Fund - Institutional returned 3.29% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Growth Index TR, which had a 2.42% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Institutional | 3.29% | 9.03% | 7.68% |
| Russell 2000<sup>®</sup> Growth Index TR | 2.42% | 7.60% | 6.39% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

### Fund Statistics
* Total Net Assets$805,723,518

* # of Portfolio Holdings121

* Portfolio Turnover Rate45%

* Advisory Fees Paid$5,700,768

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i98b6e80bacbaedfc5ccfa5cc.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 26.64% |
| Industrials | 20.74% |
| Technology | 20.74% |
| Financials | 15.78% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 5.25% |
| Energy | 1.28% |
| Telecommunications | 1.10% |
| Real Estate | 0.73% |
| Cash, Cash Equivalents, & Other Net Assets | 1.28% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.70% |
| Credo Technology Group Holding, Ltd. | 2.51% |
| Palomar Holdings, Inc. | 2.43% |
| Kratos Defense & Security Solutions, Inc. | 2.32% |
| FTAI Aviation Ltd | 2.18% |
| Skyward Specialty Insurance Group, Inc. | 2.09% |
| Soleno Therapeutics, Inc. | 2.00% |
| Carpenter Technology Corp. | 1.85% |
| Freshpet, Inc. | 1.81% |
| Chart Industries, Inc. | 1.77% |
| Total % of Top 10 Holdings | 24.66% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund or upon request at (855) 828-9909.

On October 30, 2024, the Fund's principal investment strategies were revised to reflect, among other changes, the Fund's intention to invest in affiliated exchange-traded funds advised or sub-advised by Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund ("Emerald"), including the F/m Emerald Life Sciences Innovation ETF. In addition, the Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald, approved on April 17, 2025, the proposed reorganization of the Fund into a correspondingly named series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](i4898b17c57100303061dcea1.jpg)

EMERALD GROWTH FUND - INSTITUTIONAL : FGROX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i9728fb3d713d454911c8d9e0.jpg)

*Distributor, ALPS Distributors, Inc.*

317609253–A–04302025

# EMERALD GROWTH FUND
INVESTOR: FFGRX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i27f5b376278c3eb904be03db.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Growth Fund - Investor for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Growth Fund - Investor | $91 | 1.13% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](ie112ed34d0cbc51db7113c09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Investor - $20,235 | Russell 2000<sup>®</sup> Growth Index TR - $18,579 | Bloomberg US Aggregate Bond Index - $11,651 | Russell 3000<sup>®</sup> Index - $30,174 |
| 4/30/25 | $20235 | $18579 | $11651 | $30174 |
| 4/30/24 | $19653 | $18140 | $10786 | $27085 |
| 4/30/23 | $17088 | $16141 | $10947 | $22146 |
| 4/30/22 | $17519 | $16025 | $10994 | $21819 |
| 4/30/21 | $22812 | $21786 | $12017 | $22520 |
| 4/30/20 | $13363 | $12879 | $12049 | $14922 |
| 4/30/19 | $14856 | $14187 | $10870 | $15079 |
| 4/30/18 | $13287 | $13270 | $10324 | $13382 |
| 4/30/17 | $11167 | $11381 | $10357 | $11837 |
| 4/30/16 | $8964 | $9173 | $10272 | $9982 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Growth Fund - Investor returned 2.96% for the 12 months ended April 30, 2025. This is in contrast to the Russell 2000<sup>®</sup> Growth Index TR, which had a 2.42% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Investor | 1 Year | 5 Year | 10 Year |
| Investor | 2.96% | 8.65% | 7.30% |
| Russell 2000<sup>®</sup> Growth Index TR | 2.42% | 7.60% | 6.39% |
| Bloomberg US Aggregate Bond Index | 8.02% | -0.67% | 1.54% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |

---

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

### Fund Statistics
* Total Net Assets$805,723,518

* # of Portfolio Holdings121

* Portfolio Turnover Rate45%

* Advisory Fees Paid$5,700,768

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](ib765b7127f601dd080f6d845.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 26.64% |
| Industrials | 20.74% |
| Technology | 20.74% |
| Financials | 15.78% |
| Consumer Discretionary | 6.46% |
| Consumer Staples | 5.25% |
| Energy | 1.28% |
| Telecommunications | 1.10% |
| Real Estate | 0.73% |
| Cash, Cash Equivalents, & Other Net Assets | 1.28% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| F/m Emerald Life Sciences Innovation ETF | 5.70% |
| Credo Technology Group Holding, Ltd. | 2.51% |
| Palomar Holdings, Inc. | 2.43% |
| Kratos Defense & Security Solutions, Inc. | 2.32% |
| FTAI Aviation Ltd | 2.18% |
| Skyward Specialty Insurance Group, Inc. | 2.09% |
| Soleno Therapeutics, Inc. | 2.00% |
| Carpenter Technology Corp. | 1.85% |
| Freshpet, Inc. | 1.81% |
| Chart Industries, Inc. | 1.77% |
| Total % of Top 10 Holdings | 24.66% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at https://www.emeraldmutualfunds.com/literature/emerald-growth-fund or upon request at (855) 828-9909.

On October 30, 2024, the Fund's principal investment strategies were revised to reflect, among other changes, the Fund's intention to invest in affiliated exchange-traded funds advised or sub-advised by Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund ("Emerald"), including the F/m Emerald Life Sciences Innovation ETF. In addition, the Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald, approved on April 17, 2025, the proposed reorganization of the Fund into a correspondingly named series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-growth-fund](i7ecb203b64e65a7aa4c99033.jpg)

EMERALD GROWTH FUND - INVESTOR : FFGRX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i27f5b376278c3eb904be03db.jpg)

*Distributor, ALPS Distributors, Inc.*

317609261–A–04302025

# EMERALD INSIGHTS FUND
CLASS A: EFCAX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](id7470260955bbbb9feacec54.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Insights Fund - A for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Insights Fund - A | $118 | 1.35% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](i6757e2308ef3a5e326d1a7b7.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Class A - NAV - $28,966 | Class A - Load - $27,584 | Russell Midcap<sup>®</sup> Growth Index TR - $27,342 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 3000<sup>®</sup> Growth Index TR - $39,473 |
| 4/30/25 | $28966 | $27584 | $27342 | $30174 | $39473 |
| 4/30/24 | $26989 | $25701 | $24058 | $27085 | $34605 |
| 4/30/23 | $21450 | $20426 | $19932 | $22146 | $26467 |
| 4/30/22 | $22273 | $21211 | $19619 | $21819 | $25886 |
| 4/30/21 | $25535 | $24317 | $23561 | $22520 | $27782 |
| 4/30/20 | $14017 | $13348 | $15302 | $14922 | $18228 |
| 4/30/19 | $13296 | $12662 | $15267 | $15079 | $16651 |
| 4/30/18 | $11922 | $11353 | $12978 | $13382 | $14279 |
| 4/30/17 | $10319 | $9827 | $11105 | $11837 | $12021 |
| 4/30/16 | $8825 | $8404 | $9587 | $9982 | $10032 |
| 4/30/15 | $10000 | $9523 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Insights Fund - A returned 7.33% for the 12 months ended April 30, 2025. This is in contrast to the Russell Midcap<sup>®</sup> Growth Index TR, which had a 13.65% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class A | 1 Year | 5 Year | 10 Year |
| Class A - NAV | 7.33% | 15.62% | 11.22% |
| Class A - Load | 2.21% | 14.51% | 10.68% |
| Russell Midcap<sup>®</sup> Growth Index TR | 13.65% | 12.31% | 10.58% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 3000<sup>®</sup> Growth Index TR | 14.07% | 16.71% | 14.72% |

---

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

### Fund Statistics
* Total Net Assets$18,534,735

* # of Portfolio Holdings65

* Portfolio Turnover Rate65%

* Advisory Fees Paid$55,899

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i76dee6ab0628c3736f45bdcf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 46.06% |
| Consumer Discretionary | 15.06% |
| Health Care | 13.92% |
| Industrials | 8.92% |
| Energy | 8.05% |
| Financials | 4.65% |
| Telecommunications | 1.37% |
| Consumer Staples | 0.98% |
| Cash, Cash Equivalents, & Other Net Assets | 0.99% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| NVIDIA Corp. | 9.70% |
| Microsoft Corp. | 8.76% |
| Apple, Inc. | 6.46% |
| Amazon.com, Inc. | 5.66% |
| Alphabet, Inc. | 5.10% |
| Meta Platforms, Inc. | 4.39% |
| Broadcom, Ltd. | 3.73% |
| Eli Lilly & Co. | 1.95% |
| Netflix, Inc. | 1.94% |
| Bridgebio Pharma, Inc. | 1.93% |
| Total % of Top 10 Holdings | 49.62% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at http://emeraldmutualfunds.com/literature/emerald-insights-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the F/m Emerald Special Situations ETF, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-insights-fund](ie34cc1bbf6a08c86c0ee87f7.jpg)

EMERALD INSIGHTS FUND - CLASS A : EFCAX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](id7470260955bbbb9feacec54.jpg)

*Distributor, ALPS Distributors, Inc.*

31761R831–A–04302025

# EMERALD INSIGHTS FUND
CLASS C: EFCCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ia65a2965036085079a93e884.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Insights Fund - C for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Insights Fund - C | $174 | 2.00% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](ib078ca04458327468e9117de.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class C - NAV - $27,180 | Russell Midcap<sup>®</sup> Growth Index TR - $27,342 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 3000<sup>®</sup> Growth Index TR - $39,473 |
| 4/30/25 | $27180 | $27342 | $30174 | $39473 |
| 4/30/24 | $25422 | $24058 | $27085 | $34605 |
| 4/30/23 | $20332 | $19932 | $22146 | $26467 |
| 4/30/22 | $21259 | $19619 | $21819 | $25886 |
| 4/30/21 | $24527 | $23561 | $22520 | $27782 |
| 4/30/20 | $13557 | $15302 | $14922 | $18228 |
| 4/30/19 | $12931 | $15267 | $15079 | $16651 |
| 4/30/18 | $11685 | $12978 | $13382 | $14279 |
| 4/30/17 | $10174 | $11105 | $11837 | $12021 |
| 4/30/16 | $8755 | $9587 | $9982 | $10032 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Insights Fund - C returned 6.91% for the 12 months ended April 30, 2025. This is in contrast to the Russell Midcap<sup>®</sup> Growth Index TR, which had a 13.65% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Class C | 1 Year | 5 Year | 10 Year |
| Class C - NAV | 6.91% | 14.93% | 10.52% |
| Class C - Load | 5.91% | 14.93% | 10.52% |
| Russell Midcap<sup>®</sup> Growth Index TR | 13.65% | 12.31% | 10.58% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 3000<sup>®</sup> Growth Index TR | 14.07% | 16.71% | 14.72% |

---

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

### Fund Statistics
* Total Net Assets$18,534,735

* # of Portfolio Holdings65

* Portfolio Turnover Rate65%

* Advisory Fees Paid$55,899

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i0263d67745fd80700c70a267.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 46.06% |
| Consumer Discretionary | 15.06% |
| Health Care | 13.92% |
| Industrials | 8.92% |
| Energy | 8.05% |
| Financials | 4.65% |
| Telecommunications | 1.37% |
| Consumer Staples | 0.98% |
| Cash, Cash Equivalents, & Other Net Assets | 0.99% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| NVIDIA Corp. | 9.70% |
| Microsoft Corp. | 8.76% |
| Apple, Inc. | 6.46% |
| Amazon.com, Inc. | 5.66% |
| Alphabet, Inc. | 5.10% |
| Meta Platforms, Inc. | 4.39% |
| Broadcom, Ltd. | 3.73% |
| Eli Lilly & Co. | 1.95% |
| Netflix, Inc. | 1.94% |
| Bridgebio Pharma, Inc. | 1.93% |
| Total % of Top 10 Holdings | 49.62% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at http://emeraldmutualfunds.com/literature/emerald-insights-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the F/m Emerald Special Situations ETF, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-insights-fund](icdd1d9430132577e429a6797.jpg)

EMERALD INSIGHTS FUND - CLASS C : EFCCX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ia65a2965036085079a93e884.jpg)

*Distributor, ALPS Distributors, Inc.*

31761R823–A–04302025

# EMERALD INSIGHTS FUND
INSTITUTIONAL: EFCIX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i0beb294f426cf4494a3c98c8.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Insights Fund - Institutional for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Insights Fund - Institutional | $92 | 1.05% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K](i66e56671265e458e2a816727.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Institutional - $29,822 | Russell Midcap<sup>®</sup> Growth Index TR - $27,342 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 3000<sup>®</sup> Growth Index TR - $39,473 |
| 4/30/25 | $29822 | $27342 | $30174 | $39473 |
| 4/30/24 | $27702 | $24058 | $27085 | $34605 |
| 4/30/23 | $21959 | $19932 | $22146 | $26467 |
| 4/30/22 | $22727 | $19619 | $21819 | $25886 |
| 4/30/21 | $25976 | $23561 | $22520 | $27782 |
| 4/30/20 | $14224 | $15302 | $14922 | $18228 |
| 4/30/19 | $13437 | $15267 | $15079 | $16651 |
| 4/30/18 | $12018 | $12978 | $13382 | $14279 |
| 4/30/17 | $10373 | $11105 | $11837 | $12021 |
| 4/30/16 | $8845 | $9587 | $9982 | $10032 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Insights Fund - Institutional returned 7.65% for the 12 months ended April 30, 2025. This is in contrast to the Russell Midcap<sup>®</sup> Growth Index TR, which had a 13.65% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Institutional | 1 Year | 5 Year | 10 Year |
| Institutional | 7.65% | 15.96% | 11.55% |
| Russell Midcap<sup>®</sup> Growth Index TR | 13.65% | 12.31% | 10.58% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 3000<sup>®</sup> Growth Index TR | 14.07% | 16.71% | 14.72% |

---

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

### Fund Statistics
* Total Net Assets$18,534,735

* # of Portfolio Holdings65

* Portfolio Turnover Rate65%

* Advisory Fees Paid$55,899

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](i16d3c01540facf487a52e3c2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 46.06% |
| Consumer Discretionary | 15.06% |
| Health Care | 13.92% |
| Industrials | 8.92% |
| Energy | 8.05% |
| Financials | 4.65% |
| Telecommunications | 1.37% |
| Consumer Staples | 0.98% |
| Cash, Cash Equivalents, & Other Net Assets | 0.99% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| NVIDIA Corp. | 9.70% |
| Microsoft Corp. | 8.76% |
| Apple, Inc. | 6.46% |
| Amazon.com, Inc. | 5.66% |
| Alphabet, Inc. | 5.10% |
| Meta Platforms, Inc. | 4.39% |
| Broadcom, Ltd. | 3.73% |
| Eli Lilly & Co. | 1.95% |
| Netflix, Inc. | 1.94% |
| Bridgebio Pharma, Inc. | 1.93% |
| Total % of Top 10 Holdings | 49.62% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at http://emeraldmutualfunds.com/literature/emerald-insights-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the F/m Emerald Special Situations ETF, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-insights-fund](i372343f1432f1cdd7ba75b11.jpg)

EMERALD INSIGHTS FUND - INSTITUTIONAL : EFCIX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](i0beb294f426cf4494a3c98c8.jpg)

*Distributor, ALPS Distributors, Inc.*

31761R815–A–04302025

# EMERALD INSIGHTS FUND
INVESTOR: EFCNX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ieb4aafe94879cab4f53aa7e2.jpg)

## FUND OVERVIEW
This annual shareholder report shareholder report contains important information about Emerald Insights Fund - Investor for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment |
| Emerald Insights Fund - Investor | $122 | 1.40% |

---

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K](ie1e36d9e84903a5674763327.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Investor - $28,829 | Russell Midcap<sup>®</sup> Growth Index TR - $27,342 | Russell 3000<sup>®</sup> Index - $30,174 | Russell 3000<sup>®</sup> Growth Index TR - $39,473 |
| 4/30/25 | $28829 | $27342 | $30174 | $39473 |
| 4/30/24 | $26873 | $24058 | $27085 | $34605 |
| 4/30/23 | $21384 | $19932 | $22146 | $26467 |
| 4/30/22 | $22211 | $19619 | $21819 | $25886 |
| 4/30/21 | $25472 | $23561 | $22520 | $27782 |
| 4/30/20 | $13989 | $15302 | $14922 | $18228 |
| 4/30/19 | $13266 | $15267 | $15079 | $16651 |
| 4/30/18 | $11907 | $12978 | $13382 | $14279 |
| 4/30/17 | $10301 | $11105 | $11837 | $12021 |
| 4/30/16 | $8823 | $9587 | $9982 | $10032 |
| 4/30/15 | $10000 | $10000 | $10000 | $10000 |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Emerald Insights Fund - Investor returned 7.28% for the 12 months ended April 30, 2025. This is in contrast to the Russell Midcap<sup>®</sup> Growth Index TR, which had a 13.65% return for the same time period.

Performance of the Fund in 2025 was driven by heightened volatility and declining valuations in equity markets. The market has been increasingly unpredictable and may impact the investment strategy.

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Investor | 1 Year | 5 Year | 10 Year |
| Investor | 7.28% | 15.56% | 11.17% |
| Russell Midcap<sup>®</sup> Growth Index TR | 13.65% | 12.31% | 10.58% |
| Russell 3000<sup>®</sup> Index | 11.40% | 15.12% | 11.68% |
| Russell 3000<sup>®</sup> Growth Index TR | 14.07% | 16.71% | 14.72% |

---

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

### Fund Statistics
* Total Net Assets$18,534,735

* # of Portfolio Holdings65

* Portfolio Turnover Rate65%

* Advisory Fees Paid$55,899

## WHAT DID THE FUND INVEST IN?

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

![Group By Sector Chart](iffb0b6c85417e84c3684e577.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 46.06% |
| Consumer Discretionary | 15.06% |
| Health Care | 13.92% |
| Industrials | 8.92% |
| Energy | 8.05% |
| Financials | 4.65% |
| Telecommunications | 1.37% |
| Consumer Staples | 0.98% |
| Cash, Cash Equivalents, & Other Net Assets | 0.99% |

---

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

---

| | |
|:---|:---|
| Top 10 | % TNA |
| NVIDIA Corp. | 9.70% |
| Microsoft Corp. | 8.76% |
| Apple, Inc. | 6.46% |
| Amazon.com, Inc. | 5.66% |
| Alphabet, Inc. | 5.10% |
| Meta Platforms, Inc. | 4.39% |
| Broadcom, Ltd. | 3.73% |
| Eli Lilly & Co. | 1.95% |
| Netflix, Inc. | 1.94% |
| Bridgebio Pharma, Inc. | 1.93% |
| Total % of Top 10 Holdings | 49.62% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's or the successor fund's next prospectus, which we expect to be available by August 31, 2025, at http://emeraldmutualfunds.com/literature/emerald-insights-fund or upon request at (855) 828-9909.

The Board of Trustees of Financial Investors Trust, based upon the recommendation of Emerald Mutual Fund Advisers Trust, the investment adviser to the Fund, approved on April 17, 2025, the proposed reorganization of the Fund into the F/m Emerald Special Situations ETF, a series of The RBB Fund, Inc., subject to the approval of the shareholders of the Fund.

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

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

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

Contact Us:

Phone: (855) 828-9909

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.emeraldmutualfunds.com/literature/emerald-insights-fund](i99f869fd0081d0b3293ecb3e.jpg)

EMERALD INSIGHTS FUND - INVESTOR : EFCNX

#### ANNUAL SHAREHOLDER REPORT - APRIL 30, 2025
![Image](ieb4aafe94879cab4f53aa7e2.jpg)

*Distributor, ALPS Distributors, Inc.*

31761R799–A–04302025**

**![Image](i5aafcf222146ea96df081c97.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Institutional Class for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Growth and Income Fund - Institutional Class | $90 | 0.87% |

---

## How did the Fund perform over the last 12 months?
During the annual period (May 1, 2024 to April 30, 2025), the Seafarer Overseas Growth and Income Fund's Institutional Class returned 5.94%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 6.95% and 6.73%, respectively.

At the outset of the period, emerging market (EM) equities traded sideways. In September, China announced coordinated but vague stimulus programs, inducing a surge in Chinese equities. Those pronouncements failed to materialize; by December Chinese stocks slumped again. Meanwhile, EM currencies drove returns, fluctuating in response to U.S. politics and rate policies. EM currencies initially lost ground to the dollar, but they recovered, finishing the period at record highs. Throughout, the Fund's performance was driven by a sharp increase in dividends from its holdings, underwritten by improving profitability.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

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

### Total Return Based on $25,000 Investment
![growth of 10k chart](i1ae1776e0ca3312d211ca185.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Institutional Class $35,505 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $36,382 | Morningstar EM Net Return USD Index $35,546 |
| 04/15 | $25000 | $25000 | $25000 |
| 05/15 | $24447 | $24363 | $24144 |
| 06/15 | $24011 | $23754 | $23463 |
| 07/15 | $23138 | $22366 | $21827 |
| 08/15 | $21094 | $20242 | $19910 |
| 09/15 | $20518 | $19798 | $19392 |
| 10/15 | $21808 | $21143 | $20759 |
| 11/15 | $21213 | $20577 | $19996 |
| 12/15 | $20739 | $20126 | $19592 |
| 01/16 | $20079 | $18666 | $18310 |
| 02/16 | $20099 | $18636 | $18261 |
| 03/16 | $22519 | $20946 | $20594 |
| 04/16 | $22919 | $21171 | $20807 |
| 05/16 | $22119 | $20506 | $20017 |
| 06/16 | $23177 | $21265 | $20886 |
| 07/16 | $23862 | $22358 | $21932 |
| 08/16 | $23923 | $22856 | $22413 |
| 09/16 | $24245 | $23058 | $22629 |
| 10/16 | $24064 | $23075 | $22666 |
| 11/16 | $22431 | $22144 | $21663 |
| 12/16 | $22675 | $22252 | $21741 |
| 01/17 | $23591 | $23403 | $22851 |
| 02/17 | $24446 | $24208 | $23619 |
| 03/17 | $25220 | $24837 | $24263 |
| 04/17 | $25525 | $25306 | $24689 |
| 05/17 | $26075 | $25912 | $25304 |
| 06/17 | $26193 | $26157 | $25473 |
| 07/17 | $26726 | $27542 | $26767 |
| 08/17 | $26829 | $28118 | $27328 |
| 09/17 | $26706 | $27990 | $27209 |
| 10/17 | $27260 | $28877 | $28166 |
| 11/17 | $27835 | $28998 | $28345 |
| 12/17 | $28617 | $30057 | $29461 |
| 01/18 | $29898 | $32390 | $31702 |
| 02/18 | $28470 | $30954 | $30274 |
| 03/18 | $28554 | $30503 | $29735 |
| 04/18 | $27589 | $30503 | $29771 |
| 05/18 | $26938 | $29578 | $28636 |
| 06/18 | $25621 | $28315 | $27375 |
| 07/18 | $26596 | $28952 | $27997 |
| 08/18 | $26278 | $28210 | $27386 |
| 09/18 | $25981 | $27827 | $27174 |
| 10/18 | $23417 | $25542 | $24865 |
| 11/18 | $24010 | $26654 | $25953 |
| 12/18 | $23432 | $26076 | $25478 |
| 01/19 | $25641 | $28014 | $27565 |
| 02/19 | $25937 | $28084 | $27680 |
| 03/19 | $26142 | $28549 | $27867 |
| 04/19 | $26438 | $28958 | $28388 |
| 05/19 | $24639 | $27072 | $26541 |
| 06/19 | $26537 | $28585 | $28071 |
| 07/19 | $26352 | $28302 | $27672 |
| 08/19 | $26051 | $27051 | $26407 |
| 09/19 | $26444 | $27569 | $26945 |
| 10/19 | $27555 | $28645 | $28111 |
| 11/19 | $27532 | $28574 | $28089 |
| 12/19 | $28865 | $30642 | $30094 |
| 01/20 | $27415 | $29574 | $28691 |
| 02/20 | $26199 | $28109 | $27107 |
| 03/20 | $22175 | $23728 | $22648 |
| 04/20 | $24234 | $25872 | $24844 |
| 05/20 | $25029 | $26186 | $25227 |
| 06/20 | $26484 | $28230 | $27097 |
| 07/20 | $28132 | $31060 | $29399 |
| 08/20 | $29167 | $31954 | $30128 |
| 09/20 | $29191 | $31222 | $29538 |
| 10/20 | $29144 | $31863 | $30167 |
| 11/20 | $32275 | $34875 | $33172 |
| 12/20 | $35273 | $37304 | $35634 |
| 01/21 | $35824 | $38304 | $36521 |
| 02/21 | $35752 | $38667 | $36992 |
| 03/21 | $36352 | $37973 | $36536 |
| 04/21 | $36903 | $39164 | $37626 |
| 05/21 | $37694 | $40384 | $38474 |
| 06/21 | $38084 | $40470 | $38599 |
| 07/21 | $37161 | $38278 | $36207 |
| 08/21 | $37331 | $39201 | $37084 |
| 09/21 | $35046 | $38130 | $35808 |
| 10/21 | $35557 | $38483 | $36078 |
| 11/21 | $33612 | $37447 | $34739 |
| 12/21 | $34450 | $38188 | $35515 |
| 01/22 | $33904 | $36839 | $34725 |
| 02/22 | $33695 | $36161 | $33964 |
| 03/22 | $33357 | $35033 | $33405 |
| 04/22 | $31586 | $32988 | $31716 |
| 05/22 | $32862 | $33105 | $31771 |
| 06/22 | $30277 | $31313 | $29491 |
| 07/22 | $30961 | $31356 | $29567 |
| 08/22 | $30567 | $31461 | $29865 |
| 09/22 | $27489 | $28130 | $26556 |
| 10/22 | $28436 | $27339 | $25895 |
| 11/22 | $31382 | $30639 | $29376 |
| 12/22 | $30421 | $30312 | $29019 |
| 01/23 | $32460 | $32476 | $31049 |
| 02/23 | $30743 | $30747 | $29266 |
| 03/23 | $31629 | $31429 | $30049 |
| 04/23 | $31575 | $31206 | $29820 |
| 05/23 | $31468 | $30649 | $29436 |
| 06/23 | $32726 | $31687 | $30540 |
| 07/23 | $34386 | $33493 | $32415 |
| 08/23 | $32971 | $31795 | $30700 |
| 09/23 | $32072 | $31063 | $30033 |
| 10/23 | $30493 | $29875 | $28771 |
| 11/23 | $32862 | $32076 | $31110 |
| 12/23 | $34775 | $33192 | $32367 |
| 01/24 | $33240 | $31588 | $31097 |
| 02/24 | $34364 | $33115 | $32443 |
| 03/24 | $34666 | $33652 | $33086 |
| 04/24 | $33514 | $34018 | $33305 |
| 05/24 | $33212 | $34096 | $33545 |
| 06/24 | $33799 | $34985 | $34793 |
| 07/24 | $34496 | $35149 | $34917 |
| 08/24 | $35610 | $35538 | $35412 |
| 09/24 | $36251 | $38350 | $37598 |
| 10/24 | $34496 | $36781 | $35955 |
| 11/24 | $34050 | $35703 | $34810 |
| 12/24 | $32900 | $35555 | $34648 |
| 01/25 | $33551 | $35735 | $34919 |
| 02/25 | $33608 | $35830 | $34896 |
| 03/25 | $34061 | $36109 | $35053 |
| 04/25 | $35505 | $36382 | $35546 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Seafarer Overseas Growth and Income Fund | 1 Year | 5 Year | 10 Year |
| Seafarer Overseas Growth and Income Fund - Institutional Class (Incep. February 15, 2012) | 5.94% | 7.94% | 3.57% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 6.95% | 7.06% | 3.82% |
| Morningstar EM Net Return USD Index | 6.73% | 7.43% | 3.58% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $2943954929 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $23271090 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ia82cacae97c717d1e802d000.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Utilities | 1.2% |
| Communications | 2.4% |
| Energy | 2.4% |
| Real Estate | 2.7% |
| Materials | 5.7% |
| Industrials | 6.8% |
| Health Care | 9.6% |
| Technology | 13.8% |
| Consumer Staples | 15.2% |
| Consumer Discretionary | 16.5% |
| Financials | 21.7% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.1% |
| Samsung Biologics Co., Ltd. | 3.6% |
| Samsung Electronics Co., Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Novatek Microelectronics Corp. | 3.1% |
| Hongkong Land Holdings, Ltd. | 2.7% |
| L&T Technology Services, Ltd. | 2.7% |
| Hermes International SCA | 2.6% |
| Bank Central Asia Tbk PT | 2.5% |
| Jardine Matheson Holdings, Ltd. | 2.5% |
| Total % of Top 10 Holdings | 32.2% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i188d938999b91bf97bd8f8d1.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Middle East & Africa | 5.5% |
| Emerging Europe | 5.7% |
| Other | 6.4% |
| Latin America | 16.5% |
| East & South Asia | 63.9% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i12daf7a9f454d29ab16222eb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 87.8% |
| ADR | 9.0% |
| Preferred Stock | 0.9% |
| Rights and Warrants | 0.3% |
| Cash and Other Assets, Less Liabilities | 2.0% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched a Retail Class (SFGRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](i5aafcf222146ea96df081c97.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](i2631eff95f5392b233459422.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

Seafarer Overseas Growth and Income Fund

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

317609295–A–04302025

![Image](ia26e69c92a5f430fa40e7722.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Investor Class for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Growth and Income Fund - Investor Class | $100 | 0.97% |

---

## How did the Fund perform over the last 12 months?
During the annual period (May 1, 2024 to April 30, 2025), the Seafarer Overseas Growth and Income Fund's Investor Class returned 5.81%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 6.95% and 6.73%, respectively.

