Financial Investors Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:  811-08194

FINANCIAL INVESTORS TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

JoEllen L. Legg, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s telephone number, including area code:  303-623-2577

Date of fiscal year end:  April 30

Date of reporting period:  May 1, 2015 – April 30, 2016

Item 1. Reports to Stockholders.

2

TABLE OF CONTENTS

	PAGE
Manager Commentary		1
Consolidated Disclosure of Fund Expenses		5
Consolidated Schedule of Investments		6
Consolidated Statement of Assets & Liabilities		8
Consolidated Statement of Operations		9
Consolidated Statements of Changes in Net Assets		10
Consolidated Financial Highlights		11
Notes to Consolidated Financial Statements		13
Report of Independent Registered Public Accounting Firm		21
Disclosure Regarding Approval of Fund Advisory Agreement		22
Additional Information		24
Trustees and Officers		25

Aspen Managed Futures Strategy Fund	Manager Commentary
	April 30, 2016 (Unaudited)

May 7, 2016

Performance Results

For the one-year period ending April 30, 2016, the Class I shares of the Aspen Managed Futures Strategy Fund (the “Fund”) posted a return of -4.97%. Per its mandate, the Fund maintained a tight correlation¹ to the Aspen Managed Futures Beta Index (“Aspen MFBI” or the “Index”)². The Index uses a combination of trend and counter-trend algorithms to determine exposures to 23 futures markets. In following the Index, the Fund can take long or short positions in each of the eligible markets. A long position in a futures market will profit if the price of the futures contract rises, whereas a short position will profit if the price of the futures contract falls.

The SG CTA Index (formerly, the Newedge CTA Index)³, a managed futures benchmark, returned -0.7% over same time period. Another benchmark, the BTOP50 Index⁴, returned -2.7%. It is important to note that there are substantive differences between the Fund and these two indices in terms of construction. There were no significant changes to the Fund strategy during this period.

Explanation of Fund Performance

The Fund gained 0.49% in May 2015. U.S. equities rose during the month, while overseas bourses were mostly negative. Macroeconomic events continued to dominate headlines, as contrasting central bank commentary resulted in an uptick in market volatility.

The fixed income sector fell in the first two weeks of the month, as investors continued the selling spree that began in April. Buyers returned to the markets at mid-month after the release of weaker than expected economic data. The change in sentiment created a number of crosscurrents in the interest rate markets, and most trend-based managers experienced losses in May.

The Fund lost 1.66% in June 2015. The month was dominated by the Greek crises, which caused an increase in market volatility and numerous trend reversals. As a result, the SG CTA Index and the BTOP50 Index, two of the most often-cited managed futures benchmarks, lost 4% or more during the month.

Equities closely tracked the ongoing drama in Europe. Greece’s decision to postpone debt repayments until the end of June caused stocks to lose ground until about mid-month. The markets recovered when discussions between the EU and Greece turned friendlier, however, in the last week of June selling pressure intensified. The S&P 500 Index⁵ dropped nearly 2% in June. Trading in equity futures resulted in slight losses for the Fund.

The Fund gained 1.99% in July 2015. Against a volatile economic backdrop, a number of macro trends re-emerged leading to significant gains. The most important theme (and the most profitable for the Fund) was the decline in commodity prices. Crude oil lost more than 20%, its worst monthly showing in nearly seven years. Precious metals dropped precipitously due to a stronger dollar. Copper and other industrial metals likewise faltered due to reduced demand from China.

The Fund lost 4.00% in August 2015. The month was punctuated by a dramatic sell-off in the Chinese equity market. The pullback in China began on August 10th, when the country announced it was devaluing the yuan in response to disappointing Chinese retail sales. The market interpreted this move to be a lack of conviction in the strength of the economy, resulting in a sizable market decline. The Shanghai Stock Exchange Composite Index⁶, which appreciated 154% between July 2014 and June 2015, ended August 39% under its June peak. This unexpected move caused a reversal in a number of established market trends.

The Fund gained 1.02% in September 2015. Market conditions were turbulent, with global and domestic equity indices posting significant losses. The previous three months’ market pullback resulted in the worst calendar quarter since 2011 for stocks, as the S&P 500 Index fell 6.5% and the Shanghai Composite dropped nearly 25%. Equity markets provided the biggest boost for the Fund. Trading in FTSE⁷, Euro Stoxx⁸, Nikkei⁹ and S&P Futures all resulted in gains. Profits were capped due to numerous one-session rallies, most notably the 2% rally on the last day of the September.

The Fund lost 2.72% in October 2015. The month saw stocks rocket higher, with all ten sectors in the S&P 500 showing gains. It was the best month for equities in four years, and marked a dramatic turnaround for the market after the 3rd quarter’s turbulent conditions.

The Fund gained 2.38% in November 2015. Gains were broad-based, with profits generated in both the trend and counter-trend modules. Stocks continued higher in the U.S., but fell slightly elsewhere, while fixed income suffered losses. The currency markets were the biggest contributor to the Fund. Buoyed by strong employment data and the promise of higher rates by the Federal Reserve (the “Fed”), the U.S. dollar continued its ascent, creating trading opportunities in the Euro, Japanese yen, and Swiss franc. The stronger greenback contributed to declines in the energy market, while disappointing news regarding China’s economic recovery weighed heavily on raw materials prices.

The Fund recorded a loss of 1.07% in December 2015. Stocks lost ground in the U.S., but continued to outpace foreign bourses. Fixed income markets were mostly lower, especially in the high yield bond sectors, which experienced significant outflows.

The Fund lost 0.77% in January 2016, a month of extreme volatility in the equities markets. European stocks, technology issues, and small caps experienced significant pullbacks during the month, while fixed income posted modest gains as investors sought the relative safety of bonds.

The Fund gained 1.88% in February 2016. Capital flows favored safe haven assets due to increasing volatility. Equities markets fell early in the month and at one point were down double digits for 2016. A rally in the last two weeks of February limited losses in stock indices. The Fund was short foreign and domestic equities throughout February and, even with the rally, that sector proved to be the most profitable.

Annual Report  |  April 30, 2016 1

Aspen Managed Futures Strategy Fund	Manager Commentary
	April 30, 2016 (Unaudited)

The Fund lost 2.17% in March 2016. The month proved to be a difficult period for managed futures as a number of well-established trends reversed. A broad-based reduction in market volatility added to the challenges, as new trends failed to materialize.

Outlook

In the U.S., a return to normalcy from quantitative easing took a detour when other central banks embraced a negative interest rate policy (NIRP). The concept of depositors paying banks for the privilege of holding their money is so new no one really knows what the unintended consequences might be. Take the Bank of Japan’s (BoJ) move to cut its benchmark interest rate below zero on January 29th. Since that day, the yen has appreciated 12%, even though the policy was originally intended to depress the value of the currency.

We have long been a proponent of a rising rate policy in the U.S., which would signal an end to the Fed’s backstop of the stock market. It would diminish many unintended consequences of Quantitative Easing¹⁰, including the increased possibility of asset bubbles and distortion of capital markets brought about by investment decisions that in normal conditions would never be made. Considering the strategy of other central banks, this policy will likely be delayed.

In the world of negative rates, alternative investments certainly deserve a seat at the table. In spite of the fact that the past year was particularly difficult for the managed futures sector and our Fund, there are two reasons why managed futures exposure is especially relevant. First, the ability to generate profits during periods of market volatility – which also coincides with the perpetuation of price trends – gives the asset class a unique benefit of negative correlation to stocks during down periods and flat to slightly positive correlation to stocks during favorable equity market periods. Second, managed futures has also been shown to be effective in capturing price trends in raw materials, such as crude oil and precious metals, a source of return that is completely unrelated to either the stock or bond markets.

Sincerely,

Bryan R. Fisher

William Ware Bush

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-845-9444.

The views of Aspen Partners, Ltd. and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writers’ current views. The views expressed are those of the Fund’s adviser only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Aspen Partners Ltd. nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Aspen Managed Futures Strategy Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not eliminate the risk of experiencing investment losses

¹  Correlation - a statistical measure of how two securities move in relation to each other.

²  Aspen Managed Futures Beta Index (Aspen MFBI) is constructed using a quantitative, rules-based model designed to replicate the trend-following and counter-trend exposure of futures markets by allocating assets to liquid futures contracts of certain financial and commodities futures markets. The Index therefore seeks to reflect the performance of strategies and exposures common to a broad universe of futures markets, i.e., managed futures beta. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in the Index.

³  The SG CTA Index (formerly, the Newedge CTA Index) provides the market with a reliable daily performance benchmark of major commodity trading advisors (CTAs). The SG CTA Index calculates the daily rate of return for a pool of CTAs selected from the larger managers that are open to new investment. Selection of the pool of qualified CTAs used in construction of the Index will be conducted annually, with re-balancing on January 1st of each year. A committee of industry professionals has been established to monitor the methodology of the index on a regular basis. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in the Index.

⁴  Barclay BTOP50 Index is an index of the largest investable CTA programs as measured by assets under management. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in the Index.

⁵  The S&P 500® Total Return Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

2 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Manager Commentary
	April 30, 2016 (Unaudited)

⁶  The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100. Index trade volume on Q is scaled down by a factor of 1000. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

⁷  The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the “Footsie” /‘f℧tsi:/, is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization.

⁸  The EURO STOXX 50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group and SIX Group.

⁹  Nikkei is short for Japan’s Nikkei 225 Stock Average. It is a price-weighted index comprised of Japan’s top 225 blue-chip companies traded on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the United States.

¹⁰  Quantitative Easing – A monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply.

Annual Report  |  April 30, 2016 3

Aspen Managed Futures Strategy Fund	Manager Commentary
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance as of April 30, 2016

Aspen Managed Futures Strategy Fund	Calendar Year-to-Date	1 Year	3 Year	Since   Inception*
Aspen Managed Futures Strategy Fund - Class A (NAV)(1)	-1.23%	-5.20%	1.88%	-0.37%
Aspen Managed Futures Strategy Fund - Class A (MOP)(2)	-6.66%	-10.39%	-0.02%	-1.55%
Aspen Managed Futures Strategy Fund - Class I	-1.32%	- 4.97%	2.23%	0.00%
SG CTA Index(3)	1.73%	- 0.65%	4.35%	1.98%
Aspen Managed Futures Beta Index(4)	-0.61%	- 3.26%	4.13%	2.01%
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-845-9444. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
*       Fund Inception date of August 2, 2011. (1)     Net Asset Value (NAV) is the share price without sales charges. (2)     Maximum Offering Price (MOP) includes sales charges. Class A returns include effects of the Fund’s maximum sales charge of 5.50%. (3)     The SG CTA Index (formerly, the Newedge CTA Index) provides the market with a reliable daily performance benchmark of major commodity trading advisors (CTAs). The SG CTA Index calculates the daily rate of return for a pool of CTAs selected from the larger managers that are open to new investment. Selection of the pool of qualified CTAs used in construction of the Index will be conducted annually, with re-balancing on January 1st of each year. A committee of industry professionals has been established to monitor the methodology of the index on a regular basis. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in the Index. (4)     Aspen Managed Futures Beta Index – The Managed Futures Beta Index is constructed using a quantitative, rules-based model designed to replicate the trend-following and counter-trend exposure of futures markets by allocating assets to liquid futures contracts of certain financial and commodities futures markets. The Index therefore seeks to reflect the performance of strategies and exposures common to a broad universe of futures markets, i.e., managed futures beta. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

Portfolio Composition as of April 30, 2016

As a percentage of Net Assets^{^}

      

^{^}     Holdings subject to change, and may not reflect the current or future position of the portfolio.

Performance of $10,000 Initial Investment (as of April 30, 2016)

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

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Consolidated Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; shareholder servicing fees; and other fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars), of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2015 through April 30, 2016.

Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as applicable sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning     Account Value     11/1/15			Ending     Account Value     4/30/16			Expense Ratio(a)		Expenses Paid During period   11/1/15 - 4/30/16(b)
Class A
Actual		$	1,000.00		$	997.90		1.60%		$	7.95
Hypothetical (5% return before expenses)		$	1,000.00		$	1,016.91		1.60%		$	8.02
Class I
Actual		$	1,000.00		$	999.40		1.24%		$	6.16
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.70		1.24%		$	6.22

^(a)  The Fund’s expense ratios have been based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

Annual Report  |  April 30, 2016 5

Aspen Managed Futures Strategy Fund	Consolidated Schedule of Investments
	April 30, 2016

	Principal Amount/ Shares		Value (Note 2)
GOVERNMENT BONDS (50.67%)
U.S. TREASURY NOTES (50.67%)
0.250%, 05/15/2016	$	5,000,000	$	5,000,160
0.375%, 05/31/2016		7,029,000		7,030,005
0.500%, 06/30/2016		5,000,000		5,001,970
0.500%, 07/31/2016		5,000,000		5,002,250
0.500%, 08/31/2016		15,042,000		15,049,130
0.500%, 09/30/2016		7,500,000		7,503,383
0.500%, 09/30/2016		3,350,000		3,351,511
0.375%, 10/31/2016		8,071,000		8,069,741
0.500%, 11/30/2016		19,050,000		19,054,458
0.500%, 01/31/2017		13,000,000		12,998,726
0.500%, 03/31/2017		15,014,000		15,007,844
0.625%, 05/31/2017		10,065,000		10,065,201
0.625%, 07/31/2017		19,823,000		19,818,738
0.625%, 08/31/2017		5,045,000		5,042,341
0.625%, 09/30/2017		6,050,000		6,045,626
TOTAL GOVERNMENT BONDS
(Cost $143,993,513)				144,041,084
SHORT TERM INVESTMENTS (33.44%)
MONEY MARKET FUND (4.16%)
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 7-day yield, 0.162%		11,829,203		11,829,203
U.S. TREASURY BILLS (29.28%)
0.243%, 05/26/2016(a)		10,600,000		10,598,210
0.285%, 06/23/2016(a)		10,500,000		10,495,600
0.333%, 07/21/2016(a)		10,000,000		9,995,800
0.418%, 08/18/2016(a)		4,000,000		3,997,048
0.413%, 09/15/2016(a)		5,000,000		4,995,245
0.575%, 10/13/2016(a)		9,400,000		9,385,336
0.496%, 11/10/2016(a)		10,000,000		9,981,620
0.563%, 12/08/2016(a)		13,350,000		13,322,085
0.565%, 01/05/2017(a)		10,500,000		10,471,388
				83,242,332
TOTAL SHORT TERM INVESTMENTS (Cost $95,024,319)				95,071,535
TOTAL INVESTMENTS (84.11%) (Cost $239,017,832)			$	239,112,619
Other Assets In Excess Of Liabilities (15.89%)				45,167,783(b)
NET ASSETS (100.00%)			$	284,280,402

^(a) Rate shown represents the bond equivalent yield to maturity at date of purchase.

^(b)  Includes cash which is being held as collateral for futures contracts.

See Notes to Consolidated Financial Statements.
6	www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Consolidated Schedule of Investments
	April 30, 2016

FUTURES CONTRACTS

At April 30, 2016, the Fund had outstanding futures contracts:

Description	Position	Contracts	Expiration Date	Underlying Face     Amount at Value		Unrealized     Appreciation
Commodity Contracts
Copper Future(a)	Long	64	07/28/2016	$	3,653,600	$	94,195
Corn Future(a)	Long	551	07/15/2016		10,792,713		190,806
Gold 100 Oz Future(a)	Long	85	06/29/2016		10,969,250		456,217
New York Harbor ULSD Future(a)	Long	64	06/01/2016		3,725,568		6,784
Silver Future(a)	Long	123	07/28/2016		10,958,685		304,885
Soybean Future(a)	Long	208	07/15/2016		10,709,400		12,228
Sugar No. 11 (World) Future(a)	Long	398	07/01/2016		7,274,803		212,468
WTI Crude Future(a)	Long	81	05/23/2016		3,719,520		234,280
Foreign Currency Contracts
Australian Dollar Currency Future	Long	1,251	06/14/2016		94,913,370		581,297
Canadian Dollar Currency Future	Long	415	06/15/2016		33,092,100		1,656,186
Japanese Yen Currency Future	Long	441	06/14/2016		51,696,225		2,586,168
New Zealand Dollar Currency Future	Long	924	06/14/2016		64,347,360		2,189,395
Interest Rate Contracts
Canadian 10 Year Bond Future	Short	314	06/22/2016		(34,826,046)		21,112
				$	271,026,548	$	8,546,021
Description	Position	Contracts	Expiration Date	Underlying Face     Amount at Value		Unrealized     Depreciation
Equity Contracts
Euro STOXX 50® Index Future	Long	195	06/20/2016	$	6,647,189	$	(194,722)
FTSE® 100 Index Future	Long	148	06/20/2016		13,433,471		(194,952)
Nikkei 225 Index Future	Short	76	06/10/2016		(6,051,500)		(50,176)
S&P 500® E-Mini Future	Long	127	06/20/2016		13,075,285		(173,937)
Foreign Currency Contracts
Euro FX Currency Future	Short	97	06/14/2016		(13,901,313)		(179,170)
Swiss Franc Currency Future	Short	496	06/14/2016		(64,752,800)		(2,054,904)
Interest Rate Contracts
Euro-Bund Future	Long	93	06/09/2016		17,238,551		(215,268)
Long Gilt Future	Long	102	06/29/2016		17,824,872		(284,169)
U.S. 10 Year Treasury Note Future	Long	136	06/22/2016		17,688,500		(78,806)
				$	1,202,255	$	(3,426,104)

Common Abbreviations:

FTSE - Financial Times and the London Stock Exchange

S&P - Standard and Poor’s

ULSD - Ultra Low Sulfur Diesel

^(a)  Owned by an entity that is owned by the Fund and is consolidated as described in Note 1 of the Notes to the Consolidated Financial Statements.

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 Consolidated Financial Statements.
Annual Report  |  April 30, 2016	7

Aspen Managed Futures Strategy Fund	Consolidated Statement of Assets & Liabilities
	April 30, 2016

ASSETS:
Investments, at value	$	239,112,619
Cash		13,897,984
Deposit with broker for futures contracts (Note 3)		34,293,921
Receivable for shares sold		284,803
Variation margin receivable		671,792
Interest receivable		181,663
Prepaid and other assets		19,566
Total assets		288,462,348
LIABILITIES:
Foreign cash due to broker for futures contracts (Note 3)(Cost $2,597,264)		2,637,965
Payable to advisor		175,956
Variation margin payable		660,725
Payable for shares redeemed		521,262
Payable for administration fees		19,266
Payable for distribution and service fees
Class A		22,175
Payable for transfer agency fees		9,336
Delegated transfer agent equivalent services fees
Class A		1,058
Class I		25,559
Payable for trustee fees and expenses		1,680
Payable for professional fees		32,454
Payable for chief compliance officer fees		2,894
Payable for principal financial officer fees		417
Payable for licensing fees		58,652
Accrued expenses and other liabilities		12,547
Total liabilities		4,181,946
NET ASSETS	$	284,280,402
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	297,577,676
Accumulated net investment income		2,217,954
Accumulated net realized loss		(20,689,231)
Net unrealized appreciation		5,174,003
NET ASSETS	$	284,280,402
INVESTMENTS, AT COST	$	239,017,832
PRICING OF SHARES:
Class A:
Net Asset Value, offering and redemption price per share	$	8.83
Net Assets	$	19,682,046
Shares of beneficial interest outstanding		2,229,960
Maximum offering price per share (NAV/0.9450), based on maximum sales charge of 5.50% of the offering price	$	9.34
Class I:
Net Asset Value, offering and redemption price per share	$	8.98
Net Assets	$	264,598,356
Shares of beneficial interest outstanding		29,451,202

See Notes to Consolidated Financial Statements.
8	www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Consolidated Statement of Operations
	For the Year Ended April 30, 2016

INVESTMENT INCOME:
Interest	$	811,329
Dividends		8,982
Total investment income		820,311
EXPENSES:
Investment advisory fees (Note 6)		2,176,587
Investment advisory fees - subsidiary (Note 6)		230,237
Administrative fees		222,375
Distribution and service fees
Class A		79,491
Transfer agency fees		70,973
Delegated transfer agent equivalent services fees
Class A		6,627
Class I		130,458
Professional fees		49,931
Custodian fees		11,859
Trustee fees and expenses		20,663
Principal financial officer fees		5,000
Chief compliance officer fees		34,729
Licensing fees		725,529
Other		72,713
Total expenses before waiver/reimbursement		3,837,172
Waiver of investment advisory fees - subsidiary (Note 6)		(230,237)
Total net expenses		3,606,935
NET INVESTMENT LOSS		(2,786,624)
Net realized gain on investments		14,041
Net realized loss on futures contracts		(21,958,420)
Net realized loss on foreign currency transactions		(103,475)
Total net realized loss		(22,047,854)
Net change in unrealized depreciation of investments		(23,511)
Net change in unrealized appreciation on futures contracts		9,971,765
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currency transactions		(50,452)
Net change in unrealized appreciation		9,897,802
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(12,150,052)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,936,676)

See Notes to Consolidated Financial Statements.
Annual Report  |  April 30, 2016	9

Aspen Managed Futures Strategy Fund Consolidated Statements of Changes in Net Assets

	For the Year Ended      April 30, 2016		For the         Year Ended          April 30, 2015
OPERATIONS:
Net investment loss	$	(2,786,624)	$	(2,422,171)
Net realized gain/(loss)		(22,047,854)		36,321,277
Net change in unrealized appreciation/(depreciation)		9,897,802		(7,020,209)
Net increase/(decrease) in net assets resulting from operations		(14,936,676)		26,878,897
DISTRIBUTIONS TO SHAREHOLDERS (Note 4):
From net investment income
Class A		(290,384)		–
Class I		(4,854,577)		–
From net realized gains on investments
Class A		(1,080,184)		(309,900)
Class I		(15,329,525)		(4,218,836)
Net decrease in net assets from distributions		(21,554,670)		(4,528,736)
SHARE TRANSACTIONS (Note 5):
Class A
Proceeds from sales of shares		17,757,620		13,068,693
Distributions reinvested		1,314,015		298,289
Cost of shares redeemed		(20,727,211)		(3,700,970)
Redemption fees		5,100		531
Class I
Proceeds from sales of shares		83,806,547		75,913,390
Distributions reinvested		16,756,950		3,994,682
Cost of shares redeemed		(44,568,213)		(25,671,930)
Redemption fees		2,041		1,186
Net increase from share transactions		54,346,849		63,903,871
Net increase in net assets		17,855,503		86,254,032
NET ASSETS:
Beginning of period		266,424,899		180,170,867
End of period*	$	284,280,402	$	266,424,899
*Includes accumulated net investment income of:	$	2,217,954	$	5,144,673
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		1,836,531		1,300,095
Distributions reinvested		146,490		30,594
Redeemed		(2,134,823)		(388,614)
Net increase/(decrease) in shares outstanding		(151,802)		942,075
Class I
Sold		8,468,843		7,614,314
Distributions reinvested		1,837,385		403,911
Redeemed		(4,699,475)		(2,608,713)
Net increase in shares outstanding		5,606,753		5,409,512

See Notes to Consolidated Financial Statements.
10	www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund – Class A	Consolidated Financial Highlights
	For a share outstanding throughout the periods presented.

	For the Year Ended April 30, 2016 (a)			For the Year Ended April 30, 2015 (a)		For the Year Ended April 30, 2014 (a)		For the Year Ended April 30, 2013 (a)		For the Period August 2, 2011 (Inception) to April 30, 2012 (a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.01		$	8.97	$	9.29	$	8.95	$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(b)		(0.12)			(0.14)		(0.16)		(0.16)		(0.13)
Net realized and unrealized gain/(loss) on investments		(0.39)			1.39		(0.05)		0.50		(0.92)
Total from investment operations		(0.51)			1.25		(0.21)		0.34		(1.05)
LESS DISTRIBUTIONS:
From net investment income		(0.14)			–		–		–		–
Distributions from net realized gain on investments		(0.53)			(0.21)		(0.12)		–		–
Total distributions		(0.67)			(0.21)		(0.12)		–		–
REDEMPTION FEES ADDED TO PAID IN CAPITAL		0.00(c)	��		0.00(c)		0.01		0.00(c)		–
INCREASE/(DECREASE) IN NET ASSET VALUE		(1.18)			1.04		(0.32)		0.34		(1.05)
NET ASSET VALUE, END OF PERIOD	$	8.83		$	10.01	$	8.97	$	9.29	$	8.95
TOTAL RETURN(d)		(5.20%)			14.00%		(2.15%)		3.80%		(10.50%)(e)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$	19,682		$	23,850	$	12,914	$	3,350	$	1,254
RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		1.56%(g)			1.64%		1.83%		1.80%		2.53%(f)
Operating expenses including fee waivers/reimbursements		1.56%			1.64%		1.83%		1.80%		1.80%(f)
Net investment loss including fee waivers/reimbursements		(1.24%)			(1.50%)		(1.72%)		(1.75%)		(1.79%)(f)
PORTFOLIO TURNOVER RATE		58%			38%		90%		0%		0%(e)

^(a) Per share amounts and ratios to average net assets include income and expenses of the Aspen Futures Fund Ltd. (subsidiary), exclusive of the subsidiary’s management fee.

^(b) Per share numbers have been calculated using the average shares method.

^(c) Less than $0.005 per share.

^(d) Total return does not reflect the effect of sales charges.

^(e) Not annualized.

^(f) Annualized.

^(g) The ratio of operating expenses excluding fee waivers/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 1.64%.

See Notes to Consolidated Financial Statements.
Annual Report  |  April 30, 2016	11

Aspen Managed Futures Strategy Fund – Class I	Consolidated Financial Highlights
	For a share outstanding throughout the periods presented.

	For the Year Ended April 30, 2016 (a)		For the Year Ended April 30, 2015 (a)		For the Year Ended April 30, 2014 (a)		For the Year Ended April 30, 2013 (a)		For the Period August 2, 2011 (Inception) to April 30, 2012 (a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.17	$	9.07	$	9.36	$	8.98	$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(b)		(0.09)		(0.11)		(0.11)		(0.11)		(0.11)
Net realized and unrealized gain/(loss) on investments		(0.40)		1.42		(0.06)		0.49		(0.91)
Total from investment operations		(0.49)		1.31		(0.17)		0.38		(1.02)
LESS DISTRIBUTIONS:
From net investment income		(0.17)		–		–		–		–
Distributions from net realized gain on investments		(0.53)		(0.21)		(0.12)		–		–
Total distributions		(0.70)		(0.21)		(0.12)		–		–
REDEMPTION FEES ADDED TO PAID IN CAPITAL		0.00(c)		0.00(c)		0.00(c)		0.00(c)		0.00(c)
INCREASE/(DECREASE) IN NET ASSET VALUE		(1.19)		1.10		(0.29)		0.38		(1.02)
NET ASSET VALUE, END OF PERIOD	$	8.98	$	10.17	$	9.07	$	9.36	$	8.98
TOTAL RETURN		(4.97%)		14.51%		(1.81%)		4.23%		(10.20%)(d)
RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000’s)	$	264,598	$	242,575	$	167,258	$	120,769	$	90,450
RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		1.22%(f)		1.25%		1.30%		1.25%		1.75%(e)
Operating expenses including fee waivers/reimbursements		1.22%		1.25%		1.30%		1.25%		1.55%(e)
Net investment loss including fee waivers/reimbursements		(0.94%)		(1.11%)		(1.20%)		(1.20%)		(1.54%)(e)
PORTFOLIO TURNOVER RATE		58%		38%		90%		0%		0%(d)

^(a) Per share amounts and ratios to average net assets include income and expenses of the Aspen Futures Fund Ltd. (subsidiary), exclusive of the subsidiary’s management fee.

^(b) Per share numbers have been calculated using the average shares method.

^(c) Less than $0.005 per share.

^(d) Not annualized.

^(e) Annualized.

^(f) The ratio of operating expenses excluding fee waivers/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 1.30%.

See Notes to Consolidated Financial Statements.
12	www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes the Aspen Managed Futures Strategy Fund (the “Fund”). The Fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Aspen Managed Futures Beta Index (the “MFBI” or “Index”). The Aspen Managed Futures Strategy Fund offers Class A and Class I shares.

Basis of Consolidation for the Aspen Futures Fund, Ltd.

Aspen Futures Fund, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, is a wholly owned subsidiary of the Fund. The Subsidiary’s investment objective is designed to enhance the ability of the Fund to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to substantially the same investment policies and investment restrictions as the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain commodity-related investments on behalf of the Fund. Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and recent IRS revenue rulings, as discussed below under “Federal Income Taxes”. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of August 2, 2011, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to wholly own and vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the Fund, all assets and liabilities, income and expenses of the Subsidiary are consolidated in the financial statements and financial highlights of the Fund. All investments held by the Subsidiary are disclosed in the accounts of the Fund. As of April 30, 2016, net assets of the Fund were $284,280,402, of which $23,654,939 or 8.32%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund and subsidiary in preparation of the financial statements.

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

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the “Board”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security.

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over-the-counter market, and that are freely transferable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market makes a limit move with respect to a particular commodity.

Forward currency exchange contracts have a fair value determined by the prevailing foreign currency exchange daily rates and current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service.

Annual Report  |  April 30, 2016 13

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

Investment 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 value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board.

When such prices or quotations are not available, or when Aspen Partners, Ltd. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

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

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

The following is a summary of each input used to value the Fund as of April 30, 2016:

Investments in Securities at Value	Level 1 -     Quoted Prices		Level 2 -     Other Significant     Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Government Bonds	$	–	$	144,041,084	$	–	$	144,041,084
Short Term Investments
Money Market Fund		11,829,203		–		–		11,829,203
U.S. Treasury Bills		–		83,242,332		–		83,242,332
TOTAL	$	11,829,203	$	227,283,416	$	–	$	239,112,619
Other Financial Instruments
Assets:
Futures Contracts
Commodity Contracts	$	1,511,863	$	–	$	–	$	1,511,863
Foreign Currency Contracts		7,013,046		–		–		7,013,046
Interest Rate Contracts		21,112		–		–		21,112
Liabilities:
Futures Contracts
Equity Contracts		(613,787)		–		–		(613,787)
Foreign Currency Contracts		(2,234,074)		–		–		(2,234,074)
Interest Rate Contracts		(578,243)		–		–		(578,243)
TOTAL	$	5,119,917	$	–	$	–	$	5,119,917

The Fund recognizes transfers between levels as of the end of the period. For the year ended April 30, 2016, the Fund did not have any transfers between Level 1 and Level 2 securities. For the year ended April 30, 2016, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

14 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

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, 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. 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.

Foreign Securities: The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The 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 the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Trust Expenses: Some expenses of the Trust can be directly attributed to the 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 and Class Expenses: Expenses that are specific to a class of shares of the Fund, including distribution fees (Rule 12b-1 fees) and shareholder servicing fees, are charged directly to that share class. All expenses of the Fund, other than class specific expenses, are allocated daily to each class in proportion to its average daily net assets.

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on distributed 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, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: The Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including short term capital gains. Long term capital gains 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. DERIVATIVE INSTRUMENTS

The Fund uses derivatives (including futures) to pursue its investment objective. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks may include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations, (ii) risk of mispricing or improper valuation, and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. These risks could cause

Annual Report  |  April 30, 2016 15

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

the Fund to lose more than the principal amount invested. In addition, investments in derivatives involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on the Fund.

The Fund’s use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Fund is using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Fund, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Fund’s performance.

In addition, use of derivatives may increase or decrease exposure to the following risk factors:

● Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

● Interest Rate Risk: When the Fund invests in fixed-income securities or derivatives, the value of an investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-income securities or derivatives owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).

● Foreign Currency Risk: Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country may interfer with international transactions in its currency. Counterparty credit risk arises when the counterparty will not fulfill its obligations to the Fund. Short sale risk arises from the sale of a security that is not owned, or any sale that is completed by the delivery of a security borrowed.

● Commodity Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors, as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

Futures: The Fund and the Subsidiary may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular commodity, instrument or index for a specified price on a specified future date. When the Fund or the Subsidiary enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as “initial margin”. The margin requirements are set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Fund upon termination of the contract, assuming all contractual obligations have been satisfied. As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as “variation margin”, are made or received by the Fund or the Subsidiary each day, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Fund. Variation margin does not represent a borrowing or loan by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Fund record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. When the Fund or the Subsidiary enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Fund’s or the Subsidiary’s ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities, commodities or interest rates. Futures contracts are exchange-traded. Exchange-traded futures are standardized contracts and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risk to the Fund and the Subsidiary is reduced. With exchange traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as a counterparty to all exchange traded futures, guarantees the futures against default.

16 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

Consolidated Balance Sheet – Fair Value of Derivative Instruments as of April 30, 2016:

Risk Exposure	Asset Derivatives Balance Sheet Location	Fair Value		Liabilities Derivatives Balance Sheet Location	Fair Value
Futures Contracts	Unrealized appreciation on futures contracts(a)	$	8,546,021	Unrealized depreciation on futures contracts (a)	$	(3,426,104)
		$	8,546,021		$	(3,426,104)
	Risk Exposure to Fund
	Commodity Contracts	$	1,511,863		$	–
	Equity Contracts		–			613,787
	Foreign Currency Contracts		7,013,046			2,234,074
	Interest Rate Contracts		21,112			578,243
		$	8,546,021		$	3,426,104

^(a)  Represents cumulative appreciation/(depreciation) of futures contracts as reported in the Consolidated Statement of Investments. Only the current day’s net variation margin is reported within the Consolidated Statement of Assets and Liabilities.

Consolidated Statement of Operations – The effect of Derivative Instruments for the year ended April 30, 2016:

Derivatives Instruments	Location of Gain/(Loss) on Derivatives Recognized in Income	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized         Appreciation/(Depreciation) on         Derivatives Recognized in Income
Futures Contracts	Net realized loss on futures contracts/Net change in unrealized appreciation on futures contracts	$	(21,958,420)	$	9,971,765
		$	(21,958,420)	$	9,971,765
	Risk Exposure to Fund
	Commodity Contracts	$	3,352,059	$	1,756,916
	Equity Contracts		(6,746,395)		(689,300)
	Foreign Currency Contracts		(12,030,276)		8,187,392
	Interest Rate Contracts		(6,533,808)		716,757
		$	(21,958,420)	$	9,971,765

The average number of net futures contracts held by the fund during the period was 924.

4. TAX BASIS INFORMATION

Reclassifications: Reclassifications to paid-in capital relate primarily to differing book/tax treatment of foreign currency transactions and income from a controlled foreign corporation. For the year ended April 30, 2016, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

Fund	Paid-in Capital		Accumulated Net     Investment Income		Accumulated Net         Realized Loss
Aspen Managed Futures Strategy Fund	$	(1,756,917)	$	5,004,866	$	(3,247,949)

Tax Basis of Investments:  As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes was as follows:

	Cost of Investments		Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)		Net Appreciation on Futures Contracts and Foreign Currencies		Net Appreciation on   Investments
Aspen Managed Futures Strategy Fund	$	239,017,832	$	347,476	$	(252,689)	$	5,079,216	$	5,174,003

Annual Report  |  April 30, 2016 17

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

Components of Distributable Earnings: At April 30, 2016, components of distributable earnings were on a tax basis as follows:

	Aspen Managed Futures Strategy Fund
Undistributed ordinary income	$	2,217,954
Accumulated net capital losses		(17,081,177)
Net unrealized appreciation on futures contracts		5,174,003
Other cumulative effect of timing differences		(3,608,054)
Total distributable earnings	$	(13,297,274)

Capital Losses: As of April 30, 2016, the Fund has available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The Fund has $5,251,829 in short-term losses and $7,866,509 in long-term losses that will be carried forward indefinitely to offset future realized gains.

The Fund elects to defer $3,962,839 to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016.

Tax Basis of Distributions to Shareholders: Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.

The tax character of distributions paid during the year ending April 30, 2016 were as follows:

	Ordinary Income		Long-Term Capital Gain
Aspen Managed Futures Strategy Fund	$	13,114,807	$	8,439,863

The tax character of distributions paid during the year ending April 30, 2015 were as follows:

	Ordinary Income		Long-Term Capital Gain
Aspen Managed Futures Strategy Fund	$	399,962	$	4,128,774

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 solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Fund shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The amount of redemption fees received during the period are presented in the Consolidated Statement of Changes in Net Assets.

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 Board. Pursuant to the Investment Advisory Agreement, (the “Advisory Agreement”), the Fund will pay the Adviser an annual management fee of 0.75%, based on the Fund’s average daily net assets. The management fee is paid on a monthly basis.

The Subsidiary has entered into a separate advisory agreement (the “Subsidiary Advisory Agreement”) with the Adviser for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary is obligated to pay the Adviser a management fee at the same rate that the Fund pays the Adviser for investment advisory services provided to the Fund. The Adviser has agreed to waive the advisory fee it receives from the Fund in an amount equal to the management fee paid by the Subsidiary. This waiver may not be terminated or modified without the consent of the Board.

18 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

This agreement may not be terminated or modified prior to this date except with the approval of the Board. For the period ended April 30, 2016, this amount equaled $230,237 and is disclosed in the Consolidated Statement of Operations. These waivers are not subject to reimbursement/recoupment.

The Adviser has agreed to waive and/or reimburse fees or expenses in order to limit total annual Fund operating expenses after fee waiver/expense reimbursements (excluding distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.55% of the Fund’s average daily net asset for each of Class A and Class I shares. This agreement is in effect from April 1, 2013 through August 31, 2016. The management fee is paid on a monthly basis.

The Adviser will be permitted to recover on a class-by-class basis, expenses it has borne through the agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Board.

Fund Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund and the Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Consolidated Statement of Operations.

ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement 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 Fund. Compliance service fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Fund. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Fund’s shares pursuant to a Distribution Agreement with the Trust. 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 U.S. Securities and Exchange Commission.

The Fund has adopted a plan of distribution for Class A shares pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). The Plan allows the Fund to use Class A assets to pay fees in connection with the distribution and marketing of Class A shares and/or the provision of shareholder services to Class A shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use Class A shares as their funding medium and for related expenses. The recipients of such payments may include the Distributor, other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plan permits the Fund to use its Class A assets to make total payments at an annual rate of up to 0.25% of the Fund’s average daily net assets attributable to its Class A shares. The expenses of the plan are reflected as distribution and service fees in the Consolidated Statement of Operations.

The Fund has adopted a shareholder service plan (a “Shareholder Services Plan”) for Class A shares. Under the Shareholder Services Plan the 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 (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% for Class A shares of the average daily net asset value of the Class A shares attributable to or held in the name of a Participating Organizations for its clients as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating

Annual Report  |  April 30, 2016 19

Aspen Managed Futures Strategy Fund	Notes to Consolidated Financial Statements
	April 30, 2016

Organizations. Any amount of such payment not paid to the Participating Organizations during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund. Shareholder Services Plan fees are included with distribution and service fees on the Consolidated Statement of Operations.

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Fund. 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 Fund to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Fund converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Fund may increase. Fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Consolidated Statement of Operations as Delegated Transfer Agent Equivalent Services.

Index Licensing Services

The Fund has adopted an Index Licensing Agreement with Quantitative Equity Strategies, LLC (“QES”) and the Adviser, joint owners of the Index, pursuant to which the Fund pays QES a monthly annualized licensing fee of 0.25%, based on the Fund’s average daily net assets for the right to use the Index in connection with the Fund.

7. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of U.S. Government securities (excluding short-term securities) during the year ended April 30, 2016 were as follows:

Aspen Managed Futures Strategy Fund
Cost of Investments Purchased	$	163,485,913
Proceeds from Investments Sold	$	79,848,575

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.

20 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Aspen Managed Futures Strategy Fund and subsidiary (the “Fund”), one of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the four years in the period then ended and for the period from August 2, 2011 (inception) to April 30, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Aspen Managed Futures Strategy Fund and subsidiary of the Financial Investors Trust as of April 30, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and the period from August 2, 2011 (inception) to April 30, 2012, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

Annual Report  |  April 30, 2016 21

Aspen Managed Futures Strategy Fund	Disclosure Regarding Approval of Fund Advisory Agreement
	April 30, 2016 (Unaudited)

On March 11, 2016, the Trustees met in person to discuss, among other things, the approval of the investment advisory agreement between the Trust and Aspen Partners, Ltd. (the “Adviser”) with respect to the Aspen Managed Futures Strategy Fund (the “Aspen Fund”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

In renewing and approving the Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Aspen Fund:

Investment Advisory Fee Rate:  The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Aspen Fund, to the Adviser of 0.75% of the Aspen Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by the Adviser to the Aspen Fund.

The Board received and considered information including a comparison of the Aspen Fund’s contractual and actual advisory fees and overall expenses with those of funds in the peer group and universes of funds provided by an independent provider of investment company data (the “Independent Data Provider”). The Trustees noted that the contractual advisory fee rate for the Aspen Fund was below the Independent Data Provider peer group average and median contractual advisory fee rates.

Total Expense Ratios:  Based on such information, the Trustees further reviewed and considered the total net expenses (after waivers) of 1.64% and 1.25% of the Class A and Class I shares, respectively, of the Aspen Fund. The Trustees noted that the Aspen Fund’s total net expenses (after waivers) were below the Independent Data Provider peer group average and median total net expenses (after waivers).

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 to be provided to the Aspen Fund under the Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by the Adviser in its presentation, including its Form ADV.

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

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

The Trustees also reviewed, among other things, the Adviser’s insider trading policies and procedures and its Code of Ethics.

Performance:  The Trustees reviewed performance information for the Aspen Fund for the 3-month, 1-year and 3-year periods ended December 31, 2015. That review included a comparison of the Aspen Fund’s performance to the performance of a group of comparable funds selected by the Independent Data Provider. The Trustees noted the performance of the Aspen Fund’s Class A and Class I shares were above their respective Independent Data Provider peer group average and median performance for the 3-year period ended December 31, 2015 and below their respective Independent Data Provider peer group average and median for the 3-month and 1-year periods ended December 31, 2015. The Trustees also considered the Adviser’s discussion of the Aspen Fund’s underlying portfolio diversification categories, its top contributors and top detractors, as well as the Adviser’s performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

Comparable Accounts:  The Trustees noted certain information provided by the Adviser regarding fees charged to other Adviser clients and considered the Adviser’s statements indicating that there were no clients with investment mandates directly comparable to that of the Aspen Fund.

Profitability:  The Trustees received and considered a retrospective and projected profitability analysis prepared by the Adviser based on the fees payable under the Investment Advisory Agreement with respect to the Aspen Fund. The Trustees considered the profits anticipated to be realized by the Adviser in connection with the operation of the Aspen Fund. The Board then reviewed the Adviser’s audited consolidated financial statements and supplemental schedule for the fiscal years 2013 and 2014 in order to analyze the financial condition and stability and profitability of the Adviser.

Economies of Scale:  The Trustees considered whether economies of scale in the provision of services to the Aspen Fund will be passed along to the shareholders under the proposed agreements.

22 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Disclosure Regarding Approval of Fund Advisory Agreement
	April 30, 2016 (Unaudited)

Other Benefits to the Adviser:  The Trustees reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with the Aspen Fund, including whether soft dollar arrangements were used.

In renewing the Adviser as the Aspen Fund’s investment adviser and renewing the Investment Advisory Agreement and the fees charged under the Investment Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Investment Advisory Agreement. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

● the Aspen Fund’s contractual advisory fee rate was the below its Independent Data Provider peer group average and median contractual advisory fee rates;

● the total net expenses (after waivers) for the Aspen Fund’s Class A and Class I shares were below their respective Independent Data Provider peer group average and median total net expenses (after waivers);

● the nature, extent and quality of services rendered by the Adviser under the Investment Advisory Agreement with respect to the Aspen Fund was adequate;

● the performance of the Aspen Fund’s Class A and Class I shares were above their respective Independent Data Provider peer group average and median performance for the 3-year period ended December 31, 2015 and below their respective Independent Data Provider peer group average and median performance for the 3-month and 1-year periods ended December 31, 2015;

● 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 the Adviser’s other clients were not indicative of any unreasonableness with respect to the advisory fees proposed to be payable by the Aspen Fund;

● the profit realized by the Adviser in connection with the operation of the Aspen Fund is not unreasonable to the Aspen Fund; and

● there were no material economies of scale or other incidental benefits accruing to the Adviser in connection with its relationship with the Aspen Fund.

During the review process, the Trustees noted certain instances where clarification or follow-up was appropriate and others where the Trustees determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the Investment Advisory Agreement, the Board had received sufficient information to renew and approve the Investment Advisory Agreement.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that the Adviser’s compensation for investment advisory services is consistent with the best interests of the Aspen Fund and its shareholders.

Annual Report  |  April 30, 2016 23

Aspen Managed Futures Strategy Fund	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Fund’s Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 855-845-9444 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX INFORMATION (UNAUDITED)

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2015:

	QDI	DRD
Aspen Managed Futures Strategy Fund	0.00 %	0.00 %

In early 2016, if applicable, shareholders of record received this information for the distribution paid to them by the Fund during the calendar year 2015 via Form 1099. The Fund will notify shareholders in early 2017 of amounts paid to them by the Funds, if any, during the calendar year 2016.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Aspen Managed Futures Strategy Fund designated $8,439,863 as long-term capital gain distribution.

24 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-845-9444.

INDEPENDENT TRUSTEES

Name,   Address*   & Year   of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

Annual Report  |  April 30, 2016 25

Aspen Managed Futures Strategy Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES

Name,   Address*   & Year   of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

26 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE

Name,   Address*   & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

Annual Report  |  April 30, 2016 27

Aspen Managed Futures Strategy Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*   & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.

28 www.aspenfuturesfund.com

Aspen Managed Futures Strategy Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*   & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011- 2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Aspen Partners, Ltd. provides investment advisory services (currently none).

Annual Report  |  April 30, 2016 29

This material must be accompanied or preceded by the prospectus.

WWW.ASPENFUTURESFUND.COM

THE
DISCIPLINE
GROWTH
INVESTORS
FUND
4.30.2016 DGIFX ANNUAL REPORT
WWW.DGIFUND.COM
PHONE: 855.344.3863 FAX: 866.205.1499 PO BOX 275 DENVER, CO 80201

    Table of Contents

Shareholder Letter	3
Performance Update	5
Disclosure of Fund Expenses	7
Portfolio of Investments	17
Statement of Assets and Liabilities	19
Statement of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	29
Report of Independent Registered Public Accounting Firm	31
Additional Information	32
Trustees and Officers	33
Disciplined Growth Investors’ goal is to communicate clearly and transparently with our clients and mutual fund shareholders. It is mutually beneficial when our shareholders understand how we invest, what we are currently thinking and forecasting, and the specific investment decisions we have made. Our views and opinions regarding the investment prospects of our portfolio holdings and Funds are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for these forecasts and have confidence in our investment team’s views, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.
You can identify forward looking statements as those including words such as “believe”, “expect”, “anticipate”, “forecast”, and similar statement. We cannot assure future performance. These forward-looking statements are made only as-of the date of this report. Following the publication of this report, we will not update any of the forward-looking statements included here.
Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please visit www.dgifund.com or call 855-344-3863 to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

The Disciplined Growth Investors Fund	Shareholder Letter
	April 30, 2016 (Unaudited)

April 30, 2016

Dear Shareholders,

As of April 30, 2016, The Disciplined Growth Investors Fund had total assets of $119.9 million. For the last twelve months, The DGI Fund has returned -2.05%. Equities have returned -2.9% in this period while fixed income securities have returned 2.2%. The Fund’s year-to-date performance for 2016 is 3.21%. Since inception, The DGI Fund has returned 11.91% on an annualized basis (4 years, 8 months).

Portfolio Asset Mix

The portfolio currently holds 69.9% stocks and 30.1% bonds and cash. A list of holdings is included as part of this annual report and is available on the Fund’s website at www.dgifund.com.

Portfolio Turnover & Transactions

The DGI Fund’s turnover for the last twelve months was 12.8%. This includes Fund inflows and outflows from investors and is consistent with the Fund’s since-inception annualized turnover of 11.6%.

In the last twelve months, we made initial purchases of the following six stocks: Cognex Corp. (CGNX), Southwestern Energy (SWN), Super Micro Computer Inc. (SMCI), and TripAdvisor Inc. (TRIP). We also added to the existing positions in Plantronics Inc. (PLT), Power Integrations Inc. (POWI), Tumi Holdings Inc. (TUMI), and Ultra Petroleum (UPLMQ).

We sold the remaining positions in Brady Corp, Dreamworks Animation SKG, Eaton Corp, Janus Capital Group Inc., Noble Corp, Teradata Corp, and Trimble Navigation Ltd. In addition, Aruba Networks was acquired by another company.

Market & Portfolio Commentary

The last twelve months was characterized by numerous macroeconomic events, including a slowdown in China, a decline in oil prices continued instability in the Mideast. These events overshadowed the underlying strong progress of the companies held in the mutual fund.

The macroeconomic uncertainties in part caused the U.S. stock market to decline sharply early in calendar 2016. We held a conference call open to all shareholders in February to address market volatility and provide our portfolio outlook. A recording of that call is available upon request.

The fiscal year of the mutual fund runs from April 2015 through April 2016. During the fiscal year, 25 stocks in your mutual fund had positive returns and 34 had negative returns¹. The top five performers combined for a return of 4.3%. The bottom five performers combined to detract 6.0%. Your Fund’s 10 largest equity holdings returned 3.4%, with six of the top 10 holdings having positive results.

The numerous headlines tempts all investors to take their eyes off the most important investment factors- the long term expected returns from each asset class. As of today, the stocks in your mutual fund have an expected return under reasonable assumptions in excess of our required 12% hurdle rate². Bonds are yielding 2-3% and money funds offer nearly zero returns³. Given the wide disparity in expected returns between stocks and other assets, we are maintaining our exposure to

    Annual Report  |  April 30, 2016 1    

The Disciplined Growth Investors Fund	Shareholder Letter
	April 30, 2016 (Unaudited)

stocks at 70%, slightly higher than our long-term target. Even though we think bonds and money funds offer sub-par returns we are prudently honoring the fund’s balanced objectives and maintaining 30% of the fund in these two asset categories. We are maintaining tight maturity controls on the bonds.

For further portfolio commentary, market outlook articles, and the occasional macroeconomic note, please visit www.dgifund.com.

Sincerely,

Frederick K. Martin, CFA

Chief Investment Officer

Disciplined Growth Investors, Inc.

¹  This reflects some holdings that were sold prior to 4/30/2016 and holdings added over the course of the last twelve months. As of 4/30/2016, your mutual fund held 51 stocks in the equity portion of the portfolio.

²  Hurdle rate refers to the minimum expected return a potential investment candidate must clear before we will make an investment. In the case of The DGI Fund the hurdle rate for stocks is 12%. This is an annualized rate of expected return over the next seven years. Existing holdings may show an expected return figure above or below the hurdle rate over the course of our long term ownership.

³  As of 4/30/2016, the US 10 Year Treasury Bond Yield was 1.83% and the Barclay’s US Aggregate Bond Index Yield was 2.15%. The S&P/BGCantor US Treasury Bill Money Market Index had a yield of 0.26%.

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

The Disciplined Growth Investors Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance (for the period ended April 30, 2016)

	1 month		Quarter		6 month		YTD		1 Year		3 Year		Since Inception*
Disciplined Growth
Investors Fund		0.76%		7.51%		1.40%		3.21%		-2.05%		8.34%		11.91%
S&P 500®
Total Return Index(1)		0.39%		7.05%		0.43%		1.74%		1.21%		11.26%		15.06%

* Fund Inception date of August 12, 2011.

⁽¹⁾ The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

The returns shown above do not reflect the deductions of taxes a shareholder would pay on Fund distributions or redemptions of Fund shares.

Returns less than one year are cumulative.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1.855.DGI.FUND.

    Annual Report  |  April 30, 2016 5    

The Disciplined Growth Investors Fund	Performance Update
	April 30, 2016 (Unaudited)

Growth of $10,000 Investment in the Fund (for the period ended April 30, 2016)

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Sector Allocation
(as a % of Net Assets)*
Technology	25.97	%
Consumer Discretionary	19.36	%
Health Care	10.27	%
Producer Durables	8.90	%
Energy	2.27	%
Financial Services	3.12	%
Asset/Mortgage Backed Securities	0.08	%
Corporate Bond	22.96	%
Foreign Government Bonds	0.33	%
Government & Agency Obligations	0.05	%
Other Assets in Excess of Liabilities	6.69	%

Top Ten Holdings
(as a % of Net Assets)*
U.S. Treasury Bill, 10/13/2016	5.00	%
Edwards Lifesciences Corp.	4.88	%
TJX Cos., Inc.	3.90	%
Intuit, Inc.	3.37	%
Middleby Corp.	3.26	%
Open Text Corp.	2.82	%
L Brands, Inc.	2.56	%
Plexus Corp.	2.28	%
Autodesk, Inc.	2.13	%
Intuitive Surgical, Inc.	1.99	%
Top Ten Holdings	32.19	%

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

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

The Disciplined Growth Investors Fund	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars), of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2015 through April 30, 2016.

Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/1/2015			Ending Account Value 4/30/2016			Expense Ratio(a)			Expenses Paid During period 11/1/2015 - 4/30/2016(b)
Actual		$	1,000.00		$	1,014.00		0.78	%		$	3.91
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.98		0.78	%		$	3.92

^(a)  The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

    Annual Report  |  April 30, 2016 5    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (69.89%)
CONSUMER DISCRETIONARY (19.36%)
Auto & Auto Parts (1.45%)
Gentex Corp.		108,475	$	1,739,939
Consumer Products (4.82%)
Ethan Allen Interiors, Inc.		50,744		1,727,326
Garmin Ltd.		37,225		1,586,902
Ralph Lauren Corp.		9,956		927,999
Select Comfort Corp.(a)		62,024		1,530,752
				5,772,979
Leisure (3.20%)
Cheesecake Factory, Inc.		15,987		815,497
Royal Caribbean Cruises Ltd.		28,613		2,214,646
TripAdvisor, Inc.(a)		12,400		800,916
				3,831,059
Retail (8.64%)
Cabela’s, Inc.(a)		36,975		1,928,246
L Brands, Inc.		39,202		3,069,125
TJX Cos., Inc.		61,675		4,676,198
Urban Outfitters, Inc.(a)		22,725		689,022
				10,362,591
Textiles, Apparel & Luxury Goods (1.25%)
Tumi Holdings, Inc.(a)		56,250		1,500,750
TOTAL CONSUMER DISCRETIONARY				23,207,318
ENERGY (2.27%)
Crude Producers (1.28%)
Southwestern Energy Co.(a)		114,050		1,531,692
Oil & Gas Services (0.92%)
Core Laboratories NV		8,300		1,109,378
Oil, Gas & Consumable Fuels (0.07%)
Ultra Petroleum Corp.(a)		257,313		80,333
TOTAL ENERGY				2,721,403

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

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
FINANCIAL SERVICES (3.12%)
Banks (0.52%)
TCF Financial Corp.		45,375	$	618,915
Consumer Finance & Credit Services (1.93%)
FactSet Research Systems, Inc.		15,381		2,318,686
Investment Banking & Brokerage (0.67%)
E*Trade Financial Corp.(a)		31,908		803,443
TOTAL FINANCIAL SERVICES				3,741,044
HEALTH CARE (10.27%)
Biotechnology (0.93%)
Myriad Genetics, Inc.(a)		30,900		1,112,400
Medical Equipment & Services (8.17%)
Edwards Lifesciences Corp.(a)		55,100		5,852,171
Intuitive Surgical, Inc.(a)		3,799		2,379,542
Varian Medical Systems, Inc.(a)		19,263		1,563,770
				9,795,483
Medical Specialties (1.17%)
Align Technology, Inc.(a)		19,425		1,402,291
TOTAL HEALTH CARE				12,310,174
PRODUCER DURABLES (8.90%)
Computers (0.55%)
IHS, Inc. - Class A(a)		5,312		654,332
Machinery (3.26%)
Middleby Corp.(a)		35,666		3,910,420
Machinery-Diversified (0.68%)
Graco, Inc.		10,400		815,256
Professional Services (1.06%)
CEB, Inc.		20,500		1,264,645
Software (0.61%)
Paychex, Inc.		14,000		729,680

    Annual Report  |  April 30, 2016 7    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
PRODUCER DURABLES (continued)
Transportation & Freight (2.74%)
JetBlue Airways Corp.(a)		86,525	$	1,712,330
Landstar System, Inc.		24,012		1,573,987
				3,286,317
TOTAL PRODUCER DURABLES				10,660,650
TECHNOLOGY (25.97%)
Computer Technology (1.03%)
Super Micro Computer, Inc.(a)		45,825		1,233,151
Electronics (6.71%)
ARM Holdings PLC - Sponsored ADR		20,849		858,770
Microchip Technology, Inc.		22,000		1,068,980
Open Text Corp.		60,537		3,385,229
Plexus Corp.(a)		65,388		2,730,603
				8,043,582
Information Technology (10.59%)
Akamai Technologies, Inc.(a)		40,700		2,075,293
Autodesk, Inc.(a)		42,725		2,555,809
Dolby Laboratories, Inc. - Class A		18,325		872,453
Intuit, Inc.		40,050		4,040,645
Seagate Technology PLC		55,810		1,214,984
Yahoo!, Inc.(a)		52,775		1,931,565
				12,690,749
Semiconductors (1.92%)
Power Integrations, Inc.		27,675		1,335,319
Synaptics, Inc.(a)		13,575		971,291
				2,306,610
Software (2.42%)
Cognex Corp.		24,225		860,714
Medidata Solutions, Inc.(a)		1,850		80,715
Qlik Technologies, Inc.(a)		34,450		1,060,716
RealPage, Inc.(a)		40,700		894,993
				2,897,138

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

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
TECHNOLOGY (continued)
Telecommunications (3.30%)
Plantronics, Inc.		54,188	$	2,083,529
Ubiquiti Networks, Inc.(a)		30,375		1,081,957
ViaSat, Inc.(a)		10,283		788,706
				3,954,192
TOTAL TECHNOLOGY				31,125,422
TOTAL COMMON STOCKS (Cost $60,653,009)				83,766,011
	Principal Amount		Value (Note 2)
ASSET/MORTGAGE BACKED SECURITIES (0.08%)
Government National Mortgage Association, Series 2005-93
5.500%  12/20/2034	$	88,493		90,490
TOTAL ASSET/MORTGAGE BACKED SECURITIES (Cost $94,481)				90,490
CORPORATE BONDS (22.96%)
BASIC MATERIALS (0.62%)
Chemicals (0.28%)
Lubrizol Corp.
8.875%  02/01/2019		287,000		341,787
Iron/Steel (0.34%)
Nucor Corp.
5.750%  12/01/2017		380,000		403,412
TOTAL BASIC MATERIALS				745,199
COMMUNICATIONS (2.48%)
Media (1.70%)
21st Century Fox America, Inc.
6.900%  03/01/2019		355,000		405,614
Comcast Cable Communications Holdings, Inc.
9.455%  11/15/2022		288,000		408,332
Comcast Corp.
5.150%  03/01/2020		715,000		811,457

    Annual Report  |  April 30, 2016 9    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

��

	Principal Amount		Value (Note 2)
Media (continued)
Viacom, Inc.
5.625%  09/15/2019	$	370,000	$	407,675
				2,033,078
Telecommunications (0.78%)
AT&T, Inc.
3.000%  06/30/2022		510,000		520,843
AT&T, Inc.
5.500%  02/01/2018		7,000		7,500
Verizon Communications, Inc.
4.500%  09/15/2020		374,000		413,896
				942,239
TOTAL COMMUNICATIONS				2,975,317
CONSUMER, CYCLICAL (1.31%)
Retail (1.31%)
Advance Auto Parts, Inc.
5.750%  05/01/2020		368,000		402,526
CVS Health Corp.
4.125%  05/15/2021		352,000		386,358
McDonald’s Corp.
6.300%  03/01/2038		286,000		368,960
Wal-Mart Stores, Inc.
6.200%  04/15/2038		300,000		410,313
TOTAL CONSUMER, CYCLICAL				1,568,157
CONSUMER, NON-CYCLICAL (2.12%)
Beverages (1.10%)
Anheuser-Busch InBev Worldwide, Inc.
2.500%  07/15/2022		416,000		419,388
Diageo Capital PLC
5.750%  10/23/2017		455,000		485,251
Pepsi Bottling Group, Inc., Series B
7.000%  03/01/2029		296,000		413,093
				1,317,732
Commercial Services (0.34%)
Total System Services, Inc.
2.375%  06/01/2018		406,000		406,422

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

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Principal Amount		Value (Note 2)
Healthcare-Services (0.33%)
UnitedHealth Group, Inc.
3.350%  07/15/2022	$	380,000	$	403,373
Pharmaceuticals (0.35%)
Johnson & Johnson
5.850%  07/15/2038		308,000		419,243
TOTAL CONSUMER, NON-CYCLICAL				2,546,770
ENERGY (2.77%)
Oil & Gas (0.55%)
Conoco Funding Co.
7.250%  10/15/2031		293,000		347,202
Noble Energy, Inc.
8.250%  03/01/2019		275,000		307,858
				655,060
Pipelines (2.22%)
Energy Transfer Partners LP
9.700%  03/15/2019		357,000		402,108
Enterprise Products Operating LLC
5.200%  09/01/2020		388,000		427,214
Kinder Morgan Energy Partners LP
9.000%  02/01/2019		302,000		343,492
MarkWest Energy Partners LP / MarkWest Energy
Finance Corp.
4.500%  07/15/2023		425,000		413,052
ONEOK Partners LP
3.200%  09/15/2018		422,000		420,200
Plains All American Pipeline LP / PAA Finance Corp.
8.750%  05/01/2019		300,000		338,100
TransCanada PipeLines Ltd.
7.250%  08/15/2038		253,000		315,318
				2,659,484
TOTAL ENERGY				3,314,544
FINANCIAL (3.51%)
Banks (1.44%)
Bank of America Corp.
5.625% 07/01/2020		355,000		399,263

    Annual Report  |  April 30, 2016 11    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Principal Amount		Value (Note 2)
Banks (continued)
JPMorgan Chase & Co.
4.400%  07/22/2020	$	373,000	$	405,141
Royal Bank of Scotland Group PLC, Series 1
9.118% Perpetual Maturity (b)		3,000		3,038
US Bancorp
2.950%  07/15/2022		385,000		396,982
Wachovia Corp.
5.750%  06/15/2017		500,000		525,209
				1,729,633
Diversified Financial Services (1.09%)
American Express Co.
7.000%  03/19/2018		398,000		437,115
General Electric Capital Corp.
5.875%  01/14/2038		314,000		414,627
National Rural Utilities Cooperative Finance Corp.
10.375%  11/01/2018		375,000		456,332
				1,308,074
Insurance (0.67%)
American International Group, Inc.
6.400%  12/15/2020		342,000		398,864
MetLife, Inc., Series A
6.817%  08/15/2018		358,000		401,550
				800,414
Real Estate Investment Trusts (0.31%)
Welltower, Inc.
2.250%  03/15/2018		369,000		372,485
TOTAL FINANCIAL				4,210,606
GOVERNMENT (0.33%)
Multi-National (0.33%)
Corporacion Andina de Fomento
8.125%  06/04/2019		333,000		395,271
Corporacion Andina de Fomento
5.750%  01/12/2017		1,000		1,031
				396,302
TOTAL GOVERNMENT				396,302

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The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Principal Amount		Value (Note 2)
INDUSTRIAL (2.99%)
Aerospace/Defense (0.66%)
Lockheed Martin Corp.
4.250%  11/15/2019	$	348,000	$	382,726
Rockwell Collins, Inc.
3.700%  12/15/2023		383,000		411,305
				794,031
Electrical Components & Equipment (0.31%)
Emerson Electric Co.
5.000%  04/15/2019		338,000		369,114
Electronics (0.33%)
Corning, Inc.
6.625%  05/15/2019		354,000		399,284
Engineering & Construction (0.35%)
Fluor Corp.
3.375%  09/15/2021		391,000		411,974
Environmental Control (0.33%)
Republic Services, Inc.
5.500%  09/15/2019		360,000		398,561
Miscellaneous Manufacturing (0.34%)
Tyco Electronics Group SA
3.500%  02/03/2022		390,000		404,635
Transportation (0.67%)
CSX Corp.
7.375%  02/01/2019		347,000		398,733
United Parcel Service, Inc.
6.200%  01/15/2038		295,000		406,794
				805,527
TOTAL INDUSTRIAL				3,583,126
UTILITIES (6.83%)
Electric (6.09%)
Ameren Illinois Co.
9.750%  11/15/2018		353,000		421,582
Arizona Public Service Co.
8.750%  03/01/2019		352,000		419,486

    Annual Report  |  April 30, 2016 13    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

	Principal Amount		Value (Note 2)
Electric (continued)
CMS Energy Corp.
5.050%  03/15/2022	$	347,000	$	391,925
Commonwealth Edison Co.
4.000%  08/01/2020		333,000		362,100
Consolidated Edison Co. of New York, Inc.
7.125%  12/01/2018		313,000		357,072
Edison International
3.750%  09/15/2017		389,000		401,104
Georgia Power Co.
5.400%  06/01/2018		329,000		356,413
Interstate Power & Light Co.
3.650%  09/01/2020		350,000		366,471
ITC Holdings Corp.
4.050%  07/01/2023		391,000		404,308
Jersey Central Power & Light Co.
7.350%  02/01/2019		453,000		507,201
Nevada Power Co.
7.125%  03/15/2019		303,000		349,519
Oncor Electric Delivery Co. LLC
7.000%  09/01/2022		332,000		415,981
PacifiCorp
5.650%  07/15/2018		17,000		18,644
PPL Capital Funding, Inc.
3.500%  12/01/2022		532,000		558,326
PSEG Power LLC
5.125%  04/15/2020		367,000		397,813
PSEG Power LLC
5.320%  09/15/2016		440,000		446,712
Puget Energy, Inc.
5.625%  07/15/2022		340,000		381,598
TECO Finance, Inc.
6.572%  11/01/2017		320,000		341,459
Wisconsin Electric Power Co.
2.950%  09/15/2021		387,000		406,504
				7,304,218
Gas (0.74%)
CenterPoint Energy Resources Corp.
6.000%  05/15/2018		393,000		421,320

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The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

				Principal Amount		Value (Note 2)
Gas (continued)
Sempra Energy
6.500%  06/01/2016				$	458,000	$	459,900
							881,220
TOTAL UTILITIES							8,185,438
TOTAL CORPORATE BONDS
(Cost $27,128,772)							27,525,459
FOREIGN GOVERNMENT BONDS (0.33%)
Province of Quebec Canada, Series NN
7.125%  02/09/2024					302,000		395,483
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $387,676)							395,483
GOVERNMENT & AGENCY OBLIGATIONS (0.05%)
U.S. Treasury Bonds
6.500%  11/15/2026					28,000		40,489
U.S. Treasury Notes
5.125%  05/15/2016					20,000		20,035
TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $58,853)							60,524
	Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.41%)
MONEY MARKET FUND (1.41%)
Fidelity Institutional Money Market
Government Portfolio - Class I		0.23%	(c)		1,697,349		1,697,349
U.S. TREASURY BILLS (5.00%)
U.S. Treasury Bill, 10/13/2016		0.56%	(d)		6,000,000		5,990,640
TOTAL SHORT TERM INVESTMENTS
(Cost $7,681,949)							7,687,989

    Annual Report  |  April 30, 2016 15    

The Disciplined Growth Investors Fund	Portfolio of Investments
	April 30, 2016

TOTAL INVESTMENTS (99.72%)
(Cost $96,004,740)	$	119,525,956
Other Assets In Excess Of Liabilities (0.28%)		330,927
NET ASSETS (100.00%)	$	119,856,883

^(a) Non-Income Producing Security.

^(b) This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(c) Represents the 7-day yield.

^(d) Rate shown represents the bond equivalent yield to maturity at date of purchase.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.

See Notes to Financial Statements.

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The Disciplined Growth Investors Fund	Statement of Assets and Liabilities
	April 30, 2016

ASSETS
Investments, at value	$	119,525,956
Receivable for shares sold		20,561
Dividends and interest receivable		389,959
Total assets		119,936,476
LIABILITIES
Payable for shares redeemed		3,250
Payable to adviser		76,343
Total liabilities		79,593
NET ASSETS	$	119,856,883
NET ASSETS CONSIST OF
Paid-in capital (Note 5)	$	97,355,607
Accumulated net investment income		31,619
Accumulated net realized loss		(1,051,559)
Net unrealized appreciation		23,521,216
NET ASSETS	$	119,856,883
INVESTMENTS, AT COST	$	96,004,740
PRICING OF SHARES
Net Asset Value, offering and redemption price per share	$	15.96
Shares of beneficial interest outstanding		7,510,229

See Notes to Financial Statements.

    Annual Report  |  April 30, 2016 17    

The Disciplined Growth Investors Fund Statement of Operations

	For the Year Ended April 30, 2016
INVESTMENT INCOME
Dividends	$	832,496
Foreign taxes withheld		(7,246)
Interest		738,453
Total investment income		1,563,703
EXPENSES
Investment advisory fees (Note 6)		892,641
Total expenses		892,641
NET INVESTMENT INCOME		671,062
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments		(1,044,969)
Net change in unrealized depreciation on investments		(1,940,103)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(2,985,072)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,314,010)

See Notes to Financial Statements.

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The Disciplined Growth Investors Fund Statements of Changes in Net Assets

	For the Year Ended April 30, 2016		For the Year Ended April 30, 2015
OPERATIONS
Net investment income		$            671,062		$            601,292
Net realized gain/(loss)		(1,044,969)		2,893,527
Net change in unrealized appreciation/(depreciation)		(1,940,103)		8,397,596
Net increase/(decrease) in net assets resulting from operations		(2,314,010)		11,892,415
DISTRIBUTIONS (Note 3)
From net investment income		(709,053)		(550,583)
From net realized gains on investments		(2,457,710)		(709,544)
Net decrease in net assets from distributions		(3,166,763)		(1,260,127)
CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sales of shares		22,263,652		27,552,615
Issued to shareholders in reinvestment of distributions		3,149,642		1,251,789
Cost of shares redeemed, net of redemption fees		(13,417,959)		(12,834,981)
Net increase from capital share transactions		11,995,335		15,969,423
Net increase in net assets		6,514,562		26,601,711
NET ASSETS
Beginning of period		113,342,321		86,740,610
End of period*		$    119,856,883		$    113,342,321
*Including accumulated net investment income of:		$             31,619		$             63,074
OTHER INFORMATION
Share Transactions
Issued		1,367,464		1,694,271
Issued to shareholders in reinvestment of distributions		202,387		75,504
Redeemed		(825,064)		(779,232)
Net increase in share transactions		744,787		990,543

See Notes to Financial Statements.

    Annual Report  |  April 30, 2016 19    

The Disciplined Growth Investors Fund

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

DISTRIBUTIONS

From net investment income

From net realized gain on investments

Total distributions

REDEMPTION FEES ADDED TO PAID-IN CAPITAL

INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000’s)

RATIOS TO AVERAGE NET ASSETS

Expenses

Net investment income

PORTFOLIO TURNOVER RATE

(a) Per share numbers have been calculated using the average shares method.

(b) Not annualized.

(c) Annualized.

See Notes to Financial Statements.

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Financial Highlights

For a share outstanding during the periods presented

For the Year Ended April 30, 2016	For the Year Ended April 30, 2015	For the Year Ended April 30, 2014	For the Year Ended April 30, 2013	For the Period August 12, 2011 (Inception) to April 30, 2012
$          16.75	$        15.02	$        13.17	$        12.13	$        10.00
0.09	0.10	0.07	0.11	0.05
(0.44)	1.83	1.90	1.09	2.11
(0.35)	1.93	1.97	1.20	2.16
(0.10)	(0.09)	(0.07)	(0.11)	(0.03)
(0.34)	(0.11)	(0.05)	(0.05)	–
(0.44)	(0.20)	(0.12)	(0.16)	(0.03)
–	–	–	–	–
(0.79)	1.73	1.85	1.04	2.13
$            15.96	$        16.75	$        15.02	$        13.17	$        12.13
(2.05%)	12.87%	15.02%	9.93%	21.65% (b)
$       119,857	$    113,342	$      86,741	$       66,967	$      35,678
0.78%	0.78%	0.78%	0.78%	0.77% (c)
0.59%	0.61%	0.47%	0.90%	0.60% (c)
13%	14%	10%	10%	6% (b)

    Annual Report  |  April 30, 2016 21    

The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes The Disciplined Growth Investors Fund (the “Fund”). The Fund seeks long-term capital growth and as a secondary objective, modest income with reasonable risk.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of their financial statements.

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

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (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. 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. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Publicly traded foreign government debt

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The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

securities are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

When such prices or quotations are not available, or when Disciplined Growth Investors, Inc. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board of Trustees (the “Board”).

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

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

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

    Annual Report  |  April 30, 2016 23    

The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

The following is a summary of each input used to value the Fund as of April 30, 2016:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks(a)	$	83,766,011	$	–	$	–	$	83,766,011
Asset/Mortgage Backed Securities		–		90,490		–		90,490
Corporate Bonds		–		27,525,459		–		27,525,459
Foreign Government Bonds		–		395,483		–		395,483
Government & Agency Obligations		–		60,524		–		60,524
Short Term Investments
Money Market Fund		1,697,349		–		–		1,697,349
U.S. Treasury Bills		–		5,990,640		–		5,990,640
TOTAL	$	85,463,360	$	34,062,596	$	–	$	119,525,956

(a) For detailed descriptions of the underlying industries, see the accompanying Portfolio of Investments.