At the outset of the period, emerging market (EM) equities traded sideways. In September, China announced coordinated but vague stimulus programs, inducing a surge in Chinese equities. Those pronouncements failed to materialize; by December Chinese stocks slumped again. Meanwhile, EM currencies drove returns, fluctuating in response to U.S. politics and rate policies. EM currencies initially lost ground to the dollar, but they recovered, finishing the period at record highs. Throughout, the Fund's performance was driven by a sharp increase in dividends from its holdings, underwritten by improving profitability.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

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

### Total Return Based on $10,000 Investment
![growth of 10k chart](i9e68deeae98136d989901d88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Investor Class $14,052 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $14,553 | Morningstar EM Net Return USD Index $14,218 |
| 04/15 | $10000 | $10000 | $10000 |
| 05/15 | $9778 | $9745 | $9657 |
| 06/15 | $9603 | $9502 | $9385 |
| 07/15 | $9253 | $8946 | $8731 |
| 08/15 | $8434 | $8097 | $7964 |
| 09/15 | $8204 | $7919 | $7757 |
| 10/15 | $8720 | $8457 | $8304 |
| 11/15 | $8482 | $8231 | $7998 |
| 12/15 | $8288 | $8051 | $7837 |
| 01/16 | $8032 | $7467 | $7324 |
| 02/16 | $8032 | $7455 | $7304 |
| 03/16 | $8993 | $8379 | $8237 |
| 04/16 | $9161 | $8469 | $8323 |
| 05/16 | $8833 | $8202 | $8007 |
| 06/16 | $9255 | $8506 | $8355 |
| 07/16 | $9529 | $8943 | $8773 |
| 08/16 | $9554 | $9142 | $8965 |
| 09/16 | $9683 | $9223 | $9052 |
| 10/16 | $9610 | $9230 | $9066 |
| 11/16 | $8957 | $8858 | $8665 |
| 12/16 | $9057 | $8901 | $8696 |
| 01/17 | $9415 | $9361 | $9140 |
| 02/17 | $9758 | $9683 | $9448 |
| 03/17 | $10067 | $9935 | $9705 |
| 04/17 | $10181 | $10122 | $9875 |
| 05/17 | $10409 | $10365 | $10122 |
| 06/17 | $10455 | $10463 | $10189 |
| 07/17 | $10660 | $11017 | $10707 |
| 08/17 | $10701 | $11247 | $10931 |
| 09/17 | $10652 | $11196 | $10884 |
| 10/17 | $10882 | $11551 | $11266 |
| 11/17 | $11104 | $11599 | $11338 |
| 12/17 | $11410 | $12023 | $11784 |
| 01/18 | $11923 | $12956 | $12681 |
| 02/18 | $11352 | $12382 | $12110 |
| 03/18 | $11385 | $12201 | $11894 |
| 04/18 | $11007 | $12201 | $11908 |
| 05/18 | $10739 | $11831 | $11454 |
| 06/18 | $10210 | $11326 | $10950 |
| 07/18 | $10600 | $11581 | $11199 |
| 08/18 | $10473 | $11284 | $10954 |
| 09/18 | $10354 | $11131 | $10870 |
| 10/18 | $9329 | $10217 | $9946 |
| 11/18 | $9566 | $10662 | $10381 |
| 12/18 | $9335 | $10430 | $10191 |
| 01/19 | $10209 | $11206 | $11026 |
| 02/19 | $10328 | $11234 | $11072 |
| 03/19 | $10419 | $11419 | $11147 |
| 04/19 | $10528 | $11583 | $11355 |
| 05/19 | $9808 | $10829 | $10616 |
| 06/19 | $10566 | $11434 | $11228 |
| 07/19 | $10492 | $11321 | $11069 |
| 08/19 | $10371 | $10820 | $10563 |
| 09/19 | $10529 | $11028 | $10778 |
| 10/19 | $10963 | $11458 | $11244 |
| 11/19 | $10963 | $11430 | $11236 |
| 12/19 | $11482 | $12257 | $12037 |
| 01/20 | $10911 | $11830 | $11476 |
| 02/20 | $10425 | $11243 | $10843 |
| 03/20 | $8826 | $9491 | $9059 |
| 04/20 | $9640 | $10349 | $9938 |
| 05/20 | $9958 | $10474 | $10091 |
| 06/20 | $10528 | $11292 | $10839 |
| 07/20 | $11187 | $12424 | $11760 |
| 08/20 | $11601 | $12781 | $12051 |
| 09/20 | $11610 | $12489 | $11815 |
| 10/20 | $11582 | $12745 | $12067 |
| 11/20 | $12833 | $13950 | $13269 |
| 12/20 | $14025 | $14922 | $14254 |
| 01/21 | $14245 | $15322 | $14608 |
| 02/21 | $14216 | $15467 | $14797 |
| 03/21 | $14456 | $15189 | $14615 |
| 04/21 | $14667 | $15666 | $15050 |
| 05/21 | $14983 | $16154 | $15390 |
| 06/21 | $15136 | $16188 | $15440 |
| 07/21 | $14767 | $15311 | $14483 |
| 08/21 | $14835 | $15681 | $14834 |
| 09/21 | $13932 | $15252 | $14323 |
| 10/21 | $14126 | $15393 | $14431 |
| 11/21 | $13359 | $14979 | $13896 |
| 12/21 | $13687 | $15275 | $14206 |
| 01/22 | $13469 | $14736 | $13890 |
| 02/22 | $13386 | $14464 | $13586 |
| 03/22 | $13250 | $14013 | $13362 |
| 04/22 | $12543 | $13195 | $12686 |
| 05/22 | $13053 | $13242 | $12709 |
| 06/22 | $12018 | $12525 | $11796 |
| 07/22 | $12292 | $12542 | $11827 |
| 08/22 | $12134 | $12584 | $11946 |
| 09/22 | $10905 | $11252 | $10622 |
| 10/22 | $11294 | $10936 | $10358 |
| 11/22 | $12449 | $12256 | $11751 |
| 12/22 | $12067 | $12125 | $11608 |
| 01/23 | $12880 | $12990 | $12420 |
| 02/23 | $12195 | $12299 | $11706 |
| 03/23 | $12548 | $12572 | $12020 |
| 04/23 | $12527 | $12482 | $11928 |
| 05/23 | $12484 | $12259 | $11775 |
| 06/23 | $12984 | $12675 | $12216 |
| 07/23 | $13636 | $13397 | $12966 |
| 08/23 | $13082 | $12718 | $12280 |
| 09/23 | $12712 | $12425 | $12013 |
| 10/23 | $12082 | $11950 | $11508 |
| 11/23 | $13027 | $12830 | $12444 |
| 12/23 | $13783 | $13277 | $12947 |
| 01/24 | $13170 | $12635 | $12439 |
| 02/24 | $13619 | $13246 | $12977 |
| 03/24 | $13739 | $13461 | $13234 |
| 04/24 | $13280 | $13607 | $13322 |
| 05/24 | $13159 | $13639 | $13418 |
| 06/24 | $13391 | $13994 | $13917 |
| 07/24 | $13658 | $14060 | $13967 |
| 08/24 | $14114 | $14215 | $14165 |
| 09/24 | $14358 | $15340 | $15039 |
| 10/24 | $13658 | $14712 | $14382 |
| 11/24 | $13480 | $14281 | $13924 |
| 12/24 | $13025 | $14222 | $13859 |
| 01/25 | $13284 | $14294 | $13968 |
| 02/25 | $13307 | $14332 | $13958 |
| 03/25 | $13487 | $14444 | $14021 |
| 04/25 | $14052 | $14553 | $14218 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Seafarer Overseas Growth and Income Fund | 1 Year | 5 Year | 10 Year |
| Seafarer Overseas Growth and Income Fund - Investor Class (Incep. February 15, 2012) | 5.81% | 7.83% | 3.46% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 6.95% | 7.06% | 3.82% |
| Morningstar EM Net Return USD Index | 6.73% | 7.43% | 3.58% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $2943954929 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $23271090 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](i6bbf1932aae7956ce4cc39a6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Utilities | 1.2% |
| Communications | 2.4% |
| Energy | 2.4% |
| Real Estate | 2.7% |
| Materials | 5.7% |
| Industrials | 6.8% |
| Health Care | 9.6% |
| Technology | 13.8% |
| Consumer Staples | 15.2% |
| Consumer Discretionary | 16.5% |
| Financials | 21.7% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.1% |
| Samsung Biologics Co., Ltd. | 3.6% |
| Samsung Electronics Co., Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Novatek Microelectronics Corp. | 3.1% |
| Hongkong Land Holdings, Ltd. | 2.7% |
| L&T Technology Services, Ltd. | 2.7% |
| Hermes International SCA | 2.6% |
| Bank Central Asia Tbk PT | 2.5% |
| Jardine Matheson Holdings, Ltd. | 2.5% |
| Total % of Top 10 Holdings | 32.2% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i3168761f1599e487c371603e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Middle East & Africa | 5.5% |
| Emerging Europe | 5.7% |
| Other | 6.4% |
| Latin America | 16.5% |
| East & South Asia | 63.9% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i8aff291e579964e22c0f202c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 87.8% |
| ADR | 9.0% |
| Preferred Stock | 0.9% |
| Rights and Warrants | 0.3% |
| Cash and Other Assets, Less Liabilities | 2.0% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched a Retail Class (SFGRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](ia26e69c92a5f430fa40e7722.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](iea4bbd248ea095f5d36b0640.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

Seafarer Overseas Growth and Income Fund

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

317609311–A–04302025

![Image](i1581b8fdf0291d7d94c1379d.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

# Seafarer Overseas Growth and Income Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Retail Class for the period of August 30, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Growth and Income Fund - Retail Class | $78 | 1.17% |

---

Cost represents eight months of activity (inception date August 30, 2024). The cost for a 12-month period would be higher.

## How did the Fund perform over the last 12 months?
The Seafarer Overseas Growth and Income Fund's Retail Class returned -0.48% from its inception on August 30, 2024 to the end of the annual period on April 30, 2025. During this eight-month period, the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 2.37% and 0.38%, respectively.

In September 2024 China announced coordinated but vague stimulus programs, inducing a surge in Chinese equities. Those pronouncements failed to materialize; by December, Chinese stocks slumped again. Meanwhile, EM currencies drove returns, fluctuating in response to U.S. politics and rate policies. EM currencies initially lost ground to the dollar, but they recovered, finishing the period at record highs. Throughout, the Fund's performance was driven by a sharp increase in dividends from its holdings, underwritten by improving profitability.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i67654aa89943b5d15def20c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Growth and Income Fund - Retail Class $9,952 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $10,237 | Morningstar EM Net Return USD Index $10,038 |
| 08/30/24 | $10000 | $10000 | $10000 |
| 08/31/24 | $10000 | $10000 | $10000 |
| 09/30/24 | $10173 | $10791 | $10617 |
| 10/31/24 | $9677 | $10350 | $10153 |
| 11/30/24 | $9551 | $10046 | $9830 |
| 12/31/24 | $9224 | $10005 | $9784 |
| 01/31/25 | $9408 | $10055 | $9861 |
| 02/28/25 | $9424 | $10082 | $9854 |
| 03/31/25 | $9552 | $10161 | $9899 |
| 04/30/25 | $9952 | $10237 | $10038 |

---

### Total Returns

---

| | |
|:---|:---|
| Seafarer Overseas Growth and Income Fund | Since Inception |
| Seafarer Overseas Growth and Income Fund - Retail Class (Incep. August 30, 2024) | -0.48% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 2.37% |
| Morningstar EM Net Return USD Index | 0.38% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $2943954929 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $23271090 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](i5be08d4fa794ff436e371e89.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Utilities | 1.2% |
| Communications | 2.4% |
| Energy | 2.4% |
| Real Estate | 2.7% |
| Materials | 5.7% |
| Industrials | 6.8% |
| Health Care | 9.6% |
| Technology | 13.8% |
| Consumer Staples | 15.2% |
| Consumer Discretionary | 16.5% |
| Financials | 21.7% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Hyundai Mobis Co., Ltd. | 6.1% |
| Samsung Biologics Co., Ltd. | 3.6% |
| Samsung Electronics Co., Ltd. | 3.3% |
| Richter Gedeon Nyrt | 3.1% |
| Novatek Microelectronics Corp. | 3.1% |
| Hongkong Land Holdings, Ltd. | 2.7% |
| L&T Technology Services, Ltd. | 2.7% |
| Hermes International SCA | 2.6% |
| Bank Central Asia Tbk PT | 2.5% |
| Jardine Matheson Holdings, Ltd. | 2.5% |
| Total % of Top 10 Holdings | 32.2% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i108e1c160181feb2cdd42db4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Middle East & Africa | 5.5% |
| Emerging Europe | 5.7% |
| Other | 6.4% |
| Latin America | 16.5% |
| East & South Asia | 63.9% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i24c2a0a8f37148218e75719b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 87.8% |
| ADR | 9.0% |
| Preferred Stock | 0.9% |
| Rights and Warrants | 0.3% |
| Cash and Other Assets, Less Liabilities | 2.0% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched this Retail Class (SFGRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](i1581b8fdf0291d7d94c1379d.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview](i9a6d7f7a0876f86597b75f8b.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

Seafarer Overseas Growth and Income Fund

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

31761T878–A–04302025

![Image](i40c75acf23d806e8bf3a553f.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

# Seafarer Overseas Value Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Value Fund - Institutional Class for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Value Fund - Institutional Class | $107 | 1.05% |

---

## How did the Fund perform over the last 12 months?
During the annual period (May 1, 2024 to April 30, 2025), the Seafarer Overseas Value Fund's Institutional Class returned 4.50%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 6.95% and 6.73%, respectively.

Emerging market (EM) equities began this annual period led by technology and AI-related developments until September, when Chinese stocks surged following policy announcements aimed to stabilize China's economy. This short-lived rally pushed EM benchmarks and the Fund higher. For the remainder of the period, the Fund's performance was driven by EM currency movements and Brazil holdings. The Fund's holdings are sharing meaningful earnings growth with investors in the form of growing dividends.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

## How did the Fund perform since inception?

### Total Return Based on $25,000 Investment
![growth of 10k chart](i04e074c24531cc92668a2ceb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Institutional Class $45,282 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $44,356 | Morningstar EM Net Return USD Index $44,395 |
| 05/16 | $25000 | $25000 | $25000 |
| 06/16 | $24825 | $25925 | $26086 |
| 07/16 | $25550 | $27258 | $27393 |
| 08/16 | $25625 | $27865 | $27993 |
| 09/16 | $25800 | $28112 | $28263 |
| 10/16 | $25675 | $28133 | $28309 |
| 11/16 | $26025 | $26998 | $27056 |
| 12/16 | $25712 | $27130 | $27154 |
| 01/17 | $26977 | $28532 | $28539 |
| 02/17 | $27736 | $29514 | $29500 |
| 03/17 | $27989 | $30280 | $30303 |
| 04/17 | $28571 | $30853 | $30835 |
| 05/17 | $29482 | $31591 | $31604 |
| 06/17 | $29913 | $31891 | $31815 |
| 07/17 | $30140 | $33579 | $33431 |
| 08/17 | $30849 | $34281 | $34132 |
| 09/17 | $31077 | $34125 | $33983 |
| 10/17 | $30976 | $35206 | $35178 |
| 11/17 | $31026 | $35354 | $35402 |
| 12/17 | $31666 | $36645 | $36795 |
| 01/18 | $33028 | $39489 | $39595 |
| 02/18 | $31980 | $37739 | $37811 |
| 03/18 | $31797 | $37189 | $37138 |
| 04/18 | $31325 | $37189 | $37182 |
| 05/18 | $31325 | $36061 | $35765 |
| 06/18 | $30618 | $34521 | $34190 |
| 07/18 | $30566 | $35298 | $34967 |
| 08/18 | $29963 | $34393 | $34203 |
| 09/18 | $29990 | $33926 | $33939 |
| 10/18 | $27999 | $31140 | $31056 |
| 11/18 | $27737 | $32497 | $32415 |
| 12/18 | $27254 | $31791 | $31820 |
| 01/19 | $29363 | $34155 | $34427 |
| 02/19 | $29661 | $34239 | $34571 |
| 03/19 | $30391 | $34806 | $34805 |
| 04/19 | $30904 | $35305 | $35456 |
| 05/19 | $29390 | $33005 | $33148 |
| 06/19 | $31986 | $34851 | $35059 |
| 07/19 | $32148 | $34505 | $34561 |
| 08/19 | $31337 | $32980 | $32981 |
| 09/19 | $31472 | $33612 | $33653 |
| 10/19 | $32581 | $34924 | $35109 |
| 11/19 | $32283 | $34837 | $35082 |
| 12/19 | $33236 | $37359 | $37586 |
| 01/20 | $31451 | $36056 | $35834 |
| 02/20 | $29945 | $34270 | $33855 |
| 03/20 | $24230 | $28929 | $28286 |
| 04/20 | $26432 | $31543 | $31029 |
| 05/20 | $26572 | $31925 | $31508 |
| 06/20 | $27436 | $34418 | $33843 |
| 07/20 | $27520 | $37868 | $36718 |
| 08/20 | $29248 | $38957 | $37628 |
| 09/20 | $28970 | $38066 | $36892 |
| 10/20 | $28998 | $38847 | $37678 |
| 11/20 | $32566 | $42519 | $41431 |
| 12/20 | $34579 | $45481 | $44505 |
| 01/21 | $34522 | $46699 | $45613 |
| 02/21 | $35597 | $47143 | $46201 |
| 03/21 | $36812 | $46296 | $45632 |
| 04/21 | $37265 | $47748 | $46993 |
| 05/21 | $38085 | $49235 | $48053 |
| 06/21 | $39046 | $49340 | $48209 |
| 07/21 | $38169 | $46667 | $45221 |
| 08/21 | $39442 | $47794 | $46316 |
| 09/21 | $37519 | $46487 | $44723 |
| 10/21 | $38989 | $46918 | $45060 |
| 11/21 | $36897 | $45654 | $43388 |
| 12/21 | $38050 | $46559 | $44357 |
| 01/22 | $38313 | $44914 | $43370 |
| 02/22 | $38723 | $44087 | $42420 |
| 03/22 | $38958 | $42711 | $41722 |
| 04/22 | $37640 | $40219 | $39612 |
| 05/22 | $38430 | $40361 | $39681 |
| 06/22 | $36439 | $38176 | $36833 |
| 07/22 | $37259 | $38228 | $36928 |
| 08/22 | $36907 | $38357 | $37300 |
| 09/22 | $34388 | $34295 | $33167 |
| 10/22 | $34066 | $33332 | $32341 |
| 11/22 | $37142 | $37355 | $36690 |
| 12/22 | $37778 | $36956 | $36243 |
| 01/23 | $40370 | $39594 | $38779 |
| 02/23 | $38821 | $37486 | $36552 |
| 03/23 | $39655 | $38318 | $37530 |
| 04/23 | $39983 | $38046 | $37244 |
| 05/23 | $39119 | $37366 | $36765 |
| 06/23 | $40907 | $38632 | $38143 |
| 07/23 | $42933 | $40834 | $40485 |
| 08/23 | $41294 | $38764 | $38343 |
| 09/23 | $40698 | $37872 | $37510 |
| 10/23 | $38285 | $36423 | $35934 |
| 11/23 | $40609 | $39106 | $38855 |
| 12/23 | $42813 | $40467 | $40426 |
| 01/24 | $41094 | $38512 | $38839 |
| 02/24 | $42383 | $40373 | $40520 |
| 03/24 | $43334 | $41028 | $41323 |
| 04/24 | $43334 | $41474 | $41596 |
| 05/24 | $42229 | $41570 | $41897 |
| 06/24 | $41831 | $42653 | $43455 |
| 07/24 | $42199 | $42853 | $43609 |
| 08/24 | $43058 | $43328 | $44228 |
| 09/24 | $44654 | $46756 | $46959 |
| 10/24 | $43120 | $44842 | $44906 |
| 11/24 | $42414 | $43529 | $43476 |
| 12/24 | $41384 | $43348 | $43274 |
| 01/25 | $41831 | $43568 | $43613 |
| 02/25 | $42310 | $43683 | $43583 |
| 03/25 | $43429 | $44024 | $43779 |
| 04/25 | $45282 | $44356 | $44395 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Seafarer Overseas Value Fund | 1 Year | 5 Year | Since Inception |
| Seafarer Overseas Value Fund - Institutional Class (Incep. May 31, 2016) | 4.50% | 11.37% | 6.89% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 6.95% | 7.06% | 6.64% |
| Morningstar EM Net Return USD Index | 6.73% | 7.43% | 6.65% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $98819325 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $607161 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](i0d35b8101809a78d474722fb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Communications | 2.1% |
| Energy | 4.0% |
| Utilities | 4.6% |
| Real Estate | 7.2% |
| Materials | 8.0% |
| Industrials | 8.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 18.5% |
| Financials | 23.9% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Georgia Capital PLC | 4.5% |
| Lion Finance Group PLC | 3.7% |
| Hongkong Land Holdings, Ltd. | 3.7% |
| Emaar Properties PJSC | 3.5% |
| First Pacific Co., Ltd. | 3.5% |
| Moneta Money Bank AS | 3.4% |
| Jardine Matheson Holdings, Ltd. | 3.0% |
| Itau Unibanco Holding SA | 3.0% |
| DFI Retail Group Holdings, Ltd. | 2.9% |
| Credicorp, Ltd. | 2.9% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](idf0beee131126173593c7f01.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Other | 4.9% |
| Middle East & Africa | 9.9% |
| Emerging Europe | 11.6% |
| Latin America | 18.6% |
| East & South Asia | 44.8% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i2e774490ba433f30d9630f8d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 74.7% |
| ADR | 14.8% |
| Rights and Warrants | 0.2% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 10.2% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched a Retail Class (SFVRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](i40c75acf23d806e8bf3a553f.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i8be69a03dce5e0c8fd43e12d.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

Seafarer Overseas Value Fund

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

31761R591–A–04302025

![Image](if0039b9fe802c676db48cef7.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

# Seafarer Overseas Value Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Value Fund - Investor Class for the period of May 1, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Value Fund - Investor Class | $118 | 1.15% |

---

## How did the Fund perform over the last 12 months?
During the annual period (May 1, 2024 to April 30, 2025), the Seafarer Overseas Value Fund's Investor Class returned 4.37%, while the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 6.95% and 6.73%, respectively.

Emerging market (EM) equities began this annual period led by technology and AI-related developments until September, when Chinese stocks surged following policy announcements aimed to stabilize China's economy. This short-lived rally pushed EM benchmarks and the Fund higher. For the remainder of the period, the Fund's performance was driven by EM currency movements and Brazil holdings. The Fund's holdings are sharing meaningful earnings growth with investors in the form of growing dividends.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i0096baa1ee4dedc5efeb665f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Investor Class $17,944 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $17,742 | Morningstar EM Net Return USD Index $17,758 |
| 05/16 | $10000 | $10000 | $10000 |
| 06/16 | $9930 | $10370 | $10434 |
| 07/16 | $10210 | $10903 | $10957 |
| 08/16 | $10240 | $11146 | $11197 |
| 09/16 | $10320 | $11245 | $11305 |
| 10/16 | $10260 | $11253 | $11323 |
| 11/16 | $10400 | $10799 | $10822 |
| 12/16 | $10283 | $10852 | $10861 |
| 01/17 | $10778 | $11413 | $11416 |
| 02/17 | $11081 | $11806 | $11800 |
| 03/17 | $11182 | $12112 | $12121 |
| 04/17 | $11415 | $12341 | $12334 |
| 05/17 | $11778 | $12636 | $12641 |
| 06/17 | $11960 | $12756 | $12726 |
| 07/17 | $12041 | $13431 | $13373 |
| 08/17 | $12324 | $13713 | $13653 |
| 09/17 | $12415 | $13650 | $13593 |
| 10/17 | $12374 | $14082 | $14071 |
| 11/17 | $12394 | $14142 | $14161 |
| 12/17 | $12640 | $14658 | $14718 |
| 01/18 | $13195 | $15796 | $15838 |
| 02/18 | $12776 | $15096 | $15124 |
| 03/18 | $12693 | $14876 | $14855 |
| 04/18 | $12504 | $14876 | $14873 |
| 05/18 | $12504 | $14424 | $14306 |
| 06/18 | $12222 | $13808 | $13676 |
| 07/18 | $12201 | $14119 | $13987 |
| 08/18 | $11960 | $13757 | $13681 |
| 09/18 | $11960 | $13570 | $13576 |
| 10/18 | $11175 | $12456 | $12422 |
| 11/18 | $11071 | $12999 | $12966 |
| 12/18 | $10881 | $12717 | $12728 |
| 01/19 | $11712 | $13662 | $13771 |
| 02/19 | $11831 | $13696 | $13828 |
| 03/19 | $12123 | $13922 | $13922 |
| 04/19 | $12317 | $14122 | $14182 |
| 05/19 | $11712 | $13202 | $13259 |
| 06/19 | $12760 | $13940 | $14024 |
| 07/19 | $12824 | $13802 | $13824 |
| 08/19 | $12500 | $13192 | $13192 |
| 09/19 | $12544 | $13445 | $13461 |
| 10/19 | $12986 | $13970 | $14044 |
| 11/19 | $12867 | $13935 | $14033 |
| 12/19 | $13241 | $14943 | $15034 |
| 01/20 | $12540 | $14423 | $14334 |
| 02/20 | $11928 | $13708 | $13542 |
| 03/20 | $9658 | $11571 | $11314 |
| 04/20 | $10526 | $12617 | $12412 |
| 05/20 | $10593 | $12770 | $12603 |
| 06/20 | $10926 | $13767 | $13537 |
| 07/20 | $10971 | $15147 | $14687 |
| 08/20 | $11639 | $15583 | $15051 |
| 09/20 | $11538 | $15226 | $14757 |
| 10/20 | $11550 | $15539 | $15071 |
| 11/20 | $12963 | $17008 | $16572 |
| 12/20 | $13767 | $18192 | $17802 |
| 01/21 | $13744 | $18680 | $18245 |
| 02/21 | $14161 | $18857 | $18480 |
| 03/21 | $14657 | $18518 | $18253 |
| 04/21 | $14838 | $19099 | $18797 |
| 05/21 | $15153 | $19694 | $19221 |
| 06/21 | $15537 | $19736 | $19284 |
| 07/21 | $15187 | $18667 | $18088 |
| 08/21 | $15695 | $19117 | $18526 |
| 09/21 | $14928 | $18595 | $17889 |
| 10/21 | $15503 | $18767 | $18024 |
| 11/21 | $14669 | $18262 | $17355 |
| 12/21 | $15129 | $18624 | $17743 |
| 01/22 | $15235 | $17966 | $17348 |
| 02/22 | $15398 | $17635 | $16968 |
| 03/22 | $15491 | $17085 | $16689 |
| 04/22 | $14966 | $16088 | $15845 |
| 05/22 | $15281 | $16144 | $15872 |
| 06/22 | $14487 | $15271 | $14733 |
| 07/22 | $14803 | $15291 | $14771 |
| 08/22 | $14663 | $15343 | $14920 |
| 09/22 | $13670 | $13718 | $13267 |
| 10/22 | $13542 | $13333 | $12937 |
| 11/22 | $14756 | $14942 | $14676 |
| 12/22 | $15003 | $14783 | $14497 |
| 01/23 | $16035 | $15838 | $15512 |
| 02/23 | $15418 | $14994 | $14621 |
| 03/23 | $15750 | $15327 | $15012 |
| 04/23 | $15881 | $15218 | $14897 |
| 05/23 | $15537 | $14947 | $14706 |
| 06/23 | $16237 | $15453 | $15257 |
| 07/23 | $17044 | $16333 | $16194 |
| 08/23 | $16391 | $15505 | $15337 |
| 09/23 | $16166 | $15149 | $15004 |
| 10/23 | $15192 | $14569 | $14374 |
| 11/23 | $16118 | $15642 | $15542 |
| 12/23 | $16997 | $16187 | $16170 |
| 01/24 | $16313 | $15405 | $15536 |
| 02/24 | $16814 | $16149 | $16208 |
| 03/24 | $17193 | $16411 | $16529 |
| 04/24 | $17193 | $16590 | $16638 |
| 05/24 | $16753 | $16628 | $16759 |
| 06/24 | $16594 | $17061 | $17382 |
| 07/24 | $16741 | $17141 | $17444 |
| 08/24 | $17083 | $17331 | $17691 |
| 09/24 | $17706 | $18703 | $18784 |
| 10/24 | $17095 | $17937 | $17962 |
| 11/24 | $16826 | $17411 | $17391 |
| 12/24 | $16418 | $17339 | $17310 |
| 01/25 | $16583 | $17427 | $17445 |
| 02/25 | $16774 | $17473 | $17433 |
| 03/25 | $17219 | $17609 | $17512 |
| 04/25 | $17944 | $17742 | $17758 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Seafarer Overseas Value Fund | 1 Year | 5 Year | Since Inception |
| Seafarer Overseas Value Fund - Investor Class (Incep. May 31, 2016) | 4.37% | 11.26% | 6.78% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 6.95% | 7.06% | 6.64% |
| Morningstar EM Net Return USD Index | 6.73% | 7.43% | 6.65% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $98819325 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $607161 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ib4dc49badd422e77ef0f0777.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Communications | 2.1% |
| Energy | 4.0% |
| Utilities | 4.6% |
| Real Estate | 7.2% |
| Materials | 8.0% |
| Industrials | 8.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 18.5% |
| Financials | 23.9% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Georgia Capital PLC | 4.5% |
| Lion Finance Group PLC | 3.7% |
| Hongkong Land Holdings, Ltd. | 3.7% |
| Emaar Properties PJSC | 3.5% |
| First Pacific Co., Ltd. | 3.5% |
| Moneta Money Bank AS | 3.4% |
| Jardine Matheson Holdings, Ltd. | 3.0% |
| Itau Unibanco Holding SA | 3.0% |
| DFI Retail Group Holdings, Ltd. | 2.9% |
| Credicorp, Ltd. | 2.9% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i60f9a7eaf184ea12c4a3493c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Other | 4.9% |
| Middle East & Africa | 9.9% |
| Emerging Europe | 11.6% |
| Latin America | 18.6% |
| East & South Asia | 44.8% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i1e67231279d1267b3bb95eff.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 74.7% |
| ADR | 14.8% |
| Rights and Warrants | 0.2% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 10.2% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched a Retail Class (SFVRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](if0039b9fe802c676db48cef7.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i1ecdbeca4c53b0dc03e59035.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

Seafarer Overseas Value Fund

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

31761R617–A–04302025

![Image](ie2e9524e3254e3478f127eb9.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

# Seafarer Overseas Value Fund

## Fund Overview
This annual shareholder report contains important information about the Seafarer Overseas Value Fund - Retail Class for the period of August 30, 2024 to April 30, 2025.

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

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a Percentage of a $10,000 Investment |
| Seafarer Overseas Value Fund - Retail Class | $92 | 1.35% |

---

Cost represents eight months of activity (inception date August 30, 2024). The cost for a 12-month period would be higher.

## How did the Fund perform over the last 12 months?
The Seafarer Overseas Value Fund's Retail Class returned 4.96% from its inception on August 30, 2024 to the end of the annual period on April 30, 2025. During this eight-month period, the Fund's benchmark indices, the Bloomberg EM Large, Mid, and Small Cap Net Return USD Index<sup>(1)</sup> and the Morningstar EM Net Return USD Index<sup>(2)</sup>, returned 2.37% and 0.38%, respectively.

In September 2024 Chinese stocks surged following policy announcements aimed to stabilize China's economy. This short-lived rally pushed EM benchmarks and the Fund higher. For the remainder of the period, the Fund's performance was driven by EM currency movements and Brazil holdings. The Fund's holdings are sharing meaningful earnings growth with investors in the form of growing dividends.

*<sup>(1)</sup> Additional index*

*<sup>(2)</sup> Broad-based securities market index*

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![growth of 10k chart](i5db91fdab0b2a614dedbc791.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Seafarer Overseas Value Fund - Retail Class $10,496 | Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $10,237 | Morningstar EM Net Return USD Index $10,038 |
| 08/30/24 | $10000 | $10000 | $10000 |
| 08/31/24 | $10000 | $10000 | $10000 |
| 09/30/24 | $10365 | $10791 | $10617 |
| 10/31/24 | $10007 | $10350 | $10153 |
| 11/30/24 | $9843 | $10046 | $9830 |
| 12/31/24 | $9603 | $10005 | $9784 |
| 01/31/25 | $9699 | $10055 | $9861 |
| 02/28/25 | $9811 | $10082 | $9854 |
| 03/31/25 | $10071 | $10161 | $9899 |
| 04/30/25 | $10496 | $10237 | $10038 |

---

### Total Returns

---

| | |
|:---|:---|
| Seafarer Overseas Value Fund | Since Inception |
| Seafarer Overseas Value Fund - Retail Class (Incep. August 30, 2024) | 4.96% |
| Bloomberg EM Large, Mid, and Small Cap Net Return USD Index | 2.37% |
| Morningstar EM Net Return USD Index | 0.38% |

---

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

### Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Header | &nbsp;&nbsp;&nbsp;Text |
| Total Net Assets | $98819325 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $607161 |

---

## What did the Fund invest in?
April 30, 2025

### Sector Weightings (% of Net Assets)
![group by sector chart](ida8d09b113390f58eff35930.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Communications | 2.1% |
| Energy | 4.0% |
| Utilities | 4.6% |
| Real Estate | 7.2% |
| Materials | 8.0% |
| Industrials | 8.4% |
| Consumer Discretionary | 13.1% |
| Consumer Staples | 18.5% |
| Financials | 23.9% |

---

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

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Georgia Capital PLC | 4.5% |
| Lion Finance Group PLC | 3.7% |
| Hongkong Land Holdings, Ltd. | 3.7% |
| Emaar Properties PJSC | 3.5% |
| First Pacific Co., Ltd. | 3.5% |
| Moneta Money Bank AS | 3.4% |
| Jardine Matheson Holdings, Ltd. | 3.0% |
| Itau Unibanco Holding SA | 3.0% |
| DFI Retail Group Holdings, Ltd. | 2.9% |
| Credicorp, Ltd. | 2.9% |
| Total % of Top 10 Holdings | 34.1% |

---

### Region Weightings (% of Net Assets)
![Group By Country Chart](i4c64f653cb6598ce21a295ea.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Other | 4.9% |
| Middle East & Africa | 9.9% |
| Emerging Europe | 11.6% |
| Latin America | 18.6% |
| East & South Asia | 44.8% |

---

### Asset Class Weightings (% of Net Assets)
![group by asset type chart](i3199e831b112ec06382eda63.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stock | 74.7% |
| ADR | 14.8% |
| Rights and Warrants | 0.2% |
| Preferred Stock | 0.1% |
| Cash and Other Assets, Less Liabilities | 10.2% |

---

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

The Seafarer Funds are not sponsored, endorsed, sold, or promoted by Morningstar, Inc. Morningstar, Inc. makes no representation or warranty, express or implied, to the shareholders of the Funds or any member of the public regarding the advisability of investing in the Funds or the ability of the Morningstar EM Net Return U.S. Dollar Index to track general equity market performance of emerging markets.

## Material Fund Changes
Effective August 30, 2024, the Fund launched this Retail Class (SFVRX).

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available on August 31, 2025 at www.seafarerfunds.com/literature or upon request at 855-732-9220 or seafarerfunds@alpsinc.com.

Availability of Additional Information

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

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

![Image](ie2e9524e3254e3478f127eb9.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview](i77ac1cc9c1d90911c24f5f7d.jpg)

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

Seafarer Overseas Value Fund

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

31761T860–A–04302025**

**![Image](ic44df2945e449951dde8a1bc.jpg)

April 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVILX

# Vulcan Value Partners Fund

## FUND OVERVIEW
This annual shareholder report contains important information about Vulcan Value Partners Fund - Institutional Class for the period of May 1, 2024 to April 30, 2025.

You can find additional information about the Fund at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund. You can also request information by contacting us at clientservice@vulcanvaluepartners.com or 205.803.1582.