The Fund recognizes transfers between levels as of the end of the period. For the year ended April 30, 2016, the Fund did not have any transfers between Level 1 and Level 2 securities. For the year ended April 30, 2016, the Fund did not have any securities that used unobservable inputs (Level 3) in determining fair value.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Fund.

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

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

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the

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The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

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: As of April 30, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to minor differences between book and tax characterizations of paydown transactions.

The reclassifications as of April 30, 2016 were as follows:

Fund	Paid-in Capital		Accumulated Net  Investment Income		Accumulated Net       Realized Loss on       Investments
Disciplined Growth Investors Fund	$	–	$	6,536	$	(6,536)

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	Disciplined Growth    Investors Fund
Gross appreciation
(excess of value over tax cost)	$	27,741,879
Gross depreciation
(excess of tax cost over value)		(4,220,717)
Net unrealized appreciation	$	23,521,162
Cost of investments for income tax purposes	$	96,004,794

Components of Earnings: As of April 30, 2016, components of distributable earnings were as follows:

Undistributed ordinary income	$	31,619
Accumulated capital losses		(1,051,505)
Net unrealized appreciation on investments		23,521,162
Total	$	22,501,276

    Annual Report  |  April 30, 2016 25    

The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

Capital Losses: As of April 30, 2016, the Fund has available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The Fund has $145,258 in long-term losses that will be carried forward indefinitely to offset future realized gains.

The Fund elects to defer $906,247 to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016.

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, 2016, were as follows:

	Ordinary Income		Long-Term Capital     Gain
The Disciplined Growth Investors Fund	$	921,941	$	2,244,822
The tax character of distributions paid during the year ended April 30, 2015, were as follows:
	Ordinary Income		Long-Term Capital     Gain
The Disciplined Growth Investors Fund	$	576,515	$	683,612

4. SECURITIES TRANSACTIONS

During the year ended April 30, 2016, equity holdings, asset/mortgage backed securities, fixed income securities and U.S. Treasury Notes were transferred in-kind. The intent of the transfers was to save on equity transaction costs both for the new shareholders at the institution they transferred from and for the Fund on the addition of assets. The assets of two separate accounts were transferred-in-kind into the Fund in the amount of $4,893,997.

The cost of purchases and proceeds from sales of securities (excluding short-term securities, transfers-in-kind, and U.S. Government Obligations) during the year ended April 30, 2016, were as follows:

Fund	Purchases of   Securities		Proceeds From Sales of   Securities
The Disciplined Growth Investors Fund	$	18,924,654	$	13,692,645

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The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

Investment transactions in U.S. government and agency securities (excluding transfers-in-kind) for the year ended April 30, 2016 were as follows:

Fund	Purchases of   Securities		Proceeds From Sales of   Securities
The Disciplined Growth Investors Fund	$	5,971,627	$	54,000

5. SHARES OF BENEFICIAL INTEREST

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the Fund of the Trust have one vote for each share held and a proportionate fraction of a vote for each fractional share. All shares issued and outstanding are fully paid and are transferable and redeemable at the option of the shareholder. Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors (other than the purchase price for the shares or make contributions to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Prior to September 1, 2015, shares redeemed within 90 days of purchase may have incurred a 2% short-term redemption fee deducted from the redemption amount. Effective September 1, 2015, the Fund no longer imposes redemption fees. For the years ended April 30, 2016 and April 30, 2015, the Fund did not receive any redemption fees.

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 $3,124 for the year ended April 30, 2016.

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.

    Annual Report  |  April 30, 2016 27    

The Disciplined Growth Investors Fund	Notes to Financial Statements
	April 30, 2016

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.

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.

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

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

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of The Disciplined Growth Investors Fund (the “Fund”), one of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from August 12, 2011 (inception) to April 30, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Disciplined Growth Investors Fund of Financial Investors Trust as of April 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from August 12, 2011 (inception) to April 30, 2012, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

    Annual Report  |  April 30, 2016 29    

The Disciplined Growth Investors Fund	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Fund’s Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 855-DGI-Fund and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2015:

Dividend Received Deduction	62.06	%
Qualified Dividend Income	100.00	%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Disciplined Growth Investors Fund designated $2,244,822 as long-term capital gain dividends.

In early 2016, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2015 via Form 1099. The Fund will notify shareholders in early 2017 of amounts paid to them by the Fund, if any, during the calendar year 2016.

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

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 888-288-1121.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

    Annual Report  |  April 30, 2016 31    

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).

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

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

    Annual Report  |  April 30, 2016 33    

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

    34 1-855-DGI-FUND (344-3863)  |  www.DGIfund.com    

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.

    Annual Report  |  April 30, 2016 35    

The Disciplined Growth Investors Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011-2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Disciplined Growth Investors, Inc. provides investment advisory services (currently none).

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

This material must be preceded or accompanied by a prospectus. The Disciplined Growth Investors Fund is distributed by ALPS Distributors, Inc.

TABLE OF CONTENTS

Manager Commentary
Emerald Growth Fund	1
Emerald Small Cap Value Fund	6
Emerald Insights Fund	10
Emerald Banking and Finance Fund	14
Disclosure of Fund Expenses	19
Schedule of Investments
Emerald Growth Fund	22
Emerald Small Cap Value Fund	24
Emerald Insights Fund	25
Emerald Banking and Finance Fund	27
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes of Net Assets
Emerald Growth Fund	31
Emerald Small Cap Value Fund	33
Emerald Insights Fund	35
Emerald Banking and Finance Fund	36
Financial Highlights
Emerald Growth Fund	38
Emerald Small Cap Value Fund	42
Emerald Insights Fund	46
Emerald Banking and Finance Fund	50
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	63
Disclosure Regarding Approval of Fund Advisory Agreements	64
Additional Information	67
Trustees & Officers	68

Emerald Growth Fund	Manager Commentary
	April 30, 2016 (Unaudited)

April 30, 2016

Dear Shareholders:

Investment Results

The performance of the Emerald Growth Fund’s Class A shares (without sales load), for the twelve months ended April 30, 2016, declined by -10.28% trailing the Russell 2000 Growth Index⁽¹⁾ which declined by -8.27%.

Decelerating global growth, the Chinese devaluation of the Yuan, declining oil prices, and consternation over timing and appropriateness of the U.S. Federal Reserve raising rates and widening high yield spreads all conspired to pressure market returns throughout the better part of the last twelve months. Market pessimism peaked in early February of 2016 with the CBOE (Chicago Board Options Exchange) volatility index peaking near 28 and the S&P 500^® Index⁽²⁾ bottoming at a 10.3% year-to-date decline. Recession fears receded as February and March progressed in response to declining high yield spreads, rising oil prices, the stabilization of economic data flowing from China as well as stabilization in domestic manufacturing, as measured by the Institute of Supply Management and ongoing strength in employment gains. As economic data showed improvement, so too did performance across the major market indices. The Federal Reserve’s dovish tone at the March meeting only further stoked the gains as the Federal Reserve acknowledged in its commentary that global developments present downside risks to the domestic economic outlook. As a result, the Federal Reserve acknowledged that the pace of rate increases would likely be slower than previously expected and recalibrated the trajectory of the median increase fed funds rate to 50 Basis Point (“bps”)⁽³⁾ from 100 bps by the end of 2016.

The combination of uncertain global growth and the resulting heightened risk aversion presented a challenging backdrop for small capitalization stocks and more specifically small capitalization growth stocks. For the trailing twelve months ended April 29, 2016 small capitalization stocks, as represented by the Russell 2000^® Index⁽⁴⁾, returned a negative 5.94% underperforming large capitalization stocks, as represented by the Russell 1000^® Index⁽⁵⁾, which returned a positive 0.34%. Within the Russell 2000, for the trailing twelve month period ended April 29, 2016, the Russell 2000 Value index⁽⁶⁾ declined 3.71%, whereas the Russell 2000 Growth index declined by 8.27% over the same period.

Investment Analysis

On a relative basis, the Fund trailed the benchmark for the trailing period as the positive contribution to return achieved in the healthcare, energy and consumer discretionary sectors was unable to offset relative underperformance within the producer durables, technology, and financial services sectors.

The producer durables sector was the largest source of relative underperformance for the trailing period driven by challenging stock selection within the aerospace, air transport, construction and scientific instrument industries. Performance within the technology and financial services sectors also weighed on relative performance as a result of the relative underperformance of holdings within the electronic entertainment, semiconductor, bank and thrift industries.

Challenging relative performance in the aforementioned sectors was partially offset by relative outperformance within the healthcare, energy and consumer discretionary sectors. Performance within the healthcare sector benefitted both as a result of the portfolio’s relative underweight position to the biotechnology industry and stock selection in the pharmaceutical and healthcare management industries. Beyond healthcare, the modest outperformance within the energy and consumer discretionary sectors was driven by the portfolio’s relative underweight position and stock selection within the specialty retail and diversified retail industries.

Entering the second quarter of 2016, the portfolio held the largest active exposures to the financial services and technology sectors. Thoughts on those sectors and other areas of notable opportunity/ portfolio exposure are highlighted below:

The financial services sector continued to represent the portfolio’s largest relative overweight position, however the composition of those holdings has shifted somewhat. Exposure to the banking industry, although still overweight, has declined and assets have been redeployed to a diversified set of holdings within the real estate investment trust (REIT) industry. Although Emerald continues to believe that loan growth at small-cap banks will outpace loan growth at their larger brethren, we also recognize the headwind that the flattening yield curve presents to the banking industry and as a result have opted to adjust the portfolio’s positioning.

Emerald has also maintained the portfolio’s relative overweight position to the technology sector. Although concerns over global economic growth are likely to create ongoing volatility within the sector we continue to be optimistic regarding the outlook for the holdings in the portfolio. Within the enterprise, the emphasis remains on those companies with products serving the security and business intelligence/analytics opportunities inside of software. We also believe there is an emerging opportunity to participate in the pharmaceutical industry’s adoption of cloud technology. In addition, Emerald believes that ever increasing demand for network bandwidth and speed will drive meaningful spending within the optical segment of the network infrastructure in 2016.

Annual Report  |  April 30, 2016 1

Emerald Growth Fund	Manager Commentary
	April 30, 2016 (Unaudited)

The healthcare sector has been under significant pressure from a performance perspective since the start of the year in response to political rhetoric surrounding the industry’s pricing tactics as well as heightened risk aversion in the marketplace which weighed on the biotechnology and pharmaceutical industries. While valuations in the industry are beginning to look more attractive, the presidential election cycle is ongoing and we expect headline risk associated with the “hot button” nature of healthcare pricing will likely remain elevated through year-end. That being said, Emerald continues to take advantage of opportunities as they present themselves and in so doing remain focused on those companies that are developing innovative therapeutics that can command premium pricing and can demonstrate that they are cost neutral or even save the system money. The portfolio held an underweight position in the healthcare sector exiting the first quarter.

Market Outlook

As we look to the balance of 2016, Emerald remains cautiously optimistic regarding the market outlook for the balance of year. Although the market may have temporarily rebounded from the depths of the market trough in February thanks to stabilizing economic data and easing fears of a global recession, the macroeconomic environment and related investor sentiment remains fragile. The Federal Reserve at its March meeting struck a more dovish tone than expected, recalibrating its expectations for the median 2016 increase in the Federal Funds rate from 100 basis points to 50 basis points, with risk to weaker global growth cited as the primary rationale for the re-rating. This sentiment was echoed in early April by International Monetary Fund head Christine Lagarde when she stated that the global recovery remains too slow, too fragile and the risks to its durability are increasing. In this regard China and its ability to coast to a soft landing remain a focal point. As does Japan, which is already in negative growth and negative interest rate territory, and the Eurozone which cannot seemingly accelerate beyond 1.5% Gross Domestic Product growth. Oil prices and the supply-demand tug of war continue to garner a large amount of attention as the daily direction of the commodity price remains highly correlated to the direction of the S&P 500^® Index. Corporate profits which have been under pressure domestically and abroad also continue to weigh on the markets. Earnings estimates for the S&P 500^® Index have been reduced by 9% since the start of 2016, according to a recent report from Bank of America Merrill Lynch, which represents the most extreme three-month negative revision since the first quarter of 2009. Add to these factors the upcoming U.S. presidential election and the U.S. Treasury’s recent moves to tighten regulations aimed at slowing cross-border merger and acquisition activity, and it is our expectation that the market will likely continue to be subject to periods of heightened volatility as the market sorts out and responds to the direction of the economic statistics.

Domestically, first quarter economic growth again proved to be much weaker than anticipated, as has been the case for the last three years. That being said, in each of the last two calendar years, the rate of first quarter growth has not proven to be a directional indicator of growth for the balance of the calendar year. In both calendar 2014 and 2015, economic growth started out weaker than expected and then strengthened during the second and third quarters. There seems to be some sign that this pattern may play out again in 2016. Recent data points from the Institute of Supply Management appear to be pointing to improving trends in both the services and manufacturing components of the measurement. Employment continued to grow and thanks to the dovish positioning of the Federal Reserve, and after a 40% rise in the trade-weighted dollar since early 2011, the strength in the U.S. dollar has begun to recede and should as a result start easing the headwind to revenue and earnings growth. After what is shaping up to be the third consecutive quarter of negative earnings growth for the S&P, a return to growth would certainly be a welcomed change. In aggregate, Emerald believes that 2016 has the potential to look a lot like 2015 from a growth perspective. We believe services will continue to expand, manufacturing will stabilize and consumption will continue to plod ahead and with the potential to serve as a source of upside. That being said, the post-recession U.S. consumer has been much more focused on increasing savings, using less credit and seeking value and convenience. Although the long-awaited acceleration in consumer spending has yet to be witnessed, all of the ingredients to support an acceleration in spending are in place. Consumer Confidence remains encouraging, unemployment remains low, the savings rate has risen, wages are moving in a positive direction, and home prices should continue to rise (increasing equity).

Given our expectation that U.S. economic growth is likely to remain moderate and overall growth scarce, Emerald continues to believe growth as a style could be positioned to return to outperformance. Small capitalization stocks could be able to offer greater levels of earnings growth than that of large capitalization stocks if the domestic economy remains stronger than the rest of the world.

As always, Emerald remains focused on utilizing its fundamental bottom-up research process to identify the best growth opportunities within the small capitalization universe.

2 www.emeraldmutualfunds.com

Emerald Growth Fund	Manager Commentary
	April 30, 2016 (Unaudited)

Top Contributors	Top Detractors
ZS Pharma, Inc.	Cepheid
Virgin America, Inc.	Glu Mobile Inc.
LendingTree, Inc.	Chimerix Inc.
Depomed, Inc.	Chegg, Inc.
WellCare Health Plans, Inc.	Bluebird bio, Inc.
Sincerely,
Kenneth G. Mertz II, CFA	Stacey L. Sears	Joseph W. Garner
Chief Investment Officer	Portfolio Manager	Portfolio Manager
Portfolio Manager
Emerald Mutual Fund Advisers Trust

The views of Emerald Mutual Fund Advisors Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisors Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Growth Fund is distributed by ALPS Distributors, Inc.

Diversification does not assure a profit or protect against a loss.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

⁽¹⁾  The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽²⁾  Standard & Poor’s 500^® Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽³⁾  Basis Point is a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01% (0.0001).

⁽⁴⁾  Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly into the Index.

⁽⁵⁾  The Russell 1000^® Index is a stock market index that represents the highest-ranking 1,000 stocks in the Russell 3000 Index, which represents about 90% of the total market capitalization of that index. The Russell 1000^® Index has a weighted average market capitalization of $81 billion; the median market capitalization is approximately $4.6 billion. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽⁶⁾  The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index is constructed to provide a barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Annual Report  |  April 30, 2016 3

Emerald Growth Fund	Manager Commentary
	April 30, 2016 (Unaudited)

TOP TEN HOLDINGS (as a % of Net Assets)*
Trex Co., Inc.	2.00%
MicroStrategy, Inc., Class A	1.98%
Veeva Systems, Inc., Class A	1.86%
EPAM Systems, Inc.	1.83%
WellCare Health Plans, Inc.	1.75%
Bank of the Ozarks, Inc.	1.73%
Apogee Enterprises, Inc.	1.72%
8x8, Inc.	1.56%
Imperva, Inc.	1.55%
Five Below, Inc.	1.51%
Top Ten Holdings	17.49%
INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)
Technology	23.17%
Health Care	20.72%
Consumer Discretionary	18.39%
Financial Services	18.32%
Materials & Processing	7.02%
Producer Durables	5.98%
Utilities	2.98%
Energy	1.06%
Cash, Cash Equivalents, & Other Net Assets	2.36%
* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2016)

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

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

AVERAGE ANNUAL TOTAL RETURN (for the period ended April 30, 2016)

									Since		Expense Ratio
	1 Year		3 Year		5 Year		10 Year		Inception1		Gross2		Net2
Class A (NAV)		-10.28%		10.20%		8.18%		6.05%		10.55%		1.29%		1.29%
Class A (MOP)		-14.55%		8.42%		7.13%		5.53%		10.32%		1.29%		1.29%
Russell 2000® Growth Index†		-8.27%		8.50%		7.15%		6.14%		7.53%
Class C (NAV)		-10.87%		9.47%		7.46%		5.41%		4.70%		1.94%		1.94%
Class C (CDSC)		-11.73%		9.47%		7.46%		5.41%		4.70%		1.94%		1.94%
Russell 2000® Growth Index†		-8.27%		8.50%		7.15%		6.14%		7.53%
Investor Class		-10.36%		10.16%		–		–		8.44%		1.34%		1.34%
Russell 2000® Growth Index†		-8.27%		8.50%		7.15%		6.14%		7.35%
Institutional Class		-9.97%		10.55%		8.51%		–		14.10%		0.99%		0.99%
Russell 2000® Growth Index†		-8.27%		8.50%		7.15%		6.14%		–

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Performance shown for periods prior to March 16, 2012, reflects the performance of the Forward Growth Fund, a series of Forward Funds (as a result of a reorganization of the Forward Growth Fund into the Emerald Growth Fund).

4 www.emeraldmutualfunds.com

Emerald Growth Fund	Manager Commentary
	April 30, 2016 (Unaudited)

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

¹   Inception Dates - Class A: 10/01/1992, Class C: 07/01/2000, Class Institutional: 10/21/2008, Class Investor: 05/01/2011

²   Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2016 in amounts necessary to limit the Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund’s average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2016, without the approval by the Fund’s Board of Trustees. Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.

^†The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An Investor may not invest directly into the Index.

Important Risks

Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Annual Report  |  April 30, 2016 5

Emerald Small Cap Value Fund	Manager Commentary
	April 30, 2016 (Unaudited)

April 30, 2016

Dear Shareholders:

Investment Results

The performance of the Emerald Small Cap Value Fund’s Investor Class, for the twelve months ended April 30, 2016, reflected a loss of -3.82% (net of fund fees and expenses) slightly lagging the Russell 2000^® Value Index⁽¹⁾ which was down -3.71%.

The dollar continued to strengthen early in the New Year with a hangover of concerns from 2015 about the negative impacts from a potential devaluation of the Chinese Yuan and emerging market crisis, and continued commodity price weakness. In mid-February, however, the dollar began to weaken as the U.S. Federal Reserve (the “Fed”) seemingly reset expectations for interest rate policy normalization. Consequently, equities rose sharply as investors perceived the Fed to place further interest rate increases on hold.

Although the Fed’s historical dual mandate to promote full employment and to maintain price stability has guided Fed policy for many decades, the increasingly interconnected global economy appears to have created a new ‘dual mandate’ whereby Fed policy will also take into account the economic health of foreign markets as well. We believe the minutes from the March FOMC (Federal Open Market Committee) meeting made clear that the combination of “global economic and financial developments” and low inflation expectations skewed risk to the downside; and, thus, “a cautious approach to raising rates would be prudent.”⁽²⁾ We interpret such a risk assessment as the most dovish thus far of Fed Chair Yellen’s central banking career and perhaps represents a ‘currency truce’ among major central bankers in order to recognize that a stronger dollar is a negative for China and other emerging markets, the global economy, and for U.S. net exports.

Bond markets also reacted enthusiastically to nuanced interest rate signals from the Fed. As a result, the yield curve has continued to flatten. Historically, yield curve flattening has been a negative for small cap stock performance because such a development is usually associated with a contraction in the U.S. business cycle. Consequently, small cap equities performance in general during the first calendar quarter of 2016 was negative as compared to large cap stocks.

The fund significantly underperformed the benchmark in the month of April. The market rally during that month was driven by lower quality risk-related stocks, according to Merrill Lynch (Bank of America/Merrill Lynch Equity and Quant Strategy, U.S. Performance Attribution, 02 May 2016). With our portfolio’s focus on investing in companies that generate high return on invested capital and equity, it was difficult to keep pace with the benchmark.

Investment Analysis

The Fund (net of fund fees and expenses) slightly underperformed its benchmark for the 12-month period ended April 30, 2016. At the sector level, relative outperformance was driven by stock selection within the financial services, and a relative underweight to the benchmark’s energy sector. Relative underperformance was experienced within the technology sector.

As mentioned in the October 2015 shareholder letter, the portfolio benefited from an increase to overall banks exposure earlier in the year, and then a trim to these positions as valuation became stretched towards the end of the year.

Negative stock selection in our technology holdings weighed on relative performance as holdings within the semiconductor industry were hurt by the slowdown in customers’ spending plans due to low visibility on consumer spending (particularly for mobile devices). However, we saw significant outperformance within the software holdings as they continue to experience meaningful growth from providing unique solutions in the security, compliance, and customer service verticals.

In the past twelve months, we have increased the portfolio’s exposure to the producer durables and materials sectors as we see more tangible signs of the resurging non-residential construction market, and meaningful price improvement for commodities such as steel.

Financial services and technology are two sectors where absolute portfolio weightings decreased. In each case, holdings that were trimmed or sold during this period had previously exceeded our predetermined price targets and, according to our sell discipline, exited the portfolio when the stock price declined by a given percentage amount from its earlier period high.

Market Outlook

While we recognize the downside risks from global growth, we have yet to see any meaningful spillover effects related to the Fed’s concerns highlighted above. A negative outcome associated with the Brexit referendum in late June could, however, wreak havoc for the Fed’s policy making and interfere with the rate normalization process despite any progress toward its ‘dual mandate’ objectives.

6 www.emeraldmutualfunds.com

Emerald Small Cap Value Fund	Manager Commentary
	April 30, 2016 (Unaudited)

Based upon improving U.S. economic data, a stabilization in China, and earnings expectations set at a low level, we believe the general tone from first quarter earnings reports could serve as a positive catalyst for the market. In terms of how value-oriented stocks could perform in the near term, we quote JP Morgan’s U.S. equity strategist, Dubravko Lakos-Bujas, who recently wrote, “Value remains unloved and offers higher opportunity with Value stocks having already been disproportionately penalized relative to Momentum stocks in the past two years, influenced by extreme macro positioning contingent upon a continuation of diverging policies between the Fed and foreign central banks.”⁽³⁾ We will continue to seek attractive investment opportunities for our clients by focusing on high-quality companies identified and evaluated by our fundamental research and active portfolio management.

Top Contributors	Top Detractors
Perficient, Inc.	Everi holdings, Inc.
Microsemi Corporation	Gray Television, Inc.
CyrusOne, Inc.	Arris International Plc
Generac holdings, Inc.	Vonage Holdings Corp.
Corporate Office Properties Trust	Carriage Services, Inc.
Sincerely,
Richard A. Giesen, Jr.	Ori Elan
Managing Director – Value Equity Strategies	Vice President
Portfolio Manager	Portfolio Manager
Emerald Mutual Fund Advisers Trust

The views of Emerald Mutual Fund Advisors Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisors Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Small Cap Value Fund is distributed by ALPS Distributors, Inc.

Diversification does not assure a profit or protect against a loss.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

⁽¹⁾  The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽²⁾  https://www.federalreserve.gov/monetarypolicy/fomcminutes20160316.htm

⁽³⁾  J.P. Morgan, U.S. Portfolio Strategy, 7 April 2016

Annual Report  |  April 30, 2016 7

Emerald Small Cap Value Fund	Manager Commentary
	April 30, 2016 (Unaudited)

TOP TEN HOLDINGS (as a % of Net Assets)*
Employers Holdings, Inc.	3.11%
Great Western Bancorp, Inc.	3.09%
Perficient, Inc.	3.07%
CyrusOne, Inc., REIT	3.01%
First Merchants Corp.	2.89%
Carriage Services, Inc.	2.84%
Corporate Office Properties Trust, REIT	2.84%
Microsemi Corp.	2.83%
Cedar Realty Trust, Inc., REIT	2.79%
Ramco-Gershenson Properties Trust, REIT	2.66%
Top Ten Holdings	29.13%
INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)
Financial Services	36.30%
Consumer Discretionary	17.26%
Technology	14.95%
Producer Durables	13.33%
Utilities	6.47%
Materials & Processing	5.21%
Health Care	1.61%
Cash, Cash Equivalents, & Other Net Assets	4.87%
* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2016)

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

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

AVERAGE ANNUAL TOTAL RETURN (for the period ended April 30, 2016)⁽²⁾

					Since		Expense Ratio
	1 Year		3 Years		Inception		Gross(3)(4)		Net(3)(4)
Class A (NAV)		-4.03%		6.85%		10.12%		1.62%		1.35%
Class A (MOP)		-8.61%		5.14%		8.62%		1.62%		1.35%
Russell 2000® Value Index(5)		-3.71%		6.50%		10.02%
Class C (NAV)		-4.66%		6.15%		9.41%		2.27%		2.00%
Class C (CDSC)		-5.59%		6.15%		9.41%		2.27%		2.00%
Russell 2000® Value Index(5)		-3.71%		6.50%		10.02%
Investor Class		-3.82%		6.99%		10.29%		1.52%		1.25%
Russell 2000® Value Index(5)		-3.71%		6.50%		10.02%
Institutional Class		-3.74%		7.20%		10.49%		1.27%		1.00%
Russell 2000® Value Index(5)		-3.71%		6.50%		10.02%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

8 www.emeraldmutualfunds.com

Emerald Small Cap Value Fund	Manager Commentary
	April 30, 2016 (Unaudited)

⁽¹⁾ As of June 26, 2015, the Emerald Small Cap Value Fund was reorganized as a successor to the Elessar Small Cap Value Fund (the Predecessor Fund), a series of Elessar Investment Trust. The performance shown for periods prior to June 26, 2015 reflects the performance of the Predecessor Fund’s Institutional Class and Investor Class shares. The Predecessor Fund did not offer Class A or Class C shares. The performance shown for class A and C shares prior to June 30, 2015 reflect the historical performance of the Predecessor Fund’s Institutional and Investor Shares since inception on October 15, 2012, calculated using the fees and expenses of Class A and C shares, respectively.

⁽²⁾ Commencement Dates - Class A: 06/30/2015, Class C: 06/30/2015, Class Institutional: 10/15/2012, Class Investor:10/15/2012

⁽³⁾ Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2016 in amounts necessary to limit the Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund’s average daily net assets) of 1.35%, 2.00%, 1.00% and 1.25% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above (the “Expense Agreement”) to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the Expense Agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expenses were incurred. The Adviser may not discontinue this waiver prior to August 31, 2016, without the approval by the Fund’s Board of Trustees.

⁽⁴⁾ The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report as the ratio’s per the prospectus are based on estimated future expenses as of the date of the prospectus.

⁽⁵⁾ The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

Important Risks

Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Annual Report  |  April 30, 2016 9

Emerald Insights Fund	Manager Commentary
	April 30, 2016 (Unaudited)

April 30, 2016

Dear Shareholders:

Investment Results

The performance of the Emerald Insights Fund’s Class A shares (without sales load), for the past year reflected a negative return of -11.75%, trailing the Russell Midcap Growth^® Index⁽¹⁾ benchmark by 7.62%. Performance for the period was driven by outperformance in technology, materials and processing; and underperformance in healthcare, consumer, and financial services.

Investment Analysis

The first full year of the Fund’s relative performance can only be described as a disappointment. The reporting period was largely bifurcated, with growth equities leading for the first six months of the year, and value equities driving returns for the second half. The dislocation within growth equities was driven by a dramatic shift in investor sentiment regarding healthcare and energy as well as a “risk-off” positioning driven by fears of recession both domestically and globally. While the dramatic decline in energy was more understandable given the intense volatility of the commodity, the seismic shift in sentiment toward healthcare was initiated by a single tweet by Presidential candidate Hilary Clinton unveiling a plan to limit drug pricing. Since that moment in late September, healthcare stocks, particularly drug-related, have been under intense pressure and correlations⁽²⁾ within the segment increased dramatically; and as of this writing, valuations of healthcare stocks remain depressed. On the economic front, while fears of a domestic recession abounded throughout the winter of 2015/2016, retail sales and non-farm payroll data came in above expectations in March providing some evidence of economic growth. Coupled with tightening high-yield spreads, more dovish Central Bank policy from the U.S. Federal Reserve (the “Fed”), improving oil prices, and some stabilization of emerging market currencies, growth equities began to show improvement at the end of our reporting year.

The Fund portfolio maintained a higher growth bias than the benchmark with overweights to banks, biotechs, and fast growing technology companies throughout the year. In keeping with our growth focus, the Fund was also slightly smaller than the benchmark in terms of market cap and underweight slow growing, higher valued Consumer Staples and Discretionary names. Given the “risk-off” mentality which pervaded the second half, performance suffered, as underweighted areas outperformed and overweighted areas underperformed; the notable exception being technology, which was overweighted to the benchmark for the year and outperformed the benchmark driven by stock selection.

Market Outlook

We have not strayed from our core theses surrounding investment in companies that we believe are high growth innovators with strong competitive moats, excellent management teams and low cost leadership. We believe the US economy is slowly grinding higher and external pressure, while real, will be offset by spurts of economic improvement - a good environment for growth stocks. As of the end of the reporting period, the Fund was overweight Technology, Energy, Materials, and Healthcare (albeit more focused on Biotech/Pharmaceuticals). The Fund remained underweight Consumer Discretionary and Consumer Staples as well as Producer Durables as we believe these sectors do not have growth or profitability expectations in keeping with their current valuations.

While we have adjusted the portfolio over the past several months, we think the risk of transformative changes to drug pricing is minimal, US oil production has peaked and should decline meaningfully this year, and the economy (employment) should muddle along, thus benefiting high growth banks. We also continue to see strong earnings and revenue growth from technology companies in many industries such as security and specialized semiconductors. Reinforcing our confidence in these positions is Credit Suisse’s commentary regarding the high relative valuations of the following industries: food, beverage & tobacco, utilities, large cap food & staples retail (all underweight areas in the Insights portfolio). The Fund is entering the new fiscal year with an average market cap only slightly below the benchmark, while portfolio valuation is meaningfully below the benchmark on price/earnings and price/cash flow metrics. Additionally, the Fund portfolio is made up of names that we believe may have significantly more earnings growth over the next 3-5 years than the Russell Midcap Growth benchmark (16% vs 13%) despite the discounted valuations. This disparity between valuations and growth continues to provide optimism regarding longer term portfolio performance, as growth companies should at some time be rewarded with higher valuations than their slower growth brethren.

As always, we focus on identifying innovative, higher growth companies with strong management teams and competitive differentiators. This focus tends to lead us towards secular trends that we pick up on rather early given the fundamental bottom-up work we do on our industries and companies. While we have not been rewarded for our investment in secular trends in the short term, we are hopeful that this trend reverses and investors gain more confidence in growth companies and themes and once again start rewarding companies for current and future growth.

10 www.emeraldmutualfunds.com

Emerald Insights Fund	Manager Commentary
	April 30, 2016 (Unaudited)

Top Five Contributors	Top Five Detractors
Dollar General Corporation	Harman International Industries, Incorporated
SolarWinds, Inc.	LinkedIn Corporation Class A
Acuity Brands, Inc.	Akorn, Inc.
Depomed, Inc.	bluebird bio, Inc.
St. Jude Medical, Inc.	Fitbit, Inc. Class A
Sincerely,
David A. Volpe, CFA	Joseph W. Garner	Stephen L. Amsterdam
Deputy Chief Investment Officer	Director of Research	Associate Portfolio Manager
Portfolio Manager	Associate Portfolio Manager
Emerald Mutual Fund Advisers Trust

The views of Emerald Mutual Fund Advisors Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisors Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Insights Fund is distributed by ALPS Distributors, Inc.

Diversification does not assure a profit or protect against a loss.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

⁽¹⁾  The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. As of June 30, 2015, the Russell Midcap^® Growth Index included securities issued by companies that ranged in size between $1.8 billion and $28.1 billion. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽²⁾  Correlation is a statistical measure of how an index moves in relation to another index or model portfolio. A correlation ranges from -1 to 1. A correlation of 1 means the two indexes have moved in lockstep with each other. A correlation of -1 means the two indexes have moved in exactly the opposite direction.

Annual Report  |  April 30, 2016 11

Emerald Insights Fund	Manager Commentary
	April 30, 2016 (Unaudited)

TOP TEN HOLDINGS (as a % of Net Assets)*
Southwest Airlines Co.	3.03%
Dollar General Corp.	2.42%
Wabtec Corp.	2.24%
IMAX Corp.	2.11%
S&P Global, Inc.	2.03%
Ross Stores, Inc.	2.02%
Middleby Corp.	1.94%
Palo Alto Networks, Inc.	1.92%
SVB Financial Group	1.91%
Vulcan Materials Co.	1.89%
Top Ten Holdings	21.51%
INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)
Consumer Discretionary	23.64%
Technology	22.03%
Health Care	12.73%
Financial Services	10.44%
Producer Durables	10.64%
Materials & Processing	8.31%
Consumer Staples	6.09%
Energy	3.21%
Master Limited Partnerships	1.83%
Cash, Cash Equivalents, & Other Net Assets	1.08%
* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2016)

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

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

AVERAGE ANNUAL TOTAL RETURN (for the period ended April 30, 2016)

				Expense Ratio
	1 Year		Since Inception1	Gross2		Net2
Class A (NAV)		-11.75%	-1.79%		2.60%	1.38%
Class A (MOP)		-15.96%	-4.50%		2.60%	1.38%
Russell MidCap® Growth Index†		-4.13%	4.96%
Class C (NAV)		-12.45%	-2.55%		7.28%	2.03%
Class C (CDSC)		-13.33%	-2.55%		7.28%	2.03%
Russell MidCap® Growth Index†		-4.13%	4.96%
Investor Class		-11.77%	-1.90%		2.99%	1.43%
Russell MidCap® Growth Index†		-4.13%	4.96%
Institutional Class		-11.46%	-1.56%		4.69%	1.08%
Russell MidCap® Growth Index†		-4.13%	4.96%

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com.

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

¹  Inception Date – August 1, 2014.

12 www.emeraldmutualfunds.com

Emerald Insights Fund	Manager Commentary
	April 30, 2016 (Unaudited)

2	Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2016 in amounts necessary to limit the Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund’s average daily net assets) of 1.35%, 2.00%, 1.05% and 1.40% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2016, without the approval by the Fund’s Board of Trustees. Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.
†	The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. As of June 30, 2015, the Russell Midcap Growth Index included securities issued by companies that ranged in size between $1.8 billion and $28.1 billion. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.
Important Risks Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Annual Report  |  April 30, 2016 13

Emerald Banking and Finance Fund	Manager Commentary
	April 30, 2016 (Unaudited)

April 30, 2016

Dear Shareholders:

Investment Results

The Emerald Bank and Finance Fund outperformed the Russell 2000^® Index⁽¹⁾ for the twelve months ended April 30, 2016, returning 8.39% vs. -5.94% for the Index. During the twelve months ended April 30, 2016, the Russell 2000^® Financial Services Index⁽²⁾ returned 2.70%, the SNL Small Cap U.S. Bank & Thrift Index⁽³⁾ gained 8.95% versus a 1.21% gain delivered by the Standard & Poor’s 500 Index⁽⁴⁾ and a loss of -3.71% for the Russell 2000 Value Index.

Interest rates, net interest margin expansion, the slowing global economy, commercial real estate loan exposure, energy exposure and mergers and acquisitions all remained key drivers for banks as we ended the reporting period. For many banks, the low rate environment, relatively slow loan growth and competition for credits pushed bank margins close to 3% in the first quarter of 2015. However, margins rebounded over the last six months as the pressure on earning asset yields moderated, while banks reduced interest bearing balances due and put those funds to work in their loan portfolios. We believe margins benefited modestly from the U.S. Federal Reserve’s decision to finally begin raising short term rates in mid-December 2015. Prior to the rate hike in December, LIBOR began increasing the last week of November 2015, and continued climbing leading up to, and following, the increase in short term rates (LIBOR rates are benchmark rates that some of the world’s leading banks charge each other for short-term loans. LIBOR stands for London Interbank Offered Rate). We believe however, that further rate increases will need to occur for margins to expand further.

Investment Analysis

We believe that despite the difficult, low rate and high regulatory expense, banking environment, community banks continue to grow revenue and earnings as a result of taking market share from their larger regional competitors. U.S. commercial banks with less than $10 billion in assets grew both revenue and earnings on a year-over-year basis in the first quarter of 2016. We have separated the banks by asset size — the sub-$1 billion banks, the $1 billion to $5 billion institutions, and those with between $5 billion and $10 billion in assets. In each bucket, banks saw year-over-year growth in operating revenue and earnings on a median basis. On a year-over-year basis, the sub-$1 billion asset banks reported a median increase in operating revenue of 5.40% and earnings of 6.29%, the $1 billion to $5 billion institutions grew operating revenue 6.57% and earnings 8.11%, and those with between $5 billion and $10 billion in assets grew operating revenue 9.24% and earnings 10.73%.

As expected and due to seasonality, loan growth for U.S. commercial banks with less than $10 billion in assets slowed in the first quarter of 2016 after strong growth rates in the fourth quarter of 2015.⁽⁵⁾ According to FDIC (Federal Deposit Insurance Corporation) call report data for the quarter ended March 31, 2016, annualized loan growth at banks with less than $10 billion in assets slowed from a 13.7% annualized growth rate in Q4’15 to 4.6% in Q1’16. More surprisingly to us is that commercial and industrial loan growth of 3.7% at the sub $10 billion asset banks was slower than the 6.8% growth in commercial real estate loans at those same banks. We believe that plenty of opportunities exist to invest in community banks that are growing loans by greater than 15% year-over-year. We believe this loan growth is being driven primarily by taking market share from larger regional banks.

Bank regulators stated in December 2015 that they planned to pay “special attention” to banks with higher commercial real estate (or “CRE”) concentrations. The interagency regulatory guidance on CRE lending exposure has been in place since December 2006, but has received renewed attention after regulators issued a joint statement December 18, 2015, encouraging lenders to review the guidance in light of the emergence of looser lending standards observed by examiners.

The guidance states that banks may face increased regulatory scrutiny if they meet one of two thresholds: 1. Total CRE loans are at least 300% of risk-based capital and total CRE loans have grown by more than 50% over the last three years; 2. Total construction and land development (C&D) loans are at least 100% of risk-based capital. C&D loans are a component of total CRE loans. As of the end of 2015, 488 institutions met at least one of the criteria.

The guidance defines CRE loans as the summation of four different loan types reported in call reports: 1. Construction, land development, and other land loans; 2. Multifamily residential property loans; 3. Loans secured by non-owner-occupied nonfarm nonresidential properties; and 4. Loans not secured by real estate that are used to finance commercial real estate or construction and land development activities.

While the statement has focused investors on commercial real estate concentrations at community banks, we believe that the market has over-reacted as this is not new guidance but in fact, guidance that was issued in 2006. We believe that operating above the stated CRE concentrations, however, will not necessarily require an institution to raise more capital or slow loan growth. We believe that banks are instead evaluated on a case-by-case basis, and can operate with higher concentrations as long as they demonstrate robust risk management practices,

14 www.emeraldmutualfunds.com

Emerald Banking and Finance Fund	Manager Commentary
	April 30, 2016 (Unaudited)

including conducting regular appraisals, analyzing borrowers’ ability to repay credits, evaluating local economic conditions, and operating with enhanced reporting and systems.

On the energy front, we believe banks will continue to build their energy-related allowance for loan losses considerably in the second half of 2016 and more reserve-building could come later in 2017, as the impact of job cuts at oil and gas companies begins to wear on certain markets. Over the last six months, banks have steadily built their energy-related provisions as oil prices have remained depressed. Banks exposed to energy have increased provisioning to cushion the blow of an expected spike in defaults due to low oil prices. Banks had built a mountain of reserves from the 2008 credit crisis, negating the need for provisioning in recent years and making any increase appear more dramatic. Overall, the industry increased provisions for loan and lease losses by 42.39% in the fourth quarter of 2015, the largest quarter-over-quarter increase since the fourth quarter of 2007.⁽⁶⁾ While we have not seen a great deal of losses nor do we believe there will be a large amount of losses, we have seen increased loan-loss reserves to guard against a prolonged slump in oil prices. Such prices started to fall in the summer of 2014 and, aside from modest recoveries at different points, they remain depressed. Oil prices have recently traded between $40 to $45 dollars per barrel, less than half of the level that they were at in early 2014.

Energy companies have already made significant headcount reductions, particularly in the area of the drilling oil and gas wells subsector, which reported a 38.4% year-over-year decline in jobs through September 2015, according to the Bureau of Labor Statistics. Additionally, support activity jobs in the oil and gas industry were 22.3% lower year over year in September 2015, and the oil and gas extraction category saw a 4.6% decline. We believe that if energy prices remain depressed for an extended period of time, stress in the energy sector could spill over to other lending segments if laid-off workers struggle to gain new employment. We therefore have a cautious view on commercial real estate and consumer loans in energy exposed geographies in the second half of 2016.

As community banks continued to deliver better loan growth rates than their large cap peers we remained focused on the profitability of these loans as well as the quality of the loans. During the first quarter earnings season, most community bank executives continued to report that credit quality remained strong and while they saw competition on pricing they had not experienced deterioration in credit quality. In fact, the only concerns that we have seen have been focused around energy related loans.

Market Outlook

Uncertainty has increased in the markets as investors worry that weak commodity prices and a global economic slowdown could push the U.S. economy into a recession. We, however, do not believe that we are heading for a recession in 2016. The U.S. economy continues to grow, though at an anemic pace in the first quarter of 2016, leaving the Fed cautious on rate increases. Gross Domestic Product expanded just 0.5% in the first quarter of 2016, according to the U.S. Department of Commerce, marking the weakest advance in two years.

As a result of the economic uncertainty, bank management teams have struggled with the decision to slow loan and deposit growth or growing the loan portfolio with lower yielding loans and increasing their overall costs of deposits to increase core deposits before rates move higher. While a handful of banks have built term funding in recent quarters to prepare for higher short-term rates, most institutions are shrinking the higher cost sources of funds. The prospect of rising rates indeed has prompted many institutions to consider what will happen to deposit costs when rates rise. The fourth quarter move higher in rates had no notable impact in the fourth quarter of 2015, as the cost of money market demand and other savings accounts hung just above zero in the period, according to an analysis of bank and thrift regulatory data by S&P Global Market Intelligence. Funding costs started dwindling in 2008, following the financial crisis that inflicted the banking sector and the Fed’s aggressive actions to bring down rates. Deposit costs drifted down further in ensuing years and have yet to rebound. As both consumers and businesses grew conservative following the crisis, increasingly opting to leave their money in bank accounts rather than spend it, most banks had little trouble gathering deposits in recent years and that remains the case early this year, according to several bankers’ commentary during the recent earnings season and ensuing conference presentations. We believe that since most banks are “flush” with deposits, many banks are likely to move gradually on raising payments to depositors when rates do eventually rise, yet they are widely expected to act more quickly to boost rates on loans in order to widen spreads, ramp up lending profitability and bolster margins.

A larger percentage of the banking industry consolidated in 2015, and we believe mergers and acquisitions activity will continue at a healthy pace in 2016 as persistently low interest rates and higher regulatory and compliance costs encourage banks to sell. The number of announced bank deals in 2015 actually declined from year-ago levels, dipping to 281 transactions from 287 deals a year earlier. While fewer deals surfaced in 2015, a greater percentage of the industry consolidated during the period. In 2015, announced bank deals equated to nearly 4.6% of banks in the industry, the highest percentage of consolidation since 2004. In 2014, announced bank deals equated to nearly 4.4% of banks in the industry. From 2004 to 2013, the measure ranged from 1.4% to 3.4%, according to SNL⁽⁷⁾ data. In calendar year 2016, there have been 87 deal announcements as of April 30, according to S&P Global Market Intelligence, with an aggregate disclosed deal value of $7.24 billion and a median price-to-tangible book ratio of 129.61%. This was lower than the prior-year period, which saw 89 deal announcements with an aggregate disclosed deal value of $8.86 billion and a median price-to-tangible book ratio of 140.85%.

Annual Report  |  April 30, 2016 15

Emerald Banking and Finance Fund	Manager Commentary
	April 30, 2016 (Unaudited)

We believe that the market remains in the early stages of a long term recovery in bank stocks and remain confident in our expectations for improved fundamentals and continued consolidation amongst the small-to-mid capitalization bank and thrift stocks. Our focus remains on seeking companies capable of producing above average organic growth, relatively stable net interest margins, and improving earnings power aided by lower efficiency ratios, with potential for accretive mergers & acquisitions activity, as we deploy Emerald’s 10-Step research process to seek out companies in this market environment that is poised for the potential of higher short-term interest rates.

Top Five Contributors to Return Included	Top Five Detractors to Return Included
LendingTree, Inc.	LegacyTexas Financial Group, Inc.
Eagle Bancorp, Inc.	Conifer Holdings Inc
ServisFirst Bancshares Inc	First NBC Bank Holding Co.
FCB Financial Holdings, Inc. Class A	SVB Financial Group
California Republic Bancorp	BofI Holding, Inc
Kenneth G. Mertz II, CFA	Steven E. Russell, Esq.
Chief Investment Officer	Portfolio Manager
Portfolio Manager
Emerald Mutual Fund Advisers Trust

The views of Emerald Mutual Fund Advisors Trust and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Emerald Mutual Fund Advisors Trust nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Emerald Banking and Finance Fund is distributed by ALPS Distributors, Inc.

Diversification does not assure a profit or protect against a loss.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

⁽¹⁾  Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly into the Index.

⁽²⁾  Russell 2000^® Financial Services TR Index – is comprised of the smallest financial services companies in the Russell 3000 Index. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

⁽³⁾  SNL Small Cap Bank & Thrift Index: Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, Pink Sheets) Banks and Thrifts in SNL’s coverage universe with $250M to $1B Total Common Market Capitalization as of most recent pricing data. Source: SNL Financial, data as of April 30, 2013.

⁽⁴⁾  Standard & Poor’s 500^® Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

⁽⁵⁾  SNL Data Dispatch, Friday, April 29, 2016 –“Community Banking ‘not for the fainthearted,’ but revenue opportunities exist”

⁽⁶⁾  SNL Data Dispatch, Wednesday March 16, 2016, “Provisioning Posts Largest QoQ Jump Since ’07 As Energy Worries Mount”

⁽⁷⁾  There is no specific article cite for the commentary. The data can be found in the SNL data base under the “Market Analysis – M&A Statistics” section of the database.

16 www.emeraldmutualfunds.com

Emerald Banking and Finance Fund	Manager Commentary
	April 30, 2016 (Unaudited)

TOP TEN HOLDINGS (as a % of Net Assets)*
Bank of the Ozarks, Inc.	3.97%
SVB Financial Group	3.80%
PrivateBancorp, Inc.	3.70%
Signature Bank	3.23%
Home BancShares, Inc.	3.10%
PacWest Bancorp	3.07%
Eagle Bancorp, Inc.	2.79%
California Republic Bancorp	2.62%
Western Alliance Bancorp	2.40%
Bridge Bancorp, Inc.	2.25%
Top Ten Holdings	30.93%
INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)
Banks: Diversified	79.86%
Banks: Savings, Thrift & Mortgage Lending	7.65%
Commercial Banks	4.06%
Consumer Lending	1.87%
Real Estate Investment Trusts (REITs)	1.72%
Diversified Financial Services	1.64%
Insurance: Property-Casualty	1.41%
Securities Brokerage & Services	0.72%
Insurance	0.51%
Financial Data & Services	0.05%
Real Estate Management & Development	0.05%
Cash, Cash Equivalents, & Other Net Assets	0.46%
* Holdings are subject to change, and may not reflect the current or future position of the portfolio.

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended April 30, 2016)

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

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

AVERAGE ANNUAL TOTAL RETURN (for the period ended April 30, 2016)

									Since		Expense Ratio
	1 Year		3 Year		5 Year		10 Year		Inception1		Gross2		Net2
Class A (NAV)		8.39%		15.91%		13.97%		2.85%		8.42%		1.60%		1.60%
Class A (MOP)		3.24%		14.05%		12.87%		2.35%		8.15%		1.60%		1.60%
Russell 2000® Index†		-5.94%		7.53%		6.98%		5.42%		7.40%
Russell 2000® Financial Services TR Index††		2.70%		8.91%		10.32%		3.60%		8.03%
Class C (NAV)		7.67%		15.17%		13.26%		2.20%		8.53%		2.25%		2.25%
Class C (CDSC)		6.67%		15.17%		13.26%		2.20%		8.53%		2.25%		2.25%
Russell 2000® Index†		-5.94%		7.53%		6.98%		5.42%		7.40%
Russell 2000® Financial Services TR Index††		2.70%		8.91%		10.32%		3.60%		8.03%
Investor Class		8.36%		15.91%		14.07%		–		12.14%		1.65%		1.65%
Russell 2000® Index†		-5.94%		7.53%		6.98%		5.42%		7.40%
Russell 2000® Financial Services TR Index††		2.70%		8.91%		10.32%		3.60%		8.03%
Institutional Class		8.71%		16.29%		–		–		16.59%		1.30%		1.30%
Russell 2000® Index†		-5.94%		7.53%		6.98%		5.42%		7.40%
Russell 2000® Financial Services TR Index††		2.70%		8.91%		10.32%		3.60%		8.03%

Annual Report  |  April 30, 2016 17

Emerald Banking and Finance Fund	Manager Commentary
	April 30, 2016 (Unaudited)

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained at www.emeraldmutualfunds.com. Performance shown for periods prior to March 16, 2012, reflects the performance of the Forward Banking & Finance Fund, a series of Forward Funds (as a result of a reorganization of the Forward Banking & Finance Fund into the Emerald Banking & Finance Fund). Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 4.75%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.
1	Inception Dates - Class A: 02/18/1997, Class C: 07/01/2000, Class Institutional: 03/19/2012, Class Investor: 03/16/2010
2	Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2016 in amounts necessary to limit the Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund’s average daily net assets) of 1.84%, 2.49%, 1.54% and 1.89% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2016, without the approval by the Fund’s Board of Trustees. Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.
†	The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into an index.
††	The Russell 2000® Financial Services TR Index is comprised of the smallest financial services companies in the Russell 3000 Index. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.
Important Risks A fund that concentrates in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

  18   www.emeraldmutualfunds.com

Emerald Funds	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the (six-month) period and held for the entire period November 1, 2015 through April 30, 2016.

Actual Expenses

The first line for each share class of the Fund in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes

The second line for each share class of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line for each share class of the Fund within the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Annual Report  |  April 30, 2016 19

Emerald Funds	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

	Beginning Account Value 11/01/15			Ending Account Value 04/30/16			Expense Ratio(a)			Expense Paid During Period   11/01/15 - 4/30/16(b)
Emerald Growth Fund
Class A
Actual		$	1,000.00		$	911.30		1.14	%		$	5.42
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.19		1.14	%		$	5.72
Class C
Actual		$	1,000.00		$	908.00		1.79	%		$	8.49
Hypothetical (5% return before expenses)		$	1,000.00		$	1,015.96		1.79	%		$	8.97
Institutional Class
Actual		$	1,000.00		$	912.70		0.84	%		$	3.99
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.69		0.84	%		$	4.22
Investor Class
Actual		$	1,000.00		$	911.00		1.18	%		$	5.61
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.00		1.18	%		$	5.92
Emerald Small Cap Value Fund
Class A
Actual		$	1,000.00		$	976.90		1.35	%		$	6.64
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		1.35	%		$	6.77
Class C
Actual		$	1,000.00		$	973.70		2.00	%		$	9.81
Hypothetical (5% return before expenses)		$	1,000.00		$	1,014.92		2.00	%		$	10.02
Institutional Class
Actual		$	1,000.00		$	977.90		1.00	%		$	4.92
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.89		1.00	%		$	5.02
Investor Class
Actual		$	1,000.00		$	977.10		1.25	%		$	6.14
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.65		1.25	%		$	6.27
Emerald Insights Fund
Class A
Actual		$	1,000.00		$	925.50		1.35	%		$	6.46
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		1.35	%		$	6.77
Class C
Actual		$	1,000.00		$	921.90		2.00	%		$	9.56
Hypothetical (5% return before expenses)		$	1,000.00		$	1,014.92		2.00	%		$	10.02
Institutional Class
Actual		$	1,000.00		$	927.60		1.05	%		$	5.03
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.64		1.05	%		$	5.27
Investor Class
Actual		$	1,000.00		$	925.40		1.40	%		$	6.70
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.90		1.40	%		$	7.02
Emerald Banking and Finance Fund
Class A

20 www.emeraldmutualfunds.com

Emerald Funds	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

	Beginning Account Value 11/01/15			Ending Account Value 04/30/16			Expense Ratio(a)			Expense Paid During Period   11/01/15 - 4/30/16(b)
Actual		$	1,000.00		$	966.30		1.47	%		$	7.19
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		1.47	%		$	7.37
Class C
Actual		$	1,000.00		$	962.80		2.13	%		$	10.39
Hypothetical (5% return before expenses)		$	1,000.00		$	1,014.27		2.13	%		$	10.67
Institutional Class
Actual		$	1,000.00		$	967.90		1.14	%		$	5.58
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.19		1.14	%		$	5.72
Investor Class
Actual		$	1,000.00		$	966.40		1.46	%		$	7.14
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.60		1.46	%		$	7.32

^(a) The Fund’s expense ratios have been based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

Annual Report  |  April 30, 2016 21

Emerald Growth Fund	Schedule of Investments
	April 30, 2016

Shares			Value     (Note 2)
	COMMON STOCKS: 97.64%
	Consumer Discretionary: 18.39%
	558,780	American Eagle Outfitters, Inc.		$7,996,142
	215,312	Burlington Stores, Inc.(a)		12,266,325
	1,240,166	Chegg, Inc.(a)		5,630,354
	26,173	Churchill Downs, Inc.		3,511,893
	132,625	Chuy’s Holdings, Inc.(a)		4,050,367
	296,677	Dave & Buster’s Entertainment, Inc.(a)		11,481,400
	174,696	Diversified Restaurant Holdings, Inc.(a)		303,971
	336,804	Five Below, Inc.(a)		14,044,727
	52,760	Hibbett Sports, Inc.(a)		1,904,636
	196,629	Jack in the Box, Inc.		13,282,289
	360,040	Kona Grill, Inc.(a)		4,795,733
	224,266	Malibu Boats, Inc., Class A(a)		3,947,082
	304,623	Marcus Corp.		5,894,455
	392,374	MarineMax, Inc.(a)		7,459,030
	172,848	Matthews International Corp., Class A		9,098,719
	95,830	Nexstar Broadcasting Group, Inc., Class A		4,918,954
	352,607	Ollie’s Bargain Outlet Holdings, Inc.(a)		9,326,455
	434,880	Penn National Gaming, Inc.(a)		7,014,614
	340,589	Planet Fitness, Inc., Class A(a)		5,231,447
	209,891	Red Robin Gourmet Burgers, Inc.(a)		13,613,530
	801,650	Sequential Brands Group, Inc.(a)		4,449,157
	296,085	Steven Madden Ltd.(a)		10,365,936
	460,803	Tile Shop Holdings, Inc.(a)		8,220,725
	385,958	Tilly’s, Inc., Class A(a)		2,427,676
				171,235,617
	Energy: 1.06%
	190,999	Parsley Energy, Inc., Class A(a)		4,473,197
	749,843	Synergy Resources Corp.(a)		5,413,866
				9,887,063
	Financial Services: 18.32%
	213,982	American Campus Communities, Inc., REIT		9,575,695
	211,510	American Farmland Co., REIT		1,461,534
	179,313	Atlas Financial Holdings, Inc.(a)		3,150,529
	390,795	Bank of the Ozarks, Inc.		16,139,834
	533,175	Bofl Holding, Inc.(a)		10,860,775
	87,000	California Republic Bancorp(a)		3,136,350
	310,480	CareTrust REIT, Inc.		3,949,306
	152,715	ConnectOne Bancorp, Inc.		2,628,225
	169,020	CubeSmart, REIT		5,004,682
	203,654	Customers Bancorp, Inc.(a)		5,290,931
	256,298	Education Realty Trust, Inc., REIT		10,192,971
	274,543	FCB Financial Holdings, Inc., Class A(a)		9,595,278
	117,790	First Choice Bank(a)		1,825,745
	68,399	First Foundation, Inc.(a)		1,542,397
	148,203	Howard Bancorp, Inc.(a)		1,907,373

Shares			Value     (Note 2)
	Financial Services (continued)
	142,835	LendingTree, Inc.(a)		$12,779,447
	397,651	Live Oak Bancshares, Inc.		6,259,027
	171,312	Marcus & Millichap, Inc.(a)		4,296,505
	144,926	National Commerce Corp.(a)		3,468,079
	245,890	Opus Bank		8,881,547
	249,359	Pacific Premier Bancorp, Inc.(a)		5,800,090
	79,536	Pinnacle Financial Partners, Inc.		3,910,785
	158,477	PrivateBancorp, Inc.		6,594,228
	197,838	QTS Realty Trust, Inc., REIT, Class A		9,579,316
	60,670	Sovran Self Storage, Inc., REIT		6,444,367
	461,435	Virtu Financial, Inc., Class A		9,620,920
	295,980	Walker & Dunlop, Inc.(a)		6,526,359
	14,925	Whitestone REIT		200,443
				170,622,738
	Health Care: 20.72%
	218,343	Acadia Healthcare Co., Inc.(a)		13,797,094
	340,958	Adamas Pharmaceuticals, Inc.(a)		5,755,371
	225,783	Aimmune Therapeutics, Inc.(a)		2,923,890
	55,700	Alder Biopharmaceuticals, Inc.(a)		1,478,835
	1,350,984	Amicus Therapeutics, Inc.(a)		10,091,850
	69,460	Anacor Pharmaceuticals, Inc.(a)		4,357,920
	313,431	Applied Genetic Technologies Corp.(a)		4,924,001
	439,768	AtriCure, Inc.(a)		6,992,311
	130,330	Bluebird Bio, Inc.(a)		5,780,136
	132,729	Cantel Medical Corp.		8,891,516
	268,526	Cepheid(a)		7,663,732
	25,730	Greatbatch, Inc.(a)		895,404
	290,993	Impax Laboratories, Inc.(a)		9,704,617
	346,207	Imprivata, Inc.(a)		4,196,029
	408,287	Insmed, Inc.(a)		4,960,687
	8,296	Intercept Pharmaceuticals, Inc.(a)		1,250,539
	138,144	Intrexon Corp.(a)		3,692,589
	523,946	K2M Group Holdings, Inc.(a)		8,519,362
	156,593	LDR Holding Corp.(a)		4,220,181
	345,320	MacroGenics, Inc.(a)		7,099,779
	68,271	NeoGenomics, Inc.(a)		555,726
	237,838	Neos Therapeutics, Inc.(a)		2,157,191
	188,180	Neurocrine Biosciences, Inc.(a)		8,577,244
	24,993	Omnicell, Inc.(a)		796,277
	100,538	PAREXEL International Corp.(a)		6,142,872
	371,068	Portola Pharmaceuticals, Inc.(a)		8,816,576
	26,806	Presbia PLC(a)		105,884
	278,419	Relypsa, Inc.(a)		5,039,384
	94,332	Spark Therapeutics, Inc.(a)		3,385,575
	304,582	Teladoc, Inc.(a)		3,700,671
	629,962	Veeva Systems, Inc., Class A(a)		17,330,255
	180,649	WellCare Health Plans, Inc.(a)		16,256,604
	371,977	ZIOPHARM Oncology, Inc.(a)		2,923,739
				192,983,841

22 www.emeraldmutualfunds.com

Emerald Growth Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
Materials & Processing: 7.02%
387,055	Apogee Enterprises, Inc.		$16,039,559
493,637	Headwaters, Inc.(a)		9,877,676
435,435	Installed Building Products, Inc.(a)		11,573,862
310,843	Interface, Inc.		5,290,548
59,231	Masonite International Corp.(a)		4,007,570
392,748	Trex Co., Inc.(a)		18,635,893
			65,425,108
Producer Durables: 5.98%
110,142	Blue Bird Corp.(a)		1,190,635
244,464	Kforce, Inc.		4,647,261
336,190	Knoll, Inc.		7,850,036
379,933	Korn/Ferry International		10,311,382
222,681	Spirit Airlines, Inc.(a)		9,782,376
122,335	Tennant Co.		6,533,912
517,342	Tutor Perini Corp.(a)		8,184,350
129,027	Virgin America, Inc.(a)		7,185,514
			55,685,466
Technology: 23.17%
410,081	Alarm.com Holdings, Inc.(a)		9,353,948
267,966	Applied Optoelectronics, Inc.(a)		3,001,219
173,920	Cavium, Inc.(a)		8,586,430
289,476	ChannelAdvisor Corp.(a)		3,606,871
555,632	Ciena Corp.(a)		9,351,287
278,629	comScore, Inc.(a)		8,531,620
278,954	Cornerstone OnDemand, Inc.(a)		9,582,070
233,196	EPAM Systems, Inc.(a)		17,006,984
294,311	Everyday Health, Inc.(a)		1,707,004
314,845	Gigamon, Inc.(a)		10,260,799
406,824	GTT Communications, Inc.(a)		6,501,047
148,119	Guidewire Software, Inc.(a)		8,438,339
310,637	Imperva, Inc.(a)		14,438,408
50,834	Inphi Corp.(a)		1,508,245
85,585	IPG Photonics Corp.(a)		7,417,652
253,570	Lumentum Holdings, Inc.(a)		6,415,321
217,849	M/A-COM Technology Solutions Holdings, Inc.(a)		8,907,846
182,415	Mercury Systems, Inc.(a)		3,834,363
367,767	Microsemi Corp.(a)		12,426,847
103,006	MicroStrategy, Inc., Class A(a)		18,471,036
311,360	Model N, Inc.(a)		3,325,325
216,879	Proofpoint, Inc.(a)		12,635,370
319,061	Qlik Technologies, Inc.(a)		9,823,888
221,026	Reis, Inc.		5,563,224
505,729	Sigma Designs, Inc.(a)		3,201,265
249,760	Super Micro Computer, Inc.(a)		6,721,042
74,132	Synchronoss Technologies, Inc.(a)		2,303,281
500,677	Telenav, Inc.(a)		2,853,859
			215,774,590

Shares		Value (Note 2)
Utilities: 2.98%
1,284,109	8x8, Inc.(a)		$14,561,796
2,824,405	Vonage Holdings Corp.(a)		13,189,971
			27,751,767
	Total Common Stocks
	(Cost $911,999,829)		909,366,190
SHORT TERM INVESTMENTS: 1.75%
16,331,904	Dreyfus Government Cash Management Fund - Institutional Class 0.201% (7-Day Yield)		16,331,904
	Total Short Term Investments
	(Cost $16,331,904)		16,331,904
Total Investments: 99.39%
(Cost $928,331,733)			925,698,094
Other Assets In Excess Of Liabilities: 0.61%			5,695,567
Net Assets: 100.00%			$931,393,661

^(a)  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.

Annual Report  |  April 30, 2016 23

Emerald Small Cap Value Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
COMMON STOCKS: 95.13%
Consumer Discretionary: 17.26%
6,012	Big Lots, Inc.		$275,710
19,230	Carriage Services, Inc.		469,789
29,202	Gray Television, Inc.(a)		375,246
20,851	Interval Leisure Group, Inc.		294,416
14,625	MDC Partners, Inc., Class A		296,010
23,222	Party City Holdco, Inc.(a)		332,771
27,110	Stoneridge, Inc.(a)		386,589
14,306	Viad Corp.		425,603
			2,856,134
Financial Services: 36.30%
66,762	Cedar Realty Trust, Inc., REIT		461,993
18,282	Corporate Office Properties Trust, REIT		469,482
11,268	CyrusOne, Inc., REIT		497,256
17,345	Employers Holdings, Inc.		515,147
144,469	Everi Holdings, Inc.(a)		242,708
18,082	First Financial Bancorp		352,599
18,663	First Merchants Corp.		478,705
18,244	Flushing Financial Corp.		363,968
16,207	Great Western Bancorp, Inc.		510,844
16,648	Live Oak Bancshares, Inc.		262,040
10,741	Opus Bank		387,965
20,662	Provident Financial Services, Inc.		412,827
24,821	Ramco-Gershenson Properties Trust, REIT		439,580
36,745	Real Industry, Inc.(a)		324,826
2,748	SVB Financial Group(a)		286,561
			6,006,501
Health Care: 1.61%
17,279	Horizon Pharma PLC(a)		265,578
Materials & Processing: 5.21%
11,281	Koppers Holdings, Inc.(a)		283,492
37,475	Mercer International, Inc.		314,790
10,443	Steel Dynamics, Inc.		263,268
			861,550
Producer Durables: 13.33%
17,312	Darling Ingredients, Inc.(a)		250,851
13,315	Ducommun, Inc.(a)		211,842
8,509	EMCOR Group, Inc.		412,516
4,885	EnerSys		285,137
10,463	Generac Holdings, Inc.(a)		398,850
15,575	MasTec, Inc.(a)		352,930
4,539	Regal Beloit Corp.		292,402
			2,204,528
Technology: 14.95%
16,308	ARRIS International PLC(a)		371,333
13,879	Microsemi Corp.(a)		468,971

Shares		Value (Note 2)
Technology (continued)
24,320	Perficient, Inc.(a)		$507,802
27,587	Rudolph Technologies, Inc.(a)		382,633
5,879	Synaptics, Inc.(a)		420,642
54,578	Xcerra Corp.(a)		322,010
			2,473,391
Utilities: 6.47%
10,878	Great Plains Energy, Inc.		339,720
74,194	Vonage Holdings Corp.(a)		346,486
17,900	West Corp.		383,597
			1,069,803
	Total Common Stocks
	(Cost $14,359,349)		15,737,485
SHORT TERM INVESTMENTS: 4.62%
764,627	Dreyfus Government Cash Management Fund - Institutional Class 0.201% (7-Day Yield)		764,627
	Total Short Term Investments
	(Cost $764,627)		764,627
Total Investments: 99.75%
(Cost $15,123,976)			16,502,112
Other Assets In Excess Of Liabilities: 0.25%			40,897
Net Assets: 100.00%			$16,543,009

^(a)  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.

24 www.emeraldmutualfunds.com

Emerald Insights Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
COMMON STOCKS: 97.09%
Consumer Discretionary: 23.64%
1,104	AO Smith Corp.		$85,251
2,213	Brunswick Corp.		106,290
3,926	Dollar General Corp.		321,579
3,794	Foot Locker, Inc.		233,103
2,463	Harman International Industries, Inc.		189,060
9,011	Hilton Worldwide Holdings, Inc.		198,692
8,757	IMAX Corp.(a)		280,224
2,620	Jack in the Box, Inc.		176,981
3,334	MGM Resorts International(a)		71,014
2,836	Norwegian Cruise Line Holdings Ltd.(a)		138,652
492	O’Reilly Automotive, Inc.(a)		129,239
4,740	Ross Stores, Inc.		269,137
2,533	S&P Global, Inc.		270,651
1,229	Signet Jewelers Ltd.		133,420
638	Ulta Salon Cosmetics & Fragrance, Inc.(a)		132,883
2,287	Under Armour, Inc., Class A(a)		100,491
2,287	Under Armour, Inc., Class C(a)		93,310
1,234	Whirlpool Corp.		214,889
			3,144,866
Consumer Staples: 6.09%
660	Carlisle Cos., Inc.		67,254
3,394	Hain Celestial Group, Inc.(a)		142,073
1,934	Mead Johnson Nutrition Co.		168,548
1,552	Monster Beverage Corp.(a)		223,830
5,186	WhiteWave Foods Co.(a)		208,529
			810,234
Energy: 3.21%
2,844	Cabot Oil & Gas Corp.		66,549
1,529	Diamondback Energy, Inc.(a)		132,381
3,335	Newfield Exploration Co.(a)		120,894
3,419	Spectra Energy Corp.		106,912
			426,736
Financial Services: 10.44%
1,465	Affiliated Managers Group, Inc.(a)		249,519
1,008	Alliance Data Systems Corp.(a)		204,936
3,092	Bank of the Ozarks, Inc.		127,700
2,970	BankUnited, Inc.		102,465
2,220	CubeSmart, REIT		65,734
2,450	Mid-America Apartment Communities, Inc., REIT		234,490
3,750	PacWest Bancorp		149,925
2,436	SVB Financial Group(a)		254,026
			1,388,795
Health Care: 12.73%
2,182	Abbott Laboratories		84,880
1,354	Acadia Healthcare Co., Inc.(a)		85,559
5,660	Akorn, Inc.(a)		144,047

Shares		Value (Note 2)
Health Care (continued)
1,758	Alnylam Pharmaceuticals, Inc.(a)		$117,856
9,412	Amicus Therapeutics, Inc.(a)		70,308
1,851	Bluebird Bio, Inc.(a)		82,092
4,509	Cepheid(a)		128,687
7,735	Horizon Pharma PLC(a)		118,887
3,625	Impax Laboratories, Inc.(a)		120,894
810	Intercept Pharmaceuticals, Inc.(a)		122,099
6,310	Intrexon Corp.(a)		168,666
1,665	VCA, Inc.(a)		104,845
7,653	Veeva Systems, Inc., Class A(a)		210,534
1,496	WellCare Health Plans, Inc.(a)		134,625
			1,693,979
Materials & Processing: 8.31%
731	Acuity Brands, Inc.		178,284
4,573	Axalta Coating Systems Ltd.(a)		130,193
3,403	Crown Holdings, Inc.(a)		180,223
510	Martin Marietta Materials, Inc.		86,307
6,385	Masco Corp.		196,083
3,295	Steel Dynamics, Inc.		83,067
2,335	Vulcan Materials Co.		251,316
			1,105,473
Producer Durables: 10.64%
1,036	Dycom Industries, Inc.(a)		73,142
3,450	Korn/Ferry International		93,633
2,355	Middleby Corp.(a)		258,202
1,441	Old Dominion Freight Line, Inc.(a)		95,178
1,220	Snap-on, Inc.		194,322
9,023	Southwest Airlines Co.		402,516
3,592	Wabtec Corp.		297,884
			1,414,877
Technology: 22.03%
4,520	Activision Blizzard, Inc.		155,804
1,725	ARRIS International PLC(a)		39,278
1,255	Avago Technologies Ltd.		182,916
2,597	Cavium, Inc.(a)		128,214
980	Electronic Arts, Inc.(a)		60,613
1,813	EPAM Systems, Inc.(a)		132,222
384	Equinix, Inc., REIT		126,854
12,866	Fitbit, Inc., Class A(a)		234,805
2,093	Intuit, Inc.		211,163
1,438	IPG Photonics Corp.(a)		124,631
824	Lam Research Corp.		62,954
658	LinkedIn Corp., Class A(a)		82,454
14,642	ON Semiconductor Corp.(a)		138,660
1,689	Palo Alto Networks, Inc.(a)		254,819
4,085	PayPal Holdings, Inc.(a)		160,050
3,722	Proofpoint, Inc.(a)		216,844
2,364	SBA Communications Corp., Class A(a)		243,587
2,597	ServiceNow, Inc.(a)		185,634

Annual Report  |  April 30, 2016 25

Emerald Insights Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
Technology (continued)
2,832	Skyworks Solutions, Inc.		$189,234
			2,930,736
	Total Common Stocks
	(Cost $12,786,985)		12,915,696
MASTER LIMITED PARTNERSHIPS: 1.83%
Financial Services: 1.83%
6,749	Lazard Ltd., Class A		243,302
	Total Master Limited Partnerships
	(Cost $311,184)		243,302
SHORT TERM INVESTMENTS: 2.00%
266,809	Dreyfus Government Cash Management Fund - Institutional Class 0.201% (7-Day Yield)		266,809
	Total Short Term Investments
	(Cost $266,809)		266,809
Total Investments: 100.92%
(Cost $13,364,978)			13,425,807
Liabilities In Excess Of Other Assets: (0.92)%			(122,599)
Net Assets: 100.00%			$13,303,208

^(a)  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.