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name<BORDER_TOP> | Cost of a $10,000 Investment<BORDER_TOP> | Cost Paid as a percentage of a $10,000 Investment<BORDER_TOP> |
| Vulcan Value Partners Fund - Institutional Class | $88 | 0.85% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
Vulcan Value Partners Fund Institutional Class returned 6.28% versus 8.55% for the Russell 1000<sup>®</sup> Value Index, the Fund's broad-based securities market index, and 12.10% for the S&P 500<sup>®</sup> Index, the Fund's additional index, for the fiscal year ended April 30, 2025.

The material contributors for the period include KKR & Co. Inc., Ares Management Corp., Jones Lang LaSalle Inc., Live Nation Entertainment Inc., and CBRE Group Inc. The material detractors over the same period include Skyworks Solutions Inc., Qorvo Inc., and NICE Ltd.

U.S. equity markets were strong during the period with large cap stocks leading the way. The economy was stronger than we and many others expected. Inflation, while still too high, did decline over the year. The Fund's exposure to non-U.S. companies was increased during the period. In fact, our non-U.S. exposure more than doubled over the period. We did not make any sort of macroeconomic or top-down decisions. We followed our investment discipline. We allocated capital to companies we believe have stable values with larger margins of safety. It is not surprising that our opportunity set has shifted to non-U.S. markets as U.S. markets have outperformed many non-U.S. markets for the last several years. The Fund became more diversified and, in our view, retained attractive price to value ratios in spite of rising U.S. markets.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K Chart](ic3dfe56712d5eaf66e7ceb5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Vulcan Value Partners Fund - Institutional Class | Russell 1000<sup>®</sup> Value Index TR | S&P 500 Total Return Index |
| 05/19 | $1000000 | $1000000 | $1000000 |
| 04/20 | $971676 | $897312 | $1016245 |
| 04/21 | $1545139 | $1309404 | $1483535 |
| 04/22 | $1193717 | $1326663 | $1486696 |
| 04/23 | $1160581 | $1342755 | $1526305 |
| 04/24 | $1542835 | $1522979 | $1872191 |
| 04/25 | $1639794 | $1653198 | $2098654 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 YEAR | 5 YEAR | SINCE INCEPTION |
| Vulcan Value Partners Fund - Institutional Class (Incep. May 1, 2019) | 6.28% | 11.03% | 8.59% |
| Russell 1000<sup>®</sup> Value Index TR | 8.55% | 13.00% | 8.74% |
| S&P 500 Total Return Index | 12.10% | 15.61% | 13.15% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 205.803.1582 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$398,714,635

* # of Portfolio Holdings31

* Portfolio Turnover Rate56%

* Advisory Fees Paid$3,866,916

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS *(% of Net Assets)*![Group By Sector Chart](i49f4aa90afbf768d1f85f24c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.84% |
| Communications | 7.89% |
| Consumer, Cyclical | 8.75% |
| Industrial | 11.91% |
| Consumer, Non-cyclical | 14.41% |
| Technology | 25.06% |
| Financial | 31.14% |

---

### INDUSTRY WEIGHTINGS *(% of Net Assets)*![Group By Industry Chart](i6d34cff6a09b3fafeff9b60e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.84% |
| Apparel | 1.24% |
| Private Equity | 1.85% |
| Packaging&Containers | 2.33% |
| Retail | 2.60% |
| Commercial Services | 3.01% |
| Hand/Machine Tools | 3.49% |
| Beverages | 4.54% |
| Food Service | 4.91% |
| Insurance | 5.24% |
| Aerospace/Defense | 6.09% |
| Healthcare-Services | 6.86% |
| Internet | 7.89% |
| Real Estate | 8.96% |
| Semiconductors | 9.19% |
| Diversified Finan Serv | 15.09% |
| Software | 15.87% |

---

### TOP TEN HOLDINGS *(% of Net Assets)* 

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Microsoft Corp. | 6.00% |
| Everest Group, Ltd. | 5.24% |
| Nice, Ltd. | 5.08% |
| Qorvo, Inc. | 5.04% |
| Sodexo SA | 4.91% |
| Amazon.com, Inc. | 4.57% |
| Skyworks Solutions, Inc. | 4.15% |
| Ares Management Corp. | 4.12% |
| TPG, Inc. | 4.08% |
| Elevance Health, Inc. | 3.99% |
| Total % of Top 10 Holdings | 47.18% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's or the successor Fund's next prospectus, which we expect to be available by August 31, 2025 at www.vulcanvaluepartners.com/mutual-funds/ or upon request at 1-877-421-5078. The Board of Trustees of Financial Investors Trust, based on the recommendation of Vulcan Value Partners, LLC, the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust, subject to the approval of the shareholders of the Fund.

![Image](ib44a6ee38011f79de755be5f.jpg)

Vulcan Value Partners Fund

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVILX

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

#### AVAILABILITY OF ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund.

#### Phone: 205.803.1582

#### Website: https://vulcanvaluepartners.com/
*Distributor, ALPS Distributors, Inc.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund](i32850f3bea8a91313f8e75f0.jpg)

31761R229–A–04302025

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 877.421.5078.

![Image](ib15ead8cfff39705eda11df7.jpg)

April 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPLX

# Vulcan Value Partners Fund

## FUND OVERVIEW
This annual shareholder report contains important information about Vulcan Value Partners Fund - Investor Class for the period of May 1, 2024 to April 30, 2025.

You can find additional information about the Fund at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund. You can also request information by contacting us at clientservice@vulcanvaluepartners.com or 205.803.1582.

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name<BORDER_TOP> | Cost of a $10,000 Investment<BORDER_TOP> | Cost Paid as a percentage of a $10,000 Investment<BORDER_TOP> |
| Vulcan Value Partners Fund - Investor Class | $117 | 1.14% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
Vulcan Value Partners Fund Investor Class returned 5.91% versus 8.55% for the Russell 1000<sup>®</sup> Value Index, the Fund's broad-based securities market index, and 12.10% for the S&P 500<sup>®</sup> Index, the Fund's additional index, for the fiscal year ended April 30, 2025.

The material contributors for the period include KKR & Co. Inc., Ares Management Corp., Jones Lang LaSalle Inc., Live Nation Entertainment Inc., and CBRE Group Inc. The material detractors over the same period include Skyworks Solutions Inc., Qorvo Inc., and NICE Ltd.

U.S. equity markets were strong during the period with large cap stocks leading the way. The economy was stronger than we and many others expected. Inflation, while still too high, did decline over the year. The Fund's exposure to non-U.S. companies was increased during the period. In fact, our non-U.S. exposure more than doubled over the period. We did not make any sort of macroeconomic or top-down decisions. We followed our investment discipline. We allocated capital to companies we believe have stable values with larger margins of safety. It is not surprising that our opportunity set has shifted to non-U.S. markets as U.S. markets have outperformed many non-U.S. markets for the last several years. The Fund became more diversified and, in our view, retained attractive price to value ratios in spite of rising U.S. markets.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ia8232a9d0eb53d9e9ede5e02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Vulcan Value Partners Fund - Investor Class | Russell 1000<sup>®</sup> Value Index TR | S&P 500 Total Return Index |
| 04/15 | $10000 | $10000 | $10000 |
| 04/16 | $9351 | $9960 | $10121 |
| 04/17 | $10646 | $11608 | $11934 |
| 04/18 | $12001 | $12479 | $13517 |
| 04/19 | $12816 | $13610 | $15341 |
| 04/20 | $12412 | $12111 | $15474 |
| 04/21 | $19687 | $17673 | $22589 |
| 04/22 | $15172 | $17906 | $22637 |
| 04/23 | $14719 | $18123 | $23240 |
| 04/24 | $19529 | $20556 | $28507 |
| 04/25 | $20684 | $22313 | $31955 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 YEAR | 5 YEAR | 10 YEAR |
| Vulcan Value Partners Fund - Investor Class | 5.91% | 10.75% | 7.54% |
| Russell 1000<sup>®</sup> Value Index TR | 8.55% | 13.00% | 8.36% |
| S&P 500 Total Return Index | 12.10% | 15.61% | 12.32% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 205.803.1582 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$398,714,635

* # of Portfolio Holdings31

* Portfolio Turnover Rate56%

* Advisory Fees Paid$3,866,916

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS *(% of Net Assets)*![Group By Sector Chart](ie2d8a4dcadfb51b67f0d40b5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.84% |
| Communications | 7.89% |
| Consumer, Cyclical | 8.75% |
| Industrial | 11.91% |
| Consumer, Non-cyclical | 14.41% |
| Technology | 25.06% |
| Financial | 31.14% |

---

### INDUSTRY WEIGHTINGS *(% of Net Assets)*![Group By Industry Chart](i4c597f1bf2fd54bd447afde7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 0.84% |
| Apparel | 1.24% |
| Private Equity | 1.85% |
| Packaging&Containers | 2.33% |
| Retail | 2.60% |
| Commercial Services | 3.01% |
| Hand/Machine Tools | 3.49% |
| Beverages | 4.54% |
| Food Service | 4.91% |
| Insurance | 5.24% |
| Aerospace/Defense | 6.09% |
| Healthcare-Services | 6.86% |
| Internet | 7.89% |
| Real Estate | 8.96% |
| Semiconductors | 9.19% |
| Diversified Finan Serv | 15.09% |
| Software | 15.87% |

---

### TOP TEN HOLDINGS *(% of Net Assets)* 

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Microsoft Corp. | 6.00% |
| Everest Group, Ltd. | 5.24% |
| Nice, Ltd. | 5.08% |
| Qorvo, Inc. | 5.04% |
| Sodexo SA | 4.91% |
| Amazon.com, Inc. | 4.57% |
| Skyworks Solutions, Inc. | 4.15% |
| Ares Management Corp. | 4.12% |
| TPG, Inc. | 4.08% |
| Elevance Health, Inc. | 3.99% |
| Total % of Top 10 Holdings | 47.18% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's or the successor Fund's next prospectus, which we expect to be available by August 31, 2025 at www.vulcanvaluepartners.com/mutual-funds/ or upon request at 1-877-421-5078. The Board of Trustees of Financial Investors Trust, based on the recommendation of Vulcan Value Partners, LLC, the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust, subject to the approval of the shareholders of the Fund.

![Image](icf17c913d674c241cdf58e37.jpg)

Vulcan Value Partners Fund

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPLX

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

#### AVAILABILITY OF ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund.

#### Phone: 205.803.1582

#### Website: https://vulcanvaluepartners.com/
*Distributor, ALPS Distributors, Inc.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund](i7e0529a5c9c4b93b145df17c.jpg)

317609691–A–04302025

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 877.421.5078.

![Image](i38f2adc91627cd7663e6476c.jpg)

April 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVISX

# Vulcan Value Partners Small Cap Fund

## FUND OVERVIEW
This annual shareholder report contains important information about Vulcan Value Partners Small Cap Fund - Institutional Class for the period of May 1, 2024 to April 30, 2025.

You can find additional information about the Fund at https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund. You can also request information by contacting us at clientservice@vulcanvaluepartners.com or 205.803.1582.

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name<BORDER_TOP> | Cost of a $10,000 Investment<BORDER_TOP> | Cost Paid as a percentage of a $10,000 Investment<BORDER_TOP> |
| Vulcan Value Partners Small Cap Fund - Institutional Class | $99 | 1.00% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Vulcan Value Partners Small Cap Fund Institutional Class returned -1.14% versus -0.68% for the Russell 2000<sup>®</sup> Value Index, the Fund's broad-based securities market index, and 0.88% for the Russell 2000<sup>®</sup> Index, the Fund's additional index, for the fiscal year ended April 30, 2025.

The material contributors for the period include Genpact Limited, Ituran Location and Control Ltd., ISS A/S and Ibstock plc. The material detractors over the same period include Virtus Investment Partners Inc., Qorvo Inc., MillerKnoll Inc., and Victoria plc.

The Fund owns a number of companies that the adviser believes to have very good long-term prospects that are dealing with short-term headwinds to their businesses. In the adviser's view, the market is overly focused on short-term results and not properly recognizing their long-term prospects.

## HOW DID THE FUND PERFORM SINCE INCEPTION?

### TOTAL RETURN BASED ON $1,000,000 INVESTMENT
![Growth of 10K Chart](i3aef9e8fcb8a9e5aa700b9d6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Vulcan Value Partners Small Cap Fund - Institutional Class | S&P 500 Total Return Index | Russell 2000<sup>®</sup> Value Index | Russell 2000<sup>®</sup> Index TR |
| 05/19 | $1000000 | $1000000 | $1000000 | $1000000 |
| 04/20 | $734447 | $1016245 | $767645 | $843941 |
| 04/21 | $1388630 | $1483535 | $1373801 | $1476162 |
| 04/22 | $1091475 | $1486696 | $1283323 | $1227142 |
| 04/23 | $937118 | $1526305 | $1180828 | $1182410 |
| 04/24 | $996446 | $1872191 | $1346488 | $1339912 |
| 04/25 | $985087 | $2098654 | $1337279 | $1351636 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 YEAR | 5 YEAR | SINCE INCEPTION |
| Vulcan Value Partners Small Cap Fund - Institutional Class (Incep. May 1, 2019) | -1.14% | 6.05% | -0.25% |
| S&P 500 Total Return Index | 12.10% | 15.61% | 13.15% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 4.96% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 5.15% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 205.803.1582 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$120,828,976

* # of Portfolio Holdings25

* Portfolio Turnover Rate29%

* Advisory Fees Paid$1,676,383

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS *(% of Net Assets)*![Group By Sector Chart](i14200a05f4f319a602275f60.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.82% |
| Consumer, Cyclical | 7.21% |
| Financial | 9.04% |
| Technology | 13.78% |
| Consumer, Non-cyclical | 32.44% |
| Industrial | 35.71% |

---

### INDUSTRY WEIGHTINGS *(% of Net Assets)*![Group By Industry Chart](ia695234b192f4ab48b9e7357.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.82% |
| Machinery-Diversified | 0.82% |
| REITS | 2.05% |
| Retail | 2.77% |
| Diversified Finan Serv | 2.99% |
| Healthcare-Services | 3.34% |
| Manufactured Goods | 3.97% |
| Real Estate | 4.00% |
| Home Furnishings | 4.44% |
| Food | 4.85% |
| Semiconductors | 4.89% |
| Transportation | 4.94% |
| Electrical Compo&Equip | 6.06% |
| Packaging&Containers | 7.01% |
| Computers | 8.89% |
| Building Materials | 12.91% |
| Commercial Services | 24.25% |

---

### TOP TEN HOLDINGS *(% of Net Assets)* 

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| ISS A/S | 7.28% |
| Littelfuse, Inc. | 6.06% |
| Ibstock PLC | 5.81% |
| Ituran Location and Control, Ltd. | 4.94% |
| Qorvo, Inc. | 4.89% |
| ABM Industries, Inc. | 4.89% |
| Premium Brands Holdings Corp. | 4.85% |
| Sdiptech AB | 4.59% |
| MillerKnoll, Inc. | 4.44% |
| Genpact, Ltd. | 4.30% |
| Total % of Top 10 Holdings | 52.05% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's or the successor Fund's next prospectus, which we expect to be available by August 31, 2025 at www.vulcanvaluepartners.com/mutual-funds/ or upon request at 1-877-421-5078. The Board of Trustees of Financial Investors Trust, based on the recommendation of Vulcan Value Partners, LLC, the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust, subject to the approval of the shareholders of the Fund.

![Image](i4510a72f285304b0ce2d8780.jpg)

Vulcan Value Partners Small Cap Fund

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVISX

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

#### AVAILABILITY OF ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund.

#### Phone: 205.803.1582

#### Website: https://vulcanvaluepartners.com/
*Distributor, ALPS Distributors, Inc.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund](i2b2645db4d4e13d191e09c3f.jpg)

31761R211–A–04302025

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 877.421.5078.

![Image](i1bd2981667151c9e6b7b49e0.jpg)

April 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPSX

# Vulcan Value Partners Small Cap Fund

## FUND OVERVIEW
This annual shareholder report contains important information about Vulcan Value Partners Small Cap Fund - Investor Class for the period of May 1, 2024 to April 30, 2025.

You can find additional information about the Fund at https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund. You can also request information by contacting us at clientservice@vulcanvaluepartners.com or 205.803.1582.

This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| Class Name<BORDER_TOP> | Cost of a $10,000 Investment<BORDER_TOP> | Cost Paid as a percentage of a $10,000 Investment<BORDER_TOP> |
| Vulcan Value Partners Small Cap Fund - Investor Class | $124 | 1.25% |

---

## HOW DID THE FUND PERFORM LAST YEAR?
The Vulcan Value Partners Small Cap Fund Investor Class returned -1.36% versus -0.68% for the Russell 2000<sup>®</sup> Value Index, the Fund's broad-based securities market index, and 0.88% for the Russell 2000<sup>®</sup> Index, the Fund's additional index, for the fiscal year ended April 30, 2025.

The material contributors for the period include Genpact Limited, Ituran Location and Control Ltd., ISS A/S and Ibstock plc. The material detractors over the same period include Virtus Investment Partners Inc., Qorvo Inc., MillerKnoll Inc., and Victoria plc.

The Fund owns a number of companies that the adviser believes to have good long-term prospects that are dealing with short-term headwinds to their businesses. In the adviser's view, the market is overly focused on short-term results and not properly recognizing their long-term prospects.

## HOW DID THE FUND PERFORM LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i5057148b4a229c334d2b628e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Vulcan Value Partners Small Cap Fund - Investor Class | S&P 500 Total Return Index | Russell 2000<sup>®</sup> Value Index | Russell 2000<sup>®</sup> Index TR |
| 04/15 | $10000 | $10000 | $10000 | $10000 |
| 04/16 | $9496 | $10121 | $9629 | $9406 |
| 04/17 | $11583 | $11934 | $12246 | $11816 |
| 04/18 | $11940 | $13517 | $13046 | $13179 |
| 04/19 | $12508 | $15341 | $13332 | $13787 |
| 04/20 | $9096 | $15474 | $10153 | $11527 |
| 04/21 | $17146 | $22589 | $18170 | $20163 |
| 04/22 | $13447 | $22637 | $16973 | $16762 |
| 04/23 | $11512 | $23240 | $15618 | $16151 |
| 04/24 | $12215 | $28507 | $17809 | $18302 |
| 04/25 | $12048 | $31955 | $17687 | $18462 |

---

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| | 1 YEAR | 5 YEAR | 10 YEAR |
| Vulcan Value Partners Small Cap Fund - Investor Class | -1.36% | 5.78% | 1.88% |
| S&P 500 Total Return Index | 12.10% | 15.61% | 12.32% |
| Russell 2000<sup>®</sup> Value Index | -0.68% | 11.74% | 5.87% |
| Russell 2000<sup>®</sup> Index TR | 0.88% | 9.88% | 6.32% |

---

The Fund's past performance is not a good predictor of the Fund's future performance. The table and graph presented above do not reﬂect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call 205.803.1582 for current month-end performance.

### FUND STATISTICS
* Total Net Assets$120,828,976

* # of Portfolio Holdings25

* Portfolio Turnover Rate29%

* Advisory Fees Paid$1,676,383

## WHAT DID THE FUND INVEST IN?

### SECTOR WEIGHTINGS *(% of Net Assets)*![Group By Sector Chart](ied26bd55f9c1ef4180bd1210.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.82% |
| Consumer, Cyclical | 7.21% |
| Financial | 9.04% |
| Technology | 13.78% |
| Consumer, Non-cyclical | 32.44% |
| Industrial | 35.71% |

---

### INDUSTRY WEIGHTINGS *(% of Net Assets)*![Group By Industry Chart](i2a6ffb6076af7475a569c23e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Cash, Cash Equivalents, & Other Net Assets | 1.82% |
| Machinery-Diversified | 0.82% |
| REITS | 2.05% |
| Retail | 2.77% |
| Diversified Finan Serv | 2.99% |
| Healthcare-Services | 3.34% |
| Manufactured Goods | 3.97% |
| Real Estate | 4.00% |
| Home Furnishings | 4.44% |
| Food | 4.85% |
| Semiconductors | 4.89% |
| Transportation | 4.94% |
| Electrical Compo&Equip | 6.06% |
| Packaging&Containers | 7.01% |
| Computers | 8.89% |
| Building Materials | 12.91% |
| Commercial Services | 24.25% |

---

### TOP TEN HOLDINGS *(% of Net Assets)* 

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| ISS A/S | 7.28% |
| Littelfuse, Inc. | 6.06% |
| Ibstock PLC | 5.81% |
| Ituran Location and Control, Ltd. | 4.94% |
| Qorvo, Inc. | 4.89% |
| ABM Industries, Inc. | 4.89% |
| Premium Brands Holdings Corp. | 4.85% |
| Sdiptech AB | 4.59% |
| MillerKnoll, Inc. | 4.44% |
| Genpact, Ltd. | 4.30% |
| Total % of Top 10 Holdings | 52.05% |

---

## MATERIAL FUND CHANGES
This is a summary of certain changes and planned changes to the Fund since October 31, 2024. For more complete information, you may review the Fund's or the successor Fund's next prospectus, which we expect to be available by August 31, 2025 at www.vulcanvaluepartners.com/mutual-funds/ or upon request at 1-877-421-5078. The Board of Trustees of Financial Investors Trust, based on the recommendation of Vulcan Value Partners, LLC, the investment adviser to the Fund, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust, subject to the approval of the shareholders of the Fund.

![Image](i832dc30d660780110e9cff30.jpg)

Vulcan Value Partners Small Cap Fund

APRIL 30, 2025

ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPSX

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

#### AVAILABILITY OF ADDITIONAL INFORMATION
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund.

#### Phone: 205.803.1582

#### Website: https://vulcanvaluepartners.com/
*Distributor, ALPS Distributors, Inc.*

![An image of a QR code that, when scanned, navigates the user to the following URL: https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund](if7ba47394fe345c475987f6e.jpg)

317609683–A–04302025

## HOUSEHOLDING
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 877.421.5078.**

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies
 to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any
 persons performing similar functions on behalf of the Registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments to the provisions of the code of ethics described
 in Item 2(a) above were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of
 ethics described in Item 2(a) above were granted.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics is attached as an Exhibit to this report.

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the Registrant has designated Jeremy W. Deems as the Registrant's "Audit Committee Financial Expert." Mr. Deems is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: For the Registrant's fiscal years ended
 April 30, 2025 and April 30, 2024, the aggregate fees billed for professional services rendered by the principal accountant for the audit
 of the Registrant's annual financial statements were $121,700 and $113,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: For the Registrant's fiscal years
 ended April 30, 2025 and April 30, 2024, the aggregate fees billed for assurance and related services by the principal accountant that
 were reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph
 (a) of this Item were $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: For the Registrant's fiscal years ended April
 30, 2025 and April 30, 2024, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance,
 tax advice and tax planning were $29,000 and $29,000, respectively. The fiscal year 2025 and 2024 tax fees were for services for dividend
 calculation, excise tax preparation and tax return preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: For the Registrant's fiscal years ended
 April 30, 2025 and April 30, 2024, no fees were billed to Registrant by the principal accountant for services other than the services
 reported in paragraphs (a) through (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal accountant must be pre-approved by the Registrant's audit committee. The Chairman of the Audit Committee may pre-approve non-audit services to be performed by the Registrant's principal accountant on an interim basis, subject to ratification by the Audit Committee at its next regularly scheduled meeting. |

---

(e)(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant,
 and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the Registrant, were $29,000 in the fiscal year ended April 30, 2025 and $29,000 in the
 fiscal year ended April 30, 2024. These fees consisted of non-audit fees billed to (i) the Registrant of $29,000 in the fiscal year ended
 April 30, 2025 and $29,000 in the fiscal year ended April 30, 2024 as described in response to paragraph (c) above and (ii) to ALPS
 Fund Services, Inc. ("AFS"), an entity under common control with ALPS Advisors, Inc., the Registrant's investment adviser,
 of $0 in the fiscal year ended April 30, 2025 and $0 in the fiscal year ended April 30, 2024. The non-audit fees billed to AFS related
 to SSAE 16 services and other compliance-related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's audit committee has considered whether the provision of non-audit services that were
 rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and
 is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
 the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
 Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence. The Registrant's
 audit committee determined that the provision of such non-audit services is compatible with maintaining the principal accountant's
 independence.

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

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

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the Reports to Stockholders filed under Item 7 of this Form
 N-CSR.

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

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

![](fp0093705_01.jpg)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | ![](fp0093705_02.jpg) |

---

ANNUAL REPORT

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 13 |
| Statement of Operations | 14 |
| Statements of Changes in Net Assets | 15 |
| Financial Highlights | 16 |
| Notes to Financial Statements and Financial Highlights | 18 |
| Report Of Independent Registered Public Accounting Firm | 26 |
| Tax Designations | 27 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 28 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 29 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 30 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 31 |

---

---

| | |
|:---|:---|
| APRIL 30, 2025 | **DGINV.COM** |

---

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (69.90%)** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATIONS (1.40%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Media (1.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>(a)</sup> | 29804 | $6953869 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMUNICATIONS** |  | 6953869 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (4.23%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Discretionary Products (1.97%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 448746 | 9773688 |
| &nbsp;&nbsp;&nbsp;*Retail & Whsle - Discretionary (2.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. , Class A<sup>(a)</sup> | 107236 | 7660940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stitch Fix, Inc. , Class A<sup>(a)</sup> | 1100085 | 3597278 |
|  |  | 11258218 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER DISCRETIONARY** |  | 21031906 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (0.51%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Staple Products (0.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. <sup>(a)</sup> | 71955 | 2515547 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER STAPLES** |  | 2515547 |
| &nbsp;&nbsp;&nbsp;**ENERGY (7.03%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas (7.03%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 368044 | 4184660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 624472 | 15337032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 148042 | 15381564 |
|  |  | 34903256 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 34903256 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (3.51%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care (3.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 58575 | 10151048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>(a)</sup> | 12004 | 6191663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc. <sup>(a)</sup> | 48731 | 1113016 |
|  |  | 17455727 |
| &nbsp;&nbsp;&nbsp;**TOTAL HEALTH CARE** |  | 17455727 |

---

Annual Report \| April 30, 2025 1

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (13.97%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Industrial Products (10.09%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 783535 | $21390506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 60496 | 6919533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 44876 | 3662330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)</sup> | 210952 | 7417072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 34164 | 10721005 |
|  |  | 50110446 |
| &nbsp;&nbsp;&nbsp;*Industrial Services (3.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. <sup>(a)</sup> | 278579 | 14931834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 32464 | 4355046 |
|  |  | 19286880 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDUSTRIALS** |  | 69397326 |
| &nbsp;&nbsp;&nbsp;**MATERIALS (1.63%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Materials (1.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 25455 | 3912179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. <sup>(a)</sup> | 72559 | 4195361 |
|  |  | 8107540 |
| &nbsp;&nbsp;&nbsp;**TOTAL MATERIALS** |  | 8107540 |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY (37.62%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software & Tech Services (8.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> | 172698 | 13916005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. <sup>(a)</sup> | 37883 | 10389413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. <sup>(a)</sup> | 197999 | 2625467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 13207 | 8286996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 14215 | 2091311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 28775 | 4129500 |
|  |  | 41438692 |

---

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

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Tech Hardware & Semiconductors (29.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> | 210667 | $17331574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. , Class A | 130365 | 10010728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin, Ltd. | 99448 | 18583848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 89796 | 18048996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. <sup>(a)</sup> | 50646 | 3033189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 254815 | 11741875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp. <sup>(a)</sup> | 127102 | 15561098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 159247 | 7822213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. , Class A<sup>(a)</sup> | 404911 | 18366763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>(a)</sup> | 200015 | 6250469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. <sup>(a)</sup> | 460803 | 14681183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. <sup>(a)</sup> | 426578 | 3954378 |
|  |  | 145386314 |
| &nbsp;&nbsp;&nbsp;**TOTAL TECHNOLOGY** |  | 186825006 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $308,586,061)** |  | $347190177 |
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 2)** |
| **CORPORATE BONDS (22.77%)** |  |  |
| &nbsp;&nbsp;&nbsp;**COMMUNICATIONS (0.58%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Wireless Telecommunications Services (0.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.350% 03/01/2029 | $1582000 | $1580018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.329% 09/21/2028 | 1294000 | 1298620 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMUNICATIONS** |  | 2878638 |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (1.59%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Airlines (0.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% 11/16/2027 | 1274000 | 1237263 |
| &nbsp;&nbsp;&nbsp;*Consumer Services (0.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. No 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150% 08/15/2036 | 1150000 | 1262494 |

---

Annual Report \| April 30, 2025 3

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**CONSUMER DISCRETIONARY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Restaurants (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000% 11/15/2028 | $1570000 | $1549146 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Discretionary (0.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900% 04/15/2030 | 1420000 | 1279081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200% 12/03/2025 | 1035000 | 1037588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.650% 09/15/2037 | 1400000 | 1513921 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER DISCRETIONARY** |  | 7879493 |
| &nbsp;&nbsp;&nbsp;**CONSUMER STAPLES (1.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Products (0.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% 10/01/2027 | 1300000 | 1269197 |
| &nbsp;&nbsp;&nbsp;*Food & Beverage (0.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.700% 06/03/2028 | 1400000 | 1303671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300% 03/15/2034 | 1575000 | 1600297 |
|  |  | 2903968 |
| &nbsp;&nbsp;&nbsp;*Mass Merchants (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600% 04/20/2030 | 1820000 | 1613769 |
| &nbsp;&nbsp;&nbsp;**TOTAL CONSUMER STAPLES** |  | 5786934 |
| &nbsp;&nbsp;&nbsp;**ENERGY (3.45%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Exploration & Production (0.46%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350% 05/15/2025 | 1100000 | 1099089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.850% 12/15/2025 | 1200000 | 1205871 |
|  |  | 2304960 |

---

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

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**ENERGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Integrated Oils (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.893% 09/11/2033 | $1593000 | $1565780 |
| &nbsp;&nbsp;&nbsp;*Pipeline (2.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% 11/15/2029 | 1750000 | 1618978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500% 11/15/2026 | 1000000 | 1048063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% 04/15/2029 | 1545000 | 1565189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125% 07/31/2029 | 1690000 | 1611053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650% 08/15/2030 | 1793000 | 1603679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 09/30/2028 | 1082000 | 1158094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150% 03/15/2034 | 1590000 | 1559915 |
|  |  | 10164971 |
| &nbsp;&nbsp;&nbsp;*Refining & Marketing (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.150% 12/15/2030 | 1878000 | 1642257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 06/15/2037 | 1420000 | 1475772 |
|  |  | 3118029 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 17153740 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (3.56%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (0.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp, Series DMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000% 07/30/2029 | 1739000 | 1626400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.574% 08/01/2026 <sup>(b)</sup> | 1015000 | 1053418 |
|  |  | 2679818 |
| &nbsp;&nbsp;&nbsp;*Commercial Finance (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% 09/15/2033 | 1585000 | 1586763 |

---

Annual Report \| April 30, 2025 5

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Consumer Finance (0.47%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300% 05/03/2027 | $1206000 | $1185778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200% 10/29/2025 | 1150000 | 1147776 |
|  |  | 2333554 |
| &nbsp;&nbsp;&nbsp;*Diversified Banks (0.88%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.183% 11/25/2027 | 1595000 | 1586932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 03/05/2038 | 1370000 | 1518205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 12/15/2026 | 1290000 | 1288408 |
|  |  | 4393545 |
| &nbsp;&nbsp;&nbsp;*Financial Services (0.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% 11/24/2025 | 1030000 | 1033117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M CME Term SOFR + 1.131% 05/08/2032 <sup>(c)</sup> | 1560000 | 1510042 |
|  |  | 2543159 |
| &nbsp;&nbsp;&nbsp;*Life Insurance (0.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100% 11/15/2026 | 1223000 | 1197355 |
| &nbsp;&nbsp;&nbsp;*Real Estate (0.60%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450% 09/13/2029 | 1775000 | 1635281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 03/15/2029 | 1349000 | 1333717 |
|  |  | 2968998 |
| &nbsp;&nbsp;&nbsp;**TOTAL FINANCIALS** |  | 17703192 |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (1.75%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services (0.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250% 08/15/2029 | 1695000 | 1597721 |

---

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

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.400% 11/30/2033 | $1455000 | $1579978 |
|  |  | 3177699 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices Manufacturing (0.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300% 03/12/2031 | 1865000 | 1630026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.600% 11/15/2025 | 1200000 | 1205633 |
|  |  | 2835659 |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals (0.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% 05/28/2028 | 1742000 | 1625109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800% 11/15/2026 | 1000000 | 1038654 |
|  |  | 2663763 |
| &nbsp;&nbsp;&nbsp;**TOTAL HEALTH CARE** |  | 8677121 |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (3.18%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Aerospace & Defense (0.82%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% 05/15/2025 | 1100000 | 1099434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350% 06/01/2034 | 1470000 | 1483817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% 11/16/2038 | 1635000 | 1483945 |
|  |  | 4067196 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment Manufacturing (0.30%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300% 03/15/2031 | 1740000 | 1515867 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction (0.15%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 09/15/2028 | 774000 | 750709 |
| &nbsp;&nbsp;&nbsp;*Industrial Other (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000% 12/21/2028 | 1700000 | 1576963 |