26 www.emeraldmutualfunds.com

Emerald Banking and Finance Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
COMMON STOCKS: 99.54%
Financial Services: 99.54%
Banks: Diversified: 79.86%
100,000	1st Source Corp.		$3,444,000
113,100	Alerus Financial Corp.		2,075,385
53,798	American Business Bank(a)		1,627,380
171,237	Ameris Bancorp		5,376,842
293,286	Bank of the Ozarks, Inc.		12,112,712
180,325	BankUnited, Inc.		6,221,212
106,400	Baylake Corp.		1,854,552
171,605	BNC Bancorp		3,837,088
225,409	Bridge Bancorp, Inc.		6,861,450
221,489	California Republic Bancorp(a)		7,984,678
104,914	Cardinal Financial Corp.		2,321,747
203,323	CenterState Banks, Inc.		3,312,132
190,470	ConnectOne Bancorp, Inc.		3,277,989
922	Consumers Bancorp, Inc.		14,936
69,144	CU Bancorp(a)		1,593,078
190,303	Customers Bancorp, Inc.(a)		4,944,072
167,748	Eagle Bancorp, Inc.(a)		8,504,824
228,773	Equity Bancshares, Inc., Class A(a)		4,797,370
86,853	Farmers National Banc Corp.		807,733
191,017	FCB Financial Holdings, Inc., Class A(a)		6,676,044
13,963	First Bank(a)		100,394
119,800	First Business Financial Services, Inc.		3,032,138
142,037	First Foundation, Inc.(a)		3,202,934
149,550	First NBC Bank Holding Co.(a)		3,251,217
85,800	First of Long Island Corp.		2,626,338
246,394	Freedom Bank of Virginia(a)		2,168,267
24,096	FVC Bankcorp, Inc.(a)		434,933
109,516	Great Western Bancorp, Inc.		3,451,944
22,506	Guaranty Bancorp		369,549
220,296	Home BancShares, Inc.		9,470,525
16,003	HopFed Bancorp, Inc.		180,034
114,296	Howard Bancorp, Inc.(a)		1,470,990
15,250	Independent Bank Corp.		717,207
50,000	Independent Bank Corporation		757,500
54,120	John Marshall Bank(a)		875,391
220,060	Live Oak Bancshares, Inc.		3,463,744
44,420	MainSource Financial Group, Inc.		970,577
141,177	MainStreet Bank(a)		1,616,477
259,003	Malvern Bancorp, Inc.(a)		4,081,887
87,881	Mercantile Bank Corp.		2,119,690
45,870	Meridian Bancorp, Inc.		670,619
120,788	Meta Financial Group, Inc.		5,993,501
239,209	National Commerce Corp.(a)		5,724,271
224	Oak Valley Bancorp		2,137
87,388	Old Line Bancshares, Inc.		1,614,930
140,001	Opus Bank		5,056,836
60,410	Pacific Mercantile Bancorp(a)		453,679
169,325	Pacific Premier Bancorp, Inc.(a)		3,938,499
234,512	PacWest Bancorp		9,375,790
133,412	Pinnacle Financial Partners, Inc.		6,559,868

Shares		Value (Note 2)
Banks: Diversified (continued)
271,170	PrivateBancorp, Inc.		$11,283,384
70,000	Puget Sound Bancorp, Inc.(a)		1,296,750
30,000	QCR Holdings, Inc.		773,100
97,812	Renasant Corp.		3,358,864
750	RidgeStone Financial Services		16,969
481,505	Royal Bancshares of Pennsylvania, Inc., Class A(a)		1,420,440
128,065	ServisFirst Bancshares, Inc.		6,311,043
71,512	Signature Bank(a)		9,856,499
66,236	Simmons First National Corp., Class A		3,093,221
46,032	Southern First Bancshares, Inc.(a)		1,173,816
20,598	Southern National Bancorp of Virginia, Inc.		253,355
111,196	SVB Financial Group(a)		11,595,519
50,000	Unity Bancorp, Inc.		588,000
187,675	WashingtonFirst Bankshares, Inc.		4,166,385
61,970	Webster Financial Corp.		2,270,581
106,242	West Town Bank & Trust(a)		2,098,280
200,144	Western Alliance Bancorp(a)		7,321,268
212,524	Yadkin Financial Corp.		5,317,350
			243,591,914
Banks: Savings, Thrift & Mortgage Lending: 7.65%
225,594	Atlantic Coast Financial Corp.(a)		1,448,313
157,210	First Choice Bank(a)		2,436,755
125,475	First Resource Bank		840,682
82,750	Flushing Financial Corp.		1,650,863
103,401	Heritage Financial Corp.		1,907,748
11,680	Home Bancorp, Inc.		326,106
18,520	Home Federal Bancorp, Inc.		412,996
182,919	OceanFirst Financial Corp.		3,563,262
235,753	Sterling Bancorp		3,852,204
49,746	Sunshine Bancorp, Inc.(a)		700,424
30,890	Sussex Bancorp		415,471
169,608	WSFS Financial Corp.		5,790,417
			23,345,241
Commercial Banks: 4.06%
30,814	County Bancorp, Inc.		644,013
146,082	Franklin Financial Network, Inc.(a)		4,432,128
107,712	Investar Holding Corp.		1,636,145
62,200	Seacoast Commerce Banc Holdings(a)		951,660
129,815	Stonegate Bank		4,089,172
39,610	Triumph Bancorp, Inc.(a)		629,403
			12,382,521
Consumer Lending: 1.87%
63,644	LendingTree, Inc.(a)		5,694,229
Diversified Financial Services: 1.64%
37,460	HomeStreet, Inc.(a)		807,263

Annual Report  |  April 30, 2016 27

Emerald Banking and Finance Fund	Schedule of Investments
	April 30, 2016

Shares		Value (Note 2)
Diversified Financial Services (continued)
147,723	MidWestOne Financial Group, Inc.		$4,189,424
			4,996,687
Financial Data & Services: 0.05%
5,000	Black Knight Financial Services, Inc., Class A(a)		159,900
Insurance: 0.51%
50,000	James River Group Holdings Ltd.		1,548,000
Insurance: Property-Casualty: 1.41%
100,000	AmTrust Financial Services, Inc.		2,485,000
30,000	Atlas Financial Holdings, Inc.(a)		527,100
40,000	Federated National Holdings Co.		762,000
31,441	United Insurance Holdings Corp.		512,803
			4,286,903
Real Estate Investment Trusts (REITs): 1.72%
45,360	American Campus Communities, Inc., REIT		2,029,860
71,710	American Farmland Co., REIT		495,516
49,360	Education Realty Trust, Inc., REIT		1,963,047
92,800	Independence Realty Trust, Inc., REIT		665,376
8,100	Whitestone REIT		108,783
			5,262,582
Real Estate Management & Development: 0.05%
5,740	Marcus & Millichap, Inc.(a)		143,959
Securities Brokerage & Services: 0.72%
106,086	Virtu Financial, Inc., Class A		2,211,893
	Total Common Stocks
	(Cost $258,410,259)		303,623,829
SHORT TERM INVESTMENTS: 0.99%
3,008,620	Dreyfus Government Cash Management Fund - Institutional Class 0.201% (7-Day Yield)		3,008,620
	Total Short Term Investments
	(Cost $3,008,620)		3,008,620
Total Investments: 100.53%
(Cost $261,418,879)			306,632,449
Liabilities In Excess Of Other Assets: (0.53)%			(1,607,365)
Net Assets: 100.00%			$305,025,084

^(a)  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.

28 www.emeraldmutualfunds.com

Emerald Funds	Statements of Assets and Liabilities
	April 30, 2016

	Emerald Growth   Fund			Emerald Small Cap Value Fund			Emerald Insights   Fund			Emerald Banking and Finance Fund
ASSETS:
Investments, at value		$	925,698,094		$	16,502,112		$	13,425,807		$	306,632,449
Cash			1,610			152			34			325
Receivable for investments sold			8,561,573			–			432,956			–
Receivable for shares sold			2,731,110			858,704			–			455,263
Receivable due from advisor			–			8,132			–			–
Interest and dividends receivable			133,716			4			5,383			60,784
Other assets			85,766			15,314			18,233			36,265
Total Assets			937,211,869			17,384,418			13,882,413			307,185,086
LIABILITIES:
Payable for investments purchased			1,952,842			–			543,125			471,756
Payable for shares redeemed			2,792,810			808,724			–			1,165,289
Investment advisory fees payable			474,630			–			890			229,154
Payable to fund accounting and administration			73,123			3,139			2,600			25,196
Payable for distribution and service fees			280,583			804			4,618			169,657
Payable for trustee fees and expenses			5,856			69			83			1,728
Payable for transfer agency fees			61,191			4,484			5,219			30,346
Payable for chief compliance officer fee			7,365			121			105			2,410
Payable for principal financial officer fee			1,227			20			17			402
Payable for professional fees			19,162			18,906			17,067			17,764
Accrued expenses and other liabilities			149,419			5,142			5,481			46,300
Total Liabilities			5,818,208			841,409			579,205			2,160,002
NET ASSETS		$	931,393,661		$	16,543,009		$	13,303,208		$	305,025,084
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)		$	982,524,158		$	15,962,286		$	14,383,810		$	272,866,714
Accumulated net investment loss			(1,937,256)			(5,849)			(19,899)			(305,212)
Accumulated net realized loss			(46,559,602)			(791,564)			(1,121,532)			(12,749,988)
Net unrealized appreciation/(depreciation)			(2,633,639)			1,378,136			60,829			45,213,570
NET ASSETS		$	931,393,661		$	16,543,009		$	13,303,208		$	305,025,084
INVESTMENTS, AT COST		$	928,331,733		$	15,123,976		$	13,364,978		$	261,418,879
PRICING OF SHARES
Class A: (a)
Net Asset Value, offering and redemption price per share		$	17.52		$	13.00		$	9.69		$	31.27
Net Assets		$	323,602,827		$	339,953		$	11,388,130		$	110,601,459
Shares of beneficial interest outstanding			18,475,590			26,148			1,175,467			3,537,412
Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price)		$	18.39		$	13.65		$	10.17		$	32.83
Class C: (a)
Net Asset Value, offering and redemption price per share		$	15.14		$	12.94		$	9.56		$	28.20
Net Assets		$	42,074,673		$	566,058		$	100,543		$	52,365,633
Shares of beneficial interest outstanding			2,778,503			43,730			10,513			1,856,798
Institutional Class:
Net Asset Value, offering and redemption price per share		$	18.04		$	13.02		$	9.73		$	31.69
Net Assets		$	453,189,693		$	13,691,313		$	1,728,512		$	61,654,426
Shares of beneficial interest outstanding			25,114,920			1,051,378			177,713			1,945,705
Investor Class:
Net Asset Value, offering and redemption price per share		$	17.46		$	12.98		$	9.67		$	29.95
Net Assets		$	112,526,468		$	1,945,685		$	86,023		$	80,403,566
Shares of beneficial interest outstanding			6,445,135			149,911			8,900			2,684,872

(a) 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

Annual Report  |  April 30, 2016 29

Emerald Funds	Statements of Operations
	For the Year Ended April 30, 2016

		Emerald Growth Fund		Emerald Small Cap Value Fund(a)							Emerald Insights Fund			Emerald Banking and Finance Fund
				For the Period			Year Ended
	Year Ended April 30, 2016			October 1, 2015 to April 30, 2016			September 30, 2015			Year Ended April 30, 2016			Year Ended April 30, 2016
INVESTMENT INCOME:
Dividends			2,586,095			86,516			266,520			93,913			3,240,912
Foreign taxes withheld			–			(852)			(125)			(447)			–
Total Investment Income			2,586,095			85,664			266,395			93,466			3,240,912
EXPENSES:
Investment advisory fee (Note 6)			4,678,661			69,483			144,285			86,192			2,414,429
Recoupment of previously waived fees (Note 6)			134,516			–			–			–			–
Administration fee			359,924			6,455			3,571			9,948			130,361
Custodian fee			70,868			2,873			7,120			5,000			28,397
Professional fees			32,754			23,417			22,242			18,339			23,305
Transfer agent fee			278,361			16,746			35,352			31,622			144,605
Trustee fees and expenses			20,485			269			165			307			6,886
Registration/filing fees			217,592			28,936			29,207			26,816			84,119
Reports to shareholder and printing fees			112,192			5,169			4,471			2,389			34,543
Distribution and service fees
Class A			948,901			67			13			35,326			355,344
Class C			339,650			450			37			672			444,639
Institutional Class			150,914			–			–			309			11,158
Investor Class			353,978			1,617			1,077			2,452			235,338
Chief compliance officer fee			42,107			439			369			678			14,851
Principal financial officer fee			7,206			73			0			117			2,543
Other			27,494			9,541			15,004			10,296			14,393
Total expenses before waiver			7,775,603			165,535			262,913			230,463			3,944,911
Less fees waived/reimbursed by investment advisor (Note 6)			–			(70,785)			(78,334)			(76,576)			–
Total Net Expenses			7,775,603			94,750			184,579			153,887			3,944,911
NET INVESTMENT INCOME/(LOSS):			(5,189,508)			(9,086)			81,816			(60,421)			(703,999)
REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain/(loss)			(45,883,891)			205,540			(997,104)			(991,477)			(9,446,349)
Net change in unrealized appreciation/(depreciation)			(70,373,366)			243,735			1,168,742			(608,622)			9,022,785
NET REALIZED AND UNREALIZED GAIN/(LOSS)			(116,257,257)			449,275			171,638			(1,600,099)			(423,564)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(121,446,765)		$	440,189		$	253,453		$	(1,660,520)		$	(1,127,563)

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

See Notes to Financial Statements.

30 www.emeraldmutualfunds.com

Emerald Growth Fund Statements of Changes in Net Assets

	Year Ended April 30, 2016			Year Ended April 30, 2015
OPERATIONS:
Net investment loss		$	(5,189,508)		$	(2,204,019)
Net realized gain/(loss)			(45,883,891)			26,045,665
Net change in unrealized appreciation/(depreciation)			(70,373,366)			22,664,902
Net increase/(decrease) in net assets resulting from operations			(121,446,765)			46,506,548
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
From net realized gains
Class A			(8,925,260)			(7,114,290)
Class C			(1,239,080)			(872,458)
Institutional Class			(9,080,768)			(10,131,634)
Investor Class			(3,291,011)			(1,055,047)
Net decrease in net assets from distributions			(22,536,119)			(19,173,429)
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares			381,182,773			53,012,811
Issued to shareholders in reinvestment of distributions			8,212,776			6,449,784
Cost of shares redeemed			(133,632,331)			(23,205,808)
Net increase from share transactions			255,763,218			36,256,787
Class C
Proceeds from sale of shares			38,113,416			5,349,541
Issued to shareholders in reinvestment of distributions			1,010,353			745,415
Cost of shares redeemed			(4,668,547)			(3,205,852)
Net increase from share transactions			34,455,222			2,889,104
Institutional Class
Proceeds from sale of shares			461,582,646			44,366,418
Issued to shareholders in reinvestment of distributions			8,228,820			9,651,464
Cost of shares redeemed			(133,394,758)			(29,629,924)
Net increase from share transactions			336,416,708			24,387,958
Investor Class
Proceeds from sale of shares			171,962,946			18,821,238
Issued to shareholders in reinvestment of distributions			2,169,384			761,358
Cost of shares redeemed			(62,270,391)			(13,424,866)
Net increase from share transactions			111,861,939			6,157,730
Net increase in net assets		$	594,514,203		$	97,024,698
NET ASSETS:
Beginning of period			336,879,458			239,854,760
End of period (including accumulated net investment loss of $(1,937,256) and $(847,422))		$	931,393,661		$	336,879,458

Annual Report  |  April 30, 2016 31

Emerald Growth Fund Statements of Changes in Net Assets

	Year Ended April 30, 2016		Year Ended April 30, 2015
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		19,174,156		2,761,491
Distributions reinvested		443,454		341,078
Redeemed		(7,327,683)		(1,218,757)
Net increase in shares outstanding		12,289,927		1,883,812
Class C
Sold		2,128,222		306,048
Distributions reinvested		62,950		45,040
Redeemed		(295,110)		(193,449)
Net increase in shares outstanding		1,896,062		157,639
Institutional Class
Sold		23,158,775		2,257,859
Distributions reinvested		431,732		498,012
Redeemed		(6,952,343)		(1,548,603)
Net increase in shares outstanding		16,638,164		1,207,268
Investor Class
Sold		8,581,157		977,034
Distributions reinvested		117,518		40,390
Redeemed		(3,431,264)		(718,235)
Net increase in shares outstanding		5,267,411		299,189

See Notes to Financial Statements.

32 www.emeraldmutualfunds.com

Emerald Small Cap Value Fund Statements of Changes in Net Assets

	For the Period   October 1, 2015 to   April 30, 2016 (a)			Year Ended September 30, 2015			Year Ended September 30, 2014
OPERATIONS:
Net investment income/(loss)		$	(9,086)		$	81,815		$	94,747
Net realized gain/(loss)			205,540			(997,104)			525,638
Realized capital gain from registered investment companies			–			–			9,811
Net change in unrealized appreciation/(depreciation)			243,735			1,168,742			(1,065,700)
Net increase/(decrease) in net assets resulting from operations			440,189			253,453			(435,504)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
From net investment income
Class A			(55)			–			–
Class C			(31)			–			–
Institutional Class			(78,137)			(76,689)			(9,753)
Investor Class			(3,585)			(1,619)			–
From net realized gains
Class A			–			(405)			–
Class C			–			(405)			–
Institutional Class			–			(505,155)			(451,543)
Investor Class			–			(11,254)			(15,077)
Net decrease in net assets from distributions			(81,808)			(595,527)			(476,373)
SHARE TRANSACTIONS (NOTE 5):
Class A (b)
Proceeds from sale of shares			327,544			15,000			–
Issued to shareholders in reinvestment of distributions			55			405			–
Net increase from share transactions			327,599			15,405			–
Class C (c)
Proceeds from sale of shares			554,859			15,000			–
Issued to shareholders in reinvestment of distributions			31			405			–
Net increase from share transactions			554,890			15,405			–
Institutional Class
Proceeds from sale of shares			631,324			3,861,703			16,524,710
Issued to shareholders in reinvestment of distributions			64,940			483,048			457,132
Cost of shares redeemed			(3,833,338)			(11,838,177)			(170,658)
Net increase/(decrease) from share transactions			(3,137,074)			(7,493,426)			16,811,184
Investor Class
Proceeds from sale of shares			1,660,183			83,181			217,474
Issued to shareholders in reinvestment of distributions			3,585			12,813			14,598
Cost of shares redeemed			(158,757)			(173,977)			(27,597)
Net increase/(decrease) from share transactions			1,505,011			(77,983)			204,475
Net increase/(decrease) in net assets		$	(391,193)		$	(7,882,673)		$	16,103,782
NET ASSETS:
Beginning of period			16,934,202			24,816,875			8,713,093
End of period (including accumulated net investment income/(loss) of $(5,849), $81,801 and $97,138)		$	16,543,009		$	16,934,202		$	24,816,875

Annual Report  |  April 30, 2016 33

Emerald Small Cap Value Fund Statements of Changes in Net Assets

	For the Period  October 1, 2015 to  April 30, 2016  (a)		Year Ended   September 30, 2015		Year Ended   September 30, 2014
Other Information:
SHARE TRANSACTIONS:
Class A (b)
Sold		25,051		1,063		–
Distributions reinvested		4		30		–
Net increase in shares outstanding		25,055		1,093		–
Class C (c)
Sold		42,635		1,063		–
Distributions reinvested		2		30		–
Net increase in shares outstanding		42,637		1,093		–
Institutional Class
Sold		49,075		289,259		1,213,073
Distributions reinvested		5,138		36,038		34,657
Redeemed		(301,180)		(934,159)		(12,776)
Net increase/(decrease) in shares outstanding		(246,967)		(608,862)		1,234,954
Investor Class
Sold		132,087		6,169		16,545
Distributions reinvested		284		959		1,108
Redeemed		(13,942)		(12,883)		(2,047)
Net increase/(decrease) in shares outstanding		118,429		(5,755)		15,606

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

^(b)  Class A commenced operations on June 30, 2015.

^(c) Class C commenced operations on June 30, 2015.

See Notes to Financial Statements.

34 www.emeraldmutualfunds.com

Emerald Insights Fund Statements of Changes in Net Assets

	Year Ended     April 30, 2016			For the Period     August 1, 2014     (Inception) to April 30, 2015
OPERATIONS:
Net investment loss		$	(60,421)		$	(23,625)
Net realized loss			(991,477)			(143,101)
Net change in unrealized appreciation/(depreciation) on investments			(608,622)			669,451
Net increase/(decrease) in net assets resulting from operations			(1,660,520)			502,725
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares			7,019,638			6,101,597
Cost of shares redeemed			(644,531)			(82,206)
Net increase from share transactions			6,375,107			6,019,391
Class C
Proceeds from sale of shares			90,586			24,453
Cost of shares redeemed			(7,964)			–
Net increase from share transactions			82,622			24,453
Institutional Class
Proceeds from sale of shares			1,476,544			265,616
Cost of shares redeemed			(108,493)			–
Net increase from share transactions			1,368,051			265,616
Investor Class
Proceeds from sale of shares			980,954			434,000
Cost of shares redeemed			(1,089,191)			–
Net increase/(decrease) from share transactions			(108,237)			434,000
Net increase in net assets		$	6,057,023		$	7,246,185
NET ASSETS:
Beginning of period			7,246,185			–
End of period (including accumulated net investment loss of $(19,899) and $(12,292))		$	13,303,208		$	7,246,185
Other Information:
SHARE TRANSACTIONS:
Class A
Sold			648,075			599,167
Redeemed			(63,986)			(7,789)
Net increase in shares outstanding			584,089			591,378
Class C
Sold			8,833			2,457
Redeemed			(777)			–
Net increase in shares outstanding			8,056			2,457
Institutional Class
Sold			163,820			25,375
Redeemed			(11,482)			–
Net increase in shares outstanding			152,338			25,375
Investor Class
Sold			89,665			40,827
Redeemed			(121,592)			–
Net increase/(decrease) in shares outstanding			(31,927)			40,827

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 35

Emerald Banking and Finance Fund Statements of Changes in Net Assets

	Year Ended     April 30, 2016			Year Ended     April 30, 2015
OPERATIONS:
Net investment loss		$	(703,999)		$	(820,224)
Net realized gain/(loss)			(9,446,349)			2,239,110
Net change in unrealized appreciation			9,022,785			10,618,634
Net increase/(decrease) in net assets resulting from operations			(1,127,563)			12,037,520
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares			139,134,278			8,943,302
Cost of shares redeemed			(75,700,736)			(13,656,116)
Net increase/(decrease) from share transactions			63,433,542			(4,712,814)
Class C
Proceeds from sale of shares			23,271,396			4,050,687
Cost of shares redeemed			(4,636,338)			(3,175,681)
Net increase from share transactions			18,635,058			875,006
Institutional Class
Proceeds from sale of shares			56,443,883			3,363,492
Cost of shares redeemed			(19,778,965)			(4,043,673)
Net increase/(decrease) from share transactions			36,664,918			(680,181)
Investor Class
Proceeds from sale of shares			112,489,510			12,918,507
Cost of shares redeemed			(56,677,531)			(6,971,664)
Net increase from share transactions			55,811,979			5,946,843
Net increase in net assets		$	173,417,934		$	13,466,374
NET ASSETS:
Beginning of period			131,607,150			118,140,776
End of period (including accumulated net investment loss of $(305,212) and $(269,341))		$	305,025,084		$	131,607,150
Other Information:
SHARE TRANSACTIONS:
Class A
Sold			4,379,264			327,474
Redeemed			(2,525,433)			(506,169)
Net increase/(decrease) in shares outstanding			1,853,831			(178,695)
Class C
Sold			809,825			162,947
Redeemed			(169,473)			(129,546)
Net increase in shares outstanding			640,352			33,401
Institutional Class
Sold			1,770,911			122,773
Redeemed			(639,328)			(147,805)
Net increase/(decrease) in shares outstanding			1,131,583			(25,032)
Investor Class
Sold			3,679,872			496,076
Redeemed			(1,987,638)			(272,502)
Net increase in shares outstanding			1,692,234			223,574

See Notes to Financial Statements.

36 www.emeraldmutualfunds.com

Intentionally Left Blank

Emerald Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented

										CLASS A
	Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014				Year Ended April 30, 2013				For the Period January 1, 2012 to April 30, 2012(a)(b)				Year Ended December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD		$	20.02			$	18.11			$	15.60			$	16.20			$	13.37			$	13.57
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(c)			(0.15)				(0.18)				(0.21)				(0.15)				(0.05)				(0.14)
Net realized and unrealized gain/(loss) on investments			(1.88)				3.43				4.33				1.40				2.88				(0.06)
Total from Investment Operations			(2.03)				3.25				4.12				1.25				2.83				(0.20)
LESS DISTRIBUTIONS:
From capital gains			(0.47)				(1.34)				(1.61)				(1.85)				–				–
Total Distributions			(0.47)				(1.34)				(1.61)				(1.85)				–				–
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(2.50)				1.91				2.51				(0.60)				2.83				(0.20)
NET ASSET VALUE, END OF PERIOD		$	17.52			$	20.02			$	18.11			$	15.60			$	16.20			$	13.37
TOTAL RETURN(d)			(10.28)	%			18.38	%			26.01	%			9.14	%			21.17%	(e)			(1.47)	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	323,603			$	123,828			$	77,900			$	46,605			$	41,991			$	37,008
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(0.81)	%			(0.93)	%			(1.12)	%			(1.01)	%			(1.02)%	(f)			(1.03)	%
Operating expenses excluding reimbursement/waiver			1.17	%			1.29	%			1.31	%			1.38	%			1.36%	(f)			1.36	%
Operating expenses including reimbursement/waiver			1.17	%			1.29	%			1.29	%			1.29	%			1.29%	(f)			1.29	%
PORTFOLIO TURNOVER RATE			45%	(e)			68	%			70	%			78	%			28%	(e)			75	%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Growth Fund, the Fund was known as the Forward Growth Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  Per share amounts are based upon average shares outstanding.

^(d)  Total return does not reflect the effect of sales charges.

^(e)  Not Annualized.

^(f)  Annualized.

See Notes to Financial Statements.

38 www.emeraldmutualfunds.com

Emerald Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented

										CLASS C
	Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014				Year Ended April 30, 2013				For the Period January 1, 2012 to April 30, 2012(a)(b)				Year Ended December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD		$	17.48			$	16.07			$	14.07			$	14.89			$	12.31			$	12.58
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(c)			(0.24)				(0.27)				(0.30)				(0.23)				(0.08)				(0.22)
Net realized and unrealized gain/(loss) on investments			(1.63)				3.02				3.91				1.26				2.66				(0.05)
Total from Investment Operations			(1.87)				2.75				3.61				1.03				2.58				(0.27)
LESS DISTRIBUTIONS:
From capital gains			(0.47)				(1.34)				(1.61)				(1.85)				–				–
Total Distributions			(0.47)				(1.34)				(1.61)				(1.85)				–				–
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(2.34)				1.41				2.00				(0.82)				2.58				(0.27)
NET ASSET VALUE, END OF PERIOD		$	15.14			$	17.48			$	16.07			$	14.07			$	14.89			$	12.31
TOTAL RETURN(d)			(10.87)	%			17.58	%			25.19	%			8.43	%			20.96%	(e)			(2.15)	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	42,075			$	15,427			$	11,645			$	4,946			$	3,026			$	2,743
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(1.46)	%			(1.58)	%			(1.77)	%			(1.65)	%			(1.67)%	(f)			(1.68)	%
Operating expenses excluding reimbursement/waiver			1.81	%			1.94	%			1.96	%			2.03	%			2.01%	(f)			2.01	%
Operating expenses including reimbursement/waiver			1.81	%			1.94	%			1.94	%			1.94	%			1.94%	(f)			1.94	%
PORTFOLIO TURNOVER RATE			45%	(e)			68	%			70	%			78	%			28%	(e)			75	%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Growth Fund, the Fund was known as the Forward Growth Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  Per share amounts are based upon average shares outstanding.

^(d)  Total return does not reflect the effect of sales charges.

^(e)  Not Annualized.

^(f)  Annualized.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 39

Emerald Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented

										INSTITUTIONAL CLASS
	Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014				Year Ended April 30, 2013				For the Period January 1, 2012 to April 30, 2012(a)(b)				Year Ended December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD		$	20.54			$	18.49			$	15.86			$	16.39			$	13.51			$	13.67
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(c)			(0.10)				(0.12)				(0.16)				(0.11)				(0.04)				(0.10)
Net realized and unrealized gain/(loss) on investments			(1.93)				3.51				4.40				1.43				2.92				(0.06)
Total from Investment Operations			(2.03)				3.39				4.24				1.32				2.88				(0.16)
LESS DISTRIBUTIONS:
From capital gains			(0.47)				(1.34)				(1.61)				(1.85)				–				–
Total Distributions			(0.47)				(1.34)				(1.61)				(1.85)				–				–
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(2.50)				2.05				2.63				(0.53)				2.88				(0.16)
NET ASSET VALUE, END OF PERIOD		$	18.04			$	20.54			$	18.49			$	15.86			$	16.39			$	13.51
TOTAL RETURN			(9.97)	%			18.77	%			26.35	%			9.47	%			21.32%	(d)			(1.17)	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	453,190			$	174,107			$	134,440			$	86,238			$	83,149			$	64,930
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(0.51)	%			(0.63)	%			(0.82)	%			(0.71)	%			(0.72)%	(e)			(0.72)	%
Operating expenses excluding reimbursement/waiver			0.87	%			0.99	%			1.00	%			1.08	%			1.06%	(e)			1.06	%
Operating expenses including reimbursement/waiver			0.87	%			0.99	%			0.99	%			0.99	%			0.99%	(e)			0.99	%
PORTFOLIO TURNOVER RATE			45%	(d)			68	%			70	%			78	%			28%	(d)			75	%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Growth Fund, the Fund was known as the Forward Growth Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  Per share amounts are based upon average shares outstanding.

^(d)  Not Annualized.

^(e)  Annualized.

See Notes to Financial Statements.

40 www.emeraldmutualfunds.com

Emerald Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented

										INVESTOR CLASS
	Year Ended April 30, 2016				Year Ended April 30, 2015				Year Ended April 30, 2014				Year Ended April 30, 2013				For the Period January 1, 2012 to April 30, 2012(a)(b)				Period Ended December 31, 2011(c)
NET ASSET VALUE, BEGINNING OF PERIOD		$	19.97			$	18.06			$	15.57			$	16.18			$	13.35		$	15.74
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(d)			(0.16)				(0.17)				(0.23)				(0.16)				(0.05)			(0.09)
Net realized and unrealized gain/(loss) on investments			(1.88)				3.42				4.33				1.40				2.88			(2.30)
Total from Investment Operations			(2.04)				3.25				4.10				1.24				2.83			(2.39)
LESS DISTRIBUTIONS:
From capital gains			(0.47)				(1.34)				(1.61)				(1.85)				–			–
Total Distributions			(0.47)				(1.34)				(1.61)				(1.85)				–			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(2.51)				1.91				2.49				(0.61)				2.83			(2.39)
NET ASSET VALUE, END OF PERIOD		$	17.46			$	19.97			$	18.06			$	15.57			$	16.18		$	13.35
TOTAL RETURN			(10.36)	%			18.44	%			25.93	%			9.08	%			21.20%	(e)		(15.18)%	(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	112,526			$	23,517			$	15,870			$	1,842			$	1,085		$	879
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(0.84)	%			(0.91)	%			(1.18)	%			(1.05)	%			(1.07)%	(f)		(1.00)%	(f)
Operating expenses excluding reimbursement/waiver			1.19	%			1.27	%			1.34	%			1.43	%			1.41%	(f)		1.43%	(f)
Operating expenses including reimbursement/waiver			1.19	%			1.27	%			1.34	%			1.34	%			1.34%	(f)		1.34%	(f)
PORTFOLIO TURNOVER RATE			45%	(e)			68	%			70	%			78	%			28%	(e)		75%	(g)

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Growth Fund, the Fund was known as the Forward Growth Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  The Fund began offering Investor Class shares on May 2, 2011.

^(d)  Per share amounts are based upon average shares outstanding.

^(e)  Not Annualized.

^(f)  Annualized.

^(g)  Portfolio turnover is calculated at the Fund level and represents the year ended December 31, 2011.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 41

Emerald Small Cap Value Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	CLASS A
	For the Period     October 1, 2015 to   April 30, 2016(a)				Period Ended September 30, 2015(b)
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.70			$	14.12
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(c)			(0.09)				(0.01)
Net realized and unrealized gain/(loss) on investments			0.44				(1.03)
Total from Investment Operations			0.35				(1.04)
LESS DISTRIBUTIONS:
From investment income			(0.05)				–
From capital gains			–				(0.38)
Total Distributions			(0.05)				(0.38)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			0.30				(1.42)
NET ASSET VALUE, END OF PERIOD		$	13.00			$	12.70
TOTAL RETURN			2.77%	(d)			(7.49)%	(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	340			$	14
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(1.13)%	(e)			(0.24)%	(e)
Operating expenses excluding reimbursement/waiver			2.69%	(e)			2.16%	(e)
Operating expenses including reimbursement/waiver			1.35%	(e)			1.35%	(e)
PORTFOLIO TURNOVER RATE			31%	(d)			69%(d)	(f)

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

^(b)  Class A commenced operations on June 30, 2015.

^(c)  Per share amounts are based upon average shares outstanding.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is calculated at the Fund level and represents the year ended September 30, 2015.

See Notes to Financial Statements.

42 www.emeraldmutualfunds.com

Emerald Small Cap Value Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	CLASS C
	For the Period    October 1, 2015 to       April 30,  2016(a)				Period Ended September 30, 2015(b)
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.68			$	14.12
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(c)			(0.14)				(0.03)
Net realized and unrealized gain/(loss) on investments			0.43				(1.03)
Total from Investment Operations			0.29				(1.06)
LESS DISTRIBUTIONS:
From investment income			(0.03)				–
From capital gains			–				(0.38)
Total Distributions			(0.03)				(0.38)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			0.26				(1.44)
NET ASSET VALUE, END OF PERIOD		$	12.94			$	12.68
TOTAL RETURN			2.28%	(d)			(7.63)%	(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	566			$	14
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss			(2.06)%	(e)			(0.89)%	(e)
Operating expenses excluding reimbursement/waiver			3.37%	(e)			2.81%	(e)
Operating expenses including reimbursement/waiver			2.00%	(e)			2.00%	(e)
PORTFOLIO TURNOVER RATE			31%	(d)			69%(d)	(f)

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

^(b)  Class C commenced operations on June 30, 2015.

^(c)  Per share amounts are based upon average shares outstanding.

^(d)  Not Annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate is calculated at the Fund level and represents the year ended September 30, 2015.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 43

Emerald Small Cap Value Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	INSTITUTIONAL CLASS
	For the Period October 1, 2015 to April 30, 2016(a)				Year Ended September 30, 2015(b)				Year Ended September 30, 2014				Period Ended September 30, 2013(c)
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.71			$	12.76			$	12.56			$	10.00
INCOME FROM OPERATIONS:
Net investment income/(loss)(d)			(0.01)				0.06				0.09				0.05
Net realized and unrealized gain on investments			0.38				0.33				0.76				2.54
Total from Investment Operations			0.37				0.39				0.85				2.59
LESS DISTRIBUTIONS:
From investment income			(0.06)				(0.06)				(0.01)				(0.03)
From capital gains			–				(0.38)				(0.64)				–
Total Distributions			(0.06)				(0.44)				(0.65)				(0.03)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			0.31				(0.05)				0.20				2.56
NET ASSET VALUE, END OF PERIOD		$	13.02			$	12.71			$	12.76			$	12.56
TOTAL RETURN			2.94%	(e)			2.93	%			6.64	%			25.99%	(e)
SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	13,691			$	16,507			$	24,343			$	8,442
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)			(0.07)%	(f)			0.45	%			0.65	%			0.48%	(f)
Operating expenses excluding reimbursement/waiver			1.75%	(f)			1.43	%			1.29	%			1.95%	(f)
Operating expenses including reimbursement/waiver			1.00%	(f)			1.00	%			1.00	%			1.00%	(f)
PORTFOLIO TURNOVER RATE			31%	(e)			69	%			49	%			67%	(e)

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

^(b)  Prior to its June 26, 2015 reorganization with and into the Emerald Small Cap Value Fund, the Fund was known as the Elessar Small Cap Value Fund.

^(c)  For the period October 15, 2012 (commencement of investment operations) through September 30, 2013.

^(d)  Per share amounts are based upon average shares outstanding.

^(e) Not Annualized.

^(f)  Annualized.

See Notes to Financial Statements.

44 www.emeraldmutualfunds.com

Emerald Small Cap Value Fund	Financial Highlights
	For a share outstanding throughout the periods presented

		INVESTOR CLASS
	For the Period October 1, 2015 to April 30, 2016(a)				Year Ended September 30, 2015(b)				Year Ended September 30, 2014				Period Ended September 30, 2013(c)
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.68			$	12.73			$	12.54			$	10.00
INCOME FROM OPERATIONS:
Net investment income/(loss)(d)			(0.02)				0.03				0.07				0.02
Net realized and unrealized gain on investments			0.37				0.35				0.76				2.54
Total from Investment Operations			0.35				0.38				0.83				2.56
LESS DISTRIBUTIONS:
From investment income			(0.05)				(0.05)				–				(0.02)
From capital gains			–				(0.38)				(0.64)				–
Total Distributions			(0.05)				(0.43)				(0.64)				(0.02)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			0.30				(0.05)				0.19				2.54
NET ASSET VALUE, END OF PERIOD		$	12.98			$	12.68			$	12.73			$	12.54
TOTAL RETURN			2.80%(	e)			2.82	%			6.46	%			25.69%(	e)
SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	1,946			$	399			$	474			$	271
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)			(0.25)%	(f)			0.22	%			0.52	%			0.16%	(f)
Operating expenses excluding reimbursement/waiver			2.14%	(f)			1.67	%			1.56	%			2.49%	(f)
Operating expenses including reimbursement/waiver			1.25%	(f)			1.25	%			1.25	%			1.25%	(f)
PORTFOLIO TURNOVER RATE			31%(	e)			69%				49%				67%(	e)

^(a)  Effective March 3, 2015 the Board approved changing the fiscal year-end of the Fund from September 30 to April 30.

^(b)  Prior to its June 26, 2015 reorganization with and into the Emerald Small Cap Value Fund, the Fund was known as the Elessar Small Cap Value Fund.

^(c)  For the period October 15, 2012 (commencement of investment operations) through September 30, 2013.

^(d)  Per share amounts are based upon average shares outstanding.

^(e)  Not Annualized.

^(f)  Annualized.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 45

Emerald Insights Fund	Financial Highlights
	For a share outstanding throughout the period presented

	CLASS A
	Year Ended     April 30, 2016			For the Period    August 1, 2014     (Inception)       to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.98			$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.05)				(0.05)
Net realized and unrealized gain/(loss) on investments		(1.24)				1.03
Total from Investment Operations		(1.29)				0.98
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.29)				0.98
NET ASSET VALUE, END OF PERIOD	$	9.69			$	10.98
TOTAL RETURN(b)		(11.75%)				9.80%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	11,388			$	6,493
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.54%)				(0.66%)(d	)
Operating expenses excluding reimbursement/waiver		2.01%				2.57%(d)(	e)
Operating expenses including reimbursement/waiver		1.35%				1.35%(d)(	e)
PORTFOLIO TURNOVER RATE		99%(c	)			88%(c)

^(a)  Per share amounts are based upon average shares outstanding.

^(b)  Total return does not reflect the effect of sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios before reductions for startup costs may not be representative of longer term operating periods.

See Notes to Financial Statements.

46 www.emeraldmutualfunds.com

Emerald Insights Fund	Financial Highlights
	For a share outstanding throughout the period presented

	CLASS C
	Year Ended     April 30, 2016			For the Period    August 1, 2014   (Inception)       to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.92			$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.11)				(0.10)
Net realized and unrealized gain/(loss) on investments		(1.25)				1.02
Total from Investment Operations		(1.36)				0.92
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.36)				0.92
NET ASSET VALUE, END OF PERIOD	$	9.56			$	10.92
TOTAL RETURN(b)		(12.45%)				9.20%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	101			$	27
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.17%)				(1.34%)(d	)
Operating expenses excluding reimbursement/waiver		2.70%				7.25%(d)(	e)
Operating expenses including reimbursement/waiver		2.00%				2.00%(d)(	e)
PORTFOLIO TURNOVER RATE		99%(c	)			88%(c)

^(a)  Per share amounts are based upon average shares outstanding.

^(b)  Total return does not reflect the effect of sales charges.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios before reductions for startup costs may not be representative of longer term operating periods.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 47

Emerald Insights Fund	Financial Highlights
	For a share outstanding throughout the period presented

	INSTITUTIONAL CLASS
	Year Ended     April 30, 2016			For the Period    August 1, 2014   (Inception)       to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.99			$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.00)(b)				(0.03)
Net realized and unrealized gain/(loss) on investments		(1.26)				1.02
Total from Investment Operations		(1.26)				0.99
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.26)				0.99
NET ASSET VALUE, END OF PERIOD	$	9.73			$	10.99
TOTAL RETURN		(11.46%)				9.90%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	1,729			$	279
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.05%)				(0.34%)(d	)
Operating expenses excluding reimbursement/waiver		1.90%				4.66%(d)(	e)
Operating expenses including reimbursement/waiver		1.05%				1.05%(d)(	e)
PORTFOLIO TURNOVER RATE		99%(c	)			88%(c)

^(a) Per share amounts are based upon average shares outstanding.

^(b)  Less than $0.005 per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios before reductions for startup costs may not be representative of longer term operating periods.

See Notes to Financial Statements.

48 www.emeraldmutualfunds.com

Emerald Insights Fund	Financial Highlights
	For a share outstanding throughout the period presented

	INVESTOR CLASS
	Year Ended     April 30, 2016			For the Period    August 1, 2014   (Inception)       to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.96			$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss(a)		(0.08)				(0.05)
Net realized and unrealized gain/(loss) on investments		(1.21)				1.01
Total from Investment Operations		(1.29)				0.96
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(1.29)				0.96
NET ASSET VALUE, END OF PERIOD	$	9.67			$	10.96
TOTAL RETURN		(11.77%)				9.60%(b	)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	86			$	448
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.72%)				(0.67%)(c)
Operating expenses excluding reimbursement/waiver		1.91%				2.96%(c)(	d)
Operating expenses including reimbursement/waiver		1.40%				1.40%(c)(	d)
PORTFOLIO TURNOVER RATE		99%(b	)			88%(b)

^(a)  Per share amounts are based upon average shares outstanding.

^(b)  Not Annualized.

^(c)  Annualized.

^(d)  Expense ratios before reductions for startup costs may not be representative of longer term operating periods.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 49

Emerald Banking and Finance Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	CLASS A
Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013			For the Period     January 1, 2012 to April 30, 2012(a)(b)				Year Ended       December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD	$	28.85		$	26.11		$	20.08		$	16.96		$	15.16			$        15.89
INCOME/(LOSS) FROM OPERATIONS:(c)
Net investment loss(d)		(0.06)			(0.16)			(0.13)			(0.01)			(0.01)			(0.03)
Net realized and unrealized gain/(loss) on investments		2.48			2.90			6.16			3.13			1.81			(0.70)
Total from Investment Operations		2.42			2.74			6.03			3.12			1.80			(0.73)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.42			2.74			6.03			3.12			1.80			(0.73)
NET ASSET VALUE, END OF PERIOD	$	31.27		$	28.85		$	26.11		$	20.08		$	16.96			$        15.16
TOTAL RETURN(e)		8.39%			10.49%			30.03%			18.40%			11.87%	(f)		(4.59)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	110,601		$	48,575		$	48,622		$	25,496		$	21,363			$20,412
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.21)%			(0.58)%			(0.53)%			(0.06)%			(0.24)%	(g)		(0.22)%
Operating expenses excluding reimbursement/waiver		1.48%			1.60%			1.72%			1.88%			1.96%	(g)		1.90%
Operating expenses including reimbursement/waiver		1.48%			1.60%			1.72%			1.84%			1.85%	(g)		n/a
PORTFOLIO TURNOVER RATE		30%(f)			33%			34%			53%			9%	(f)		27%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Banking and Finance Fund, the Fund was known as the Forward Banking and Finance Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  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.

^(d)  Per share amounts are based upon average shares outstanding.

^(e)  Total return does not reflect the effect of sales charges.

^(f)  Not Annualized.

^(g)  Annualized.

See Notes to Financial Statements.

50 www.emeraldmutualfunds.com

Emerald Banking and Finance Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	CLASS C
Year Ended     April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013			For the Period     January 1, 2012 to April 30, 2012(a)(b)				Year Ended       December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD	$	26.19		$	23.86		$	18.46		$	15.70		$	14.06			$        14.82
INCOME/(LOSS) FROM OPERATIONS:(c)
Net investment loss(d)		(0.24)			(0.30)			(0.26)			(0.11)			(0.04)			(0.11)
Net realized and unrealized gain/(loss) on investments		2.25			2.63			5.66			2.87			1.68			(0.65)
Total from Investment Operations		2.01			2.33			5.40			2.76			1.64			(0.76)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.01			2.33			5.40			2.76			1.64			(0.76)
NET ASSET VALUE, END OF PERIOD	$	28.20		$	26.19		$	23.86		$	18.46		$	15.70			$        14.06
TOTAL RETURN(e)		7.67%			9.77%			29.25%			17.58%			11.66%	(f)		(5.13)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	52,366		$	31,862		$	28,222		$	17,705		$	14,690			$13,675
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.87)%			(1.23)%			(1.18)%			(0.68)%			(0.82)%	(g)		(0.77)%
Operating expenses excluding reimbursement/waiver		2.13%			2.25%			2.38%			2.54%			2.55%	(g)		2.45%
Operating expenses including reimbursement/waiver		2.13%			2.25%			2.38%			2.49%			2.44%	(g)		n/a
PORTFOLIO TURNOVER RATE		30%(f)			33%			34%			53%			9%	(f)		27%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Banking and Finance Fund, the Fund was known as the Forward Banking and Finance Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  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.

^(d)  Per share amounts are based upon average shares outstanding.

^(e)  Total return does not reflect the effect of sales charges.

^(f)  Not Annualized.

^(g)  Annualized.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 51

Emerald Banking and Finance Fund	Financial Highlights
	For a share outstanding throughout the periods presented

		INSTITUTIONAL CLASS
	Year Ended     April 30, 2016				Year Ended     April 30, 2015				Year Ended     April 30, 2014				Year Ended     April 30, 2013				For the Period   March 16, 2012 to   April 30, 2012(a)
NET ASSET VALUE, BEGINNING OF PERIOD		$	29.15			$	26.29			$	20.15			$	16.96			$	16.85
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)(b)			0.03				(0.07)				(0.06)				0.01				(0.01)
Net realized and unrealized gain on investments			2.51				2.93				6.20				3.18				0.12
Total from Investment Operations			2.54				2.86				6.14				3.19				0.11
NET INCREASE IN NET ASSET VALUE			2.54				2.86				6.14				3.19				0.11
NET ASSET VALUE, END OF PERIOD		$	31.69			$	29.15			$	26.29			$	20.15			$	16.96
TOTAL RETURN			8.71	%			10.88	%			30.47	%			18.81	%			0.65%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	61,654			$	23,730			$	22,062			$	4,321			$	8
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)			0.11	%			(0.25)	%			(0.23)	%			0.06	%			(0.27)%(d)
Operating expenses excluding reimbursement/waiver			1.15	%			1.27	%			1.37	%			1.62	%			1.83%(d)
Operating expenses including reimbursement/waiver			1.15	%			1.27	%			1.37	%			1.54	%			1.53%(d)
PORTFOLIO TURNOVER RATE			30%	(c)			33	%			34	%			53	%			9%(c)(e)

^(a)  The Fund began offering Institutional Class shares on March 16, 2012.

^(b)  Per share amounts are based upon average shares outstanding.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Portfolio turnover rate is calculated at the Fund level and represents the period ended April 30, 2012.

See Notes to Financial Statements.

52 www.emeraldmutualfunds.com

Emerald Banking and Finance Fund	Financial Highlights
	For a share outstanding throughout the periods presented

	INVESTOR CLASS
	Year Ended     April 30, 2016				Year Ended     April 30, 2015				Year Ended     April 30, 2014				Year Ended     April 30, 2013				For the Period January 1, 2012 to April 30, 2012(a)(b)				Year Ended       December 31, 2011
NET ASSET VALUE, BEGINNING OF PERIOD		$	27.64			$	25.01			$	19.23			$	16.25			$	14.50			$	15.14
INCOME/(LOSS) FROM OPERATIONS:(c)
Net investment income/(loss)(d)			(0.07)				(0.15)				(0.12)				(0.01)				(0.00)(e)				0.07
Net realized and unrealized gain/(loss) on investments			2.38				2.78				5.90				2.99				1.75				(0.71)
Total from Investment Operations			2.31				2.63				5.78				2.98				1.75				(0.64)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			2.31				2.63				5.78				2.98				1.75				(0.64)
NET ASSET VALUE, END OF PERIOD		$	29.95			$	27.64			$	25.01			$	19.23			$	16.25			$	14.50
TOTAL RETURN			8.36	%			10.52	%			30.06	%			18.34	%			12.07%	(f)			(4.23)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)		$	80,404			$	27,440			$	19,235			$	6,255			$	693			$	136
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)			(0.23)	%			(0.56)	%			(0.53)	%			(0.08)	%			(0.07)%	(g)			0.47%
Operating expenses excluding reimbursement/waiver			1.48	%			1.58	%			1.69	%			1.94	%			1.88%	(g)			1.48%
Operating expenses including reimbursement/waiver			1.48	%			1.58	%			1.69	%			1.89	%			1.72%	(g)			n/a
PORTFOLIO TURNOVER RATE			30%	(f)			33	%			34	%			53	%			9%	(f)			27%

^(a)  Prior to its March 16, 2012 reorganization with and into the Emerald Banking and Finance Fund, the Fund was known as the Forward Banking and Finance Fund.

^(b)  Effective March 13, 2012 the Board approved changing the fiscal year-end of the Fund from December 31 to April 30.

^(c)  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.

^(d)  Per share amounts are based upon average shares outstanding.

^(e)  Less than $0.005 per share.

^(f)  Not Annualized.

^(g)  Annualized.

See Notes to Financial Statements.

Annual Report  |  April 30, 2016 53

Emerald Funds	Notes to Financial Statements
	April 30, 2016

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”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes the Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund, and Emerald Banking and Finance Fund (each a “Fund” and collectively, the “Funds”). Prior to March 16, 2012, the Emerald Banking and Finance Fund was known as the Forward Banking and Finance Fund and the Emerald Growth Fund was known as the Forward Growth Fund. Effective March 13, 2012, the Board of Trustees (the “Board”) approved changing the fiscal year end of the Funds from December 31 to April 30. The Emerald Small Cap Value Fund is a successor to a previously operational fund which was a series of Elessar Funds Investment Trust, a Delaware statutory trust, and was organized into a series of the Trust effective as of the close of business on June 26, 2015. Effective March 3, 2015, the Board approved changing the fiscal year end of the Emerald Small Cap Value Fund from September 30 to April 30.

The Emerald Growth Fund and Emerald Insights Fund seek to achieve long-term growth through capital appreciation. The Emerald Small Cap Value Fund seeks long-term capital appreciation. The Emerald Banking and Finance Fund seeks to achieve long term growth through capital appreciation with income as a secondary objective.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the “Board”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security. Short–term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. Investments in non-exchange traded funds are fair valued at their respective net asset values.

Equity securities that are primarily traded on foreign securities exchanges are valued at the preceding closing values of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board.

When such prices or quotations are not available, or when Emerald Mutual Fund Advisers Trust, (the “Adviser”), believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

54 www.emeraldmutualfunds.com

Emerald Funds	Notes to Financial Statements
	April 30, 2016

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, 2016:

Investments in Securities at Value	Level 1 -    Quoted Prices		Level 2 -        Other Significant        Observable Inputs		Level 3 -    Significant    Unobservable    Inputs		Total
Emerald Growth Fund
Common Stocks(a)	$	909,366,190	$	–	$	–	$	909,366,190
Short Term Investments		16,331,904		–		–		16,331,904
TOTAL	$	925,698,094	$	–	$	–	$	925,698,094
Investments in Securities at Value	Level 1 -    Quoted Prices		Level 2 -        Other Significant        Observable Inputs		Level 3 -    Significant    Unobservable    Inputs		Total
Emerald Small Cap Value Fund
Common Stocks(a)	$	15,737,485	$	–	$	–	$	15,737,485
Short Term Investments		764,627		–		–		764,627
TOTAL	$	16,502,112	$	–	$	–	$	16,502,112
Investments in Securities at Value	Level 1 -    Quoted Prices		Level 2 -        Other Significant        Observable Inputs		Level 3 -    Significant    Unobservable    Inputs		Total
Emerald Insights Fund
Common Stocks(a)	$	12,915,696	$	–	$	–	$	12,915,696
Master Limited Partnerships(a)		243,302		–		–		243,302
Short Term Investments		266,809		–		–		266,809
TOTAL	$	13,425,807	$	–	$	–	$	13,425,807
Investments in Securities at Value	Level 1 -    Quoted Prices		Level 2 -        Other Significant        Observable Inputs		Level 3 -    Significant    Unobservable    Inputs		Total
Emerald Banking and Finance Fund
Common Stocks
Banks: Diversified	$	239,807,170	$	3,784,744	$	–	$	243,591,914
Other(a)		60,031,915		–		–		60,031,915
Short Term Investments		3,008,620		–		–		3,008,620
TOTAL	$	302,847,705	$	3,784,744	$	–	$	306,632,449

^(a)  For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.

Annual Report  |  April 30, 2016 55

Emerald Funds	Notes to Financial Statements
	April 30, 2016

The Funds recognize transfers between levels as of the end of the period. For the year ended April 30, 2016, the Funds had the following transfers between Level 1 and Level 2 securities.

	Level 1				Level 2
Emerald Growth Fund	Transfer In		Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks	$	3,136,350	$	–	$	–	$	(3,136,350)
Total	$	3,136,350	$	–	$	–	$	(3,136,350)
	Level 1				Level 2
Emerald Banking and Finance Fund	Transfer In		Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks	$	9,626,994	$	–	$	–	$	(9,626,994)
Total	$	9,626,994	$	–	$	–	$	(9,626,994)

The above transfers from Level 2 to Level 1 were due to the ability to obtain a closing market price within an active market for a security that previously had no market to trade. For the year or period ended April 30, 2016, the Emerald Small Cap Value Fund and Emerald Insights Fund did not have any transfers between Level 1 and Level 2 securities.

For the year or period ended April 30, 2016, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

Real Estate Investment Trusts (“REITs”): The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may 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 Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that the 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, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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Emerald Funds	Notes to Financial Statements
	April 30, 2016

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, 2016, permanent differences on book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to treatment of certain investments and net investment loss. These reclassifications were as follows:

	Undistributed Net Investment Loss		Accumulated Net Realized Loss on Investments		Paid-in Capital
Emerald Growth Fund	$	4,099,674	$	700	$	(4,100,374)
Emerald Small Cap Value Fund		3,244		–		(3,244)
Emerald Insights Fund		52,814		11,400		(64,214)
Emerald Banking and Finance Fund		668,128		–		(668,128)

Included in those amounts reclassified was a net operating loss offset to Paid-in capital for the Emerald Growth Fund, the Emerald Insights Fund, and the Emerald Banking and Finance Fund in the amount of $4,099,674, $64,215, and $668,128 respectively.

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)		Net Unrealized Appreciation/(Depreciation)		Cost of Investments for Income Tax Purposes
Emerald Growth Fund	$	94,911,567	$	(101,771,657)	$	(6,860,090)	$	932,558,184
Emerald Small Cap Value Fund		2,497,981		(1,197,700)		1,300,281		15,201,831
Emerald Insights Fund		982,931		(1,147,645)		(164,714)		13,590,521
Emerald Banking and Finance Fund		54,463,858		(9,610,082)		44,853,776		261,778,673

Components of Distributable Earnings: As of April 30, 2016, components of distributable earnings were as follows:     

	Emerald Growth Fund		Emerald Small Cap Value Fund		Emerald Insights Fund		Emerald Banking  and Finance Fund
Accumulated capital losses	$	(42,333,151)	$	(713,709)	$	(895,989)	$	(12,390,194)
Net unrealized appreciation/(depreciation) on investments		(6,860,090)		1,300,281		(164,714)		44,853,776
Other cumulative effect of timing differences		(1,937,256)		(5,849)		(19,899)		(305,212)
Total	$	(51,130,497)	$	580,723	$	(1,080,602)	$	32,158,370

Capital Losses: As of April 30, 2016, the Funds had capital loss carryforwards which may reduce the Funds’ taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus may reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

	Expiring in 2017		Expiring in 2018
Emerald Banking and Finance Fund	$	839,270	$	1,370,886

During the year ended April 30, 2016, $597,361 and $834,567 of capital loss carryforwards were utilized by the Emerald Small Cap Value Fund and the Emerald Banking and Finance Fund, respectively.

Annual Report  |  April 30, 2016 57

Emerald Funds	Notes to Financial Statements
	April 30, 2016

As of April 30, 2016, the following Funds had available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The flowing losses will be carried forward indefinitely to offset future realized gains:

	Short-Term		Long-Term
Emerald Growth Fund	$	6,923,759	$	–
Emerald Small Cap Value Fund		283,893		–
Emerald Insights Fund		314,807		8,843
Emerald Banking and Finance Fund		–		–

The Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund and the Emerald Banking and Finance Fund elected to defer to the period ending April 30, 2017 capital losses recognized during the period November 1, 2014 to April 30, 2016 in the amount of $35,409,392, $429,816, $572,339 and $10,180,038 respectively.

Ordinary Losses: As of April 30, 2016, Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund, and Emerald Banking and Finance Fund elected to defer to the period ending April 30, 2017, late year ordinary losses in the amount of $1,937,256, $5,849, $19,899 and $305,212, respectively.

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

The tax character of distributions paid by the Funds for the fiscal year or period ended April 30, 2016, were as follows:     

	Ordinary Income		Long-Term Capital Gain
Emerald Growth Fund	$	–	$	22,536,119
Emerald Small Cap Value Fund		81,808		–
Emerald Insights Fund		–		–
Emerald Banking and Finance Fund		–		–
The tax character of distributions paid by the Funds for the fiscal year ended September 30, 2015, were as follows:
	Ordinary Income		Long-Term Capital Gain
Emerald Small Cap Value Fund	$	179,711	$	415,816
The tax character of distributions paid by the Funds for the fiscal year or period ended April 30, 2015, were as follows:
	Ordinary Income		Long-Term Capital Gain
Emerald Growth Fund	$	7,294,238	$	11,879,191
Emerald Insights Fund		–		–
Emerald Banking and Finance Fund		–		–

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year or period ended April 30, 2016, was as follows:

Funds	Cost of Investments Purchased		Proceeds from   Investments Sold
Emerald Growth Fund	$	1,018,280,403	$	318,018,088
Emerald Small Cap Value Fund		4,748,816		5,612,448
Emerald Insights Fund		18,583,973		10,714,091
Emerald Banking and Finance Fund		248,729,896		75,060,647

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Emerald Funds	Notes to Financial Statements
	April 30, 2016

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.

Emerald Growth Fund

Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%
Emerald Small Cap Value Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%
Emerald Insights Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%
Emerald Banking and Finance Fund
Average Total Net Assets	Contractual Fee
Up to and including $100M	1.00%
Over $100M	0.90%

The Adviser has agreed contractually to waive a portion of its fees and reimburse other expenses until in amounts necessary to limit each Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to the annual rates (as percentages of a Fund’s average daily net assets) set forth in the tables below. This agreement was in effect for the entire fiscal year ended April 30, 2016 with the current agreement effective September 1, 2015 through August 31, 2016 for all Funds except the Emerald Small Cap Value Fund, which agreement is in effect June 26, 2015 through August 31, 2017. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the expense agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of the waiver or reimbursement. No Fund will be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expenses were incurred. The Adviser may not discontinue this waiver, prior to August 31, 2016 (with respect to all Funds except the Emerald Small Cap Value Fund) or August 31, 2017 (with respect to the Emerald Small Cap Value Fund), without the approval by the Fund’s Board of Trustees. Fees waived/reimbursed by the Adviser for the year or period ended April 30, 2016 are disclosed in the Statements of Operations.

Annual Report  |  April 30, 2016 59

Emerald Funds	Notes to Financial Statements
	April 30, 2016

Emerald Growth Fund
Class A	Class C	Institutional Class	Investor Class
1.29%	1.94%	0.99%	1.34%
Emerald Small Cap Value Fund
Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.00%	1.25%
Emerald Insights Fund
Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.05%	1.40%
Emerald Banking and Finance Fund
Class A	Class C	Institutional Class	Investor Class
1.84%	2.49%	1.54%	1.89%

For the year or period ended April 30, 2016, the fee waivers and/or reimbursements were as follows:     

Fund	Fees Waived/ Reimbursed By Adviser			Recoupment of Past Waived Fees By Adviser
Emerald Growth Fund
Class A		$	–		$	49,069
Class C			–			4,473
Institutional Class			–			80,974
Investor Class			–			–
Emerald Small Cap Value Fund
Class A		$	256		$	–
Class C			617			–
Institutional Class			64,181			–
Investor Class			5,731			–
Emerald Insights Fund
Class A		$	67,047		$	–
Class C			467			–
Institutional Class			5,690			–
Investor Class			3,372			–
Emerald Banking and Finance Fund
Class A		$	–		$	–
Class C			–			–
Institutional Class			–			–
Investor Class			–			–
For the year ended September 30, 2015, the fee waivers and/or reimbursements were as follows:
Fund	Fees Waived/ Reimbursed By Adviser			Recoupment of Past Waived Fees By Adviser
Emerald Small Cap Value Fund
Class A		$	30		$	–
Class C			30			–
Institutional Class			76,447			–
Investor Class			1,827			–

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Emerald Funds	Notes to Financial Statements
	April 30, 2016

As of April 30, 2016, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires 2017		Expires 2018		Expires 2019		Total
Emerald Growth Fund
Class A	$	–	$	–	$	–	$	–
Class C		–		–		–		–
Institutional Class		–		–		–		–
Investor Class		–		–		–		–
Emerald Small Cap Value Fund
Class A	$	–	$	30	$	256	$	286
Class C		–		30		617		647
Institutional Class		–		37,563		64,181		101,744
Investor Class		–		852		5,731		6,583
Emerald Insights Fund
Class A	$	–	$	41,382	$	67,047	$	108,429
Class C		–		921		467		1,388
Institutional Class		–		3,464		5,690		9,154
Investor Class		–		1,872		3,372		5,244
Emerald Banking and Finance Fund
Class A	$	–	$	–	$	–	$	–
Class C		–		–		–		–
Institutional Class		–		–		–		–
Investor Class		–		–		–		–

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS Fund Services Inc. (“ALPS”)) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of Funds’ shares, although it is not obliged to sell any particular amount of shares.

ADI is not entitled to any compensation for its services as Distributor. ADI is  registered as a broker-dealer with the U.S. Securities and Exchange Commission.

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

Each Fund, except the Emerald Small Cap Value 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 a Participating Organization pursuant to an agreement with such Participating Organization (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organization for the benefit of a Fund’s shareholders who have elected to have such Participating Organization 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 after the end of the fiscal year. Shareholder Services Plan fees are included with distribution and service fees on the Statements of Operations.

Effective June 26, 2015, the Emerald Small Cap Value Fund has adopted a Shareholder Services Plan (the “Plan”) with respect to its Class C shares. Under the Plan, the Fund is authorized to pay banks and its affiliates and other institutions, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (“Class C Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25% of the average daily net asset value of Class C shares of the Fund attributable to or held in the name of a Participating

Annual Report  |  April 30, 2016 61

Emerald Funds	Notes to Financial Statements
	April 30, 2016

Organization for its clients as compensation for providing shareholder service activities, which do not include distribution services pursuant to an agreement with a Participating Organization. Any amount of such payment not paid to the Participating Organizations during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable after the end of the fiscal year. Plan fees are included with distribution and service fees on the Statements of Operations.

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, 2016 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, 2016 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, 2016 are disclosed in the Statements of Operations.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed 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.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Emerald Growth Fund, Emerald Small Cap Value Fund (formerly, the Elessar Small Cap Value Fund), Emerald Insights Fund, and Emerald Banking and Finance Fund (the “Funds”), four of the portfolios of Financial Investors Trust, as of April 30, 2016, and the related statements of operations for the year then ended (as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015), the statements of changes in net assets for each of the two years in the period then ended (as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015; and as to the Emerald Insights Fund, for the year ended April 30, 2016 and for the period from August 1, 2014 (inception) to April 30, 2015), and the financial highlights (as to the Emerald Growth Fund and the Emerald Banking and Finance Fund, for each of the four years in the period ended April 30, 2016 and for the period from January 1, 2012 to April 30, 2012; as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015; and as to the Emerald Insights Fund, for the year ended April 30, 2016 and for the period from August 1, 2014 (inception) to April 30, 2015). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for Emerald Growth Fund and Emerald Banking and Finance Fund for the year ended December 31, 2011 were audited by other auditors whose report, dated February 28, 2012, expressed an unqualified opinion on such financial highlights. The statement of changes in net assets and financial highlights for the Emerald Small Cap Value Fund for the year ended September 30, 2014 and the financial highlights for the period from October 15, 2012 (commencement of investment operations) to September 30, 2013 were audited by other auditors whose report, dated November 24, 2014, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund, and Emerald Banking and Finance Fund of Financial Investors Trust as of April 30, 2016, the results of their operations for the year then ended (as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015), the changes in their net assets for each of the two years in the period then ended (as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015; and as to the Emerald Insights Fund, for the year ended April 30, 2016 and for the period from August 1, 2014 (inception) to April 30, 2015), and the financial highlights (as to the Emerald Growth Fund and the Emerald Banking and Finance Fund, for each of the four years in the period ended April 30, 2016 and for the period from January 1, 2012 to April 30, 2012; as to the Emerald Small Cap Value Fund, for the period from October 1, 2015 to April 30, 2016 and for the year ended September 30, 2015; and as to the Emerald Insights Fund, for the year ended April 30, 2016 and for the period from August 1, 2014 (inception) to April 30, 2015), in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

Annual Report  |  April 30, 2016 63

Disclosure Regarding Approval of Fund Advisory Agreements
	April 30, 2016 (Unaudited)

Emerald Banking and Finance Fund, Emerald Growth Fund and Emerald Insights Fund

On December 15, 2015, the Trustees met in person to discuss, among other things, the approval of the Investment Advisory Agreement between the Trust and Emerald Mutual Fund Advisers Trust (the “Adviser”) (the “Emerald Advisory Agreement”) in accordance with Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees met with independent legal counsel during executive session and discussed the Emerald Advisory Agreement and other related materials.

In renewing and approving the Emerald Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Emerald Insights Fund, the Emerald Banking and Finance Fund and the Emerald Growth Fund (the “Emerald Reviewed Funds”):

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Emerald Reviewed Funds, to the Adviser of 1.00% of the Emerald Banking and Finance Fund’s and 0.75% of each of the Emerald Growth Fund’s and the Emerald Insights Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by the Adviser to the Emerald Reviewed Funds.

The Board received and considered information including a comparison of each of the Emerald Reviewed Fund’s contractual advisory fees and total expenses (net of waivers) with those of funds in the expense groups and universes of funds provided by an independent provider of investment company data (“Independent Data Provider”). The Trustees noted that the Emerald Banking and Finance Fund’s contractual advisory fee rate was above its Independent Data Provider peer group average and median contractual advisory fee rates but within the range of its Independent Data Provider peer group’s contractual advisory fee rates. The Trustees further noted that each of the Emerald Growth Fund’s and the Emerald Insights Fund’s contractual advisory fee rates were below its respective Independent Data Provider peer group average and median contractual advisory fee rates.

Total Expense Ratios: Based on such information, the Trustees further reviewed and considered the total expense ratios (after waivers) of 1.60% for Class A, 2.25% for Class C, 1.27% for Institutional Class and 1.58% for Investor Class of the Emerald Banking and Finance Fund, 1.29% for Class A, 1.94% for Class C, 0.99% for Institutional Class and 1.27% for Investor Class of the Emerald Growth Fund and 1.35% for Class A, 2.00% for Class C, 1.05% for Institutional Class and 1.40% for Investor Class of the Emerald Insights Fund.

The Trustees noted that the total expense ratios (after waivers) for the Emerald Banking and Finance Fund’s Class A, Class C, Institutional Class and Investor Class shares were above the Independent Data Provider peer group average and median but within the range of the Independent Data Provider peer group’s total expense ratios (after waivers). They further noted that the total expense ratios (after waivers) for the Emerald Growth Fund’s Class A, Class C, Institutional Class and Investor Class were below the Independent Data Provider peer group average and median total expense ratios. The Trustees also noted that the total expense ratio (after waivers) for the Emerald Insights Fund’s Class A was below the Independent Data Provider peer group average but above the FUSE peer group median total expense ratios (after waivers), for the Fund’s Class C was below the Independent Data Provider peer group average and median total expense ratios (after waivers) and for each of the Fund’s Institutional Class and Investor Class was below the Independent Data Provider peer group average and the same as the median total expense ratios (after waivers).

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

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

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

The Trustees also reviewed, among other things, the Adviser’s insider trading policies and procedures and its Code of Ethics.

Performance: The Trustees reviewed performance information for each of the Emerald Reviewed Funds for the 3-month, 1-year, 3-year and 5-year, if applicable, periods ended September 30, 2015. That review included a comparison of each Emerald Reviewed Fund’s performance to the performance of the group of comparable funds selected by the Independent Data Provider. The Trustees noted the performance of all of the shares classes of each of the Emerald Banking and Finance Fund and the Emerald Growth Fund was above its respective Independent Data Provider peer group averages and

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Disclosure Regarding Approval of Fund Advisory Agreements
	April 30, 2016 (Unaudited)

medians for the 3-month, 1-year, 3-year and 5-year periods ended September 30, 2015. They further noted the performance of the Emerald Insights Fund’s Class A and Class C shares was above its Independent Data Provider peer group averages and medians for the 3-month and 1-year periods ended September 30, 2015, for the Fund’s Institutional Class shares was above its Independent Data Provider peer group average and median for the 3-month period ended September 30, 2015 and for the Fund’s Investor Class shares was below its Independent Data Provider peer group average and median for the 3-month period and below its Independent Data Provider peer group average but the same as the median for the 1-year period ended September 30, 2015.

The Trustees also considered the Adviser’s discussion of each Emerald Reviewed Fund’s underlying portfolio diversification categories, its top contributors and top detractors, as well as the Adviser’s performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by the Adviser regarding fees charged to its other clients utilizing a strategy similar to that employed by the Emerald Reviewed Funds.

Profitability: The Trustees received and considered a retrospective and projected profitability analysis prepared by the Adviser based on the fees payable under the Emerald Advisory Agreement with respect to each Emerald Reviewed Fund. The Trustees considered the profits, if any, anticipated to be realized by the Adviser in connection with the operation of each Emerald Reviewed Fund. The Board then reviewed the Adviser’s audited fiscal year 2013-2014 financial statements and a profitability projection for 2015 and 2016 in order to analyze the financial condition and stability and profitability of the Adviser.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Emerald Reviewed Funds are or will be passed along to the shareholders under the Emerald Advisory Agreement.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with the Emerald Reviewed Funds, including whether soft dollar arrangements were used.

In renewing the Adviser as the Emerald Reviewed Funds’ investment adviser and renewing the Emerald Advisory Agreement and the fees charged under the Emerald Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Emerald Advisory Agreement. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

● the Emerald Banking and Finance Fund’s contractual advisory fee rate was above its Independent Data Provider peer group average and median contractual advisory fee rates but within the range of the Independent Data Provider peer group’s contractual advisory fee rates;

● the Emerald Growth Fund’s and the Emerald Insights Fund’s contractual advisory fee rates were below its Independent Data Provider peer group average and median contractual advisory fee rates;

● total expense ratios (after waivers) for the Emerald Banking and Finance Fund’s Class A, Class C, Institutional Class and Investor Class shares were above the Independent Data Provider peer group average and median but within the range of the Independent Data Provider peer group’s total expense ratios (after waivers); total expense ratios (after waivers) for the Emerald Growth Fund’s Class A, Class C, Institutional Class and Investor Class were below the Independent Data Provider peer group average and median total expense ratios; total expense ratio (after waivers) for the Emerald Insights Fund’s Class A was below the Independent Data Provider peer group average but above the Independent Data Provider peer group median total expense ratios (after waivers), for the Fund’s Class C was below the Independent Data Provider peer group average and median total expense ratios (after waivers) and for each of the Fund’s Institutional Class and Investor Class was below the Independent Data Provider peer group average and the same as the median total expense ratios (after waivers);

● the nature, extent and quality of services rendered by the Adviser under the Emerald Advisory Agreement with respect to the Emerald Reviewed Funds were adequate;

● the performance of all of the share classes of each of the Emerald Banking and Finance Fund and the Emerald Growth Fund was above its respective Independent Data Provider peer group averages and medians for the 3-month, 1-year, 3-year and 5-year periods ended September 30, 2015; performance of the Emerald Insights Fund’s Class A and Class C shares was above its Independent Data Provider peer group averages and medians for the 3-month and 1-year periods ended September 30, 2015, for the Fund’s Institutional Class shares was above its Independent Data Provider peer group average and median for the 3-month period ended September 30, 2015 and for the Fund’s Investor Class shares was below its Independent Data Provider peer group average and median for the 3-month period and below its Independent Data Provider peer group average but the same as the median for the 1-year period ended September 30, 2015;

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Disclosure Regarding Approval of Fund Advisory Agreements
	April 30, 2016 (Unaudited)

● 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 the Adviser’s other clients employing a comparable strategy to one or more of the Emerald Reviewed Funds were not indicative of any unreasonableness with respect to the advisory fees proposed to be payable by the Emerald Reviewed Funds;

● the profit, if any, realized by the Adviser in connection with the operation of the Emerald Reviewed Funds is not unreasonable to the Emerald Reviewed Funds; and

● there were no material economies of scale or other incidental benefits accruing to the Adviser in connection with its relationship with the Emerald Reviewed Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that the Adviser’s compensation for investment advisory services is consistent with the best interests of the Emerald Reviewed Funds and their shareholders.