---

Annual Report \| April 30, 2025 7

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**INDUSTRIALS (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Railroad (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400% 02/05/2030 | $1770000 | $1623467 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400% 05/15/2031 | 1833000 | 1604114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.200% 01/15/2038 | 1430000 | 1541921 |
|  |  | 3146035 |
| &nbsp;&nbsp;&nbsp;*Waste & Environment Services & Equipment (0.63%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.300% 03/01/2030 | 1757000 | 1599262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000% 07/15/2028 | 1413000 | 1534825 |
|  |  | 3134087 |
| &nbsp;&nbsp;&nbsp;**TOTAL INDUSTRIALS** |  | 15814324 |
| &nbsp;&nbsp;&nbsp;**MATERIALS (0.32%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals (0.32%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% 11/01/2029 | 1408000 | 1552302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.725% 11/15/2028 | 14000 | 14161 |
|  |  | 1566463 |
| &nbsp;&nbsp;&nbsp;**TOTAL MATERIALS** |  | 1566463 |
| &nbsp;&nbsp;&nbsp;**UTILITIES (7.17%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (7.17%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750% 03/15/2028 | 1750000 | 1624256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appalachian Power Co., Series AA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700% 04/01/2031 | 1494000 | 1328260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.550% 08/01/2033 | 1510000 | 1528022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050% 10/15/2029 | 1754000 | 1632531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 11/01/2028 | 1231000 | 1222439 |

---

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

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450% 08/15/2027 | $1333000 | $1307776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Edison Co., Series 122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950% 08/15/2027 | 1300000 | 1267760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.350% 10/15/2032 | 1255000 | 1349897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100% 06/01/2037 | 1400000 | 1478488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600% 12/15/2030 | 1940000 | 1661153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600% 04/01/2029 | 1620000 | 1572482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650% 06/15/2031 | 1965000 | 1661523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada Power Co., Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.650% 04/01/2036 | 1330000 | 1452020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500% 04/01/2029 | 1360000 | 1308407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.350% 04/01/2034 | 1605000 | 1616728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450% 08/15/2037 | 987000 | 1075881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% 04/01/2034 | 1575000 | 1593260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100% 06/15/2030 | 1685000 | 1609150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 07/01/2036 | 1530000 | 1387421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200% 06/15/2030 | 1850000 | 1629683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toledo Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150% 05/15/2037 | 1350000 | 1463461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000% 01/15/2034 | 1595000 | 1571427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.800% 10/15/2030 | 1910000 | 1656861 |

---

Annual Report \| April 30, 2025 9

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**UTILITIES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Utilities (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600% 12/01/2029 | $1770000 | $1619890 |
|  |  | 35618776 |
| &nbsp;&nbsp;&nbsp;**TOTAL UTILITIES** |  | 35618776 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $114,057,782)** |  | $113078681 |
| **FOREIGN CORPORATE BONDS (2.26%)** |  |  |
| &nbsp;&nbsp;&nbsp;**ENERGY (0.89%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Exploration & Production (0.31%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.450% 06/30/2033 | 1470000 | 1535517 |
| &nbsp;&nbsp;&nbsp;*Pipeline (0.58%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700% 03/08/2033 | 1538000 | 1570254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250% 08/15/2038 | 1164000 | 1291404 |
|  |  | 2861658 |
| &nbsp;&nbsp;&nbsp;**TOTAL ENERGY** |  | 4397175 |
| &nbsp;&nbsp;&nbsp;**FINANCIALS (0.76%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Diversified Banks (0.76%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750% 02/02/2026 | 1225000 | 1227626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, Series GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650% 01/27/2026 | 1251000 | 1251182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200% 06/03/2026 | 1340000 | 1296826 |
| &nbsp;&nbsp;&nbsp;**TOTAL FINANCIALS** |  | 3775634 |

---

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

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;**HEALTH CARE (0.31%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals (0.31%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450% 05/19/2028 |  | $1540000 | $1552376 |
| &nbsp;&nbsp;&nbsp;**TOTAL HEALTH CARE** |  |  | 1552376 |
| &nbsp;&nbsp;&nbsp;**MATERIALS (0.30%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining (0.30%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250% 09/08/2033 |  | 1490000 | 1507455 |
| &nbsp;&nbsp;&nbsp;**TOTAL MATERIALS** |  |  | 1507455 |
| **TOTAL FOREIGN CORPORATE BONDS** |  |  |  |
| **(Cost $11,337,789)** |  |  | $11232640 |
| **GOVERNMENT & AGENCY OBLIGATIONS (2.40%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.875% 08/15/2028 |  | 290000 | 283481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250% 11/15/2034 |  | 9200000 | 9271875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.250% 10/31/2025 |  | 1500000 | 1471231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% 01/15/2026 |  | 200000 | 199846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 06/15/2026 |  | 670000 | 672107 |
| **TOTAL GOVERNMENT & AGENCY OBLIGATIONS** |  |  |  |
| **(Cost $11,572,440)** |  |  | $11898540 |
|  | **Yield** | **Shares** | **Value**<br> **(Note 2)** |
| **SHORT TERM INVESTMENTS (0.62%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;**MONEY MARKET FUND (0.62%)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Treasury Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Class X | 4.237 %<sup>(d)</sup> | 3071064 | 3071064 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $3,071,064)** |  |  | $3071064 |

---

Annual Report \| April 30, 2025 11

The Disciplined Growth Investors Fund Schedule of Investments

*April 30, 2025*

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS (97.95%)** | |
| **(Cost $448,625,136)** | $486471102 |
| **Other Assets In Excess Of Liabilities (2.05%)** | 10197256 |
| **NET ASSETS (100.00%)** | $496668358 |

---

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

*<sup>(b)</sup>* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of April 30, 2025.*

*<sup>(c)</sup>* *Floating or variable rate security. The reference rate is described below. The rate in effect as of April 30, 2025 is based on the reference rate plus the displayed spread as of the securities last reset date.*

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

***Common Abbreviations:***

*SOFR- Secured Overnight Financing Rate*

*LLC - Limited Liability Company*

*LP - Limited Partnership*

*Ltd. - Limited*

***Libor Rates:***

*3M CME Term SOFR as of April 30, 2025 was 4.36%*

*See Notes to Financial Statements and Financial Highlights.*

 

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The Disciplined Growth Investors Fund Statement of Assets and Liabilities

*April 30, 2025*

---

| | |
|:---|:---|
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $486471102 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 19757561 |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 2850 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1668956 |
| &nbsp;&nbsp;&nbsp;Total assets | 507900469 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 10890110 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 30117 |
| &nbsp;&nbsp;&nbsp;Payable to adviser | 311884 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 11232111 |
| **NET ASSETS** | $496668358 |
| **NET ASSETS CONSIST OF** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $433796995 |
| &nbsp;&nbsp;&nbsp;Distributable Earnings | 62871363 |
| **NET ASSETS** | $496668358 |
| **INVESTMENTS, AT COST** | $448625136 |
| **PRICING OF SHARES** |  |
| Net Asset Value, offering and redemption price per share | $22.27 |
| Shares of beneficial interest outstanding | 22302224 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 13

The Disciplined Growth Investors Fund Statement of Operations

---

| | |
|:---|:---|
| | **For the**<br>**Year Ended**<br>**April 30, 2025** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $2899127 |
| &nbsp;&nbsp;&nbsp;Foreign taxes reclaimed | 3669 |
| &nbsp;&nbsp;&nbsp;Interest | 7234795 |
| &nbsp;&nbsp;&nbsp;Total investment income | 10137591 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 4220685 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4220685 |
| **NET INVESTMENT INCOME** | 5916906 |
| **REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 25757021 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (65643152) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (39886131) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(33969225) |

---

*See Notes to Financial Statements and Financial Highlights.* 

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

The Disciplined Growth Investors Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2024** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5916906 | $3912313 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 25757021 | 101613637 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (65643152) | 55444062 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (33969225) | 160970012 |
| **DISTRIBUTIONS (Note 3)** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (95917149) | (12504274) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (95917149) | (12504274) |
| **CAPITAL SHARE TRANSACTIONS (Note 5)** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 43477555 | 32281940 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 95402516 | 12343700 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (36525843) | (27188501) |
| &nbsp;&nbsp;&nbsp;Net increase from capital share transactions | 102354228 | 17437139 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (27532146) | 165902877 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 524200504 | 358297627 |
| &nbsp;&nbsp;&nbsp;End of period | $496668358 | $524200504 |
| **OTHER INFORMATION** |  |  |
| **Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1757159 | 1228023 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3759594 | 495191 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1477887) | (1060174) |
| &nbsp;&nbsp;&nbsp;Net increase in share transactions | 4038866 | 663040 |

---

*See Notes to Financial Statements and Financial Highlights.* 

Annual Report \| April 30, 2025 15

The Disciplined Growth Investors Fund

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **DISTRIBUTIONS** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** |
| **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of period (000's) |
| **RATIOS TO AVERAGE NET ASSETS** |
| Expenses |
| Net investment income |
| **PORTFOLIO TURNOVER RATE** |

---

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

*See Notes to Financial Statements and Financial Highlights.* 

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

Financial Highlights

*For a share outstanding during the period or years presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year**<br>**Ended**<br>**April 30, 2025** | **For the Year**<br>**Ended**<br>**April 30, 2024** | **For the Year**<br>**Ended**<br>**April 30, 2023** | **For the Year**<br>**Ended**<br>**April 30, 2022** | **For the Year**<br>**Ended**<br>**April 30, 2021** |
| $28.70 | $20.36 | $20.51 | $25.94 | $19.42 |
| 0.28 | 0.22 | 0.18 | 0.08 | 0.09 |
| (1.52) | 8.83 | 0.14 | (2.84) | 8.83 |
| (1.24) | 9.05 | 0.32 | (2.76) | 8.92 |
| (0.28) | (0.21) | (0.17) | (0.08) | (0.10) |
| (4.91) | (0.50) | (0.30) | (2.59) | (2.30) |
| (5.19) | (0.71) | (0.47) | (2.67) | (2.40) |
| (6.43) | 8.34 | (0.15) | (5.43) | 6.52 |
| $22.27 | $28.70 | $20.36 | $20.51 | $25.94 |
| (6.38%) | 44.95% | 1.67% | (11.86%) | 47.00% |
| $496668 | $524201 | $358298 | $344503 | $345450 |
| 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| 1.09% | 0.88% | 0.89% | 0.32% | 0.39% |
| 17% | 35% | 26% | 21% | 31% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 17

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

1. ORGANIZATION

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes The Disciplined Growth Investors Fund (the "Fund"). The Fund seeks long-term capital growth and as a secondary objective, modest income with reasonable risk.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services - Investment Companies". The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

**Investment Valuation:** The Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day. Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

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

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

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

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

When such prices or quotations are not available, or when Disciplined Growth Investors, Inc. (the "Adviser") believes that they are unreliable, securities may be priced using fair value procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Board of Trustees of the Trust (the "Board" or the "Trustees").

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

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

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

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

Annual Report \| April 30, 2025 19

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

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

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

The following is a summary of each input used to value the Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -**<br> **Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable**<br> **Inputs** | **Level 3 - Significant Unobservable**<br> **Inputs** | **Total** |
| Common Stocks<sup>(a)</sup> | $347190177 | $– | $– | $347190177 |
| Corporate Bonds<sup>(a)</sup> |  | 113078681 |  | 113078681 |
| Foreign Corporate Bonds<sup>(a)</sup> |  | 11232640 |  | 11232640 |
| Government & Agency Obligations |  | 11898540 |  | 11898540 |
| Short Term Investments | 3071064 | – | – | 3071064 |
| TOTAL | $350261241 | $136209861 | $– | $486471102 |

---

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

For the year ended April 30, 2025, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2025.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Fund uses for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations.

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

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

**Federal Income Taxes:** The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of their net taxable income and net capital gains, if any, each

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

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2025 the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

3. TAX BASIS INFORMATION

**Reclassifications:** The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily attributable to equalization. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. U.S. GAAP requires that permanent financial reporting and tax differences be reclassified based on their characterization for federal income tax purposes. Accordingly, at April 30, 2025, the following reclassifications were made to increase (decrease) such amounts:

---

| | | |
|:---|:---|:---|
| | **Distributable**<br>**Earnings** |<br>**Paid-In Capital** |
| The Disciplined Growth Investors Fund | $(1149786) | $1149786 |

---

Annual Report \| April 30, 2025 21

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**Tax Basis of Investments:** As of April 30, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

---

| | |
|:---|:---|
| | **The Disciplined Growth Investors Fund** |
| Gross appreciation |  |
| &nbsp;&nbsp;&nbsp;(excess of value over tax cost) | $94797448 |
| Gross depreciation |  |
| &nbsp;&nbsp;&nbsp;(excess of tax cost over value) | (56951503) |
| Net unrealized appreciation | $37845945 |
| Cost of investments for income tax purposes | $448625157 |

---

The difference between book-basis and tax-basis is primarily due to the deferral of losses from wash sales.

**Components of Distributable Earnings:** As of April 30, 2025, components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $261296 |
| Accumulated capital gains | 24821379 |
| Net unrealized appreciation on investments | 37845945 |
| Other cumulative effect of timing differences | (57257) |
| Total | $62871363 |

---

The difference between book-basis and tax-basis is primarily due to the difference between premium amortization due to Accounting Standards Update 2017-08.

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

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

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** |
| The Disciplined Growth Investors Fund | $5844195 | $90072954 |

---

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

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

The tax character of distributions paid during the year ended April 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** |
| The Disciplined Growth Investors Fund | $3684809 | $8819465 |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next year without expiration. As of April 30, 2025, the Fund did not have available capital losses to carry forward to the next tax year.

The Fund did not incur capital loss carryovers during the year ended April 30, 2025.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities, U.S. Government Obligations, and in-kind transactions) during the year ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| The Disciplined Growth Investors Fund | $119729001 | $85539966 |

---

Investment transactions in U.S. Government Obligations (excluding short-term securities and in-kind transactions) during the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds From Sales of Securities** |
| The Disciplined Growth Investors Fund | $10385824 | $1455406 |

---

The cost of purchases in kind, proceeds from sales in kind along with their realized gain/(loss) during the year ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Fund** |<br>**Purchases** |<br>**Proceeds** | **Net Realized**<br>**Gain/(Loss)** |
| Disciplined Growth Investors Fund | $11371691 | $– | $– |

---

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors

Annual Report \| April 30, 2025 23

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

(other than the purchase price for the shares or make contributions to the Trust or its creditors solely by reason of the purchasers' ownership of the shares). Shares have no pre-emptive rights.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

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

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, bookkeeping and pricing services, legal, audit and other services, except for interest expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business. Also included are Trustee fees which were $32,372 for the year ended April 30, 2025.

**Fund Administrator Fees and Expenses**

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

**Transfer Agent**

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

**Compliance Services**

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

**Principal Financial Officer**

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

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

The Disciplined Growth Investors Fund Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**Distributor**

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

7. INDEMNIFICATIONS

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

8. SUBSEQUENT EVENT

The Board of the Trust, based upon the recommendation of the Advisor, approved the proposed reorganization of the Fund into a correspondingly named series of Elevation Series Trust (the "New Fund"), on April 17, 2025, subject to the approval of the shareholders of the existing Fund (the "Reorganization").

The Board also approved an Agreement and Plan of Reorganization and Termination (the "Plan") that provides that the existing Fund will transfer all of its assets to the New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the existing Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund's assumption of all of the existing Fund's liabilities, followed by a distribution of those shares to the existing Fund's shareholders so that the existing Fund's shareholders receive shares of the New Fund equivalent in value to the shares of the existing Fund held by such shareholder on the closing date of the Reorganization. The Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.

Shareholders of the Fund approved the Reorganization at a special shareholder meeting held on June 16, 2025. The Reorganization is expected to occur on or around July 11, 2025.

Annual Report \| April 30, 2025 25

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

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Disciplined Growth Investors Fund (the "Fund"), a series of Financial Investors Trust, as of April 30, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended April 30, 2023, and prior, were audited by other auditors whose report dated June 29, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

![](fp0093705_03.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

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

The Disciplined Growth Investors Fund Tax Designations

*April 30, 2025 (Unaudited)*

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2024:

---

| | |
|:---|:---|
| Dividend Received Deduction | 40.07% |
| Qualified Dividend Income | 45.01% |

---

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Disciplined Growth Investors Fund designated $90,072,954 as long-term capital gain dividends.

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

Annual Report \| April 30, 2025 27

The Disciplined Growth Investors Fund Changes in and Disagreements with Accountants for Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable for this reporting period.

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

The Disciplined Growth Investors Fund Proxy Disclosures for Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable for this reporting period.

Annual Report \| April 30, 2025 29

The Disciplined Growth Investors Fund Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Pursuant to the Fund's unitary fee arrangements, the Fund does not pay any trustee fees.

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

The Disciplined Growth Investors Fund Statement Regarding Basis for Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

On December 10, 2024, the Trustees met in person to discuss, among other things, the renewal of the Investment Advisory Agreement between Disciplined Growth Investors, Inc. ("DGI") and the Trust, with respect to The Disciplined Growth Investors Fund (the "DGI Fund"), dated February 12, 2018 (the "DGI Investment Advisory Agreement"), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the DGI Investment Advisory Agreement with DGI, the Trustees, including the Independent Trustees, considered the following factors with respect to the DGI Fund:

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

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

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

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

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

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

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

**Performance:** The Trustees reviewed performance information of the DGI Fund for the 1-year, 3-year, 5-year, 10-year, and since inception periods ended September 30, 2024. That review included a comparison of the DGI Fund's performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the DGI Fund outperformed its peer group median over each period.

Annual Report \| April 30, 2025 31

The Disciplined Growth Investors Fund Statement Regarding Basis for Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

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

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

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

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

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

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

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

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

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

● the performance of the DGI Fund for the 1-year, 3-year, 5-year, 10-year, and since inception periods ended September 30, 2024, was adequate;

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

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

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

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

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

![](fp0093705_04.jpg)

![](fp0093705_05.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 1 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 5 |
| **Statements of Assets and Liabilities** | 7 |
| **Statements of Operations** | 8 |
| **Statements of Changes in Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 9 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 11 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 13 |
| **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;Emerald Growth Fund | 15 |
| &nbsp;&nbsp;&nbsp;Emerald Insights Fund | 19 |
| &nbsp;&nbsp;&nbsp;Emerald Finance & Banking Innovation Fund | 23 |
| **Notes to Financial Statements and Financial Highlights** | 27 |
| **Report of Independent Registered Public Accounting Firm** | **36** |
| **Tax Designation** | **37** |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **38** |
| **Proxy Disclosures for Open-End Management Investment Companies** | **39** |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **40** |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | **41** |

---

Emerald Growth Fund Schedule of Investments

April 30, 2025

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **COMMON STOCKS: 93.02%** | **COMMON STOCKS: 93.02%** | |
| **Consumer Discretionary: 6.46%** | **Consumer Discretionary: 6.46%** |  |
| 531344 | Arhaus, Inc.<sup>(a)</sup> | $4176364 |
| 576203 | Arlo Technologies, Inc.<sup>(a)</sup> | 5664075 |
| 192037 | BJ's Restaurants, Inc.<sup>(a)</sup> | 6392912 |
| 51996 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 5425263 |
| 34235 | Churchill Downs, Inc. | 3095186 |
| 255325 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 7828264 |
| 314640 | National Vision Holdings, Inc.<sup>(a)</sup> | 3885804 |
| 373170 | OneSpaWorld Holdings, Ltd. | 6231939 |
| 492196 | Portillo's, Inc.<sup>(a)</sup> | 5089307 |
| 348409 | Rush Street Interactive, Inc.<sup>(a)</sup> | 4226201 |
|  |  | **52015315** |
| **Consumer Staples: 5.25%** | **Consumer Staples: 5.25%** |  |
| 10594 | Five Below, Inc.<sup>(a)</sup> | 803979 |
| 199016 | Freshpet, Inc.<sup>(a)</sup> | 14635637 |
| 105339 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 11177521 |
| 144847 | Utz Brands, Inc. | 1925016 |
| 376599 | Vital Farms, Inc.<sup>(a)</sup> | 12894750 |
| 381007 | Zevia PBC, Class A<sup>(a)</sup> | 861076 |
|  |  | **42297979** |
| **Energy: 1.28%** | **Energy: 1.28%** |  |
| 111280 | Excelerate Energy, Inc. | 2846543 |
| 85845 | Flowco Holdings, Inc. | 1658525 |
| 99438 | Infinity Natural Resources, Inc.<sup>(a)</sup> | 1526373 |
| 104580 | Sable Offshore Corp.<sup>(a)</sup> | 1951463 |
| 111973 | Solaris Energy Infrastructure, Inc. | 2367109 |
|  |  | **10350013** |
| **Financial Services: 15.78%** | **Financial Services: 15.78%** |  |
| 44599 | Ameris Bancorp | 2613501 |
| 210529 | Axos Financial, Inc.<sup>(a)</sup> | 13364381 |
| 276065 | Baldwin Insurance Group, Inc.<sup>(a)</sup> | 11489825 |
| 183996 | Bancorp, Inc.<sup>(a)</sup> | 8888847 |
| 100347 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 4032946 |
| 39244 | Coastal Financial Corp.<sup>(a)</sup> | 3223895 |
| 130239 | First Busey Corp. | 2707669 |
| 55116 | First Financial Bankshares, Inc. | 1846937 |
| 58675 | Fulton Financial Corp. | 978699 |
| 136911 | LendingTree, Inc.<sup>(a)</sup> | 7063238 |
| 213332 | MARA Holdings, Inc.<sup>(a)</sup> | 2852249 |
| 147538 | Mid Penn Bancorp, Inc. | 4285979 |
| 202151 | Moelis & Co., Class A | 10831251 |
| 45000 | Norwood Financial Corp. | 1125450 |
| 25863 | Orrstown Financial Services, Inc. | 775114 |
| 134974 | Palomar Holdings, Inc.<sup>(a)</sup> | 19573929 |
| 112252 | Perella Weinberg Partners | 1927367 |
| 317037 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 16831494 |
| 26589 | Stewart Information Services Corp. | 1741048 |
| 338791 | Trinity Capital, Inc. | 4922633 |
| 54383 | UMB Financial Corp. | 5143000 |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 30124 | WesBanco, Inc. | $897093 |
|  |  | **127116545** |
| **Healthcare: 20.94%** | **Healthcare: 20.94%** |  |
| 420726 | 89bio, Inc.<sup>(a)</sup> | 3374223 |
| 145814 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 2128884 |
| 51799 | Akero Therapeutics, Inc.<sup>(a)</sup> | 2362552 |
| 459355 | Alphatec Holdings, Inc.<sup>(a)</sup> | 5043718 |
| 78475 | Biohaven, Ltd.<sup>(a)</sup> | 1735867 |
| 122112 | Blueprint Medicines Corp.<sup>(a)</sup> | 10929024 |
| 358275 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 13743429 |
| 49814 | Ceribell, Inc.<sup>(a)</sup> | 801507 |
| 260136 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 7022371 |
| 50865 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 3656176 |
| 56696 | CVRx, Inc.<sup>(a)</sup> | 415015 |
| 167480 | Guardant Health, Inc.<sup>(a)</sup> | 7910080 |
| 178975 | Insmed, Inc.<sup>(a)</sup> | 12886200 |
| 12974 | Integer Holdings Corp.<sup>(a)</sup> | 1638746 |
| 357336 | KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 4920517 |
| 87312 | LivaNova PLC<sup>(a)</sup> | 3230544 |
| 19157 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 6396714 |
| 78091 | Merit Medical Systems, Inc.<sup>(a)</sup> | 7375695 |
| 148099 | NeoGenomics, Inc.<sup>(a)</sup> | 947093 |
| 83419 | Novocure, Ltd.<sup>(a)</sup> | 1513221 |
| 229444 | Orthofix Medical, Inc.<sup>(a)</sup> | 3191566 |
| 214862 | RadNet, Inc.<sup>(a)</sup> | 11254472 |
| 1003696 | Savara, Inc.<sup>(a)</sup> | 3211827 |
| 215393 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 16124320 |
| 143451 | Spyre Therapeutics, Inc.<sup>(a)</sup> | 2184759 |
| 130311 | TransMedics Group, Inc.<sup>(a)</sup> | 11989915 |
| 480603 | Travere Therapeutics, Inc.<sup>(a)</sup> | 10001348 |
| 135426 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 5278906 |
| 962901 | WaVe Life Sciences, Ltd.<sup>(a)</sup> | 7433596 |
|  |  | **168702285** |
| **Industrials: 20.74%** | **Industrials: 20.74%** |  |
| 120641 | AAR Corp.<sup>(a)</sup> | 6449468 |
| 85328 | AeroVironment, Inc.<sup>(a)</sup> | 12928899 |
| 94835 | Allegiant Travel Co.<sup>(a)</sup> | 4450606 |
| 219860 | ATI, Inc.<sup>(a)</sup> | 11955987 |
| 127976 | Bloom Energy Corp., Class A<sup>(a)</sup> | 2344520 |
| 15656 | Bowman Consulting Group, Ltd.<sup>(a)</sup> | 346311 |
| 24070 | Cactus, Inc. | 913216 |
| 75970 | Carpenter Technology Corp. | 14860492 |
| 105871 | Chart Industries, Inc.<sup>(a)</sup> | 14290468 |
| 440916 | First Advantage Corp.<sup>(a)</sup> | 6216916 |
| 163605 | FTAI Aviation Ltd | 17523732 |
| 553439 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 18697937 |
| 211235 | Latham Group, Inc.<sup>(a)</sup> | 1154399 |
| 88849 | Louisiana-Pacific Corp. | 7668557 |
| 304451 | Mirion Technologies, Inc.<sup>(a)</sup> | 4804237 |
| 112024 | Modine Manufacturing Co.<sup>(a)</sup> | 9145639 |

---

Annual Report \| April 30, 2025 1

Emerald Growth Fund Schedule of Investments

April 30, 2025

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 124052 | Napco Security Technologies, Inc. | $2834588 |
| 259862 | Proficient Auto Logistics, Inc.<sup>(a)</sup> | 2159453 |
| 265294 | RXO, Inc.<sup>(a)</sup> | 3737992 |
| 98258 | Shift4 Payments, Inc.<sup>(a)</sup> | 8037504 |
| 53148 | SPX Technologies Inc<sup>(a)</sup> | 7129804 |
| 82293 | VSE Corp. | 9424194 |
|  |  | **167074919** |
| **Real Estate: 0.73%** | **Real Estate: 0.73%** |  |
| 67147 | Ryman Hospitality Properties, Inc. | 5905579 |
| **Technology: 20.74%** | **Technology: 20.74%** |  |
| 84762 | Agilysys, Inc.<sup>(a)</sup> | 6302055 |
| 225184 | Applied Optoelectronics, Inc.<sup>(a)</sup> | 2880103 |
| 158109 | Clearwater Analytics Holdings, Inc.<sup>(a)</sup> | 3595399 |
| 84039 | Cogent Communications Holdings, Inc. | 4567520 |
| 17020 | Commvault Systems, Inc.<sup>(a)</sup> | 2844553 |
| 469337 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 20204958 |
| 219646 | EverQuote, Inc., Class A<sup>(a)</sup> | 5214396 |
| 53901 | Fabrinet<sup>(a)</sup> | 11052939 |
| 242851 | FormFactor, Inc.<sup>(a)</sup> | 6833827 |
| 58956 | Impinj, Inc.<sup>(a)</sup> | 5431616 |
| 63280 | InterDigital, Inc. | 12719280 |
| 100871 | Kulicke & Soffa Industries, Inc. | 3251072 |
| 83687 | Life360, Inc.<sup>(a)</sup> | 3590172 |
| 70876 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 7353385 |
| 362722 | PDF Solutions, Inc.<sup>(a)</sup> | 6655949 |
| 176578 | Q2 Holdings, Inc.<sup>(a)</sup> | 13993806 |
| 183078 | Rambus, Inc.<sup>(a)</sup> | 8932376 |
| 40853 | SiTime Corp.<sup>(a)</sup> | 5999671 |
| 367651 | SkyWater Technology, Inc.<sup>(a)</sup> | 2606646 |
| 93005 | Sprout Social, Inc.<sup>(a)</sup> | 1944734 |
| 189109 | Tenable Holdings, Inc.<sup>(a)</sup> | 5781062 |
| 555997 | TTM Technologies, Inc.<sup>(a)</sup> | 11131060 |
| 331746 | Varonis Systems, Inc.<sup>(a)</sup> | 14211999 |
|  |  | **167098578** |
| **Telecommunications: 1.10%** | **Telecommunications: 1.10%** |  |
| 150606 | Lumentum Holdings, Inc.<sup>(a)</sup> | 8891778 |
|  | **Total Common Stocks** |  |
|  | (Cost $571,562,366) | **749452991** |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **MUTUAL FUND: 5.70%** | **MUTUAL FUND: 5.70%** | |
| **Healthcare: 5.70%** | **Healthcare: 5.70%** | |
| 1997035 | F/m Emerald Life Sciences Innovation ETF<sup>(a)(b)</sup> | $45971746 |
|  | **Total Mutual Fund** |  |
|  | (Cost $31,078,469) | **45971746** |
| **SHORT-TERM INVESTMENT: 1.34%** | **SHORT-TERM INVESTMENT: 1.34%** |  |
| 10811197 | First American Government Obligations Fund, Class X 4.246% <sup>(c)</sup> | 10811197 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $10,811,197) | **10811197** |
| **Total Investments: 100.06%** | **Total Investments: 100.06%** |  |
| (Cost $613,452,032) | (Cost $613,452,032) | **806235934** |
| **Liabilities In Excess Of Other Assets: (0.06)%** | **Liabilities In Excess Of Other Assets: (0.06)%** | (512416) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**805723518** |