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Emerald Funds	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Funds’ Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Each Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (855) 828-9909 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX INFORMATION

The Funds designate the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2015:

	QDI		DRD
Emerald Growth Fund		0.00%		0.00%
Emerald Small Cap Value Fund		55.77%		55.77%
Emerald Insights Fund		0.00%		0.00%
Emerald Banking and Finance Fund		0.00%		0.00%

In early 2016, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2015 via Form 1099. The Funds will notify shareholders in early 2017 of amounts paid to them by the Funds, if any, during the calendar year 2016.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Emerald Growth Fund designated $22,536,119 as long-term capital gain dividends.

Annual Report  |  April 30, 2016 67

Emerald Funds	Trustees and Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-845-9444.

INDEPENDENT TRUSTEES
Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

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Emerald Funds	Trustees and Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES
Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

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Emerald Funds	Trustees and Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE
Name, Address* & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

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Emerald Funds	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS
Name, Address*     & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms,     1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg,     1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl,     1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella,     1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville,     1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.

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Emerald Funds	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*     & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011-2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Emerald Mutual Fund Advisers Trust provides investment advisory services (currently none).

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Emerald Mutual Funds
P.O. Box 8556 Denver, CO 80201 (855) 828-9909 www.emeraldmutualfunds.com
Investment adviser:
Emerald Mutual Fund Advisers Trust P.O. Box 10666 Lancaster, PA 17605
Must be accompanied by or proceeded by a Prospectus.
The Emerald Mutual Funds are distributed by ALPS Distributors, Inc.

GRANDEUR PEAK FUNDS
ELEVATED GLOBAL INVESTING
ANNUAL
APRIL 30, 2016
EMERGING MARKETS OPPORTUNITIES FUND GPEOX | GPEIX
GLOBAL MICRO CAP FUND GPMCX
GLOBAL OPPORTUNITIES FUND GPGOX | GPGIX
GLOBAL REACH FUND GPROX | GPRIX
GLOBAL STALWARTS FUND GGSOX | GGSYX
INTERNATIONAL OPPORTUNITIES FUND GPIOX | GPIIX
INTERNATIONAL STALWARTS FUND GISOX | GISYX

 Grandeur Peak Funds  

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	5
Disclosure of Fund Expenses	19
Portfolio of Investments
Grandeur Peak Emerging Markets Opportunities Fund	21
Grandeur Peak Global Micro Cap Fund	25
Grandeur Peak Global Opportunities Fund	29
Grandeur Peak Global Reach Fund	34
Grandeur Peak Global Stalwarts Fund	40
Grandeur Peak International Opportunities Fund	43
Grandeur Peak International Stalwarts Fund	47
Statements of Assets and Liabilities	50
Statements of Operations	52
Statements of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund	54
Grandeur Peak Global Micro Cap Fund	55
Grandeur Peak Global Opportunities Fund	56
Grandeur Peak Global Reach Fund	57
Grandeur Peak Global Stalwarts Fund	58
Grandeur Peak International Opportunities Fund	59
Grandeur Peak International Stalwarts Fund	60
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund	61
Grandeur Peak Global Micro Cap Fund	63
Grandeur Peak Global Opportunities Fund	64
Grandeur Peak Global Reach Fund	66
Grandeur Peak Global Stalwarts Fund	68
Grandeur Peak International Opportunities Fund	70
Grandeur Peak International Stalwarts Fund	72
Notes to Financial Statements	74
Report of Independent Registered Public Accounting Firm	85
Additional Information	86
Trustees and Officers	87

Grandeur Peak Funds®	Shareholder Letter
	April 30, 2016 (Unaudited)

Dear Fellow Shareholders,

Market Commentary

Despite the recent rebound in equity markets, many economic outlooks continue to suggest a reasonable chance of a global recession in the near term. There’s no doubt that economies around the world are generally weak; growth is slowing and most major economies seem to be hooked on the opium of central bank intervention. Of course this is not new information, so what’s with the bounce in equity markets? Are we seeing the last gasp of a dying Bull market, a brief reprieve as we enter the early stages of a Bear market, or is the aging Bull market regaining its footing?

Bulls will argue that P/E’s are reasonable and the market will continue to have legs. Bears will argue that we are seven years into a Bull market, and with earnings and economic activity lackluster at best, the market is due to roll over, especially if central banks begin to remove the easy money that many would suggest has been propping up equity markets.

As bottom up stock-pickers, the best way we can answer this question is from our view of earnings. It is our strongly held belief that over the long-run stock prices follow earnings, and generally speaking earnings are currently coming in below expectations.

Consequently, it is harder for us to find high quality companies that we believe can consistently post strong earnings growth in this environment. Historically we have looked for companies that we thought could grow their earnings 15%+ per annum over the next 3-5 years, but in the current environment we have lowered our hurdle to 12%+. Fortunately, as we screen the global universe we do continue to find great companies that we believe can deliver solid, although slightly lower, growth.

Fund Commentary

We made some mistakes this year. We observed last year that although valuations of emerging market stocks looked cheap, their fundamentals were deteriorating; whereas developed market fundamentals were improving, but their valuations were expensive. We chose value over momentum and kept an overweight in emerging markets, which in hindsight was a mistake. Emerging market fundamentals went from bad to worse during the year, and as a result, emerging markets underperformed with generally poor earnings growth and weakening currencies. Given our weighting to emerging markets, this was a detractor across our global and international funds.

We made a similar value over momentum mistake in many developed markets as well. In selecting stocks, we regularly faced the choice between an attractively valued company with slowing business momentum or significantly paying up for a company with better momentum. Too often we picked the stock with better value. In general, the market moved into a more momentum driven phase this year and was very unforgiving of earnings shortfalls, even from companies where we thought slower growth was already baked into the price. So our prioritization of value over momentum hurt our performance across all funds.

In the Quality, Value, Momentum (“QVM”) matrix that we employ to evaluate buy/sell/trim decisions, M-momentum and V-value are equally weighted. However, with valuations hovering at what we thought were pretty lofty levels, we essentially double weighted value this year. We did not consciously lower our weight to Q-quality, but by passing on expensive high quality names our portfolios did become slightly lower in quality.

Technology was our strongest sector this year, where we tended to be overweight and outperform with our holdings. Energy was also a bit of a tailwind relative to benchmarks. Our energy picks did better than the industry, but our outperformance here was primarily driven by our chronic underweight in the Energy sector, which was battered this year. Industrials was our weakest sector, at least in part due to some company specific issues in India and weakness in our US trucking stocks.

We haven’t had a bad year relative to our benchmarks and peer groups, it just hasn’t been up to our expectations. The Global Opportunities, Global Reach, and International Opportunities Funds performed roughly in-line with their respective benchmarks, while the Emerging Markets Fund had the best relative performance, outpacing its benchmark by over three percentage points, but the worst absolute performance due to the sell-off in those markets. The new Global Stalwarts, International Stalwarts, and Global Micro Cap funds are each off to a nice start, a couple of points ahead of their benchmark for the period, but this is just the first 1/8 mile of a marathon race. See performance for each Fund during the period in the Performance Update section.

So, we would call it a mediocre year—a year where the market exposed one of our weaknesses as a team: we tend to be too value conscious. As we move forward we’re putting renewed emphasis on “captured earnings growth” and making sure that the names we own have better momentum. This was by far our biggest issue over the past year and we are focused on bringing momentum and value into a better balance.

Of course we don’t want to “throw the baby out with the bathwater,” but we believe market psychology isn’t likely to change much in the year ahead, and the unforgiving market is presenting us with some interesting opportunities. We haven’t seen a better “fallen angel” market since 2008: any company that has hit a bump in the road has seen its stock pummeled. While we don’t want to be too early to buy a fallen angel, we are licking

Annual Report  |  April 30, 2016 1

Grandeur Peak Funds®	Shareholder Letter
	April 30, 2016 (Unaudited)

our chops a bit as we see opportunities. We won’t rush to buy fallen angels, but they are on our radar. While our strength was a weakness last year, we do believe that paying close attention to value is still a long-term strength of ours.

There is perhaps an even more valuable silver lining to this year. There can be no substitute for experience, and great companies learn from their mistakes. Across the firm we have been reflecting on the mistakes made this year and I am confident that our team, young and old, will be smarter going forward.

Detailed analysis and commentary of the latest quarter’s results can be found each quarter at www.grandeurpeakglobal.com.

Notes from the Road

Over the past year we have had over 2000 touches with companies from 57 different countries. To add some color to our global travels, here are Conner Whipple’s notes from a recent trip to South Korea (Conner is a Research Analyst on the Financials industry team):

In planning our trip to Korea, I was very excited to go back to the country that I called home for two years and to eat all the things I have missed since returning to the US. Of course, we were also hoping to find some interesting companies. The trip turned out to be difficult, mostly because both Blake and I got food poisoning. Traveling abroad to see companies is hard enough as it is – trying to get used to the time change, the strange foods that you cannot believe anyone actually eats, the crazy drivers, and being away from your family and a comfortable bed – but adding food poisoning into the mix is truly a bummer. That said, the trip was very valuable. We indeed met with some interesting companies; we also met with some not so interesting companies. However, even when we end up disappointed after a company meeting – that the company isn’t as high quality as we initially thought – we always gain some great insight into the industry or country that we could not have gained by sitting in front of a computer screen in Salt Lake City.

The Korean market has always been a little tougher for us. After this trip, I’m closer to knowing why. On this trip, it dawned on me that the management quality in Korea is much lower than surrounding countries. One example of this is a cosmetics company (one of what seems like a million in Korea) that we met with. The company, a recent IPO, was relatively successful in Korea with a strategy of targeting young women between the ages of 12 to 35 through gimmicky packaging. With this success, the company decided to expand into China and opened 50 test stores. Over the course of a year those test stores did not live up to expectations, in fact, the man we met with said they were far below expectations. The company took this as a sign that they needed to go public in order to fund further expansion into China. When we pushed him to explain why they wanted to expand so aggressively into China given that their test stores did so poorly he conjured the excuse of not having the right product mix initially for the Chinese market. His logic didn’t compute. I think a better explanation is that the company is facing saturation in the domestic Korean market and is hoping to find growth via expansion into China. We met with a number of companies that are telling the same story: “We need to expand into China.” But when pressed to explain why they believe they can do well there, we kept hearing the same answer: “the Chinese market is so big that we don’t need a competitive advantage in order to grow.” It was quite frustrating to see the same bad decisions mirrored across multiple products and industries.

Nevertheless, we did find some good companies; there are two names that stick out, and luckily we were able to see both of them at the beginning of the week, before the food poisoning. (Free tip: if you go to Korea and are thinking of having their famous fried chicken, just don’t). The first company we are thoroughly excited about is a healthcare company. We identified the company via the IPO tracking we do. The company is involved in synthesizing peptides to either combine with proteins in order to increase the efficacy of drugs or to replace the proteins all together. The company has a number of patents, but its real differentiating factor is more in the softer points of the company. The CEO is a US-educated scientist who has a knack for developing these peptides. He built the company with a focus around research and development and established a process that identifies which drugs to target. The company focuses on drugs that have large addressable markets and that have recently come off their patents. The strategy is to synthesize a proprietary version of the drug and add additional peptides to increase the drug’s efficacy and/or alleviate or eliminate the negative side effects of the original drug. The addressable market for these drugs is quite large and in most cases the drugs are critical to quality of life. After meeting with the company, we quickly contacted our Healthcare team and got them started on moving deeper into researching the company.

The second company was identified as part of a theme uncovered through an earlier Korean investment we made. In Korea, there are very tight restrictions around the number of new apartment buildings that can be built in the country. Due to these restrictions, there is a huge market for remodeling. The company that I visited (Blake was still suffering from the ill effects of the famous fried chicken) manufactures artificial stone surfaces for kitchens and bathrooms. The company’s strategy fits into Porter’s low-cost provider bucket via a more efficient process than its competitors. The company also benefits from being a smaller and more nimble player in the market – able to customize depending on a specific customer’s needs. In addition to the home remodel theme taking place in Korea, this company is also benefiting from European demand where artificial stone is being used more and more. We believe that strong demand for their products coupled with their high operating leverage should drive strong earnings growth.

2 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Shareholder Letter
	April 30, 2016 (Unaudited)

Business Update

We added three new funds to the Grandeur Peak fund family last fall, the Global Micro Cap Fund, the Global Stalwarts Fund, and the International Stalwarts Fund. Each is off to a nice a start and ahead of its respective benchmark. We opened the Global Micro Cap Fund under a “hard closed” status last October in order to tightly restrict the assets. At just $30 million under management, the Fund has optimum flexibility to invest in the smallest of companies. The two Stalwarts funds are the only funds in our family that are currently open to new investments. These are small/mid-cap (“SMID”) strategies focused on companies over $1.5 billion in market capitalization so as to not impinge on the capacity constraints of our other funds. These products were a natural extension for us as we already owned many of these SMID-cap companies in our existing portfolios. We are excited by the opportunities we see in the global SMID-cap market and believe our investment approach can add good value here.

In closing, we’d just like to say that our mediocre performance this year was not satisfying, and we’re sorry for that, but if we learn from some of our shortcomings it may prove to be the most important year in our firm’s long-term success. We can’t promise that we will do better next year, but we want you to know that we firmly believe in our game plan, we are learning from our mistakes, and most importantly, we will work tirelessly to do our best for you.

Sincerely,

Robert Gardiner, CFA

CEO, Co-Director of Research, & Portfolio Manager

Blake Walker

Chief Investment Officer & Portfolio Manager

Randy Pearce, CFA, MBA

Co-Director of Research & Portfolio Manager

The objective of all Grandeur Peak Funds is long-term growth of capital.

RISKS: Mutual fund investing involves risks and loss of principal is possible. Investing in small and micro-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets.

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

The views of Grandeur Peak Global Advisors, LLC and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed of Grandeur Peak Global Advisors, LLC and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Grandeur Peak Global Advisors, LLC nor the Funds do not accept any liability for losses either direct or consequential caused by the use of this information. Past performance does not guarantee future results.

Bull Market: A financial market of a group of securities in which prices are rising or are expected to rise. The term “bull market” is most often used to refer to the stock market, but can be applied to anything that is traded, such as bonds, currencies and commodities.

Bear Market: A market condition in which the prices of securities are falling, and widespread pessimism causes the negative sentiment to be self-sustaining. As investors anticipate losses in a bear market and selling continues, pessimism only grows.

PE: The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative to its per-share earnings.

Fallen Angel: A bond that was given an investment-grade rating but has since been reduced to junk bond status due to the weakening financial condition of the issuer. It is also a stock that has fallen substantially from its all-time highs.

Annual Report  |  April 30, 2016 3

Grandeur Peak Funds®	Shareholder Letter
	April 30, 2016 (Unaudited)

A list of portfolio holdings as of 4/30/16 can be found on pages 20-49.

CFA^® is trademark owned by CFA Institute.

ALPS Distributors, Inc. is the Distributor for the Grandeur Peak Funds.

The Funds are subject to investment risks, including possible loss of the principal amount invested and therefore are not suitable for all investors.

The Funds may not achieve their objectives.

Diversification does not ensure a profit or guarantee against loss.

4 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

						Expense Ratio(b)
	6 Months		1 Year		Since     Inception(a)	Gross		Net(c)
Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX)		-0.08%		-11.62%	1.78%		1.82%		1.82%
Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX)		-0.08%		-11.44%	1.98%		1.57%		1.57%
Russell Emerging Markets Small Cap Index(d)		0.34%		-15.04%	-1.75%

^(a) Fund inception date of December 16, 2013.

^(b) Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.

^(d) The Russell Emerging Markets Small Cap Index seeks to measure the performance of the small-cap equity universe of emerging countries. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 5

Grandeur Peak Emerging Markets Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	69.5	%
Africa/Middle East	9.8	%
Latin America	5.7	%
Europe	3.9	%
North America	3.0	%
Cash, Cash Equivalents, & Other Net Assets	8.1	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Financials	24.0	%
Consumer	20.0	%
Industrials	17.6	%
Technology	16.6	%
Health Care	8.4	%
Energy & Materials	5.3	%
Cash, Cash Equivalents, & Other Net Assets	8.1	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	2.3	%
Value Partners Group, Ltd.	2.3	%
Security Bank Corp.	1.8	%
China Medical System Holdings, Ltd.	1.7	%
Bank Negara Indonesia Persero Tbk PT	1.4	%
Credito Real SAB de CV SOFOM ER	1.4	%
WNS Holdings, Ltd., ADR	1.4	%
BGEO Group PLC	1.3	%
Parex Resources, Inc.	1.3	%
Sporton International, Inc.	1.2	%
Total	16.1	%

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

6 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

			Expense Ratio(b)
	Since     Inception(a)		Gross	Net(c)
Grandeur Peak Global MicroCap – Institutional (GPMCX)		3.80%	2.30%	2.00%
Russell Global Small Cap Index(d)		0.90%

^(a) Fund inception date of October 20, 2015.

^(b) Ratios as of the Prospectus dated June 29, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c) Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 2.25% and 2.00% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous agreements. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred This agreement may not be terminated or modified prior to this date except with the approval of the Fund’s Board of Trustees.

^(d) The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

Annual Report  |  April 30, 2016 7

Grandeur Peak Global Micro Cap Fund	Performance Update
	April 30, 2016 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	31.1	%
Europe	23.7	%
North America	19.8	%
Japan	14.9	%
Australia/New Zealand	4.0	%
Africa/Middle East	2.8	%
Latin America	2.0	%
Cash, Cash Equivalents, & Other Net Assets	1.7	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Consumer	20.7	%
Financials	20.2	%
Technology	19.4	%
Industrials	17.5	%
Health Care	16.1	%
Energy & Materials	4.4	%
Cash, Cash Equivalents, & Other Net Assets	1.7	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
Hard Off Corp. Co., Ltd.	2.1	%
Cipher Pharmaceuticals, Inc.	1.8	%
Syuppin Co., Ltd.	1.8	%
Oxford Immunotec Global PLC	1.4	%
Ananda Development PCL	1.3	%
M&A Capital Partners Co., Ltd.	1.2	%
Anest Iwata Corp.	1.1	%
Future Architect, Inc.	1.1	%
SoluCom	1.1	%
Dr. Wu Skincare Co., Ltd.	1.0	%
Total	13.9	%

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

8 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

									Expense Ratio(b)
	6 Months		1 Year		3 Years		Since   Inception(a)		Gross		Net(c)
Grandeur Peak Global Opportunities Fund – Investor (GPGOX)		1.48%		-5.03%		9.46%		14.57%		1.63%		1.63%
Grandeur Peak Global Opportunities Fund – Institutional (GPGIX)		1.64%		-5.12%		9.57%		14.86%		1.38%		1.38%
Russell Global Small Cap Index(d)		1.06%		-5.33%		4.60%		9.18%
Russell Global Index(e)		-0.33%		-4.91%		5.88%		10.01%

^(a)  Fund inception date of October 17, 2011.

^(b)  Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c)  Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.

^(d)  The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^(e)  The Russell Global Index seeks to measure the performance of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 9

Grandeur Peak Global Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
North America	33.2	%
Asia ex Japan	27.6	%
Europe	22.5	%
Japan	8.8	%
Latin America	2.7	%
Cash, Cash Equivalents, & Other Net Assets	2.1	%
Africa/Middle East	1.9	%
Australia/New Zealand	1.2	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Financials	24.7	%
Industrials	21.3	%
Technology	20.5	%
Consumer	16.4	%
Health Care	11.6	%
Energy & Materials	3.4	%
Cash, Cash Equivalents, & Other Net Assets	2.1	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	2.5	%
First Republic Bank	2.4	%
Power Integrations, Inc.	2.1	%
Clinigen Group PLC	1.9	%
Knight Transportation, Inc.	1.6	%
PRA Group, Inc.	1.5	%
Melexis NV	1.3	%
Palfinger AG	1.3	%
Trancom Co., Ltd.	1.3	%
Inphi Corp.	1.1	%
Total	17.0	%

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

10 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

							Expense Ratio(b)
	6 Months		1 Year		Since     Inception(a)		Gross		Net(c)
Grandeur Peak Global Reach Fund – Investor (GPROX)		1.92%		-6.45%		9.67%		1.59%		1.59%
Grandeur Peak Global Reach Fund – Institutional (GPRIX)		2.11%		-6.18%		9.93%		1.34%		1.34%
Russell Global Small Cap Index(d)		1.06%		-5.33%		5.04%
Russell Global Index(e)		-0.33%		-4.91%		6.33%

^(a)  Fund inception date of June 19, 2013.

^(b)  Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c)  Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.60% and 1.35% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.

^(d)  The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^(e)  The Russell Global Index seeks to measure the performance of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 11

Grandeur Peak Global Reach Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	31.9	%
North America	28.6	%
Europe	21.4	%
Japan	7.3	%
Africa/Middle East	4.4	%
Latin America	2.6	%
Australia/New Zealand	1.7	%
Cash, Cash Equivalents, & Other Net Assets	2.1	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Financials	22.2	%
Consumer	21.8	%
Technology	19.4	%
Industrials	18.9	%
Health Care	12.0	%
Energy & Materials	3.6	%
Cash, Cash Equivalents, & Other Net Assets	2.1	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	2.0	%
First Republic Bank	1.8	%
Clinigen Group PLC	1.3	%
Inphi Corp.	1.1	%
Skandiabanken ASA	1.0	%
Hard Off Corp. Co., Ltd.	1.0	%
Selamat Sempurna Tbk PT	0.9	%
WNS Holdings, Ltd., ADR	0.9	%
Value Partners Group, Ltd.	0.8	%
PRA Group, Inc.	0.8	%
Total	11.6	%

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

12 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

		Expense Ratio(b)
	Since      Inception(a)	Gross		Net(c)
Grandeur Peak Global Stalwarts – Investor (GGSOX)	8.55%		1.60%		1.35%
Grandeur Peak Global Stalwarts – Institutional (GGSYX)	8.76%		1.35%		1.10%
Russell Global SMID Cap Index(d)	6.34%
Russell Global Index(e)	6.19%

^(a)  Fund inception date of September 1, 2015.

^(b)  Ratios as of the Prospectus dated June 29, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c)  Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous agreements. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. This agreement may not be terminated or modified prior to this date except with the approval of the Fund’s Board of Trustees.

^(d)  The Russell Global SMid Cap Index is designed to measure the performance of small- and mid-cap (SMid) securities and all capitalization securities respectively of issuers located in countries throughout the world representing developed and emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

^(e)  The Russell Global Index seeks to measure the performance of the global equity universe. The index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 13

Grandeur Peak Global Stalwarts Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
North America	39.8	%
Asia ex Japan	22.7	%
Europe	18.2	%
Japan	7.9	%
Latin America	2.3	%
Africa/Middle East	2.0	%
Australia/New Zealand	0.5	%
Cash, Cash Equivalents, & Other Net Assets	6.6	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Financials	25.5	%
Industrials	23.8	%
Technology	19.0	%
Consumer	16.7	%
Health Care	6.8	%
Energy & Materials	1.6	%
Cash, Cash Equivalents, & Other Net Assets	6.6	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
MISUMI Group, Inc.	2.7	%
Man Wah Holdings, Ltd.	2.3	%
Value Partners Group, Ltd.	2.3	%
First Republic Bank	2.2	%
Knight Transportation, Inc.	2.2	%
Power Integrations, Inc.	2.2	%
Microchip Technology, Inc.	1.9	%
MEDNAX, Inc.	1.9	%
TransForce, Inc.	1.8	%
PRA Group, Inc.	1.8	%
Total	21.3	%

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

14 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

									Expense Ratio(b)
	6 Months		1 Year		3 Years		Since   Inception(a)		Gross		Net(c)
Grandeur Peak International Opportunities Fund – Investor (GPIOX)		2.24%		-5.53%		8.08%		13.84%		1.63%		1.63%
Grandeur Peak International Opportunities Fund – Institutional (GPIIX)		2.76%		-5.02%		8.36%		14.14%		1.38%		1.38%
Russell Global ex-U.S. Small Cap Index(d)		3.22%		-4.81%		2.84%		6.96%

^(a)  Fund inception date of October 17, 2011.

^(b)  Ratios as of the Prospectus dated August 31, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c)  Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2016 except with the approval of the Fund’s Board of Trustees.

^(d)  The Russell Global ex-U.S. Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe, excluding companies assigned to the United States. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 15

Grandeur Peak International Opportunities Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	33.6	%
Europe	32.9	%
Japan	12.1	%
North America	6.1	%
Africa/Middle East	4.6	%
Latin America	3.2	%
Australia/New Zealand	2.3	%
Cash, Cash Equivalents, & Other Net Assets	5.2	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Industrials	22.8	%
Financials	22.8	%
Technology	17.7	%
Consumer	15.3	%
Health Care	12.8	%
Energy & Materials	3.4	%
Cash, Cash Equivalents, & Other Net Assets	5.2	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
Clinigen Group PLC	2.5	%
Man Wah Holdings, Ltd.	2.0	%
Palfinger AG	1.2	%
Trancom Co., Ltd.	1.2	%
Irish Residential Properties PLC, REIT	1.2	%
Melexis NV	1.2	%
EMIS Group PLC	1.2	%
Value Partners Group, Ltd.	1.2	%
MISUMI Group, Inc.	1.1	%
Sporton International, Inc.	1.1	%
Total	13.9	%

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

16 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return Performance for the periods ended April 30, 2016

			Expense Ratio(b)
	Since     Inception(a)		Gross		Net(c)
Grandeur Peak International Stalwarts – Investor		10.20%		1.53%		1.35%
Grandeur Peak International Stalwarts – Institutional		10.34%		1.28%		1.10%
Russell Global ex-U.S. SMID Cap Index(d)		7.79%
Russell Global ex-U.S. Small Cap Index(e)		8.13%

^(a)  Fund inception date of September 1, 2015.

^(b)  Ratios as of the Prospectus dated June 29, 2015 and may differ from the ratios presented in the Financial Highlights.

^(c)  Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous agreements. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred. This agreement may not be terminated or modified prior to this date except with the approval of the Fund’s Board of Trustees.

^(d)  The Russell Global ex-US SMID Cap Index is constructed to provide a comprehensive and unbiased barometer for the small- and mid-cap (SMid) segments excluding companies assigned to the United States. The Russell Global ex-US SMid Cap Index is reconstituted annually to accurately reflect the changes in the market over time. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

^(e)  The Russell Global ex-U.S. Small Cap Index is designed to measure the performance of small capitalization securities outside of the U.S. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

Returns for periods greater than 1 year are annualized.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-377-PEAK (7325).

Growth of $10,000 for the period ended April 30, 2016

Annual Report  |  April 30, 2016 17

Grandeur Peak International Stalwarts Fund	Performance Update
	April 30, 2016 (Unaudited)

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	32.8	%
Europe	28.9	%
North America	12.5	%
Japan	11.9	%
Latin America	3.3	%
Africa/Middle East	3.0	%
Australia/New Zealand	0.7	%
Cash, Cash Equivalents, & Other Net Assets	6.9	%
Total	100.0	%
Industry Sector Allocation (as a % of Net Assets)*
Financials	27.9	%
Industrials	23.9	%
Consumer	19.4	%
Technology	15.1	%
Health Care	4.7	%
Energy & Materials	2.1	%
Cash, Cash Equivalents, & Other Net Assets	6.9	%
Total	100.0	%
Top 10 Holdings (as a % of Net Assets)*
MISUMI Group, Inc.	4.1	%
Man Wah Holdings, Ltd.	3.0	%
TransForce, Inc.	2.7	%
Value Partners Group, Ltd.	2.6	%
Brembo SpA	2.1	%
Stantec, Inc.	2.1	%
CyberAgent, Inc.	2.0	%
Aalberts Industries NV	1.8	%
Nihon M&A Center, Inc.	1.8	%
Puregold Price Club, Inc.	1.7	%
Total	23.9	%

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

18 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2015 through of April 30, 2016.

Actual Expenses The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report  |  April 30, 2016 19

Grandeur Peak Funds®	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

	Beginning Account Value November 1, 2015	Ending Account Value April 30, 2016	Expense Ratio(a)	Expenses Paid During period   November 1, 2015 -   April 30, 2016(b)
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class
Actual	$  1,000.00	$     999.20	1.79%		$  8.90
Hypothetical (5% return before expenses)	$  1,000.00	$  1,015.96	1.79%		$  8.97
Institutional Class
Actual	$  1,000.00	$     999.20	1.56%		$  7.75
Hypothetical (5% return before expenses)	$  1,000.00	$  1,017.11	1.56%		$  7.82
Grandeur Peak Global Micro Cap Fund
Institutional Class
Actual	$  1,000.00	$  1,048.50	2.00%		$  10.19
Hypothetical (5% return before expenses)	$  1,000.00	$  1,014.92	2.00%		$  10.02
Grandeur Peak Global Opportunities Fund
Investor Class
Actual	$  1,000.00	$  1,014.80	1.63%		$  8.17
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.76	1.63%		$  8.17
Institutional Class
Actual	$  1,000.00	$  1,016.40	1.38%		$  6.92
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.00	1.38%		$  6.92
Grandeur Peak Global Reach Fund
Investor Class
Actual	$  1,000.00	$  1,019.20	1.60%		$  8.03
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.91	1.60%		$  8.02
Institutional Class
Actual	$  1,000.00	$  1,021.10	1.34%		$  6.73
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.20	1.34%		$  6.72
Grandeur Peak Global Stalwarts Fund
Investor Class
Actual	$  1,000.00	$  1,032.80	1.35%		$  6.82
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.15	1.35%		$  6.77
Institutional Class
Actual	$  1,000.00	$  1,034.80	1.10%		$  5.57
Hypothetical (5% return before expenses)	$  1,000.00	$  1,019.39	1.10%		$  5.52
Grandeur Peak International Opportunities Fund
Investor Class
Actual	$  1,000.00	$  1,022.40	1.62%		$  8.15
Hypothetical (5% return before expenses)	$  1,000.00	$  1,016.81	1.62%		$  8.12
Institutional Class
Actual	$  1,000.00	$  1,027.60	1.38%		$  6.96
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.00	1.38%		$  6.92
Grandeur Peak International Stalwarts Fund
Investor Class
Actual	$  1,000.00	$  1,033.80	1.35%		$  6.83
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.15	1.35%		$  6.77
Institutional Class
Actual	$  1,000.00	$  1,035.10	1.10%		$  5.57
Hypothetical (5% return before expenses)	$  1,000.00	$  1,019.39	1.10%		$  5.52

^(a)  The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 182/366 (to reflect the half-year period).

20 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (91.35%)
Argentina (0.44%)
Globant SA(a)		45,837	$	1,626,755
Bangladesh (0.78%)
Islami Bank Bangladesh, Ltd.		5,158,765		1,454,657
Olympic Industries, Ltd.		330,763		1,281,693
Shasha Denims, Ltd.		328,637		155,565
				2,891,915
Brazil (2.32%)
Atento SA(a)		122,125		1,044,169
CETIP SA - Mercados Organizados		123,574		1,514,830
FPC Par Corretora de Seguros SA		407,400		1,362,245
Localiza Rent a Car SA		38,200		372,420
M Dias Branco SA		93,600		2,120,067
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		217,600		2,186,597
				8,600,328
China (11.14%)
51job, Inc., ADR(a)		44,750		1,333,550
Airtac International Group		162,500		1,078,194
BBI Life Sciences Corp.(b)		8,836,000		1,742,846
China Lesso Group Holdings, Ltd.		3,467,000		1,912,976
China Medical System Holdings, Ltd.		4,810,000		6,262,940
Dongpeng Holdings Co., Ltd.		4,444,000		2,406,219
Essex Bio-technology, Ltd.		3,801,000		2,185,468
Le Saunda Holdings, Ltd.		2,341,400		513,141
Man Wah Holdings, Ltd.		7,401,800		8,645,246
Minth Group, Ltd.		1,161,000		3,038,366
O2Micro International, Ltd., ADR(a)		542,425		791,940
On-Bright Electronics, Inc.		370,900		1,960,700
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		1,846,000		1,111,374
Shanghai Haohai Biological Technology Co., Ltd., Class H(a)(b)(c)		318,900		1,845,919
Silergy Corp.		266,422		3,551,963
Sinosoft Technology Group, Ltd.		3,852,000		2,105,542
Technovator International, Ltd.(a)		97,000		49,520

	Shares		Value (Note 2)
China (continued)
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		1,188,500	$	704,805
				41,240,709
Colombia (2.81%)
Bolsa de Valores de Colombia		384,090,414		2,413,467
Gran Tierra Energy, Inc.(a)		1,124,500		3,328,520
Parex Resources, Inc.(a)		463,931		4,647,814
				10,389,801
Egypt (0.59%)
Commercial International Bank Egypt SAE		198,000		1,007,398
Integrated Diagnostics Holdings PLC(b)(c)		251,500		1,169,475
				2,176,873
Georgia (1.84%)
BGEO Group PLC		139,497		4,667,619
Georgia Healthcare Group PLC(a)(b)(c)		756,656		2,144,842
				6,812,461
Greece (0.61%)
Sarantis SA		223,934		2,241,073
Hong Kong (3.36%)
International Housewares Retail Co., Ltd.		8,196,000		1,341,892
Samsonite International SA		231,000		745,987
Value Partners Group, Ltd.		8,940,800		8,587,059
Vitasoy International Holdings, Ltd.		940,900		1,763,680
				12,438,618
India (15.40%)
AIA Engineering, Ltd.		81,250		1,213,789
Ajanta Pharma, Ltd.		43,230		987,062
Alkem Laboratories, Ltd.		185,834		3,336,635
Allcargo Logistics, Ltd.		513,000		1,191,818
Bajaj Finance, Ltd.		19,600		2,017,946
City Union Bank, Ltd.		1,189,500		1,683,914
Credit Analysis & Research, Ltd.		93,490		1,424,972
Cyient, Ltd.		411,095		2,847,854
Dewan Housing Finance Corp., Ltd.		1,202,000		3,593,496
Divi’s Laboratories, Ltd.		94,500		1,497,497
Eros International Media, Ltd.(a)		310,000		863,448

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	21

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
India (continued)
Essel Propack, Ltd.		502,000	$	1,382,714
Hinduja Global Solutions, Ltd.		194,500		1,196,235
Indiabulls Housing Finance, Ltd.		294,000		3,072,750
Infinite Computer Solutions India, Ltd.(a)		529,500		1,744,245
Inox Wind, Ltd.(a)		341,500		1,399,362
Jammu & Kashmir Bank, Ltd.		1,858,199		1,924,593
Kolte-Patil Developers, Ltd.		1,265,909		2,368,450
Kovai Medical Center and Hospital		68,583		749,626
KPIT Technologies, Ltd.		999,780		2,410,144
Kwality, Ltd.		640,200		1,177,030
MBL Infrastructures, Ltd.		773,000		1,643,776
MT Educare, Ltd.		731,731		1,867,663
PC Jeweller, Ltd.		84,000		456,662
PI Industries, Ltd.		67,675		655,273
Poly Medicure, Ltd.		91,722		383,662
Somany Ceramics, Ltd.		80,760		496,577
Time Technoplast, Ltd.		4,012,600		2,894,662
UFO Moviez India, Ltd.		113,382		874,082
Vaibhav Global, Ltd.(a)		251,319		1,178,164
Vardhman Textiles, Ltd.		111,719		1,476,281
Vesuvius India, Ltd.		171,200		1,967,910
WNS Holdings, Ltd., ADR(a)		158,450		5,021,280
				56,999,572
Indonesia (7.35%)
Arwana Citramulia Tbk PT		30,895,200		1,405,605
Astra Graphia Tbk PT		8,442,500		1,267,527
Bank Negara Indonesia Persero Tbk PT		14,605,500		5,077,814
Bank Tabungan Pensiunan Nasional Tbk PT(a)		4,985,000		1,013,027
Bekasi Fajar Industrial Estate Tbk PT		56,350,600		1,204,949
Express Transindo Utama Tbk PT(a)		9,051,500		133,837
Hexindo Adiperkasa Tbk PT		1,130,200		151,259
Indonesia Pondasi Raya Tbk PT(a)		12,432,500		1,536,622
Link Net Tbk PT		4,353,500		1,391,417
Lippo Cikarang Tbk PT(a)		2,916,500		1,619,909
Panin Sekuritas Tbk PT		7,155,500		1,817,632
Petra Foods, Ltd.		866,400		1,594,483
Selamat Sempurna Tbk PT		10,365,600		3,709,860
Surya Toto Indonesia Tbk PT		1,979,500		960,631
Tempo Scan Pacific Tbk PT		17,950,700		2,722,278

	Shares		Value (Note 2)
Indonesia (continued)
Ultrajaya Milk Industry & Trading Co. Tbk PT(a)		5,042,900	$	1,600,283
				27,207,133
Malaysia (3.78%)
7-Eleven Malaysia Holdings Bhd		2,977,300		1,059,375
AEON Credit Service M Bhd		631,100		2,129,246
Berjaya Auto Bhd		2,649,600		1,492,159
Berjaya Food Bhd		2,088,084		1,010,234
CB Industrial Product Holding Bhd		3,838,800		2,211,007
GHL Systems Bhd(a)		717,700		160,754
Kossan Rubber Industries		1,188,000		1,824,651
My EG Services Bhd		5,041,600		2,594,040
Nirvana Asia, Ltd.(b)(c)		5,280,000		1,490,699
				13,972,165
Mexico (2.33%)
Banregio Grupo Financiero SAB de CV		367,200		2,204,739
Credito Real SAB de CV SOFOM ER		2,295,851		5,050,841
Unifin Financiera SAB de CV SOFOM ENR		460,700		1,351,200
				8,606,780
Oman (0.59%)
Al Anwar Ceramic Tiles Co.		1,015,026		711,744
Tethys Oil AB		205,800		1,473,579
				2,185,323
Pakistan (2.03%)
Abbott Laboratories Pakistan, Ltd.		113,300		724,917
Bank Al Habib, Ltd.		1,609,000		644,245
Bata Pakistan, Ltd.		11,160		351,429
DG Khan Cement Co., Ltd.		548,500		914,123
Hum Network, Ltd.		6,360,500		668,248
Kohinoor Textile Mills, Ltd.		1,203,951		852,571
Meezan Bank, Ltd.		2,317,500		927,708
Pak Elektron, Ltd.		1,110,500		666,968
Shell Pakistan, Ltd.		264,400		693,856
Systems, Ltd.		1,981,500		1,049,413
				7,493,478
Philippines (6.27%)
Concepcion Industrial Corp.		3,603,660		3,689,164
Metropolitan Bank & Trust Co.		957,990		1,660,073
Pepsi-Cola Products Philippines, Inc.		36,075,000		2,854,455

See Notes to Financial Statements.
22	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Philippines (continued)
Puregold Price Club, Inc.		4,179,100	$	3,583,041
Robinsons Land Corp.		3,948,600		2,282,209
Robinsons Retail Holdings, Inc.		1,415,000		2,323,753
Security Bank Corp.		1,880,600		6,818,491
				23,211,186
Poland (0.65%)
PGS Software SA		8,733		28,394
Wawel SA		3,914		1,138,120
Work Service SA		432,107		1,233,961
				2,400,475
Russia (0.72%)
MD Medical Group Investments PLC, GDR(b)		218,300		1,211,565
TCS Group Holding GDR PLC(a)(b)		370,000		1,461,500
				2,673,065
South Africa (6.36%)
ARB Holdings, Ltd.		1,134,108		438,179
Blue Label Telecoms, Ltd.		3,689,823		4,074,675
Cartrack Holdings, Ltd.		2,627,200		1,716,370
Clicks Group, Ltd.		230,700		1,684,964
Comair, Ltd.		6,720,142		1,520,090
EOH Holdings, Ltd.		270,424		2,632,005
Interwaste Holdings, Ltd.(a)		15,918,682		995,250
Invicta Holdings, Ltd.		320,282		1,221,708
Italtile, Ltd.		1,502,579		1,335,250
MiX Telematics, Ltd., Sponsored ADR		218,036		889,587
Mr. Price Group, Ltd.		117,900		1,497,680
OneLogix Group, Ltd.		2,142,622		510,247
Super Group, Ltd.(a)		389,780		1,126,468
Transaction Capital, Ltd.		4,689,040		3,886,877
				23,529,350
South Korea (6.23%)
Access Bio, Inc., KDR(a)		156,000		1,052,870
DGB Financial Group, Inc.		317,000		2,551,246
Hy-Lok Corp.		148,243		3,701,521
Interpark Holdings Corp.		265,500		2,052,883
ISC Co., Ltd.		182,857		4,020,158
Koh Young Technology, Inc.		46,744		1,723,054
Kolao Holdings		181,000		1,628,269
Solueta Co., Ltd.(a)		144,000		1,004,740
TechWing, Inc.		88,500		998,091
Vitzrocell Co., Ltd.		348,795		3,443,869

	Shares		Value (Note 2)
South Korea (continued)
Wins Co., Ltd.		102,412	$	892,532
				23,069,233
Sri Lanka (2.28%)
Hatton National Bank PLC		1,002,391		1,418,769
Hemas Holdings PLC		3,804,326		2,377,541
Lanka Hospital Corp. PLC		1,640,200		677,389
Royal Ceramics Lanka PLC		3,593,775		2,897,135
Sampath Bank PLC		657,838		1,047,593
				8,418,427
Switzerland (0.36%)
Wizz Air Holdings PLC(a)(b)(c)		48,600		1,335,024
Taiwan (9.11%)
ASPEED Technology, Inc.		222,929		2,039,006
Chipbond Technology Corp.		578,000		770,595
Cub Elecparts, Inc.		88,002		1,066,840
Dr. Wu Skincare Co., Ltd.		178,000		1,887,452
I Yuan Precision Ind. Co., Ltd.		186,000		735,281
Materials Analysis Technology, Inc.		1,223,000		2,802,211
Novatek Microelectronics Corp.		577,000		2,021,548
Pacific Hospital Supply Co., Ltd.		314,000		926,822
Polytronics Technology Corp.		646,000		1,191,734
Sinmag Equipment Corp.		891,133		2,956,352
Sitronix Technology Corp.		1,275,000		3,731,746
Solidwizard Technology Co., Ltd.		588,000		1,996,279
Sporton International, Inc.		789,534		4,332,853
Test Research, Inc.		1,990,000		2,813,506
Topoint Technology Co., Ltd.		1,391,000		931,560
TSC Auto ID Technology Co., Ltd.		133,400		1,195,318
UDE Corp.		1,524,000		1,417,543
Voltronic Power Technology Corp.		56,425		890,470
				33,707,116
Thailand (1.08%)
Ananda Development PCL		26,165,000		2,726,613
Premier Marketing PCL		4,566,900		1,274,758
				4,001,371
Turkey (0.98%)
EGE Seramik Sanayi ve Ticaret AS		1,167,186		1,889,690

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	23

Grandeur Peak Emerging Markets Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Turkey (continued)
Pinar SUT Mamulleri Sanayii AS		283,846	$	1,723,568
				3,613,258
United Arab Emirates (0.25%)
Aramex PJSC		1,018,125		942,477
United States (0.66%)
First Cash Financial Services, Inc.		53,650		2,453,415
Vietnam (1.03%)
DHG Pharmaceutical JSC		45,000		170,607
PetroVietnam Drilling and Well Services JSC		1,092,500		1,196,025
Vietnam Dairy Products JSC		389,589		2,429,687
Vietnam Sun Corp.		4		5
				3,796,324
TOTAL COMMON STOCKS (Cost $349,002,049)				338,033,705
PREFERRED STOCKS (0.56%)
Brazil (0.56%)
Banco ABC Brasil SA		227,416		776,954
Banco Daycoval SA		528,137		1,300,667
				2,077,621
TOTAL PREFERRED STOCKS (Cost $2,752,101)				2,077,621
TOTAL INVESTMENTS (91.91%) (Cost $351,754,150)			$	340,111,326
Other Assets In Excess Of Liabilities (8.09%)				29,929,423
NET ASSETS (100.00%)			$	370,040,749

^(a)  Non-Income Producing Security.

^(b)  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $13,106,675, representing 3.54% of net assets.

^(c)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $8,690,764, representing 2.35% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
24	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (98.30%)
Australia (3.19%)
AUB Group, Ltd.		23,200	$	153,469
Beacon Lighting Group, Ltd.		79,100		109,461
CTI Logistics, Ltd.		158,141		96,194
Greencross, Ltd.		42,500		229,759
LifeHealthcare Group, Ltd.		69,700		72,075
Lycopodium, Ltd.		121,926		140,914
Medical Developments International, Ltd.		18,000		85,539
Reject Shop, Ltd.		9,935		93,822
				981,233
Bangladesh (0.11%)
Shasha Denims, Ltd.		69,200		32,757
Brazil (0.87%)
FPC Par Corretora de Seguros SA		61,700		206,310
QGEP Participacoes SA		50,600		60,027
				266,337
Britain (7.02%)
AB Dynamics PLC		41,900		286,520
Alliance Pharma PLC		253,300		166,549
Arrow Global Group PLC		44,700		167,856
Bioventix PLC		7,799		117,659
City of London Investment Group PLC		18,400		82,537
Clinigen Group PLC		18,900		148,020
dotdigital group PLC		215,000		146,079
IDOX PLC		92,000		75,783
Morses Club PLC(a)		64,438		101,686
On the Beach Group PLC(a)(b)(c)		33,000		132,660
Oxford Immunotec Global PLC(a)		40,250		421,015
S&U PLC		3,000		93,367
Sanne Group PLC		17,913		115,491
Tracsis PLC		14,300		103,950
				2,159,172
Canada (3.33%)
Biosyent, Inc.(a)		39,293		217,338
Cipher Pharmaceuticals, Inc.(a)		94,600		559,442
Delphi Energy Corp.(a)		79,300		74,579
DIRTT Environmental Solutions(a)		24,800		107,130
Sandvine Corp.		29,900		64,580
				1,023,069

	Shares		Value (Note 2)
China (2.94%)
BBI Life Sciences Corp.(c)		716,000	$	141,227
Dongpeng Holdings Co., Ltd.		227,000		122,910
Essex Bio-technology, Ltd.		220,000		126,494
Le Saunda Holdings, Ltd.		313,000		68,597
O2Micro International, Ltd., ADR(a)		96,300		140,598
On-Bright Electronics, Inc.		40,000		211,453
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		158,000		93,697
				904,976
Colombia (1.13%)
Bolsa de Valores de Colombia		20,370,422		127,999
Gran Tierra Energy, Inc.(a)		74,450		220,372
				348,371
France (5.63%)
1000mercis		1,800		78,713
ARGAN SA, REIT		3,599		91,693
Esker SA		6,700		218,264
Infotel SA		9,000		305,763
Medicrea International(a)		16,100		109,506
MGI Digital Graphic Technology(a)		4,300		150,173
Neurones		7,600		158,209
SoluCom		4,500		334,721
Tessi SA		850		141,127
Thermador Groupe		1,550		141,738
				1,729,907
Georgia (0.80%)
Georgia Healthcare Group PLC(a)(b)(c)		49,000		138,897
TBC Bank JSC, GDR(c)		10,300		108,150
				247,047
Germany (1.80%)
First Sensor AG(a)		8,100		98,314
Nexus AG		4,500		78,837
publity AG		3,600		152,109
Softing AG		14,035		224,187
				553,447
Greece (0.57%)
Sarantis SA		17,478		174,915
Greenland (0.46%)
GronlandsBANKEN A/S		1,552		142,791

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	25

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Hong Kong (1.11%)
International Housewares Retail Co., Ltd.		1,026,000	$	167,982
TK Group Holdings, Ltd.		634,000		172,458
				340,440
India (8.08%)
City Union Bank, Ltd.		117,500		166,339
Credit Analysis & Research, Ltd.		3,000		45,726
Cyient, Ltd.		10,140		70,245
Dewan Housing Finance Corp., Ltd.		59,500		177,881
Eros International Media, Ltd.(a)		48,000		133,695
Igarashi Motors India, Ltd.		18,000		165,997
Jammu & Kashmir Bank, Ltd.		127,200		131,745
Kolte-Patil Developers, Ltd.		96,578		180,692
Kovai Medical Center and Hospital		21,967		240,104
KPIT Technologies, Ltd.		66,000		159,104
Kwality, Ltd.		29,000		53,318
MBL Infrastructures, Ltd.		54,500		115,894
MT Educare, Ltd.		40,000		102,096
Persistent Systems, Ltd.		10,500		117,545
Poly Medicure, Ltd.		3,155		13,197
Somany Ceramics, Ltd.		13,033		80,137
Tata Investment Corp., Ltd.		18,400		138,520
Time Technoplast, Ltd.		328,000		236,617
UFO Moviez India, Ltd.		7,375		56,855
Vesuvius India, Ltd.		8,570		98,510
				2,484,217
Indonesia (3.24%)
Arwana Citramulia Tbk PT		1,672,600		76,096
Astra Graphia Tbk PT		1,179,700		177,116
Bekasi Fajar Industrial Estate Tbk PT		2,910,700		62,240
BFI Finance Indonesia Tbk PT		746,000		144,386
Hexindo Adiperkasa Tbk PT		634,500		84,918
Lippo Cikarang Tbk PT(a)		102,300		56,820
Panin Sekuritas Tbk PT		272,700		69,271
Selamat Sempurna Tbk PT		473,600		169,502
Surya Toto Indonesia Tbk PT		318,000		154,322
				994,671
Ireland (1.01%)
Irish Residential Properties PLC, REIT		241,800		310,098

	Shares		Value (Note 2)
Israel (0.66%)
Camtek, Ltd.(a)		10,711	$	23,671
Hamlet Israel-Canada, Ltd.(a)		4,500		34,697
Silicom, Ltd.		5,250		144,953
				203,321
Italy (0.42%)
Banca Sistema SpA(a)(b)(c)		39,800		128,516
Japan (14.87%)
AIT Corp.		18,900		159,691
Amiyaki Tei Co., Ltd.		5,500		222,274
Anest Iwata Corp.		31,100		338,183
AP Company Co., Ltd.(a)		9,500		101,429
ARCLAND SERVICE Co., Ltd.		4,000		115,413
Central Automotive Products, Ltd.		13,000		109,351
CMIC Holdings Co., Ltd.		13,300		201,625
eGuarantee, Inc.		8,500		190,611
Encourage Technologies Co., Ltd.		4,000		83,534
Future Architect, Inc.		47,700		335,335
GCA Savvian Corp.		32,100		311,044
Hard Off Corp. Co., Ltd.		44,400		631,782
JCU Corp.		3,300		107,312
M&A Capital Partners Co., Ltd.(a)		21,200		364,226
Monogatari Corp.		1,300		63,289
Naigai Trans Line, Ltd.		11,700		106,224
Prestige International, Inc.		25,200		296,053
Quick Co., Ltd.		15,500		125,719
Syuppin Co., Ltd.		44,600		543,248
Trancom Co., Ltd.		2,700		164,944
				4,571,287
Malaysia (0.62%)
AEON Credit Service M Bhd		27,800		93,793
Berjaya Food Bhd		201,300		97,391
				191,184
Mexico (0.51%)
Credito Real SAB de CV SOFOM ER		70,700		155,539
New Zealand (0.82%)
CBL Corp., Ltd.		62,000		103,900
Trilogy International, Ltd.		65,412		148,897
				252,797
Norway (2.01%)
Medistim ASA		25,862		170,232
Multiconsult ASA(b)(c)		19,400		226,482

See Notes to Financial Statements.
26	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Norway (continued)
Skandiabanken ASA(a)(b)(c)		37,900	$	221,229
				617,943
Oman (0.39%)
Tethys Oil AB		16,900		121,008
Philippines (0.74%)
Concepcion Industrial Corp.		97,900		100,223
Pepsi-Cola Products Philippines, Inc.		1,624,000		128,500
				228,723
Poland (0.42%)
PGS Software SA		39,450		128,263
Singapore (1.06%)
CSE Global, Ltd.		171,600		54,867
Riverstone Holdings, Ltd.		372,800		270,276
				325,143
South Africa (1.73%)
ARB Holdings, Ltd.		283,543		109,551
Cartrack Holdings, Ltd.		178,400		116,550
Interwaste Holdings, Ltd.(a)		800,000		50,017
MiX Telematics, Ltd., Sponsored ADR		23,575		96,186
Transaction Capital, Ltd.		191,900		159,071
				531,375
South Korea (2.73%)
Hy-Lok Corp.		10,550		263,426
ISC Co., Ltd.		14,155		311,201
Koh Young Technology, Inc.		3,250		119,800
Vitzrocell Co., Ltd.		8,470		83,630
Wins Co., Ltd.		7,100		61,877
				839,934
Sri Lanka (1.12%)
Royal Ceramics Lanka PLC		267,000		215,243
Sampath Bank PLC		80,421		128,069
				343,312
Sweden (3.93%)
Bufab Holding AB		27,400		214,104
HIQ International AB		25,200		157,687
Moberg Pharma AB(a)		45,400		274,759
Odd Molly International AB		34,826		159,159
Opus Group AB		205,900		111,277

	Shares		Value (Note 2)
Sweden (continued)
Vitec Software Group AB, Class B		35,500	$	290,659
				1,207,645
Taiwan (5.25%)
ASPEED Technology, Inc.		16,000		146,343
Dr. Wu Skincare Co., Ltd.		29,400		311,748
I Yuan Precision Ind. Co., Ltd.		29,000		114,640
Materials Analysis Technology, Inc.		57,000		130,602
Pacific Hospital Supply Co., Ltd.		32,000		94,453
Sinmag Equipment Corp.		25,000		82,938
Sitronix Technology Corp.		73,000		213,661
Sporton International, Inc.		24,000		131,708
TSC Auto ID Technology Co., Ltd.		13,000		116,485
Tung Thih Electronic Co., Ltd.		12,000		214,678
UDE Corp.		60,000		55,809
				1,613,065
Thailand (1.56%)
Ananda Development PCL		3,897,000		406,100
Premier Marketing PCL		263,000		73,411
				479,511
Turkey (1.34%)
EGE Seramik Sanayi ve Ticaret AS		157,900		255,642
Pinar SUT Mamulleri Sanayii AS		25,500		154,841
				410,483
United States (15.97%)
Alliance Fiber Optic Products, Inc.(a)		7,300		135,196
Aratana Therapeutics, Inc.(a)		33,800		203,138
Atlas Financial Holdings, Inc.(a)		7,600		133,532
Bank of Marin Bancorp		2,575		126,226
BioDelivery Sciences International, Inc.(a)		32,550		110,019
Chase Corp.		1,125		63,326
Diamond Hill Investment Group, Inc.		900		157,734
Duluth Holdings, Inc., Class B(a)		3,225		76,723
Entellus Medical, Inc.(a)		6,900		100,326
ePlus, Inc.(a)		1,082		86,982
Escalade, Inc.		17,000		202,810

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	27

Grandeur Peak Global Micro Cap Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
United States (continued)
Evolution Petroleum Corp.		27,850	$	154,289
FormFactor, Inc.(a)		15,875		122,237
Health Insurance Innovations, Inc., Class A(a)		15,261		95,076
Hennessy Advisors, Inc.		3,109		95,602
Hibbett Sports, Inc.(a)		4,920		177,612
Hingham Institution for Savings		1,365		174,706
Inphi Corp.(a)		5,800		172,086
K2M Group Holdings, Inc.(a)		7,375		119,918
LGI Homes, Inc.(a)		4,725		132,347
Malibu Boats, Inc., Class A(a)		15,561		273,874
Mastech Holdings, Inc.(a)		12,950		90,262
MCBC Holdings, Inc.(a)		12,925		173,454
Misonix, Inc.(a)		17,475		104,326
OTC Markets Group, Inc., Class A		9,400		158,672
Reis, Inc.		4,375		110,119
Resources Connection, Inc.		7,385		109,076
Sportsman’s Warehouse Holdings, Inc.(a)		21,385		243,361
STAAR Surgical Co.(a)		15,175		116,999
Transcat, Inc.(a)		15,166		161,215
Trecora Resources(a)		16,100		184,345
TriMas Corp.(a)		5,900		106,790
Vascular Solutions, Inc.(a)		5,513		192,679
Veracyte, Inc.(a)		41,750		242,150
				4,907,207
Vietnam (0.86%)
Binh Minh Plastics JSC		20,000		126,526
Traphaco JSC		27,000		138,101
				264,627
TOTAL COMMON STOCKS (Cost $28,823,022)				30,214,331
TOTAL INVESTMENTS (98.30%) (Cost $28,823,022)			$	30,214,331
Other Assets In Excess Of Liabilities (1.70%)				521,123
NET ASSETS (100.00%)			$	30,735,454

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $941,481, representing 3.06% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $1,190,857, representing 3.87% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
28	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (97.66%)
Argentina (0.27%)
Globant SA(a)		48,525	$	1,722,152
Australia (1.15%)
CTI Logistics, Ltd.		1,502,587		913,993
Magellan Financial Group, Ltd.		250,164		4,089,562
Reject Shop, Ltd.		229,178		2,164,253
				7,167,808
Austria (1.25%)
Palfinger AG		255,283		7,848,575
Belgium (1.33%)
Melexis NV		151,235		8,350,339
Brazil (0.95%)
CETIP SA - Mercados Organizados		207,071		2,538,377
FPC Par Corretora de Seguros SA		440,200		1,471,920
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		190,100		1,910,258
				5,920,555
Britain (5.73%)
Abcam PLC		213,853		1,846,707
Alliance Pharma PLC		2,168,600		1,425,893
Clinigen Group PLC		1,477,376		11,570,467
Diploma PLC		169,900		1,815,945
EMIS Group PLC		378,117		5,270,717
On the Beach Group PLC(a)(b)(c)		359,200		1,443,981
Oxford Immunotec Global PLC(a)		202,280		2,115,849
RPS Group PLC		1,687,239		4,301,967
Sanne Group PLC		506,450		3,265,250
Ultra Electronics Holdings PLC		107,250		2,767,471
				35,824,247
Canada (2.54%)
Biosyent, Inc.(a)		197,900		1,094,625
Cipher Pharmaceuticals, Inc.(a)		710,800		4,203,504
DIRTT Environmental Solutions(a)		146,600		633,276
Home Capital Group, Inc.		121,228		3,631,912
Richelieu Hardware, Ltd.		220,665		3,913,124

	Shares		Value (Note 2)
Canada (continued)
Stantec, Inc.		93,228	$	2,389,585
				15,866,026
Chile (0.22%)
Banco de Chile		12,411,000		1,360,622
China (5.87%)
BBI Life Sciences Corp.(c)		10,839,500		2,138,024
China Medical System Holdings, Ltd.		3,045,000		3,964,793
Dongpeng Holdings Co., Ltd.		5,758,000		3,117,689
Le Saunda Holdings, Ltd.		2,684,920		588,426
Man Wah Holdings, Ltd.		13,380,800		15,628,672
O2Micro International, Ltd., ADR(a)		905,240		1,321,650
On-Bright Electronics, Inc.		622,900		3,292,855
Silergy Corp.		394,852		5,264,204
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		2,313,000		1,371,656
				36,687,969
Colombia (1.26%)
Gran Tierra Energy, Inc.(a)		1,200,400		3,553,184
Parex Resources, Inc.(a)		429,100		4,298,866
				7,852,050
Egypt (0.10%)
Integrated Diagnostics
Holdings PLC(b)(c)		131,600		611,940
France (2.02%)
Alten SA		17,853		1,103,899
Esker SA		30,047		978,832
Infotel SA		34,520		1,172,770
Medicrea International(a)		167,370		1,138,384
MGI Digital Graphic Technology(a)		43,650		1,524,434
Neurones		45,508		947,341
SoluCom		40,021		2,976,861
Tessi SA		8,566		1,422,233
Thermador Groupe		14,678		1,342,211
				12,606,965
Georgia (0.84%)
BGEO Group PLC		156,500		5,236,546
Germany (2.85%)
Aroundtown Property Holdings PLC(a)		387,100		1,941,431
Nexus AG		122,992		2,154,730
Norma Group SE		69,968		3,598,049

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	29

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Germany (continued)
PATRIZIA Immobilien AG(a)		154,722	$	3,584,038
publity AG		36,900		1,559,112
Softing AG		102,054		1,630,155
Wirecard AG		77,685		3,354,871
				17,822,386
Hong Kong (1.90%)
International Housewares
Retail Co., Ltd.		10,697,000		1,751,368
Samsonite International SA		578,000		1,866,583
Tsui Wah Holdings, Ltd.		2,811,400		554,531
Value Partners Group, Ltd.		5,785,000		5,556,118
Vitasoy International
Holdings, Ltd.		1,135,483		2,128,418
				11,857,018
India (8.17%)
AIA Engineering, Ltd.		38,400		573,655
Ajanta Pharma, Ltd.		95,167		2,172,930
Alkem Laboratories, Ltd.		230,131		4,131,984
Bajaj Finance, Ltd.		33,775		3,477,353
City Union Bank, Ltd.		1,356,267		1,919,998
Credit Analysis & Research, Ltd.		85,120		1,297,397
Cyient, Ltd.		359,116		2,487,770
Dewan Housing Finance Corp., Ltd.		660,000		1,973,134
Eros International Media, Ltd.(a)		336,000		935,866
Hinduja Global Solutions, Ltd.		288,100		1,771,904
Indiabulls Housing Finance, Ltd.		334,000		3,490,811
Jammu & Kashmir Bank, Ltd.		1,261,500		1,306,574
Kolte-Patil Developers, Ltd.		710,097		1,328,555
KPIT Technologies, Ltd.		1,080,850		2,605,577
MBL Infrastructures, Ltd.		470,500		1,000,513
MT Educare, Ltd.		587,689		1,500,011
PC Jeweller, Ltd.		135,833		738,450
Persistent Systems, Ltd.		127,700		1,429,574
Poly Medicure, Ltd.		37,068		155,051
Supreme Industries, Ltd.		164,644		1,986,749
Tata Investment Corp., Ltd.		191,137		1,438,931
Time Technoplast, Ltd.		1,804,205		1,301,541
UFO Moviez India, Ltd.		134,815		1,039,313
Vaibhav Global, Ltd.(a)		158,363		742,394
Vesuvius India, Ltd.		53,365		613,420
WNS Holdings, Ltd., ADR(a)		172,075		5,453,057
Yes Bank, Ltd.		295,500		4,200,840
				51,073,352

	Shares		Value (Note 2)
Indonesia (3.27%)
Arwana Citramulia Tbk PT		41,549,800	$	1,890,346
Astra Graphia Tbk PT		8,201,900		1,231,404
Bank Negara Indonesia Persero Tbk PT		7,019,500		2,440,431
Bank Rakyat Indonesia Persero Tbk PT		2,251,000		1,766,595
Bank Tabungan Pensiunan Nasional Tbk PT(a)		2,139,100		434,697
Panin Sekuritas Tbk PT		4,960,800		1,260,137
Petra Foods, Ltd.		1,572,400		2,893,773
Selamat Sempurna Tbk PT		14,442,000		5,168,808
Tempo Scan Pacific Tbk PT		15,553,000		2,358,659
Ultrajaya Milk Industry & Trading Co. Tbk PT(a)		3,254,500		1,032,763
				20,477,613
Ireland (0.29%)
Irish Residential Properties PLC, REIT		1,396,146		1,790,496
Israel (0.09%)
Hamlet Israel-Canada, Ltd.(a)		75,283		580,472
Italy (0.73%)
Brembo SpA		84,960		4,563,568
Japan (8.77%)
AIT Corp.		327,500		2,767,129
Amiyaki Tei Co., Ltd.		63,400		2,562,218
Anest Iwata Corp.		330,100		3,589,527
AP Company Co., Ltd.(a)		83,400		890,436
ARCLAND SERVICE Co., Ltd.		61,600		1,777,368
Century Tokyo Leasing Corp.		36,600		1,298,543
CMIC Holdings Co., Ltd.		148,120		2,245,466
CyberAgent, Inc.		55,500		2,712,406
Future Architect, Inc.		437,200		3,073,549
GCA Savvian Corp.		365,800		3,544,547
Hard Off Corp. Co., Ltd.		198,700		2,827,367
JCU Corp.		53,200		1,730,000
M&A Capital Partners Co., Ltd.(a)		112,300		1,929,365
MISUMI Group, Inc.		246,500		3,600,197
Monogatari Corp.		50,300		2,448,816
Naigai Trans Line, Ltd.		55,300		502,066
Prestige International, Inc.		305,600		3,590,226
SK Kaken Co., Ltd.		25,000		2,120,536
Suruga Bank, Ltd.		73,500		1,492,105
Syuppin Co., Ltd.		189,500		2,308,195
Trancom Co., Ltd.		128,170		7,829,934
				54,839,996

See Notes to Financial Statements.
30	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Luxembourg (1.00%)
Grand City Properties SA		116,300	$	2,568,837
L’Occitane International SA		1,897,753		3,660,017
				6,228,854
Malaysia (0.94%)
AEON Credit Service M Bhd		542,680		1,830,928
Berjaya Auto Bhd		2,708,400		1,525,273
Berjaya Food Bhd		640,500		309,880
My EG Services Bhd		4,284,400		2,204,440
				5,870,521
Mexico (0.88%)
Banregio Grupo Financiero SAB de CV		383,034		2,299,809
Credito Real SAB de CV SOFOM ER		1,451,843		3,194,035
				5,493,844
Netherlands (0.59%)
Aalberts Industries NV		83,222		2,851,178
Arcadis NV		49,721		851,434
				3,702,612
New Zealand (0.10%)
CBL Corp., Ltd.		371,943		623,302
Norway (1.08%)
Medistim ASA		152,700		1,005,123
Multiconsult ASA(b)(c)		113,000		1,319,200
Skandiabanken ASA(a)(b)(c)		761,300		4,443,836
				6,768,159
Philippines (1.27%)
Pepsi-Cola Products Philippines, Inc.		29,394,900		2,325,888
Security Bank Corp.		1,553,640		5,633,032
				7,958,920
Poland (0.18%)
Wawel SA		3,856		1,121,255
Singapore (0.66%)
CSE Global, Ltd.		4,531,250		1,448,814
Riverstone Holdings, Ltd.		3,729,200		2,703,625
				4,152,439
South Africa (1.50%)
Cartrack Holdings, Ltd.		4,257,400		2,781,393
Clicks Group, Ltd.		246,349		1,799,259
EOH Holdings, Ltd.		167,000		1,625,391
Italtile, Ltd.		1,177,166		1,046,076

	Shares		Value (Note 2)
South Africa (continued)
MiX Telematics, Ltd., Sponsored ADR		127,000	$	518,160
Super Group, Ltd.(a)		567,307		1,639,522
				9,409,801
South Korea (1.84%)
Hy-Lok Corp.		242,907		6,065,213
ISC Co., Ltd.		158,603		3,486,927
Koh Young Technology, Inc.		53,781		1,982,449
				11,534,589
Sweden (2.81%)
AddLife AB(a)		56,913		719,346
AddTech AB, Class B		182,127		2,290,634
Beijer Alma AB		95,000		2,241,780
Bufab Holding AB		375,410		2,933,457
HIQ International AB		107,868		674,977
Indutrade AB		54,100		3,033,607
Moberg Pharma AB(a)		280,180		1,695,639
Nibe Industrier AB, Class B		88,000		3,057,363
Opus Group AB		1,671,640		903,426
				17,550,229
Switzerland (1.59%)
Leonteq AG		13,900		967,190
Luxoft Holding, Inc.(a)		29,425		1,701,059
VZ Holding AG		19,575		6,091,043
Wizz Air Holdings PLC(a)(b)(c)		43,700		1,200,423
				9,959,715
Taiwan (2.42%)
ASPEED Technology, Inc.		221,237		2,023,530
Cub Elecparts, Inc.		118,948		1,441,995
Dr. Wu Skincare Co., Ltd.		7,000		74,226
Novatek Microelectronics Corp.		441,000		1,545,066
Polytronics Technology Corp.		200,700		370,249
Sinmag Equipment Corp.		240,842		798,998
Sporton International, Inc.		718,803		3,944,691
Test Research, Inc.		663,708		938,365
TSC Auto ID Technology Co., Ltd.		115,200		1,032,239
UDE Corp.		1,574,000		1,464,050
Voltronic Power Technology Corp.		93,210		1,470,992
				15,104,401
Thailand (0.67%)
Ananda Development PCL		21,576,000		2,248,401

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	31

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Thailand (continued)
Premier Marketing PCL		6,965,300	$	1,944,222
				4,192,623
Turkey (0.25%)
EGE Seramik Sanayi ve Ticaret AS		952,000		1,541,301
United Arab Emirates (0.17%)
Aramex PJSC		1,162,100		1,075,755
United States (29.77%)
Alamo Group, Inc.		27,000		1,523,880
Amsurg Corp.(a)		47,880		3,877,322
Aratana Therapeutics, Inc.(a)		292,075		1,755,371
BioDelivery Sciences International, Inc.(a)		488,325		1,650,538
Diamond Hill Investment Group, Inc.		34,950		6,125,337
Dril-Quip, Inc.(a)		26,125		1,693,422
Duluth Holdings, Inc., Class B(a)		65,900		1,567,761
EPAM Systems, Inc.(a)		55,650		4,058,554
Escalade, Inc.		125,635		1,498,826
ExlService Holdings, Inc.(a)		56,050		2,712,259
Fastenal Co.		43,225		2,022,498
First Cash Financial Services, Inc.		69,650		3,185,094
First Republic Bank		214,300		15,069,576
FormFactor, Inc.(a)		106,725		821,782
Genpact, Ltd.(a)		89,025		2,482,907
Gentex Corp.		195,725		3,139,429
Health Insurance Innovations, Inc., Class A(a)		119,500		744,485
Hibbett Sports, Inc.(a)		65,500		2,364,550
Home BancShares, Inc.		86,900		3,735,831
Inphi Corp.(a)		240,675		7,140,827
K2M Group Holdings, Inc.(a)		144,250		2,345,505
Knight Transportation, Inc.		370,970		9,856,673
LGI Homes, Inc.(a)		100,426		2,812,932
Linear Technology Corp.		47,525		2,113,912
Littelfuse, Inc.		13,950		1,624,896
Malibu Boats, Inc., Class A(a)		179,150		3,153,040
MarketAxess Holdings, Inc.		39,900		4,898,124
MEDNAX, Inc.(a)		64,375		4,589,294
Microchip Technology, Inc.		88,795		4,314,549
MSC Industrial Direct Co., Inc., Class A		41,875		3,245,313
NorthStar Asset Management Group, Inc.		137,975		1,716,409

	Shares		Value (Note 2)
United States (continued)
NorthStar Realty Finance Corp., REIT		185,225	$	2,369,028
Paycom Software, Inc.(a)		61,800		2,361,378
Power Integrations, Inc.		274,100		13,225,325
PRA Group, Inc.(a)		283,500		9,406,530
Resources Connection, Inc.		256,265		3,785,034
Roadrunner Transportation Systems, Inc.(a)		546,775		6,462,881
Signature Bank(a)		26,600		3,666,278
Silicon Laboratories, Inc.(a)		87,715		4,105,062
Spirit Airlines, Inc.(a)		55,075		2,419,445
Sportsman’s Warehouse Holdings, Inc.(a)		380,775		4,333,220
Sprouts Farmers Market, Inc.(a)		114,525		3,214,717
STAAR Surgical Co.(a)		379,825		2,928,451
SVB Financial Group(a)		16,600		1,731,048
Synaptics, Inc.(a)		14,650		1,048,208
Syntel, Inc.(a)		82,000		3,487,460
Trecora Resources(a)		112,600		1,289,270
TriMas Corp.(a)		156,500		2,832,650
Universal Truckload Services, Inc.		274,207		3,910,192
Vascular Solutions, Inc.(a)		56,618		1,978,799
Veracyte, Inc.(a)		241,448		1,400,398
Virtusa Corp.(a)		65,125		2,314,543
				186,110,813
Vietnam (0.34%)
DHG Pharmaceutical JSC		72,440		274,640
Vietnam Dairy Products JSC		299,000		1,864,726
				2,139,366
TOTAL COMMON STOCKS (Cost $534,553,272)				610,599,194
PREFERRED STOCKS (0.25%)
Brazil (0.25%)
Banco Daycoval SA		627,000		1,544,142
TOTAL PREFERRED STOCKS (Cost $2,697,170)				1,544,142
TOTAL INVESTMENTS (97.91%) (Cost $537,250,442)			$	612,143,336
Other Assets In Excess Of Liabilities (2.09%)				13,042,795
NET ASSETS (100.00%)			$	625,186,131

See Notes to Financial Statements.
32	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund	Portfolio of Investments
	April 30, 2016

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $10,391,036, representing 1.66% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $12,529,060, representing 2.00% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	33