---

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

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

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

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

*See Notes to Financial Statement and Financial Highlights.*

2 www.emeraldmutualfunds.com

Emerald Insights Fund Schedule of Investments

April 30, 2025

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **COMMON STOCKS: 99.01%** | **COMMON STOCKS: 99.01%** | **COMMON STOCKS: 99.01%** |
| **Consumer Discretionary: 15.06%** | **Consumer Discretionary: 15.06%** |  |
| 5684 | Amazon.com, Inc.<sup>(a)</sup> | $1048243 |
| 14914 | Arlo Technologies, Inc.<sup>(a)</sup> | 146605 |
| 27 | AutoZone, Inc.<sup>(a)</sup> | 101590 |
| 249 | Costco Wholesale Corp. | 247630 |
| 9297 | Genius Sports, Ltd.<sup>(a)</sup> | 100315 |
| 318 | Netflix, Inc.<sup>(a)</sup> | 359887 |
| 10597 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 169870 |
| 636 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 148392 |
| 509 | Tesla, Inc.<sup>(a)</sup> | 143619 |
| 2526 | TJX Cos., Inc. | 325046 |
|  |  | **2791197** |
| **Consumer Staples: 0.98%** | **Consumer Staples: 0.98%** |  |
| 2480 | Freshpet, Inc.<sup>(a)</sup> | 182379 |
| **Energy: 8.05%** | **Energy: 8.05%** |  |
| 11979 | American Superconductor Corp.<sup>(a)</sup> | 237783 |
| 1252 | Cheniere Energy, Inc. | 289350 |
| 6061 | Comstock Resources, Inc.<sup>(a)</sup> | 110734 |
| 6926 | Excelerate Energy, Inc. | 177167 |
| 5586 | Sable Offshore Corp.<sup>(a)</sup> | 104235 |
| 12816 | Solaris Energy Infrastructure, Inc. | 270930 |
| 4899 | TechnipFMC PLC | 138005 |
| 57781 | TETRA Technologies, Inc.<sup>(a)</sup> | 164676 |
|  |  | **1492880** |
| **Financial Services: 4.65%** | **Financial Services: 4.65%** |  |
| 4897 | Baldwin Insurance Group, Inc.<sup>(a)</sup> | 203813 |
| 5511 | Bancorp, Inc.<sup>(a)</sup> | 266237 |
| 2890 | LendingTree, Inc.<sup>(a)</sup> | 149095 |
| 1669 | Palomar Holdings, Inc.<sup>(a)</sup> | 242038 |
|  |  | **861183** |
| **Healthcare: 13.92%** | **Healthcare: 13.92%** |  |
| 7153 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 104434 |
| 1014 | Blueprint Medicines Corp.<sup>(a)</sup> | 90753 |
| 9316 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 357362 |
| 403 | Eli Lilly & Co. | 362277 |
| 2251 | Guardant Health, Inc.<sup>(a)</sup> | 106315 |
| 1259 | Insmed, Inc.<sup>(a)</sup> | 90648 |
| 8183 | LivaNova PLC<sup>(a)</sup> | 302771 |
| 3236 | Sarepta Therapeutics, Inc.<sup>(a)</sup> | 201926 |
| 3444 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 257818 |
| 2291 | TransMedics Group, Inc.<sup>(a)</sup> | 210795 |
| 5926 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 230995 |
| 34334 | WaVe Life Sciences, Ltd.<sup>(a)</sup> | 265058 |
|  |  | **2581152** |
| **Industrials: 8.92%** | **Industrials: 8.92%** |  |
| 1529 | AeroVironment, Inc.<sup>(a)</sup> | 231674 |
| 3336 | Bloom Energy Corp., Class A<sup>(a)</sup> | 61115 |
| 1670 | Chart Industries, Inc.<sup>(a)</sup> | 225417 |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 2292 | FTAI Aviation Ltd | $245496 |
| 9089 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 307072 |
| 1035 | Louisiana-Pacific Corp. | 89331 |
| 1033 | MasTec, Inc.<sup>(a)</sup> | 131522 |
| 1449 | Shift4 Payments, Inc.<sup>(a)</sup> | 118528 |
| 703 | Visa, Inc., Class A | 242886 |
|  |  | **1653041** |
| **Technology: 46.06%** | **Technology: 46.06%** |  |
| 5949 | Alphabet, Inc., Class A | 944701 |
| 5639 | Apple, Inc. | 1198287 |
| 3596 | Broadcom, Ltd. | 692122 |
| 2297 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 98886 |
| 766 | Datadog, Inc., Class A<sup>(a)</sup> | 78255 |
| 710 | DoorDash, Inc., Class A<sup>(a)</sup> | 136952 |
| 202 | Duolingo, Inc.<sup>(a)</sup> | 78675 |
| 33547 | indie Semiconductor, Inc.<sup>(a)</sup> | 66758 |
| 1483 | Meta Platforms, Inc., Class A | 814167 |
| 4108 | Microsoft Corp. | 1623728 |
| 609 | Mongodb Inc<sup>(a)</sup> | 104852 |
| 16499 | NVIDIA Corp. | 1797071 |
| 657 | Oracle Corp. | 92453 |
| 1078 | Palo Alto Networks, Inc.<sup>(a)</sup> | 201511 |
| 3004 | Pinterest, Inc., Class A<sup>(a)</sup> | 76061 |
| 205 | ServiceNow, Inc.<sup>(a)</sup> | 195777 |
| 14812 | SkyWater Technology, Inc.<sup>(a)</sup> | 105017 |
| 7265 | Super Micro Computer, Inc.<sup>(a)</sup> | 231463 |
|  |  | **8536736** |
| **Telecommunications: 1.37%** | **Telecommunications: 1.37%** |  |
| 825 | InterDigital, Inc. | 165825 |
| 1487 | Lumentum Holdings, Inc.<sup>(a)</sup> | 87793 |
|  |  | **253618** |
|  | **Total Common Stocks** |  |
|  | (Cost $11,561,138) | **18352186** |
| **SHORT-TERM INVESTMENT: 1.05%** | **SHORT-TERM INVESTMENT: 1.05%** |  |
| 194327 | First American Government Obligations Fund, Class X 4.246% <sup>(b)</sup> | 194327 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $194,327) | **194327** |
| **Total Investments: 100.06%** | **Total Investments: 100.06%** |  |
| (Cost $11,755,465) | (Cost $11,755,465) | **18546513** |
| **Liabilities In Excess Of Other Assets: (0.06)%** | **Liabilities In Excess Of Other Assets: (0.06)%** | (11778) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**18534735** |

---

Annual Report \| April 30, 2025 3

Emerald Insights Fund Schedule of Investments

April 30, 2025

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

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

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

*See Notes to Financial Statement and Financial Highlights.*

4 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Schedule of Investments

April 30, 2025

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **COMMON STOCKS: 99.62%** | **COMMON STOCKS: 99.62%** | **COMMON STOCKS: 99.62%** |
| **Financial Services: 98.94%** | **Financial Services: 98.94%** | **Financial Services: 98.94%** |
| **Banks: 65.84%** | **Banks: 65.84%** | **Banks: 65.84%** |
| 4442 | Ameris Bancorp | $260301 |
| 12574 | Atlantic Union Bankshares Corp. | 348300 |
| 31241 | Axos Financial, Inc.<sup>(a)</sup> | 1983179 |
| 40505 | Bancorp, Inc.<sup>(a)</sup> | 1956796 |
| 13080 | Burke & Herbert Financial Services Corp. | 731303 |
| 16270 | Byline Bancorp, Inc. | 415536 |
| 22070 | Carter Bankshares Inc<sup>(a)</sup> | 337892 |
| 42886 | CNB Financial Corp. | 941348 |
| 25629 | Coastal Financial Corp.<sup>(a)</sup> | 2105422 |
| 20772 | Community Heritage Financial, Inc. | 493231 |
| 19168 | Community West Bancshares | 335440 |
| 25356 | ConnectOne Bancorp, Inc. | 571271 |
| 6314 | East West Bancorp, Inc. | 540163 |
| 17640 | Esquire Financial Holdings, Inc. | 1462709 |
| 4530 | Fifth Third Bancorp | 162808 |
| 85424 | Finwise Bancorp<sup>(a)</sup> | 1291611 |
| 13910 | First Financial Bankshares, Inc. | 466124 |
| 4767 | First Merchants Corp. | 169896 |
| 18040 | Five Star Bancorp | 499347 |
| 25572 | HomeStreet, Inc.<sup>(a)</sup> | 290498 |
| 76139 | LINKBANCORP, Inc. | 534496 |
| 53 | Mechanics Bank/Walnut Creek CA<sup>(b)</sup> | 1595300 |
| 36457 | Metropolitan Bank Holding Corp.<sup>(a)</sup> | 2257782 |
| 24238 | Northeast Bancorp | 2007391 |
| 2500 | Norwood Financial Corp. | 62525 |
| 16572 | Pathward Financial, Inc. | 1315320 |
| 12883 | Pinnacle Financial Partners, Inc. | 1291392 |
| 3676 | Private Bancorp of America, Inc.<sup>(a)</sup> | 196666 |
| 13110 | QCR Holdings, Inc. | 851494 |
| 7930 | South State Corp. | 688165 |
| 19108 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 569418 |
| 28953 | Veritex Holdings, Inc. | 674026 |
| 17931 | Western Alliance Bancorp | 1249970 |
| 13020 | Wintrust Financial Corp | 1447433 |
|  |  | **30104553** |
| **Banks: Diversified: 12.64%** | **Banks: Diversified: 12.64%** |  |
| 21123 | First Busey Corp. | 439147 |
| 29189 | Fulton Financial Corp. | 486873 |
| 10000 | Mid Penn Bancorp, Inc. | 290500 |
| 45755 | Old National Bancorp | 942095 |
| 29782 | Renasant Corp. | 955109 |
| 14712 | UMB Financial Corp. | 1391314 |
| 20108 | United Bankshares, Inc. | 689503 |
| 19631 | WesBanco, Inc. | 584611 |
|  |  | **5779152** |
| **Banks: Savings, Thrift & Mortgage: 0.20%** | **Banks: Savings, Thrift & Mortgage: 0.20%** |  |
| 3610 | Dime Community Bancshares, Inc. | 92741 |

---

---

| | | |
|:---|:---|:---|
|<br>**Shares** | | **Value**<br>**(Note 2)** |
| **Consumer Lending: 2.84%** | **Consumer Lending: 2.84%** |  |
| 25126 | LendingTree, Inc.<sup>(a)</sup> | $1296250 |
| **Diversified Finan Serv: 0.50%** | **Diversified Finan Serv: 0.50%** |  |
| 4478 | GBank Financial Holdings, Inc.<sup>(a)</sup> | 179120 |
| 2971 | Perella Weinberg Partners | 51012 |
|  |  | **230132** |
| **Insurance: 7.29%** | **Insurance: 7.29%** |  |
| 5770 | Baldwin Insurance Group, Inc.<sup>(a)</sup> | 240147 |
| 8914 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 358254 |
| 6059 | Selective Insurance Group, Inc. | 528527 |
| 38646 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 2051716 |
| 4900 | TWFG, Inc.<sup>(a)</sup> | 155232 |
|  |  | **3333876** |
| **Investment Services: 0.23%** | **Investment Services: 0.23%** |  |
| 258 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 52346 |
| 3762 | MARA Holdings, Inc.<sup>(a)</sup> | 50298 |
|  |  | **102644** |
| **Open End And Misc Investment Vehicles: 1.89%** | **Open End And Misc Investment Vehicles: 1.89%** |  |
| 59403 | Trinity Capital, Inc. | 863126 |
| **Property And Casualty Insurance: 6.40%** | **Property And Casualty Insurance: 6.40%** |  |
| 4028 | Kinsale Capital Group, Inc. | 1753227 |
| 5180 | Palomar Holdings, Inc.<sup>(a)</sup> | 751204 |
| 72535 | Porch Group, Inc.<sup>(a)</sup> | 420703 |
|  |  | **2925134** |
| **Real Estate: 0.86%** | **Real Estate: 0.86%** |  |
| 51103 | Compass, Inc.<sup>(a)</sup> | 394515 |
| **Savings&Loans: 0.25%** | **Savings&Loans: 0.25%** |  |
| 10923 | Brookline Bancorp, Inc. | 114036 |
| **Technology: 0.68%** | **Technology: 0.68%** |  |
| **Computer Services: 0.10%** | **Computer Services: 0.10%** |  |
| 5282 | Core Scientific, Inc.<sup>(a)</sup> | 42784 |
| **Internet: 0.58%** | **Internet: 0.58%** |  |
| 5419 | Robinhood Markets, Inc.<sup>(a)</sup> | 266127 |
|  | **Total Common Stocks** |  |
|  | (Cost $32,976,641) | **45545070** |
| **WARRANTS: 0.00%** | **WARRANTS: 0.00%** |  |
| 62749 | Paysafe, Ltd., Strike Price $138.00, Expiration Date 12/31/2028 | 879 |
|  | **Total Warrants** |  |
|  | (Cost $211,219) | **879** |

---

Annual Report \| April 30, 2025 5

Emerald Finance & Banking Innovation Fund Schedule of Investments

April 30, 2025

---

| | | |
|:---|:---|:---|
| <br>**Shares** | | **Value**<br>**(Note 2)** |
| **SHORT-TERM INVESTMENT: 0.63%** | **SHORT-TERM INVESTMENT: 0.63%** |  |
| 288404 | First American Government Obligations Fund, Class X 4.246% <sup>(c)</sup> | $288404 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $288,404) | **288404** |
| **Total Investments: 100.25%** | **Total Investments: 100.25%** |  |
| (Cost $33,476,264) | (Cost $33,476,264) | **45834353** |
| **Liabilities In Excess Of Other Assets: (0.25)%** | **Liabilities In Excess Of Other Assets: (0.25)%** | (113225) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**45721128** |

---

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

*<sup>(b)</sup>* *Security determined to be illiquid under the procedures approved by the Fund's Board of Trustees.* 

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

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

*See Notes to Financial Statement and Financial Highlights.*

6 www.emeraldmutualfunds.com

Emerald Funds Statements of Assets and Liabilities

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerald Growth Fund** | **Emerald Insights Fund** | **Emerald Finance & Banking Innovation Fund** |
| **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value | $760264188 | $18546513 | $45834353 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value | 45971746 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1038862 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for shares sold | 535035 | 500 | 1029 |
| &nbsp;&nbsp;&nbsp;Receivable due from advisor |  | 15074 |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends receivable | 30409 | 23 | 808 |
| &nbsp;&nbsp;&nbsp;Other assets | 22628 | 40724 | 30862 |
| &nbsp;&nbsp;&nbsp;Total Assets | 807862868 | 18602834 | 45867052 |
| **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 35934 | 33920 |  |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 1342409 |  | 62 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 388645 |  | 46336 |
| &nbsp;&nbsp;&nbsp;Payable to fund accounting and administration |  | 2504 | 2019 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and service fees | 232949 | 6650 | 52047 |
| &nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 2927 | 2 | 2958 |
| &nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 12395 | 1448 |  |
| &nbsp;&nbsp;&nbsp;Payable for chief compliance officer fee | 6955 | 99 | 162 |
| &nbsp;&nbsp;&nbsp;Payable for principal financial officer fee | 1437 | 58 | 82 |
| &nbsp;&nbsp;&nbsp;Payable for professional fees | 40349 | 20683 | 36293 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 75350 | 2735 | 5965 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2139350 | 68099 | 145924 |
| **NET ASSETS** | $805723518 | $18534735 | $45721128 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $615317546 | $10520230 | $92696439 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 190405972 | 8014505 | (46975311) |
| **NET ASSETS** | $805723518 | $18534735 | $45721128 |
| **UNAFFILIATED INVESTMENTS, AT COST** | $582373563 | $11755465 | $33476264 |
| **AFFILIATED INVESTMENTS, AT COST** | $31078469 | $– | $– |
| **PRICING OF SHARES** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class A: <sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $20.33 | $18.76 | $26.83 |
| &nbsp;&nbsp;&nbsp;Net Assets | $56476449 | $14004069 | $18376641 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 2778455 | 746299 | 684974 |
| &nbsp;&nbsp;&nbsp;Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price) | $21.34 | $19.70 | $28.17 |
| &nbsp;&nbsp;&nbsp;**Class C: <sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $13.49 | $17.02 | $21.49 |
| &nbsp;&nbsp;&nbsp;Net Assets | $853611 | $25067 | $1774794 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 63295 | 1473 | 82602 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $22.41 | $19.56 | $28.28 |
| &nbsp;&nbsp;&nbsp;Net Assets | $670356884 | $3644695 | $19828208 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 29907969 | 186370 | 701056 |
| &nbsp;&nbsp;&nbsp;**Investor Class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $20.08 | $18.58 | $25.10 |
| &nbsp;&nbsp;&nbsp;Net Assets | $78036574 | $860904 | $5741485 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 3885566 | 46335 | 228708 |

---

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 7

Emerald Funds Statements of Operations

For the Year Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerald Growth Fund** | **Emerald Insights Fund** | **Emerald Finance & Banking Innovation Fund** |
| **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3929580 | $100844 | $821869 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (2819) | (96) | (3994) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 3926761 | 100748 | 817875 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 6) | 5830857 | 169750 | 499038 |
| &nbsp;&nbsp;&nbsp;Administration fee | 632373 | 34393 | 51879 |
| &nbsp;&nbsp;&nbsp;Custodian fee | 89502 | 5000 | 13086 |
| &nbsp;&nbsp;&nbsp;Professional fees | 108571 | 23464 | 16414 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee | 174066 | 37575 | 88166 |
| &nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2718 | 49 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 54 |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1121 |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 272 |  | 31 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 79918 | 1848 | 3948 |
| &nbsp;&nbsp;&nbsp;Registration/filing fees | 94108 | 41274 | 63479 |
| &nbsp;&nbsp;&nbsp;Reports to shareholder and printing fees | 27466 | 12448 | 3457 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 228138 | 49733 | 62177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 10388 | 193 | 22304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 399134 | 2465 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 337713 | 3680 | 26176 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fee | 81135 | 1849 | 3975 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fee | 17354 | 405 | 900 |
| &nbsp;&nbsp;&nbsp;Other | 40814 | 12070 | (3915) |
| &nbsp;&nbsp;&nbsp;Total expenses before waiver | 8155702 | 396196 | 862419 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment advisor (Note 6) |  | (113851) | (176) |
| &nbsp;&nbsp;&nbsp;Less fees waived from investments in affiliated securities | (130089) | – | – |
| &nbsp;&nbsp;&nbsp;Total Net Expenses | 8025613 | 282345 | 862243 |
| **NET INVESTMENT INCOME/(LOSS):** | (4098852) | (181597) | (44368) |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 113989334 | 2164153 | 5221007 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on unaffiliated investments | (76268906) | (304296) | 5274830 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on affiliated investments | 14893277 | – | – |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN** | 52613705 | 1859857 | 10495837 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $48514853 | $1678260 | $10451469 |

---

*See Notes to Financial Statements and Financial Highlights.*

8 www.emeraldmutualfunds.com

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(4098852) | $(2581790) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 113989334 | 60335788 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (61375629) | 72549764 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 48514853 | 130303762 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (10965350) | (5431723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (214754) | (411326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (100636791) | (45259070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11496905) | (5041068) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (123313800) | (56143187) |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4696281 | 10591088 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 10156397 | 5032168 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (31990354) | (24045176) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (17137676) | (8421920) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 90595 | 169827 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 203737 | 396863 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (408482) | (6718497) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (114150) | (6151807) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 153664984 | 125541906 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 86156955 | 37998907 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (282853318) | (180410950) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (43031379) | (16870137) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 24774192 | 16290444 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2739608 | 1109778 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18588600) | (19392745) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 8925200 | (1992523) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | $(126156952) | $40724188 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 931880470 | 891156282 |
| &nbsp;&nbsp;&nbsp;End of year | $805723518 | $931880470 |

---

Annual Report \| April 30, 2025 9

Emerald Growth Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 198008 | 493276 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 437193 | 226757 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1368179) | (1113845) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (732978) | (393812) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 5300 | 10914 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 12965 | 24771 |
| &nbsp;&nbsp;&nbsp;Redeemed | (25131) | (437637) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (6866) | (401952) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 5997751 | 5287448 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 3375819 | 1578126 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10820447) | (7615210) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (1446877) | (749636) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 1104864 | 760002 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 119193 | 50538 |
| &nbsp;&nbsp;&nbsp;Redeemed | (806866) | (886697) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 417191 | (76157) |

---

*See Notes to Financial Statements and Financial Highlights.*

10 www.emeraldmutualfunds.com

Emerald Insights Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(181597) | $(132759) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 2164153 | 1116280 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | (304296) | 2862061 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1678260 | 3845582 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (111526) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (217) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (32071) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6191) | – |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (150005) | – |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 219036 | 3790689 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 111383 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2542937) | (1293562) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | (2212518) | 2497127 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2068 | 6110 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 64 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (3364) | (27022) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1232) | (20912) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 329222 | 515912 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 31484 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1509683) | (725823) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1148977) | (209911) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 40227 | 263368 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 5816 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (32782) | (488180) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) from share transactions | 13261 | (224812) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | $(1821211) | $5887074 |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 20355946 | 14468872 |
| &nbsp;&nbsp;&nbsp;End of year | $18534735 | $20355946 |

---

Annual Report \| April 30, 2025 11

Emerald Insights Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 11939 | 231486 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 5288 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (131547) | (82487) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (114320) | 148999 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 105 | 390 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 3 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (175) | (1792) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (67) | (1402) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 17108 | 30430 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 1436 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (72873) | (42179) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (54329) | (11749) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 2001 | 16743 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 279 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1557) | (30537) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 723 | (13794) |

---

*See Notes to Financial Statements and Financial Highlights.* 

12 www.emeraldmutualfunds.com

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss) | $(44368) | $1125940 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on investments | 5221007 | (5730647) |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions |  | (211) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 5274830 | 16784369 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency transactions | – | 130 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 10451469 | 12179581 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (464793) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (68122) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (412309) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (158612) | – |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1103836) | – |
| **SHARE TRANSACTIONS (NOTE 5):** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 946595 | 2024505 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 387241 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6240120) | (6462265) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (4906284) | (4437760) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 35627 | 109038 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 58912 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1321772) | (2856316) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1227233) | (2747278) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4317829 | 3254772 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 392786 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6285786) | (21815677) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1575171) | (18560905) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 459462 | 1322318 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 139951 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2219591) | (4716688) |
| &nbsp;&nbsp;&nbsp;Net decrease from share transactions | (1620178) | (3394370) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | $18767 | $(16960732) |
| **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 45702361 | 62663093 |
| &nbsp;&nbsp;&nbsp;End of year | $45721128 | $45702361 |

---

Annual Report \| April 30, 2025 13

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**April 30, 2025** | **Year Ended**<br>**April 30, 2024** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 34186 | 95796 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 16903 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (234243) | (291908) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (183154) | (196112) |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 1655 | 6646 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 3195 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (61681) | (163254) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (56831) | (156608) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 152517 | 146170 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 16298 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (228295) | (917569) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (59480) | (771399) |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Sold | 18609 | 60407 |
| &nbsp;&nbsp;&nbsp;Distributions reinvested | 6525 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (88699) | (230303) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (63565) | (169896) |

---

*See Notes to Financial Statements and Financial Highlights.*

14 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.66 | $21.00 | $23.23 | $36.29 | $23.06 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.15) | (0.11) | (0.12) | (0.12) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.16 | 3.22 | (0.33) | (7.38) | 16.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.01 | 3.11 | (0.45) | (7.50) | 16.08 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.73) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.34) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.33) | 1.66 | (2.23) | (13.06) | 13.23 |
| **NET ASSET VALUE, END OF PERIOD** | $20.33 | $22.66 | $21.00 | $23.23 | $36.29 |
| **TOTAL RETURN<sup>(b)</sup>** | 3.09% | 15.07% | (2.39)% | (23.19)% | 70.77% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $56476 | $79554 | $82009 | $118082 | $168322 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.62)% | (0.53)% | (0.55)% | (0.39)% | (0.72)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.04% | 1.10% | 1.13% | 1.03% | 1.01% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.02% | 1.10% | 1.13% | 1.03% | 1.01% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 15

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.06 | $15.37 | $17.56 | $29.09 | $18.97 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.21) | (0.18) | (0.19) | (0.26) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 0.92 | 2.32 | (0.22) | (5.71) | 13.32 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.71 | 2.14 | (0.41) | (5.97) | 12.97 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.67) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.28) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.57) | 0.69 | (2.19) | (11.53) | 10.12 |
| **NET ASSET VALUE, END OF PERIOD** | $13.49 | $16.06 | $15.37 | $17.56 | $29.09 |
| **TOTAL RETURN<sup>(b)</sup>** | 2.45% | 14.23% | (3.00)% | (23.71)% | 69.60% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $854 | $1127 | $7255 | $11668 | $22447 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.27)% | (1.14)% | (1.19)% | (1.02)% | (1.37)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.69% | 1.76% | 1.78% | 1.68% | 1.66% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.68% | 1.76% | 1.78% | 1.68% | 1.66% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

 

16 www.emeraldmutualfunds.com

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $24.67 | $22.68 | $24.88 | $38.32 | $24.18 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.10) | (0.05) | (0.06) | (0.02) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.23 | 3.49 | (0.36) | (7.86) | 17.12 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.13 | 3.44 | (0.42) | (7.88) | 16.99 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.78) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.39) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.26) | 1.99 | (2.20) | (13.44) | 14.14 |
| **NET ASSET VALUE, END OF PERIOD** | $22.41 | $24.67 | $22.68 | $24.88 | $38.32 |
| **TOTAL RETURN** | 3.29% | 15.42% | (2.10)% | (22.94)% | 71.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $670357 | $773394 | $728115 | $732429 | $1375765 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment income/(loss) | (0.37)% | (0.22)% | (0.24)% | 0.06% | (0.41)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 0.80% | 0.79% | 0.82% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 0.78% | 0.79% | 0.82% | 0.72% | 0.70% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 17

Emerald Growth Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $22.43 | $20.81 | $23.05 | $36.07 | $22.94 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.17) | (0.12) | (0.12) | (0.14) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.15 | 3.19 | (0.34) | (7.32) | 16.21 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 0.98 | 3.07 | (0.46) | (7.46) | 15.98 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From investment income | (0.72) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (2.61) | (1.45) | (1.78) | (5.56) | (2.85) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (3.33) | (1.45) | (1.78) | (5.56) | (2.85) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | (2.35) | 1.62 | (2.24) | (13.02) | 13.13 |
| **NET ASSET VALUE, END OF PERIOD** | $20.08 | $22.43 | $20.81 | $23.05 | $36.07 |
| **TOTAL RETURN** | 2.96% | 15.01% | (2.44)% | (23.22)% | 70.71% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $78037 | $77806 | $73777 | $77823 | $103326 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.73)% | (0.57)% | (0.59)% | (0.44)% | (0.75)% |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.15% | 1.14% | 1.17% | 1.07% | 1.05% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.13% | 1.14% | 1.17% | 1.07% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 45% | 51% | 62% | 38% | 66% |

---

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

*See Notes to Financial Statements and Financial Highlights.*

18 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.59 | $13.98 | $15.16 | $20.18 | $12.13 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.17) | (0.14) | (0.11) | (0.18) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.47 | 3.75 | (0.42) | (1.98) | 9.80 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.30 | 3.61 | (0.53) | (2.16) | 9.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | – | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | – | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.17 | 3.61 | (1.18) | (5.02) | 8.05 |
| **NET ASSET VALUE, END OF PERIOD** | $18.76 | $17.59 | $13.98 | $15.16 | $20.18 |
| **TOTAL RETURN<sup>(b)</sup>** | 7.33% | 25.82% | (3.68%) | (12.78%) | 82.17% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $14004 | $15136 | $9950 | $15516 | $17618 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.85%) | (0.84%) | (0.80%) | (0.92%) | (0.86%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.80% | 2.03% | 1.94% | 1.73% | 1.92% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 19

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $16.03 | $12.82 | $14.05 | $19.02 | $11.57 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.23) | (0.22) | (0.18) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.35 | 3.43 | (0.40) | (1.83) | 9.30 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.12 | 3.21 | (0.58) | (2.11) | 9.06 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | – | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | – | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 0.99 | 3.21 | (1.23) | (4.97) | 7.45 |
| **NET ASSET VALUE, END OF PERIOD** | $17.02 | $16.03 | $12.82 | $14.05 | $19.02 |
| **TOTAL RETURN<sup>(b)</sup>** | 6.92% | 25.04% | (4.33%) | (13.32%) | 80.92% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $25 | $25 | $38 | $186 | $246 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (1.24%) | (1.51%) | (1.42%) | (1.58%) | (1.51%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 2.19% | 2.72% | 2.55% | 2.38% | 2.57% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

20 www.emeraldmutualfunds.com

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** | **INSTITUTIONAL CLASS** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $18.28 | $14.49 | $15.64 | $20.67 | $12.37 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.13) | (0.09) | (0.07) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.54 | 3.88 | (0.43) | (2.05) | 10.01 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.41 | 3.79 | (0.50) | (2.17) | 9.91 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | – | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | – | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.28 | 3.79 | (1.15) | (5.03) | 8.30 |
| **NET ASSET VALUE, END OF PERIOD** | $19.56 | $18.28 | $14.49 | $15.64 | $20.67 |
| **TOTAL RETURN** | 7.65% | 26.16% | (3.40%) | (12.51%) | 82.62% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $3645 | $4400 | $3657 | $4340 | $3658 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.60%) | (0.53%) | (0.51%) | (0.62%) | (0.57%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.54% | 1.71% | 1.65% | 1.42% | 1.60% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 21

Emerald Insights Fund Financial Highlights

For a share outstanding throughout the years presented

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** | **INVESTOR CLASS** |
|  | **Year Ended<br>April 30,<br>2025** | **Year Ended<br>April 30,<br>2024** | **Year Ended<br>April 30,<br>2023** | **Year Ended<br>April 30,<br>2022** | **Year Ended<br>April 30,<br>2021** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** | $17.43 | $13.87 | $15.05 | $20.06 | $12.07 |
| **INCOME/(LOSS) FROM OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(a)</sup> | (0.19) | (0.14) | (0.12) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.47 | 3.70 | (0.41) | (1.97) | 9.75 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.28 | 3.56 | (0.53) | (2.15) | 9.60 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From capital gains | (0.13) | – | (0.65) | (2.86) | (1.61) |
| &nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | – | (0.65) | (2.86) | (1.61) |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** | 1.15 | 3.56 | (1.18) | (5.01) | 7.99 |
| **NET ASSET VALUE, END OF PERIOD** | $18.58 | $17.43 | $13.87 | $15.05 | $20.06 |
| **TOTAL RETURN** | 7.28% | 25.67% | (3.75%) | (12.80%) | 82.08% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $861 | $795 | $824 | $689 | $638 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment loss | (0.96%) | (0.89%) | (0.87%) | (0.97%) | (0.91%) |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver | 1.91% | 1.95% | 1.97% | 1.71% | 1.86% |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
| **PORTFOLIO TURNOVER RATE** | 65% | 61% | 64% | 70% | 89% |

---

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

*See Notes to Financial Statements and Financial Highlights.*

22 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

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

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 23

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

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

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

 

24 www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

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

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

 

Annual Report \| April 30, 2025 25

Emerald Finance & Banking Innovation Fund Financial Highlights

For a share outstanding throughout the years presented

---

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

---

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

*See Notes to Financial Statements and Financial Highlights.*

 

26 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund (each a "Fund" and collectively, the "Funds").

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services - Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

**Investment Valuation:** The Funds generally value their securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally, 4:00 p.m. Eastern Time, on each business day the NYSE is open for trading.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day. Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

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

Equity securities that are primarily traded on foreign securities exchanges are valued at the preceding closing values of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures established by the valuation designee under the general supervision of the Board of Trustees of the Trust (the "Board" or the "Trustees").

When such prices or quotations are not available, or when Emerald Mutual Fund Advisers Trust (the "Adviser") believes that they are unreliable, securities may be priced using fair value procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Board.

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

Annual Report \| April 30, 2025 27

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

The following is a summary of each input used to value the Funds as of April 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| **Emerald Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $749452991 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $749452991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 45971746 |  |  | 45971746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 10811197 | – | – | 10811197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $806235934 | $– | $– | $806235934 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| **Emerald Insights Fund** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $18352186 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $18352186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 194327 | – | – | 194327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $18546513 | $– | $– | $18546513 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| **Emerald Finance & Banking Innovation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $43949770 | $1595300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $45545070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | 879 |  |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 288404 | – | – | 288404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $44239053 | $1595300 | $– | $45834353 |

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

28&nbsp;&nbsp;&nbsp;&nbsp; www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

For the year ended April 30, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2025.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. Foreign dividend income may be subject to foreign withholding taxes (a portion of which may be reclaimable). Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

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

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

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

As of and during the year ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

Annual Report \| April 30, 2025 29

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

**3. TAX BASIS INFORMATION**

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

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| | | |
|:---|:---|:---|
|  | **Distributable earnings** | **Paid-in Capital** |
| Emerald Growth Fund | $(11803790) | $11803790 |
| Emerald Insights Fund | (16842) | 16842 |
| Emerald Finance & Banking Innovation Fund |  |  |

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**Tax Basis of Investments:** As of April 30, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Appreciation**<br> **(excess of value**<br> **over tax cost)** | **Gross Depreciation**<br> **(excess of tax cost**<br> **over value)** | **Net Appreciation**<br> **/(Depreciation)**<br> **of Foreign<br> Currency** | **Net Unrealized**<br> **Appreciation/(Depreciation)** | **Cost of**<br> **Investments for**<br> **Income Tax**<br> **Purposes** |
| Emerald Growth Fund | $234643671 | $(59796591) | $– | $174847080 | $631388855 |
| Emerald Insights Fund | 7483933 | (976986) |  | 6506947 | 12039566 |
| Emerald Finance & Banking Innovation Fund | 13122669 | (988185) | 2376 | 12136860 | 33699869 |

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The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and passive foreign investment companies (PFICs).

**Components of Distributable Earnings:** As of April 30, 2025, components of distributable earnings were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Emerald Growth<br> Fund** | **Emerald Insights<br> Fund** | **Emerald Finance<br> & Banking<br> Innovation Fund** |
| Undistributed ordinary income | $– | $– | $– |
| Accumulated capital gains/(losses) | 17149894 | 1578155 | (59067794) |
| Net unrealized appreciation on investments | 174847080 | 6506947 | 12136860 |
| Other cumulative effect of timing differences | (1591002) | (70597) | (44377) |
| &nbsp;&nbsp;&nbsp;Total | $190405972 | $8014505 | $(46975311) |

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

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

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** |
| Emerald Growth Fund | $28023772 | $95290028 | $– |
| Emerald Insights Fund |  | 150005 |  |
| Emerald Finance & Banking Innovation Fund | 1103836 |  |  |

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The tax character of distributions paid for the year ended April 30, 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Ordinary Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** |
| Emerald Growth Fund | $– $| 56143187 | $– |
| Emerald Insights Fund | – |  |  |
| Emerald Finance & Banking Innovation Fund | – |  |  |

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30 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of April 30, 2025, the Emerald Finance & Banking Innovation Fund elects to carry forward $59,067,794 in short-term capital losses to the next tax year.

During the fiscal year ended April 30, 2025, the Emerald Insights Fund and the Emerald Finance & Banking Innovation Fund utilized capital losses carried forward from the prior fiscal year, in the amount of $320,503 and $5,168,344, respectively.

The Emerald Growth Fund, the Emerald Insights Fund, and the Emerald Finance & Banking Innovation Fund elect to defer late year ordinary losses in the amount of $1,591,002, $70,597, and $44,377, respectively, to the period ending April 30, 2026.