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (97.53%)
Argentina (0.32%)
Globant SA(a)		25,913	$	919,652
Australia (1.23%)
Beacon Lighting Group, Ltd.		477,900		661,336
CTI Logistics, Ltd.		323,146		196,563
Greencross, Ltd.		86,300		466,545
LifeHealthcare Group, Ltd.		213,200		220,465
Magellan Financial Group, Ltd.		56,664		926,316
Reject Shop, Ltd.		114,088		1,077,395
				3,548,620
Austria (0.42%)
Palfinger AG		39,148		1,203,590
Belgium (0.27%)
Melexis NV		14,085		777,694
Brazil (0.94%)
CETIP SA - Mercados Organizados		50,190		615,253
FPC Par Corretora de Seguros SA		224,200		749,669
M Dias Branco SA		32,900		745,195
QGEP Participacoes SA		243,000		288,272
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		30,100		302,466
				2,700,855
Britain (5.98%)
AB Dynamics PLC		191,800		1,311,564
Abcam PLC		129,089		1,114,735
Alliance Pharma PLC		960,700		631,677
Arrow Global Group PLC		229,100		860,307
Bioventix PLC		15,800		238,365
Clinigen Group PLC		475,730		3,725,807
Close Brothers Group PLC		14,817		262,397
Diploma PLC		68,800		735,356
dotdigital group PLC		1,716,856		1,166,492
EMIS Group PLC		49,596		691,338
Exova Group PLC		128,000		299,244
Gamma Communications PLC		47,925		315,641
IDOX PLC		550,000		453,048
Morses Club PLC(a)		173,400		273,633
On the Beach Group PLC(a)(b)(c)		199,100		800,380
Oxford Immunotec Global PLC(a)		85,050		889,623

	Shares		Value (Note 2)
Britain (continued)
RPS Group PLC		166,299	$	424,014
S&U PLC		8,700		270,766
SafeCharge International Group, Ltd.		125,700		441,718
Sanne Group PLC		159,600		1,028,994
Topps Tiles PLC		319,695		635,287
Ultra Electronics Holdings PLC		14,850		383,188
WANdisco PLC(a)		100,245		314,917
				17,268,491
Canada (2.65%)
Biosyent, Inc.(a)		81,400		450,240
Cipher Pharmaceuticals, Inc.(a)		265,800		1,571,878
Delphi Energy Corp.(a)		411,600		387,095
DIRTT Environmental Solutions(a)		342,900		1,481,245
Home Capital Group, Inc.		30,746		921,130
Ritchie Bros. Auctioneers, Inc.		31,175		894,411
Stantec, Inc.		33,820		866,862
TransForce, Inc.		57,096		1,077,575
				7,650,436
Chile (0.11%)
Banco de Chile		3,011,441		330,145
China (5.98%)
BBI Life Sciences Corp.(c)		5,592,500		1,103,086
China Lesso Group Holdings, Ltd.		1,247,000		688,053
China Medical System Holdings, Ltd.		1,829,000		2,381,480
Dongpeng Holdings Co., Ltd.		2,408,000		1,303,820
Essex Bio-technology, Ltd.		1,109,000		637,644
Man Wah Holdings, Ltd.		5,033,600		5,879,206
O2Micro International, Ltd., ADR(a)		317,894		464,125
On-Bright Electronics, Inc.		151,000		798,236
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		424,000		255,267
Shanghai Haohai Biological Technology Co., Ltd., Class H(a)(b)(c)		78,700		455,547
Sihuan Pharmaceutical Holdings Group, Ltd.		2,559,000		590,521
Silergy Corp.		108,925		1,452,198
Sinosoft Technology Group, Ltd.		1,225,000		669,597

See Notes to Financial Statements.
34	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
China (continued)
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		988,000	$	585,904
				17,264,684
Colombia (1.16%)
Gran Tierra Energy, Inc.(a)		594,395		1,759,409
Parex Resources, Inc.(a)		158,261		1,585,511
				3,344,920
Denmark (0.29%)
Ringkjoebing Landbobank A/S		4,007		842,125
Egypt (0.19%)
Integrated Diagnostics Holdings PLC(b)(c)		120,000		558,000
Finland (0.19%)
Aktia Bank OYJ		27,700		278,166
Ferratum OYJ(c)		10,500		279,535
				557,701
France (1.95%)
Alten SA		11,300		698,710
Ausy(a)		8,238		435,801
Esker SA		26,009		847,287
Infotel SA		21,960		746,061
Medicrea International(a)		86,569		588,808
MGI Digital Graphic Technology(a)		17,352		606,002
Neurones		19,682		409,720
Prodware		35,504		264,657
SoluCom		11,533		857,853
Thermador Groupe		1,943		177,675
				5,632,574
Georgia (0.84%)
BGEO Group PLC		40,400		1,351,799
Georgia Healthcare Group PLC(a)(b)(c)		379,700		1,076,310
				2,428,109
Germany (2.63%)
Aroundtown Property Holdings PLC(a)		155,400		779,381
CANCOM SE		13,000		663,230
Elmos Semiconductor AG		36,653		458,727
First Sensor AG(a)		44,719		542,778
Nexus AG		35,769		626,647
Norma Group SE		36,860		1,895,496
PATRIZIA Immobilien AG(a)		41,938		971,467

	Shares		Value (Note 2)
Germany (continued)
publity AG		7,000	$	295,767
Wirecard AG		31,796		1,373,129
				7,606,622
Greece (0.40%)
Sarantis SA		114,898		1,149,869
Hong Kong (2.65%)
International Housewares Retail Co., Ltd.		7,762,000		1,270,835
Samsonite International SA		552,400		1,783,911
Tsui Wah Holdings, Ltd.		2,957,000		583,250
Value Partners Group, Ltd.		2,527,000		2,427,020
Vitasoy International Holdings, Ltd.		847,000		1,587,668
				7,652,684
India (7.86%)
AIA Engineering, Ltd.		46,500		694,661
Ajanta Pharma, Ltd.		12,918		294,954
Alkem Laboratories, Ltd.		43,482		780,716
Bajaj Finance, Ltd.		10,400		1,070,747
Bajaj Finserv, Ltd.		10,000		282,730
City Union Bank, Ltd.		669,400		947,636
Cyient, Ltd.		168,200		1,165,203
Dewan Housing Finance Corp., Ltd.		289,800		866,385
Divi’s Laboratories, Ltd.		18,000		285,237
Eros International Media, Ltd.(a)		470,328		1,310,012
Essel Propack, Ltd.		215,042		592,314
Glenmark Pharmaceuticals, Ltd.		42,400		530,208
Hinduja Global Solutions, Ltd.		95,289		586,057
Igarashi Motors India, Ltd.		62,087		572,571
Indiabulls Housing Finance, Ltd.		73,278		765,867
Inox Wind, Ltd.(a)		194,698		797,813
Jammu & Kashmir Bank, Ltd.		674,500		698,600
Kolte-Patil Developers, Ltd.		134,373		251,405
Kovai Medical Center and Hospital		14,267		155,941
Kwality, Ltd.		125,314		230,394
MBL Infrastructures, Ltd.		329,406		700,478
MT Educare, Ltd.		529,217		1,350,768
Persistent Systems, Ltd.		25,132		281,347
PI Industries, Ltd.		45,500		440,561
Poly Medicure, Ltd.		81,374		340,377
Sintex Industries, Ltd.		355,000		444,218
Time Technoplast, Ltd.		896,073		646,421

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	35

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
India (continued)
UFO Moviez India, Ltd.		70,483	$	543,366
Vaibhav Global, Ltd.(a)		102,142		478,834
Vesuvius India, Ltd.		24,830		285,416
WNS Holdings, Ltd., ADR(a)		80,200		2,541,538
Yes Bank, Ltd.		123,000		1,748,573
				22,681,348
Indonesia (3.54%)
Astra Graphia Tbk PT		1,942,500		291,640
Bank Negara Indonesia Persero Tbk PT		2,895,500		1,006,663
Bank Rakyat Indonesia Persero Tbk PT		1,604,500		1,259,219
Hexindo Adiperkasa Tbk PT		1,115,500		149,291
Indonesia Pondasi Raya Tbk PT(a)		4,349,000		537,524
Panin Sekuritas Tbk PT		2,425,000		615,996
Petra Foods, Ltd.		1,017,500		1,872,560
Selamat Sempurna Tbk PT		7,197,200		2,575,886
Surya Toto Indonesia Tbk PT		1,225,000		594,480
Tempo Scan Pacific Tbk PT		5,739,800		870,458
Ultrajaya Milk Industry & Trading Co. Tbk PT(a)		1,368,700		434,335
				10,208,052
Ireland (0.41%)
Irish Residential Properties PLC, REIT		918,677		1,178,163
Israel (1.60%)
Caesarstone Sdot-Yam, Ltd.(a)		7,115		263,468
Camtek, Ltd.(a)		3,680		8,133
Hamlet Israel-Canada, Ltd.(a)		80,510		620,775
Kornit Digital, Ltd.(a)		95,126		963,626
Silicom, Ltd.		23,075		637,101
Wix.com, Ltd.(a)		86,425		2,136,426
				4,629,529
Italy (0.95%)
Banca Sistema SpA(a)(b)(c)		90,932		293,623
Brembo SpA		38,571		2,071,815
Telit Communications PLC		133,100		382,638
				2,748,076
Japan (7.28%)
AIT Corp.		70,200		593,137
Amiyaki Tei Co., Ltd.		28,500		1,151,786
Anest Iwata Corp.		94,700		1,029,773
AP Company Co., Ltd.(a)		79,400		847,729
CMIC Holdings Co., Ltd.		50,000		757,989
CyberAgent, Inc.		13,200		645,113

	Shares		Value (Note 2)
Japan (continued)
eGuarantee, Inc.		13,500	$	302,735
Encourage Technologies Co., Ltd.		23,400		488,673
Future Architect, Inc.		160,200		1,126,218
GCA Savvian Corp.		118,700		1,150,185
Hard Off Corp. Co., Ltd.		195,300		2,778,987
JCU Corp.		15,800		513,797
M&A Capital Partners Co., Ltd.(a)		64,200		1,102,985
MISUMI Group, Inc.		116,200		1,697,132
Monogatari Corp.		9,900		481,974
Naigai Trans Line, Ltd.		32,200		292,342
Prestige International, Inc.		48,900		574,483
Quick Co., Ltd.		58,700		476,110
Sawai Pharmaceutical Co., Ltd.		10,900		725,301
SK Kaken Co., Ltd.		6,000		508,928
Suruga Bank, Ltd.		54,000		1,096,241
Syuppin Co., Ltd.		124,900		1,521,338
Trancom Co., Ltd.		11,700		714,756
Trust Tech, Inc.		33,000		439,483
				21,017,195
Luxembourg (0.90%)
Grand City Properties SA		52,200		1,152,995
L’Occitane International SA		752,000		1,450,311
				2,603,306
Malaysia (0.79%)
AEON Credit Service M Bhd		108,600		366,402
Berjaya Auto Bhd		1,291,800		727,495
Berjaya Food Bhd		1,396,300		675,543
CB Industrial Product Holding Bhd		876,633		504,908
				2,274,348
Mexico (0.92%)
Banregio Grupo Financiero SAB de CV		139,557		837,927
Credito Real SAB de CV SOFOM ER		825,035		1,815,066
				2,652,993
Netherlands (0.74%)
Aalberts Industries NV		56,582		1,938,494
Arcadis NV		12,200		208,916
				2,147,410
New Zealand (0.50%)
CBL Corp., Ltd.		168,394		282,195

See Notes to Financial Statements.
36	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
New Zealand (continued)
Trilogy International, Ltd.		512,272	$	1,166,082
				1,448,277
Norway (1.59%)
Medistim ASA		75,150		494,663
Multiconsult ASA(b)(c)		63,000		735,483
Skandiabanken ASA(a)(b)(c)		492,400		2,874,221
SpareBank 1 SMN		77,800		478,288
				4,582,655
Oman (0.17%)
Tethys Oil AB		69,200		495,489
Philippines (1.55%)
Concepcion Industrial Corp.		594,600		608,708
Pepsi-Cola Products Philippines, Inc.		15,380,100		1,216,959
Puregold Price Club, Inc.		922,700		791,097
Robinsons Land Corp.		725,300		419,208
Security Bank Corp.		395,700		1,434,690
				4,470,662
Poland (0.46%)
PGS Software SA		75,476		245,394
Wawel SA		2,541		738,877
Work Service SA		122,000		348,393
				1,332,664
Russia (0.02%)
MD Medical Group Investments PLC, GDR(c)		11,855		65,795
Singapore (0.38%)
CSE Global, Ltd.		1,694,000		541,636
Riverstone Holdings, Ltd.		765,800		555,196
				1,096,832
South Africa (2.43%)
ARB Holdings, Ltd.		1,846,120		713,276
Blue Label Telecoms, Ltd.		787,302		869,418
Cartrack Holdings, Ltd.		1,975,900		1,290,871
Clicks Group, Ltd.		113,900		831,891
EOH Holdings, Ltd.		52,600		511,949
Interwaste Holdings, Ltd.(a)		8,654,310		541,075
Italtile, Ltd.		921,472		818,856
Super Group, Ltd.(a)		286,800		828,855
Transaction Capital, Ltd.		741,100		614,319
				7,020,510
South Korea (2.49%)
Bluecom Co., Ltd.		38,500		467,988

	Shares		Value (Note 2)
South Korea (continued)
DGB Financial Group, Inc.		146,500	$	1,179,046
Hy-Lok Corp.		46,840		1,169,561
Interpark Holdings Corp.		96,500		746,151
ISC Co., Ltd.		76,029		1,671,517
Koh Young Technology, Inc.		17,143		631,917
TechWing, Inc.		58,000		654,116
Vitzrocell Co., Ltd.		67,073		662,253
				7,182,549
Spain (0.00%)(d)
Let’s GOWEX SA(a)(e)		10,700		1
Sri Lanka (0.66%)
Hemas Holdings PLC		1,170,961		731,801
Royal Ceramics Lanka PLC		1,460,600		1,177,468
				1,909,269
Sweden (1.46%)
Bufab Holding AB		131,950		1,031,059
HIQ International AB		90,026		563,332
Indutrade AB		7,400		414,948
Moberg Pharma AB(a)		111,100		672,373
Opus Group AB		436,918		236,129
Svenska Handelsbanken AB, Class A		55,000		732,151
Vitec Software Group AB, Class B		67,500		552,662
				4,202,654
Switzerland (1.62%)
Baloise Holding AG		4,700		581,559
Leonteq AG		6,000		417,492
Luxoft Holding, Inc.(a)		7,800		450,918
VZ Holding AG		6,950		2,162,593
Wizz Air Holdings PLC(a)(b)(c)		39,100		1,074,063
				4,686,625
Taiwan (3.94%)
ASPEED Technology, Inc.		71,771		656,449
Chailease Holding Co., Ltd.		337,000		566,316
Chipbond Technology Corp.		162,000		215,980
Cub Elecparts, Inc.		56,510		685,065
Dr. Wu Skincare Co., Ltd.		212,000		2,247,977
I Yuan Precision Ind. Co., Ltd.		132,000		521,812
Novatek Microelectronics Corp.		153,000		536,043
Polytronics Technology Corp.		145,000		267,495
Sinmag Equipment Corp.		156,371		518,764
Sitronix Technology Corp.		286,000		837,082

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	37

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Taiwan (continued)
Solidwizard Technology Co., Ltd.		74,000	$	251,233
Sporton International, Inc.		271,630		1,490,668
Test Research, Inc.		488,440		690,567
TSC Auto ID Technology Co., Ltd.		51,600		462,357
Tung Thih Electronic Co., Ltd.		66,000		1,180,727
UDE Corp.		270,000		251,139
				11,379,674
Thailand (0.59%)
Ananda Development PCL		8,600,100		896,203
Premier Marketing PCL		2,878,100		803,363
				1,699,566
Turkey (0.52%)
EGE Seramik Sanayi ve Ticaret AS		436,800		707,185
Pinar SUT Mamulleri Sanayii AS		132,600		805,173
				1,512,358
United States (25.01%)
Alamo Group, Inc.		11,753		663,339
Amsurg Corp.(a)		15,137		1,225,794
Aratana Therapeutics, Inc.(a)		190,950		1,147,610
Atlas Financial Holdings, Inc.(a)		30,775		540,717
BioDelivery Sciences International, Inc.(a)		260,900		881,842
BofI Holding, Inc.(a)		14,725		299,948
Demandware, Inc.(a)		7,100		327,168
Diamond Hill Investment Group, Inc.		5,850		1,025,271
Duluth Holdings, Inc., Class B(a)		30,393		723,049
DXP Enterprises, Inc.(a)		24,625		538,056
EPAM Systems, Inc.(a)		11,050		805,876
ePlus, Inc.(a)		12,896		1,036,709
Escalade, Inc.		102,102		1,218,077
Evolent Health, Inc., Class A(a)		20,100		241,401
Evolution Petroleum Corp.		207,925		1,151,904
ExlService Holdings, Inc.(a)		17,325		838,357
Fastenal Co.		31,700		1,483,243
First Cash Financial Services, Inc.		16,150		738,539
First Republic Bank		75,550		5,312,676
FormFactor, Inc.(a)		139,574		1,074,720
Genesee & Wyoming, Inc., Class A(a)		8,825		574,596

	Shares			Value (Note 2)
United States (continued)
Genpact, Ltd.(a)		23,575		$	657,507
Gentex Corp.		89,975			1,443,199
Geospace Technologies Corp.(a)		14,560			238,202
Health Insurance Innovations, Inc., Class A(a)		46,725			291,097
Hennessy Advisors, Inc.		21,050			647,287
Hibbett Sports, Inc.(a)		19,175			692,217
Hingham Institution for Savings		4,775			611,152
Home BancShares, Inc.		26,825			1,153,207
Inphi Corp.(a)		105,750			3,137,602
K2M Group Holdings, Inc.(a)		35,025			569,506
Knight Transportation, Inc.		38,500			1,022,945
LGI Homes, Inc.(a)		24,550			687,645
LinkedIn Corp., Class A(a)		2,475			310,142
Littelfuse, Inc.		4,800			559,104
Malibu Boats, Inc., Class A(a)		65,844			1,158,854
Marin Software, Inc.(a)		96,400			246,784
MarketAxess Holdings, Inc.		9,005	��		1,105,454
Mastech Holdings, Inc.(a)		72,898			508,099
MaxLinear, Inc., Class A(a)		46,550			779,712
MEDNAX, Inc.(a)		28,975			2,065,628
Microchip Technology, Inc.		13,775			669,327
Misonix, Inc.(a)		34,776			207,613
MSC Industrial Direct Co., Inc., Class A		14,925			1,156,687
NorthStar Asset Management Group, Inc.		23,300			289,852
NorthStar Realty Finance Corp., REIT		57,037			729,503
NxStage Medical, Inc.(a)		73,600			1,186,432
OTC Markets Group, Inc., Class A		20,325			343,086
Palo Alto Networks, Inc.(a)		4,175			629,882
Patrick Industries, Inc.(a)		12,250			561,663
Paycom Software, Inc.(a)		22,425			856,859
Power Integrations, Inc.		36,440			1,758,230
PRA Group, Inc.(a)		72,650			2,410,527
Proto Labs, Inc.(a)		21,550			1,289,337
Qualys, Inc.(a)		23,075			581,029
Quanta Services, Inc.(a)		39,700			941,684
Reis, Inc.		17,200			432,924
Resources Connection, Inc.		25,650			378,851
Roadrunner Transportation Systems, Inc.(a)		125,550			1,484,001
Signature Bank(a)		14,350			1,977,861
Silicon Laboratories, Inc.(a)		21,550			1,008,540
Spirit Airlines, Inc.(a)		23,900			1,049,927

See Notes to Financial Statements.
38	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
United States (continued)
Sportsman’s Warehouse Holdings, Inc.(a)		126,075	$	1,434,734
Sprouts Farmers Market, Inc.(a)		39,250		1,101,748
STAAR Surgical Co.(a)		57,611		444,181
SVB Financial Group(a)		5,525		576,147
Synaptics, Inc.(a)		11,825		846,079
Syntel, Inc.(a)		9,325		396,592
Textura Corp.(a)		20,250		534,398
Transcat, Inc.(a)		165,377		1,757,958
Trecora Resources(a)		25,750		294,838
TriMas Corp.(a)		63,025		1,140,753
TubeMogul, Inc.(a)		57,420		744,163
Universal Truckload Services, Inc.		3,170		45,204
Vascular Solutions, Inc.(a)		23,796		831,670
Veracyte, Inc.(a)		159,563		925,465
Virtusa Corp.(a)		20,675		734,790
WW Grainger, Inc.		3,100		727,012
				72,213,782
Vietnam (0.95%)
Binh Minh Plastics JSC		70,930		448,723
DHG Pharmaceutical JSC		101,666		385,444
PetroVietnam Drilling and Well Services JSC		269,330		294,852
Traphaco JSC		89,000		455,222
Vietnam Dairy Products JSC		185,243		1,155,275
				2,739,516
TOTAL COMMON STOCKS (Cost $267,802,515)				281,616,069
PREFERRED STOCKS (0.39%)
Brazil (0.39%)
Banco Daycoval SA		167,200		411,771
Itau Unibanco Holding SA		75,200		719,366
				1,131,137
TOTAL PREFERRED STOCKS (Cost $1,109,176)				1,131,137
TOTAL INVESTMENTS (97.92%) (Cost $268,911,691)			$	282,747,206
Other Assets In Excess Of Liabilities (2.08%)				5,996,127
NET ASSETS (100.00%)			$	288,743,333

^(a) Non-Income Producing Security.

^(b)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $8,453,531, representing 2.93% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $9,901,946, representing 3.43% of net assets.

^(d)  Less than 0.005%.

^(e) Fair valued security under the procedures approved by the Fund’s Board of Trustees.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	39

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (92.58%)
Australia (0.50%)
Magellan Financial Group, Ltd.		11,185	$	182,847
Belgium (0.75%)
Melexis NV		4,985		275,243
Brazil (0.44%)
CETIP SA - Mercados Organizados		13,125		160,893
Britain (2.95%)
Abcam PLC		14,525		125,429
B&M European Value Retail SA		46,100		186,854
Diploma PLC		39,750		424,861
Ultra Electronics Holdings PLC		13,425		346,418
				1,083,562
Canada (5.60%)
Gildan Activewear, Inc.		7,044		218,781
Home Capital Group, Inc.		6,991		209,446
Ritchie Bros. Auctioneers, Inc.		14,125		405,246
Stantec, Inc.		21,292		545,749
TransForce, Inc.		35,773		675,145
				2,054,367
Chile (0.42%)
Banco de Chile		1,403,900		153,910
China (4.39%)
AAC Technologies Holdings, Inc.		24,400		169,704
China Lesso Group Holdings, Ltd.		198,500		109,526
China Medical System Holdings, Ltd.		361,000		470,046
Man Wah Holdings, Ltd.		736,500		860,226
				1,609,502
Colombia (0.65%)
Parex Resources, Inc.(a)		23,700		237,434
Egypt (0.27%)
Commercial International Bank Egypt SAE		19,357		98,486
France (0.95%)
Alten SA		5,657		349,788

	Shares		Value (Note 2)
Germany (2.47%)
Aroundtown Property Holdings PLC(a)		39,600	$	198,607
Norma Group SE		5,440		279,748
PATRIZIA Immobilien AG(a)		7,635		176,860
Wirecard AG		5,800		250,476
				905,691
Hong Kong (3.65%)
Samsonite International SA		70,500		227,671
Value Partners Group, Ltd.		875,900		841,245
Vitasoy International Holdings, Ltd.		144,500		270,860
				1,339,776
India (5.45%)
AIA Engineering, Ltd.		17,000		253,962
Ajanta Pharma, Ltd.		6,875		156,975
Alkem Laboratories, Ltd.		10,324		185,367
Bajaj Finance, Ltd.		1,700		175,026
Bajaj Finserv, Ltd.		3,000		84,819
Colgate-Palmolive India, Ltd.		9,000		114,091
Divi’s Laboratories, Ltd.		7,500		118,849
Indiabulls Housing Finance, Ltd.		14,200		148,412
WNS Holdings, Ltd., ADR(a)		13,250		419,892
Yes Bank, Ltd.		24,200		344,028
				2,001,421
Indonesia (1.80%)
Bank Negara Indonesia Persero Tbk PT		689,000		239,541
Bank Rakyat Indonesia Persero Tbk PT		364,600		286,140
Petra Foods, Ltd.		72,500		133,425
				659,106
Israel (0.33%)
Caesarstone Sdot-Yam, Ltd.(a)		3,275		121,273
Italy (1.42%)
Brembo SpA		9,683		520,116
Japan (7.87%)
Century Tokyo Leasing Corp.		5,200		184,493
CyberAgent, Inc.		10,200		498,496
MISUMI Group, Inc.		67,900		991,697
Nihon M&A Center, Inc.		6,400		381,353
Sawai Pharmaceutical Co., Ltd.		4,500		299,436

See Notes to Financial Statements.
40	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Japan (continued)
Seria Co., Ltd.		3,000	$	178,478
Suruga Bank, Ltd.		17,400		353,233
				2,887,186
Luxembourg (1.65%)
Grand City Properties SA		14,000		309,232
L’Occitane International SA		153,400		295,848
				605,080
Mexico (0.75%)
Banregio Grupo Financiero SAB de CV		45,700		274,392
Netherlands (1.64%)
Aalberts Industries NV		12,810		438,869
Arcadis NV		9,527		163,143
				602,012
Philippines (3.38%)
Puregold Price Club, Inc.		509,000		436,402
Robinsons Retail Holdings, Inc.		220,900		362,768
Security Bank Corp.		121,300		439,798
				1,238,968
South Africa (1.35%)
EOH Holdings, Ltd.		30,050		292,473
Mr. Price Group, Ltd.		16,100		204,518
				496,991
South Korea (0.61%)
DGB Financial Group, Inc.		28,000		225,347
Sweden (3.11%)
Hexpol AB		23,362		241,462
Indutrade AB		6,425		360,276
Nibe Industrier AB, Class B		5,077		176,389
Svenska Handelsbanken AB, Class A		27,300		363,413
				1,141,540
Switzerland (3.32%)
Baloise Holding AG		2,490		308,103
Leonteq AG		2,700		187,871
Luxoft Holding, Inc.(a)		3,075		177,766
VZ Holding AG		1,150		357,839
Wizz Air Holdings PLC(a)(b)(c)		6,800		186,793
				1,218,372

	Shares		Value (Note 2)
Taiwan (2.68%)
Catcher Technology Co., Ltd.		46,000	$	323,753
Chailease Holding Co., Ltd.		88,000		147,881
Largan Precision Co., Ltd.		5,000		351,905
Novatek Microelectronics Corp.		46,000		161,163
				984,702
United States (33.47%)
Amazon.com, Inc.(a)		175		115,428
Amsurg Corp.(a)		7,075		572,933
Carter’s, Inc.		2,625		280,009
Dril-Quip, Inc.(a)		1,475		95,609
EPAM Systems, Inc.(a)		3,400		247,962
Fastenal Co.		9,950		465,560
First Republic Bank		11,650		819,228
Genesee & Wyoming, Inc., Class A(a)		2,750		179,052
Genpact, Ltd.(a)		9,475		264,258
Gentex Corp.		23,625		378,945
Home BancShares, Inc.		4,156		178,666
Knight Transportation, Inc.		30,575		812,378
Linear Technology Corp.		7,650		340,272
LinkedIn Corp., Class A(a)		725		90,850
Littelfuse, Inc.		2,300		267,904
MarketAxess Holdings, Inc.		2,925		359,073
MEDNAX, Inc.(a)		9,600		684,384
Microchip Technology, Inc.		14,250		692,408
MSC Industrial Direct Co., Inc., Class A		3,950		306,125
NorthStar Asset Management Group, Inc.		7,625		94,855
NorthStar Realty Finance Corp., REIT		9,937		127,094
Palo Alto Networks, Inc.(a)		1,325		199,903
Paycom Software, Inc.(a)		6,350		242,634
Power Integrations, Inc.		16,375		790,094
PRA Group, Inc.(a)		19,725		654,476
Proto Labs, Inc.(a)		4,125		246,799
Quanta Services, Inc.(a)		14,600		346,312
Signature Bank(a)		2,075		285,997
Silicon Laboratories, Inc.(a)		7,450		348,660
Spirit Airlines, Inc.(a)		5,075		222,945
Sprouts Farmers Market, Inc.(a)		16,950		475,787
SVB Financial Group(a)		975		101,673
Synaptics, Inc.(a)		4,100		293,355
Syntel, Inc.(a)		3,325		141,412
Tyler Technologies, Inc.(a)		800		117,128
Virtusa Corp.(a)		4,558		161,991

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	41

Grandeur Peak Global Stalwarts Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
United States (continued)
WW Grainger, Inc.		1,185	$	277,906
				12,280,065
Vietnam (0.71%)
Vietnam Dairy Products JSC		41,820		260,812
TOTAL COMMON STOCKS (Cost $31,758,099)				33,968,882
PREFERRED STOCKS (0.83%)
Brazil (0.83%)
Itau Unibanco Holding SA		31,950		305,635
TOTAL PREFERRED STOCKS (Cost $210,691)				305,635
TOTAL INVESTMENTS (93.41%) (Cost $31,968,790)			$	34,274,517
Other Assets In Excess Of Liabilities (6.59%)				2,418,821
NET ASSETS (100.00%)			$	36,693,338

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $186,793, representing 0.51% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $186,793, representing 0.51% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
42	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (94.40%)
Australia (2.05%)
CTI Logistics, Ltd.		1,533,161	$	932,591
Greencross, Ltd.		983,600		5,317,428
Magellan Financial Group, Ltd.		254,400		4,158,810
Medical Developments International, Ltd.		703,338		3,342,393
Reject Shop, Ltd.		74,431		702,893
				14,454,115
Austria (1.20%)
Palfinger AG		273,840		8,419,102
Belgium (1.17%)
Melexis NV		149,684		8,264,702
Brazil (1.51%)
CETIP SA - Mercados Organizados		234,014		2,868,657
FPC Par Corretora de Seguros SA		646,500		2,161,736
Localiza Rent a Car SA		36,000		350,972
M Dias Branco SA		112,900		2,557,217
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		270,100		2,714,155
				10,652,737
Britain (8.69%)
Abcam PLC		381,366		3,293,249
Alliance Pharma PLC		4,003,600		2,632,439
Arrow Global Group PLC		1,422,000		5,339,834
Clinigen Group PLC		2,263,073		17,723,865
Diploma PLC		465,100		4,971,137
EMIS Group PLC		587,200		8,185,204
Exova Group PLC		587,400		1,373,248
On the Beach Group PLC(a)(b)(c)		815,500		3,278,303
Oxford Immunotec Global PLC(a)		237,180		2,480,903
RPS Group PLC		1,050,211		2,677,732
SafeCharge International Group, Ltd.		409,300		1,438,308
Sanne Group PLC		461,800		2,977,376
Tracsis PLC		190,900		1,387,695
Ultra Electronics Holdings PLC		130,800		3,375,153
				61,134,446
Canada (4.28%)
Biosyent, Inc.(a)		288,500		1,595,752

	Shares		Value (Note 2)
Canada (continued)
Cipher Pharmaceuticals, Inc.(a)		895,100	$	5,293,411
DIRTT Environmental Solutions(a)		865,900		3,740,478
Home Capital Group, Inc.		175,042		5,244,145
Richelieu Hardware, Ltd.		262,050		4,647,017
Sandvine Corp.		857,700		1,852,528
Stantec, Inc.		158,352		4,058,819
TransForce, Inc.		196,100		3,701,003
				30,133,153
China (6.70%)
BBI Life Sciences Corp.(c)		11,509,500		2,270,177
China Lesso Group Holdings, Ltd.		4,668,000		2,575,648
China Medical System Holdings, Ltd.		5,683,000		7,399,644
Dongpeng Holdings Co., Ltd.		8,743,000		4,733,927
Le Saunda Holdings, Ltd.		5,405,680		1,184,707
Man Wah Holdings, Ltd.		11,838,400		13,827,161
Minth Group, Ltd.		1,515,000		3,964,793
O2Micro International, Ltd., ADR(a)		1,030,316		1,504,261
On-Bright Electronics, Inc.		379,000		2,003,519
Silergy Corp.		358,199		4,775,543
Sinosoft Technology Group, Ltd.		3,132,000		1,711,983
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		2,004,500		1,188,709
				47,140,072
Colombia (1.32%)
Gran Tierra Energy, Inc.(a)		1,178,037		3,486,989
Parex Resources, Inc.(a)		576,275		5,773,314
				9,260,303
Denmark (0.41%)
Ringkjoebing Landbobank A/S		13,763		2,892,481
Egypt (0.10%)
Integrated Diagnostics Holdings PLC(b)(c)		154,200		717,030
Finland (0.61%)
Aktia Bank OYJ		288,873		2,900,889
Ferratum OYJ(c)		51,807		1,379,228
				4,280,117
France (3.47%)
Alten SA		57,500		3,555,382

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	43

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
France (continued)
ARGAN SA, REIT		77,896	$	1,984,585
Esker SA		92,500		3,013,343
Infotel SA		45,900		1,559,390
Medicrea International(a)		193,596		1,316,762
MGI Digital Graphic Technology(a)		71,550		2,498,815
Neurones		79,220		1,649,124
Prodware		268,000		1,997,747
SoluCom		44,377		3,300,871
Tessi SA		12,400		2,058,801
Thermador Groupe		16,307		1,491,173
				24,425,993
Georgia (1.02%)
BGEO Group PLC		214,811		7,187,652
Germany (4.24%)
Aroundtown Property Holdings PLC(a)		638,500		3,202,282
CANCOM SE		70,600		3,601,851
First Sensor AG(a)		191,264		2,321,473
Nexus AG		275,316		4,823,336
Norma Group SE		48,103		2,473,659
PATRIZIA Immobilien AG(a)		154,459		3,577,946
publity AG		41,000		1,732,347
Softing AG		96,691		1,544,489
Wirecard AG		151,211		6,530,134
				29,807,517
Hong Kong (1.89%)
International Housewares Retail Co., Ltd.		10,854,000		1,777,073
Value Partners Group, Ltd.		8,449,000		8,114,717
Vitasoy International Holdings, Ltd.		1,797,338		3,369,039
				13,260,829
India (7.15%)
AIA Engineering, Ltd.		131,924		1,970,805
Ajanta Pharma, Ltd.		69,805		1,593,844
Alkem Laboratories, Ltd.		313,843		5,635,027
Bajaj Finance, Ltd.		38,226		3,935,612
City Union Bank, Ltd.		1,976,565		2,798,122
Credit Analysis & Research, Ltd.		106,300		1,620,222
Cyient, Ltd.		434,267		3,008,378
Dewan Housing Finance Corp., Ltd.		1,033,000		3,088,254
Divi’s Laboratories, Ltd.		133,500		2,115,511
Hinduja Global Solutions, Ltd.		340,600		2,094,795

	Shares		Value (Note 2)
India (continued)
Indiabulls Housing Finance, Ltd.		225,000	$	2,351,594
Jammu & Kashmir Bank, Ltd.		1,821,000		1,886,065
Kolte-Patil Developers, Ltd.		816,794		1,528,179
KPIT Technologies, Ltd.		1,038,821		2,504,259
MBL Infrastructures, Ltd.		580,500		1,234,427
PC Jeweller, Ltd.		160,067		870,197
Time Technoplast, Ltd.		4,384,100		3,162,659
UFO Moviez India, Ltd.		132,458		1,021,143
Vaibhav Global, Ltd.(a)		258,200		1,210,422
WNS Holdings, Ltd., ADR(a)		209,750		6,646,978
				50,276,493
Indonesia (3.93%)
Astra Graphia Tbk PT		10,792,000		1,620,273
Bank Negara Indonesia Persero Tbk PT		12,030,500		4,182,578
Bank Tabungan Pensiunan Nasional Tbk PT(a)		2,566,200		521,490
Bekasi Fajar Industrial Estate Tbk PT		65,215,500		1,394,508
Indonesia Pondasi Raya Tbk PT(a)		18,859,500		2,330,982
Lippo Cikarang Tbk PT(a)		2,189,000		1,215,835
Panin Sekuritas Tbk PT		8,494,000		2,157,636
Petra Foods, Ltd.		1,854,600		3,413,120
Selamat Sempurna Tbk PT		16,888,700		6,044,485
Tempo Scan Pacific Tbk PT		19,383,500		2,939,566
Ultrajaya Milk Industry & Trading Co. Tbk PT(a)		5,739,500		1,821,338
				27,641,811
Ireland (1.19%)
Irish Residential Properties PLC, REIT		6,533,476		8,378,898
Israel (0.66%)
Sarine Technologies, Ltd.		1,358,600		1,666,870
Wix.com, Ltd.(a)		120,075		2,968,254
				4,635,124
Italy (0.76%)
Banca Sistema SpA(a)(b)(c)		600,062		1,937,626
Brembo SpA		62,900		3,378,630
				5,316,256
Japan (12.16%)
AIT Corp.		465,700		3,934,815
Amiyaki Tei Co., Ltd.		53,000		2,141,917
Anest Iwata Corp.		594,600		6,465,716
AP Company Co., Ltd.(a)		165,300		1,764,857

See Notes to Financial Statements.
44	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Japan (continued)
ARCLAND SERVICE Co., Ltd.		55,300	$	1,595,592
CMIC Holdings Co., Ltd.		181,955		2,758,397
CyberAgent, Inc.		106,500		5,204,887
eGuarantee, Inc.		123,700		2,773,949
Future Architect, Inc.		822,100		5,779,425
GCA Savvian Corp.		620,200		6,009,645
Hard Off Corp. Co., Ltd.		289,300		4,116,543
JCU Corp.		80,300		2,611,259
M&A Capital Partners Co., Ltd.(a)		130,300		2,238,613
Medical Data Vision Co., Ltd.(a)		19,200		489,384
MISUMI Group, Inc.		536,200		7,831,342
Monogatari Corp.		41,500		2,020,395
Prestige International, Inc.		490,900		5,767,152
Quick Co., Ltd.		268,000		2,173,722
Sawai Pharmaceutical Co., Ltd.		40,000		2,661,654
SK Kaken Co., Ltd.		31,000		2,629,464
Syuppin Co., Ltd.		253,600		3,088,963
Trancom Co., Ltd.		137,790		8,417,622
Trust Tech, Inc.		227,600		3,031,102
				85,506,415
Luxembourg (1.25%)
Grand City Properties SA		187,800		4,148,130
L’Occitane International SA		2,401,212		4,630,991
				8,779,121
Malaysia (2.16%)
7-Eleven Malaysia Holdings Bhd		3,690,000		1,312,966
AEON Credit Service M Bhd		745,040		2,513,664
Berjaya Auto Bhd		4,720,000		2,658,134
Berjaya Food Bhd		2,056,016		994,719
CB Industrial Product Holding Bhd		3,120,600		1,797,350
My EG Services Bhd		7,147,600		3,677,634
Nirvana Asia, Ltd.(b)(c)		7,888,000		2,227,013
				15,181,480
Mexico (1.39%)
Banregio Grupo Financiero SAB de CV		560,065		3,362,737
Credito Real SAB de CV SOFOM ER		2,908,024		6,397,614
				9,760,351
Netherlands (1.01%)
Aalberts Industries NV		169,497		5,806,952

	Shares		Value (Note 2)
Netherlands (continued)
Arcadis NV		77,800	$	1,332,265
				7,139,217
New Zealand (0.26%)
CBL Corp., Ltd.		1,073,666		1,799,249
Norway (1.96%)
Medistim ASA		420,559		2,768,262
Skandiabanken ASA(a)(b)(c)		1,179,900		6,887,274
SpareBank 1 SMN		673,500		4,140,446
				13,795,982
Oman (0.47%)
Al Anwar Ceramic Tiles Co.		2,135,760		1,497,611
Tethys Oil AB		253,500		1,815,123
				3,312,734
Philippines (2.18%)
Concepcion Industrial Corp.		2,772,000		2,837,771
Pepsi-Cola Products Philippines, Inc.		34,685,500		2,744,510
Puregold Price Club, Inc.		2,756,000		2,362,915
Security Bank Corp.		2,038,960		7,392,657
				15,337,853
Singapore (0.79%)
ARA Asset Management, Ltd.		337,312		297,219
CSE Global, Ltd.		5,921,055		1,893,188
Riverstone Holdings, Ltd.		4,622,000		3,350,894
				5,541,301
South Africa (3.11%)
Blue Label Telecoms, Ltd.		3,626,500		4,004,747
Cartrack Holdings, Ltd.		4,849,500		3,168,216
Clicks Group, Ltd.		273,485		1,997,453
EOH Holdings, Ltd.		301,756		2,936,955
Italtile, Ltd.		3,988,625		3,544,448
MiX Telematics, Ltd., Sponsored ADR		209,800		855,984
Mr. Price Group, Ltd.		171,600		2,179,830
OneLogix Group, Ltd.		2,450,980		583,680
Super Group, Ltd.(a)		788,297		2,278,185
Transaction Capital, Ltd.		353,000		292,612
				21,842,110
South Korea (3.50%)
DGB Financial Group, Inc.		251,500		2,024,096
Hy-Lok Corp.		286,501		7,153,724
Interpark Holdings Corp.		358,000		2,768,106
ISC Co., Ltd.		273,285		6,008,240
Koh Young Technology, Inc.		73,383		2,705,008

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	45

Grandeur Peak International Opportunities Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
South Korea (continued)
Kolao Holdings		173,500	$	1,560,800
Vitzrocell Co., Ltd.		243,898		2,408,156
				24,628,130
Sweden (3.89%)
AddLife AB(a)		113,441		1,433,825
AddTech AB, Class B		363,013		4,565,661
Beijer Alma AB		71,800		1,694,314
Bufab Holding AB		716,600		5,599,518
HIQ International AB		253,096		1,583,731
Indutrade AB		67,950		3,810,233
Moberg Pharma AB(a)		457,200		2,766,958
Nibe Industrier AB, Class B		98,381		3,418,028
Odd Molly International AB		72,938		333,334
Opus Group AB		3,980,568		2,151,270
				27,356,872
Switzerland (1.97%)
Leonteq AG		19,200		1,335,974
Luxoft Holding, Inc.(a)		41,175		2,380,327
VZ Holding AG		23,980		7,461,722
Wizz Air Holdings PLC(a)(b)(c)		97,600		2,681,037
				13,859,060
Taiwan (4.47%)
ASPEED Technology, Inc.		225,958		2,066,710
Cub Elecparts, Inc.		142,981		1,733,345
Materials Analysis Technology, Inc.		1,032,000		2,364,580
Novatek Microelectronics Corp.		739,000		2,589,123
Polytronics Technology Corp.		1,130,300		2,085,166
Sinmag Equipment Corp.		678,810		2,251,966
Sitronix Technology Corp.		841,000		2,461,489
Sporton International, Inc.		1,411,507		7,746,155
Test Research, Inc.		2,114,252		2,989,176
TSC Auto ID Technology Co., Ltd.		251,100		2,249,958
UDE Corp.		1,545,000		1,437,076
Voltronic Power Technology Corp.		91,836		1,449,308
				31,424,052
Thailand (0.73%)
Ananda Development PCL		26,514,800		2,763,065
Premier Marketing PCL		8,478,400		2,366,573
				5,129,638
United Arab Emirates (0.24%)
Aramex PJSC		1,855,000		1,717,172

	Shares		Value (Note 2)
United States (0.44%)
First Cash Financial Services, Inc.		67,025	$	3,065,053
Vietnam (0.07%)
DHG Pharmaceutical JSC		126,000		477,701
TOTAL COMMON STOCKS (Cost $591,870,570)				663,932,322
PREFERRED STOCKS (0.38%)
Brazil (0.38%)
Banco ABC Brasil SA		61,670		210,692
Banco Daycoval SA		987,600		2,432,208
				2,642,900
TOTAL PREFERRED STOCKS (Cost $4,277,088)				2,642,900
TOTAL INVESTMENTS (94.78%) (Cost $596,147,658)			$	666,575,222
Other Assets In Excess Of Liabilities (5.22%)				36,717,610
NET ASSETS (100.00%)			$	703,292,832

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $18,916,992, representing 2.69% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $22,566,397, representing 3.21% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
46	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	April 30, 2016

	Shares			Value (Note 2)
COMMON STOCKS (91.87%)
Australia (0.73%)
Magellan Financial Group, Ltd.		63,427		$	1,036,874
Belgium (1.31%)
Melexis NV		33,461			1,847,527
Brazil (0.55%)
CETIP SA - Mercados Organizados		63,700			780,866
Britain (4.54%)
Abcam PLC		83,550			721,488
B&M European Value Retail SA		272,000			1,102,479
Close Brothers Group PLC		38,929			689,399
Diploma PLC		197,400	��		2,109,874
Ultra Electronics Holdings PLC		68,950			1,779,181
					6,402,421
Canada (8.20%)
Gildan Activewear, Inc.		39,088			1,214,043
Home Capital Group, Inc.		41,238			1,235,464
Ritchie Bros. Auctioneers, Inc.		82,525			2,367,642
Stantec, Inc.		114,270			2,928,926
TransForce, Inc.		202,922			3,829,754
					11,575,829
Chile (0.72%)
Banco de Chile		9,270,650			1,016,344
China (5.94%)
AAC Technologies Holdings, Inc.		147,500			1,025,877
China Lesso Group Holdings, Ltd.		1,208,000			666,534
China Medical System Holdings, Ltd.		1,871,600			2,436,948
Man Wah Holdings, Ltd.		3,642,100			4,253,945
					8,383,304
Colombia (0.82%)
Parex Resources, Inc.(a)		115,200			1,154,112
Egypt (0.39%)
Commercial International Bank Egypt SAE		107,703			547,978

	Shares		Value (Note 2)
France (1.52%)
Alten SA		34,664	$	2,143,369
Germany (4.07%)
Aroundtown Property Holdings PLC(a)		199,900		1,002,563
Norma Group SE		34,950		1,797,276
PATRIZIA Immobilien AG(a)		57,900		1,341,217
Wirecard AG		36,950		1,595,707
				5,736,763
Hong Kong (4.88%)
Samsonite International SA		434,760		1,404,007
Value Partners Group, Ltd.		3,830,000		3,678,467
Vitasoy International Holdings, Ltd.		961,000		1,801,356
				6,883,830
India (7.96%)
AIA Engineering, Ltd.		97,400		1,455,053
Ajanta Pharma, Ltd.		44,500		1,016,060
Alkem Laboratories, Ltd.		48,674		873,938
Bajaj Finance, Ltd.		9,025		929,182
Bajaj Finserv, Ltd.		17,500		494,778
Colgate-Palmolive India, Ltd.		57,000		722,576
Divi’s Laboratories, Ltd.		43,000		681,400
Indiabulls Housing Finance, Ltd.		73,500		768,187
WNS Holdings, Ltd., ADR(a)		76,100		2,411,609
Yes Bank, Ltd.		131,950		1,875,807
				11,228,590
Indonesia (2.67%)
Bank Negara Indonesia Persero Tbk PT		3,549,200		1,233,931
Bank Rakyat Indonesia Persero Tbk PT		2,346,500		1,841,544
Petra Foods, Ltd.		376,600		693,077
				3,768,552
Israel (0.41%)
Caesarstone Sdot-Yam, Ltd.(a)		15,775		584,148
Italy (2.14%)
Brembo SpA		56,303		3,024,277
Japan (11.86%)
Century Tokyo Leasing Corp.		28,600		1,014,709
CyberAgent, Inc.		58,900		2,878,571
MISUMI Group, Inc.		393,900		5,753,013

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	47

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	April 30, 2016

	Shares		Value (Note 2)
Japan (continued)
Nihon M&A Center, Inc.		41,900	$	2,496,673
Sawai Pharmaceutical Co., Ltd.		23,100		1,537,105
Seria Co., Ltd.		15,500		922,134
Suruga Bank, Ltd.		104,800		2,127,519
				16,729,724
Luxembourg (2.83%)
Grand City Properties SA		98,400		2,173,461
L’Occitane International SA		946,000		1,824,461
				3,997,922
Mexico (1.36%)
Banregio Grupo Financiero SAB de CV		320,550		1,924,643
Netherlands (2.55%)
Aalberts Industries NV		75,985		2,603,239
Arcadis NV		57,980		992,863
				3,596,102
Philippines (4.77%)
Puregold Price Club, Inc.		2,868,200		2,459,112
Robinsons Retail Holdings, Inc.		1,156,320		1,898,942
Security Bank Corp.		654,200		2,371,933
				6,729,987
South Africa (2.20%)
EOH Holdings, Ltd.		182,000		1,771,384
Mr. Price Group, Ltd.		104,900		1,332,542
				3,103,926
South Korea (0.99%)
DGB Financial Group, Inc.		172,950		1,391,918
Sweden (4.85%)
Hexpol AB		170,225		1,759,388
Indutrade AB		32,850		1,842,033
Nibe Industrier AB, Class B		41,100		1,427,928
Svenska Handelsbanken AB, Class A		136,700		1,819,727
				6,849,076
Switzerland (5.13%)
Baloise Holding AG		12,900		1,596,195
Leonteq AG		16,300		1,134,187
Luxoft Holding, Inc.(a)		18,825		1,088,273
VZ Holding AG		7,539		2,345,868

	Shares		Value (Note 2)
Switzerland (continued)
Wizz Air Holdings PLC(a)(b)(c)		39,000	$	1,071,316
				7,235,839
Taiwan (4.66%)
Catcher Technology Co., Ltd.		234,000		1,646,917
Chailease Holding Co., Ltd.		769,000		1,292,277
Largan Precision Co., Ltd.		24,000		1,689,145
Novatek Microelectronics Corp.		270,000		945,958
Vanguard International Semiconductor Corp.		654,000		1,002,707
				6,577,004
United States (2.93%)
EPAM Systems, Inc.(a)		19,400		1,414,842
Genpact, Ltd.(a)		63,050		1,758,464
Syntel, Inc.(a)		22,450		954,799
				4,128,105
Vietnam (0.89%)
Vietnam Dairy Products JSC		200,370		1,249,616
TOTAL COMMON STOCKS (Cost $123,241,971)				129,628,646
PREFERRED STOCKS (1.19%)
Brazil (1.19%)
Itau Unibanco Holding SA		174,700		1,671,187
TOTAL PREFERRED STOCKS (Cost $1,180,530)				1,671,187
TOTAL INVESTMENTS (93.06%) (Cost $124,422,501)			$	131,299,833
Other Assets In Excess Of Liabilities (6.94%)				9,798,006
NET ASSETS (100.00%)			$	141,097,839

^(a)  Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2016, these securities had a total aggregate market value of $1,071,316, representing 0.76% of net assets.

See Notes to Financial Statements.
48	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund	Portfolio of Investments
	April 30, 2016

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $1,071,316, representing 0.76% of net assets.

For Fund compliance purposes, the Fund’s geographical classifications refer to any one or more of the country sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Geographical regions are shown as a percentage of net assets.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	49

Grandeur Peak Funds®	Statements of Assets and Liabilities
	April 30, 2016

	Grandeur Peak		Grandeur Peak		Grandeur Peak
	Emerging Markets		Global Micro Cap		Global Opportunities		Grandeur Peak
	Opportunities Fund		Fund		Fund		Global Reach Fund
ASSETS
Investments, at value (Cost - see below)	$	340,111,326	$	30,214,331	$	612,143,336	$	282,747,206
Cash		29,292,044		532,096		12,012,755		5,560,207
Foreign cash, at value (Cost $405,175, $344,567, $2,069,783 and $479,962, respectively)		405,349		347,047		2,083,369		489,350
Dividends and interest receivable		374,141		75,599		1,279,547		454,070
Receivable for investments sold		1,837,210		83,182		1,406,812		1,261,835
Receivable for fund shares subscribed		269,400		–		79,760		50,845
Deferred offering cost		–		28,369		–		–
Prepaid and other assets		14,340		2,906		11,849		4,863
Total assets		372,303,810		31,283,530		629,017,428		290,568,376
LIABILITIES
Payable for investments purchased		952,441		433,919		2,823,003		1,012,098
Foreign capital gains tax		67,101		–		–		–
Payable for fund shares redeemed		683,683		35,262		191,988		403,651
Advisory fees payable		408,879		38,635		637,544		288,786
Administration fees payable		22,066		4,526		32,017		24,671
Custodian fees payable		62,976		11,508		46,243		36,337
Payable for trustee fees and expenses		2,331		190		3,975		1,861
Payable for chief compliance officer fee		762		62		1,299		609
Payable for principal financial officer fees		139		11		236		111
Distribution and service fees payable		4,420		–		35,950		13,555
Payable for transfer agency fees		3,850		3,725		10,384		7,299
Accrued expenses and other liabilities		54,413		20,238		48,658		36,065
Total liabilities		2,263,061		548,076		3,831,297		1,825,043
NET ASSETS	$	370,040,749	$	30,735,454	$	625,186,131	$	288,743,333
NET ASSETS CONSISTS OF
Paid-in capital (Note 5)	$	394,287,232	$	29,441,489	$	551,068,706	$	288,163,243
Accumulated net investment income/(loss)		895,515		(13,704)		(666,687)		(102,771)
Accumulated net realized loss		(13,448,955)		(87,986)		(119,091)		(13,165,285)
Net unrealized appreciation/(depreciation)		(11,693,043)		1,395,655		74,903,203		13,848,146
NET ASSETS	$	370,040,749	$	30,735,454	$	625,186,131	$	288,743,333
INVESTMENTS, AT COST	$	351,754,150	$	28,823,022	$	537,250,442	$	268,911,691
PRICING OF SHARES
Investor Class
Net Assets	$	20,547,706	$	–	$	173,156,063	$	66,983,920
Net Asset Value, offering and redemption price per share	$	9.82	$	–	$	3.01	$	12.31
Shares of beneficial interest outstanding		2,092,573		–		57,575,439		5,439,594
Institutional Class
Net Assets	$	349,493,043	$	30,735,454	$	452,030,068	$	221,759,413
Net Asset Value, offering and redemption price per share	$	9.85	$	10.38	$	3.03	$	12.33
Shares of beneficial interest outstanding		35,465,075		2,959,868		148,977,297		17,988,216

See Notes to Financial Statements.
50	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Statements of Assets and Liabilities
	April 30, 2016

	Grandeur Peak		Grandeur Peak		Grandeur Peak
	Global Stalwarts		International		International
	Fund		Opportunities Fund		Stalwarts Fund
ASSETS
Investments, at value (Cost - see below)	$	34,274,517	$	666,575,222	$	131,299,833
Cash		2,062,712		28,612,780		6,320,053
Foreign cash, at value (Cost $59,729, $1,360,918 and $335,257, respectively)		60,648		1,354,872		336,151
Dividends and interest receivable		52,320		1,770,940		274,985
Receivable for investments sold		378,848		6,813,516		2,865,544
Receivable for fund shares subscribed		11,346		60,328		330,896
Deferred offering cost		22,793		–		23,592
Prepaid and other assets		2,987		12,281		1,840
Total assets		36,866,171		705,199,939		141,452,894
LIABILITIES
Payable for investments purchased		61,216		856,642		56,126
Foreign capital gains tax		24,016		–		132,482
Payable for fund shares redeemed		–		144,334		15,290
Advisory fees payable		39,594		721,749		81,824
Administration fees payable		4,766		35,793		7,721
Custodian fees payable		14,484		59,706		17,529
Payable for trustee fees and expenses		222		4,553		887
Payable for chief compliance officer fee		72		1,488		290
Payable for principal financial officer fees		13		271		53
Distribution and service fees payable		3,776		25,282		4,471
Payable for transfer agency fees		4,514		7,518		3,776
Accrued expenses and other liabilities		20,160		49,771		34,606
Total liabilities		172,833		1,907,107		355,055
NET ASSETS	$	36,693,338	$	703,292,832	$	141,097,839
NET ASSETS CONSISTS OF
Paid-in capital (Note 5)	$	34,688,405	$	633,758,554	$	135,566,984
Accumulated net investment income		108,751		286,799		628,490
Accumulated net realized loss		(388,639)		(1,234,415)		(1,860,931)
Net unrealized appreciation		2,284,821		70,481,894		6,763,296
NET ASSETS	$	36,693,338	$	703,292,832	$	141,097,839
INVESTMENTS, AT COST	$	31,968,790	$	596,147,658	$	124,422,501
PRICING OF SHARES
Investor Class
Net Assets	$	19,131,409	$	123,921,553	$	22,027,885
Net Asset Value, offering and redemption price per share	$	10.85	$	3.09	$	11.02
Shares of beneficial interest outstanding		1,762,740		40,064,701		1,999,012
Institutional Class
Net Assets	$	17,561,929	$	579,371,279	$	119,069,954
Net Asset Value, offering and redemption price per share	$	10.87	$	3.11	$	11.03
Shares of beneficial interest outstanding		1,615,419		186,571,815		10,797,609

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	51

Grandeur Peak Funds®	Statements of Operations
	For the Year or Period Ended April 30, 2016

	Grandeur Peak		Grandeur Peak		Grandeur Peak
	Emerging Markets		Global Micro Cap		Global Opportunities		Grandeur Peak
	Opportunities Fund		Fund(a)		Fund		Global Reach Fund
INVESTMENT INCOME
Dividends	$	10,030,451	$	255,842	$	11,834,876	$	5,665,205
Interest		76		3		–		170
Foreign taxes withheld		(919,008)		(21,459)		(887,519)		(441,318)
Total investment income		9,111,519		234,386		10,947,357		5,224,057
EXPENSES
Investment advisor fees (Note 6)		5,310,667		220,495		8,165,731		3,407,429
Recoupment of previously waived fees (Note 6)		–		–		–		144,124
Administrative fees		159,399		9,004		254,152		141,581
Distribution and service fees - Investor Class		62,453		–		431,729		176,793
Transfer agent fees		39,060		19,195		87,151		66,115
Professional fees		76,256		21,227		58,909		59,504
Printing fees		16,010		2,227		43,058		26,508
Registration fees		40,899		4,853		32,782		37,422
Custodian fees		431,467		44,671		315,028		266,115
Trustee fees and expenses		10,285		570		17,152		8,138
Chief compliance officer fees		8,793		377		14,638		6,942
Principal financial officer fees		1,782		69		2,958		1,404
Offering costs		–		13,789		–		–
Other expenses		17,325		2,077		26,193		15,014
Total expenses		6,174,396		338,554		9,449,481		4,357,089
Less fees waived/reimbursed by investment advisor (Note 6)		–		(44,561)		–		–
NET INVESTMENT INCOME/(LOSS)		2,937,123		(59,607)		1,497,876		866,968
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized gain/(loss) on investments		(6,454,920)		(87,987)		16,958,417		(10,247,128)
Net realized loss on foreign currency transactions		(287,775)		(9,737)		(200,129)		(145,330)
Net change in unrealized appreciation/(depreciation) on investments (net of foreign capital gains tax of $(531,696), $–, $(725,970) and $(411,508), respectively)		(50,778,596)		1,391,309		(56,991,664)		(14,063,953)
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		3,949		4,346		17,443		(1,559)
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		(57,517,342)		1,297,931		(40,215,933)		(24,457,970)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(54,580,219)	$	1,238,324	$	(38,718,057)	$	(23,591,002)

^(a) Represents the period October 21, 2015 (commencement of operations) to April 30, 2016.

See Notes to Financial Statements.
52	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Statements of Operations
	For the Year or Period Ended April 30, 2016

	Grandeur Peak		Grandeur Peak		Grandeur Peak
	Global Stalwarts		International		International
	Fund(a)		Opportunities Fund		Stalwarts Fund(a)
INVESTMENT INCOME
Dividends	$	220,241	$	17,032,769	$	998,487
Interest		–		2,450		–
Foreign taxes withheld		(16,858)		(1,500,412)		(91,893)
Total investment income		203,383		15,534,807		906,594
EXPENSES
Investment advisor fees (Note 6)		121,516		9,535,702		422,911
Recoupment of previously waived fees (Note 6)		–		–		–
Administrative fees		10,033		294,627		23,565
Distribution and service fees - Investor Class		19,864		339,866		18,387
Transfer agent fees		24,127		66,257		21,601
Professional fees		17,820		63,162		22,294
Printing fees		1,997		30,734		2,297
Registration fees		3,804		32,511		13,417
Custodian fees		65,029		428,608		88,697
Trustee fees and expenses		569		20,033		2,000
Chief compliance officer fees		389		17,153		1,367
Principal financial officer fees		71		3,467		249
Offering costs		30,658		–		31,113
Other expenses		3,222		29,643		3,459
Total expenses		299,099		10,861,763		651,357
Less fees waived/reimbursed by investment advisor (Note 6)		(112,151)		–		(51,467)
NET INVESTMENT INCOME		16,435		4,673,044		306,704
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS
Net realized loss on investments		(379,184)		(1,178,156)		(1,861,968)
Net realized gain/(loss) on foreign currency transactions		62,597		(222,466)		320,527
Net change in unrealized appreciation/(depreciation) on investments (net of foreign capital gains tax of $24,016, $(730,034) and $132,482, respectively)		2,281,711		(51,592,486)		6,744,850
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities in foreign currencies		3,110		(60,543)		18,446
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS		1,968,234		(53,053,651)		5,221,855
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,984,669	$	(48,380,607)	$	5,528,559

^(a)  Represents the period September 2, 2015 (commencement of operations) to April 30, 2016.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	53

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

	For the		For the
	Year Ended		Year Ended
	April 30, 2016		April 30, 2015
OPERATIONS
Net investment income	$	2,937,123	$	1,653,817
Net realized gain/(loss)		(6,742,695)		12,553,431
Net change in unrealized appreciation/(depreciation)		(50,774,647)		29,470,012
Net increase/(decrease) in net assets resulting from operations		(54,580,219)		43,677,260
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Investor Class		–		(54,833)
Institutional Class		–		(1,137,527)
Net realized gains on investments
Investor Class		(784,769)		(924,569)
Institutional Class		(12,306,838)		(8,862,626)
Net decrease in net assets from distributions		(13,091,607)		(10,979,555)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		1,471,368		18,678,785
Distributions reinvested		766,668		967,793
Cost of shares redeemed		(16,030,060)		(10,477,031)
Redemption fees		2,624		723
Net increase/(decrease) from capital shares transactions		(13,789,400)		9,170,270
Institutional Class
Proceeds from sales of shares		11,860,125		142,994,927
Distributions reinvested		11,059,498		9,195,374
Cost of shares redeemed		(39,363,942)		(9,885,549)
Redemption fees		1,324		1,347
Net increase/(decrease) from capital shares transactions		(16,442,995)		142,306,099
Net increase/(decrease) in net assets		(97,904,221)		184,174,074
NET ASSETS
Beginning of year		467,944,970		283,770,896
End of year*	$	370,040,749	$	467,944,970
*Including accumulated net investment income/(loss) of:	$	895,515	$	(1,379,046)
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		144,484		1,678,743
Issued to shareholders in reinvestment of distributions		79,530		92,083
Redeemed		(1,598,285)		(959,085)
Net increase/(decrease) in share transactions		(1,374,271)		811,741
Institutional Class
Issued		1,186,242		12,912,043
Issued to shareholders in reinvestment of distributions		1,143,692		874,085
Redeemed		(4,011,166)		(914,887)
Net increase/(decrease) in share transactions		(1,681,232)		12,871,241

See Notes to Financial Statements.
54	1.855.377.7325  |  www.GrandeurPeakGlobal.com

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

	For the Period
	October 21, 2015
	(Commencement
	of Operations) to
	April 30, 2016
OPERATIONS
Net investment loss	$	(59,607)
Net realized loss		(97,724)
Net change in unrealized appreciation		1,395,655
Net increase in net assets resulting from operations		1,238,324
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Institutional Class
Proceeds from sales of shares		31,071,815
Cost of shares redeemed		(1,575,834)
Redemption fees		1,149
Net increase from capital shares transactions		29,497,130
Net increase in net assets		30,735,454
NET ASSETS
Beginning of period		–
End of period*	$	30,735,454
*Including accumulated net investment loss of:	$	(13,704)
OTHER INFORMATION
Shares Transactions
Institutional Class
Issued		3,118,442
Redeemed		(158,574)
Net increase in share transactions		2,959,868

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	55

Grandeur Peak Global Opportunities Fund Statements of Changes in Net Assets

	For the		For the
	Year Ended		Year Ended
	April 30, 2016		April 30, 2015
OPERATIONS
Net investment income	$	1,497,876	$	1,998,221
Net realized gain		16,758,288		64,188,443
Net change in unrealized appreciation/(depreciation)		(56,974,221)		8,724,491
Net increase/(decrease) in net assets resulting from operations		(38,718,057)		74,911,155
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Investor Class		(109,124)		(418,468)
Institutional Class		(1,035,196)		(1,900,259)
Net realized gains on investments
Investor Class		(13,697,007)		(12,966,230)
Institutional Class		(34,852,047)		(32,097,504)
Net decrease in net assets from distributions		(49,693,374)		(47,382,461)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		16,451,459		12,505,211
Distributions reinvested		13,160,455		12,613,027
Cost of shares redeemed		(33,495,791)		(47,705,840)
Redemption fees		981		1,678
Net decrease from capital shares transactions		(3,882,896)		(22,585,924)
Institutional Class
Proceeds from sales of shares		21,799,233		35,606,279
Distributions reinvested		34,499,590		32,205,349
Cost of shares redeemed		(66,675,634)		(54,015,246)
Redemption fees		663		1,133
Net increase/(decrease) from capital shares transactions		(10,376,148)		13,797,515
Net increase/(decrease) in net assets		(102,670,475)		18,740,285
NET ASSETS
Beginning of year		727,856,606		709,116,321
End of year*	$	625,186,131	$	727,856,606
*Including accumulated net investment loss of:	$	(666,687)	$	(687,723)
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		5,378,903		3,751,583
Issued to shareholders in reinvestment of distributions		4,386,818		3,966,361
Redeemed		(10,866,076)		(14,276,987)
Net decrease in share transactions		(1,100,355)		(6,559,043)
Institutional Class
Issued		7,034,568		10,612,822
Issued to shareholders in reinvestment of distributions		11,423,705		10,064,172
Redeemed		(21,633,925)		(16,204,159)
Net increase/(decrease) in share transactions		(3,175,652)		4,472,835

See Notes to Financial Statements.
56	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Statements of Changes in Net Assets

	For the		For the
	Year Ended		Year Ended
	April 30, 2016		April 30, 2015
OPERATIONS
Net investment income	$	866,968	$	458,861
Net realized gain/(loss)		(10,392,458)		10,206,381
Net change in unrealized appreciation/(depreciation)		(14,065,512)		20,804,164
Net increase/(decrease) in net assets resulting from operations		(23,591,002)		31,469,406
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Investor Class		(31,050)		(39,255)
Institutional Class		(548,683)		(429,550)
Net realized gains on investments
Investor Class		(2,531,840)		(920,561)
Institutional Class		(8,291,704)		(2,653,424)
Net decrease in net assets from distributions		(11,403,277)		(4,042,790)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		8,664,894		50,078,072
Distributions reinvested		2,432,032		913,417
Cost of shares redeemed		(22,513,189)		(16,658,848)
Redemption fees		112		11,400
Net increase/(decrease) from capital shares transactions		(11,416,151)		34,344,041
Institutional Class
Proceeds from sales of shares		14,482,195		163,642,642
Distributions reinvested		8,452,696		2,839,814
Cost of shares redeemed		(35,375,478)		(15,137,030)
Redemption fees		1,064		3,537
Net increase/(decrease) from capital shares transactions		(12,439,523)		151,348,963
Net increase/(decrease) in net assets		(58,849,953)		213,119,620
NET ASSETS
Beginning of year		347,593,286		134,473,666
End of year*	$	288,743,333	$	347,593,286
*Including accumulated net investment loss of:	$	(102,771)	$	(188,078)
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		687,256		3,913,617
Issued to shareholders in reinvestment of distributions		199,838		72,379
Redeemed		(1,845,147)		(1,303,058)
Net increase/(decrease) in share transactions		(958,053)		2,682,938
Institutional Class
Issued		1,168,635		12,894,402
Issued to shareholders in reinvestment of distributions		694,552		225,203
Redeemed		(2,925,982)		(1,179,712)
Net increase/(decrease) in share transactions		(1,062,795)		11,939,893

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	57

Grandeur Peak Global Stalwarts Fund Statement of Changes in Net Assets

	For the Period
	September 2, 2015
	(Commencement
	of Operations) to
	April 30, 2016
OPERATIONS
Net investment income	$	16,435
Net realized loss		(316,587)
Net change in unrealized appreciation		2,284,821
Net increase in net assets resulting from operations		1,984,669
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Investor Class		(1,406)
Institutional Class		(1,599)
Net realized gains on investments
Investor Class		(5,451)
Institutional Class		(4,017)
Net decrease in net assets from distributions		(12,473)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		19,927,627
Distributions reinvested		6,798
Cost of shares redeemed		(1,840,013)
Redemption fees		756
Net increase from capital shares transactions		18,095,168
Institutional Class
Proceeds from sales of shares		17,799,288
Distributions reinvested		5,140
Cost of shares redeemed		(1,178,526)
Redemption fees		72
Net increase from capital shares transactions		16,625,974
Net increase in net assets		36,693,338
NET ASSETS
Beginning of period		–
End of period*	$	36,693,338
*Including accumulated net investment income of:	$	108,751
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		1,940,844
Issued to shareholders in reinvestment of distributions		639
Redeemed		(178,743)
Net increase in share transactions		1,762,740
Institutional Class
Issued		1,727,174
Issued to shareholders in reinvestment of distributions		483
Redeemed		(112,238)
Net increase in share transactions		1,615,419

See Notes to Financial Statements.
58	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Statements of Changes in Net Assets

	For the     Year Ended     April 30, 2016		For the      Year Ended      April 30, 2015
OPERATIONS
Net investment income	$	4,673,044	$	4,559,749
Net realized gain/(loss)		(1,400,622)		62,562,011
Net change in unrealized depreciation		(51,653,029)		(7,154,588)
Net increase/(decrease) in net assets resulting from operations		(48,380,607)		59,967,172
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Investor Class		(333,339)		(519,202)
Institutional Class		(2,890,960)		(3,324,759)
Net realized gains on investments
Investor Class		(5,176,781)		(9,145,192)
Institutional Class		(25,904,418)		(39,074,979)
Net decrease in net assets from distributions		(34,305,498)		(52,064,132)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		22,706,144		27,042,166
Distributions reinvested		5,342,478		9,427,674
Cost of shares redeemed		(62,519,592)		(18,351,671)
Redemption fees		5,300		293
Net increase/(decrease) from capital shares transactions		(34,465,670)		18,118,462
Institutional Class
Proceeds from sales of shares		25,906,118		25,311,158
Distributions reinvested		25,634,915		36,728,280
Cost of shares redeemed		(87,311,199)		(43,279,215)
Redemption fees		8,941		1,597
Net increase/(decrease) from capital shares transactions		(35,761,225)		18,761,820
Net increase/(decrease) in net assets		(152,913,000)		44,783,322
NET ASSETS
Beginning of year		856,205,832		811,422,510
End of year*	$	703,292,832	$	856,205,832
*Including accumulated net investment income/(loss) of:	$	286,799	$	(181,274)
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		7,180,441		8,289,054
Issued to shareholders in reinvestment of distributions		1,740,221		3,021,690
Redeemed		(19,692,604)		(5,468,291)
Net increase/(decrease) in share transactions		(10,771,942)		5,842,453
Institutional Class
Issued		8,230,251		7,532,407
Issued to shareholders in reinvestment of distributions		8,323,024		11,734,275
Redeemed		(28,793,205)		(13,091,622)
Net increase/(decrease) in share transactions		(12,239,930)		6,175,060

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	59

Grandeur Peak International Stalwarts Fund Statement of Changes in Net Assets

	For the Period September 2, 2015 (Commencement of Operations) to April 30, 2016
OPERATIONS
Net investment income	$	306,704
Net realized loss		(1,541,441)
Net change in unrealized appreciation		6,763,296
Net increase in net assets resulting from operations		5,528,559
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)
Net investment income
Institutional Class		(30,017)
Net decrease in net assets from distributions		(30,017)
CAPITAL SHARE TRANSACTIONS (NOTE 5)
Investor Class
Proceeds from sales of shares		22,223,231
Cost of shares redeemed		(1,404,112)
Redemption fees		1,506
Net increase from capital shares transactions		20,820,625
Institutional Class
Proceeds from sales of shares		122,552,744
Distributions reinvested		29,459
Cost of shares redeemed		(7,803,828)
Redemption fees		297
Net increase from capital shares transactions		114,778,672
Net increase in net assets		141,097,839
NET ASSETS
Beginning of period		–
End of period*	$	141,097,839
*Including accumulated net investment income of:	$	628,490
OTHER INFORMATION
Shares Transactions
Investor Class
Issued		2,133,944
Redeemed		(134,932)
Net increase in share transactions		1,999,012
Institutional Class
Issued		11,528,096
Issued to shareholders in reinvestment of distributions		2,720
Redeemed		(733,207)
Net increase in share transactions		10,797,609

See Notes to Financial Statements.
60	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Investor Class	Year Ended April 30, 2016			Year Ended April 30, 2015			For the Period   December 16,   2013           (Inception) to  April 30, 2014
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.51		$	10.53		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.07			0.02			(0.05)
Net realized and unrealized gain/(loss) on investments		(1.41)			1.22			0.58
Total income/(loss) from investment operations		(1.34)			1.24			0.53
DISTRIBUTIONS
From net investment income		–			(0.01)			–
From net realized gain on investments		(0.35)			(0.25)			–
Total distributions		(0.35)			(0.26)			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00(	b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.69)			0.98			0.53
NET ASSET VALUE, END OF PERIOD	$	9.82		$	11.51		$	10.53
TOTAL RETURN		(11.62)	%		12.06	%		5.30%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	20,548		$	39,896		$	27,952
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.77	%		1.82	%		2.01%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.77	%		1.82	%		1.95%(d)(e)
Net investment income/(loss)		0.69	%		0.22	%		(0.55)%(d)
PORTFOLIO TURNOVER RATE		40	%		53	%		26%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	61

Grandeur Peak Emerging Markets Opportunities Fund	Financial Highlights
For a Share Outstanding Throughout the Periods Presented

Institutional Class	Year Ended April 30, 2016			Year Ended April 30, 2015			For the Period   December 16,   2013           (Inception) to  April 30, 2014
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.52		$	10.54		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.08			0.05			(0.03)
Net realized and unrealized gain/(loss) on investments		(1.40)			1.21			0.57
Total income/(loss) from investment operations		(1.32)			1.26			0.54
DISTRIBUTIONS
From net investment income		–			(0.03)			–
From net realized gain on investments		(0.35)			(0.25)			–
Total distributions		(0.35)			(0.28)			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.67)			0.98			0.54
NET ASSET VALUE, END OF PERIOD	$	9.85		$	11.52		$	10.54
TOTAL RETURN		(11.44)	%		12.22	%		5.40%	(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	349,493		$	428,048		$	255,819
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.55	%		1.58	%		1.76%(d)	(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.55	%		1.58	%		1.70%(d)	(e)
Net investment income/(loss)		0.75	%		0.43	%		(0.37)%	(d)
PORTFOLIO TURNOVER RATE		40	%		53	%		26%	(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
62	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	For the Period             October 21, 2015             (Commencement             of Operations) to             April 30, 2016
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment loss(a)		(0.02)
Net realized and unrealized gain on investments		0.40
Total income from investment operations		0.38
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00(b)
INCREASE IN NET ASSET VALUE		0.38
NET ASSET VALUE, END OF PERIOD	$	10.38
TOTAL RETURN		3.80%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	30,735
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		2.30%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		2.00%(d)(e)
Net investment loss		(0.41)%(d)
PORTFOLIO TURNOVER RATE		8%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	63

Grandeur Peak Global Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Investor Class	Year Ended  April 30, 2016			Year Ended  April 30, 2015			Year Ended  April 30, 2014			Year Ended  April 30, 2013			For the Period   October 17, 2011 (Inception) to    April 30, 2012
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.43		$	3.31		$	2.77		$	2.31		$	2.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.00	(b)		0.00	(b)		(0.00)	(b)		0.00	(b)		(0.00)	(b)
Net realized and unrealized gain/(loss) on investments		(0.18)			0.35			0.67			0.51			0.31
Total income/(loss) from investment operations		(0.18)			0.35			0.67			0.51			0.31
DISTRIBUTIONS
From net investment income		(0.00)	(b)		(0.01)			–			(0.01)			–
From net realized gain on investments		(0.24)			(0.22)			(0.13)			(0.04)			–
Total distributions		(0.24)			(0.23)			(0.13)			(0.05)			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
INCREASE/DECREASE IN NET ASSET VALUE		(0.42)			0.12			0.54			0.46			0.31
NET ASSET VALUE, END OF PERIOD	$	3.01		$	3.43		$	3.31		$	2.77		$	2.31
TOTAL RETURN		(5.03)	%		11.09	%		24.31	%		22.34	%		15.50%	(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	173,156		$	201,462		$	216,247		$	132,384		$	73,154
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.62	%		1.62	%		1.68	%		1.76	%		2.30%	(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.62	%		1.62	%		1.68	%		1.75	%		1.75%	(d)
Net investment income/(loss)		0.06	%		0.12	%		(0.15)	%		0.19	%		(0.04)%	(d)
PORTFOLIO TURNOVER RATE		32	%		37	%		38	%		35	%		42%	(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

See Notes to Financial Statements.
64	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	Year Ended    April 30, 2016		Year Ended     April 30, 2015		Year Ended     April 30, 2014		Year Ended     April 30, 2013		For the Period    October 17, 2011  (Inception) to    April 30, 2012
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.46	$	3.34	$	2.79	$	2.32	$	2.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.01		0.01		0.00 (b)		0.01		0.00 (b)
Net realized and unrealized gain/(loss) on investments		(0.19)		0.34		0.68		0.52		0.32
Total income/(loss) from investment operations		(0.18)		0.35		0.68		0.53		0.32
DISTRIBUTIONS
From net investment income		(0.01)		(0.01)		(0.00) (b)		(0.02)		–
From net realized gain on investments		(0.24)		(0.22)		(0.13)		(0.04)		–
Total distributions		(0.25)		(0.23)		(0.13)		(0.06)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00 (b)		0.00 (b)		0.00 (b)		0.00 (b)		0.00 (b)
INCREASE/DECREASE IN NET ASSET VALUE		(0.43)		0.12		0.55		0.47		0.32
NET ASSET VALUE, END OF PERIOD	$	3.03	$	3.46	$	3.34	$	2.79	$	2.32
TOTAL RETURN		(5.12)%		11.20%		24.67%		22.86%		16.00%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	452,030 ��	$	526,394	$	492,869	$	217,953	$	77,737
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.38%		1.38%		1.44%		1.51%		2.03%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.38%		1.38%		1.44%		1.50%		1.50%(d)
Net investment income		0.30%		0.35%		0.08%		0.37%		0.40%(d)
PORTFOLIO TURNOVER RATE		32%		37%		38%		35%		42%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	65

Grandeur Peak Global Reach Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Investor Class	Year Ended April 30, 2016			Year Ended April 30, 2015			For the Period   June 19, 2013   (Inception) to   April 30, 2014
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.65		$	12.43		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.01			0.00	(b)		(0.02)
Net realized and unrealized gain/(loss) on investments		(0.89)			1.37			2.54
Total income/(loss) from investment operations		(0.88)			1.37			2.52
DISTRIBUTIONS
From net investment income		(0.01)			(0.01)			(0.02)
From net realized gain on investments		(0.45)			(0.14)			(0.08)
Total distributions		(0.46)			(0.15)			(0.10)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.01
INCREASE/DECREASE IN NET ASSET VALUE		(1.34)			1.22			2.43
NET ASSET VALUE, END OF PERIOD	$	12.31		$	13.65		$	12.43
TOTAL RETURN		(6.45)	%		11.09	%		25.31%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	66,984		$	87,354		$	46,163
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.60	%		1.60	%		1.91%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.60	%		1.60	%		1.60%(d)(e)
Net investment income/(loss)		0.10	%		0.03	%		(0.17)%(d)
PORTFOLIO TURNOVER RATE		46	%		46	%		39%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
66	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	Year Ended April 30, 2016			Year Ended April 30, 2015			For the Period   June 19, 2013   (Inception) to   April 30, 2014
NET ASSET VALUE, BEGINNING OF PERIOD	$	13.66		$	12.42		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.04			0.03			0.02
Net realized and unrealized gain/(loss) on investments		(0.89)			1.37			2.52
Total income/(loss) from investment operations		(0.85)			1.40			2.54
DISTRIBUTIONS
From net investment income		(0.03)			(0.02)			(0.04)
From net realized gain on investments		(0.45)			(0.14)			(0.08)
Total distributions		(0.48)			(0.16)			(0.12)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00(b)
INCREASE/DECREASE IN NET ASSET VALUE		(1.33)			1.24			2.42
NET ASSET VALUE, END OF PERIOD	$	12.33		$	13.66		$	12.42
TOTAL RETURN		(6.18)	%		11.41	%		25.45%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	221,759		$	260,239		$	88,311
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.35	%		1.35	%		1.75%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.35	%		1.35	%		1.35%(d)(e)
Net investment income		0.34	%		0.23	%		0.21%(d)
PORTFOLIO TURNOVER RATE		46	%		46	%		39%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	67

Grandeur Peak Global Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Investor Class	For the Period             September 2, 2015             (Commencement             of Operations) to             April 30, 2016
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.00 (b)
Net realized and unrealized gain on investments		0.85
Total income from investment operations		0.85
DISTRIBUTIONS
From net investment income		(0.00) (b)
From net realized gain on investments		(0.00) (b)
Total distributions		(0.00) (b)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00 (b)
INCREASE IN NET ASSET VALUE		0.85
NET ASSET VALUE, END OF PERIOD	$	10.85
TOTAL RETURN		8.55%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	19,131
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		2.06%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.35%(d)(e)
Net investment income		0.00%(d)(f)
PORTFOLIO TURNOVER RATE		24%(c)

^(a)  Per share numbers have been calculated using the average shares method.