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in-kind transactions) during the year ended April 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Funds** | **Cost of Investments<br> Purchased** | **Proceeds from<br> Investments Sold** |
| Emerald Growth Fund | $422939899 | $593100821 |
| Emerald Insights Fund | 14536267 | 18012686 |
| Emerald Finance & Banking Innovation Fund | 16155104 | 25685270 |

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For the year ended April 30, 2025, the cost of in-kind purchases, proceeds from in-kind sales of securities, and net realized gain/(loss) from in-kind sales of securities was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Cost of Investments**<br> **Purchased** | **Proceeds from**<br> **Investments Sold** | **Net Realized**<br> **Gain/(Loss)** |
| Emerald Growth Fund | $31078469 | $35455845 | $874761 |

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**5. SHARES OF BENEFICIAL INTEREST**

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

**6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS**

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

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| | |
|:---|:---|
| **Emerald Growth Fund**<br> **Average Total Net Assets** | **Contractual Fee** |
| Up to and including $250M | 0.75% |
| Over $250M and including $500M | 0.65% |
| Over $500M and including $750M | 0.55% |
| Over $750M | 0.45% |

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Annual Report \| April 30, 2025 31

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

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| | |
|:---|:---|
| **Emerald Insights Fund**<br> **Average Total Net Assets** | **Contractual Fee** |
| Up to and including $250M | 0.75% |
| Over $250M and including $500M | 0.65% |
| Over $500M and including $750M | 0.55% |
| Over $750M | 0.45% |

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| | |
|:---|:---|
| **Emerald Finance & Banking Innovation Fund<br> Average Total Net Assets** | **Contractual Fee** |
| Up to and including $100M | 1.00% |
| Over $100M | 0.90% |

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The Adviser has contractually agreed to limit each Fund's total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) set forth to the annual shares (as percentages of a Funds average daily net assets) in the following table for Class A, Class C, Institutional Class, and Investor Class shares.

With respect to the Emerald Finance & Banking Innovation Fund and Emerald Insights Fund, this agreement (the "2025 Expense Agreement") is in effect from September 1, 2024 through August 31, 2025. The prior expense agreement for the Emerald Finance & Banking Innovation Fund and Emerald Insights Fund was in effect from September 1, 2023 through August 31, 2024.

With respect to the Emerald Growth Fund, this agreement (this agreement, together with the 2025 Expense Agreement, the "Expense Agreements") is in effect from October 30, 2024 through August 31, 2026. Prior expense agreements for the Emerald Growth Fund were in effect from September 1, 2024 through October 29, 2024 and from September 1, 2023 through August 31, 2024.

The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreements to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fees and expenses were deferred. The Adviser may not discontinue these waivers, prior to the expiration of their terms, without the approval by the Funds' Board, for all Funds. Fees waived/reimbursed by the Adviser for the year ended April 30, 2025 are disclosed in the Statements of Operations.

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

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

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| | | | |
|:---|:---|:---|:---|
| **Emerald Insights Fund**<br>**Class A** | <br>**Class C** | <br>**Institutional Class** | <br>**Investor Class** |
| 1.35% | 2.00% | 1.05% | 1.40% |

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

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32 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

For the year ended April 30, 2025, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/ Reimbursed By<br> Adviser** | **Recoupment of Past Waived<br> Fees By Adviser** |
| **Emerald Insights Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $84609 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 24360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4737 |  |
| **Emerald Finance & Banking Innovation Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $45 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 13 |  |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Total** |
| **Emerald Insights Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $76343 | $82962 | $84609 | $243914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 395 | 185 | 145 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 23577 | 27407 | 24360 | 75344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4394 | 4879 | 4737 | 14010 |

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| | |
|:---|:---|
| **Fund** | **Expires 2028** |
| **Emerald Finance & Banking Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 13 |

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**Fund Administrator Fees and Expenses:** ALPS Fund Services, Inc. ("ALPS") serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assist in the Funds' operations. Officers of the Trust are employees of ALPS. The Funds' administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

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

**Transfer Agent:** ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Compliance Services:** ALPS provides services that assist the Trust's chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Principal Financial Officer:** ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

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

Annual Report \| April 30, 2025 33

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

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

Each Fund, has adopted a Shareholder Services Plan (a "Shareholder Services Plan") with respect to its Class C, Institutional Class and Investor Class shares. Under the Shareholder Services Plan, a Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the "Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25%, 0.05% and 0.15% of the average daily net asset value of Class C, Institutional Class and Investor Class, respectively, of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with such Participating Organizations (the "Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund's shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the year ended April 30, 2025, are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

**Trustees**

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations for the year ended April 30, 2025.

**7. INDEMNIFICATIONS**

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

**8. TRANSACTIONS WITH AFFILIATES**

The following investments are in companies deemed "affiliated" (as defined in Section 2(a)(3) of the 1940 Act) with the Emerald Growth Fund during the year ended April 30, 2025. The Emerald Insights Fund and the Emerald Finance & Banking Innovation Fund had no transactions with affiliates during the year ended April 30, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY<br> NAME** | **FAIR VALUE**<br> **AS OF APRIL**<br> **30, 2024** | **PURCHASES** | **SALES** | **CHANGE IN**<br> **UNREALIZED**<br> **GAIN/(LOSS)**  | **REALIZED**<br> **GAIN/(LOSS)** | **FAIR VALUE**<br> **AS OF APRIL 30, 2025** | **SHARE BALANCE**<br> **AS OF APRIL 30, 2025** | **DIVIDENDS** |
| F/m Emerald Life Sciences Innovation ETF | $– | $31078469 | $– | $14893277 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $45971746 | 1997035 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Total | $– | $31078469 | $– | $14893277 | $– | $45971746 | 1997035 | $– |

---

**9. SUBSEQUENT EVENTS**

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

The Board of the Trust, based upon the recommendation the Adviser of the Funds, approved on April 17, 2025, the proposed reorganization of each Fund into the series of The RBB Fund, Inc. (each, a "New Fund") identified in the table below, subject in each case to the approval of the shareholders of the relevant existing Fund (each, a "Reorganization"). Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.

34 www.emeraldmutualfunds.com

Emerald Funds Notes to Financial Statements and Financial Highlights

April 30, 2025

---

| | |
|:---|:---|
| **Fund** | **New Fund** |
| Emerald Finance and Banking Innovation Fund | Emerald Banking & Finance Evolution Fund |
| Emerald Growth Fund | Emerald Growth Fund |
| Emerald Insights Fund | F/m Emerald Special Situations ETF |

---

The Board also approved an Agreement and Plan of Reorganization with respect to the Emerald Growth Fund and Emerald Finance and Banking Innovation Fund that provides that each such Fund will transfer all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the corresponding New Fund shares equivalent in value to shares of the applicable Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund's assumption of all of the corresponding Fund's liabilities, followed by a distribution of those shares to the relevant Fund's shareholders so that the relevant Fund's shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the relevant Fund held by such shareholder on the closing date of the applicable Reorganization.

With respect to the Emerald Insights Fund, the Board approved an Agreement and Plan of Reorganization that provides that the Emerald Insights Fund (1) will recapitalize so that it has a single class of shares outstanding and so that each holder of that single class of shares holds shares of that single class immediately after the recapitalization with an aggregate value equal to the aggregate value of any shares of the Emerald Insights Fund held immediately prior to the recapitalization, and (2) following the recapitalization, shall redeem all fractional shares of the Emerald Insights Fund outstanding. After the recapitalization and redemption of all fractional shares, the Emerald Insights Fund will transfer all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the Emerald Insights Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund's assumption of all of the Emerald Insights Fund's liabilities, followed by a distribution of those shares to the Emerald Insights Fund's shareholders so that the Fund's shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the Emerald Insights Fund held by such shareholder on the closing date of the Reorganization.

The Trust will hold shareholder meetings on or about July 29, 2025, as may be adjourned, at which shareholders of the Funds as of June 10, 2025 will be asked to consider and vote on the applicable Plan of Reorganization. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect on or around August 1, 2025.

Annual Report \| April 30, 2025 35

Emerald Funds Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Emerald Funds, comprising Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund (the "Funds"), each a series of Financial Investors Trust, as of April 30, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended April 30, 2023, and prior, were audited by other auditors whose report dated June 29, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

![](fp0093705_06.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

36 www.emeraldmutualfunds.com

Emerald Funds Tax Designation

April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| | **Qualified Dividend Income (QDI)** | **Dividends Received Deduction (DRD)** |
| Emerald Growth Fund | 8.07% | 7.97% |
| Emerald Insights Fund | 0.00% | 0.00% |
| Emerald Finance and Banking Innovative Fund | 75.13% | 72.31% |

---

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

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Emerald Growth Fund, the Emerald Insights Fund, and the Emerald Finance & Banking Innovative Fund designated $95,290,028, $150,005, and $0 respectively, as long-term capital gain dividends.

Annual Report \| April 30, 2025 37

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

April 30, 2025 (Unaudited)

Not applicable for this reporting period.

38 www.emeraldmutualfunds.com

Emerald Funds Proxy Disclosures for Open-End Management Investment Companies

April 30, 2025 (Unaudited)

Not applicable for this reporting period.

Annual Report \| April 30, 2025 39

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

April 30, 2025 (Unaudited)

The remuneration paid to directors, officers, and others is included as part of the Statement of Operations of this Report.

40 www.emeraldmutualfunds.com

Emerald Funds Statement Regarding Basis for Approval of Investment Advisory Contract

April 30, 2025 (Unaudited)

On March 11, 2025, the Trustees met in person to discuss, among other things, the renewal of the Investment Advisory Agreement between Emerald Mutual Fund Advisers Trust ("Emerald") and the Trust, with respect to the Emerald Finance & Banking Innovation Fund, the Emerald Growth Fund, and the Emerald Insights Fund (each an "Emerald Fund" and together the "Emerald Funds"), dated October 1, 2018 (the "Emerald Investment Advisory Agreement"), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Emerald Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Emerald Funds:

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

The Board received and considered information including a comparison of each of the Emerald Fund's contractual advisory fees with those of funds in the expense peer group of comparable funds provided by an independent provider of investment company data (the "Data Provider"). With respect to the Emerald Growth Fund, the Trustees noted that the contractual advisory fee rate for each share class was lower than the Data Provider peer group median. With respect to the Emerald Finance and Banking Innovation Fund, the Trustees noted that the contractual advisory fee rate for each share class was higher than the Data Provider peer group median. With respect to the Emerald Insights Fund, the Trustees noted that the contractual advisory fee rate was higher the Data Provider peer group median for the Institutional Class, Investor Class, and Class C share classes and lower than the Data Provider peer group median for the Class A share class.

**Total Net Expense Ratios:** The Trustees further reviewed and considered that the total net expense ratio of each class of the Emerald Finance & Banking Innovation Fund was higher than the Data Provider peer group median, the total net expense ratio of each class of the Emerald Insights Fund was higher than the Data Provider peer group median, except for Class A share class, which had a total net expense ratio equal to the Data provider peer group median, and that the total net expense ratio of each class of the Emerald Growth Fund was lower than the Data Provider peer group median.

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

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

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

The Trustees also reviewed, among other things, Emerald's Code of Ethics.

**Performance:** The Trustees reviewed performance information for the Institutional Class, Class A, Class C, and Investor Class shares of the Emerald Insights Fund, Emerald Growth Fund, and Emerald Finance and Banking Innovation Fund for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, ended December 31, 2024, including a comparison of each Emerald Fund's performance to the performance of a group of comparable funds selected by the Data Provider.

The Trustees noted that each class of the Emerald Finance and Banking Innovation Fund had underperformed the Data Provider peer group median over each of the periods.

The Trustees noted that each class of the Emerald Growth Fund had outperformed the Data provider peer group median over the one-year, three-year, five-year, and since inception periods, and with respect to the ten-year period, the Class C shares outperformed the Data Provider peer group median, the Institutional Class shares underperformed the Data Provider peer group median, and the Class A and the Investor Class shares had performance equal to the Data Provider peer group median.

The Trustees noted that each class of the Emerald Insights Fund had outperformed the Data Provider peer group median over the five-year period; the Class A share class had performance equal to the Data Provider peer group median and the Class C, Institutional Class, and Investor Class share

Annual Report \| April 30, 2025 41

Emerald Funds Statement Regarding Basis for Approval of Investment Advisory Contract

April 30, 2025 (Unaudited)

classes had underperformed the Data Provider peer group median over the one-year period; the Class A, Institutional Class, and Investor Class share classes had outperformed the Data Provider peer group median over the three-year, ten-year and since inception periods; the Class C share class had performance equal to the Data Provider peer group median over the three-year period; and the Class C share class had underperformed the Data Provider peer group median for the ten-year and since inception periods.

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

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

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

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

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

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

● With respect to the Emerald Growth Fund, the Trustees noted that the contractual advisory fee rate, for each share class, was lower than the Data Provider peer group median. With respect to the Emerald Finance and Banking Innovation Fund, the Trustees noted that the contractual advisory fee rate, for each share class, was higher than the Data Provider peer group median. With respect to the Emerald Insights Fund, the Trustees noted that the contractual advisory fee rate was higher the Data Provider peer group median for the Institutional Class, Investor Class, and Class C share classes and lower than the Data Provider peer group median for the Class A share class.

● The total net expense ratio of each class of the Emerald Finance and Banking Innovation Fund was higher than the Data Provider peer group median, the total net expense ratio of each class of the Emerald Insights Fund was higher than the Data Provider peer group median, except for the Class A share class, which was equal to the Data provider peer group median, and that the total net expense ratio of each class of the Emerald Growth Fund was lower than the Data Provider peer group median.

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

● Each Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2024, as applicable, was adequate;.

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

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

● With respect to possible economies of scale, the Board noted the existence of advisory fee breakpoints for each Emerald Fund, which operate generally to share any economies of scale with a Fund's shareholders by reducing a Fund's effective advisory fees as the Fund grows in size, and that the Expense Limitation Agreement between Emerald and the Trust, on behalf of each Emerald Fund limits costs to shareholders and provides a means of sharing potential economies of scale with the each Fund's shareholders.

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

42 www.emeraldmutualfunds.com

![](fp0093705_07.jpg)

![](fp0093705_08.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 10 |
| Statements of Operations | 11 |
| Statements of Changes in Net Assets | 13 |
| Financial Highlights | 18 |
| Notes to Financial Statements and Financial Highlights | 30 |
| Report of Independent Registered Public Accounting Firm | 43 |
| Tax Designations | 44 |
| Changes in and Disagreements with Accountants for Open-End Management Investment Companies | 45 |
| Proxy Disclosures for Open-End Management Investment Companies | 46 |
| Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies | 47 |
| Statement Regarding Basis for Approval of Investment Advisory Contract | 48 |

---

Seafarer Overseas Growth and Income Fund Schedule of Investments

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (96.8%)** |  |  |  |
| ***Belgium (2.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 980000 | $64493800 |
| &nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 64493800 |
| ***Brazil (9.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 28000000 | 70840000 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 10725000 | 67674750 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | BRL | 8600000 | 16184242 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil SA | BRL | 15369500 | 53568401 |
| &nbsp;&nbsp;&nbsp;XP, Inc., ADR | USD | 3899000 | 62773900 |
| &nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 271041293 |
| ***China / Hong Kong (15.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | HKD | 4140000 | 61810329 |
| &nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 100314000 | 40089164 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 15249000 | 38490641 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | USD | 16100000 | 78793432 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 1685155 | 74880006 |
| &nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 197000000 | 44171654 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | CNY | 1500000 | 45365857 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings, Ltd. | HKD | 50000000 | 32720712 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co., Ltd., Class H | HKD | 22000000 | 31846401 |
| &nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 448168196 |
| ***Czech Republic (1.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 8763000 | 54168760 |
| &nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 54168760 |
| ***France (2.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | EUR | 27700 | 76179906 |
| &nbsp;&nbsp;&nbsp;***Total France*** |  |  | 76179906 |
| ***Hungary (3.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | HUF | 3000000 | 90985883 |
| &nbsp;&nbsp;&nbsp;***Total Hungary*** |  |  | 90985883 |

---

Annual Report – April 30, 2025 1

Seafarer Overseas Growth and Income Fund Schedule of Investments

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***India (9.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Computer Age Management Services, Ltd. | INR | 947397 | $43686222 |
| &nbsp;&nbsp;&nbsp;L&T Technology Services, Ltd. | INR | 1564500 | 78605928 |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. | INR | 12950000 | 48078372 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | INR | 3000000 | 22862102 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 9200000 | 72962449 |
| &nbsp;&nbsp;&nbsp;***Total India*** |  |  | 266195073 |
| ***Indonesia (2.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | IDR | 141200000 | 75074715 |
| &nbsp;&nbsp;&nbsp;***Total Indonesia*** |  |  | 75074715 |
| ***Mexico (5.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV | MXN | 33980000 | 39281334 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | MXN | 6000000 | 51446929 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | MXN | 22142000 | 70150300 |
| &nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 160878563 |
| ***Peru (1.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 271000 | 54793490 |
| &nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 54793490 |
| ***Poland (0.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt SA | PLN | 371500 | 23003358 |
| &nbsp;&nbsp;&nbsp;***Total Poland*** |  |  | 23003358 |
| ***Qatar (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 49313950 | 62018285 |
| &nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 62018285 |
| ***Singapore (7.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | SGD | 2275000 | 73912961 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | SGD | 6772000 | 74497828 |
| &nbsp;&nbsp;&nbsp;Venture Corp., Ltd. | SGD | 7500000 | 66577634 |
| &nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 214988423 |

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2 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Growth and Income Fund Schedule of Investments

*April 30, 2025*

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| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***South Africa (2.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sanlam, Ltd. | ZAR | 14000000 | $63742670 |
| &nbsp;&nbsp;&nbsp;***Total South Africa*** |  |  | 63742670 |
| ***South Korea (16.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. | KRW | 955000 | 179261782 |
| &nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 1278497 | 16386125 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | KRW | 212250 | 29864766 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics Co., Ltd.<sup>(a)</sup> | KRW | 143700 | 106347938 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 200000 | 17211877 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | KRW | 2500000 | 97543846 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 310000 | 38387499 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 485003833 |
| ***Taiwan (7.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | TWD | 4000000 | 74505344 |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. | TWD | 4800000 | 50285617 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics Corp. | TWD | 5535000 | 90017086 |
| &nbsp;&nbsp;&nbsp;***Total Taiwan*** |  |  | 214808047 |
| ***Thailand (2.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services PCL, Class F | THB | 56500000 | 40518197 |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 8490000 | 40567932 |
| &nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 81086129 |
| ***United Arab Emirates (1.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 48197777 | 34339694 |
| &nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 34339694 |
| ***United Kingdom (1.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 3115732 | 47293906 |
| &nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 47293906 |
| ***Vietnam (2.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;PetroVietnam Gas JSC | VND | 11394000 | 25637540 |

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Annual Report – April 30, 2025 3

Seafarer Overseas Growth and Income Fund Schedule of Investments

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***Vietnam (continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC | VND | 17050000 | $37765045 |
| &nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 63402585 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $2,761,446,670)** |  |  | 2851666609 |
| **PREFERRED STOCKS (0.9%)** |  |  |  |
| ***South Korea (0.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | KRW | 775000 | 25583258 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 25583258 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $38,669,006)** |  |  | 25583258 |
|  | **Currency** | **Shares** | **Value** |
| **RIGHTS AND WARRANTS (0.3%)** |  |  |  |
| ***India (0.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 1150000 | 6156066 |
|  |  |  | 6156066 |
| ***South Korea (0.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 43838 | 1062412 |
|  |  |  | 1062412 |
| **TOTAL RIGHTS AND WARRANTS** |  |  |  |
| **(Cost $2,365,613)** |  |  | 7218478 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $2,802,481,289) (98.0%)** |  |  | $2884468345 |
| **Cash and Other Assets, Less Liabilities (2.0%)** |  |  | 59486584 |
| **NET ASSETS (100.0%)** |  |  | $2943954929 |

---

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

*ADR American Depositary Receipt*

*Currency Abbreviations*

---

| | |
|:---|:---|
| *AED* | *United Arab Emirates Dirham* |
| *BRL* | *Brazil Real* |
| *CNY* | *China Yuan* |
| *CZK* | *Czech Republic Koruna* |
| *EUR* | *European Union Euro* |
| *GBP* | *United Kingdom Pound* |
| *HKD* | *Hong Kong Dollar* |
| *HUF* | *Hungary Forint* |
| *IDR* | *Indonesia Rupiah* |

---

4 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Growth and Income Fund Schedule of Investments

*April 30, 2025*

---

| | |
|:---|:---|
| *INR* | *India Rupee* |
| *KRW* | *South Korea Won* |
| *MXN* | *Mexico Peso* |
| *PLN* | *Poland Zloty* |
| *QAR* | *Qatar Riyal* |
| *SGD* | *Singapore Dollar* |
| *THB* | *Thailand Baht* |
| *TWD* | *Taiwan New Dollar* |
| *USD* | *United States Dollar* |
| *VND* | *Vietnam Dong* |
| *ZAR* | *South Africa Rand* |

---

*For Fund compliance purposes, the Fund's geographical classifications refer to any one or more of the sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.*

Industry Composition (Unaudited)

---

| | |
|:---|:---|
| Advertising & Marketing | 0.6% |
| Asset Management | 4.3% |
| Automobiles | 8.2% |
| Banks | 12.8% |
| Beverages | 7.3% |
| Biotechnology & Pharmaceuticals | 6.7% |
| Chemicals | 2.7% |
| Construction Materials | 1.4% |
| Containers & Packaging | 1.6% |
| E-Commerce Discretionary | 2.1% |
| Electric Utilities | 1.2% |
| Engineering & Construction | 3.2% |
| Entertainment Content | 0.8% |
| Food Products | 2.4% |
| Health Care Facilities & Services | 1.4% |
| Institutional Financial Services | 2.5% |
| Insurance | 0.5% |
| Internet Media & Services | 1.0% |
| Medical Equipment & Devices | 1.5% |
| Oil & Gas Producers | 2.5% |
| Real Estate Owners & Developers | 2.7% |
| Retail - Consumer Staples | 5.5% |
| Retail - Discretionary | 2.5% |
| Semiconductors | 3.1% |
| Specialty Finance | 1.5% |
| Technology Hardware | 10.7% |
| Textiles, Apparel & Luxury Goods | 2.6% |
| Transportation & Logistics | 3.6% |
| Wholesale - Discretionary | 1.1% |
| Cash and Other Assets, Less Liabilities | 2.0% |
| Total Net Assets | 100.0% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report – April 30, 2025 5

Seafarer Overseas Value Fund Schedule of Investments

*April 30, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| **COMMON STOCKS (89.5%)** |  |  |  |
| ***Belgium (2.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA, ADR | USD | 39000 | $2566590 |
| &nbsp;&nbsp;&nbsp;***Total Belgium*** |  |  | 2566590 |
| ***Brazil (10.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA, ADR | USD | 1069000 | 2704570 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA, ADR | USD | 466400 | 2942984 |
| &nbsp;&nbsp;&nbsp;Odontoprev SA | BRL | 1000000 | 1881889 |
| &nbsp;&nbsp;&nbsp;XP, Inc., ADR | USD | 172000 | 2769200 |
| &nbsp;&nbsp;&nbsp;***Total Brazil*** |  |  | 10298643 |
| ***China / Hong Kong (26.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;China Foods, Ltd. | HKD | 6603000 | 2638802 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power Co., Ltd., Class A | CNY | 661990 | 2688164 |
| &nbsp;&nbsp;&nbsp;DFI Retail Group Holdings, Ltd. | USD | 1139000 | 2874998 |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. | HKD | 5090000 | 3424898 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | USD | 745000 | 3646031 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | USD | 67475 | 2998257 |
| &nbsp;&nbsp;&nbsp;Melco International Development, Ltd. | HKD | 5201000 | 2154781 |
| &nbsp;&nbsp;&nbsp;Pacific Basin Shipping, Ltd. | HKD | 9211000 | 2065305 |
| &nbsp;&nbsp;&nbsp;Pico Far East Holdings, Ltd. | HKD | 5538000 | 1364223 |
| &nbsp;&nbsp;&nbsp;Shangri-La Asia, Ltd. | HKD | 4392000 | 2457744 |
| &nbsp;&nbsp;&nbsp;***Total China / Hong Kong*** |  |  | 26313203 |
| ***Czech Republic (3.4%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Moneta Money Bank AS | CZK | 546000 | 3375116 |
| &nbsp;&nbsp;&nbsp;***Total Czech Republic*** |  |  | 3375116 |
| ***Georgia (8.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Georgia Capital PLC | GBP | 203174 | 4401863 |
| &nbsp;&nbsp;&nbsp;Lion Finance Group PLC | GBP | 46000 | 3689776 |
| &nbsp;&nbsp;&nbsp;***Total Georgia*** |  |  | 8091639 |
| ***India (5.5%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Petronet LNG, Ltd. | INR | 620000 | 2301822 |
| &nbsp;&nbsp;&nbsp;Tata Motors, Ltd. | INR | 99000 | 754449 |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 295000 | 2339557 |
| &nbsp;&nbsp;&nbsp;***Total India*** |  |  | 5395828 |

---

6 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Value Fund Schedule of Investments

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***Mexico (3.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV, ADR | USD | 22000 | $2070860 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | MXN | 192000 | 1646302 |
| &nbsp;&nbsp;&nbsp;***Total Mexico*** |  |  | 3717162 |
| ***Peru (2.9%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp, Ltd. | USD | 14000 | 2830660 |
| &nbsp;&nbsp;&nbsp;***Total Peru*** |  |  | 2830660 |
| ***Qatar (2.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Gas Transport Co., Ltd. | QAR | 2160000 | 2716462 |
| &nbsp;&nbsp;&nbsp;***Total Qatar*** |  |  | 2716462 |
| ***Singapore (3.8%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | SGD | 3020000 | 1712544 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | SGD | 859000 | 2014766 |
| &nbsp;&nbsp;&nbsp;***Total Singapore*** |  |  | 3727310 |
| ***South Korea (5.6%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | KRW | 160000 | 2050674 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 24000 | 2065425 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 11600 | 1436435 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 5552534 |
| ***Thailand (1.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL | THB | 271000 | 1294925 |
| &nbsp;&nbsp;&nbsp;***Total Thailand*** |  |  | 1294925 |
| ***United Arab Emirates (7.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | AED | 974000 | 3480349 |
| &nbsp;&nbsp;&nbsp;Fertiglobe PLC | AED | 2810000 | 1738714 |
| &nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | AED | 2661137 | 1895993 |
| &nbsp;&nbsp;&nbsp;***Total United Arab Emirates*** |  |  | 7115056 |
| ***United Kingdom (2.3%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | GBP | 148912 | 2260345 |
| &nbsp;&nbsp;&nbsp;***Total United Kingdom*** |  |  | 2260345 |

---

Annual Report – April 30, 2025 7

Seafarer Overseas Value Fund Schedule of Investments

*April 30, 2025*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Currency** | **Shares** | **Value<br> (Note 2)** |
| ***Uruguay (1.5%)*** | | |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc., ADR | USD | 200000 | $1530000 |
| &nbsp;&nbsp;&nbsp;***Total Uruguay*** |  |  | 1530000 |
| ***Vietnam (1.7%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;PetroVietnam Technical Services Corp. | VND | 1673080 | 1647024 |
| &nbsp;&nbsp;&nbsp;***Total Vietnam*** |  |  | 1647024 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $81,442,722)** |  |  | 88432497 |
| **PREFERRED STOCKS (0.1%)** |  |  |  |
| ***South Korea (0.1%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | KRW | 1800 | 113867 |
| &nbsp;&nbsp;&nbsp;***Total South Korea*** |  |  | 113867 |
| **TOTAL PREFERRED STOCKS** |  |  |  |
| **(Cost $184,192)** |  |  | 113867 |
|  | **Currency** | **Shares** | **Value** |
| **RIGHTS AND WARRANTS (0.2%)** |  |  |  |
| ***India (0.2%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;UPL, Ltd. | INR | 36875 | 197396 |
|  |  |  | 197396 |
| ***South Korea (0.0%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | KRW | 1640 | 39745 |
|  |  |  | 39745 |
| **TOTAL RIGHTS AND WARRANTS** |  |  |  |
| **(Cost $75,854)** |  |  | 237141 |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $81,702,768) (89.8%)** |  |  | $88783505 |
| **Cash and Other Assets, Less Liabilities (10.2%)** |  |  | 10035820 |
| **NET ASSETS (100.0%)** |  |  | $98819325 |

---

---

| | | |
|:---|:---|:---|
| *ADR* | *American Depositary Receipt* | *American Depositary Receipt* |
| | | |
| *Currency Abbreviations* | *Currency Abbreviations* | *Currency Abbreviations* |
| *AED* |  | *United Arab Emirates Dirham* |
| *BRL* |  | *Brazil Real* |
| *CNY* |  | *China Yuan* |
| *CZK* |  | *Czech Republic Koruna* |
| *GBP* |  | *United Kingdom Pound* |

---

8 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Value Fund Schedule of Investments

*April 30, 2025*

---

| | |
|:---|:---|
| *HKD* | *Hong Kong Dollar* |
| *INR* | *India Rupee* |
| *KRW* | *South Korea Won* |
| *MXN* | *Mexico Peso* |
| *QAR* | *Qatar Riyal* |
| *SGD* | *Singapore Dollar* |
| *THB* | *Thailand Baht* |
| *USD* | *United States Dollar* |
| *VND* | *Vietnam Dong* |

---

*For Fund compliance purposes, the Fund's geographical classifications refer to any one or more of the sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.*

Industry Composition (Unaudited)

---

| | |
|:---|:---|
| Advertising & Marketing | 2.1% |
| Asset Management | 7.3% |
| Automobiles | 2.3% |
| Banks | 14.7% |
| Beverages | 10.1% |
| Chemicals | 4.3% |
| Commercial Support Services | 1.4% |
| Construction Materials | 1.3% |
| Containers & Packaging | 2.3% |
| Electric Utilities | 4.6% |
| Engineering & Construction | 2.2% |
| Food | 5.5% |
| Insurance | 1.9% |
| Leisure Facilities & Services | 7.9% |
| Oil & Gas Producers | 2.3% |
| Oil & Gas Services & Equipment | 1.7% |
| Real Estate Owners & Developers | 7.2% |
| Retail - Consumer Staples | 2.9% |
| Retail - Discretionary | 3.0% |
| Transportation & Logistics | 4.8% |
| Cash and Other Assets, Less Liabilities | 10.2% |
| Total Net Assets | 100.0% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report – April 30, 2025 9

Seafarer Funds Statements of Assets and Liabilities

*April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Seafarer Overseas Growth and Income Fund** | **Seafarer Overseas Value Fund** |
| **ASSETS:** |  |  |
| Investments, at value | $2884468345 | $88783505 |
| Cash | 49196951 | 9045308 |
| Foreign currency, at value (Cost $413,271 and $–, respectively) | 413414 |  |
| Receivable for investments sold | 5613440 |  |
| Receivable for shares sold | 1535077 | 347835 |
| Interest and dividends receivable | 13469597 | 853239 |
| Prepaid expenses and other assets | 4213 | 4222 |
| &nbsp;&nbsp;&nbsp;Total Assets | 2954701037 | 99034109 |
| **LIABILITIES:** |  |  |
| Foreign capital gains tax | 5505801 | 68298 |
| Administrative fees payable | 201645 | 15765 |
| Shareholder service plan fees payable | 311252 | 7404 |
| Payable for shares redeemed | 2277128 | 3500 |
| Investment advisory fees payable | 1670861 | 26468 |
| Payable for chief compliance officer fees | 10034 | 10070 |
| Trustee fees and expenses payable | 64990 | 1961 |
| Payable for principal financial officer fees | 3097 | 3097 |
| Audit and tax fees payable | 24300 | 20940 |
| Accrued expenses and other liabilities | 677000 | 57281 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 10746108 | 214784 |
| **NET ASSETS** | $2943954929 | $98819325 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital (Note 5) | $2924135178 | $88930397 |
| Total distributable earnings | 19819751 | 9888928 |
| **NET ASSETS** | $2943954929 | $98819325 |
| **INVESTMENTS, AT COST** | $2802481289 | $81702768 |
| **PRICING OF SHARES** |  |  |
| **Institutional Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $12.54 | $14.17 |
| Net Assets | $2810363039 | $98096571 |
| Shares of beneficial interest outstanding | 224138960 | 6923118 |
| **Investor Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $12.45 | $14.11 |
| Net Assets | $125487464 | $500405 |
| Shares of beneficial interest outstanding | 10076326 | 35460 |
| **Retail Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $12.44 | $14.10 |
| Net Assets | $8104426 | $222349 |
| Shares of beneficial interest outstanding | 651414 | 15772 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Statements of Operations

*Year Ended April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Seafarer Overseas Growth and Income Fund** | **Seafarer Overseas Value Fund** |
| **INVESTMENT INCOME:** |  |  |
| Dividends | $108399540 | $4401775 |
| Foreign taxes withheld | (7309265) | (149736) |
| Interest and other income | 2671275 | 121179 |
| &nbsp;&nbsp;&nbsp;Total investment income | 103761550 | 4373218 |
| **EXPENSES:** |  |  |
| Investment advisory fees (Note 7) | 23271090 | 679507 |
| Administrative and transfer agency fees | 731376 | 84099 |
| Trustee fees and expenses | 258688 | 7527 |
| Registration/filing fees | 160792 | 70902 |
| Shareholder service plan fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1468879 | 41525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 233869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1129 | 36 |
| Recoupment of previously waived fees (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 9555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 666 |
| Legal fees | 88798 | 2434 |
| Audit and tax fees | 34125 | 30672 |
| Reports to shareholders and printing fees | 203962 | 20462 |
| Distribution and service fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 1603 | 219 |
| Custody fees | 1568434 | 79165 |
| Chief compliance officer fees | 30714 | 30714 |
| Principal financial officer fees | 5657 | 5657 |
| Insurance expense | 84671 | 2145 |
| Miscellaneous | 46589 | 5652 |
| &nbsp;&nbsp;&nbsp;Total expenses | 28190376 | 1070937 |
| Less fees waived/reimbursed by investment adviser (Note 7) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (82301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | – | (40) |
| &nbsp;&nbsp;&nbsp;Total net expenses | 28190376 | 988370 |
| **NET INVESTMENT INCOME:** | 75571174 | 3384848 |
| Net realized gain on investments | 26605902 | 3186866 |
| Net realized loss on foreign capital gains tax | (482679) | (63820) |
| Net realized loss on foreign currency transactions | (983704) | (19532) |
| Net realized gain | 25139519 | 3103514 |
| Net change in unrealized appreciation/(depreciation) on investments | 76792678 | (2363580) |

---

Annual Report – April 30, 2025 11

Seafarer Funds Statements of Operations

*Year Ended April 30, 2025*

---

| | | |
|:---|:---|:---|
|  | **Seafarer Overseas Growth and Income Fund** | **Seafarer Overseas Value Fund** |
| Net change in unrealized appreciation on translation of assets and liabilities in foreign currency transactions | 147487 | 3553 |
| Net change in unrealized foreign capital gains tax | (2234879) | (1576) |
| Net change in unrealized appreciation/(depreciation) | 74705286 | (2361603) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS** | 99844805 | 741911 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $175415979 | $4126759 |

---

*See Notes to Financial Statements and Financial Highlights.*

12 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** **<br> April 30, 2025<sup>(a)</sup>** | **Year Ended<br> April 30, 2024** |
| **OPERATIONS:** | | |
| Net investment income | $75571174 | $73808573 |
| Net realized gain | 25139519 | 35486396 |
| Net change in unrealized appreciation | 74705286 | 28988972 |
| Net increase in net assets resulting from operations | 175415979 | 138283941 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (98627698) | (53027348) |
| &nbsp;&nbsp;&nbsp;Investor Class | (5545365) | (3985105) |
| &nbsp;&nbsp;&nbsp;Retail Class | (5134) | – |
| Net decrease in net assets from distributions | (104178197) | (57012453) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 923059815 | 1495475725 |
| &nbsp;&nbsp;&nbsp;Investor Class | 23114742 | 64618280 |
| &nbsp;&nbsp;&nbsp;Retail Class | 7988983 |  |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 70513880 | 35970821 |
| &nbsp;&nbsp;&nbsp;Investor Class | 5520034 | 3902532 |
| &nbsp;&nbsp;&nbsp;Retail Class | 5134 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (1395207556) | (509923673) |
| &nbsp;&nbsp;&nbsp;Investor Class | (129371842) | (27801968) |
| &nbsp;&nbsp;&nbsp;Retail Class | (75109) | – |
| Net increase/(decrease) in net assets derived from beneficial interest transactions | (494451919) | 1062241717 |
| Net increase/(decrease) in net assets | (423214137) | 1143513205 |
| **NET ASSETS:** |  |  |
| Beginning of period | 3367169066 | 2223655861 |
| End of period | $2943954929 | $3367169066 |

---

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report – April 30, 2025 13

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** **<br> April 30, 2025<sup>(a)</sup>** | **Year Ended<br> April 30, 2024** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Institutional Class** |  |  |
| Sold | 75720624 | 122458199 |
| Distributions reinvested | 5825240 | 2968731 |
| Redeemed | (114564428) | (41999961) |
| Net increase/(decrease) in shares outstanding | (33018564) | 83426969 |
| **Investor Class** |  |  |
| Sold | 1920580 | 5246848 |
| Distributions reinvested | 459185 | 324749 |
| Redeemed | (10833335) | (2303588) |
| Net increase/(decrease) in shares outstanding | (8453570) | 3268009 |
| **Retail Class** |  |  |
| Sold | 657387 |  |
| Distributions reinvested | 427 |  |
| Redeemed | (6400) | – |
| Net increase in shares outstanding | 651414 | – |

---

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

*See Notes to Financial Statements and Financial Highlights.*

14 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Overseas Value Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** **<br> April 30, 2025<sup>(a)</sup>** | **Year Ended<br> April 30, 2024** |
| **OPERATIONS:** |  |  |
| Net investment income | $3384848 | $3184723 |
| Net realized gain/(loss) | 3103514 | (131818) |
| Net change in unrealized appreciation/(depreciation) | (2361603) | 4109436 |
| Net increase in net assets resulting from operations | 4126759 | 7162341 |
| **DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):** |  |  |
| Total amount of distribution |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (3666783) | (2688235) |
| &nbsp;&nbsp;&nbsp;Investor Class | (26464) | (18843) |
| &nbsp;&nbsp;&nbsp;Retail Class | (6042) | – |
| Net decrease in net assets from distributions | (3699289) | (2707078) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 20954063 | 21899067 |
| &nbsp;&nbsp;&nbsp;Investor Class | 20844 | 57787 |
| &nbsp;&nbsp;&nbsp;Retail Class | 212037 |  |
| Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 3657551 | 2680921 |
| &nbsp;&nbsp;&nbsp;Investor Class | 23287 | 16557 |
| &nbsp;&nbsp;&nbsp;Retail Class | 6042 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (23467346) | (12637625) |
| &nbsp;&nbsp;&nbsp;Investor Class | (215316) | (20506) |
| &nbsp;&nbsp;&nbsp;Retail Class | (1027) | – |
| Net increase in net assets derived from beneficial interest transactions | 1190135 | 11996201 |
| Net increase in net assets | 1617605 | 16451464 |
| **NET ASSETS:** |  |  |
| Beginning of period | 97201720 | 80750256 |
| End of period | $98819325 | $97201720 |

---

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

*See Notes to Financial Statements and Financial Highlights.*

Annual Report – April 30, 2025 15

Seafarer Overseas Value Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** **<br> April 30, 2025<sup>(a)</sup>** | **Year Ended<br> April 30, 2024** |
| **Other Information:** |  |  |
| **SHARE TRANSACTIONS:** |  |  |
| **Institutional Class** |  |  |
| Sold | 1532237 | 1592946 |
| Distributions reinvested | 275418 | 197127 |
| Redeemed | (1721192) | (922678) |
| Net increase in shares outstanding | 86463 | 867395 |
| **Investor Class** |  |  |
| Sold | 1517 | 4205 |
| Distributions reinvested | 1760 | 1221 |
| Redeemed | (16614) | (1469) |
| Net increase/(decrease) in shares outstanding | (13337) | 3957 |
| **Retail Class** |  |  |
| Sold | 15391 |  |
| Distributions reinvested | 457 |  |
| Redeemed | (75) | – |
| Net increase in shares outstanding | 15773 | – |

---

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

*See Notes to Financial Statements and Financial Highlights.*

16 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

*Page Intentionally Left Blank*

Seafarer Overseas Growth and Income Fund

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

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

*<sup>(b)</sup>* *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*See Notes to Financial Statements and Financial Highlights.*

18 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

*For a share outstanding through the years presented*

---

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

---

Annual Report – April 30, 2025 19

Seafarer Overseas Growth and Income Fund

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(b)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

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

*<sup>(b)</sup>* *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*See Notes to Financial Statements and Financial Highlights.*

20 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

*For a share outstanding through the years presented*

---

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

---

Annual Report – April 30, 2025 21

Seafarer Overseas Growth and Income Fund

---

| |
|:---|
| **Retail Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET DECREASE IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(d)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE<sup>(e)</sup>** |

---

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

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

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.*

*<sup>(d)</sup>* *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

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

*See Notes to Financial Statements and Financial Highlights.*

22 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

 *For a share outstanding through the period presented*

---

| |
|:---|
| **For the Period<br> August 30, 2024 (Inception)<br> to April 30, 2025<sup>(a)</sup>** |
| $12.70 |
| 0.24 |
| (0.31)<sup>(c)</sup> |
| (0.07) |
| (0.19) |
| (0.19) |
| (0.26) |
| $12.44 |
| (0.48 %) |
| $8104 |
| 1.17 %<sup>(e)</sup> |
| 1.17 %<sup>(e)</sup> |
| 3.04 %<sup>(e)</sup> |
| 16% |

---

Annual Report – April 30, 2025 23

Seafarer Overseas Value Fund

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*<sup>(a)</sup>* *Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.*

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

*<sup>(c)</sup>* *In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

*See Notes to Financial Statements and Financial Highlights.*

24 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

*For a share outstanding through the years presented*

---

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

---

Annual Report – April 30, 2025 25

Seafarer Overseas Value Fund

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE** |

---

*<sup>(a)</sup>* *Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.*

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

*<sup>(c)</sup>* *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

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

*See Notes to Financial Statements and Financial Highlights.*

26 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

*For a share outstanding through the years presented*

---

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

---

Annual Report – April 30, 2025 27

Seafarer Overseas Value Fund

---

| |
|:---|
| **Retail Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **NET INCREASE IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN<sup>(c)</sup>** |
| **SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000s) |
| **RATIOS TO AVERAGE NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;Operating expenses excluding reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Operating expenses including reimbursement/waiver |
| &nbsp;&nbsp;&nbsp;Net investment income including reimbursement/waiver |
| **PORTFOLIO TURNOVER RATE<sup>(d)</sup>** |

---

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

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

*<sup>(c)</sup>* *Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. In some periods, total returns would have been lower had certain expenses not been waived during the period.*

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

*See Notes to Financial Statements and Financial Highlights.*

28 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Financial Highlights

*For a share outstanding through the period presented*

---

| |
|:---|
| **For the Period<br> August 30, 2024 (Inception)<br> to April 30, 2025<sup>(a)</sup>** |
| $13.98 |
| 0.27 |
| 0.39 |
| 0.66 |
| (0.50) |
| (0.04) |
| (0.54) |
| 0.12 |
| $14.10 |
| 4.96% |
| $222 |
| 1.38 %<sup>(d)</sup> |
| 1.35 %<sup>(d)</sup> |
| 2.99 %<sup>(d)</sup> |
| 11% |

---

Annual Report – April 30, 2025 29

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**NOTES TO FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**1. Organization**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report describes the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (individually a "Fund" and collectively, the "Funds"). The Seafarer Overseas Growth and Income Fund seeks to provide long-term capital appreciation along with some current income; it also seeks to mitigate adverse volatility in returns as a secondary objective. The Seafarer Overseas Value Fund seeks to provide long-term capital appreciation. The Funds each offer Institutional, Investor and Retail Class shares.

**2. Significant Accounting Policies**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services - Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

**Investment Valuation**

Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities and exchange traded funds, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day. Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange but before the close of the NYSE, such that the securities' value would likely change. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures utilized by Seafarer Capital Partners, LLC (the "Adviser"), as the Funds' Valuation

30 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

Designee and under the general supervision of the Board of Trustees of the Trust (the "Board" or the "Trustees"). Each Fund uses a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value or a meaningful portion of the Fund's portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security. Corporate bonds and convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Publicly traded foreign government debt securities and foreign corporate bonds are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

Forward currency exchange contracts have a market value determined by the prevailing foreign currency exchange daily rates and current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service.

When such prices or quotations are not available, or when the Adviser, as the Funds' Valuation Designee, believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

**Fair Value Measurements**

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

Annual Report – April 30, 2025 31

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

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

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

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

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

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

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

32 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

The following is a summary of the inputs used to value each Fund as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| **Seafarer Overseas Growth and Income Fund** | **Seafarer Overseas Growth and Income Fund** | |  | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $64493800 | $– | $– | $64493800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 271041293 |  |  | 271041293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China / Hong Kong | 78793432 | 369374764 |  | 448168196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic | 54168760 |  |  | 54168760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 76179906 |  | 76179906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 90985883 |  |  | 90985883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 266195073 |  | 266195073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 75074715 |  |  | 75074715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 160878563 |  |  | 160878563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 54793490 |  |  | 54793490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 23003358 |  | 23003358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 62018285 |  |  | 62018285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 214988423 |  | 214988423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 63742670 |  |  | 63742670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 485003833 |  | 485003833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 214808047 |  | 214808047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 81086129 |  | 81086129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 34339694 |  |  | 34339694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 47293906 |  | 47293906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | 37765045 | 25637540 |  | 63402585 |
| Preferred Stocks |  | 25583258 |  | 25583258 |
| Rights and Warrants | 7218478 | – | – | 7218478 |
| Total | $1055314108 | $1829154237 | $– | $2884468345 |

---

Annual Report – April 30, 2025 33

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| **Seafarer Overseas Value Fund** | | | | |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $2566590 | $– | $– | $2566590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 10298643 |  |  | 10298643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China / Hong Kong | 7467998 | 18845205 |  | 26313203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic | 3375116 |  |  | 3375116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia | 3689776 | 4401863 |  | 8091639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 5395828 |  | 5395828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 3717162 |  |  | 3717162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 2830660 |  |  | 2830660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 2716462 |  |  | 2716462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 3727310 |  | 3727310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 5552534 |  | 5552534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 1294925 |  | 1294925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 1895993 | 5219063 |  | 7115056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 2260345 |  | 2260345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 1530000 |  |  | 1530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | 1647024 |  |  | 1647024 |
| Preferred Stocks |  | 113867 |  | 113867 |
| Rights and Warrants | 237141 | – | – | 237141 |
| Total | $41972565 | $46810940 | $– | $88783505 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *For detailed descriptions of securities by country, see the accompanying Schedules of Investments.* 

For the year ended April 30, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2025.

**Investment Transactions and Investment Income**

Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets.

**Cash Management Transactions**

Each of the Funds subscribes to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the

34 (855) 732-9220&nbsp;&nbsp;&nbsp;&nbsp;seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign currency, at value.

As of April 30, 2025, the Funds had the following cash balances participating in the BBH CMS:

---

| | |
|:---|:---|
| Seafarer Overseas Growth and Income Fund | $49196951 |
| Seafarer Overseas Value Fund | 9045308 |

---

As of April 30, 2025, the Funds had the following foreign cash balances participating in the BBH CMS (cost at April 30, 2025 are disclosed on the Statements of Assets and Liabilities):

---

| | |
|:---|:---|
| Seafarer Overseas Growth and Income Fund | $413414 |
| Seafarer Overseas Value Fund |  |

---

**Foreign Securities**

The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Foreign Currency Translation**

Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

**Foreign Currency Spot Contracts**

Each Fund may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of a contract is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is

Annual Report – April 30, 2025 35

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close dates. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract's terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Trust Expenses**

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

**Fund and Class Expenses**

Expenses that are specific to a Fund or class of shares of a Fund, including shareholder servicing fees, are charged directly to that Fund or share class. Expenses that are common to all Funds are generally allocated among the Funds in proportion to their average daily net assets.

**Income Taxes**

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

As of and during the year ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing due date of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**Distributions to Shareholders**

In general, the Seafarer Overseas Growth and Income Fund's policy is to distribute to its shareholders substantially all net investment income paid out via semi-annual dividends, in June and December. The Seafarer Overseas Value Fund's policy is to distribute to its shareholders substantially all net investment income via one annual dividend in December. It is also each Fund's policy to distribute annually all net realized short-term and long-term capital gains, if any, after offsetting any capital loss carryovers. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. Each Fund may make additional distributions at other times if the Fund believes doing so may be necessary for the Fund to share tax obligations more ratably and more equitably across shareholders over time.

36 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp;seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**3. Tax Basis Information**

**Reclassifications**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. As of April 30, 2025, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to equalization. The reclassifications were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Distributable<br> Earnings** |
| Seafarer Overseas Growth and Income Fund | $6515984 | $(6515984) |
| Seafarer Overseas Value Fund | 391412 | (391412) |

---

**Tax Basis of Investments**

As of April 30, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

---

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

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and passive foreign investment companies (PFICs).

**Components of Distributable Earnings:**

As of April 30, 2025, components of distributable earnings were as follows:

---

| | |
|:---|:---|
| **Seafarer Overseas Growth and Income Fund** |  |
| Accumulated net investment income | $31117135 |
| Accumulated net realized loss | (51636185) |
| Net unrealized appreciation on investments | 40338801 |
| Total distributable earnings | $19819751 |

---

---

| | |
|:---|:---|
| **Seafarer Overseas Value Fund** |  |
| Accumulated net investment income | $1039172 |
| Accumulated net realized gain | 1943416 |
| Net unrealized appreciation on investments | 6906340 |
| Total distributable earnings | $9888928 |

---

Annual Report – April 30, 2025 37

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**Tax Basis of Distributions to Shareholders**

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

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2025 was as follows:

---

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

---

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital**<br> **Gain** |
| Seafarer Overseas Growth and Income Fund | $57012453 | $– |
| Seafarer Overseas Value Fund | 2707078 |  |

---

**Capital Losses**

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | Short-Term | Long-Term |
| Seafarer Overseas Growth and Income Fund | $14704997 | $36931188 |

---

The Seafarer Overseas Growth and Income Fund used capital loss carryovers during the fiscal year ended April 30, 2025 in the amount of $23,612,525.

The Seafarer Overseas Value Fund used capital loss carryovers during the fiscal year ended April 30, 2025 in the amount of $815,432.

**4. Securities Transactions**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchase of Securities** | **Proceeds From Sales of Securities** |
| Seafarer Overseas Growth and Income Fund | $491071141 | $913897953 |
| Seafarer Overseas Value Fund | 10365944 | 16446043 |

---

38 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**5. Shares of Beneficial Interest**

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

**6. Borrowings**

On March 16, 2023, the Funds entered into a Credit Agreement with the Funds' custodian, Brown Brothers Harriman & Co. ("BBH"). On March 14, 2025, the Credit Agreement was renewed between the Funds and BBH. The Credit Agreement has a termination date of March 13, 2026. Under the terms of the Credit Agreement, the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund are collectively allowed to borrow up to $50,000,000. The borrowing of each Fund is several and not joint and subject to a 10:1 collateral-to-debt ratio. The collateral for the Credit Agreement is the assets of each Fund. Interest is charged at a rate of the higher of the Federal Funds Rate or the Adjusted Term Secured Overnight Financing Rate (SOFR) plus an applicable margin of 2%. For the year ended April 30, 2025, the Funds did not have outstanding borrowings.

**7. Management and Related Party Transactions**

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds' business affairs. The Adviser manages the investments of the Funds in accordance with the Funds' investment objectives, policies, limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the investment advisory agreement, the Funds, in the aggregate, pay the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion. Each Fund pays the Adviser a monthly fee at the annual rate using the applicable management fee calculated based on the Fund's pro rata share of the Funds' combined average daily net assets.

The Adviser contractually, through successive one-year agreements, agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15% and 1.35% of a Fund's average daily net assets for the Institutional, Investor and Retail share classes, respectively. The current agreement (the "Expense Agreement") shall continue at least through August 31, 2025. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through the Expense Agreement to the extent that a Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the date on which the fees or expenses

Annual Report – April 30, 2025 39

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

were deferred. This agreement may not be terminated or modified prior to August 31, 2025, except with the approval of the Funds' Board. During the year ended April 30, 2025, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of April 30, 2025, the Adviser had recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

For the year ended April 30, 2025, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Fees Waived/**<br>**Reimbursed By**<br>**Adviser** | **Recoupment of Past**<br>**Waived Fees By**<br>**Adviser** |
| Seafarer Overseas Value Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $82301 | $9555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 226 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class | 40 |  |

---

As of April 30, 2025, the balances of recoupable expenses for each class were as follows for the Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | **Expires**<br>**2026** | **Expires**<br>**2027** | **Expires**<br>**2028** |<br>**Total** |
| Seafarer Overseas Growth and Income Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  |  |  |  |
| Seafarer Overseas Value Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $80143 | $22768 | $82301 | $185212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 59 | 930 | 226 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Class |  |  | 40 | 40 |

---

**Fund Administrator**

ALPS Fund Services, Inc. ("ALPS" and the "Administrator") provides administrative, fund accounting and other services to the Funds under the Administration, Bookkeeping and Pricing Services Agreement with the Trust. Officers of the Trust are employees of ALPS.

The Funds' administrative fee is accrued on a daily basis and paid monthly. The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses. Administrative fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Transfer Agent**

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds ("Transfer Agent"). ALPS is paid an annual base fee per Fund and a fee based on the number of shareholder accounts. The Transfer Agent is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

40 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**Compliance Services**

ALPS provides compliance services to the Funds under the Chief Compliance Officer Services Agreement with the Trust. ALPS provides services that assist the Trust's chief compliance officer in monitoring and testing the policies and procedures of the Trust in accordance with the requirements of Rule 38a-1 under the 1940 Act. ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Compliance service fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Principal Financial Officer**

ALPS provides principal financial officer services to the Funds under the Principal Financial Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Principal financial officer fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Distributor**

ALPS Distributors, Inc. ("ADI" or the "Distributor") (an affiliate of ALPS) acts as the distributor of the Funds' shares pursuant to the Distribution Agreement with the Trust. Under a side letter agreement, the Adviser pays ADI an annual base fee per Fund for the distribution services. The Adviser also reimburses ADI for certain out-of-pocket expenses. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of the Funds' shares, although it is not obliged to sell any particular amount of shares. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

**Rule 12b-1 Plan**

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

**Shareholder Service Plan**

Each Fund has adopted a Shareholder Services Plan (a "Services Plan") for each of its share classes. Under the Services Plan, each Fund is authorized to enter into shareholder service agreements with investment advisers, financial institutions and other service providers ("Participating Organizations") to maintain and provide certain administrative and servicing functions in relation to the accounts of shareholders. Shareholder service arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, and disbursing cash dividends as well as other investment or administrative services required for a particular Participating Organizations' products, programs, platform and accounts. The Services Plan will cause each Fund to pay an aggregate fee, not to exceed on an annual basis 0.05%, 0.15%, and 0.15% of the average daily net asset value of the Institutional, Investor, and Retail classes, respectively. Such payments will be made on assets attributable to or held in the name of a Participating Organization, on behalf of its

Annual Report – April 30, 2025 41

Seafarer Funds Notes to Financial Statements and Financial Highlights

*April 30, 2025*

clients as compensation for providing service activities pursuant to an agreement with the Participating Organization. Participating Organizations may charge less than the maximum fees described above, and therefore the Funds may pay less than those maximum fees. Shareholder Services Plan fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Trustees**

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

**8. Indemnifications**

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

**9. Subsequent Event**

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

42 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Seafarer Funds Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Seafarer Funds, comprising Seafarer Overseas Growth and Income Fund and Seafarer Overseas Value Fund (the "Funds"), each a series of Financial Investors Trust, as of April 30, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended April 30, 2023, and prior, were audited by other auditors whose report dated June 29, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

---

| |
|:---|
| ![](fp0093705_09.jpg) |
| COHEN & COMPANY, LTD. |
| Cleveland, Ohio |
| June 27, 2025 |

---

Annual Report – April 30, 2025 43

<u>Seafarer Funds</u> <u>Tax Designations</u> <br> *April 30, 2025 (Unaudited)*

**Tax Designations**

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

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Dividends**<br>**Received**<br>**Deduction** | <br>**Qualified Dividend Income** |
| Seafarer Overseas Growth and Income Fund |  | 38.69% |
| Seafarer Overseas Value Fund |  | 33.89% |

---

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

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

---

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

---

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

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

44 (855) 732-9220 seafarerfunds.com

Changes in and Disagreements with Accountants for <br> Seafarer Funds Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable for this reporting period.

Annual Report – April 30, 2025 45

Proxy Disclosures for Open-End <br> Seafarer Funds Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable for this reporting period.

46 (855) 732-9220 seafarerfunds.com

Remuneration Paid to Directors, Officers, and <br> Seafarer Funds Others of Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Included in the Statements of Operations.

Annual Report – April 30, 2025 47

Statement Regarding Basis for <br> Seafarer Funds Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

**APPROVAL OF FUND ADVISORY AGREEMENT**

On December 10, 2024, the Trustees met in person to discuss, among other things, the renewal of the Investment Advisory Agreement between Seafarer Capital Partners, LLC ("Seafarer") and the Trust, with respect to the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (each a "Seafarer Fund" and together the "Seafarer Funds"), dated January 30, 2012, as amended (the "Seafarer Investment Advisory Agreement"), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Seafarer Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Seafarer Funds:

**Investment Advisory Fee Rate:**

The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of each Seafarer Fund, to Seafarer, of 0.75% of the aggregate average daily net assets of the Seafarer Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Seafarer Funds over $1.5 billion, in light of the extent and quality of the advisory services provided by Seafarer to each of the Seafarer Funds.

The Board received and considered information including a comparison of the Investor Class, Institutional Class and Retail Class of each Seafarer Fund's contractual advisory fee rate with those of funds in the peer group of funds provided by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee rate of each Class of each Seafarer Fund was lower than the Data Provider peer group median.

**Total Net Expense Ratios:**

The Trustees further reviewed and considered that the total net expense ratio of each Class of each Seafarer Fund was lower than the Data Provider peer group median. The Trustees noted that the peer group total net expense ratio information was presented both including and excluding Rule 12b-1 fees.

**Nature, Extent, and Quality of the Services under the Investment Advisory Agreement:**

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

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

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

48 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

Statement Regarding Basis for <br> Seafarer Funds Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

**Performance:**

The Trustees reviewed performance information for each Class of the Seafarer Funds for the 1-year, 3-year, 5-year, 10-year and since inception periods ended September 30, 2024, as applicable. That review included a comparison of each Seafarer Fund's performance to the performance of a group of comparable funds selected by the Data Provider.

The Trustees also noted that the Retail Class of each of the Seafarer Funds had been recently launched and no performance comparison was available from the Data Provider. The Trustees also considered Seafarer's discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

The Trustees noted that the Investor Class and Institutional Class of each Seafarer Fund underperformed its peer group median over the 1-year period, for the three-year period, the Institutional Class of the Seafarer Overseas Growth and Income Fund underperformed its peer group median and the Investor Class outperformed its peer group median, and each class of the Seafarer Overseas Growth and Income Fund outperformed its peer group median over the 5-year, 10-year, and since inception periods, the Investor Class and Institutional Class of the Seafarer Overseas Value Fund outperformed its peer group median over the 3-year period, the Investor Class of the Seafarer Overseas Value Fund had performance equal to its peer group median over the 5-year period and outperformed its peer group median over the since inception period, and the Institutional Class of the Seafarer Overseas Value Fund underperformed its peer group median over the 5-year period and had performance equal to its peer group median over the since inception period.

**Comparable Accounts:**

The Trustees noted that Seafarer's only clients were the Seafarer Funds.

**Profitability:**

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

**Economies of Scale:**

The Trustees considered whether economies of scale in the provision of services to the Seafarer Funds have been or would be passed along to the shareholders under the proposed agreement.

Annual Report – April 30, 2025 49

Statement Regarding Basis for <br> Seafarer Funds Approval of Investment Advisory Contract

April 30, 2025 (Unaudited)

**Other Benefits to the Adviser:**

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

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

● the contractual advisory fee rate of each Class of both Seafarer Funds was lower than the Data Provider peer group median;

● the total net expense ratio of each Class of both Seafarer Funds was lower than the Data Provider peer group median;

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

● because the Retail Class of each Seafarer Fund had recently launched, no performance information was available for the Retail Class shares, but the performance of the Institutional Classes and Investor Classes of the Seafarer Funds over the one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2024, as applicable, was adequate;

● Seafarer had no other accounts with comparable investment objectives and strategies to the Seafarer Funds;

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

● there were economies of scale and other incidental benefits accruing to Seafarer, including soft dollars in connection with its relationship with the Seafarer Funds, but noted that the Adviser had implemented breakpoint advisory fee schedules for the Funds such that economies of scale would be shared with the Funds as assets grow and implemented policies and procedures to seek to avoid potential conflicts of interest in connection with its use of soft dollars and other incidental benefits.