^(b)  Less than $0.005 or ($0.005) per share.

^(c)  Not Annualized.

^(d)  Annualized.

^(e)  Expense ratios during startup periods may not be representative of longer term operating periods.

^(f)  Less than 0.005% of average net assets.

See Notes to Financial Statements.
68	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	For the Period             September 2, 2015             (Commencement             of Operations) to             April 30, 2016
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.02
Net realized and unrealized gain on investments		0.85
Total income from investment operations		0.87
DISTRIBUTIONS
From net investment income		(0.00) (b)
From net realized gain on investments		(0.00) (b)
Total distributions		(0.00) (b)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00 (b)
INCREASE IN NET ASSET VALUE		0.87
NET ASSET VALUE, END OF PERIOD	$	10.87
TOTAL RETURN		8.76%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	17,562
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.86%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.10%(d)(e)
Net investment income		0.22%(d)
PORTFOLIO TURNOVER RATE		24%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	69

Grandeur Peak International Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Investor Class	Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period  October 17, 2011  (Inception) to  April 30, 2012
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.42		$	3.41		$	2.83		$	2.29		$	2.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.01			0.01			0.01			0.01			0.00 (b)
Net realized and unrealized gain/(loss) on investments		(0.20)			0.21			0.68			0.55			0.29
Total income/(loss) from investment operations		(0.19)			0.22			0.69			0.56			0.29
DISTRIBUTIONS
From net investment income		(0.01)			(0.01)			(0.02)			(0.01)			–
From net realized gain on investments		(0.13)			(0.20)			(0.09)			(0.01)			–
Total distributions		(0.14)			(0.21)			(0.11)			(0.02)			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00 (b)
INCREASE/DECREASE IN NET ASSET VALUE		(0.33)			0.01			0.58			0.54			0.29
NET ASSET VALUE, END OF PERIOD	$	3.09		$	3.42		$	3.41		$	2.83		$	2.29
TOTAL RETURN		(5.53)	%		7.25	%		24.59	%		24.57	%		14.50%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	123,922		$	173,842		$	153,296		$	96,550		$	9,274
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.62	%		1.62	%		1.73	%		1.88	%		2.94%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.62	%		1.62	%		1.73	%		1.75	%		1.75%(d)
Net investment income		0.45	%		0.37	%		0.20	%		0.26	%		0.33%(d)
PORTFOLIO TURNOVER RATE		34	%		36	%		37	%		52	%		24%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.
70	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013			For the Period  October 17, 2011  (Inception) to  April 30, 2012
NET ASSET VALUE, BEGINNING OF PERIOD	$	3.43		$	3.42		$	2.84		$	2.29		$	2.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.02			0.02			0.01			0.01			0.01
Net realized and unrealized gain/(loss) on investments		(0.20)			0.21			0.69			0.57			0.28
Total income/(loss) from investment operations		(0.18)			0.23			0.70			0.58			0.29
DISTRIBUTIONS
From net investment income		(0.01)			(0.02)			(0.03)			(0.02)			–
From net realized gain on investments		(0.13)			(0.20)			(0.09)			(0.01)			–
Total distributions		(0.14)			(0.22)			(0.12)			(0.03)			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00 (b)
INCREASE/DECREASE IN NET ASSET VALUE		(0.32)			0.01			0.58			0.55			0.29
NET ASSET VALUE, END OF PERIOD	$	3.11		$	3.43		$	3.42		$	2.84		$	2.29
TOTAL RETURN		(5.02)	%		7.41	%		24.70	%		25.11	%		14.50%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	579,371		$	682,364		$	658,127		$	250,962		$	55,458
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/ reimbursed by investment advisor)		1.38	%		1.38	%		1.46	%		1.59	%		2.50%(d)
Expenses (including fees waived/ reimbursed by investment advisor)		1.38	%		1.38	%		1.46	%		1.50	%		1.50%(d)
Net investment income		0.65	%		0.61	%		0.42	%		0.51	%		0.56%(d)
PORTFOLIO TURNOVER RATE		34	%		36	%		37	%		52	%		24%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	71

Grandeur Peak International Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Investor Class	For the Period             September 2, 2015             (Commencement             of Operations) to             April 30, 2016
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.03
Net realized and unrealized gain on investments		0.99
Total income from investment operations		1.02
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00 (b)
INCREASE IN NET ASSET VALUE		1.02
NET ASSET VALUE, END OF PERIOD	$	11.02
TOTAL RETURN		10.20%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	22,028
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.45%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.35%(d)(e)
Net investment income		0.44%(d)
PORTFOLIO TURNOVER RATE		59%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
72	1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund	Financial Highlights
	For a Share Outstanding Throughout the Periods Presented

Institutional Class	For the Period             September 2, 2015             (Commencement             of Operations) to             April 30, 2016
NET ASSET VALUE, BEGINNING OF PERIOD	$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income(a)		0.04
Net realized and unrealized gain on investments		0.99
Total income from investment operations		1.03
DISTRIBUTIONS
From net investment income		(0.00) (b)
Total distributions		(0.00) (b)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL		0.00 (b)
INCREASE IN NET ASSET VALUE		1.03
NET ASSET VALUE, END OF PERIOD	$	11.03
TOTAL RETURN		10.34%(c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in 000s)	$	119,070
RATIOS TO AVERAGE NET ASSETS
Expenses (excluding fees waived/reimbursed by investment advisor)		1.20%(d)(e)
Expenses (including fees waived/reimbursed by investment advisor)		1.10%(d)(e)
Net investment income		0.60%(d)
PORTFOLIO TURNOVER RATE		59%(c)

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	73

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, and Grandeur Peak International Stalwarts Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class (except the Grandeur Peak Global Micro Cap Fund) and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. 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.

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board of Trustees (the “Board”). The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of each Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers which instruct when to use the fair valuation model.

Forward currency exchange contracts have a fair value determined by the prevailing foreign currency exchange daily rates and current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service.

When such prices or quotations are not available, or when Grandeur Peak Global Advisors, LLC (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

74 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

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

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

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

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

The following is a summary of each Fund’s investments in the fair value hierarchy as of April 30, 2016:

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Emerging Markets Opportunities Fund
Common Stocks		338,033,705		–		–		338,033,705
Preferred Stocks		2,077,621		–		–		2,077,621
Total	$	340,111,326	$	–	$	–	$	340,111,326
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Micro Cap Fund
Common Stocks
Britain	$	2,057,486	$	101,686	$	–	$	2,159,172
Other		28,055,159		–		–		28,055,159
Total	$	30,112,645	$	101,686	$	–	$	30,214,331
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Opportunities Fund
Common Stocks		610,599,194		–		–		610,599,194
Preferred Stocks		1,544,142		–		–		1,544,142
Total	$	612,143,336	$	–	$	–	$	612,143,336
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Reach Fund
Common Stocks
Britain	$	16,994,858	$	273,633	$	–	$	17,268,491
Spain		–		–		1		1
Other		264,347,577		–		–		264,347,577
Preferred Stocks		1,131,137		–		–		1,131,137
Total	$	282,473,572	$	273,633	$	1	$	282,747,206

Annual Report  |  April 30, 2016 75

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Stalwarts Fund
Common Stocks		33,968,882		–		–		33,968,882
Preferred Stocks		305,635		–		–		305,635
Total	$	34,274,517	$	–	$	–	$	34,274,517
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak International Opportunities Fund
Common Stocks		663,932,322		–		–		663,932,322
Preferred Stocks		2,642,900		–		–		2,642,900
Total	$	666,575,222	$	–	$	–	$	666,575,222
Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak International Stalwarts Fund
Common Stocks		129,628,646		–		–		129,628,646
Preferred Stocks		1,671,187		–		–		1,671,187
Total	$	131,299,833	$	–	$	–	$	131,299,833

The Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Fund’s net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. When the trigger is not met at a period end, it could result in securities transferring from a Level 2 to a Level 1 classification. The transfer amount disclosed in the table below represents the value of the securities as of April 30, 2016 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held as of April 30, 2015.

The Grandeur Peak Emerging Markets Opportunities Fund had the following transfers in Level 1 from Level 2 at April 30, 2016:

	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs
	Transfers In	Transfers (Out)	Transfers In	Transfers (Out)
Common Stocks	$            173,655,991	$                              –	$                            –	$        (173,655,991)
Total	$            173,655,991	$                              –	$                            –	$        (173,655,991)
The Grandeur Peak Global Opportunities Fund had the following transfers in Level 1 from Level 2 at April 30, 2016:
	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs
	Transfers In	Transfers (Out)	Transfers In	Transfers (Out)
Common Stocks	$            237,464,550	$                              –	$                            –	$        (237,464,550)
Total	$            237,464,550	$                              –	$                            –	$        (237,464,550)
The Grandeur Peak Global Reach Fund had the following transfers in Level 1 from Level 2 at April 30, 2016:
	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs
	Transfers In	Transfers (Out)	Transfers In	Transfers (Out)
Common Stocks	$            95,962,785	$                              –	$                            –	$        (95,962,785)
Total	$            95,962,785	$                              –	$                            –	$        (95,962,785)

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Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

The Grandeur Peak International Opportunities Fund had the following transfers in Level 1 from Level 2 at April 30, 2016:

	Level 1 - Quoted and Unadjusted Prices				Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)		Transfers In		Transfers (Out)
Common Stocks		$        350,268,416		$                            –		$                            –		$        (350,268,416	)
Total		$        350,268,416		$                            –		$                            –		$        (350,268,416	)

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

Grandeur Peak Emerging Markets Opportunities Fund	Common Stocks		Total
Balance as of April 30, 2015	$	1,654,510	$	1,654,510
Accrued Discount/Premium		–		–
Return of Capital		–		–
Realized Gain/(Loss)		(780,910)		(780,910)
Change in Unrealized Appreciation/(Depreciation)		(140,396)		(140,396)
Purchases		–		–
Sales Proceeds		(733,204)		(733,204)
Transfer into Level 3		–		–
Transfer out of Level 3		–		–
Balance as of April 30, 2016	$	–	$	–
Net change in unrealized Appreciation/(Depreciation) included in the Statements of Operations attributable to Level 3 investments held at April 30, 2016	$	–	$	–
Grandeur Peak Global Opportunities Fund	Common Stocks		Total
Balance as of April 30, 2015	$	2,538,049	$	2,538,049
Accrued Discount/Premium		–		–
Return of Capital		–		–
Realized Gain/(Loss)		(1,387,639)		(1,387,639)
Change in Unrealized Appreciation/(Depreciation)		(27,697)		(27,697)
Purchases		–		–
Sales Proceeds		(1,122,713)		(1,122,713)
Transfer into Level 3		–		–
Transfer out of Level 3		–		–
Balance as of April 30, 2016	$	–	$	–
Net change in unrealized Appreciation/(Depreciation) included in the Statement of Operations attributable to Level 3 investments held at April 30, 2016	$	–	$	–
Grandeur Peak Global Reach Fund	Common Stocks		Total
Balance as of April 30, 2015	$	706,018	$	706,018
Accrued Discount/Premium		–		–
Return of Capital		–		–
Realized Gain/(Loss)		(398,540)		(398,540)
Change in Unrealized Appreciation/(Depreciation)		(122,267)		(122,267)
Purchases		718,715		718,715
Sales Proceeds		(313,404)		(313,404)
Transfer into Level 3		–		–
Transfer out of Level 3		(590,521)		(590,521)
Balance as of April 30, 2016	$	1	$	1
Net change in unrealized Appreciation/(Depreciation) included in the Statement of Operations attributable to Level 3 investments held at April 30, 2016	$	–	$	–

Annual Report  |  April 30, 2016 77

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

Grandeur Peak International Opportunities Fund	Common Stocks		Total
Balance as of April 30, 2015	$	2,070,865	$	2,070,865
Accrued Discount/Premium		–		–
Return of Capital		–		–
Realized Gain/(Loss)		(1,179,637)		(1,179,637)
Change in Unrealized Appreciation/(Depreciation)		23,304		23,304
Purchases		–		–
Sales Proceeds		(914,532)		(914,532)
Transfer into Level 3		–		–
Transfer out of Level 3		–		–
Balance as of April 30, 2016	$	–	$	–
Net change in unrealized Appreciation/(Depreciation) included in the Statement of Operations attributable to Level 3 investments held at April 30, 2016	$	–	$	–

Change in unrealized appreciation/depreciation on Level 3 securities is included on the Statements of Operations under Net change in unrealized appreciation/(depreciation) on investments. Realized gain (loss) on Level 3 securities is included on the Statements of Operations under Net realized gain/(loss) on investments. Due to the ability to obtain a closing market price within an active market for a security that previously had no market to trade, the security was transferred to level 1 for all Funds.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

Cash Management Transactions: The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of April 30, 2016, the Funds had the following cash balances participating in the BBH CMS:

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	29,288,198
Grandeur Peak Global Micro Cap Fund		531,990
Grandeur Peak Global Opportunities Fund		12,011,334
Grandeur Peak Global Reach Fund		5,559,837
Grandeur Peak Global Stalwarts Fund		2,062,563
Grandeur Peak International Opportunities Fund		28,609,396
Grandeur Peak International Stalwarts Fund		6,319,568

As of April 30, 2016, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund
Grandeur Peak Emerging Markets Opportunities Fund	$	119
Grandeur Peak Global Micro Cap Fund		30,680
Grandeur Peak Global Opportunities Fund		798,615
Grandeur Peak Global Reach Fund		340,567
Grandeur Peak Global Stalwarts Fund		11,808
Grandeur Peak International Opportunities Fund		806,918
Grandeur Peak International Stalwarts Fund		16,794

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Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service.

The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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

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

Offering Costs: Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the inception date of the Funds. Amounts amortized during the period ended April 30, 2016 for the Grandeur Peak Micro Cap Fund, Grandeur Peak Global Stalwarts Fund, and Grandeur Peak International Stalwarts Fund are shown on the Statements of Operations. As of April 30, 2016, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund fully amortized all offering costs.

Federal Income Taxes: The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2016, the Grandeur Peak Emerging Markets Opportunities Fund, the Grandeur Peak Global Stalwarts Fund, and the Grandeur Peak International Stalwarts Fund had a liability for unrecognized capital gains tax in the amount of $67,101, $24,016, and $132,482 respectively. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

Annual Report  |  April 30, 2016 79

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

3. TAX BASIS INFORMATION

Reclassifications: As of April 30, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and are primarily attributed to the differing book/tax treatment of foreign currency transactions, non-deductible expenses, PFIC investments, book/tax distribution differences and certain other investments. The reclassifications were as follows:

Fund	Paid-in Capital		Accumulated Net  Investment Income/(Loss)		Accumulated Net  Realized Gain/(Loss) on Investments
Grandeur Peak Emerging Markets Opportunities Fund	$	84,013	$	(662,562)	$	578,549
Grandeur Peak Global Micro Cap Fund		(55,641)		45,903		9,738
Grandeur Peak Global Opportunities Fund		909,015		(332,520)		(576,495)
Grandeur Peak Global Reach Fund		104,299		(201,928)		97,629
Grandeur Peak Global Stalwarts Fund		(32,737)		95,321		(62,584)
Grandeur Peak International Opportunities Fund		570,787		(980,672)		409,885
Grandeur Peak International Stalwarts Fund		(32,313)		351,803		(319,490)

The Grandeur Peak Global Micro Cap Fund included the amounts reclassified was a net operating loss offset of $40,367.

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)		Net Appreciation/ (Depreciation) of Foreign Currency		Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
Grandeur Peak Emerging Markets Opportunities Fund	$	40,349,756	$	(52,391,592)	$	(50,219)	$	(12,092,055)	$	352,153,162
Grandeur Peak Global Micro Cap Fund		3,087,136		(1,716,239)		4,346		1,375,243		28,843,434
Grandeur Peak Global Opportunities Fund		139,406,464		(65,299,348)		10,309		74,117,425		538,036,220
Grandeur Peak Global Reach Fund		44,139,437		(31,398,558)		12,631		12,753,510		270,006,327
Grandeur Peak Global Stalwarts Fund		3,186,587		(1,040,392)		(20,906)		2,125,289		32,128,322
Grandeur Peak International Opportunities Fund		134,047,172		(64,526,244)		54,330		69,575,258		597,054,294
Grandeur Peak International Stalwarts Fund		10,903,498		(4,236,737)		(114,036)		6,552,725		124,633,072

Components of Earnings: As of April 30, 2016, components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Accumulated Capital Gains/(Losses)		Net Unrealized Appreciation/ (Depreciation) on Investments and Foreign Currency		Total Distributable Earnings
Grandeur Peak Emerging Markets Opportunities Fund	$	895,515	$	(13,049,943)	$	(12,092,055)	$	(24,246,483)
Grandeur Peak Global Micro Cap Fund		–		(81,278)		1,375,243		1,293,965
Grandeur Peak Global Opportunities Fund		–		–		74,117,425		74,117,425
Grandeur Peak Global Reach Fund		–		(12,173,420)		12,753,510		580,090
Grandeur Peak Global Stalwarts Fund		108,751		(229,107)		2,125,289		2,004,933
Grandeur Peak International Opportunities Fund		1,028,951		(1,069,931)		69,575,258		69,534,278
Grandeur Peak International Stalwarts Fund		628,490		(1,650,360)		6,552,725		5,530,855

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

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Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

The tax character of distributions paid by the Funds for the fiscal year and or period ended April 30, 2016 were as follows:

	Ordinary Income		Long-Term Capital  Gain
Grandeur Peak Emerging Markets Opportunities Fund	$	37	$	13,091,570
Grandeur Peak Global Micro Cap Fund		–		–
Grandeur Peak Global Opportunities Fund		4,220,786		45,472,588
Grandeur Peak Global Reach Fund		4,111,213		7,292,064
Grandeur Peak Global Stalwarts Fund		12,473		–
Grandeur Peak International Opportunities Fund		5,508,633		28,796,865
Grandeur Peak International Stalwarts Fund		30,017		–

The tax character of distributions paid by the Funds for the fiscal year and or period ended April 30, 2015 were as follows:

	Ordinary Income		Long-Term Capital  Gain
Grandeur Peak Emerging Markets Opportunities Fund	$	10,934,864	$	44,691
Grandeur Peak Global Opportunities Fund		9,456,832		37,925,629
Grandeur Peak Global Reach Fund		3,157,372		885,418
Grandeur Peak International Opportunities Fund		19,542,293		32,521,839

As of April 30, 2016, the following Funds had available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The following losses will be carried forward indefinitely to offset future realized gains:

Fund	Short-Term		Long-Term
Grandeur Peak Emerging Markets Opportunities	$	4,370,674	$	–
Grandeur Peak International Opportunities		161,958		–
Grandeur Peak International Stalwarts		8,620		–

The Fund elects to defer to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016 in the amount of:

Fund	Capital Losses Recognized
Grandeur Peak Emerging Markets Opportunities	$	8,679,269
Grandeur Peak Global Micro Cap		81,278
Grandeur Peak Global Reach		12,173,420
Grandeur Peak Global Stalwarts		229,107
Grandeur Peak International Opportunities		907,973
Grandeur Peak International Stalwarts		1,641,740

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the year ended April 30, 2016 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Grandeur Peak Emerging Markets Opportunities Fund	$	145,096,371	$	170,867,458
Grandeur Peak Global Micro Cap Fund		30,761,668		1,850,649
Grandeur Peak Global Opportunities Fund		208,367,901		274,322,261
Grandeur Peak Global Reach Fund		142,356,988		174,573,388
Grandeur Peak Global Stalwarts Fund		38,014,050		5,616,546
Grandeur Peak International Opportunities Fund		243,622,862		312,361,003
Grandeur Peak International Stalwarts Fund		175,332,106		49,048,679

Annual Report  |  April 30, 2016 81

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

5. SHARES OF BENEFICIAL INTEREST

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

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the year ended April 30, 2016 and the year ended April 30, 2015, the redemption fees charged by the Funds are presented in the Statements of Changes in Net Assets.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, (the “Advisory Agreement”), each Fund pays the Adviser an annual management fee based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ advisory fee rates.

Fund	Advisory Fee
Grandeur Peak Emerging Markets Opportunities Fund	1.35%
Grandeur Peak Global Micro Cap Fund	1.50%
Grandeur Peak Global Opportunities Fund	1.25%
Grandeur Peak Global Reach Fund	1.10%
Grandeur Peak Global Stalwarts Fund	0.80%
Grandeur Peak International Opportunities Fund	1.25%
Grandeur Peak International Stalwarts Fund	0.80%

The Adviser has contractually agreed to limit certain of each Funds’ expenses. The following table reflects the Funds’ expense cap.

Fund	Expense Cap	Term of Expense Limit Agreements
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class	1.95%	September 1, 2015 – August 31, 2016 /
Institutional Class	1.70%	June 10, 2014 – August 31, 2015
Grandeur Peak Global Micro Cap Fund
Investor Class	2.25%	June 29, 2015 – August 31, 2016
Institutional Class	2.00%
Grandeur Peak Global Opportunities Fund
Investor Class	1.75%	September 1, 2015 – August 31, 2016 /
Institutional Class	1.50%	June 10, 2014 – August 31, 2015
Grandeur Peak Global Reach Fund
Investor Class	1.60%	September 1, 2015 – August 31, 2016 /
Institutional Class	1.35%	June 10, 2014 – August 31, 2015
Grandeur Peak Global Stalwarts Fund
Investor Class	1.35%	June 29, 2015 – August 31, 2016
Institutional Class	1.10%
Grandeur Peak International Opportunities Fund
Investor Class	1.75%	September 1, 2015 – August 31, 2016 /
Institutional Class	1.50%	June 10, 2014 – August 31, 2015
Grandeur Peak International Stalwarts Fund
Investor Class	1.35%	June 29, 2015 – August 31, 2016
Institutional Class	1.10%

Pursuant to these agreements, each Fund will reimburse the Adviser for any fee waivers and expense reimbursements made by the Adviser, provided that any such reimbursements made by the Funds to the Adviser will not cause the Funds’ expense limitation to exceed expense

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Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

limitations in existence at the time the expense was incurred, or at the time of the reimbursement, whichever is lower, and the reimbursement is made within three years after the expenses were incurred. Fees waived/reimbursed by adviser for the year ended April 30, 2016 are disclosed in the Statements of Operations.

For the year ended April 30, 2016, the fee waivers/reimbursements and/or recoupments were as follows:

Fund	Fees Waived/Reimbursed By Adviser		Recoupment of Previously Waived Fees By Adviser
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Micro Cap Fund
Investor Class	$	–	$	–
Institutional Class		44,561		–
Grandeur Peak Global Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Reach Fund
Investor Class	$	–	$	45,810
Institutional Class		–		98,314
Grandeur Peak Global Stalwarts Fund
Investor Class	$	56,762	$	–
Institutional Class		55,389		–
Grandeur Peak International Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak International Stalwarts Fund
Investor Class	$	7,314	$	–
Institutional Class		44,153		–
As of April 30, 2016, the balances of recoupable expenses for each Fund were as follows:
Fund	Expires         2019		Total
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Micro Cap Fund
Institutional Class	$	44,561	$	44,561
Grandeur Peak Global Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Reach Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak Global Stalwarts Fund
Investor Class	$	56,762	$	56,762
Institutional Class		55,389		55,389
Grandeur Peak International Opportunities Fund
Investor Class	$	–	$	–
Institutional Class		–		–
Grandeur Peak International Stalwarts Fund
Investor Class	$	7,314	$	7,314
Institutional Class		44,153		44,153

Annual Report  |  April 30, 2016 83

Grandeur Peak Funds®	Notes to Financial Statements
	April 30, 2016

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2016 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the 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, 2016 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, 2016 are disclosed in the Statements of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statements of Operations.

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

Each Fund has adopted a Distribution and Services (Rule 12b-1) Plan pursuant to Rule 12b-1 of the 1940 Act (the “Plan”) for its Investor Class shares. The Plan allows the Funds to use Investor Class assets to pay fees in connection with the distribution and marketing of Investor Class shares and/or the provision of shareholder services to Investor Class shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use Investor Class shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include the Distributor, other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plan permits the Funds to make total payments at an annual rate of up to 0.25% of each Fund’s average daily net assets attributable to its Investor Class shares. The expenses of the Plan are reflected as distribution and service fees in the Statements of Operations.

7. INDEMNIFICATIONS

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

84 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, and Grandeur Peak International Stalwarts Fund, six of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statements of operations for the year then ended (as to the Grandeur Peak Global Micro Cap Fund, for the period from October 21, 2015 (commencement of operations) to April 30, 2016; and as to the Grandeur Peak Global Stalwarts Fund and Grandeur Peak International Stalwarts Fund, for the period from September 2, 2015 (commencement of operations) to April 30, 2016), the statements of changes in net assets for each of the two years in the period then ended (as to the Grandeur Peak Global Micro Cap Fund, for the period from October 21, 2015 (commencement of operations) to April 30, 2016; and as to the Grandeur Peak Global Stalwarts Fund and Grandeur Peak International Stalwarts Fund, for the period from September 2, 2015 (commencement of operations) to April 30, 2016), and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, and Grandeur Peak International Stalwarts Fund of Financial Investors Trust as of April 30, 2016, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

Annual Report  |  April 30, 2016 85

Grandeur Peak Funds®	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Funds’ Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 855-377-PEAK(7325) and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Funds designate the following for federal income tax purposes for distributions made during the fiscal year ended April 30, 2016:

	Foreign Taxes Paid		Foreign Source Income
Global Opportunities Fund	$	829,096	$	9,251,144
International Opportunities Fund	$	1,392,363	$	14,683,836
Global Reach Fund	$	429,369	$	5,830,986
Emerging Markets Opportunities Fund	$	919,008	$	9,251,208
Global Micro Cap Fund	$	21,008	$	173,486
Global Stalwarts Fund	$	15,260	$	119,152
International Stalwarts Fund	$	86,112	$	627,502

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2015, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction	Qualified Dividend Income
Global Opportunities Fund	26.08%		100%
International Opportunities Fund	–		100%
Global Reach Fund	–		81.42%
Emerging Markets Opportunities Fund	–		–
Global Micro Cap Fund	–		–
Global Stalwarts Fund	60.19%		100%
International Stalwarts Fund	–		51.24%

In early 2016, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2015 via Form 1099. The Funds will notify shareholders in early 2017 of amounts paid to them by the Funds, if any, during the calendar year 2016.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the following as long-term capital gain dividends:

	Long-term Capital Gain
Global Opportunities Fund	$	45,472,588
International Opportunities Fund	$	28,796,865
Global Reach Fund	$	7,292,064
Emerging Markets Opportunities Fund	$	13,091,570
Global Micro Cap Fund		–
Global Stalwarts Fund		–
International Stalwarts Fund		–

The amounts above include $816,953 of earnings and profits distributed to shareholders on redemptions for the Global Opportunities Fund. All other funds did not include redemptions to shareholders as distributions of earnings and profit.

86 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Trustees and Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-377-PEAK.

INDEPENDENT TRUSTEES
Name,   Address*   & Year   of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

Annual Report  |  April 30, 2016 87

Grandeur Peak Funds®	Trustees and Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES
Name,   Address*   & Year   of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge, 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

88 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Trustees and Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE
Name,   Address*   & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

Annual Report  |  April 30, 2016 89

Grandeur Peak Funds®	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*   & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.

90 1.855.377.7325  |  www.GrandeurPeakGlobal.com

Grandeur Peak Funds®	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*   & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011- 2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee and/or Officer serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

**** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which Grandeur Peak Global Advisors LLC provides investment advisory services (currently none).

Annual Report  |  April 30, 2016 91

  Contact Us

Mail:	Grandeur Peak Funds, P.O. Box 13664, Denver, CO 80201	E-Mail:	grandeurpeakglobal@alpsinc.com
Phone:	1.855.377.PEAK (7325)	Web:	www.GrandeurPeakGlobal.com

PATHWAY
ADVISORS FUNDS
ANNUAL
April 30, 2016
Pathway Advisors Conservative Fund | PWCNX
Pathway Advisors Aggressive Growth Fund | PWAGX

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update
Pathway Advisors Conservative Fund	4
Pathway Advisors Aggressive Growth Fund	7
Disclosure of Fund Expenses	10
Portfolio of Investments
Pathway Advisors Conservative Fund	11
Pathway Advisors Aggressive Growth Fund	12
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets
Pathway Advisors Conservative Fund	16
Pathway Advisors Aggressive Growth Fund	17
Financial Highlights
Pathway Advisors Conservative Fund	18
Pathway Advisors Aggressive Growth Fund	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Additional Information	32
Trustees & Officers	33

Pathway Advisors Funds	Shareholder Letter
	April 30, 2016 (Unaudited)

May 18, 2016

Dear Shareholder:

Below is a table of our year-to-date and one year performance as of 4/30/16. We’ve also included the annualized since inception return through the same period

	Calendar YTD	One Year	Since Inception
Pathway Advisors Conservative	1.49%	-2.63%	2.55%
Pathway Advisors Aggressive Growth	1.97%	-5.43%	6.94%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an Investor’s shares, when redeemed, may not be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance data, please call 1-888-288-1121 or visit www.pathwayadvisorsfunds.com.

Hanson McClain, Inc. (the “Adviser”) has agreed contractually to limit the amount of the Fund’s total annual expenses, exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 1.88% of the Fund’s average daily net assets. This agreement is in effect through August 31, 2016. The Adviser will be permitted to recover expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expense were deferred. The Adviser may not discontinue or modify this waiver without the approval by the Fund’s Board of Trustees.

The factors that helped the Aggressive fund the most for the last year were exposure to liquid alternatives, fixed income exposure, and some individual manager performance. The factors that helped the Conservative fund the most for the last year were domestic equities, liquid alternatives, and our balanced exposure. The first four months of the year have been a roller-coaster ride, first with concerns of China’s economy and capital markets and a glut of oil supply that saw oil prices briefly trade in the mid-$20’s per barrel, and second as the Federal Reserve (the “Fed”) walked back or talked down its need to raise rates in the immediate future. This along with oil prices and high yield spreads coming back down gave room for investors to regain some confidence in the equity markets and the diminishing prospect of a recession. The bounce back in commodity prices also saw a welcome decline in the US dollar relative to other currencies. This is both welcome to multinational corporations that translate much of their profits back to dollars as well as for investors in overseas markets. While the concerns of slower global growth have not abated recently, there does seem to be a more dovish tone with the Federal Reserve as it relates to the timing and extent of future rate hikes. Higher consumer prices and, particularly, higher wage growth will need to be robust enough to warrant hikes, given that much of the developed and emerging world is dealing with very slow growth, and in several cases, negative interest rates. With oil prices now back up near $50 per barrel and retail sales showing signs of weakness, a Fed that is more apt to keep rates lower for longer may be necessary should domestic growth slow further.

    Annual Report  |  April 30, 2016 1    

Pathway Advisors Funds	Shareholder Letter
	April 30, 2016 (Unaudited)

Adding to the uncertainty this year also is the path of Donald Trump as the presumptive GOP nominee and the prolonged battle between democratic presumptive nominee Hillary Clinton and Bernie Sanders. There is an aura of populism and “anti-establishment” that is in the air, not only in our country, but also in several places overseas. To the extent that trade agreements, that have long been a part of several integrated economies, are possibly put at risk of breaking or being renegotiated, this will only add to the unusual uncertainty that we are experiencing. Added still are concerns about aging demographics in the developed world and the battle between social policies to raise wages and the ability for companies to use more automation, there is the potential for the income gap to actually widen instead of shrinking. This fuels the angst and discontent of many, but without really addressing how the problem is solved. Most of the world is not growing fast enough and is not financially healthy enough to bridge this gap via social policy on the public side or via higher demand of labor and higher employment participation on the private side. Countries are dealing with debt servicing, budget balancing, and pension reforms on the fiscal side while central banks, with the exception of the US, have coordinated monetary policies that have encouraged monetary expansion and currency devaluation. A large exodus of middle-eastern refugees and the spread of ISIS have also added complexity to the situation in Europe while Japan is still struggling to combat deflation after several years of getting no traction.

For US investors, while yields seem paltry at 1.8% to go out 10 years on a government bond, these yields are actually quite attractive on a relative basis compared to the rest of the world. Yield seekers, have in some cases, reached for yield in much riskier asset classes, whether out of choice or a feeling of necessity to augment income. These asset classes have had exposure to falling energy prices, in the case of Master Limited Partnerships, higher valuations, in the case of some Real Estate Investment Trusts and many dividend-paying equities, or higher credit risk, in the case of high yield bonds and bank loans. The higher risk relative to things like Certificate of Deposits or high quality corporate bonds is massive. We continue to caution investors to stick with their financial plan and allocating to asset classes in a portfolio that is representative of their willingness and capacity to bear risk. While periods of high uncertainty lend themselves to higher volatility and higher correlations of risky asset classes, we believe that diversification of asset classes is still paramount and that discipline to sticking to one’s investment objective and risk profile will add more to investor’s returns than trying to time in and out of asset classes, based on emotions. We continue to appreciate your confidence and trust in the management of your assets.

Sincerely,

David Schauer

Chief Investment Officer

The views of Hanson McClain, Inc. and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Hanson McClain, Inc. nor the Funds accept any liability for losses either direct or consequential caused by the use of this information.

    2 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Shareholder Letter
	April 30, 2016 (Unaudited)

The Pathway Advisors Aggressive Growth Fund invests in underlying funds that use investment techniques and financial instruments that may be considered aggressive, including the use of futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments, exposes an underlying fund to potentially dramatic changes (losses) in the value of certain of its portfolio holdings.

The Pathway Advisors Conservative Fund invests in underlying funds that invest long or short in fixed-income securities subjects the Fund to additional risks that include credit risk, interest risk, maturity risk, investment-grade securities risk, municipal securities risk and prepayment risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.

The Pathway Advisors Funds are distributed by ALPS Distributors, Inc.

The Pathway Advisors Funds are subject to investment risks, including possible loss of the principal amount invested and therefore are not suitable for all investors. The Funds may not achieve their objectives.

Diversification does not assure a profit or protect against a loss.

    Annual Report  |  April 30, 2016 3    

Pathway Advisors Conservative Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return for the period ended April 30, 2016

	Calendar YTD	One Year		Three Years	Since     Inception*
Pathway Advisors Conservative Fund	1.49%		-2.63%	1.03%	2.55%
S&P 500® Total Return Index1	1.74%		1.21%	11.26%	13.64%
Russell 2000® Index3	0.03%		-5.94%	7.53%	11.51%
Barclays Capital U.S. Aggregate Bond Index2	3.43%		2.72%	2.29%	2.20%

* Fund inception date of July 30, 2012.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-888-288-1121 or visit www.pathwayadvisorsfunds.com.

¹  The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

²  The Barclays Capital U.S. Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The Index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

³  The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

    4 www.pathwayadvisorsfunds.com    

Pathway Advisors Conservative Fund	Performance Update
	April 30, 2016 (Unaudited)

Growth of $10,000 for the period ended April 30, 2016

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to 4/30/16. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

    Annual Report  |  April 30, 2016 5    

Pathway Advisors Conservative Fund	Performance Update
	April 30, 2016 (Unaudited)

Top Ten Long Holdings	(as a % of Net Assets)*
iShares® Core U.S. Aggregate Bond ETF	20.01%
DoubleLine Total Return Bond Fund - Class I	13.72%
Metropolitan West Total Return Bond Fund - Class I	12.12%
Vanguard® Total Stock Market ETF	11.25%
Hartford World Bond Fund - Class Y	7.98%
Goldman Sachs Strategic Income Fund - Institutional Class	6.07%
Loomis Sayles Bond Fund - Institutional Class	5.01%
Ivy High Income Fund - Class I	4.01%
Vanguard® Global Minimum Volatility Fund - Class Admiral	4.00%
Vanguard® Wellington Fund - Class Admiral	3.01%
Top Ten Holdings	87.18%

Portfolio Allocation (as a % of Net Assets as of April 30, 2016)*

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

    6 www.pathwayadvisorsfunds.com    

Pathway Advisors Aggressive Growth Fund	Performance Update
	April 30, 2016 (Unaudited)

Cumulative Total Return for the period ended April 30, 2016

	Calendar YTD	One Year	Three Years	Since     Inception*
Pathway Advisors Aggressive Growth Fund	1.97%	-5.43%	3.76%	6.94%
MSCI EAFE® Index1	-0.20%	-9.32%	1.48%	7.31%
S&P 500® Total Return Index2	1.74%	1.21%	11.26%	13.64%
Russell 2000® Index3	0.03%	-5.94%	7.53%	11.51%

* Fund inception date of July 30, 2012.

The returns shown above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-888-288-1121 or visit www.pathwayadvisorsfunds.com.

¹  MSCI EAFE^® Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance. The MSCI EAFE^® Index is composed of companies representative of the market structure of Developed Market countries. The index includes reinvestment of dividends, net of foreign withholding taxes. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

²  The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

³  The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

    Annual Report  |  April 30, 2016 7    

Pathway Advisors Aggressive Growth Fund	Performance Update
	April 30, 2016 (Unaudited)

Growth of $10,000 for the period ended April 30, 2016

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception 4/30/16. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

    8 www.pathwayadvisorsfunds.com    

Pathway Advisors Aggressive Growth Fund	Performance Update
	April 30, 2016 (Unaudited)

Top Ten Long Holdings	(as a % of Net Assets)*
Vanguard® Total Stock Market ETF	31.53%
Vanguard® S&P 500® ETF	10.02%
Vanguard® Global Minimum Volatility Fund - Class Admiral	8.97%
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	8.03%
Principal MidCap Fund - Institutional Class	6.13%
Vanguard® High Dividend Yield ETF	4.00%
Deutsche Global Infrastructure Fund - Institutional Class	3.98%
iShares® MSCI EAFE Small-Cap ETF	3.92%
Vanguard® FTSE Emerging Markets ETF	3.08%
iShares® MSCI Emerging Markets Minimum Volatility ETF	3.04%
Top Ten Holdings	82.70%

Portfolio Allocation (as a % of Net Assets as of April 30, 2016)*

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

    Annual Report  |  April 30, 2016 9    

Pathway Advisors Funds	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars), of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of November 1, 2015 through April 30, 2016.

Actual Expenses The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing the ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(a)	Expenses Paid     During Period     11/01/15-     04/30/16(b)
Pathway Advisors Conservative Fund
Actual	$	1,000.00	$	997.10	1.88%	$	9.34
Hypothetical
(5% return before expenses)	$	1,000.00	$	1,015.51	1.88%	$	9.42
Pathway Advisors Aggressive Growth Fund
Actual	$	1,000.00	$	994.80	1.88%	$	9.32
Hypothetical
(5% return before expenses)	$	1,000.00	$	1,015.51	1.88%	$	9.42

^(a) Annualized, based on the Funds’ most recent fiscal half year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

    10 www.pathwayadvisorsfunds.com    

Pathway Advisors Conservative Fund	Portfolio of Investments
	April 30, 2016

Description			Shares		Value       (Note 2)
CLOSED-END MUTUAL FUNDS (1.14%)
Stone Ridge Reinsurance Risk Premium Interval Fund				31,188	$	319,990
TOTAL CLOSED-END MUTUAL FUNDS (Cost $315,000)						319,990
EXCHANGE TRADED FUNDS (33.24%)
iShares® Core U.S. Aggregate Bond ETF				50,645		5,616,024
Vanguard® High Dividend Yield ETF				8,000		556,320
Vanguard® Total Stock Market ETF				29,934		3,158,336
TOTAL EXCHANGE TRADED FUNDS (Cost $9,294,317)						9,330,680
OPEN-END MUTUAL FUNDS (64.96%)
AQR Style Premia Alternative Fund - Class I				29,762		301,786
Catalyst Hedged Futures Strategy Fund - Class I				51,636		575,225
Deutsche Global Infrastructure Fund - Institutional Class				61,147		839,554
DoubleLine Total Return Bond Fund - Class I				354,535		3,850,248
Goldman Sachs Strategic Income Fund - Institutional Class				180,015		1,702,941
Hartford World Bond Fund - Class Y				217,324		2,240,615
Ivy High Income Fund - Class I				158,269		1,126,875
LoCorr Market Trend Fund - Class I(a)				24,917		294,767
Loomis Sayles Bond Fund - Institutional Class				104,239		1,407,222
Metropolitan West Total Return Bond Fund - Class I				313,372		3,403,215
Putnam Capital Spectrum Fund - Class Y				16,182		524,956
Vanguard® Global Minimum Volatility Fund - Class Admiral				49,015		1,122,938
Vanguard® Wellington Fund - Class Admiral				12,930		844,047
TOTAL OPEN-END MUTUAL FUNDS (Cost $18,524,987)						18,234,389
	7-Day Yield		Shares		Value       (Note 2)
SHORT TERM INVESTMENTS (0.49%)
Dreyfus Cash Management, Institutional Shares		0.299%		136,225		136,225
TOTAL SHORT TERM INVESTMENTS (Cost $136,225)						136,225
TOTAL INVESTMENTS (99.83%) (Cost $28,270,529)					$	28,021,284
Other Assets In Excess Of Liabilities (0.17%)						47,459
NET ASSETS (100.00%)					$	28,068,743

Common Abbreviations:

AQR - AQR Capital Management LLC.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	11

Pathway Advisors Aggressive Growth Fund	Portfolio of Investments
	April 30, 2016

Description			Shares		Value       (Note 2)
CLOSED-END MUTUAL FUNDS (2.37%)
Stone Ridge Reinsurance Risk Premium Interval Fund				74,257	$	761,881
TOTAL CLOSED-END MUTUAL FUNDS (Cost $750,000)						761,881
EXCHANGE TRADED FUNDS (63.60%)
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF				62,000		2,584,160
iShares® MSCI EAFE Small-Cap ETF				25,000		1,259,750
iShares® MSCI Emerging Markets Minimum Volatility ETF				19,000		977,740
Vanguard® FTSE Emerging Markets ETF				28,336		989,776
Vanguard® High Dividend Yield ETF				18,500		1,286,490
Vanguard® S&P 500® ETF				17,040		3,224,309
Vanguard® Total Stock Market ETF				96,137		10,143,416
TOTAL EXCHANGE TRADED FUNDS (Cost $20,320,761)						20,465,641
OPEN-END MUTUAL FUNDS (33.49%)
361 Managed Futures Fund - Class I(a)				27,545		296,383
AQR Style Premia Alternative Fund - Class I				93,838		951,513
Boston Partners Long/Short Equity Fund - Institutional Class				33,576		666,156
Catalyst Hedged Futures Strategy Fund - Class I				52,902		589,329
Deutsche Global Infrastructure Fund - Institutional Class				93,246		1,280,269
Ivy High Income Fund - Class I				126,528		900,882
LoCorr Market Trend Fund - Class I(a)				52,036		615,584
Principal MidCap Fund - Institutional Class				92,919		1,972,668
Putnam Capital Spectrum Fund - Class Y				18,957		614,971
Vanguard® Global Minimum Volatility Fund - Class Admiral				125,980		2,886,202
TOTAL OPEN-END MUTUAL FUNDS (Cost $11,017,630)						10,773,957
	7-Day Yield		Shares		Value       (Note 2)
SHORT TERM INVESTMENTS (0.83%)
Dreyfus Cash Management, Institutional Shares		0.299%		266,681		266,681
TOTAL SHORT TERM INVESTMENTS (Cost $266,681)						266,681
TOTAL INVESTMENTS (100.29%) (Cost $32,355,072)					$	32,268,160
Liabilities in Excess of Other Assets (-0.29%)						(92,987)
NET ASSETS (100.00%)					$	32,175,173

(a) Non-income producing security.

    12 www.pathwayadvisorsfunds.com    

Pathway Advisors Aggressive Growth Fund	Portfolio of Investments
	April 30, 2016

Common Abbreviations:

AQR - AQR Capital Management LLC.

EAFE - Europe, Australia, and Fare East.

FTSE - Financial Times and Stock Exchange.

MSCI - Morgan Stanley Capital International.

S&P - Standard & Poor’s.

See Notes to Financial Statements.

    Annual Report  |  April 30, 2016 13    

Pathway Advisors Funds	Statements of Assets and Liabilities
	April 30, 2016

	Pathway Advisors   Conservative Fund		Pathway Advisors   Aggressive Growth   Fund
ASSETS
Investments, at value	$	28,021,284	$	32,268,160
Receivable for investments sold		110,441		–
Dividends receivable		19,626		82
Other assets		3,739		3,913
Total assets		28,155,090		32,272,155
LIABILITIES
Investment advisory fees payable		13,877		18,003
Distributions and service fees payable		39,766		44,750
Payable for trustee fees and expenses		190		212
Payable for chief compliance officer fees		1,617		1,810
Payable for principal financial officer fees		393		440
Payable for administration fees		8,136		9,166
Payable for transfer agency fees		4,479		4,773
Payable for professional fees		15,554		15,602
Payable for custody fees		941		1,085
Payable for reports to shareholders		522		588
Accrued expenses and other liabilities		872		553
Total liabilities		86,347		96,982
NET ASSETS	$	28,068,743	$	32,175,173
NET ASSETS CONSIST OF
Paid-in capital (Note 5)	$	29,090,774	$	33,837,418
Accumulated net investment income		–		23,710
Accumulated net realized loss		(772,786)		(1,599,043)
Net unrealized depreciation		(249,245)		(86,912)
NET ASSETS	$	28,068,743	$	32,175,173
INVESTMENTS, AT COST	$	28,270,529	$	32,355,072
PRICING OF SHARES
Net Asset Value, offering and redemption price per share	$	10.24	$	11.40
Net Assets	$	28,068,743	$	32,175,173
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		2,742,151		2,821,309

See Notes to Financial Statements.
14	www.pathwayadvisorsfunds.com

Pathway Advisors Funds	Statements of Operations
	For the Year Ended April 30, 2016

	Pathway         Advisors         Conservative          Fund		Pathway       Advisors       Aggressive       Growth Fund
INVESTMENT INCOME
Dividends from other investment companies	$	804,241	$	854,565
Total investment income		804,241		854,565
EXPENSES
Investment advisory fees (Note 6)		307,197		358,632
Administration fees		94,129		109,398
Transfer agency fees		42,272		44,635
Distribution and service fees		107,001		112,011
Professional fees		20,474		21,253
Custody fees		6,065		6,567
Reports to shareholders		2,265		2,496
Trustee fees and expenses		967		1,088
Registration fees		20,727		18,517
Chief compliance officer fees		18,945		22,053
Principal financial officer fees		4,616		5,370
Other		7,801		5,852
Total expenses before waivers		632,459		707,872
Less fees waived/reimbursed by adviser (Note 6)		(54,905)		(33,578)
Total net expenses		577,554		674,294
NET INVESTMENT INCOME		226,687		180,271
Net realized loss on investments		(925,400)		(1,783,187)
Net realized capital gain distributions from other investment companies		222,471		211,094
Net change in unrealized depreciation on investments		(457,648)		(984,103)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(1,160,577)		(2,556,196)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(933,890)	$	(2,375,925)

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	15

Pathway Advisors Conservative Fund Statements of Changes in Net Assets

	For the     Year Ended     April 30, 2016		For the     Year Ended     April 30, 2015
OPERATIONS
Net investment income	$	226,687	$	105,099
Net realized gain/(loss)		(925,400)		177,216
Net realized capital gain distributions from other investment companies		222,471		33,763
Net change in unrealized appreciation/(depreciation)		(457,648)		70,829
Net increase/(decrease) in net assets resulting from operations		(933,890)		386,907
DISTRIBUTIONS (NOTE 3)
Net investment income		(246,348)		(107,965)
Net realized gains on investments		(163,651)		(122,319)
Net decrease in net assets from distributions		(409,999)		(230,284)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold		5,728,733		29,628,281
Dividends reinvested		409,999		230,284
Shares redeemed		(9,073,843)		(3,090,468)
Net increase/(decrease) in net assets derived from beneficial interest transactions		(2,935,111)		26,768,097
Net increase/(decrease) in net assets		(4,279,000)		26,924,720
NET ASSETS:
Beginning of period		32,347,743		5,423,023
End of period*	$	28,068,743	$	32,347,743
* Includes accumulated net investment income of:	$	0	$	13,927

See Notes to Financial Statements.
16	www.pathwayadvisorsfunds.com

Pathway Advisors Aggressive Growth Fund Statements of Changes in Net Assets

		For the Year Ended April 30, 2016			For the     Year Ended     April 30, 2015
OPERATIONS
Net investment income	$		180,271	$		103,324
Net realized gain/(loss)			(1,783,187)			1,154,117
Net realized capital gain distributions from other investment companies			211,094			74,206
Net change in unrealized depreciation			(984,103)			(115,782)
Net increase/(decrease) in net assets resulting from operations			(2,375,925)			1,215,865
DISTRIBUTIONS (NOTE 3)
Net investment income			(120,011)			(150,330)
Net realized gains on investments			(194,209)			(1,134,772)
Net decrease in net assets from distributions			(314,220)			(1,285,102)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold			5,078,344			31,104,559
Dividends reinvested			314,220			1,285,089
Shares redeemed			(9,897,746)			(9,573,718)
Net increase/(decrease) in net assets derived from beneficial interest transactions			(4,505,182)			22,815,930
Net increase/(decrease) in net assets			(7,195,327)			22,746,693
NET ASSETS:
Beginning of period			39,370,500			16,623,807
End of period*	$		32,175,173	$		39,370,500
* Includes accumulated net investment income/(loss) of:	$		23,710	$		(36,521)

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	17

Pathway Advisors Conservative Fund	Financial Highlights
	For a share outstanding throughout the periods presented.

	For the Year     Ended     April 30, 2016			For the Year     Ended     April 30, 2015			For the Year     Ended     April 30, 2014			For the Period   Ended   April 30, 2013(a)
NET ASSET VALUE, BEGINNING OF PERIOD		$	10.66		$	10.61		$	10.51		$	10.00
INCOME FROM OPERATIONS
Net investment income(b)			0.08			0.12			0.16			0.14
Net realized and unrealized gain/(loss) on investments			(0.36)			0.23			0.10			0.52
Total from Investment Operations			(0.28)			0.35			0.26			0.66
LESS DISTRIBUTIONS
Net investment income			(0.08)			(0.14)			(0.13)			(0.13)
Net realized gain on investments			(0.06)			(0.16)			(0.03)			(0.02)
Total Distributions			(0.14)			(0.30)			(0.16)			(0.15)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(0.42)			0.05			0.10			0.51
NET ASSET VALUE, END OF PERIOD		$	10.24		$	10.66		$	10.61		$	10.51
TOTAL RETURN(c)			(2.63%)			3.28%			2.53%			6.59%
RATIOS/SUPPLEMENTAL DATA
Net assets, End of Period (000s)		$	28,069		$	32,348		$	5,423		$	1,364
RATIOS TO AVERAGE NET ASSETS:
Operating Expenses:
Excluding reimbursement/waiver(d)			2.06%			2.65%			4.84%			49.62% (e)(f)
Including reimbursement/waiver(d)			1.88%			1.88%			1.91% (g)			1.98% (e)(f)
Net investment income including reimbursement/waiver(d)			0.74%			1.10%			1.57%			1.83% (e)
PORTFOLIO TURNOVER RATE			39%			50%			38%			18% (h)

    18 www.pathwayadvisorsfunds.com    

Pathway Advisors Conservative Fund	Financial Highlights
	For a share outstanding throughout the periods presented.

^(a)  The Fund commenced operations on July 31, 2012.

^(b) Calculated using the average shares method.

^(c) Total investment return is calculated assuming a purchase of a common share at the opening of the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total returns would have been lower had certain expenses not been waived during the period. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.

^(d) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Portfolio of Investments.

^(e) Annualized.

^(f) Expense ratios before reductions for startup periods may not be representative of longer term operating periods.

^(g) Contractual expense limitation changed from 1.98% to 1.88% effective October 1, 2013. (See Note 6).

^(h) Not Annualized.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	19

Pathway Advisors Aggressive Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented.

	For the Year   Ended   April 30, 2016			For the Year   Ended   April 30, 2015			For the Year   Ended   April 30, 2014			For the Period   Ended   April 30, 2013(a)
NET ASSET VALUE, BEGINNING OF PERIOD		$	12.16		$	12.65		$	11.40		$	10.00
INCOME FROM OPERATIONS
Net investment income(b)			0.06			0.07			0.10			0.03
Net realized and unrealized gain/(loss) on investments			(0.72)			0.58			1.27			1.47
Total from Investment Operations			(0.66)			0.65			1.37			1.50
LESS DISTRIBUTIONS
Net investment income			(0.04)			(0.13)			(0.09)			(0.08)
Net realized gain on investments			(0.06)			(1.01)			(0.03)			(0.02)
Total Distributions			(0.10)			(1.14)			(0.12)			(0.10)
NET INCREASE/(DECREASE) IN NET ASSET VALUE			(0.76)			(0.49)			1.25			1.40
NET ASSET VALUE, END OF PERIOD		$	11.40		$	12.16		$	12.65		$	11.40
TOTAL RETURN(c)			(5.43%)			5.41%			12.05%			15.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, End of Period (000s)		$	32,175		$	39,371		$	16,624		$	1,579
RATIOS TO AVERAGE NET ASSETS:
Operating Expenses:
Excluding reimbursement/waiver(d)			1.97%			2.29%			3.16%			44.74% (e)(f)
Including reimbursement/waiver(d)			1.88%			1.88%			1.90% (g)			1.98% (e)(f)
Net investment income including reimbursement/waiver(d)			0.50%			0.58%			0.85%			0.39% (e)
PORTFOLIO TURNOVER RATE			56%			65%			18%			31% (h)

    20 www.pathwayadvisorsfunds.com    

Pathway Advisors Aggressive Growth Fund	Financial Highlights
	For a share outstanding throughout the periods presented.

^(a) The Fund commenced operations on July 31, 2012.

^(b) Calculated using the average shares method.

^(c) Total investment return is calculated assuming a purchase of a common share at the opening of the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total returns would have been lower had certain expenses not been waived during the period. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.

^(d) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Portfolio of Investments.

^(e) Annualized.

^(f) Expense ratios before reductions for startup periods may not be representative of longer term operating periods.

^(g) Contractual expense limitation changed from 1.98% to 1.88% effective October 1, 2013. (See Note 6).

^(h) Not Annualized.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	21

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust has 34 registered funds. This annual report describes Pathway Advisors Conservative Fund and Pathway Advisors Aggressive Growth Fund (individually a “Fund” and collectively, the “Funds”). The Pathway Advisors Conservative Fund seeks total return through a primary emphasis on income with a secondary emphasis on growth of capital. The Pathway Advisors Aggressive Growth Fund seeks total return through a primary emphasis on growth with a secondary emphasis on income.

2. SIGNIFICANT ACCOUNTING POLICIES    

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. 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 price supplied by an independent third-party pricing service approved by the Board of Trustees (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.

When such prices or quotations are not available, or when Hanson McClain, Inc. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

    22 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

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

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

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

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2016:

Pathway Advisors Conservative Fund

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Closed-End Mutual Funds	$	–	$	319,990	$	–	$	319,990
Exchange Traded Funds		9,330,680		–		–		9,330,680
Open-End Mutual Funds		18,234,389		–		–		18,234,389
Short Term Investments		136,225		–		–		136,225
Total	$	27,701,294	$	319,990	$	–	$	28,021,284

    Annual Report  |  April 30, 2016 23    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

Pathway Advisors Aggressive Growth Fund

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Closed-End Mutual Funds	$	–	$	761,881	$	–	$	761,881
Exchange Traded Funds		20,465,641		–		–		20,465,641
Open-End Mutual Funds		10,773,957		–		–		10,773,957
Short Term Investments		266,681		–		–		266,681
Total	$	31,506,279	$	761,881	$	–	$	32,268,160

The Funds recognize transfers between levels as of the end of the period. For the year ended April 30, 2016, the Funds did not have any transfers between Level 1 and Level 2 securities. For the year ended April 30, 2016, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net 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.

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 Expenses: Expenses that are specific to a Fund are charged directly to that Fund.

Federal Income Taxes: The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year, so that it will not be subject to excise tax on undistributed income and gains. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

    24 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

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, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to non-deductible expenses and book-tax distribution differences. The reclassifications were as follows:

Fund	Paid-in Capital		Accumulated Net   Investment Income		Accumulated Net      Realized Loss on      Investments
Pathway Advisors Conservative Fund	$	(645)	$	5,734	$	(5,089)
Pathway Advisors Aggressive Growth Fund		–		(29)		29

Tax Basis of Investments: As of April 30, 2016, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)		Net Unrealized Depreciation			Cost of  Investments for  Income Tax  Purposes
Pathway Advisors Conservative Fund	$	245,384	$	(535,823)	$	(290,439	)	$	28,311,723
Pathway Advisors Aggressive Growth Fund		579,594		(689,985)		(110,391	)		32,378,551

Components ofDistributable Earnings: As of April 30, 2016, components of distributable earnings were as follows:

	Pathway Advisors   Conservative Fund		Pathway Advisors     Aggressive Growth     Fund
Undistributed ordinary income	$	–	$	23,710
Accumulated capital loss		(731,592)		(1,575,564)
Net unrealized depreciation on investments		(290,439)		(110,391)
Total distributable earnings	$	(1,022,031)	$	(1,662,245)

Capital Losses: As of April 30, 2016, the following Fund had available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The following losses will be carried forward indefinitely to offset future realized gains:

	Short-Term		Long-Term
Pathway Advisors Aggressive Growth Fund	$	304,821	$	129,914

    Annual Report  |  April 30, 2016 25    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

The Funds elect to defer to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016 in the amount of:

	Capital Losses
Pathway Advisors Conservative Fund	$	731,592
Pathway Advisors Aggressive Growth Fund		1,140,829

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

The tax character of distributions paid by the Funds for the year ended April 30, 2016, were as follows:

	Ordinary Income		Long-Term Capital     Gain
Pathway Advisors Conservative Fund	$	251,101	$	158,898
Pathway Advisors Aggressive Growth Fund		120,040		194,180

The tax character of distributions paid by the Funds for the year ended April 30, 2015, were as follows:

	Ordinary Income		Long-Term Capital     Gain
Pathway Advisors Conservative Fund	$	156,882	$	73,402
Pathway Advisors Aggressive Growth Fund		576,858		708,244

4. SECURITIES TRANSACTIONS

Purchases and sales of securities (excluding short-term securities) during the year ended April 30, 2016, were as follows:

Fund	Purchases of   Securities		Proceeds From Sales of Securities
Pathway Advisors Conservative Fund	$	11,897,487	$    14,823,667
Pathway Advisors Aggressive Growth Fund		19,869,060	24,233,765

5. BENEFICIAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the 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.

    26 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

Transactions in shares of capital stock:

Pathway Advisors Conservative Fund

	For the Year Ended		For the Year Ended
	April 30, 2016		April 30, 2015
Common Shares Outstanding - Beginning of Period		3,033,100		510,894
Common Shares Sold		553,787		2,789,052
Common Shares Issued as Reinvestment of Dividends		40,434		21,828
Common Shares Redeemed		(885,170)		(288,674)
Common Shares Outstanding - End of Period		2,742,151		3,033,100

Pathway Advisors Aggressive Growth Fund
	For the Year Ended		For the Year Ended
	April 30, 2016		April 30, 2015
Common Shares Outstanding - Beginning of Period		3,236,511		1,314,394
Common Shares Sold		438,519		2,567,170
Common Shares Issued as Reinvestment of Dividends		27,758		108,082
Common Shares Redeemed		(881,479)		(753,135)
Common Shares Outstanding - End of Period		2,821,309		3,236,511

6. MANAGEMENT AND RELATED PARTY TRANSACTIONS

Investment Advisory

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the 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 Board. Pursuant to the Investment Advisory Agreement (“Advisory Agreement”), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.00% of the average daily net assets for each Fund. The management fee is paid on a monthly basis.

The Adviser has agreed contractually to limit the amount of each Fund’s total annual expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 1.88% of each Fund’s average daily net assets. This agreement is in effect from September 1, 2015 through August 31, 2016. The Adviser will be permitted to recover expenses it has borne through the agreement described above to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of the waiver or reimbursement. A Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expense were deferred. The Adviser may not discontinue or modify this waiver without the approval by the Funds’ Board.

    Annual Report  |  April 30, 2016 27    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

For the year ended April 30, 2016, the fee waivers and/or reimbursements were as follows:

	Fees Waived/		Recoupment of Past
	Reimbursed By Adviser		Waived Fees By Adviser
Pathway Advisors Conservative Fund	$	54,905	$	–
Pathway Advisors Aggressive Growth Fund		33,578		–

As of April 30, 2016, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires 2017		Expires 2018		Expires 2019		Total
Pathway Advisors Conservative Fund	$	97,471	$	73,567	$	54,905	$	225,943
Pathway Advisors Aggressive Growth Fund		120,826		72,255		33,578		226,659

Fees waived/reimbursed by adviser for the year ended April 30, 2016 are disclosed  in the Statement of Operations.

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 assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the year ended April 30, 2016 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 each Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended April 30, 2016 are disclosed in the Statement 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, 2016 are disclosed in the Statement 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, 2016 are disclosed in the Statement of Operations.

    28 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

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 the Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Each Fund has adopted a separate Distribution and Services Plan (each a “Plan” and collectively, the “Plans”) pursuant to Rule 12b-1 of the 1940 Act. The Plans allow each Fund, as applicable, to use each Fund’s assets to pay fees in connection with the distribution and marketing of the Funds’ shares and/or the provision of shareholder services to the Funds’ shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plans permit each Fund to make total payments at an annual rate of up to 0.25% of each Funds’ average daily net assets. 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 shares. Under the Shareholder Services Plan, each 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 (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of shares of the Funds attributable to or held in the name of a Participating Organization for its clients as compensation for providing services pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during the Funds’ fiscal year for such service activities shall be reimbursed to the Funds as soon as practicable after the end of the fiscal year. Shareholder Services Plan fees are included within “Distribution and service fees” on the Statement 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 laws. 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, based upon the recommendation of the Adviser, has determined to close and liquidate the Funds. The Board concluded that it would be in the best interests of each Fund and its shareholders that the Funds be closed and liquidated as series of the Trust effective as of the close

    Annual Report  |  April 30, 2016 29    

Pathway Advisors Funds	Notes to Financial Statements
	April 30, 2016

of business on July 15, 2016. On June 8, 2016, the Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Funds will be liquidated. Pursuant to the Plan and in anticipation of the Funds’ liquidation, each Fund will be closed to new shareholder purchases effective as of the close of business on June 30, 2016 and closed to all existing shareholder purchases on July 5, 2016. However, any distributions declared to shareholders of a Fund after June 30, 2016, and until the close of trading on the New York Stock Exchange on July 15, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash.

    30 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Pathway Advisors Conservative Fund and Pathway Advisors Aggressive Growth Fund (the “Funds”), two of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from July 31, 2012 (commencement of operations) to April 30, 2013. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pathway Advisors Conservative Fund and Pathway Advisors Aggressive Growth Fund as of April 30, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from July 31, 2012 (commencement of operations) to April 30, 2013, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 8, the Board, based upon the recommendation of the Adviser, has determined to close and liquidate the Funds. The Board concluded that it would be in the best interests of each Fund and its shareholders that the Funds be closed and liquidated as series of the Trust effective as of the close of business on July 15, 2016. On June 8, 2016, the Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Funds will be liquidated.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

    Annual Report  |  April 30, 2016 31    

Pathway Advisors Funds	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Funds’ Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 888-288-1121 and (2) on the SEC’s website at http://www.sec.gov.

3. 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, 2015:

	Dividends Received		Qualified Dividend
	Deduction		Income
Pathway Advisors Conservative Fund		2.63%		57.66%
Pathway Advisors Aggressive Growth Fund		26.50%		100.00%

In early 2016, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2015 via Form 1099. The Funds will notify shareholders in early 2017 of amounts paid to them by the Funds, if any, during the calendar year 2016.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Pathway Advisors Conservative Fund and Pathway Advisors Aggressive Growth Fund designated $158,898 and $194,180 respectively, as long-term capital gain dividends.

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

    32 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 888-288-1121.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

    Annual Report  |  April 30, 2016 33    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).

    34 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

    Annual Report  |  April 30, 2016 35    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE

Name, Address* & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

    36 www.pathwayadvisorsfunds.com    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.

    Annual Report  |  April 30, 2016 37    

Pathway Advisors Funds	Trustees & Officers
	April 30, 2016 (Unaudited)

OFFICERS (continued)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011- 2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Hanson McClain, Inc. provides investment advisory services (currently none).

    38 www.pathwayadvisorsfunds.com    

Page Intentionally Left Blank

Table of Contents

	PAGE
Shareholder Letter		1
Performance Update		5
Disclosure of Fund Expenses		6
Schedule of Investments		7
Statement of Assets and Liabilities		52
Statement of Operations		53
Statements of Changes in Net Assets		54
Financial Highlights		55
Notes to Financial Statements		56
Report of Independent Registered Accounting Firm		66
Disclosure Regarding Approval of Fund Advisory Agreements		67
Additional Information		69
Trustees & Officers		70

Redmont Resolute Fund II	Shareholder Letter
	April 30, 2016 (Unaudited)

PERFORMANCE:

April 30, 2016

The Fund outperformed the HFRX Global Index by approximately 510 basis pointsii over the twelve months ending April 30, 2016. Since inception, the Fund has outperformed the HFRX Global Index by over 260 basis points annualized. When compared to the peer group (Morningstar MultiAlternative Universe), the Fund has outperformed the Universe over all time periods – by over 280 basis points during the past twelve months and 245 basis points annualized since inception. Relative to the S&P 500^® Index, the Fund has performed as we expected - participating but trailing in strong up markets while protecting capital and outperforming in negative markets.

Tactical Managers – Tactical managers were a drag on performance as positions in Japan and Europe detracted. In contrast, FPA Crescent performed well relative to the HFRX Macro Index with less international exposure than Morgan Stanley Multi-Asset and Pinebridge.

Long/Short Managers – Long/Short equity managers performed well relative to the HFRX Equity Hedge Index which reacted to sharp declines in global equities during the period. Dalton European Long/Short and Boston Partners Research Long/Short posted positive returns for the period.

Opportunistic Managers – The Opportunistic allocation contributed to performance led by AQR Multi-Strategy. AQR Risk Parity was the main detractor during the period. Stadion was a slight detractor through August until being removed from the portfolio. Weiss Alpha Balanced Risk replaced the allocation to Stadion, adding to performance since its inception.

REDMONT RESOLUTE FUND II

Table 1 notes the performance for Fund II as of quarter end under standard reporting (since inception) as well as of April 30^th.

Table 1 ^{i. ii. iii. iv. v.}

Performance (amounts greater than one year are annualized)
Redmont Resolute Fund II	Standardized Performance Data as of March 31, 2016						Non-Standardized Performance Data as of April 30, 2016
	Year-to-Date		1-Year		Since Inception (12/30/11)		Year-to-Date		1-Year		Since Inception (12/30/11)
Resolute Fund II - I Class		-0.37%		-2.58%		3.51%		0.37%		-2.02%		3.66%
HFRX Global Index		-1.87%		-7.36%		0.89%		-1.47%		-7.18%		0.97%
S&P 500® Index		1.35%		1.78%		14.74%		1.74%		1.21%		14.54%
Morningstar Multi-Alternative Universe		-0.72%		-5.24%		1.16%		-1.83%		-4.86%		1.17%
	Gross Expense Ratio		Less Expense Waivers		Net Expense Ratio		Net Ratio ex Dividend & Short Expense
Resolute Fund II - I Class		1.69%		-1.34%		0.35%				0.27%

This performance analysis section shows the fund’s historical performance. Past performance is not indicative of future results. Investment return and value of shares will fluctuate. Upon redemption, shares may be worth more or less than their original cost. The current performance may be higher or lower than the quoted performance. Call 1-855-268-2242 or visit www.redmontfunds.com for the most recent month end performance results. The Fund has a redemption fee of 2.00% for shares redeemed within the first 90 days of purchase. Maximum Offering Price (MOP) for Class A includes the Fund’s maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

Note: “Non-Standardized” performance includes month-end periods other than quarter-end. Examples include April, May, July, August, etc.

Annual Report  |  April 30, 2016 1

Redmont Resolute Fund II	Shareholder Letter
	April 30, 2016 (Unaudited)

Portfolio Changes:

The overall allocation has remained unchanged during 2015, but we did make a manager change as we continue to identify unique strategies that add value to the portfolio. Within the Opportunistic allocation, Stadion was replaced by Weiss Alpha Balanced Strategy on September 1st. This move is expected to improve risk-adjusted performance.

Closing:

We seek to add value both in our allocation and manager selection decisions. The changes outlined above should continue to provide additional value going forward. We appreciate your investment in our Redmont Resolute Fund, please feel free to contact us with any questions.

Sincerely,

R. Scott Graham, CFA & Michael T. Lytle, CFA

Portfolio Managersⁱⁱ.

2 www.redmontfunds.com

Redmont Resolute Fund II	Shareholder Letter
	April 30, 2016 (Unaudited)

Underlying Allocation Weights & Performance:

The current allocation remained roughly unchanged during the fiscal year ended April 30, 2016. Figure 1 lists the long-term target asset allocation for the Fund as well as the allocation for the Fund as of April 30, 2016.

Figure 1

Target Asset Allocation	April 30, 2016 Allocation

Holdings and allocations subject to change and may not reflect the current or future position of the portfolio.

Annual Report  |  April 30, 2016 3

Redmont Resolute Fund II	Shareholder Letter
	April 30, 2016 (Unaudited)

IMPORTANT NOTES AND DISCLOSURES

The Fund’s investment objectives, risks, charges and expenses must be considered before investing. The prospectus contains this and other important information about the investment company and may be obtained by calling 1-855-268-2242 or by visiting www.redmontfunds.com. Read it carefully before investing.

The views of Highland Associates, Inc. and information discussed in this commentary are as of the date of publication, are subject to change and may not reflect the writer’s current views. The views expressed are those of the author only and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Highland Associates, Inc. nor the Fund accept any liability for losses either direct or consequential caused by the use of this information.

RISKS:

The Fund is structured with an Underlying Investment Strategy. This strategy adopts the risks of investments in Other Investment Companies. These risks include, but are not limited to higher expenses, allocation risk, underlying fund risk, transparency risk, and underlying fund managed portfolio risk. Investments which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Swap Risk involves swap agreements and are subject to counterparty default risk and may not perform as intended. Derivatives Risk involves the exercise of skill and judgment. Derivatives may expire worthless or not perform as expected. Equity risk may cause the value of the securities held by the Fund to fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invest.

The Fund’s investments in non-U.S. issuers may be even more volatile and may present more risks than investments in U.S. issuers.

Commodity Risk may subject the Funds to greater volatility than traditional investments because of global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. Commodity-linked investments may not move in the same direction and to the same extent as the underlying commodities.

^i.  Source: Factset

^ii.  Basis Point = 0.01%, 100 basis points would equal 1.0%

^iii.  The S&P 500^® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index. The S&P 500^® Index figures do not reflect any fees, expenses, or taxes. Investors cannot invest directly in this index.

^iv.  The Morningstar Multi-Alternative Universe is designed to represent the exposure to alternative investment tactics. Funds in this category have the majority of their assets exposed to alternative strategies. An investor’s exposure to different tactics may change slightly over time in response to market movements. Funds in this category include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes. The gross short exposure is greater than 20%.

^v.  The HFRX Global Index is designed to be representative of the overall composition of the hedge fund universe, and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value strategies. Investors cannot invest directly in an index.

^vi.  Highland Associates, Inc. has agreed to waive the portion of its 1.50% Management Fee in excess of any sub-advisory fees paid by the Adviser to sub-advisors in connection with the Redmont Resolute Fund II. This agreement is in effect through August 31, 2017. The Adviser may not discontinue this agreement to waive fees without the approval by the Fund’s Board of Trustees.

^vii.  R. Scott Graham and Michael T. Lytle are registered representatives of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute.

ALPS Distributors, Inc. is the distributor for the Redmont Funds. R. Scott Graham and Michael T. Lytle are registered representatives of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute.

4 www.redmontfunds.com

Redmont Resolute Fund II	Performance Update
	April 30, 2016 (Unaudited)

Performance (for the period ended April 30, 2016)
Redmont Resolute Fund II
Cumulative Total Return (for the period ended April 30, 2016)	Year-to-Date		1 Year		3 Year		Since   Inception*
Redmont Resolute Fund II - Class I - NAV		0.37%		-2.02%		1.63%	3.66%
S&P 500® Index		1.74%		1.21%		11.26%	14.54%
Dow Jones U.S Select Dividend Index		10.18%		8.85%		11.82%	14.35%
HFRX Global Hedge Fund Index		-1.47%		-7.18%		-0.99%	0.97%
*       Fund inception date of 12/30/11.  (a)       The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage and relative value strategies. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.  (b)       The S&P 500® Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.  (c)        The Dow Jones U.S. Select Dividend Index represents the country’s top stocks by dividend yield, selected annually and subject to screening and buffering criteria. The index is not actively managed and does not reflect any deductions of fees, expenses or taxes. An investor may not invest directly in an index.
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-268-2242. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Top Ten Holdings*

(for the period ended April 30, 2016)

As a percentage of Net Assets
PIMCO Short-Term Fund, Institutional Class	17.12%
FPA Crescent Fund	11.01%
AQR Risk Parity Fund, Class I	9.03%
AQR Multi Strategy Alternative Fund, Class I	8.96%
Diamond Hill Long-Short Fund, Class Y	8.75%
Morgan Stanley Institutional Fund, Inc. - Multi-Asset Portfolio, Class I	8.00%
Nuveen Symphony Floating Rate Income Fund, Class I	0.86%
JPMorgan Chase & Co.	0.15%
Exxon Mobile Corp.	0.14%
Credit Suisse Floating Rate High Income Fund, Institutional Class	0.14%
Top Ten Holdings
*     Holdings are subject to change, and may not reflect the current or future position of the portfolio.

Performance of $10,000 Initial Investment (for the period ended April 30, 2016)

Comparison of change in value of a $10,000 investment

The chart represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annual Report  |  April 30, 2016 5

Redmont Resolute Fund II	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads), redemption fees; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder services fees and other Fund operating expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period of November 1, 2015 to April 30, 2016.

Actual Expenses. The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table below under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as applicable sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	BEGINNING ACCOUNT VALUE 11/01/15			ENDING ACCOUNT VALUE 04/30/16			EXPENSE RATIO(a)			EXPENSES PAID DURING PERIOD 11/01/15-04/30/16(b)
Redmont Resolute Fund II
Class I
Actual		$	1,000.00		$	992.90		0.35	%		$	1.73
Hypothetical (5% return before expenses)		$	1,000.00		$	1,023.12		0.35	%		$	1.76

^(a)  Annualized, based on the Fund’s most recent fiscal half year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

6 www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

			Value
Description	Shares		(Note 2)
CLOSED END FUNDS (0.01%)
Better Capital PCC, Ltd.		4,383	$	5,267
Electra Private Equity PLC		695		35,979
Goldman Sachs BDC, Inc.		401		7,880
HgCapital Trust PLC		578		9,881
Princess Private Equity Holding, Ltd.		1,252		10,505
Riverstone Energy, Ltd.(a)		61		724
				70,236
TOTAL CLOSED END FUNDS (Cost $73,477)				70,236
COMMON STOCKS (14.25%)
ADVERTISING (0.07%)
Omnicom Group, Inc.(b)		2,580		214,063
The Interpublic Group of Companies, Inc.		11,526		264,406
				478,469
AEROSPACE & DEFENSE (0.59%)
Airbus Group SE		2,467		154,264
Cubic Corp.		1,343		55,829
Finmeccanica SpA(a)		410		5,178
General Dynamics Corp.(b)		5,820		817,826
Harris Corp.(b)		6,910		552,869
IHI Corp.		17,000		39,145
L-3 Communications Holdings, Inc.		707		92,992
Lockheed Martin Corp.(b)		3,072		713,871
Northrop Grumman Corp.(b)		1,879		387,563
Raytheon Co.(b)		3,884		490,743
Spirit AeroSystems Holdings, Inc., Class A(a)		2,100		99,015
The Boeing Co.		1,043		140,596
United Technologies Corp.(b)		4,634		483,651
				4,033,542
AGRICULTURE (0.16%)
Altria Group, Inc.		1,042		65,344
Archer-Daniels-Midland Co.		8,934		356,824
British American Tobacco PLC		4,585		279,364
Bunge, Ltd.		293		18,313
Japan Tobacco, Inc.		1,400		59,605
Philip Morris International, Inc.		744		73,001
Reynolds American, Inc.		4,992		247,603
				1,100,054
AIRLINES (0.13%)
Alaska Air Group, Inc.		1,400		98,602
American Airlines Group, Inc.		443		15,368
ANA Holdings, Inc.		23,000		66,579
Delta Air Lines, Inc.(b)		10,811		450,494
Southwest Airlines Co.		351		15,658
United Continental Holdings, Inc.(a)		4,723		216,361
				863,062

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	7

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

			Value
Description	Shares		(Note 2)
APPAREL (0.04%)
Asics Corp.		400	$	8,312
Carter’s, Inc.		100		10,667
Christian Dior SE		681		119,579
LVMH Moet Hennessy Louis Vuitton SE		388		64,465
Michael Kors Holdings, Ltd.(a)		219		11,314
NIKE, Inc., Class B		381		22,456
				236,793
AUTO MANUFACTURERS (0.16%)
Bayerische Motoren Werke AG		1,700		156,700
Daihatsu Motors Co., Ltd.		5,200		73,308
Fiat Chrysler Auto NV		3,983		31,971
Ford Motor Co.		7,400		100,344
Fuji Heavy Industries, Ltd.		4,300		150,177
General Motors Co.		769		24,454
Hino Motors, Ltd.		300		3,051
Honda Motor Co., Ltd.		1,800		50,625
Mazda Motor Corp.		5,200		85,257
Mitsubishi Motors Corp.		3,000		12,660
Suzuki Motor Corp.		3,800		109,821
Toyota Motor Corp.		6,000		318,835
				1,117,203
AUTO PARTS & EQUIPMENT (0.19%)
Aisin Seiki Co., Ltd.		700		28,487
Bridgestone Corp.		3,700		143,132
Cie Generale des Etablissements Michelin		1,360		141,945
Continental AG		637		139,898
Denso Corp.		2,200		87,897
JTEKT Corp.		2,400		32,278
Koito Manufacturing Co., Ltd.		400		18,195
Lear Corp.		2,617		301,295
NGK Insulators, Ltd.		1,000		21,748
NHK Spring Co., Ltd.		300		2,780
Tenneco, Inc.(a)		6,060		322,998
The Goodyear Tire & Rubber Co.		2,236		64,777
				1,305,430
BANKS (1.34%)
Agricultural Bank of China, Ltd., Class H		6,000		2,174
Banco de Sabadell SA		6,637		12,684
Banco Santander SA		41,883		212,023
Bank of America Corp.(b)		37,474		545,621
Bank of Ireland(a)		357,458		108,467
Bank of Montreal		2,966		193,226
BB&T Corp.(b)		10,784		381,538
BNP Paribas SA		3,828		202,682
Capital One Financial Corp.(b)		9,729		704,282
Chongqing Rural Commercial Bank Co., Ltd., Class H		15,000		7,909
Citigroup, Inc.(b)		19,743		913,706
Citizens Financial Group, Inc.		9,372		214,150
Comerica, Inc.		960		42,624

See Notes to Financial Statements.
8	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

			Value
Description	Shares		(Note 2)
BANKS (1.34%) (continued)
Concordia Financial Group, Ltd.(a)		17,900	$	86,203
Cullen/Frost Bankers, Inc.		1,088		69,621
DnB ASA		10,741		137,533
East West Bancorp, Inc.		1,776		66,582
Fifth Third Bancorp(b)		28,172		515,829
First Horizon National Corp.		4,885		68,781
First Republic Bank		1,111		78,126
Hokuhoku Financial Group, Inc.		37,000		48,684
HSBC Holdings PLC		46,949		310,413
Huntington Bancshares, Inc.(b)		28,307		284,768
Industrial & Commercial Bank of China, Ltd., Class H		37,000		20,082
Intesa Sanpaolo SpA		60,313		167,129
Intesa Sanpaolo SpA RSP		45,635		119,976
Investec PLC		1,557		11,898
Japan Post Bank Co., Ltd.		3,700		46,772
JPMorgan Chase & Co.(b)		16,727		1,057,146
KBC Groep NV		2,149		120,649
Keycorp		377		4,633
M&T Bank Corp.		439		51,943
Mitsubishi UFJ Financial Group, Inc.		47,100		230,232
Mizuho Financial Group, Inc.		103,900		163,857
Morgan Stanley		4,937		133,595
Popular, Inc.		2,367		70,347
Regions Financial Corp.		5,470		51,309
State Street Corp.(b)		2,782		173,319
Sumitomo Mitsui Financial Group, Inc.		1,100		35,285
SunTrust Banks, Inc.(b)		8,490		354,373
The Chiba Bank, Ltd.		12,000		63,609
The Goldman Sachs Group, Inc.(b)		2,211		362,847
The Iyo Bank, Ltd.		2,200		15,135
Wells Fargo & Co.(b)		14,379		718,662
				9,180,424
BEVERAGES (0.18%)
Anheuser-Busch InBev NV		253		31,316
Asahi Group Holdings, Ltd.		3,400		112,130
Brown-Forman Corp., Class B		119		11,462
Carlsberg A/S, Class B		1,444		140,630
Coca-Cola Enterprises, Inc.		354		18,578
Coca-Cola HBC AG		5,765		117,929
Constellation Brands, Inc., Class A(b)		2,253		351,603
Dr. Pepper Snapple Group, Inc.		485		44,091
Heineken Holding NV		1,554		128,278
Heineken NV		1,552		145,457
Kirin Holdings Co., Ltd.		3,500		52,352
PepsiCo, Inc.		784		80,721
The Coca-Cola Co.		554		24,819
				1,259,366
BIOTECHNOLOGY (0.13%)
Amgen, Inc.		1,112		176,030
Biogen, Inc.(a)		61		16,774

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	9

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

			Value
Description	Shares		(Note 2)
BIOTECHNOLOGY (0.13%) (continued)
Gilead Sciences, Inc.(b)		8,018	$	707,268
Regeneron Pharmaceuticals, Inc.(a)		28		10,548
				910,620
BUILDING MATERIALS (0.10%)
Continental Building Products, Inc.(a)		11,139		218,436
Daikin Industries, Ltd.		1,600		133,594
Masco Corp.(b)		11,259		345,764
				697,794
CHEMICALS (0.36%)
Air Liquide SA		1,518		172,081
Air Water, Inc.		1,000		15,658
Asahi Kasei Corp.		4,000		28,560
BASF SE		2,860		236,280
Daicel Corp.		5,400		70,291
EI du Pont de Nemours & Co.		825		54,376
Hitachi Chemical Co., Ltd.		3,500		61,711
Lonza Group AG		810		134,761
LyondellBasell Industries NV, Class A		3,643		301,167
PPG Industries, Inc.		5,001		552,060
Praxair, Inc.		40		4,698
Shin-Etsu Chemical Co., Ltd.		2,500		145,747
The Dow Chemical Co.		2,933		154,305
The Valspar Corp.		4,024		429,321
Yara International ASA		3,197		128,009
				2,489,025
COMMERCIAL SERVICES (0.23%)
Adecco SA		1,903		122,496
Aggreko PLC		564		8,958
Dai Nippon Printing Co., Ltd.		10,000		97,838
Equifax, Inc.		950		114,237
EVERTEC, Inc.		6,801		91,609
ManpowerGroup, Inc.(b)		3,723		286,783
Moody’s Corp.(b)		1,384		132,476
Nielsen Holdings PLC		51		2,659
PayPal Holdings, Inc.(a)		3,081		120,714
Recruit Holdings Co., Ltd.		500		16,048
RELX PLC		7,579		133,996
Robert Half International, Inc.(b)		5,586		214,000
The Western Union Co.		5,248		104,960
Total System Services, Inc.		3,075		157,256
United Rentals, Inc.(a)		43		2,878
				1,606,908
COMPUTERS (0.51%)
Accenture PLC, Class A		122		13,776
Amdocs, Ltd.(b)		7,247		409,745
Apple, Inc.		5,240		491,198
Brocade Communications Systems, Inc.		25,670		246,689
Cognizant Technology Solutions Corp., Class A(a)		1,220		71,212

See Notes to Financial Statements.
10	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

			Value
Description	Shares		(Note 2)
COMPUTERS (0.51%) (continued)
Computer Sciences Corp.		6,056	$	200,635
EMC Corp.(b)		23,963		625,674
Fujitsu, Ltd.		6,000		22,038
Hewlett Packard Enterprise Co.		32,432		540,317
Hewlett-Packard Co.		40,059		491,524
International Business Machines Corp.		1,813		264,589
Itochu Techno-Solutions Corp.		5,700		115,714
NetApp, Inc.		449		10,614
Western Digital Corp.		127		5,190
				3,508,915
CONTAINERS & PACKAGING (0.07%)
WestRock Co.(b)		11,340		474,579
COSMETICS & PERSONAL CARE (0.06%)
Beiersdorf AG		550		49,350
Colgate-Palmolive Co.		859		60,920
Kao Corp.		2,300		132,207
The Procter & Gamble Co.		2,076		166,329
				408,806
DISTRIBUTION & WHOLESALE (0.13%)
Arrow Electronics, Inc.(a)(b)		9,968		619,013
Genuine Parts Co.		278		26,680
ITOCHU Corp.		8,500		113,040
Marubeni Corp.		18,300		100,805
Wolseley PLC		176		9,826
				869,364
DIVERSIFIED FINANCIAL SERVICES (0.62%)
AEON Financial Service Co., Ltd.		900		20,944
Alliance Data Systems Corp.(a)(b)		2,490		506,242
Ally Financial, Inc.(a)		15,649		278,709
American Express Co.		2,253		147,414
Ameriprise Financial, Inc.		125		11,987
Brait SE(a)		5,924		66,239
CME Group, Inc.		573		52,664
Daiwa Securities Group, Inc.		14,000		85,026
Discover Financial Services(b)		12,259		689,814
E*Trade Financial Corp.(a)		1,067		26,867
Intermediate Capital Group PLC		3,674		32,961
Legg Mason, Inc.		2,414		77,514
MasterCard, Inc., Class A		284		27,545
Navient Corp.(b)		21,232		290,241
ORIX Corp.		500		7,455
Partners Group Holding AG		575		236,761
Raymond James Financial, Inc.(b)		7,138		372,389
SLM Corp.(a)(b)		32,409		219,409
Synchrony Financial(a)(b)		10,773		329,331
T Rowe Price Group, Inc.		1,462		110,074
TD Ameritrade Holding Corp.(b)		8,446		251,944

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	11

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
DIVERSIFIED FINANCIAL SERVICES (0.62%) (continued)
The Charles Schwab Corp.(b)		9,446	$	268,361
The NASDAQ OMX Group, Inc.		1,325		81,766
Visa, Inc., Class A		632		48,816
				4,240,473
ELECTRIC (0.28%)
AES Corp.		35,668		398,055
Ameren Corp.		784		37,632
Avangrid, Inc.		1,707		68,451
Chubu Electric Power Co., Inc.		6,500		88,611
Consolidated Edison, Inc.		178		13,279
Duke Energy Corp.		52		4,097
E.ON SE		12,911		133,187
EDP - Energias de Portugal SA		34,789		123,648
Electric Power Development Co., Ltd.		700		21,809
Endesa SA		14,209		298,311
Enel SpA		16,023		72,618
Engie SA		7,252		119,576
Entergy Corp.		888		66,760
Exelon Corp.		3,832		134,465
FirstEnergy Corp.		234		7,626
Iberdrola SA		5,962		42,353
MDU Resources Group, Inc.		1,207		24,212
Public Service Enterprise Group, Inc.		576		26,571
RWE AG(a)		895		13,369
SSE PLC		3,488		76,957
The Chugoku Electric Power Co., Inc.		5,000		67,011
The Kansai Electric Power Co., Inc.(a)		1,300		11,940
Tohoku Electric Power Co., Inc.		5,800		76,752
				1,927,290
ELECTRICAL COMPONENTS & EQUIPMENT (0.08%)
AMETEK, Inc.(b)		7,325		352,259
Brother Industries, Ltd.		1,000		12,002
Emerson Electric Co.		2,234		122,043
Hitachi, Ltd.		19,000		92,072
				578,376
ELECTRONICS (0.36%)
Alps Electric Co., Ltd.		200		3,741
Avnet, Inc.(b)		8,942		367,695
Flextronics International, Ltd.(a)(b)		56,128		681,955
Hirose Elect Co., Ltd.		700		88,881
Hitachi High-Technologies Corp.		1,700		48,252
Honeywell International, Inc.(b)		3,058		349,438
Hoya Corp.		3,000		120,141
Jabil Circuit, Inc.(b)		19,039		330,517
Kyocera Corp.		1,900		97,732
Murata Manufacturing Co., Ltd.		300		41,715
TE Connectivity, Ltd.		5,168		307,393
				2,437,460

See Notes to Financial Statements.
12	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
ENERGY & ALTERNATE SOURCES (0.00%)(c)
First Solar, Inc.(a)		25	$	1,396
ENGINEERING & CONSTRUCTION (0.05%)
ACS Actividades de Construccion y Servicios SA		3,546		117,242
Aena SA(a)(d)(e)		917		130,779
Japan Airport Terminal Co., Ltd.		600		22,641
Kajima Corp.		14,000		90,132
				360,794
ENTERTAINMENT (0.06%)
Six Flags Entertainment Corp.(b)		6,403		384,500
FOOD (0.20%)
Carrefour SA		6,200		175,673
Danone SA		1,950		136,583
General Mills, Inc.		1,311		80,417
Koninklijke Ahold NV		10,519		228,851
Mondelez International, Inc., Class A		4,115		176,780
Nestle SA		3,197		238,284
NH Foods, Ltd.		1,000		22,848
Nissin Foods Holdings Co., Ltd.		1,000		47,744
Pilgrim’s Pride Corp.(a)		729		19,617
Seven & I Holdings Co., Ltd.		400		17,079
The Kroger Co.		711		25,162
Tyson Foods, Inc., Class A(b)		2,911		191,602
				1,360,640
FOOD SERVICE (0.02%)
Compass Group PLC		8,627		153,659
FOREST PRODUCTS & PAPER (0.04%)
International Paper Co.		120		5,192
Mondi PLC		6,206		118,608
UPM-Kymmene OYJ		6,998		133,658
				257,458
GAS (0.03%)
AGL Resources, Inc.		433		28,517
Gas Natural SDG SA		402		8,362
National Fuel Gas Co.		585		32,468
Osaka Gas Co., Ltd.		13,000		48,481
Sempra Energy		161		16,639
UGI Corp.		1,123		45,190
				179,657
HAND & MACHINE TOOLS (0.10%)
Fuji Electric Holdings Co., Ltd.		19,000		84,821
Schindler Holding AG, Participation Certificates		650		118,373
SMC Corp.		400		102,801

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	13

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
HAND & MACHINE TOOLS (0.10%) (continued)
Stanley Black & Decker, Inc.(b)		3,551	$	397,428
				703,423
HEALTHCARE - PRODUCTS (0.17%)
Abbott Laboratories		1,022		39,756
CR Bard, Inc.		323		68,531
Edwards Lifesciences Corp.(a)		156		16,569
Getinge AB, Class B		1,234		26,092
Hologic, Inc.(a)		1,869		62,780
Intuitive Surgical, Inc.(a)		102		63,889
Lifco AB, Class B		716		18,545
Medtronic PLC		109		8,627
Sonova Holding AG		893		119,340
St Jude Medical, Inc.(b)		4,885		372,237
Zimmer Biomet Holdings, Inc.(b)		3,024		350,088
				1,146,454
HEALTHCARE - SERVICES (0.42%)
Aetna, Inc.		297		33,344
Anthem, Inc.(b)		5,246		738,479
Centene Corp.(a)		1		36
Cigna Corp.		3,353		464,525
DaVita HealthCare Partners, Inc.(a)(b)		4,071		300,847
HCA Holdings, Inc.(a)		583		47,001
ICON PLC(a)(b)		3,754		253,695
Laboratory Corp. of America Holdings(a)		4,149		519,953
UnitedHealth Group, Inc.		3,857		507,890
Universal Health Services, Inc., Class B		38		5,080
				2,870,850
HOLDING COMPANIES - DIVERSIFIED (0.03%)
Ackermans & van Haaren NV		278		36,193
Leucadia National Corp.		3,875		64,635
Schouw & Co.		275		16,078
Wendel SA		507		58,577
				175,483
HOME BUILDERS (0.07%)
Barratt Developments PLC		15,465		120,327
Iida Group Holdings Co., Ltd.		4,100		80,574
Persimmon PLC		1,164		33,795
PulteGroup, Inc.		14,604		268,568
				503,264
HOME FURNISHINGS (0.03%)
Hoshizaki Electric Co., Ltd.		500		43,562
Leggett & Platt, Inc.		251		12,372
Panasonic Corp.		14,300		133,646
Sony Corp.		700		18,276
				207,856

See Notes to Financial Statements.
14	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
HOUSEHOLD PRODUCTS & WARES (0.00%)(c)
Henkel AG & Co. KGaA		212	$	21,539
HOUSEWARES (0.12%)
Avery Dennison Corp.(b)		6,507		472,473
Newell Brands, Inc.(b)		6,325		288,040
The Clorox Co.		490		61,363
				821,876
INSURANCE (1.02%)
Admiral Group PLC		4,177		113,337
Aflac, Inc.		2,191		151,113
Alleghany Corp.(a)		423		220,501
Allianz SE		1,972		334,754
American International Group, Inc.		4,920		274,634
American National Insurance Co.		249		28,914
AmTrust Financial Services, Inc.		2,210		54,919
Aon PLC		2,804		294,756
Aspen Insurance Holdings, Ltd.		2,210		102,434
Aviva PLC		18,374		116,087
AXA SA		13,148		331,439
Baloise Holding AG		928		114,827
Berkshire Hathaway, Inc., Class B(a)(b)		4,439		645,786
Chubb, Ltd.(b)		3,436		404,967
Cincinnati Financial Corp.		215		14,192
CNO Financial Group, Inc.(b)		15,531		285,304
Direct Line Insurance Group PLC		4,704		24,874
Legal & General Group PLC		37,846		123,371
MetLife, Inc.(b)		9,910		446,941
MS&AD Insurance Group Holdings, Inc.		2,600		72,539
Principal Financial Group, Inc.		80		3,414
Prudential Financial, Inc.		549		42,624
Swiss Re AG		369		32,734
The Allstate Corp.(b)		6,915		449,821
The Dai-ichi Life Insurance Co., Ltd.		6,500		83,633
The Hartford Financial Services Group, Inc.		155		6,879
The Progressive Corp.		3,906		127,336
The Travelers Companies, Inc.(b)		3,565		391,794
Tokio Marine Holdings, Inc.		3,700		128,283
Torchmark Corp.		1,864		107,907
Unum Group		15,732		538,192
Validus Holdings, Ltd.		4,433		204,317
WR Berkley Corp.		3,805		213,080
XL Group PLC(b)		14,784		483,880
				6,969,583
INTERNET (0.44%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)		3,192		245,592
Alphabet, Inc., Class A(a)		541		382,963
Alphabet, Inc., Class C(a)		263		182,262
Amazon.com, Inc.(a)		193		127,301
Baidu, Inc., Sponsored ADR(a)		1,610		312,823

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	15

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
INTERNET (0.44%) (continued)
CDW Corp.(b)		12,504	$	481,404
eBay, Inc.(a)(b)		17,614		430,310
F5 Networks, Inc.(a)		606		63,478
Facebook, Inc., Class A(a)		1,780		209,292
IAC/InterActiveCorp		3,881		179,846
Kakaku.com, Inc.		1,700		31,843
Mixi, Inc.		400		14,211
Netflix, Inc.(a)		46		4,141
Nexon Co., Ltd.		3,100		48,481
Phoenix New Media, Ltd., ADR(a)		12,696		50,911
Rakuten, Inc.		300		3,441
Rocket Internet SE(a)(d)(e)		1,191		28,639
Symantec Corp.		1,229		20,457
The Priceline Group, Inc.(a)		152		204,236
YY, Inc., ADR(a)		108		6,785
				3,028,416
INVESTMENT COMPANIES (0.06%)
American Capital, Ltd.(a)		2,844		44,935
Apollo Investment Corp.		4,632		26,958
Ares Capital Corp.		4,271		64,877
BlackRock Capital Investment Corp.		940		7,906
Capital Southwest Corp.		531		7,540
China Merchants China Direct Investments, Ltd.		4,000		6,363
Compass Diversified Holdings		640		10,291
Fifth Street Finance Corp.		1,724		9,344
FS Investment Corp.		4,267		39,726
Golub Capital BDC, Inc.		597		10,477
Investment AB Kinnevik, Class B		1,906		54,827
Main Street Capital Corp.		527		16,453
Medley Capital Corp.		818		5,563
Melrose Industries PLC		2,015		10,991
New Mountain Finance Corp.		1,475		18,467
PennantPark Investment Corp.		1,080		7,117
Prospect Capital Corp.		4,873		36,450
Solar Capital, Ltd.		504		8,886
TCP Capital Corp.		568		8,395
TICC Capital Corp.		885		4,584
TPG Specialty Lending, Inc.		552		9,069
Triangle Capital Corp.		433		9,201
Zeder Investments, Ltd.		24,536		11,927
				430,347
IRON & STEEL (0.06%)
Hitachi Metals, Ltd.		200		2,143
JFE Holdings, Inc.		2,000		29,690
Nippon Steel & Sumitomo Metal Corp.		3,800		83,536
Nucor Corp.		2,030		101,053
Steel Dynamics, Inc.		8,900		224,369
				440,791

See Notes to Financial Statements.
16	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
LEISURE TIME (0.04%)
Carnival Corp.		1,475	$	72,349
Carnival PLC		3,498		173,624
				245,973
LODGING (0.00%)(c)
Marriott International, Inc., Class A		123		8,621
Starwood Hotels & Resorts Worldwide, Inc.		156		12,773
Wyndham Worldwide Corp.		104		7,379
				28,773
MACHINERY - CONSTRUCTION & MINING (0.05%)
ABB, Ltd.		7,037		148,765
Atlas Copco AB, Class B		3,453		82,859
Hitachi Construction Machinery Co., Ltd.		4,800		79,760
Komatsu, Ltd.		400		7,167
				318,551
MACHINERY - DIVERSIFIED (0.07%)
Amada Holdings Co., Ltd.		300		3,138
BWX Technologies, Inc.		2,800		93,492
Deere & Co.		1,384		116,408
FANUC Corp.		100		15,512
Hollysys Automation Technologies, Ltd.(a)		5,134		98,419
Kawasaki Heavy Industries, Ltd.		23,000		68,308
Rockwell Automation, Inc.		244		27,687
Sumitomo Heavy Industries, Ltd.		10,000		44,455
				467,419
MEDIA (0.54%)
CBS Corp., Class B(b)		6,791		379,685
Comcast Corp., Class A(b)		10,517		639,013
Discovery Communications, Inc., Class C(a)		209		5,597
ITV PLC		33,871		111,453
Liberty Braves Group, Class C(a)(b)		552		8,233
Liberty Broadband Corp., Class C(a)(b)		1,612		92,287
Liberty Global PLC LiLAC, Class C(a)		2,111		85,728
Liberty Global PLC, Class C(a)		17,556		642,550
Liberty Media Corp., Class C(a)(b)		1,382		24,876
Liberty SiriusXM Group, Class C(a)(b)		5,529		177,039
News Corp., Class A		258		3,204
Scripps Networks Interactive, Inc., Class A		3,964		247,156
Starz, Class A(a)		8,654		235,475
TEGNA, Inc.		13,778		321,854
The Walt Disney Co.		1,036		106,977
Time Warner Cable, Inc.		658		139,568
Time Warner, Inc.		4,695		352,782
Viacom, Inc., Class B		477		19,509
Vivendi SA		6,688		128,350
				3,721,336
METAL FABRICATE & HARDWARE (0.02%)
Assa Abloy AB, Class B		6,395		134,104

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	17

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
METAL FABRICATE & HARDWARE (0.02%) (continued)
NSK, Ltd.		200	$	1,854
				135,958
MINING (0.09%)
Antofagasta PLC		14,758		104,196
Barrick Gold Corp.		17,587		340,639
Freeport-McMoRan, Inc.		276		3,864
Newmont Mining Corp.		141		4,931
Norsk Hydro ASA		30,256		131,630
				585,260
MISCELLANEOUS MANUFACTURING (0.33%)
3M Co.		1,116		186,796
Danaher Corp.(b)		6,237		603,430
Dover Corp.		1,747		114,778
FUJIFILM Holdings Corp.		3,100		133,119
General Electric Co.		6,687		205,625
Illinois Tool Works, Inc.		1,151		120,303
Ingersoll-Rand PLC(b)		5,679		372,202
Konica Minolta, Inc.		300		2,729
Parker-Hannifin Corp.		124		14,386
Siemens AG		68		7,095
Textron, Inc.(b)		13,557		524,385
				2,284,848
OFFICE & BUSINESS EQUIPMENT (0.00%)(c)
Canon, Inc.		500		14,624
Pitney Bowes, Inc.		257		5,389
				20,013
OIL & GAS (1.18%)
Anadarko Petroleum Corp.		10,014		528,339
Antero Resources Corp.(a)		2,982		84,391
BP PLC		29,611		161,707
California Resources Corp.		698		1,536
Canadian Natural Resources, Ltd.(b)		15,031		451,231
Chevron Corp.		1,580		161,444
ConocoPhillips		439		20,980
Devon Energy Corp.		620		21,502
Diamond Offshore Drilling, Inc.		1,350		32,751
Diamondback Energy, Inc.(a)		9,330		807,791
Energen Corp.		6,100		259,189
EOG Resources, Inc.		4,183		345,599
EQT Corp.		3,730		261,473
Exxon Mobil Corp.		10,689		944,908
Galp Energia SGPS SA		9,003		123,655
Hess Corp.		130		7,751
Idemitsu Kosan Co., Ltd.		3,800		84,143
Inpex Corp.		11,400		95,164
Kosmos Energy, Ltd.(a)		20,375		132,030
Marathon Oil Corp.		1,377		19,402
Marathon Petroleum Corp.		8,336		325,771

See Notes to Financial Statements.
18	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
OIL & GAS (1.18%) (continued)
Memorial Resource Development Corp.(a)		1,515	$	19,816
Murphy Oil Corp.		507		18,120
Occidental Petroleum Corp.		7,453		571,272
OMV AG		4,103		123,138
Parsley Energy, Inc., Class A(a)(b)		36,878		863,683
PBF Energy, Inc., Class A		231		7,434
Phillips 66		5,931		486,994
Rice Energy, Inc.(a)(b)		18,027		312,047
Rowan Cos. PLC, Class A		1,204		22,647
Royal Dutch Shell PLC, Class A		1,096		28,497
Royal Dutch Shell PLC, Class B		1,257		32,803
RSP Permian, Inc.(a)		12,333		377,513
Southwestern Energy Co.(a)		7,295		97,972
Tesoro Corp.		635		50,603
TOTAL SA		838		42,153
Transocean, Ltd.		1,181		13,085
Valero Energy Corp.		2,279		134,165
WPX Energy, Inc.(a)		4,057		39,191
				8,111,890
OIL & GAS SERVICES (0.02%)
Baker Hughes, Inc.		766		37,044
FMC Technologies, Inc.(a)		67		2,043
Halliburton Co.		67		2,768
Saipem SpA(a)		45,717		21,881
Schlumberger, Ltd.		1,244		99,928
				163,664
PACKAGING & CONTAINERS (0.30%)
Ball Corp.		40		2,855
Berry Plastics Group, Inc.(a)(b)		16,874		607,802
Crown Holdings, Inc.(a)(b)		3,780		200,189
Graphic Packaging Holding Co.(b)		53,671		712,751
Packaging Corp. of America(b)		5,441		353,012
Sealed Air Corp.		3,700		175,232
Silgan Holdings, Inc.		583		29,581
				2,081,422
PHARMACEUTICALS (0.93%)
AbbVie, Inc.(b)		5,249		320,189
Actelion, Ltd.		64		10,341
Alfresa Holdings Corp.		1,200		24,113
Allergan PLC(a)		38		8,229
AmerisourceBergen Corp.		438		37,274
Astellas Pharma, Inc.		4,700		66,127
AstraZeneca PLC		96		5,510
Bayer AG		2,142		247,109
Bristol-Myers Squibb Co.		197		14,220
Cardinal Health, Inc.(b)		6,299		494,220
Chugai Pharmaceutical Co., Ltd.		2,000		70,677
Daiichi Sankyo Co., Ltd.		4,800		117,338
Eisai Co., Ltd.		1,900		122,054

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	19

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
PHARMACEUTICALS (0.93%) (continued)
Endo International PLC(a)		2,148	$	57,996
Express Scripts Holding Co.(a)(b)		7,073		521,492
GlaxoSmithKline PLC		1,855		39,545
Johnson & Johnson		7,927		888,458
McKesson Corp.(b)		2,554		428,612
Medipal Holdings Corp.		6,400		105,805
Merck & Co., Inc.		12,119		664,606
Novartis AG		1,881		143,531
Novartis AG, Sponsored ADR		2,302		174,883
Novo Nordisk A/S, Class B		4,739		264,594
Orion OYJ, Class B		145		5,057
Perrigo Co. PLC		2,069		200,010
Pfizer, Inc.		17,025		556,888
Roche Holding AG		616		155,718
Sanofi		391		32,285
Shire PLC		2,936		182,794
Sumitomo Dainippon Pharma Co., Ltd.		7,700		102,980
Takeda Pharmaceutical Co., Ltd.		700		34,618
Teva Pharmaceutical Industries, Ltd., Sponsored ADR		4,741		258,148
UCB SA		518		38,761
				6,394,182
PIPELINES (0.00%)(c)
Oneok, Inc.		219		7,917
The Williams Cos., Inc.		744		14,426
				22,343
PRIVATE EQUITY (0.11%)
3i Group PLC		25,543		176,758
Alaris Royalty Corp.		525		12,557
Allied Minds PLC(a)		400		2,245
Altamir		666		8,312
Apollo Global Management LLC, Class A		1,856		31,385
AURELIUS SE & Co. KGaA		409		24,456
Bure Equity AB		1,269		11,062
Deutsche Beteiligungs AG		252		7,449
Eurazeo SA		1,015		71,477
Gimv NV		594		32,988
Hercules Capital, Inc.		978		12,000
IP Group PLC(a)		7,649		19,212
Jafco Co., Ltd.		900		26,306
KKR & Co. LP		5,648		76,813
Onex Corp.		1,559		96,706
Ratos AB, Class B		3,780		22,114
Safeguard Scientifics, Inc.(a)		347		4,788
The Blackstone Group LP		3,006		82,485
The Carlyle Group LP		2,131		35,673
				754,786
REAL ESTATE (0.03%)
Aeon Mall Co., Ltd.		5,400		77,701
Daito Trust Construction Co., Ltd.		400		58,252

See Notes to Financial Statements.
20	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
REAL ESTATE (0.03%) (continued)
Mitsubishi Estate Co., Ltd.		4,000	$	79,737
Nomura Real Estate Holdings, Inc.		1,000		19,022
				234,712
REAL ESTATE INVESTMENT TRUSTS (0.13%)
American Homes 4 Rent, Class A		12,265		194,032
Apartment Investment & Management Co., Class A		929		37,216
Boston Properties, Inc.(b)		1,498		193,032
Brixmor Property Group, Inc.		1,571		39,668
Equity Residential		1,849		125,861
H&R Real Estate Investment Trust		1,298		22,676
Host Hotels & Resorts, Inc.		1,557		24,632
Japan Retail Fund Investment Corp.		32		80,030
Nippon Prologis REIT, Inc.		2		4,899
Public Storage		96		23,502
SL Green Realty Corp.		1,094		114,958
The Macerich Co.		231		17,574
				878,080
RETAIL (0.39%)
ABC-Mart, Inc.		700		47,105
Advance Auto Parts, Inc.		12		1,873
Aeon Co., Ltd.		2,400		37,071
Alimentation Couche-Tard, Inc., Class B		237		10,389
AutoZone, Inc.(a)		38		29,079
Best Buy Co., Inc.		426		13,666
Costco Wholesale Corp.		35		5,185
CVS Health Corp.(b)		3,066		308,133
Darden Restaurants, Inc.		69		4,295
FamilyMart Co., Ltd.		1,600		87,068
Fast Retailing Co., Ltd.		200		54,859
Foot Locker, Inc.		3,178		195,256
GNC Holdings, Inc., Class A		302		7,357
Isetan Mitsukoshi Holdings, Ltd.		3,500		38,947
J Front Retailing Co., Ltd.		6,000		75,620
Lowe’s Companies, Inc.(b)		4,483		340,798
McDonald’s Corp.		181		22,895
Next PLC		125		9,288
O’Reilly Automotive, Inc.(a)		734		192,807
Pandora A/S		296		38,436
PVH Corp.		227		21,701
Starbucks Corp.		1,309		73,605
Target Corp.(b)		7,923		629,879
The Home Depot, Inc.		861		115,279
The TJX Companies, Inc.		361		27,371
Tiffany & Co.		51		3,639
Walgreens Boots Alliance, Inc.		100		7,928
Wal-Mart Stores, Inc.		3,821		255,510
				2,655,039
SEMICONDUCTORS (0.33%)
ARM Holdings PLC		9,476		129,805

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	21

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
SEMICONDUCTORS (0.33%) (continued)
ASML Holding NV		454	$	43,876
Avago Technologies, Ltd.		4,664		679,778
Intel Corp.		1,488		45,057
NVIDIA Corp.		1,035		36,773
ON Semiconductor Corp.(a)(b)		37,474		354,879
Qorvo, Inc.(a)		4,702		211,731
Texas Instruments, Inc.(b)		12,658		722,012
Xilinx, Inc.		146		6,290
				2,230,201
SHIPBUILDING (0.09%)
Huntington Ingalls Industries, Inc.(b)		4,201		608,179
				608,179
SOFTWARE (0.41%)
Activision Blizzard, Inc.		3,005		103,582
Actua Corp.(a)		474		4,494
Adobe Systems, Inc.(a)		162		15,264
Amadeus IT Holding SA, Class A		3,158		143,703
Citrix Systems, Inc.(a)		969		79,303
Electronic Arts, Inc.(a)		1,515		93,703
Fidelity National Information Services, Inc.		3,970		261,226
Intuit, Inc.		352		35,513
Microsoft Corp.(b)		17,204		857,963
NetEase, Inc., ADR(b)		1,497		210,628
Oracle Corp.(b)		23,170		923,556
Red Hat, Inc.(a)		314		23,038
salesforce.com, Inc.(a)		194		14,705
The Dun & Bradstreet Corp.		704		77,729
				2,844,407
TELECOMMUNICATIONS (0.38%)
Arista Networks, Inc.(a)		900		59,958
AT&T, Inc.		3,633		141,033
BT Group PLC		27,531		178,286
CenturyLink, Inc.		3,622		112,101
China Telecom Corp., Ltd., Class H		320,000		159,239
Cisco Systems, Inc.(b)		18,227		501,060
Hikari Tsushin, Inc.		500		38,722
Juniper Networks, Inc.		754		17,644
KDDI Corp.		6,800		202,530
Nippon Telegraph & Telephone Corp.		3,400		155,428
NTT DOCOMO, Inc.		2,100		51,257
Orange SA		9,140		151,544
Proximus SADP		2,648		89,068
SoftBank Corp.		1,200		67,534
Verizon Communications, Inc.		13,159		670,319
Vodafone Group PLC		4,176		13,375
				2,609,098

See Notes to Financial Statements.
22	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
TOYS, GAMES & HOBBIES (0.00%)(c)
Hasbro, Inc.		197	$	16,674
TRANSPORTATION (0.10%)
AP Moeller-Maersk A/S, Class A		17		23,147
AP Moeller-Maersk A/S, Class B		81		113,904
Central Japan Railway Co.		800		146,128
CH Robinson Worldwide, Inc.		146		10,362
East Japan Railway Co.		200		18,466
Expeditors International of Washington, Inc.		1,335		66,229
Hankyu Hanshin Holdings		12,000		78,383
Kamigumi Co., Ltd.		3,000		28,139
Nippon Express Co., Ltd.		8,000		38,271
Nippon Yusen KK		9,000		18,355
Royal Mail PLC		17,604		125,241
United Parcel Service, Inc., Class B		337		35,409
				702,034
WATER (0.00%)(c)
PICO Holdings, Inc.(a)		470		4,667
TOTAL COMMON STOCKS (Cost $90,313,862)				97,861,448
EXCHANGE TRADED FUNDS (0.20%)
iShares® Europe ETF		2,948		118,834
iShares® iBoxx $ Investment Grade Corporate Bond ETF		6,900		830,277
iShares® MSCI Emerging Markets UCITS ETF		299		9,648
iShares® MSCI Japan ETF		9,295		106,149
iShares® MSCI World UCITS ETF DIST		2,493		87,979
iShares® Russell 1000 Value ETF		1,079		108,860
SPDR® S&P 500® ETF Trust		557		114,909
				1,376,656
TOTAL EXCHANGE TRADED FUNDS (Cost $1,324,812)				1,376,656
LIMITED PARTNERSHIPS (0.02%)
OIL & GAS (0.02%)
Viper Energy Partners LP		6,792		129,591
TOTAL LIMITED PARTNERSHIPS (Cost $139,888)				129,591
OPEN-END MUTUAL FUNDS (63.88%)
AQR Multi Strategy Alternative Fund, Class I(a)		6,482,232		61,516,378
AQR Risk Parity Fund, Class I		6,407,286		62,022,531
Credit Suisse Floating Rate High Income Fund, Institutional Class		140,601		930,780
Diamond Hill Long-Short Fund, Class Y		2,491,230		60,113,375
FPA Crescent Fund		2,394,160		75,607,584

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	23

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
OPEN-END MUTUAL FUNDS (63.88%) (continued)
Morgan Stanley Institutional Fund, Inc. - Multi-Asset Portfolio, Class I		5,360,735	$	54,947,530
Nuveen Symphony Floating Rate Income Fund, Class I		305,520		5,905,696
PIMCO Short-Term Fund, Institutional Class		12,122,392		117,587,207
				438,631,081
TOTAL OPEN-END MUTUAL FUNDS (Cost $438,042,637)				438,631,081
PREFERRED STOCKS (0.02%)
AUTO MANUFACTURERS (0.00%)(c)
Bayerische Motoren Werke AG		67		5,320
HOUSEHOLD PRODUCTS & WARES (0.02%)
Henkel AG & Co. KGaA		1,237		141,190
TOTAL PREFERRED STOCKS (Cost $150,450)				146,510

Description	Principal Amount		Value (Note 2)
ASSET-BACKED SECURITIES (0.11%)
Honda Auto Receivables Owner Trust 2015-3 A2
0.92%,    11/20/2017	$	652,293		652,320
Toyota Auto Receivables Owner Trust 2015-A A2
0.71%,    07/17/2017		120,494		120,457
				772,777
TOTAL ASSET-BACKED SECURITIES (Cost $772,778)				772,777
CORPORATE BONDS (1.85%)
(0.01%)
Amcor Finance USA, Inc.
3.63%,    04/28/2026(d)		18,000		18,156
Clean Harbors, Inc.
5.13%,    06/01/2021(d)		17,000		17,213
				35,369
ADVERTISING (0.01%)
Omnicom Group, Inc.
3.60%,    04/15/2026		18,000		18,795
The Interpublic Group of Companies, Inc.
4.20%,    04/15/2024		24,000		25,153
				43,948
AEROSPACE & DEFENSE (0.03%)
BAE Systems Holdings, Inc.
3.80%,    10/07/2024(d)		25,000		25,911
4.75%,    10/07/2044(d)		16,000		16,810

See Notes to Financial Statements.
24	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
AEROSPACE & DEFENSE (0.03%) (continued)
Harris Corp.
4.85%,    04/27/2035	$	22,000	$	23,595
5.05%,    04/27/2045		20,000		21,705
Moog, Inc.
5.25%,    12/01/2022(d)		40,000		40,600
Orbital ATK, Inc.
5.50%,    10/01/2023(d)		37,000		39,035
The Boeing Co.
0.95%,    05/15/2018		54,000		54,017
2.20%,    10/30/2022		15,000		15,203
				236,876
AIRLINES (0.02%)
Air Canada
6.75%,    10/01/2019(d)		40,000		42,000
Allegiant Travel Co.
5.50%,    07/15/2019		40,000		41,375
United Airlines 2013-1 Class B Pass Through Trust
5.38%,    08/15/2021		25,906		27,040
				110,415
AUTO MANUFACTURERS (0.05%)
American Honda Finance Corp.
1.20%,    07/14/2017		89,000		89,283
BMW US Capital LLC
1.50%,    04/11/2019(d)		19,000		19,074
Hyundia Capital America
2.40%,    10/30/2018(d)		39,000		39,341
JB Poindexter & Co., Inc.
9.00%,    04/01/2022(d)		21,000		22,208
PACCAR Financial Corp.
1.65%,    02/25/2019		6,000		6,039
2.20%,    09/15/2019		63,000		64,389
Toyota Motor Credit Corp.
1.70%,    02/19/2019		100,000		101,069
2.00%,    10/24/2018		11,000		11,208
				352,611
AUTO PARTS & EQUIPMENT (0.00%)(c)
TI Group Automotive Systems LLC
8.75%,    07/15/2023(d)		25,000		24,625
BANKS (0.42%)
Abbey National Treasury Services PLC
2.50%,    03/14/2019		20,000		20,320
Bank of America Corp.
2.63%,    10/19/2020		11,000		11,108
4.25%,    10/22/2026		62,000		63,464
7.25%,    10/15/2025		7,000		8,261

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	25

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
BANKS (0.42%) (continued)
Bank of America Corp., Series L
2.60%,    01/15/2019	$	61,000	$	62,096
3.95%,    04/21/2025		23,000		23,000
BankUnited, Inc.
4.88%,    11/17/2025		38,000		38,301
BNP Paribas SA
7.63%,    Perpetual Maturity(d)(f)(g)		225,000		231,187
Citigroup, Inc.
3.88%,    03/26/2025		9,000		8,952
4.40%,    06/10/2025		84,000		86,931
4.45%,    09/29/2027		30,000		30,678
6.00%,    10/31/2033		10,000		11,313
Credit Agricole SA
8.13%,    Perpetual Maturity(d)(f)(g)		250,000		258,986
Credit Suisse Group AG
7.50%,    Perpetual Maturity(d)(f)(g)		200,000		199,316
Credit Suisse New York
1.70%,    04/27/2018		38,000		37,987
Fifth Third Bancorp, Series J
4.90%,    Perpetual Maturity(f)(g)		48,000		42,060
First Horizon National Corp.
3.50%,    12/15/2020		55,000		55,258
Intesa Sanpaolo SpA
7.70%,    Perpetual Maturity(d)(f)(g)		215,000		198,875
JPMorgan Chase & Co.
2.55%,    03/01/2021		50,000		50,730
2.75%,    06/23/2020		10,000		10,245
3.25%,    09/23/2022		71,000		73,848
4.95%,    06/01/2045		9,000		9,767
JPMorgan Chase & Co., Series U
6.13%,    Perpetual Maturity(f)(g)		9,000		9,249
Lloyds Bank PLC
6.50%,    09/14/2020(d)		100,000		112,215
Lloyds Banking Group PLC
7.50%,    Perpetual Maturity(f)(g)		205,000		203,770
Morgan Stanley
2.80%,    06/16/2020		11,000		11,231
4.10%,    05/22/2023		87,000		90,180
4.75%,    03/22/2017		41,000		42,275
5.00%,    11/24/2025		22,000		23,979
Nordea Bank AB
5.50%,    Perpetual Maturity(d)(f)(g)		215,000		211,463
Regions Financial Corp.
3.20%,    02/08/2021		21,000		21,199
7.38%,    12/10/2037		71,000		90,823
Royal Bank of Canada
4.65%,    01/27/2026		20,000		20,872
Royal Bank of Scotland Group PLC
8.00%,    Perpetual Maturity(f)(g)		230,000		221,016
SunTrust Banks, Inc.
2.90%,    03/03/2021		14,000		14,257

See Notes to Financial Statements.
26	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
BANKS (0.42%) (continued)
The Bank of Nova Scotia
4.50%,    12/16/2025	$	25,000	$	25,800
The Goldman Sachs Group, Inc.
4.25%,    10/21/2025		28,000		28,630
4.75%,    10/21/2045		11,000		11,693
5.15%,    05/22/2045		5,000		5,152
6.13%,    02/15/2033		22,000		27,003
6.75%,    10/01/2037		63,000		76,532
The Goldman Sachs Group, Inc., Series M
5.38%,    Perpetual Maturity(f)(g)		10,000		9,662
US Bancorp
3.10%,    04/27/2026		9,000		9,062
Wells Fargo & Co.
4.30%,    07/22/2027		34,000		36,139
Wells Fargo & Co., Series U
5.88%,    Perpetual Maturity(f)(g)		22,000		23,526
Wells Fargo Capital X
5.95%,    12/15/2036		17,000		17,527
				2,875,938
BEVERAGES (0.03%)
Anheuser-Busch InBev Worldwide, Inc.
1.38%,    07/15/2017		46,000		46,209
1.90%,    02/01/2019		13,000		13,191
2.65%,    02/01/2021		26,000		26,731
3.30%,    02/01/2023		12,000		12,626
3.65%,    02/01/2026		16,000		16,906
4.70%,    02/01/2036		47,000		51,618
4.90%,    02/01/2046		19,000		21,522
Diageo Capital PLC
5.75%,    10/23/2017		28,000		29,862
				218,665
BUILDING MATERIALS (0.01%)
Griffon Corp.
5.25%,    03/01/2022		11,000		11,096
Standard Industries, Inc.
6.00%,    10/15/2025(d)		50,000		54,125
				65,221
CHEMICALS (0.03%)
A Schulman, Inc.
6.88%,    06/01/2023(d)		30,000		30,225
Airgas, Inc.
3.05%,    08/01/2020		12,000		12,262
Eco Services Operations LLC / Eco Finance Corp.
8.50%,    11/01/2022(d)		45,000		43,650
Lubrizol Corp.
6.50%,    10/01/2034		14,000		18,110
PQ Corp.
6.75%,    11/15/2022(d)		7,000		7,228

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	27

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
CHEMICALS (0.03%) (continued)
RPM International, Inc.
5.25%,    06/01/2045	$	57,000	$	56,516
The Valspar Corp.
3.95%,    01/15/2026		15,000		15,555
Tronox Finance LLC
7.50%,    03/15/2022(d)		25,000		20,875
				204,421
COAL (0.00%)(c)
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.
7.38%,    02/01/2020(d)		3,000		2,310
7.38%,    02/01/2020(d)		9,000		6,930
				9,240
COMMERCIAL SERVICES (0.03%)
Automatic Data Processing, Inc.
2.25%,    09/15/2020		5,000		5,163
Great Lakes Dredge & Dock Corp.
7.38%,    02/01/2019		46,000		44,045
Harland Clarke Holdings Corp.
6.88%,    03/01/2020(d)		55,000		50,325
President and Fellows of Harvard College
3.62%,    10/01/2037		34,000		34,477
Quad Graphics, Inc.
7.00%,    05/01/2022		60,000		48,300
Total System Services, Inc.
3.80%,    04/01/2021		6,000		6,234
4.80%,    04/01/2026		4,000		4,199
United Rentals North
5.50%,    07/15/2025		40,000		39,929
				232,672
COMPUTERS (0.05%)
Apple, Inc.
2.85%,    05/06/2021		18,000		18,927
2.85%,    02/23/2023		22,000		22,711
4.50%,    02/23/2036		8,000		8,747
Diebold, Inc.
8.50%,    04/15/2024(d)		46,000		46,690
Hewlett-Packard Co.
4.90%,    10/15/2025(d)		21,000		21,784
6.00%,    09/15/2041		40,000		37,741
6.20%,    10/15/2035(d)		31,000		31,036
6.35%,    10/15/2045(d)		23,000		22,854
International Business Machines Corp.
1.80%,    05/17/2019		100,000		101,304
				311,794
CONTAINERS & PACKAGING (0.01%)
Brambles USA, Inc.
4.13%,    10/23/2025(d)		12,000		12,474

See Notes to Financial Statements.
28	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
CONTAINERS & PACKAGING (0.01%) (continued)
Crown Cork & Seal Co., Inc.
7.38%,    12/15/2026	$	20,000	$	21,925
				34,399
DISTRIBUTION & WHOLESALE (0.01%)
H&E Equipment Services, Inc.
7.00%,    09/01/2022		41,000		41,615
DIVERSIFIED FINANCIAL SERVICES (0.09%)
Aircastle, Ltd.
5.00%,    04/01/2023		14,000		14,289
Ally Financial, Inc.
5.75%,    11/20/2025		65,000		66,056
Credit Acceptance Corp.
7.38%,    03/15/2023		45,000		42,862
Discover Financial Services
3.75%,    03/04/2025		26,000		25,806
Enova International, Inc.
9.75%,    06/01/2021		60,000		45,300
General Electric Capital Corp.
5.88%,    01/14/2038		35,000		46,216
General Electric Co.
1.25%,    05/15/2017		57,000		57,245
National Rural Utilities Cooperative Finance Corp.
0.95%,    04/24/2017		9,000		9,006
1.10%,    01/27/2017		37,000		37,072
2.00%,    01/27/2020		26,000		26,294
2.30%,    11/01/2020		7,000		7,158
4.75%,    04/30/2043(g)		42,000		40,215
Navient Corp.
5.63%,    08/01/2033		87,000		61,770
Quicken Loans, Inc.
5.75%,    05/01/2025(d)		40,000		37,800
Springleaf Finance Corp.
8.25%,    12/15/2020		9,000		9,338
Synchrony Financial
4.25%,    08/15/2024		32,000		32,890
TD Ameritrade Holding Corp.
2.95%,    04/01/2022		13,000		13,370
Visa, Inc.
4.30%,    12/14/2045		14,000		15,466
				588,153
ELECTRIC (0.11%)
AES Corp.
5.50%,    03/15/2024		50,000		50,875
Arizona Public Service Co.
2.20%,    01/15/2020		10,000		10,136
Dominion Resources, Inc.
5.75%,    10/01/2054(g)		30,000		28,950

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	29

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
ELECTRIC (0.11%) (continued)
Duke Energy Progress LLC
3.00%,    09/15/2021	$	21,000	$	22,201
Dynegy, Inc.
7.38%,    11/01/2022		50,000		49,625
Electricite de France SA
2.35%,    10/13/2020(d)		56,000		56,715
3.63%,    10/13/2025(d)		8,000		8,287
4.95%,    10/13/2045(d)		29,000		31,572
Entergy Arkansas, Inc.
3.50%,    04/01/2026		6,000		6,101
4.95%,    12/15/2044		25,000		25,955
Entergy Louisiana LLC
4.95%,    01/15/2045		54,000		55,408
Exelon Corp.
3.40%,    04/15/2026		13,000		13,276
4.45%,    04/15/2046		14,000		14,505
4.95%,    06/15/2035(d)		6,000		6,607
5.10%,    06/15/2045(d)		14,000		15,916
Exelon Generation Co. LLC
2.95%,    01/15/2020		14,000		14,222
FirstEnergy Corp., Series C
7.38%,    11/15/2031		42,000		51,133
Georgia Power Co.
3.25%,    04/01/2026		6,000		6,250
Hydro-Quebec
1.38%,    06/19/2017		53,000		53,254
Louisville Gas & Electric Co.
4.38%,    10/01/2045		4,000		4,490
NRG Energy, Inc.
6.25%,    07/15/2022		50,000		49,266
Oglethorpe Power Corp.
4.25%,    04/01/2046		9,000		8,933
South Carolina Electric & Gas Co.
5.10%,    06/01/2065		10,000		11,350
Southern Power Co.
4.15%,    12/01/2025		19,000		19,876
Talen Energy Supply LLC
6.50%,    06/01/2025		65,000		58,018
The Southern Co.
1.30%,    08/15/2017		76,000		75,980
Trans-Allegheny Interstate Line Co.
3.85%,    06/01/2025(d)		10,000		10,495
				759,396
ELECTRICAL COMPONENTS & EQUIPMENT (0.02%)
Belden, Inc.
5.25%,    07/15/2024(d)		50,000		49,000
EnerSys
5.00%,    04/30/2023(d)		20,000		20,000
General Cable Corp.
5.75%,    10/01/2022		55,000		49,637

See Notes to Financial Statements.
30	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
ELECTRICAL COMPONENTS & EQUIPMENT (0.02%) (continued)
Hubbell, Inc.
3.35%,    03/01/2026		$                16,000	$	16,116
				134,753
ELECTRONICS (0.00%)(c)
Avnet, Inc.
4.63%,    04/15/2026		10,000		10,316
Corning, Inc.
1.50%,    05/08/2018		11,000		10,963
Flextronics International, Ltd.
4.75%,    06/15/2025		11,000		11,027
				32,306
ENERGY & ALTERNATE SOURCES (0.01%)
TerraForm Power Operating LLC
5.88%,    02/01/2023(d)		50,000		43,875
ENGINEERING & CONSTRUCTION (0.00%)(c)
Sydney Airport Finance Co. Pty., Ltd.
3.63%,    04/28/2026(d)		7,000		7,058
Weekley Homes LLC
6.00%,    02/01/2023		25,000		23,375
				30,433
ENTERTAINMENT (0.03%)
Cinemark USA, Inc.
4.88%,    06/01/2023(d)		50,000		49,880
International Game Technology
7.50%,    06/15/2019		45,000		49,781
Regal Entertainment Group
5.75%,    06/15/2023		25,000		25,719
Scientific Games International, Inc.
10.00%,  12/01/2022		55,000		45,733
				171,113
FOOD (0.02%)
Dean Foods Co.
6.50%,    03/15/2023(d)		34,000		35,785
JBS USA LLC / JBS USA Finance, Inc.
5.88%,    07/15/2024(d)		50,000		46,750
Kraft Heinz Foods Co.
4.88%,    02/15/2025(d)		27,000		29,889
SUPERVALU, Inc.
7.75%,    11/15/2022		45,000		39,263
				151,687
FOREST PRODUCTS & PAPER (0.05%)
Cascades, Inc.
5.75%,    07/15/2023(d)		40,000		38,300
Clearwater Paper Corp.
4.50%,    02/01/2023		40,000		39,800

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	31

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
FOREST PRODUCTS & PAPER (0.05%) (continued)
Domtar Corp.
6.75%,    02/15/2044		$                46,000	$	48,563
Georgia-Pacific LLC
3.60%,    03/01/2025(d)		78,000		81,569
3.73%,    07/15/2023(d)		57,000		60,380
5.40%,    11/01/2020(d)		30,000		33,838
PH Glatfelter Co.
5.38%,    10/15/2020		10,000		10,150
				312,600
GAS (0.00%)(c)
Dominion Gas Holdings LLC
4.80%,    11/01/2043		22,000		23,007
HAND & MACHINE TOOLS (0.01%)
Stanley Black & Decker, Inc.
5.75%,    12/15/2053(g)		51,000		53,869
HEALTHCARE - PRODUCTS (0.01%)
Danaher Corp.
3.35%,    09/15/2025		13,000		13,794
4.38%,    09/15/2045		12,000		13,461
Greatbatch, Ltd.
9.13%,    11/01/2023(d)		15,000		14,963
				42,218
HEALTHCARE - SERVICES (0.04%)
Centene Corp.
5.63%,    02/15/2021(d)		3,000		3,158
6.13%,    02/15/2024(d)		12,000		12,630
HCA, Inc.
5.25%,    06/15/2026		24,000		24,990
5.38%,    02/01/2025		30,000		30,713
IASIS Healthcare LLC / IASIS Capital Corp.
8.38%,    05/15/2019		56,000		53,760
Laboratory Corp. of America Holdings
3.20%,    02/01/2022		10,000		10,193
3.60%,    02/01/2025		22,000		22,454
4.70%,    02/01/2045		7,000		7,159
RegionalCare Hospital Partners Holdings, Inc.
8.25%,    05/01/2023(d)		50,000		52,125
UnitedHealth Group, Inc.
1.40%,    12/15/2017		16,000		16,088
2.13%,    03/15/2021		19,000		19,187
3.35%,    07/15/2022		11,000		11,676
				264,133

See Notes to Financial Statements.
32	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
HOLDING COMPANIES - DIVERSIFIED (0.01%)
Opal Acquisition, Inc.
8.88%,    12/15/2021(d)		$                45,000	$	36,956
HOME BUILDERS (0.00%)(c)
Mattamy Group Corp.
6.50%,    11/15/2020(d)		25,000		24,375
HOUSEHOLD PRODUCTS & WARES (0.00%)(c)
Kimberly-Clark Corp.
1.85%,    03/01/2020		12,000		12,235
HOUSEWARES (0.00%)(c)
Newell Brands, Inc.
4.20%,    04/01/2026		10,000		10,557
5.38%,    04/01/2036		7,000		7,682
				18,239
INSURANCE (0.07%)
American International Group, Inc.
3.30%,    03/01/2021		13,000		13,405
3.88%,    01/15/2035		56,000		52,071
Assurant, Inc.
6.75%,    02/15/2034		98,000		117,911
Jackson National Life Global Funding
3.05%,    04/29/2026(d)		42,000		42,033
Massachusetts Mutual Life Insurance Co.
4.50%,    04/15/2065(d)		24,000		22,010
MetLife, Inc.
4.60%,    05/13/2046		9,000		9,488
New York Life Global Funding
1.65%,    05/15/2017(d)		64,000		64,500
Pacific LifeCorp.
6.00%,    02/10/2020(d)		29,000		32,211
Principal Life Global Funding II
3.00%,    04/18/2026(d)		14,000		14,035
Prudential Financial, Inc.
5.38%,    05/15/2045(g)		11,000		11,195
5.63%,    06/15/2043(g)		49,000		51,133
XLIT, Ltd.
4.45%,    03/31/2025		9,000		9,056
5.50%,    03/31/2045		21,000		20,598
				459,646
INTERNET (0.01%)
Cogent Communications Holdings, Inc.
5.38%,    03/01/2022(d)		45,000		45,000

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	33

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
INTERNET (0.01%) (continued)
Netflix, Inc.
5.88%,    02/15/2025		$                45,000	$	47,475
				92,475
IRON & STEEL (0.02%)
AK Steel Corp.
8.75%,    12/01/2018		50,000		51,875
ArcelorMittal
7.25%,    02/25/2022		55,000		58,128
Steel Dynamics, Inc.
5.13%,    10/01/2021		40,000		41,100
				151,103
LEISURE TIME (0.02%)
NCL Corp., Ltd.
4.63%,    11/15/2020(d)		40,000		40,850
Royal Caribbean Cruises, Ltd.
5.25%,    11/15/2022		32,000		34,440
Sabre GLBL, Inc.
5.38%,    04/15/2023(d)		45,000		46,125
Viking Cruises, Ltd.
6.25%,    05/15/2025(d)		55,000		44,275
				165,690
LODGING (0.03%)
Caesars Entertainment Resort Properties LLC
8.00%,    10/01/2020		50,000		49,375
Golden Nugget Escrow, Inc.
8.50%,    12/01/2021(d)		40,000		41,700
Interval Acquisition Corp.
5.63%,    04/15/2023(d)		45,000		46,125
MGP Escrow Issuer LLC / MGP Escrow Co.-Issuer, Inc.
5.63%,    05/01/2024(d)		27,000		28,165
Quapaw Downstream Development Authority of the Quapaw Tribe of Oklahoma
10.50%,  07/01/2019(d)		45,000		43,031
				208,396
MACHINERY - DIVERSIFIED (0.02%)
ATS Automation Tooling Systems, Inc.
6.50%,    06/15/2023(d)		20,000		20,650
John Deere Capital Corp.
1.13%,    06/12/2017		49,000		49,156
1.55%,    12/15/2017		53,000		53,601
				123,407
MEDIA (0.07%)
21st Century Fox America, Inc.
4.95%,    10/15/2045		4,000		4,451
Block Communications, Inc.
7.25%,    02/01/2020(d)		4,000		4,040
Cable One, Inc.
5.75%,    06/15/2022(d)		45,000		46,350

See Notes to Financial Statements.
34	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
MEDIA (0.07%) (continued)
CCO Safari II LLC
3.58%,    07/23/2020(d)		$                19,000	$	19,747
6.38%,    10/23/2035(d)		8,000		9,252
CCOH Safari LLC
5.75%,    02/15/2026(d)		45,000		46,575
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%,    09/15/2020(d)		20,000		20,600
Clear Channel Worldwide Holdings, Inc., Series A
6.50%,    11/15/2022		50,000		48,750
Emerald Expositions Holding, Inc.
9.00%,    06/15/2021(d)		40,000		39,100
Lee Enterprises, Inc.
9.50%,    03/15/2022(d)		50,000		50,625
McGraw-Hill Global
7.88%,    05/15/2024		4,000		4,110
Sirius XM Radio, Inc.
5.38%,    04/15/2025(d)		35,000		35,875
The McClatchy Co.
9.00%,    12/15/2022		55,000		52,903
The Walt Disney Co.
1.50%,    09/17/2018		18,000		18,224
1.65%,    01/08/2019		9,000		9,152
Time Warner, Inc.
4.85%,    07/15/2045		12,000		12,973
Time, Inc.
5.75%,    04/15/2022(d)		47,000		45,502
				468,229
METAL FABRICATE & HARDWARE (0.01%)
JMC Steel Group, Inc.
8.25%,    03/15/2018(d)		25,000		24,125
Valmont Industries, Inc.
5.25%,    10/01/2054		60,000		53,018
				77,143
MINING (0.02%)
Aleris International, Inc.
9.50%,    04/01/2021(d)		25,000		26,188
FMG Resources August 2006 Pty., Ltd.
8.25%,    11/01/2019(d)		25,000		26,129
9.75%,    03/01/2022(d)		45,000		47,588
Goldcorp, Inc.
5.45%,    06/09/2044		31,000		30,200
Kaiser Aluminum Corp.
5.88%,    05/15/2024(d)		15,000		15,347
				145,452
MISCELLANEOUS MANUFACTURING (0.02%)
Gates Global LLC / Gates Global Co.
6.00%,    07/15/2022(d)		25,000		21,875
General Electric Co.
2.70%,    10/09/2022		30,000		31,000