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

50 (855) 732-9220 &nbsp;&nbsp;&nbsp;&nbsp; seafarerfunds.com

![](fp0093705_10.jpg)

![](fp0093705_11.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Contents | Page |
| Statement of Investments |  |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 1 |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 4 |
| Statements of Assets and Liabilities | 7 |
| Statements of Operations | 8 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 9 |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 10 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Fund | 12 |
| &nbsp;&nbsp;&nbsp;Vulcan Value Partners Small Cap Fund | 16 |
| Notes to Financial Statements | 20 |
| Report of Independent Registered Public Accounting Firm | 31 |
| Additional Information | 32 |
| **Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | 33 |
| **Proxy Disclosures for Open-End Management Investment Companies** | 34 |
| **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | 35 |
| **Statement Regarding Basis for Approval of Investment Advisory Contract** | 36 |

---

Vulcan Value Partners Fund Statement of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCKS (99.16%)** |  |  |
| ***Communications (7.89%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Internet (7.89%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 82252 | $13233524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 98764 | 18214057 |
|  |  | 31447581 |
| **TOTAL COMMUNICATIONS** |  | 31447581 |
| ***Consumer, Cyclical (8.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Apparel (1.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | 8970 | 4957873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food Service (4.91%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sodexo SA | 309116 | 19575164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail (2.60%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 160359 | 10370416 |
| **TOTAL CONSUMER, CYCLICAL** |  | 34903453 |
| ***Consumer, Non-cyclical (14.41%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Beverages (4.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diageo PLC | 365487 | 10189760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pernod Ricard SA | 73355 | 7912797 |
|  |  | 18102557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services (3.01%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bureau Veritas SA | 183257 | 5787959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC | 1360634 | 6212394 |
|  |  | 12000353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare-Services (6.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 37815 | 15904233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 37072 | 11432634 |
|  |  | 27336867 |
| **TOTAL CONSUMER, NON-CYCLICAL** |  | 57439777 |
| ***Financial (31.14%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services (15.09%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 107660 | 16421380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 25253 | 13840159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 350436 | 16277752 |

---

Annual Report \| April 30, 2025 1

Statement of Investments Vulcan Value Partners Fund

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Financial (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 39441 | $13626866 |
|  |  | 60166157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance (5.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group, Ltd. | 58214 | 20888929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Private Equity (1.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partners Group Holding AG | 5659 | 7374150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate (8.96%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 59670 | 7290481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 185991 | 13794952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 64470 | 14661123 |
|  |  | 35746556 |
| **TOTAL FINANCIAL** |  | 124175792 |
| ***Industrial (11.91%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace/Defense (6.09%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 57970 | 11647912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 8942 | 12635672 |
|  |  | 24283584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hand/Machine Tools (3.49%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 231822 | 13913956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Packaging&Containers (2.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 96621 | 9307501 |
| **TOTAL INDUSTRIAL** |  | 47505041 |
| ***Technology (25.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors (9.19%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 280355 | 20093043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 257228 | 16534616 |
|  |  | 36627659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software (15.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 60589 | 23948408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nice, Ltd. | 129935 | 20251019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 45969 | 12352330 |

---

2 www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statement of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Technology (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 88961 | $6725452 |
|  |  | 63277209 |
| **TOTAL TECHNOLOGY** |  | 99904868 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $329,742,101)** |  | 395376512 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** | **Value**<br>**(Note 2)** |
| **SHORT TERM INVESTMENTS (0.87%)** |  |  |  |
| ***Money Market Fund (0.87%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | 4.254% | 3465739 | 3465739 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $3,465,739)** |  |  | 3465739 |
| **TOTAL INVESTMENTS (100.03%)** |  |  |  |
| **(Cost $333,207,840)** |  |  | $398842251 |
| **Liabilities In Excess Of Other Assets (-0.03%)** |  |  | (127616) |
| **NET ASSETS (100.00%)** |  |  | $398714635 |

---

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

 

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

 

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 3

Statement of Investments Vulcan Value Partners Small Cap Fund

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| **COMMON STOCKS (98.18%)** |  |  |
| ***Consumer, Cyclical (7.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Furnishings (4.44%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 327017 | $5363079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail (2.77%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 51761 | 3347384 |
| **TOTAL CONSUMER, CYCLICAL** |  | 8710463 |
| ***Consumer, Non-cyclical (32.44%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Services (24.25%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 121144 | 5904559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | 43372 | 5177316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISS A/S | 350993 | 8800128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 182929 | 4822008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savills PLC | 371819 | 4593478 |
|  |  | 29297489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food (4.85%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. | 103106 | 5862817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Healthcare-Services (3.34%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 13104 | 4041142 |
| **TOTAL CONSUMER, NON-CYCLICAL** |  | 39201448 |
| ***Financial (9.04%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Financial Services (2.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 23545 | 3616277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate (4.00%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 21252 | 4832917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*REITS (2.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 248501 | 2470100 |
| **TOTAL FINANCIAL** |  | 10919294 |
| ***Industrial (35.71%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials (12.91%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forterra PLC | 1517977 | 3770869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 89419 | 4812530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ibstock PLC | 2927377 | 7022334 |
|  |  | 15605733 |

---

4 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund Statement of Investments

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| |<br>**Shares** | **Value**<br>**(Note 2)** |
| ***Industrial (continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Components & Equipment (6.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 40190 | $7327039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery-Diversified (0.82%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 7398 | 986523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Manufactured Goods (3.97%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 74702 | 4799604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Packaging&Containers (7.01%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 37456 | 3608137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 176338 | 4859875 |
|  |  | 8468012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transportation (4.94%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. | 166033 | 5967226 |
| **TOTAL INDUSTRIAL** |  | 43154137 |
| ***Technology (13.78%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computers (8.89%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genpact, Ltd. | 103455 | 5199648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 247906 | 5545215 |
|  |  | 10744863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Semiconductors (4.89%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 82352 | 5902168 |
| **TOTAL TECHNOLOGY** |  | 16647031 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $102,948,551)** |  | 118632373 |

---

Annual Report \| April 30, 2025 5

Statement of Investments Vulcan Value Partners Small Cap Fund

*April 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** | **Value**<br>**(Note 2)** |
| **SHORT TERM INVESTMENTS (1.76%)** |  |  |  |
| ***Money Market Fund (1.76%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | 4.254% | 2128441 | $2128441 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $2,128,441)** |  |  | 2128441 |
| **TOTAL INVESTMENTS (99.94%)** |  |  |  |
| **(Cost $105,076,992)** |  |  | $120760814 |
| **Other Assets In Excess Of Liabilities (0.06%)** |  |  | 68162 |
| **NET ASSETS (100.00%)** |  |  | $120828976 |

---

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

 

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.*

 

*See Notes to Financial Statements and Financial Highlights.*

6 www.vulcanvaluepartners.com

Statements of Assets and Liabilities

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Vulcan Value<br> Partners<br> Fund** | **Vulcan Value<br> Partners<br> Small Cap<br> Fund** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $398842251 | $120760814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for shares sold | 999 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 277494 | 299702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 3465 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 399124209 | 121066945 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for shares redeemed | 49209 | 71811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser | 241687 | 85330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for administration fees | 29344 | 9876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for transfer agency fees | 33613 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for delegated transfer agent equivalent services fees | 858 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for professional fees | 26941 | 10590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for trustee fees and expenses | 11058 | 5644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for principal financial officer fees | 1173 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 15691 | 53780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 409574 | 237969 |
| **NET ASSETS** | $398714635 | $120828976 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (Note 5) | $360660735 | $505019147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 38053900 | (384190171) |
| **NET ASSETS** | $398714635 | $120828976 |
| **INVESTMENTS, AT COST** | $333207840 | $105076992 |
| **PRICING OF SHARES:** |  |  |
| **Investor Class:** |  |  |
| Net Asset Value, offering and redemption price per share | $26.65 | $11.21 |
| Net Assets | $137152383 | $28858870 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 5146642 | 2573978 |
| **Institutional Class:** |  |  |
| Net Asset Value, offering and redemption price per share | 26.88 | 11.33 |
| Net Assets | 261562252 | 91970105 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 9731630 | 8114256 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 7

Statements of Operations

*For the Year Ended April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Vulcan Value<br> Partners<br> Fund** | **Vulcan Value<br> Partners<br> Small Cap<br> Fund** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $5966307 | $4369278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | (136432) | (227219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5829875 | 4142059 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees (Note 6) | 5124874 | 2426304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 278166 | 119902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 70531 | 71135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 12788 | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 256406 | 110176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 59652 | 36444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 35791 | 43857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal financial officer fees | 13217 | 5442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 68143 | 25951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReFlow Fees (Note 2) | 38771 | 28044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 97777 | 84481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waiver | 6056116 | 2957610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by investment adviser (Note 6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (50742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1257958) | (699179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net expenses | 4798158 | 2207689 |
| **NET INVESTMENT INCOME** | 1031717 | 1934370 |
| Net realized gain/(loss) on investments<sup>(a)</sup> | 203016954 | (12661088) |
| Net realized gain/(loss) on foreign currency transactions | (58417) | 75314 |
| Net realized gain/(loss) | 202958537 | (12585774) |
| Net change in unrealized appreciation/(depreciation) of investments | (164348407) | 29188441 |
| Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies | 9643 | 7782 |
| Net change in unrealized appreciation/(depreciation) | (164338764) | 29196223 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 38619773 | 16610449 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $39651490 | $18544819 |

---

 

*<sup>(a)</sup>* *See Note 2 for gain/(loss) on in-kind transactions.*

 

*See Notes to Financial Statements and Financial Highlights.*

8 www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1031717 | $1138482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | 202958537 | 195676262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (164338764) | 33902831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 39651490 | 230717575 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 3):** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (292167) | (103401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1307811) | (1196649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1599978) | (1300050) |
| **SHARE TRANSACTIONS (Note 5):** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 1843887 | 4035601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 237866 | 91742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (44371197) | (128229453) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 44849009 | 146065697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1154279 | 1140372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (329372956) | (495617376) |
| Net decrease from share transactions | (325659112) | (472513417) |
| Net decrease in net assets | (287607600) | (243095892) |
| **NET ASSETS:** |  |  |
| Beginning of year | 686322235 | 929418127 |
| End of year | $398714635 | $686322235 |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 9

Vulcan Value Partners Small Cap Fund Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the**<br>**Year Ended**<br>**April 30, 2025** | **For the**<br>**Year Ended**<br>**April 30, 2024** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1934370 | $2226143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss | (12585774) | (6931909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation | 29196223 | 25637680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 18544819 | 20931914 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 3):** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (429698) | (197522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1670328) | (1702595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (2100026) | (1900117) |
| **SHARE TRANSACTIONS (Note 5):** |  |  |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 3337712 | 4850934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 388469 | 175315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (24355876) | (35058287) |
| **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 28983509 | 63581936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1437392 | 1373221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed, net of redemption fees | (215062003) | (162850567) |
| Net decrease from share transactions | (205270797) | (127927448) |
| Net decrease in net assets | (188826004) | (108895651) |
| **NET ASSETS:** |  |  |
| Beginning of year | 309654980 | 418550631 |
| End of year | $120828976 | $309654980 |

---

*See Notes to Financial Statements and Financial Highlights.*

10 www.vulcanvaluepartners.com

*Intentionally Left Blank*

Financial Highlights Vulcan Value Partners Fund

*For a share outstanding throughout the years presented.*

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| Increase/(decrease) in net asset value |
| **NET ASSET VALUE, END OF YEAR** |
| Total return |
| **RATIOS AND SUPPLEMENTAL DATA:** |
| Net assets, end of year (000's) |
| Ratio of expenses to average net assets without fee waivers/reimbursements |
| Ratio of expenses to average net assets including fee waivers/reimbursements |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements |
| Portfolio turnover rate |

---

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

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

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

*<sup>(d)</sup>* *Less than 0.005%*

*See Notes to Financial Statements and Financial Highlights.*

12 www.vulcanvaluepartners.com

Vulcan Value Partners Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended April 30,<br> 2025** | **For the Year<br> Ended April 30,<br> 2024** | **For the Year<br> Ended April 30,<br> 2023** | **For the Year<br> Ended April 30,<br> 2022** | **For the Year<br> Ended April 30,<br> 2021** |
| $25.21 | $19.01 | $20.74 | $29.87 | $19.50 |
| (0.00)<sup>(b)</sup> | 0.00 | 0.00 | (0.16) | (0.14) |
| 1.49 | 6.21 | (0.74) | (5.75) | 11.42 |
| 1.49 | 6.21 | (0.74) | (5.91) | 11.28 |
| (0.05) | (0.01) |  |  | 0.00 <sup>(c)</sup> |
| – | – | (0.99) | (3.22) | (0.91) |
| (0.05) | (0.01) | (0.99) | (3.22) | (0.91) |
| – | – | – | – | 0.00 <sup>(c)</sup> |
| 1.44 | 6.20 | (1.73) | (9.13) | 10.37 |
| $26.65 | $25.21 | $19.01 | $20.74 | $29.87 |
| 5.91% | 32.68% | (2.99%) | (22.93%) | 58.62% |
| $137152 | $170238 | $232565 | $437470 | $624789 |
| 1.14% | 1.08% | 1.08% | 1.06% | 1.08% |
| 1.14% | 1.08% | 1.08% | 1.06% | 1.08% |
| 0.00 %<sup>(d)</sup> | (0.02%) | 0.01% | (0.54%) | (0.57 %) |
| 56% | 32% | 40% | 49% | 67% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 13

Financial Highlights Vulcan Value Partners Fund

*For a share outstanding throughout the years presented.*

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| Increase/(decrease) in net asset value |
| **NET ASSET VALUE, END OF YEAR** |
| Total return |
| **RATIOS AND SUPPLEMENTAL DATA:** |
| Net assets, end of year (000's) |
| Ratio of expenses to average net assets without fee waivers/reimbursements |
| Ratio of expenses to average net assets including fee waivers/reimbursements |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements |
| Portfolio turnover rate |

---

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

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

*See Notes to Financial Statements and Financial Highlights.*

14 www.vulcanvaluepartners.com

Vulcan Value Partners Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended April 30,<br> 2025** | **For the Year<br> Ended April 30,<br> 2024** | **For the Year<br> Ended April 30,<br> 2023** | **For the Year<br> Ended April 30,<br> 2022** | **For the Year<br> Ended April 30,<br> 2021** |
| $25.40 | $19.15 | $20.84 | $29.93 | $19.52 |
| 0.08 | 0.04 | 0.04 | (0.10) | (0.09) |
| 1.52 | 6.26 | (0.74) | (5.77) | 11.46 |
| 1.60 | 6.30 | (0.70) | (5.87) | 11.37 |
| (0.12) | (0.05) |  |  | (0.05) |
| – | – | (0.99) | (3.22) | (0.91) |
| (0.12) | (0.05) | (0.99) | (3.22) | (0.96) |
| – | – | – | – | 0.00 <sup>(b)</sup> |
| 1.48 | 6.25 | (1.69) | (9.09) | 10.41 |
| $26.88 | $25.40 | $19.15 | $20.84 | $29.93 |
| 6.28% | 32.94% | (2.78%) | (22.74%) | 59.02% |
| $261562 | $516084 | $696853 | $966357 | $1147175 |
| 1.20% | 1.13% | 1.13% | 1.11% | 1.12% |
| 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 0.29% | 0.20% | 0.23% | (0.34%) | (0.36 %) |
| 56% | 32% | 40% | 49% | 67% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 15

Financial Highlights Vulcan Value Partners Small Cap Fund

*For a share outstanding throughout the years presented.*

---

| |
|:---|
| **Investor Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| Increase/(decrease) in net asset value |
| **NET ASSET VALUE, END OF YEAR** |
| Total return |
| **RATIOS AND SUPPLEMENTAL DATA:** |
| Net assets, end of year (000's) |
| Ratio of expenses to average net assets without fee waivers/reimbursements |
| Ratio of expenses to average net assets including fee waivers/reimbursements |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements |
| Portfolio turnover rate |

---

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

*<sup>(b)</sup>* *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund.*

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

*See Notes to Financial Statements and Financial Highlights.*

16 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended April 30,<br> 2025** | **For the Year<br> Ended April 30,<br> 2024** | **For the Year<br> Ended April 30,<br> 2023** | **For the Year<br> Ended April 30,<br> 2022** | **For the Year<br> Ended April 30,<br> 2021** |
| $11.49 | $10.87 | $14.47 | $22.62 | $12.01 |
| 0.08 | 0.04 | 0.01 | (0.10) | (0.10) |
| (0.22)<sup>(b)</sup> | 0.62 | (2.18) | (3.22) | 10.73 |
| (0.14) | 0.66 | (2.17) | (3.32) | 10.63 |
| (0.14) | (0.04) |  |  | (0.02) |
| – | – | (1.43) | (4.83) | – |
| (0.14) | (0.04) | (1.43) | (4.83) | (0.02) |
| – | – | – | – | 0.00 <sup>(c)</sup> |
| (0.28) | 0.62 | (3.60) | (8.15) | 10.61 |
| $11.21 | $11.49 | $10.87 | $14.47 | $22.62 |
| (1.36 %) | 6.11% | (14.39%) | (21.58%) | 88.51% |
| $28859 | $48711 | $75271 | $221910 | $310600 |
| 1.37% | 1.27% | 1.26% | 1.25% | 1.25% |
| 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| 0.72% | 0.38% | 0.12% | (0.47%) | (0.65 %) |
| 29% | 33% | 26% | 69% | 75% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 17

Financial Highlights Vulcan Value Partners Small Cap Fund

*For a share outstanding throughout the period or years presented.*

---

| |
|:---|
| **Institutional Class** |
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME/(LOSS) FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;Total from investment operations |
| **LESS DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;From net realized gains on investments |
| &nbsp;&nbsp;&nbsp;Total distributions |
| Redemption fees added to paid-in capital |
| Increase/(decrease) in net asset value |
| **NET ASSET VALUE, END OF YEAR** |
| Total return |
| **RATIOS AND SUPPLEMENTAL DATA:** |
| Net assets, end of year (000's) |
| Ratio of expenses to average net assets without fee waivers/reimbursements |
| Ratio of expenses to average net assets including fee waivers/reimbursements |
| Net investment income/(loss) to average net assets including fee waivers/reimbursements |
| Portfolio turnover rate |

---

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

*<sup>(b)</sup>* *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund.*

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

*See Notes to Financial Statements and Financial Highlights.*

18 www.vulcanvaluepartners.com

Financial Highlights Vulcan Value Partners Small Cap Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended April 30,<br> 2025** | **For the Year<br> Ended April 30,<br> 2024** | **For the Year<br> Ended April 30,<br> 2023** | **For the Year<br> Ended April 30,<br> 2022** | **For the Year<br> Ended April 30,<br> 2021** |
| $11.62 | $10.99 | $14.57 | $22.70 | $12.03 |
| 0.11 | 0.07 | 0.05 | (0.04) | (0.06) |
| (0.22)<sup>(b)</sup> | 0.62 | (2.20) | (3.26) | 10.77 |
| (0.11) | 0.69 | (2.15) | (3.30) | 10.71 |
| (0.18) | (0.06) |  |  | (0.04) |
| – | – | (1.43) | (4.83) | – |
| (0.18) | (0.06) | (1.43) | (4.83) | (0.04) |
| – | – | – | – | 0.00 <sup>(c)</sup> |
| (0.29) | 0.63 | (3.58) | (8.13) | 10.67 |
| $11.33 | $11.62 | $10.99 | $14.57 | $22.70 |
| (1.14 %) | 6.33% | (14.14%) | (21.40%) | 89.07% |
| $91970 | $260944 | $343279 | $721399 | $710679 |
| 1.41% | 1.32% | 1.31% | 1.27% | 1.29% |
| 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| 0.97% | 0.64% | 0.42% | (0.19%) | (0.39 %) |
| 29% | 33% | 26% | 69% | 75% |

---

*See Notes to Financial Statements and Financial Highlights.*

Annual Report \| April 30, 2025 19

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**1. ORGANIZATION**

Financial Investors Trust (the "Trust") is organized as a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This report describes the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (each a "Fund" and collectively, the "Funds"). The Funds seek to achieve long-term capital appreciation. The Funds offer Investor Class and Institutional Class shares.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including policies specific to investment companies. The preparation of statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 – "Financial Services – Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements.

**Investment Valuation**: The Funds generally value their securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading.

For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of equity securities not traded on an exchange, or if such closing prices are not otherwise available, the securities are valued at the mean of the most recent bid and ask prices on such day. Redeemable securities issued by open-end registered investment companies are valued at the investment company's applicable net asset value, with the exception of exchange-traded open-end investment companies, which are priced as equity securities.

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

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

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Notes to Financial Statements and Financial Highlights

*April 30, 2025*

consideration of other factors in accordance with procedures established by the valuation designee under the general supervision of the Board of Trustees of the Trust (the "Board" or the "Trustees").

When such prices or quotations are not available, or when Vulcan Value Partners, LLC (the "Adviser") believes that they are unreliable, securities may be priced using fair value procedures utilized by the valuation designee.

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

**Fair Value Measurements:** A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund's investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

Annual Report \| April 30, 2025 21

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

The following is a summary of each input used to value each Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vulcan Value Partners Fund:**<br>**Investments in Securities at Value** |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 - Other<br> Significant<br> Observable<br> Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable<br> Inputs** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $395376512 | $– | $– | $395376512 |
| Short Term Investments | 3465739 | – | – | 3465739 |
| TOTAL | $398842251 | $– | $– | $398842251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vulcan Value Partners Small Cap Fund:**<br>**Investments in Securities at Value** |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 - Other<br> Significant<br> Observable<br> Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable<br> Inputs** |<br>**Total** |
| Common Stocks<sup>(a)</sup> | $118632373 | $– | $– | $118632373 |
| Short Term Investments | 2128441 | – | – | 2128441 |
| TOTAL | $120760814 | $– | $– | $120760814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *For detailed descriptions of the underlying industries, see the accompanying Statements of Investments.* 

For the year ended April 30, 2025, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the year ended April 30, 2025.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or, for certain foreign securities, as soon as information is available to the Funds. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

**ReFlow Liquidity Program:** Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. ReFlow will purchase shares of the Fund at net asset value and will not be subject to any investment minimums. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net subscriptions, at the end of a maximum holding period determined by ReFlow (currently 28 days), or at other times as the Fund may request. ReFlow may choose to redeem its position in the Fund with an in-kind transfer of

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Notes to Financial Statements and Financial Highlights

*April 30, 2025*

securities, instead of cash, enabling the Fund to avoid a realization of capital gains on the securities it transfers. ReFlow will not be subject to any short-term redemption fees. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.20% of the value of the Fund shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Funds' liquidity needs on a particular day.

For the year ended April 30, 2025, ReFlow purchased 996,863 shares at a value of $27,693,385 and redeemed 996,863 shares at a value of $27,287,398 from the Vulcan Value Partners Fund.

For the year ended April 30, 2025, ReFlow purchased 1,562,975 shares at a value of $20,031,591 and redeemed 1,562,975 shares at a value of $19,836,544 from the Vulcan Value Partners Small Cap Fund.

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

**Foreign Securities:** The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Foreign Currency Translation:** Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in

Annual Report \| April 30, 2025 23

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

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

**In-Kind Redemptions:** During the year ended April 30, 2025, the Vulcan Value Partners Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $26,426,358. For financial reporting purposes, the Vulcan Value Partners Fund recognized gains on the in-kind redemptions in the amount of $14,966,076. During the year ended April 30, 2025, the Vulcan Value Partners Small Cap Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $19,030,835. For financial reporting purposes, the Vulcan Value Partners Small Cap Fund recognized gains on the in-kind redemptions in the amount of $7,621,111. For tax purposes, the gains are not recognized.

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

**Fund and Class Expenses:** Expenses that are specific to a Fund or class of shares of a Fund, including shareholder servicing fees, are charged directly to that Fund or share class. Expenses that are common to all Funds are generally allocated among the Funds in proportion to their average daily net assets.

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

As of and during the year ended April 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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Notes to Financial Statements and Financial Highlights

*April 30, 2025*

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

**3. TAX BASIS INFORMATION**

**Reclassifications:** As of April 30, 2025 permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to in-kind redemptions and prior year post financial statement adjustment. The reclassifications were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Distributable Earnings** |
| Vulcan Value Partners Fund | 14255170 | (14255170) |
| Vulcan Value Partners Small Cap Fund | 5466791 | (5466791) |

---

**Tax Basis of Investments:** As of April 30, 2025, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for federal tax purposes was as follows:

---

| | | |
|:---|:---|:---|
| | **Vulcan Value Partners**<br>**Fund** | **Vulcan Value Partners**<br>**Small Cap Fund** |
| Gross appreciation (excess of value over tax cost) | $84958693 | $13517373 |
| Gross depreciation (excess of tax cost over value) | (21452584) | (8790277) |
| Net appreciation (depreciation) of foreign currency and derivatives | (6871) | 6000 |
| Net unrealized appreciation | $63499238 | $4733096 |
| Cost of investments for income tax purposes | $335336142 | $116033718 |

---

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales.

**Components of Earnings:** As of April 30, 2025, components of distributable earnings/accumulated loss were as follows:

---

| | | |
|:---|:---|:---|
| | **Vulcan Value Partners**<br>**Fund** | **Vulcan Value Partners**<br>**Small Cap Fund** |
| Undistributed ordinary income | $898709 | $1991391 |
| Accumulated Capital Gains/(Losses) | (26344047) | (390914658) |
| Net unrealized appreciation/(depreciation) on investments | 63499238 | 4733096 |
| Total | $38053900 | $(384190171) |

---

Annual Report \| April 30, 2025 25

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

**Tax Basis of Distribution to Shareholders:** The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes.

Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by each Fund.

The tax characterization of distributions paid by the Funds for the fiscal year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** |
| **2025** |  |  |
| Vulcan Value Partners Fund | $1599978 | $- |
| Vulcan Value Partners Small Cap Fund | 2100026 |  |

---

The tax character of distributions paid for the fiscal year ended April 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital Gain** |
| **2024** |  |  |
| Vulcan Value Partners Fund | $1300050 | $- |
| Vulcan Value Partners Small Cap Fund | 1900117 |  |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. The Vulcan Value Partners Fund used capital loss carryovers during the year ended April 30, 2025 in the amount of $188,507,043. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Short Term Capital Losses**<br>**Recognized** | **Long Term Capital Losses**<br>**Recognized** |
| Vulcan Value Partners Fund | $26344047 | $- |
| Vulcan Value Partners Small Cap Value Fund | 203986541 | 186928117 |

---

**4. SECURITIES TRANSACTIONS**

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in-kind transactions) during the fiscal year ended April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchase of Securities** | **Proceeds From Sales of<br> Securities** |
| Vulcan Value Partners Fund | $283206095 | $581513527 |
| Vulcan Value Partners Small Cap Fund | 59236884 | 243635593 |

---

**5. SHARES OF BENEFICIAL INTEREST**

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Funds of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and

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Notes to Financial Statements and Financial Highlights

*April 30, 2025*

outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors solely by reason of the purchasers' ownership of the shares. Shares have no pre-emptive rights.

Transactions in shares of capital stock for the dates listed below were as follows:

---

| | | |
|:---|:---|:---|
| **Vulcan Value Partners Fund**<br>|<br>**For the Year Ended**<br>**April 30, 2025** |<br>**For the Year Ended**<br>**April 30, 2024** |
| Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1652492 | 6469525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 72110 | 190272 |
| Shares Issued in Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 40163 | 51345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 8337 | 4158 |
| Less Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (12275820) | (22599363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1686777) | (5674404) |
| Net Decrease | (12189495) | (21558467) |

---

---

| | | |
|:---|:---|:---|
| **Vulcan Value Partners Small Cap Fund**<br>| <br>**For the Year Ended**<br>**April 30, 2025** | <br>**For the Year Ended**<br>**April 30, 2024** |
| Shares Sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2294566 | 5538639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 269319 | 427806 |
| Shares Issued in Reinvestment of Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 113091 | 123602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 30855 | 15938 |
| Less Shares Redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (16752872) | (14448515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1966473) | (3128867) |
| Net Decrease | (16011514) | (11471397) |

---

**6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS**

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds' business affairs. The Adviser manages the investments of the Funds in accordance with each Fund's investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Funds pay the Adviser an annual management fee of 1.00% and 1.15% for Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, respectively, based on each Fund's average daily net assets. The management fee is paid on a monthly basis.

Annual Report \| April 30, 2025 27

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

With respect to the Funds' Investor Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) ("Designated Annual Fund Operating Expenses") exceed 1.25% of such Fund's average daily net assets for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

With respect to the Funds' Institutional Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) ("Designated Annual Fund Operating Expenses") exceed 0.85% and 1.00% of the Vulcan Value Partners Fund's and the Vulcan Value Partners Small Cap Fund's average daily net assets, respectively, for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

The Adviser agrees that the foregoing fee waiver and reimbursement agreement for each Fund are effective as of September 1, 2024 and shall continue through August 31, 2025.

The Adviser will be permitted to recapture expenses it has borne through this letter agreement to the extent that a Fund's expenses in later periods fall below the annual rates set forth in this letter agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred.

For the year ended April 30, 2025, the fee waivers and/or reimbursements and recoupment amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Waived/Reimbursed<br> By Adviser** | **Recoupment of Previously<br> Waived Fees by Adviser** |
| Vulcan Value Partners Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (1257958) |  |
| Vulcan Value Partners Small Cap Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | (50742) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (699179) |  |

---

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Notes to Financial Statements and Financial Highlights

*April 30, 2025*

As of April 30, 2025, the balances of recoupable expenses for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 2026** | **Expires 2027** | **Expires 2028** | **Total** |
| Vulcan Value Partners Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $2092143 | $1693410 | $1257958 | $5043511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  |  |  |  |
| Vulcan Value Partners Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1482188 | 1009848 | 699179 | 3191215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 20237 | 10654 | 50742 | 81633 |

---

**Fund Administrator Fees and Expenses:** ALPS Fund Services, Inc. ("ALPS") serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to fund accounting and fund administration and generally assist in each Fund's operations. Officers of the Trust are employees of ALPS. The Funds' administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2025, are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

**Transfer Agent:** ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2025, are disclosed in the Statements of Operations.

**Compliance Services:** ALPS provides services that assist the Trust's chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Vulcan pays this fee on behalf of the Funds.

**Principal Financial Officer:** ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the year ended April 30, 2025 are disclosed in the Statements of Operations.

**Distributor:** ALPS Distributors, Inc. ("ADI" or the "Distributor") (an affiliate of ALPS) acts as the distributor of each Fund's shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of each Fund's shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission. Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation ("NSCC") or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased

Annual Report \| April 30, 2025 29

Notes to Financial Statements and Financial Highlights

*April 30, 2025*

costs, fees borne by the Funds may increase. Fees are disclosed on the Statements of Operations as "Delegated transfer agent equivalent services fees".

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

**7. INDEMNIFICATIONS**

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

**8. SUBSEQUENT EVENT**

The Board of the Trust, based upon the recommendation of the Adviser, on April 17, 2025, approved the proposed reorganization of each Fund into correspondingly named series of Elevation Series Trust (each, a "New Fund"), subject in each case to the approval of the shareholders of the relevant Fund (each, a "Reorganization").

The Board also approved an Agreement and Plan of Reorganization and Termination (the "Plan") that provides that each Fund will transfer all of its assets to the corresponding New Fund, in exchange solely for (1) the number of the New Fund shares equivalent in value to shares of the relevant Fund outstanding immediately prior to the closing date of the Reorganization, and (2) the New Fund's assumption of all of the relevant Fund's liabilities, followed by a distribution of those shares to such Fund's shareholders so that the Fund's shareholders receive shares of the corresponding New Fund equivalent in value to the shares of the Fund held by such shareholder on the closing date of the Reorganization. Each Reorganization is intended to qualify as a tax-free reorganization for federal income tax purposes.

The Trust will hold a shareholder meeting on or about August 7, 2025, as may be adjourned, at which shareholders of each Fund as of June 10, 2025 will be asked to consider and vote on the Plan. If shareholders of each Fund approve the Reorganization with respect to that Fund, the Reorganizations are expected to take effect on or around August 15, 2025.

30 www.vulcanvaluepartners.com

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Vulcan Funds, comprising Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (the "Funds"), each a series of Financial Investors Trust, as of April 30, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of April 30, 2025, the results of their operations for the year then ended, and the changes in net assets and financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended April 30, 2023, and prior, were audited by other auditors whose report dated June 29, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2024.

![](fp0093705_12.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

June 27, 2025

Annual Report \| April 30, 2025 31

Additional Information

*April 30, 2025 (Unaudited)*

**1. TAX DESIGNATIONS**

The Funds designate the following for federal income tax purposes for the calendar year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Qualified Dividend<br> Income** | **Dividend Received<br> Deduction** |
| Vulcan Value Partners Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
| Vulcan Value Partners Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.93% |

---

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

32 www.vulcanvaluepartners.com

Changes in Disagreements with Accountants

for Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable to this reporting period.

Annual Report \| April 30, 2025 33

Proxy Disclosures for Open-End

Management Investment Companies

*April 30, 2025 (Unaudited)*

Not applicable to this reporting period.

34 www.vulcanvaluepartners.com

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

*April 30, 2025 (Unaudited)*

This information is disclosed as part of the financial statements for each Fund in the Statement of Operations.

Annual Report \| April 30, 2025 35

Statement Regarding Basis for

Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

On December 10, 2024, the Trustees met in person to discuss, among other things, the renewal of the Investment Advisory Agreement between Vulcan Value Partners, LLC ("Vulcan") and the Trust, with respect to the Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund (each a "Vulcan Fund" and together the "Vulcan Funds"), dated December 30, 2009, as amended (the "Vulcan Investment Advisory Agreement"), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Vulcan Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Vulcan Funds:

**Investment Advisory Fee Rate:** The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Vulcan Funds, to Vulcan, of 1.00% for the Vulcan Value Partners Fund and 1.15% for the Vulcan Value Partners Small Cap Fund, in light of the extent and quality of the advisory services provided by Vulcan to each of the Vulcan Funds.

The Board received and considered information including a comparison of the Investor Class and Institutional Class of each Vulcan Fund's contractual advisory fee rate with those of funds in the peer group of funds based on an independent analysis by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee rate of both classes of both Vulcan Funds was higher than the Data Provider peer group median.

**Total Net Expense Ratios:** The Trustees further reviewed and considered that the total net expense ratios of both classes of both Vulcan Funds were higher than the Data Provider peer group median.

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

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

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

The Trustees also reviewed, among other things, Vulcan's Code of Ethics.

**Performance:** The Trustees reviewed performance information in the independent analysis prepared by the Data Provider for the Investor Class and Institutional Class of the Vulcan Funds for the 1-year, 3-year, 5-year, 10-year, and since inception periods, as applicable, ended September 30,

36 www.vulcanvaluepartners.com

Statement Regarding Basis for

Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

2024. That review included a comparison of each Vulcan Fund's performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that each class of both Funds underperformed the peer group median over each applicable period, except that each class of the Vulcan Value Partners Fund outperformed the peer group median over the one-year period. The Trustees considered Vulcan's statements regarding the cause of the underperformance of the Funds over longer periods, including the outsized impact of the performance of a small number of portfolio holdings on the Funds' longer-term performance. The Trustees considered Vulcan's discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

**Comparable Accounts<u>:</u>** The Trustees noted certain information provided by Vulcan regarding fees charged to its other clients utilizing a strategy similar to that employed by the Vulcan Funds.

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

**Economies of Scale:** The Trustees considered whether economies of scale in the provision of services to the Vulcan Funds have been or would be passed along to the shareholders under the proposed agreements.

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

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

● the contractual advisory fee rate of the Institutional Class and the Investor Class of both Vulcan Funds was higher than the Data Provider peer group median;

● the total net expense ratios of the Institutional Class and the Investor Class of both Vulcan Funds were higher than the Data Provider peer group median;

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

● the performance of each class of each Vulcan Fund over the one-year, three-year, five-year, ten-year, and since inception periods ended September 30, 2024, as applicable, was adequate;

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

Annual Report \| April 30, 2025 37

Statement Regarding Basis for

Approval of Investment Advisory Contract

*April 30, 2025 (Unaudited)*

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

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

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

38 www.vulcanvaluepartners.com

![](fp0093705_13.jpg)

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

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

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

Not applicable.

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

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

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

The Statement Regarding Basis for Approval of Investment Advisory Contract is included under Item 7 of this Form.

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

Not applicable.

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

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

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

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

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the
 Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended)
 are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There was no change in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940, as amended) during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable.

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

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

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

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Registrant's Code of Ethics for Principal Executive and Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is incorporated by reference to Exhibit 12(a)(1) to the Registrant's Certified Shareholder Report on Form N-CSR, File No. 811-8194, filed on January 9, 2017.](https://www.sec.gov/Archives/edgar/data/915802/000139834417000313/fp0023170_ex99code.htm) |

---

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](fp0093705-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto.](fp0093705-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | July 7, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | July 7, 2025 |
| By: | /s/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |
| Date: | July 7, 2025 |

---

## Ex-99.Cert

Exhibit 99.Cert

I, Lucas Foss President and Principal Executive Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | July 7, 2025 |

---

I, Paul Holland, Treasurer and Principal Financial Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |
| Date: | July 7, 2025 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended April 30, 2025 of the Financial Investors Trust (the "Company").

I, Lucas Foss, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | July 7, 2025 |
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended April 30, 2025 of the Financial Investors Trust (the "Company").

I, Paul Holland, the Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | July 7, 2025 |
| By: | /s/ Paul Holland |
|  | Paul Holland (Principal Financial Officer) |
|  | Treasurer |

---