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	35

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
MISCELLANEOUS MANUFACTURING (0.02%) (continued)
Ingersoll-Rand Global Holding Co., Ltd.
5.75%,    06/15/2043		$                54,000		$                65,138
Ingersoll-Rand Luxembourg Finance SA
4.65%,    11/01/2044		12,000		12,471
Textron, Inc.
4.00%,    03/15/2026		19,000		19,549
Trinity Industries, Inc.
4.55%,    10/01/2024		17,000		15,828
				165,861
OIL & GAS (0.11%)
Anadarko Finance Co., Series B
7.50%,    05/01/2031		10,000		11,491
Anadarko Petroleum Corp.
6.45%,    09/15/2036		63,000		68,137
Baytex Energy Corp.
5.63%,    06/01/2024(d)		25,000		19,125
BP Capital Markets PLC
1.68%,    05/03/2019		16,000		16,037
3.12%,    05/04/2026		13,000		13,151
3.25%,    05/06/2022		19,000		19,589
Calumet Specialty Products Partners LP / Calumet Finance Corp.
6.50%,    04/15/2021		54,000		37,530
Carrizo Oil & Gas, Inc.
6.25%,    04/15/2023		24,000		23,220
Chevron Corp.
1.37%,    03/02/2018		28,000		28,131
1.96%,    03/03/2020		12,000		12,148
ConocoPhillips Co.
1.50%,    05/15/2018		6,000		5,971
Denbury Resources, Inc.
5.50%,    05/01/2022		33,000		21,615
Exxon Mobil Corp.
1.31%,    03/06/2018		19,000		19,123
Hess Corp.
5.60%,    02/15/2041		13,000		12,749
7.88%,    10/01/2029		22,000		24,957
Hilcorp Energy I LP / Hilcorp Finance Co.
5.00%,    12/01/2024(d)		45,000		42,075
Laredo Petroleum, Inc.
7.38%,    05/01/2022		23,000		22,655
Legacy Reserves LP / Legacy Reserves Finance Corp.
6.63%,    12/01/2021		45,000		14,906
MEG Energy Corp.
6.38%,    01/30/2023(d)		50,000		38,344
Murphy Oil USA, Inc.
6.00%,    08/15/2023		40,000		42,025
Newfield Exploration Co.
5.38%,    01/01/2026		25,000		24,875
Noble Energy, Inc.
3.90%,    11/15/2024		17,000		16,924
5.05%,    11/15/2044		19,000		18,044

See Notes to Financial Statements.
36	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
OIL & GAS (0.11%) (continued)
Oasis Petroleum, Inc.
6.88%,    03/15/2022		$                30,000		$                26,925
Occidental Petroleum Corp.
4.40%,    04/15/2046		14,000		14,923
PBF Holding Co. LLC / PBF Finance Corp.
7.00%,    11/15/2023(d)		25,000		24,406
Petroleos Mexicanos
5.50%,    06/27/2044		12,000		10,620
Sanchez Energy Corp.
6.13%,    01/15/2023		30,000		22,575
Shell International Finance BV
1.25%,    11/10/2017		17,000		17,024
2.13%,    05/11/2020		19,000		19,265
2.25%,    11/10/2020		21,000		21,353
SM Energy Co.
5.63%,    06/01/2025		5,000		4,225
WPX Energy, Inc.
7.50%,    08/01/2020		25,000		23,937
				738,075
OIL & GAS SERVICES (0.00%)(c)
Bristow Group, Inc.
6.25%,    10/15/2022		25,000		20,625
PACKAGING & CONTAINERS (0.02%)
Berry Plastics Corp.
5.13%,    07/15/2023		45,000		45,562
Novelis, Inc.
8.75%,    12/15/2020		25,000		25,938
Owens - Brockway Glass Container, Inc.
5.38%,    01/15/2025(d)		44,000		45,210
				116,710
PHARMACEUTICALS (0.02%)
Baxalta, Inc.
3.60%,    06/23/2022(d)		19,000		19,540
Endo Finance LLC / Endo Finco, Inc.
7.75%,    01/15/2022(d)		5,000		5,175
Express Scripts Holding Co.
4.50%,    02/25/2026		17,000		18,271
Forest Laboratories LLC
4.88%,    02/15/2021(d)		43,000		47,057
Valeant Pharmaceuticals International, Inc.
5.38%,    03/15/2020(d)		31,000		27,609
				117,652
PIPELINES (0.04%)
Columbia Pipeline Group, Inc.
2.45%,    06/01/2018(d)		8,000		7,995
Energy Transfer Equity LP
7.50%,    10/15/2020		30,000		30,375

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	37

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
PIPELINES (0.04%) (continued)
Energy Transfer Partners LP
4.90%,    03/15/2035		$                13,000		$                11,204
5.15%,    03/15/2045		13,000		11,092
Enterprise Products Operating LLC
3.95%,    02/15/2027		11,000		11,407
Genesis Energy LP
5.63%,    06/15/2024		40,000		36,400
Kinder Morgan Energy Partners LP
6.50%,    04/01/2020		45,000		48,972
Kinder Morgan, Inc.
5.00%,    02/15/2021(d)		11,000		11,401
Rose Rock Midstream LP / Rose Rock Finance Corp.
5.63%,    07/15/2022		30,000		24,750
Tesoro Logistics LP
6.13%,    10/15/2021		70,000		71,925
TransCanada Trust
5.63%,    05/20/2075(g)		15,000		13,500
				279,021
REAL ESTATE (0.01%)
Greystar Real Estate Partners LLC
8.25%,    12/01/2022(d)		25,000		26,125
Kennedy-Wilson, Inc.
5.88%,    04/01/2024		40,000		39,250
				65,375
REAL ESTATE INVESTMENT TRUSTS (0.04%)
Communications Sales & Leasing, Inc./CSC Capital LLC
6.00%,    04/15/2023(d)		50,000		49,875
CTR Partnership LP/CareTrust Capital LLC
5.88%,    06/01/2021		39,000		39,487
DuPont Fabros Technology LP
5.63%,    06/15/2023		45,000		46,575
ESH Hospitality, Inc.
5.25%,    05/01/2025(d)		45,000		44,606
Essex Portfolio LP
3.38%,    04/15/2026		7,000		7,075
iStar, Inc.
6.50%,    07/01/2021		35,000		34,562
Omega Healthcare Investors, Inc.
4.50%,    04/01/2027		43,000		41,387
4.95%,    04/01/2024		27,000		27,672
5.25%,    01/15/2026		16,000		16,391
				307,630
RETAIL (0.04%)
Conn’s, Inc.
7.25%,    07/15/2022		70,000		54,775
Costco Wholesale Corp.
2.25%,    02/15/2022		21,000		21,348
CVS Pass-Through Trust
5.93%,    01/10/2034(d)		33,040		36,753

See Notes to Financial Statements.
38	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Principal Amount		Value (Note 2)
RETAIL (0.04%) (continued)
Dollar General Corp.
4.13%,    07/15/2017		$                37,000		$                38,170
GameStop Corp.
5.50%,    10/01/2019(d)		40,000		39,250
Kohls Corp.
5.55%,    07/17/2045		9,000		8,117
McDonald’s Corp.
3.70%,    01/30/2026		11,000		11,783
4.70%,    12/09/2035		14,000		15,290
4.88%,    12/09/2045		11,000		12,474
O’Reilly Automotive, Inc.
3.55%,    03/15/2026		6,000		6,258
PF Chang’s China Bistro, Inc.
10.25%,    06/30/2020(d)		50,000		46,000
The Home Depot, Inc.
2.00%,    04/01/2021		10,000		10,121
				300,339
SAVINGS & LOANS (0.03%)
First Niagara Financial Group, Inc.
6.75%,    03/19/2020		146,000		164,797
7.25%,    12/15/2021		37,000		42,898
				207,695
SEMICONDUCTORS (0.01%)
Intel Corp.
1.35%,    12/15/2017		39,000		39,272
Micron Technology, Inc.
5.63%,    01/15/2026(d)		12,000		9,600
7.50%,    09/15/2023(d)		40,000		41,500
				90,372
SOFTWARE (0.03%)
Blackboard, Inc.
7.75%,    11/15/2019(d)		42,000		33,810
Fidelity National Information Services, Inc.
5.00%,    10/15/2025		13,000		13,193
First Data Corp.
5.38%,    08/15/2023(d)		20,000		20,750
Microsoft Corp.
1.30%,    11/03/2018		17,000		17,145
Oracle Corp.
2.80%,    07/08/2021		34,000		35,647
3.90%,    05/15/2035		5,000		5,100
Rackspace Hosting, Inc.
6.50%,    01/15/2024(d)		50,000		49,687
				175,332

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	39

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description		Principal Amount		Value (Note 2)
TELECOMMUNICATIONS (0.10%)
AT&T, Inc.
4.35%,    06/15/2045		$	28,000	$	26,587
4.50%,    05/15/2035			29,000		29,302
4.75%,    05/15/2046			16,000		16,177
5.80%,    02/15/2019			8,000		8,892
CenturyLink, Inc.
5.63%,    04/01/2025			50,000		45,599
CISCO Systems, Inc.
1.40%,    02/28/2018			24,000		24,185
2.13%,    03/01/2019			44,000		45,149
2.20%,    02/28/2021			21,000		21,456
Frontier Communications Corp.
11.00%,    09/15/2025(d)			70,000		70,963
Intelsat Jackson Holdings SA
7.25%,    04/01/2019			60,000		49,425
Plantronics, Inc.
5.50%,    05/31/2023(d)			20,000		20,100
Sprint Communications, Inc.
7.00%,    03/01/2020(d)			40,000		41,250
Sprint Corp.
7.25%,    09/15/2021			117,000		95,063
T-Mobile USA, Inc.
6.50%,    01/15/2026			45,000		47,869
Verizon Communications, Inc.
4.40%,    11/01/2034			8,000		8,175
4.52%,    09/15/2048			48,000		48,984
4.67%,    03/15/2055			27,000		26,295
4.86%,    08/21/2046			30,000		32,242
6.40%,    09/15/2033			5,000		6,283
					663,996
TRANSPORTATION (0.00%)(c)
Canadian Pacific Railway Co.
6.13%,    09/15/2115			11,000		13,001
Union Pacific Corp.
4.38%,    11/15/2065			15,000		15,458
					28,459
TRUCKING & LEASING (0.00%)(c)
Penske Truck Leasing Co. LP / PTL Finance Corp.
3.38%,    02/01/2022(d)			13,000		13,091
TOTAL CORPORATE BONDS (Cost $12,521,343)					12,678,931
Description	Currency	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT BONDS (0.47%)
Austria Government Bond
3.15%,    06/20/2044(d)	EUR		6,000		9,639

See Notes to Financial Statements.
40	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Currency	Principal Amount		Value (Note 2)
Belgium Government Bond
0.80%,    06/22/2025(d)	EUR		20,000	$	23,451
3.75%,    06/22/2045	EUR		50,000		84,656
4.00%,    03/28/2032	EUR		19,000		30,658
4.25%,    03/28/2041(d)	EUR		25,000		44,626
4.50%,    03/28/2026(d)	EUR		7,000		11,049
5.00%,    03/28/2035(d)	EUR		19,000		35,104
5.50%,    03/28/2028	EUR		18,000		31,471
Bundesrepublik Deutschland
1.00%,    08/15/2025	EUR		18,000		22,098
4.75%,    07/04/2040	EUR		10,000		20,928
Buoni Poliennali
3.75%,    09/01/2024	EUR		14,000		19,112
Buoni Poliennali Del
9.00%,    11/01/2023	EUR		18,000		32,274
France Government Bond OAT
4.00%,    10/25/2038	EUR		12,000		20,407
4.50%,    04/25/2041	EUR		33,000		61,227
5.75%,    10/25/2032	EUR		10,000		19,383
Ireland Government Bond
2.00%,    02/18/2045	EUR		10,000		11,611
5.40%,    03/13/2025	EUR		19,000		30,125
Italy Buoni Poliennali Del Tesoro
5.00%,    09/01/2040	EUR		7,000		11,615
6.50%,    11/01/2027	EUR		29,000		49,538
Japan Government Five Year Bond
0.20%,    12/20/2017	JPY		12,300,000		116,463
Japan Government Ten Year Bond
1.70%,    09/20/2017	JPY		12,000,000		115,848
Japan Government Thirty Year Bond
2.50%,    09/20/2035	JPY		4,700,000		62,771
Japan Government Twenty Year Bond
1.20%,    09/20/2035	JPY		2,100,000		23,202
Japan Government Two Year Bond
0.10%,    06/15/2017	JPY		12,200,000		115,129
0.10%,    07/15/2017	JPY		12,200,000		115,162
0.10%,    08/15/2017	JPY		11,100,000		104,812
0.10%,    09/15/2017	JPY		9,700,000		91,626
0.10%,    11/15/2017	JPY		12,400,000		117,202
0.10%,    01/15/2018	JPY		12,400,000		117,250
Mexico Government International Bond
3.50%,    01/21/2021	USD		230,000		238,625
4.13%,    01/21/2026	USD		230,000		242,075
4.75%,    03/08/2044	USD		57,000		57,712
Panama Government International Bond
5.20%,    01/30/2020	USD		220,000		243,100
Poland Government International Bond
3.00%,    03/17/2023	USD		240,000		242,407
3.25%,    04/06/2026	USD		250,000		250,325
Province of Quebec Canada
2.50%,    04/20/2026	USD		66,000		65,965

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	41

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Currency	Principal Amount		Value (Note 2)
Spain Government Bond
4.90%,    07/30/2040(d)	EUR		12,000	$	19,285
5.15%,    10/31/2044(d)	EUR		15,000		25,318
6.00%,    01/31/2029	EUR		28,000		46,876
Sweden Government Bond
1.00%,    11/12/2026	SEK		570,000		71,905
United Kingdom Gilt
2.25%,    09/07/2023	GBP		25,000		38,821
2.75%,    09/07/2024	GBP		8,000		12,830
4.25%,    03/07/2036	GBP		32,000		61,439
4.50%,    09/07/2034	GBP		20,000		39,284
4.50%,    12/07/2042	GBP		15,000		31,117
					3,235,521
TOTAL FOREIGN GOVERNMENT BONDS (Cost $3,094,676)					3,235,521
GOVERNMENT BONDS (0.21%)
Tennessee Valley Authority
1.75%,    10/15/2018		$	21,000		21,413
U.S. Treasury Bonds
1.63%,    02/15/2026			83,000		81,512
2.50%,    02/15/2045			14,000		13,521
3.00%,    11/15/2045			88,000		94,105
3.13%,    11/15/2041			47,000		51,855
3.13%,    08/15/2044			14,000		15,353
4.50%,    02/15/2036			29,000		39,454
5.25%,    11/15/2028			38,000		51,716
					347,516
U.S. Treasury Inflation Indexed Notes
0.13%,    04/15/2018			89,238		90,752

See Notes to Financial Statements.
42	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Currency	Principal Amount		Value (Note 2)
U.S. Treasury Notes
0.50%,    06/30/2016		$	96,000	$	96,038
0.50%,    01/31/2017			150,000		149,985
1.38%,    03/31/2020			25,000		25,228
1.38%,    04/30/2020			20,000		20,173
1.38%,    09/30/2020			76,000		76,479
1.50%,    01/31/2022			10,000		10,032
1.50%,    02/28/2023			75,000		74,534
1.75%,    12/31/2020			48,000		49,058
1.75%,    02/28/2022			78,000		79,266
1.75%,    03/31/2022			54,000		54,848
1.75%,    04/30/2022			10,000		10,152
1.88%,    11/30/2021			10,000		10,252
1.88%,    05/31/2022			26,000		26,580
1.88%,    08/31/2022			48,000		48,997
2.00%,    08/31/2021			63,000		65,036
2.00%,    10/31/2021			59,000		60,866
2.00%,    07/31/2022			6,000		6,171
2.13%,    12/31/2021			43,000		44,638
2.13%,    05/15/2025			49,000		50,382
2.25%,    11/15/2024			18,000		18,718
					977,433
TOTAL GOVERNMENT BONDS (Cost $1,410,866)					1,437,114
Description		Principal Amount/ Shares		Value (Note 2)
SHORT TERM INVESTMENTS (7.18%)
MONEY MARKET FUNDS (6.72%)
Dreyfus Treasury Cash Management Fund, Institutional Class, 7-day yield, 0.162%			46,122,189		46,122,189
U.S. TREASURY BILLS (0.46%)
0.577%, 03/30/2017(b)(h)			3,185,000		3,170,582
TOTAL SHORT TERM INVESTMENTS (Cost $49,290,249)					49,292,771
TOTAL INVESTMENTS (88.20%) (Cost $597,135,038)				$	605,632,636
SEGREGATED CASH WITH BROKERS (16.81%)(i)					115,404,100
SECURITIES SOLD SHORT (-4.53%) (Proceeds $29,740,232)					(31,093,639)
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.48%)					(3,284,221)
NET ASSETS (100.00%)				$	686,658,876

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	43

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

SCHEDULE OF SECURITIES SOLD SHORT

Description	Shares		Value (Note 2)
COMMON STOCKS (-4.53%)
APPAREL (-0.06%)
Gildan Activewear, Inc.		(6,077)	$	(188,752)
Under Armour, Inc., Class A		(2,738)		(120,308)
Under Armour, Inc., Class C		(2,738)		(111,710)
				(420,770)
AUTO MANUFACTURERS (-0.07%)
Ferrari NV		(4,769)		(218,659)
Tesla Motors, Inc.		(1,216)		(292,764)
				(511,423)
AUTO PARTS & EQUIPMENT (-0.06%)
Autoliv, Inc.		(2,433)		(297,970)
Dorman Products, Inc.		(2,009)		(108,064)
				(406,034)
BANKS (-0.42%)
BancorpSouth, Inc.		(5,389)		(126,588)
Bank of Hawaii Corp.		(1,749)		(119,649)
BOK Financial Corp.		(1,866)		(112,296)
Community Bank System, Inc.		(5,020)		(198,641)
Cullen/Frost Bankers, Inc.		(2,546)		(162,919)
CVB Financial Corp.		(12,712)		(218,392)
First Financial Bankshares, Inc.		(6,692)		(216,687)
Glacier Bancorp, Inc.		(6,947)		(179,858)
HDFC Bank, Ltd., ADR		(1,451)		(91,224)
Home BancShares, Inc.		(1,502)		(64,571)
IBERIABANK Corp.		(2,096)		(123,643)
MB Financial, Inc.		(2,653)		(92,218)
Prosperity Bancshares, Inc.		(2,267)		(119,630)
Texas Capital Bancshares, Inc.		(2,592)		(118,766)
Trustmark Corp.		(6,285)		(154,045)
UMB Financial Corp.		(2,611)		(145,563)
United Bankshares, Inc.		(7,207)		(278,839)
Valley National Bancorp		(15,463)		(146,280)
Westamerica Bancorporation		(5,045)		(245,792)
				(2,915,601)
BEVERAGES (-0.04%)
Monster Beverage Corp.		(1,765)		(254,548)
BIOTECHNOLOGY (-0.02%)
Illumina, Inc.		(856)		(115,551)
BUILDING MATERIALS (-0.04%)
Fortune Brands Home & Security, Inc.		(2,673)		(148,111)
Trex Co., Inc.		(3,274)		(155,351)
				(303,462)
CHEMICALS (-0.15%)
Axalta Coating Systems, Ltd.		(6,817)		(194,080)
Balchem Corp.		(2,101)		(128,917)
FMC Corp.		(5,007)		(216,603)
International Flavors & Fragrances, Inc.		(1,771)		(211,581)
NewMarket Corp.		(700)		(284,242)
				(1,035,423)

See Notes to Financial Statements.
44	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
COMMERCIAL SERVICES (-0.22%)
Aramark		(8,649)	$	(289,828)
Cimpress NV		(2,742)		(240,939)
CoStar Group, Inc.		(754)		(148,772)
Monro Muffler Brake, Inc.		(4,578)		(316,889)
Nord Anglia Education, Inc.		(6,908)		(146,657)
Rollins, Inc.		(5,695)		(153,025)
Verisk Analytics, Inc.		(2,640)		(204,811)
				(1,500,921)
COMPUTERS (-0.11%)
Electronics for Imaging, Inc.		(5,470)		(217,925)
Unisys Corp.		(13,099)		(100,993)
Wipro, Ltd., ADR		(33,445)		(406,357)
				(725,275)
COSMETICS & PERSONAL CARE (-0.04%)
Colgate-Palmolive Co.		(3,459)		(245,312)
DISTRIBUTION & WHOLESALE (-0.03%)
WW Grainger, Inc.		(934)		(219,042)
DIVERSIFIED FINANCIAL SERVICES (-0.08%)
Credit Acceptance Corp.		(269)		(52,797)
Eaton Vance Corp.		(6,928)		(239,224)
Financial Engines, Inc.		(4,659)		(150,066)
WisdomTree Investments, Inc.		(11,684)		(127,239)
				(569,326)
ELECTRIC (-0.04%)
Ormat Technologies, Inc.		(5,723)		(248,378)
ELECTRONICS (-0.13%)
Itron, Inc.		(11,216)		(461,202)
National Instruments Corp.		(14,778)		(407,429)
				(868,631)
FOOD (-0.22%)
B&G Foods, Inc.		(6,924)		(285,338)
Campbell Soup Co.		(3,720)		(229,561)
McCormick & Co., Inc.		(2,090)		(196,000)
The Kroger Co.		(5,080)		(179,781)
The WhiteWave Foods Co.		(5,950)		(239,250)
TreeHouse Foods, Inc.		(2,521)		(222,857)
Whole Foods Market, Inc.		(6,414)		(186,519)
				(1,539,306)
HAND & MACHINE TOOLS (-0.01%)
Franklin Electric Co., Inc.		(1,485)		(46,911)
HEALTHCARE - PRODUCTS (-0.21%)
Edwards Lifesciences Corp.		(1,469)		(156,022)
Henry Schein, Inc.		(1,135)		(191,475)
IDEXX Laboratories, Inc.		(3,011)		(253,978)
Intuitive Surgical, Inc.		(307)		(192,293)
Nevro Corp.		(1,889)		(127,035)
The Cooper Cos, Inc.		(1,084)		(165,939)
West Pharmaceutical Services, Inc.		(3,525)		(250,980)

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	45

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
HEALTHCARE - PRODUCTS (-0.21%) (continued)
Wright Medical Group NV		(5,657)	$	(106,238)
				(1,443,960)
HEALTHCARE - SERVICES (-0.03%)
Brookdale Senior Living, Inc.		(10,074)		(185,966)
HOME FURNISHINGS (-0.02%)
Leggett & Platt, Inc.		(3,254)		(160,390)
INSURANCE (-0.05%)
Arch Capital Group, Ltd.		(2,610)		(183,979)
Mercury General Corp.		(3,245)		(171,660)
				(355,639)
INTERNET (-0.26%)
58.com, Inc., ADR		(2,460)		(134,439)
Amazon.com, Inc.		(404)		(266,474)
Cogent Communications Holdings, Inc.		(6,941)		(268,617)
F5 Networks, Inc.		(1,620)		(169,695)
MercadoLibre, Inc.		(1,834)		(229,048)
Netflix, Inc.		(2,221)		(199,957)
Wayfair, Inc., Class A		(3,410)		(128,727)
WebMD Health Corp.		(2,438)		(152,960)
Zillow Group, Inc., Class A		(8,479)		(212,145)
				(1,762,062)
IRON & STEEL (-0.03%)
Vale SA, Sponsored ADR		(34,361)		(194,827)
LEISURE TIME (-0.03%)
Norwegian Cruise Line Holdings, Ltd.		(2,323)		(113,572)
Qunar Cayman Islands, Ltd., ADR		(1,872)		(76,396)
				(189,968)
MACHINERY - CONSTRUCTION & MINING (-0.03%)
Caterpillar, Inc.		(2,773)		(215,518)
MACHINERY - DIVERSIFIED (-0.15%)
CNH Industrial NV		(16,784)		(129,908)
Cognex Corp.		(7,283)		(258,765)
Deere & Co.		(3,037)		(255,442)
Flowserve Corp.		(4,511)		(220,182)
Wabtec Corp.		(2,362)		(195,881)
				(1,060,178)
MEDIA (-0.03%)
FactSet Research Systems, Inc.		(1,171)		(176,528)
METAL FABRICATE & HARDWARE (-0.02%)
Sun Hydraulics Corp.		(3,410)		(120,646)
MINING (-0.05%)
Goldcorp, Inc.		(12,540)		(252,681)
Teck Resources, Ltd., Class B		(6,550)		(80,237)
				(332,918)
MISCELLANEOUS MANUFACTURING (-0.04%)
Actuant Corp., Class A		(5,918)		(158,070)

See Notes to Financial Statements.
46	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
MISCELLANEOUS MANUFACTURING (-0.04%) (continued)
Aptargroup, Inc.		(1,877)	$	(142,652)
				(300,722)
OIL & GAS (-0.25%)
Cabot Oil & Gas Corp.		(9,720)		(227,448)
Chevron Corp.		(3,780)		(386,240)
Continental Resources, Inc.		(8,287)		(308,774)
Helmerich & Payne, Inc.		(2,393)		(158,225)
Hess Corp.		(4,141)		(246,887)
Matador Resources Co.		(12,635)		(272,284)
Transocean, Ltd.		(10,972)		(121,570)
				(1,721,428)
OIL & GAS SERVICES (-0.07%)
National Oilwell Varco, Inc.		(8,989)		(323,964)
Weatherford International PLC		(20,578)		(167,299)
				(491,263)
PACKAGING & CONTAINERS (-0.03%)
Ball Corp.		(2,097)		(149,684)
Bemis Co., Inc.		(1,770)		(88,818)
				(238,502)
PHARMACEUTICALS (-0.05%)
Akorn, Inc.		(3,140)		(79,913)
Bristol-Myers Squibb Co.		(2,366)		(170,778)
Dexcom, Inc.		(1,986)		(127,858)
				(378,549)
PIPELINES (-0.07%)
Kinder Morgan, Inc.		(15,667)		(278,246)
Spectra Energy Corp.		(6,980)		(218,264)
				(496,510)
REAL ESTATE INVESTMENT TRUSTS (-0.14%)
Equinix, Inc.		(1,318)		(435,401)
Iron Mountain, Inc.		(7,295)		(266,486)
Realty Income Corp.		(3,863)		(228,690)
				(930,577)
RETAIL (-0.45%)
Bob Evans Farms, Inc.		(5,197)		(236,671)
Buffalo Wild Wings, Inc.		(1,806)		(241,390)
Casey’s General Stores, Inc.		(1,649)		(184,688)
Chipotle Mexican Grill, Inc.		(381)		(160,390)
Coach, Inc.		(4,747)		(191,162)
Dollar Tree, Inc.		(3,568)		(284,405)
Jack in the Box, Inc.		(3,306)		(223,320)
lululemon athletica, Inc.		(4,198)		(275,179)
Nordstrom, Inc.		(3,816)		(195,112)
PriceSmart, Inc.		(3,241)		(280,476)
Texas Roadhouse, Inc.		(10,168)		(414,041)
The Cheesecake Factory, Inc.		(3,860)		(196,899)
Tiffany & Co.		(2,903)		(207,129)
				(3,090,862)
SAVINGS & LOANS (-0.03%)
New York Community Bancorp, Inc.		(13,872)		(208,496)

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	47

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Shares		Value (Note 2)
SEMICONDUCTORS (-0.03%)
Cavium, Inc.		(4,437)	$	(219,055)
SOFTWARE (-0.44%)
2U, Inc.		(4,495)		(125,995)
ACI Worldwide, Inc.		(7,826)		(156,442)
Acxiom Corp.		(9,712)		(213,373)
athenahealth, Inc.		(1,671)		(222,744)
Blackbaud, Inc.		(5,274)		(325,775)
Demandware, Inc.		(1,704)		(78,520)
Guidewire Software, Inc.		(5,166)		(294,307)
Medidata Solutions, Inc.		(7,152)		(312,042)
NetSuite, Inc.		(4,548)		(368,570)
Proofpoint, Inc.		(3,141)		(182,995)
Synchronoss Technologies, Inc.		(4,342)		(134,906)
Veeva Systems, Inc., Class A		(9,956)		(273,889)
Workday, Inc., Class A		(4,145)		(310,792)
				(3,000,350)
TELECOMMUNICATIONS (-0.22%)
Arista Networks, Inc.		(3,016)		(200,926)
CenturyLink, Inc.		(6,708)		(207,613)
Finisar Corp.		(14,984)		(246,637)
Frontier Communications Corp.		(38,612)		(214,683)
Sprint Corp.		(74,001)		(253,823)
Telefonica SA, Sponsored ADR		(20,455)		(223,164)
ViaSat, Inc.		(2,035)		(156,084)
				(1,502,930)
TRANSPORTATION (-0.06%)
Heartland Express, Inc.		(8,569)		(155,185)
JB Hunt Transport Services, Inc.		(1,469)		(121,751)
Old Dominion Freight Line, Inc.		(1,710)		(112,945)
				(389,881)
TOTAL COMMON STOCKS (Proceeds $29,740,232)				(31,093,639)
TOTAL SECURITIES SOLD SHORT (Proceeds $29,740,232)			$	(31,093,639)

SCHEDULE OF WRITTEN OPTIONS

Description	Number of Contracts	Exercise Price		Maturity Date		Value (Note 2)
WRITTEN OPTIONS
Call Options
Anadarko Petroleum Corp.	(63)	$	35.00		05/20/2016	$	(109,620)
Diamondback Energy, Inc.	(20)		85.00		06/17/2016		(11,200)
Diamondback Energy, Inc.	(30)		65.00		06/17/2016		(64,950)
EOG Resources, Inc.	(36)		70.00		07/15/2016		(49,680)
Exxon Mobil Corp.	(55)		75.00		07/15/2016		(73,975)
Occidental Petroleum Corp.	(46)		70.00		05/20/2016		(32,545)

See Notes to Financial Statements.
48	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Description	Number of Contracts	Exercise Price		Maturity Date		Value (Note 2)
WRITTEN OPTIONS (continued)
Call Options (continued)
Phillips 66	(31)	$	80.00		05/20/2016	$	(10,850)
TOTAL WRITTEN OPTIONS (Proceeds $135,671)						$	(352,820)

^(a)  Non-income producing security.

^(b)  Security position either entirely or partially held in a segregated account as collateral for securities sold short, written options, and futures contracts. Aggregate total market value of $27,072,764.

^(c)  Less than 0.005%.

^(d)  Security exempt from registration under rule 144A of the securities act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At period end, the market value of those securities was $4,844,259, representing 0.71% of the Fund’s net assets.

^(e)  Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Trustees. At period end, the aggregate market value of those securities was $159,418, representing 0.02% of net assets.

^(f)  This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(g)  The rate shown on floating or adjustable rate securities represents the coupon rate at period end.

^(h)  Rate shown represents the bond equivalent yield to maturity at date of purchase.

⁽ⁱ⁾  Includes cash which is being held as collateral for securities sold short, written options, forward foreign currency contracts, and total return swap contracts.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Foreign Currency	Contracted Amount**		Purchase/Sale Contract	Settlement Date	Current Value		Unrealized Appreciation/ (Depreciation)
Morgan Stanley	GBP		36,800	Purchase	05/05/2016	$	53,771	$	1,213
Morgan Stanley	INR		59,200,000	Purchase	06/15/2016		884,283		19,923
Morgan Stanley	JPY		4,348,474	Purchase	05/06/2016		40,875		1,753
								$	22,889
Morgan Stanley	CHF		2,240,000	Sale	06/15/2016	$	2,340,157	$	(53,126)
Morgan Stanley	EUR		536,000	Sale	06/06/2016		614,504		(26,678)
Morgan Stanley	EUR		5,400,000	Sale	06/15/2016		6,192,710		(160,487)
Morgan Stanley	EUR		69,400	Sale	07/06/2016		79,637		(341)
Morgan Stanley	GBP		61,200	Sale	05/05/2016		89,424		(1,067)
Morgan Stanley	GBP		103,900	Sale	06/07/2016		151,833		(7,673)
Morgan Stanley	GBP		2,310,000	Sale	06/15/2016		3,375,788		(56,697)
Morgan Stanley	JPY		49,813,474	Sale	05/06/2016		468,237		(25,628)
Morgan Stanley	JPY		58,592,000	Sale	06/06/2016		551,306		(35,122)
Morgan Stanley	JPY		1,140,000,000	Sale	06/15/2016		10,729,428		(689,681)
Morgan Stanley	SEK		586,100	Sale	07/06/2016		73,168		(788)
								$	(1,057,288)

** The contracted amount is stated in the currency in which the contract is denominated.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	49

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

FUTURES CONTRACTS

At April 30, 2016, the Fund had outstanding futures contracts:

Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value		Unrealized      Appreciation
Commodity Contracts
Copper Future	Long	5	07/28/2016	$	285,440	$	20,047
Corn Future	Long	20	07/15/2016		391,740		32,428
Gold 100 Oz. Future	Long	2	06/29/2016		258,100		6,994
Sugar No. 11 (World) Future	Long	7	07/01/2016		127,946		14,322
WTI Crude Future	Long	12	06/22/2016		560,280		43,763
Equity Contracts
Mexican Bolsa Index Future	Long	174	06/20/2016		4,643,634 ��		124,795
Russell 2000® E-Mini Future	Long	50	06/20/2016		5,638,000		335,128
Interest Rate Contracts
U.S. 10 Year Treasury Note Future	Short	20	06/22/2016		(2,601,240)		15,296
U.S. 2 Year Treasury Note Future	Short	4	07/01/2016		(874,500)		928
U.S. 5 Year Treasury Note Future	Short	22	07/01/2016		(2,660,108)		5,562
U.S. Treasury Long Bond Future	Short	14	06/22/2016		(2,286,382)		36,497
				$	3,482,910	$	635,760
Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value		Unrealized      Depreciation
Commodity Contracts
Live Cattle Future	Long	2	07/01/2016	$	91,940	$	(10,433)
Equity Contracts
E-Mini S&P 500® Future	Short	100	06/20/2016		(10,295,500)		(260,393)
Euro STOXX 50® Index Future	Long	230	06/20/2016		7,840,275		(10,504)
FTSE® 100 Index Future	Short	26	06/20/2016		(2,359,934)		(39,324)
Mini MSCI EAFE Index Future	Short	17	06/20/2016		(1,412,615)		(24,528)
Mini MSCI Emerging Markets Index Future	Short	11	06/20/2016		(461,120)		(15,426)
Russell 1000® Value Future	Short	18	06/20/2016		(1,780,380)		(68,441)
SGX CNX Nifty Index Future	Long	171	05/27/2016		2,699,235		(41,620)
Tokyo Price Index Future	Long	66	06/10/2016		8,228,289		(108,285)
				$	2,550,190	$	(578,954)

TOTAL RETURN SWAP CONTRACTS^*

Counterparty	Reference Obligation	Notional Amount		Rate Paid by the Fund	Termination Date	Unrealized     Appreciation
Morgan Stanley	Impala Segregated Portfolio(a)	$	59,330,358	1-Month LIBOR BBA	03/20/2019	$	156,334
Morgan Stanley	Melchior Segregated Portfolio(b)		57,509,104	1-Month LIBOR BBA	03/20/2019		193,005
Morgan Stanley	WABR Cayman Company Limited(c)		114,947,812	1-Month LIBOR BBA	09/01/2020		357,608
		$	231,787,274			$	706,947

^* The Fund receives payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any negative return of such Reference Obligation plus the rate paid by the Fund.

^(a) European equity long/short strategy that employs a flexible, low-net strategy (0% to 50%), and long exposure will vary between 60% and 100%. The portfolio is primarily comprised of large and mid-cap stocks listed on European exchanges.

^(b) Global equity long/short strategy that uses a long-biased strategy that is focused on cyclical sectors. The strategy has a net exposure that ranges between 50% and 80%, and long exposure varies between 80% and 100%. The strategy is comprised of large cap stocks listed on exchanges of developed and emerging market countries.

^(c) Weiss Alpha Balanced Risk incorporates an absolute return oriented approach within a risk parity framework. Active absolute return strategies include fundamental long/short equity, credit relative value, discretionary macro, and equity market neutral strategies. The strategy also maintains a passive risk weighted allocation to equities and fixed income, but each of the three allocations is equally risk weighted subject to a 40% limit on the absolute return allocation. Gross equity long exposure will typically be 140% or less, and net equity exposure will vary between 5% and 35%.

See Notes to Financial Statements.
50	www.redmontfunds.com

Redmont Resolute Fund II	Schedule of Investments
	April 30, 2016

Currency Abbreviations

CHF - Swiss Franc

EUR - Euro

GBP - Great British Pound

INR - Indian Rupee

JPY - Japanese Yen

SEK - Swedish Krona

USD - United States Dollar

Common Abbreviations:

AQR - AQR Capital Management LLC.

BBA - British Bankers Association.

Bolsa - The Spanish term for stock exchange.

CNX Nifty - The National Stock Exchange of India’s benchmark stock market index for Indian equity market.

FPA - First Pacific Advisors LLC.

FTSE - Financial Times and the London Stock Exchange.

LIBOR - London Interbank Offered Rate.

MSCI - Morgan Stanley Capital International.

PIMCO - Pacific Investment Management Company.

S&P - Standard & Poor’s.

SGX - Singapore Exchange.

SPDR - Standard & Poor’s Depositary Receipt.

UCITS - Undertakings for Collective Investment in Transferable Securities.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	51

Redmont Resolute Fund II	Statement of Assets and Liabilities
	April 30, 2016

	Redmont Resolute Fund II
ASSETS
Investments, at value	$	605,632,636
Unrealized appreciation on total return swap contracts		706,947
Unrealized appreciation on forward currency contracts		22,889
Deposits with brokers for securities sold short and written options		30,354,362
Deposits with brokers for total return swap contracts		83,070,000
Deposits with brokers for forward currency contracts		1,980,000
Foreign currency, at value (Cost $2,927)		2,940
Receivable for investments sold		1,494,795
Receivable for dividends		602,941
Other assets		10,717
Total assets		723,878,227
LIABILITIES
Securities sold short (Proceeds $29,740,232)		31,093,639
Written options, at value (Premiums received $135,671)		352,820
Unrealized depreciation on forward currency contracts		1,057,288
Foreign cash due to broker for securities sold short (Cost $242)		262
Investment advisory fees payable		537,520
Payable for dividend expense on securities sold short		16,727
Payable for interest expense on total return swap contracts		23,353
Payable for total return swap reset		1,089,434
Payable for investments purchased		702,530
Variation margin payable		140,294
Payable for shares redeemed		2,000,000
Trustee fees and expenses payable		4,327
Chief compliance officer fee payable		8,102
Principal financial officer fees payable		1,667
Administration fees payable		100,570
Transfer agent fees payable		12,213
Professional fees payable		28,512
Custody fees payable		45,313
Accrued expenses and other liabilities		4,780
Total liabilities		37,219,351
NET ASSETS	$	686,658,876
NET ASSETS CONSIST OF
Paid-in capital (Note 6)	$	682,861,049
Accumulated net loss		(826,971)
Accumulated net realized loss		(2,037,621)
Net unrealized appreciation		6,662,419
NET ASSETS	$	686,658,876
INVESTMENTS, AT COST	$	597,135,038
PRICING OF SHARES
Class I:
Net Asset Value, offering and redemption price per share	$	10.75
Net Assets	$	686,658,876
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		63,881,394

See Notes to Financial Statements.
52	www.redmontfunds.com

Redmont Resolute Fund II	Statement of Operations
	For the Year Ended April 30, 2016

	Redmont Resolute Fund II
INVESTMENT INCOME
Dividends	$	12,023,960
Interest		652,240
Foreign taxes withheld		(66,794)
Total investment income		12,609,406
EXPENSES
Investment advisory fees (Note 7)		10,239,849
Broker fees and charges on securities sold short		160,963
Administration fees		409,770
Transfer agency fees		45,155
Professional fees		44,333
Custody fees		120,465
Reports to shareholders and printing fees		6,987
Trustee fees and expenses		17,994
Registration/filing fees		7,081
Chief compliance officer fees		48,461
Principal financial officer fees		9,969
Dividend expense on securities sold short		414,517
Other		28,078
Total expenses before waivers		11,553,622
Less fees waived/reimbursed by investment adviser (Note 7)
Class I		(9,145,448)
Total net expenses		2,408,174
NET INVESTMENT INCOME		10,201,232
Net realized loss on investments		(3,636,378)
Net realized gain on securities sold short		1,702,848
Net realized gain on written options		131,838
Net realized loss on futures contracts		(3,782,936)
Net realized loss on total return swap contracts		(4,051,748)
Net realized loss on foreign currency transactions		(18)
Total net realized loss		(9,636,394)
Net realized capital gain distributions from other investment companies		5,483,000
Net change in unrealized depreciation on investments		(22,583,780)
Net change in unrealized appreciation on securities sold short		213,008
Net change in unrealized depreciation on written options		(201,916)
Net change in unrealized appreciation on futures contracts		1,150,797
Net change in unrealized appreciation on total return swap contracts		2,461,738
Net change in unrealized depreciation on translation of assets and liabilities in foreign currency transactions		(1,029,682)
Total net change in unrealized depreciation		(19,989,835)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(24,143,229)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,941,997)

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	53

Redmont Resolute Fund II Statements of Changes in Net Assets

	Redmont Resolute Fund II
	For the Year Ended               April 30, 2016		For the Year Ended       April 30, 2015
OPERATIONS
Net investment income	$	10,201,232	$	11,793,052
Net realized gain/(loss)		(9,636,394)		19,405,734
Net realized gain distributions from other investment companies		5,483,000		3,191,369
Net change in unrealized depreciation		(19,989,835)		(7,606,167)
Net increase/(decrease) in net assets resulting from operations		(13,941,997)		26,783,988
DISTRIBUTIONS (NOTE 4)
Net investment income
Class I		(11,108,106)		(14,088,339)
Net realized gains on investments
Class I		(10,242,050)		(4,443,526)
Net decrease in net assets from distributions		(21,350,156)		(18,531,865)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Class I		49,423,534		97,459,393
Dividends reinvested
Class I		21,244,058		18,500,507
Shares redeemed, net of redemption fees
Class I		(37,982,086)		(39,895,825)
Net increase in net assets derived from beneficial interest transactions		32,685,506		76,064,075
Net increase/(decrease) in Net Assets		(2,606,647)		84,316,198
NET ASSETS:
Beginning of period		689,265,523		604,949,325
End of period*	$	686,658,876	$	689,265,523
*   Includes accumulated net investment income/(loss) of:	$	(826,971)	$	4,809,515

See Notes to Financial Statements.
54	www.redmontfunds.com

Redmont Resolute Fund II	Financial Highlights
	For a share outstanding throughout the periods presented

	Class I
	For the Year Ended April 30, 2016			For the Year Ended April 30, 2015			For the Year Ended April 30, 2014			For the Year Ended April 30, 2013			For the Period Ended April 30, 2012(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.32		$	11.18		$	11.05		$	10.34		$	10.00
INCOME/(LOSS) FROM OPERATIONS
Net investment income/(loss)(b)		0.16			0.20			0.13			0.11			(0.03)
Net realized and unrealized gain/(loss) on investments		(0.39)			0.26			0.19			0.68			0.37
Total from Investment Operations		(0.23)			0.46			0.32			0.79			0.34
LESS DISTRIBUTIONS
Net investment income		(0.18)			(0.24)			(0.11)			(0.08)			–
Net realized gain on investments		(0.16)			(0.08)			(0.08)			–			–
Total Distributions		(0.34)			(0.32)			(0.19)			(0.08)			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		(0.57)			0.14			0.13			0.71			0.34
NET ASSET VALUE, END OF PERIOD	$	10.75		$	11.32		$	11.18		$	11.05		$	10.34
TOTAL RETURN(c)		(2.02)	%		4.16	%		2.85	%		7.65	%		3.40	%
RATIOS/SUPPLEMENTAL DATA
Net assets, End of Period (000s)	$	686,659		$	689,266		$	604,949		$	446,319		$	78,498
RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding reimbursement/waiver(d)		1.69%	(e)		1.68%	(e)		1.69%	(e)		1.32	%		1.63%	(f)
Operating expenses including reimbursement/waiver(d)		0.35%	(e)		0.33%	(e)		0.29%	(e)		0.22	%		1.13%	(f)
Net investment income/(loss) including reimbursement/waiver(d)		1.49	%		1.79	%		1.19	%		1.08	%		(0.97)%	(f)
PORTFOLIO TURNOVER RATE		27	%		54	%		114	%		51	%		18%	(g)

^(a) The Fund’s inception was December 30, 2011.

^(b) Calculated using the average shares method.

^(c) Total investment return is calculated assuming a purchase of a common share at the opening of the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total returns would have been lower had certain expenses not been waived during the period. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.

^(d) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(e) Dividend and interest expense on securities sold short totaled 0.08%, 0.10%, and 0.08% of average net assets for the years ended April 30, 2016, 2015, and 2014, respectively.

^(f) Annualized.

^(g) Not Annualized.

See Notes to Financial Statements.
Annual Report  |  April 30, 2016	55

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust has 34 registered funds. This annual report describes the Redmont Resolute Fund II (the “Fund”). The Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets. The Fund offers Class I shares.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

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

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the “Board”), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security. Municipal securities having a remaining maturity of greater than 60 days, are typically valued at the evaluated bid price formulated by an independent pricing service. Corporate Bonds, U.S. Government & Agency, and U.S. Treasury Bonds & Notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferrable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market makes a limit move with respect to a particular commodity. Over-the-counter swap contracts for which market quotations are readily available are valued based on quotes received from independent pricing services or one or more dealers that make markets in such securities. Options contracts listed for trading on a securities exchange or board of trade are valued at the last quoted sales price or, in the absence of a sale at the mean of the last bid and asked price.

Forward currency exchange contracts have a fair value determined by the current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

When such prices or quotations are not available, or when Highland Associates, Inc. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would

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Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

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

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

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2016:

Redmont Resolute Fund II

Investments in Securities at Value	Level 1 -     Quoted Prices		Level 2 -     Other Significant     Observable Inputs		Level 3 -   Significant   Unobservable Inputs		Total
Closed End Funds	$	70,236	$	–	$	–	$	70,236
Common Stocks(*)		97,861,448		–		–		97,861,448
Exchange Traded Funds		1,376,656		–		–		1,376,656
Limited Partnerships		129,591		–		–		129,591
Open-End Mutual Funds		438,631,081		–		–		438,631,081
Preferred Stocks(*)		146,510		–		–		146,510
Asset-Backed Securities		–		772,777		–		772,777
Corporate Bonds(*)		–		12,678,931		–		12,678,931
Foreign Government Bonds		–		3,235,521		–		3,235,521
Government Bonds		–		1,437,114		–		1,437,114
Short Term Investments
Money Market Funds		46,122,189		–		–		46,122,189
U.S. Treasury Bills		–		3,170,582		–		3,170,582
Total	$	584,337,711	$	21,294,925	$	–	$	605,632,636
Other Financial Instruments
Assets:
Forward Foreign Currency Contracts	$	–	$	22,889	$	–	$	22,889
Futures Contracts		635,760		–		–		635,760
Total Return Swap Contracts		–		706,947		–		706,947
Liabilities:
Common Stocks Sold Short(*)		(31,093,639)		–		–		(31,093,639)
Written Options		(210,655)		(142,165)		–		(352,820)
Forward Foreign Currency Contracts		–		(1,057,288)		–		(1,057,288)
Futures Contracts		(578,954)		–		–		(578,954)
Total	$	(31,247,488)	$	(427,293)	$	–	$	(31,717,105)

^*  For detailed descriptions, see the accompanying Schedule of Investments.

The Fund recognizes transfers between levels as of the end of the period. For the year ended April 30, 2016, the Fund did not have any transfers between Level 1 and Level 2 securities. There were no Level 3 securities held during the period.

  Annual Report  |  April 30, 2016   57

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

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

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that the Fund will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes 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. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion its average daily net assets.

Short Sales: The Fund may make short sales of securities consistent with its strategies. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent that a Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of segregated or “earmarked” assets determined to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short, or will ensure that such positions are covered by “offsetting” positions, until the Fund replaces the borrowed security. A short sale is “against the box” to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

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

3. DERIVATIVE INSTRUMENTS

Swap Contracts: The Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the Fund primarily enters into swap transactions for the purpose of increasing total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract.

Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements

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Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk that are not directly reflected in the amounts recognized in the Statements of Assets and Liabilities.

The Fund invests in total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Fund are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statement of Operations. Swap agreements held at April 30, 2016 are disclosed in the Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the financial statements.

Option Contracts: The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Statement of Operations.

Written option activity for the year ended April 30, 2016 was as follows:

Redmont Resolute Fund II

	Written Call Options
	Contracts	Premiums
Outstanding, April 30, 2015	(181)	$      72,275
Written	(1,038)	459,846
Covered	513	(184,922)
Exercised	182	(120,406)
Expired	243	(91,122)
Outstanding, April 30, 2016	(281)	$    135,671

Futures:  The Fund may enter into futures contracts for hedging purposes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into a futures contract, the Fund is required to deposit an initial margin with the broker in an amount equal to a certain percentage of the contract amount. The Fund receives from or pays to the broker, on a daily basis, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin,” and are recorded by the Fund as unrealized gains or losses. When the futures contract is closed, the Fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

A Fund’s potential losses from the use of futures extend beyond its initial investment in such contracts. The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of Assets and Liabilities. The predominant risk is that the movement of a futures contract’s price may result in a loss, which could render a Fund’s hedging strategy unsuccessful. There is minimal counterparty credit risk since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Annual Report  |  April 30, 2016 59

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

Risk Exposure: The following tables disclose the amounts related to the Fund’s use of derivative instruments.

The effect of derivatives instruments on the Statements of Assets and Liabilities as of April 30, 2016:

Risk Exposure	Asset Derivatives Statements of Assets and Liabilities Location	Fair Value		Liability Derivatives Statements of Assets and Liabilities Location	Fair Value
Redmont Resolute Fund II
Equity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts	$	706,947	Unrealized depreciation on total return swap contracts	$	–
Equity Contracts (Written Options)	N/A		N/A	Written options, at value		352,820
Foreign Currency Contracts (Forward Currency Contracts)	Unrealized appreciation on forward currency contracts		22,889	Unrealized depreciation on forward currency contracts		1,057,288
Futures Contracts*	Unrealized appreciation on futures contracts		635,760(a)	Unrealized depreciation on futures contracts		578,954(a)
Total		$	1,365,596		$	1,989,062
	* Risk Exposure to Fund
	Commodity Contracts	$	117,554		$	10,433
	Equity Contracts		459,923			568,521
	Interest Rate Contracts		58,283			–
		$	635,760		$	578,954

^(a) Reflects cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. The value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable as of April 30, 2016.

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Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

The effect of derivatives instruments on the Statements of Operations for the year ended April 30, 2016:

Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized   Appreciation/(Depreciation)   on Derivatives   Recognized in Income
Redmont Resolute Fund II
Equity Contracts (Total Return Swap Contracts)	Net realized loss on total return swap contracts/Net change in unrealized appreciation on total return swap contracts	$	(4,051,748)	$	2,461,738
Equity Contracts (Purchased Options)	Net realized gain on purchased options		91,122		–
Equity Contracts (Written Options)	Net realized gain on written options/Net change in unrealized depreciation on written options		131,838		(201,916)
Foreign Currency Contracts (Forward Currency Contracts)	Net realized gain on foreign currency transactions/Net change in unrealized depreciation on translation of assets and liabilities in foreign currency transactions		5,210		(1,034,399)
Futures Contracts*	Net realized loss on futures contracts/Net change in unrealized appreciation on futures contracts		(3,782,936)		1,150,797
Total		$	(7,606,514)	$	2,376,220
	*Risk Exposure to Fund
	Commodity Contracts	$	(28,211)	$	107,121
	Equity Contracts		(2,511,181)		122,152
	Interest Rate Contracts		(252,202)		87,811
	Foreign Currency Contracts		(991,342)		833,713
		$	(3,782,936)	$	1,150,797

Volume of Derivative Instruments for the Fund during the year ended April 30, 2016 was as follows:

Derivative Type	Unit of Measurement	Monthly Average
Redmont II
Equity Swap Contracts	Notional Quantity		230,077,235
Forward Currency Contracts	Notional Quantity		294,869,442
Futures Contracts	Contracts		266
Written Option Contracts	Contracts		325
Purchased Option Contracts	Contracts		0

Certain derivative contracts and repurchase agreements are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

  Annual Report  |  April 30, 2016   61

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of April 30, 2016:

Redmont Resolute Fund II
Offsetting of Derivatives Assets
								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities			Financial Instruments Available for Offset (a)				Cash Collateral Received(a)			Net Receivable   Amount
Forward Currency Contracts	$	22,889	$	–	$	22,889	$		(22,889)		$		–	$		–
Total Return Swap Contracts		706,947		–		706,947			–				–			(706,947)
Total	$	729,836	$	–	$	729,836	$		(22,889)		$		–	$		(706,947)
Redmont Resolute Fund II
Offsetting of Derivatives Liabilities
								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts Presented in the Statement of Financial Position			Financial Instruments Available for Offset (a)				Cash Collateral Pledged(a)			Net Payable   Amount
Forward Currency Contracts	$	1,057,288	$	–	$	1,057,288	$		(22,889	)	$		1,034,399	$		–
Total	$	1,057,288	$	–	$	1,057,288	$		(22,889	)	$		1,034,399	$		–

^(a)  These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

4. TAX BASIS INFORMATION

Reclassifications: As of April 30, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differing book and tax treatment of investments in swaps. The reclassifications were as follows:

		Undistributed Net Investment Loss			Accumulated Net Realized Gain on Investments			Paid-in Capital
Redmont Resolute Fund II	$		(4,729,612)	$		4,729,612	$		–

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)		Net Depreciation of Derivatives and Foreign Currency			Net Unrealized  Appreciation		Cost of Investments   for Income Tax   Purposes
Redmont Resolute Fund II	$	26,446,313	$	(20,283,729)	$	(1,835,179)	$		4,327,405	$	599,470,052

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Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

Components of Earnings: As of April 30, 2016, components of distributable earnings were as follows:

	Accumulated Capital Gains		Undistributed Ordinary Income		Net Unrealized   Appreciation		Other Cumulative Effect of Timing Differences
Redmont Resolute Fund II	$	331,833	$	–	$	4,327,405	$            (861,411)

Capital Losses: As of April 30, 2016, the Fund elects to defer to the period ending April 30, 2017, late year ordinary losses in the amount of $1,115,254.

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

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2016, were as follows:

	Ordinary Income		Long-Term Capital Gains
Redmont Resolute Fund II	$	11,135,675	$	10,214,481

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2015, were as follows:

	Ordinary Income		Long-Term Capital Gains
Redmont Resolute Fund II	$	14,088,339	$	4,443,526

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the year ended April 30, 2016 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Redmont Resolute Fund II		$                          181,203,313		$                                             144,391,302

Purchases and sales of U.S. Government Obligations during the year ended April 30, 2016 were as follows:

Fund	Purchases of Securities		Proceeds From Sales of Securities
Redmont Resolute Fund II		$                              6,217,309		$                                                 3,192,119

  Annual Report  |  April 30, 2016   63

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

6. BENEFICIAL SHARE TRANSACTIONS

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

Transactions in common shares were as follows:

Redmont Resolute Fund II

Class I:	For the    Year Ended    April 30, 2016		For the                  Year Ended                  April 30, 2015
Common Shares Outstanding - Beginning of Period		60,903,896		54,134,098
Common Shares Sold		4,465,406		8,615,477
Common Shares Issued as Reinvestment of Dividends		1,981,722		1,660,728
Common Shares Redeemed		(3,469,630)		(3,506,407)
Common Shares Outstanding - End of Period		63,881,394		60,903,896

Shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. Redemption fees are reflected in the “Shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets. For the year ended April 30, 2016 and the year ended April 30, 2015, the Fund retained fees as follows:

Fund	For the Year Ended April 30, 2016		For the Year Ended April 30, 2015
Redmont Resolute Fund II	$	–	$	–

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

Investment Advisory

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund’s business affairs. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets for the Fund. The management fee is paid on a monthly basis.

The Adviser entered into an Investment Sub-Advisory Agreement with Robeco Investment Management, Inc. (“Robeco”) and with Pinebridge Investments LLC (“Pinebridge). The Investment Sub-Advisory Agreements are in accordance with the Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. The Adviser determines the allocation of the Fund’s assets among Robeco, Pinebridge and other open-end investment companies. The Fund is not required to invest with any minimum number of sub-advisers or open-end investment companies, and do not have minimum or maximum limitations with respect to allocations of assets to Robeco and Prinebridge (collectively the “Sub-Advisers”), investment strategy or market sector. Highland may change the allocation of the Fund’s assets among the available investment options, and may add or remove sub-advisers, at any time. Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. Highland has ultimate responsibility, subject to the oversight of the Board of the Fund, to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement.

Pursuant to each Investment Sub-Advisory Agreement, the Adviser pays the Sub-Advisers an annual sub-advisory management fee which is based on the Fund’s average quarterly market value of the assets managed by the Sub-Advisers. The Adviser is required to pay all fees due to Sub-Advisers out of the management fee the Adviser receives from the Fund. The following table reflects the Fund’s contractual sub-advisory fee rates.

Sub-Advisers	Average Daily       Market Value of the Fund	Contractual Sub-Advisory Fee
	First $50 Million	0.55%
Pinebridge Investments LLC	Over $50 Million	0.50%
	First $50 Million	1.25%
Robeco Investment Management, Inc.	Over $50 Million	1.00%

  64   www.redmontfunds.com

Redmont Resolute Fund II	Notes to Financial Statements
	April 30, 2016

The Adviser has agreed, with respect to the Fund’s Class I shares, to waive the portion of its 1.50% management fee in excess of any sub-advisory fees paid by the Adviser to Sub-Adviser in connection with the Fund. This agreement is in effect August 31, 2013 through August 31, 2017. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2017 without the approval of the Fund’s Board of Trustees. The Adviser is not permitted to recoup any amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than the expense limitation cap. Fees waived/reimbursed by adviser for the year ended April 30, 2016 are disclosed in the Statement of Operations.

For the year ended April 30, 2016, the fee waivers and/or reimbursements were as follows:

	Fees Waived/ Reimbursed By Adviser
Redmont Resolute Fund II - Class I	$  (9,145,448)

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund, and the Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assists in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Compliance Services

ALPS provides services that assist the Fund’s chief compliance officer in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Fund. Compliance service fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Fund. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Distributor

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

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.

  Annual Report  |  April 30, 2016   65

Redmont Resolute Fund II	Report of Independent Registered Accounting Firm
	April 30, 2016

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Redmont Resolute Fund II (the “Fund”), one of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from December 30, 2011 (inception) to April 30, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Redmont Resolute Fund II of Financial Investors Trust as of April 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from December 30, 2011 (inception) to April 30, 2012, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

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Redmont Resolute Fund II	Disclosure Regarding Approval of Fund Advisory Agreements
	April 30, 2016 (Unaudited)

On December 15, 2015, the Trustees met in person to discuss, among other things, the approval of the investment advisory agreement between the Trust and Highland Associates, Inc. (the “Adviser”) (the “Investment Advisory Agreement”), the investment sub-advisory agreement among the Trust, the Adviser and Robeco Investment Management, Inc. (“Robeco”) and the investment sub-adviser agreement among the Trust, the Adviser and PineBridge Investments LLC (“PineBridge”), in accordance with Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and the Investment Sub-Advisory Agreements and other related materials.

In renewing and approving the Investment Advisory Agreement with the Adviser, the Investment Sub-Advisory Agreement with Robeco and the Investment Sub-Advisory Agreement with Pinebridge, the Trustees, including the Independent Trustees, considered the following factors with respect to the Redmont Resolute Fund II (the “Redmont Fund):

Investment Advisory and Sub-Advisory Fee Rate: The Trustees reviewed and considered the contractual advisory fee rates paid by the Trust, on behalf of the Redmont Fund, to the Adviser of 1.50% of the Redmont Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by the Adviser to the Redmont Fund. The Trustees also reviewed and considered the contractual sub-advisory fee rates paid by the Adviser to Robeco of 1.25% of Redmont Resolute Fund II’s daily average net assets allocated to Robeco for the first $50 million, and 1.00% of Redmont Resolute Fund II’s daily average net assets allocated to Robeco above $50 million, in light of the extent and quality of the advisory services provided by Robeco to Redmont Resolute Fund II. The Trustees also reviewed and considered the contractual annual sub-advisory fee paid by the Adviser to PineBridge of 0.55% of the Redmont Fund’s daily average net assets allocated to PineBridge for the first $50 million, and 0.50% of the balance of the Redmont Fund’s daily average net assets allocated to PineBridge above $50 million, in light of the extent and quality of the advisory services provided by it to the Redmont Fund.

The Board received and considered information including a comparison of the Redmont Fund’s contractual and actual advisory fees and overall expenses with those of funds in the expense groups and universes of funds provided by an independent provider of investment company data (the “Independent Data Provider”). The Trustees noted that both of the Redmont Fund’s contractual advisory fee rates were above the Independent Data Provider peer group averages and below the Independent Data Provider peer group medians of contractual advisory fee rates.

Total Expense Ratios: Based on such information, the Trustees further reviewed and considered the total expense ratios (after waivers) of 0.23% for Class I of Redmont Resolute Fund II. The Trustees noted that the total expense ratios (after waivers) for Redmont Resolute Fund II’s Class I shares were below the Independent Data Provider peer group average and median total expense ratios (after waivers).

Nature, Extent and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent and quality of services to be provided to the Redmont Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by the Adviser, Robeco and PineBridge in their presentations, including their Forms ADV.

The Trustees reviewed and considered the Adviser’s, Robeco’s and PineBridge’s investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by the Adviser, Robeco and PineBridge and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by the Adviser, Robeco and PineBridge, including the methods adopted to seek to achieve compliance with the investment objectives, policies and restrictions of the Redmont Funds.

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

The Trustees also reviewed, among other things, the Adviser’s, Robeco’s and PineBridge’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the Redmont Fund for the 3-month, 1-year and 3-year periods ended September 30, 2015. That review included a comparison of the Redmont Fund’s performance to the performance of a group of comparable funds selected by the Independent Data Provider. The Trustees noted that the performance of the Redmont Fund’s Class I shares was below its Independent Data Provider peer group averages and medians for the 3-month, 1-year and 3-year periods ended September 30, 2015. The Trustees also considered the Adviser’s, Robeco’s and PineBridge’s discussion of the Redmont Fund’s underlying portfolio diversification categories, its top contributors and top detractors, as well as the Adviser’s, Robeco’s and PineBridge’s performance and reputation generally and their investment techniques, risk management controls and decision-making processes.

  Annual Report  |  April 30, 2016   67

Redmont Resolute Fund II	Disclosure Regarding Approval of Fund Advisory Agreements
	April 30, 2016 (Unaudited)

Comparable Accounts: The Trustees noted certain information provided by the Adviser, Robeco and PineBridge regarding fees charged to its other clients utilizing a strategy similar to that employed by the Redmont Fund.

Profitability: The Trustees received and considered retrospective and projected profitability analyses prepared by the Adviser, Robeco and PineBridge based on the fees payable under the Investment Advisory Agreement with the Adviser and the Investment Sub-Advisory Agreements with each of Robeco and PineBridge, with respect to each Redmont Fund, as applicable. The Trustees considered the profits, if any, anticipated to be realized by the Adviser, Robeco and PineBridge in connection with the operation of the Redmont Fund. The Board then reviewed the Adviser’s unaudited balance sheet as of September 30, 2015 and Profit and Loss for January through September 2015 in order to analyze the financial condition and stability and profitability of the Adviser. The Board also reviewed Robeco’s and PineBridge’s 2013 and 2014 financial statements in order to analyze the financial condition and stability and profitability of Robeco and PineBridge.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Redmont Fund will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with the Redmont Fund, including whether soft dollar arrangements were used.

In renewing the Adviser as the investment adviser of the Redmont Fund, Robeco and PineBridge as the sub-adviser of the Redmont Fund and the fees charged under the Investment Advisory and Sub-Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Investment Advisory and Sub-Advisory Agreements. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rates were below the Independent Data Provider peer group averages and medians for the Redmont Fund;

● Robeco’s and PineBridge’s fees under their respective sub-advisory agreements are paid directly by the Adviser;

● the total expense ratios (after waivers) for Redmont Fund’s Class I shares were below the Independent Data Provider peer group average and median total expense ratios (after waivers);

● the nature, extent and quality of services rendered by the Adviser, Robeco and PineBridge under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Redmont Fund, as applicable, were adequate;

● the performance of Redmont Fund’s Class I shares were below their Independent Data Provider peer group averages and medians for the 3-month, 1-year and 3-year periods ended September 30, 2015;

● 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 the Adviser’s, Robeco’s and PineBridge’s other clients employing a comparable strategy to the Redmont Fund were not indicative of any unreasonableness with respect to the advisory and sub-advisory fees payable by the Redmont Fund;

● the profit, if any, realized by the Adviser, Robeco and PineBridge in connection with the operation of the Redmont Fund, as applicable, is not unreasonable to the Redmont Fund; and

● there were no material economies of scale or other incidental benefits accruing to the Adviser, Robeco and PineBridge in connection with their relationship with the Redmont Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that the Adviser’s, Robeco’s and PineBridge’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the Redmont Fund and its shareholders.

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Redmont Resolute Fund II	Additional Information
	April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Fund’s Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, D.C. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866) 759-5679 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Fund designates the following for federal income tax purposes for distributions made during the calendar year ended December 31, 2015:

	QDI			DRD
Redmont Resolute Fund II		21.80	%		9.59	%

In early 2016, if applicable, shareholders of record received this information for the distribution paid to them by the Fund during the calendar year 2015 via Form 1099. The Fund will notify shareholders in early 2017 of amounts paid to them by the Funds, if any, during the calendar year 2016.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, Redmont Resolute II designates $10,214,481 as long-term capital gain distributions.

  Annual Report  |  April 30, 2016   69

Redmont Resolute Fund II	Trustees & Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 855-845-9444.

INDEPENDENT TRUSTEES

Name,   Address*         & Year   of Birth	Position(s)     Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held         by Trustee During Past 5 Years**
Mary K.   Anstine,   1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R.   Moran, Jr.,   1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

  70   www.redmontfunds.com

Redmont Resolute Fund II	Trustees & Officers
	April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES

Name,   Address*         & Year   of Birth	Position(s)     Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held         by Trustee During Past 5 Years**
Jeremy W.   Deems,   1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G.   Rutledge,   1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).
Michael   “Ross” Shell,   1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

  Annual Report  |  April 30, 2016   71

Redmont Resolute Fund II	Trustees & Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE

Name,   Address*         & Age	Position(s)     Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by     Trustee***	Other Directorships         Held by Trustee
Edmund J.   Burke,   1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

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Redmont Resolute Fund II	Trustees & Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*               & Year of Birth	Position(s) Held with Fund ��	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms,   1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg,   1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl,   1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella,   1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville,   1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.

  Annual Report  |  April 30, 2016   73

Redmont Resolute Fund II	Trustees & Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address*               & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sharon Akselrod,   1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.
Sareena Khwaja-Dixon   1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011-2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Highland Associates, Inc., Robeco Investment Management, Inc. and/or Pinebridge Investment LLC provides investment advisory services (currently none).

  74   www.redmontfunds.com

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	ANNUAL REPORT
	April 30, 2016
Seafarer Overseas Growth and Income Fund
	Investor Class	SFGIX
	Institutional Class	SIGIX

TABLE OF CONTENTS

Letter to Shareholders	1
Portfolio Review	8
Disclosure of Fund Expenses	14
Portfolio of Investments	15
Statement of Assets and Liabilities	20
Statement of Operations	21
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	37
Disclosure Regarding Approval of Fund Advisory Agreement	38
Additional Information	41
Trustees and Officers	42

Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

LETTER TO SHAREHOLDERS

May 15, 2016

Dear Fellow Shareholders,

I am honored to address you again on behalf of the Seafarer Overseas Growth and Income Fund. This report addresses the Fund’s 2015-16 fiscal year (May 1, 2015 to April 30, 2016).

During the fiscal year, the Fund declined -8.32%, while the Fund’s benchmark, the MSCI Emerging Markets Total Return Index, fell -17.56%.¹ By way of broader comparison, the S&P 500 Index increased 1.21%.

From the Fund’s inception (February 15, 2012) through the end of the fiscal year (April 30, 2016), the Fund generated an annualized rate of return of 5.88%.² The benchmark index fell at an annualized rate of -2.64% over the same period.

The Fund began the fiscal year with a net asset value of $12.66 per share. During the ensuing twelve months, the Fund paid two distributions: $0.060 per share in June 2015 and $0.081 per share in December 2015. Those payments brought the cumulative distribution per share, as measured from the Fund’s inception to the end of the fiscal year, to $1.172. The Fund finished the fiscal year with a value of $11.46 per share.³

Performance Review

Everyone at Seafarer is proud of the Fund and its performance record. Yet as I write this letter, I do so with a degree of disappointment and frustration. The emerging markets have been a poor investment destination over the past four years, and it is wearying to contemplate a fiscal year in which the Fund generated a substantial loss.

There are a number of considerations that place the Fund’s performance in better stead: during the fiscal year, the Fund outpaced its benchmark in relative terms by a substantial margin; as of the fiscal year end, the Fund produced annualized gains since its inception, even as the index failed to do so; and over its life, the Fund’s performance has been substantially less volatile than that of the index.

Yet even if the Fund’s long-term performance is thus far in keeping with its objectives, I am acutely aware that many shareholders have subscribed to the Fund only recently. Such shareholders only know the Fund for the losses it has wrought within their portfolios. As such, I sincerely appreciate the patience afforded by all, given the challenging investment climate within the developing world.

China’s economy and its stock markets cast a substantial shadow over both the Fund and the index during the fiscal year. Early in 2015, immediately prior to the commencement of the fiscal period, Chinese markets rose rapidly for a variety of reasons, forming a mini-bubble of sorts. The bubble burst in the middle of May 2015, ostensibly when officials sought to restrict access to the margin financing that had stoked frenzied trading among small investors. Chinese equities plunged shortly thereafter, with no safe harbor in the market.

Prior to the collapse, I was aware that valuation conditions were extreme and warranted caution, even as I did not know when or how a correction might occur. Given such uncertainty, I attempted to mitigate risk by reducing the portfolio’s allocation to the China, and by emphasizing those positions I thought offered “defensive valuations.” At the time, I thought certain securities might have prices low enough and dividend yields high enough to partially withstand the correction in the market. Unfortunately, this tactic proved fruitless. In May 2015, the Fund held eight China-linked securities (seven stocks listed on the Hong Kong Stock Exchange, and one convertible bond). All the equities fell in tandem with the broader market, and while the bond fared somewhat better, the Fund’s “defensive”

Annual Report – April 30, 2016 1

Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

positions in China were not the haven I imagined them to be. Still, by the middle of the fiscal year, the Fund was ahead of the index, even as the emerging markets declined broadly in sympathy with China’s correction.

As the emerging markets slumped into the late summer of 2015, they were further rattled by the announcement that China would sever the long-standing exchange rate relationship between its currency, the renminbi, and the U.S. dollar. For the 20 years preceding the August announcement, China either formally pegged its currency to the dollar, or it maintained a “dirty peg,” an arrangement in which the authorities made small, manual adjustments to the currency’s value versus the dollar. However, the announcement in August heralded the end of the dirty peg: the Chinese authorities announced the currency would instead adopt a market-based arrangement – still subject to certain restrictions and trading guidelines – but in which the market would play a dominant role in setting the daily value of the currency. I describe the new system as a “dirty float,” as opposed to a freely-floating currency.

Unfortunately for China, the implementation of the new currency arrangement was not well communicated, and the timing shocked many observers; the new policy was poorly received. (For the record: I have always thought China would announce exactly this policy at a time of perceived weakness, when external observers least expected it. The only thing that shocked me about the announcement was that it occurred at least three years earlier than I had imagined – in other words, China adopted this essential reform faster and more aggressively than I ever thought possible.)

The furor over the change has since died down, in large part because markets were so rattled that China felt obliged to temporarily reinstate some of the stability associated with the former “dirty peg” system. However, in my view, no one should suffer under the illusion that China has reversed course. Last August, China ended what was the most important, de-facto currency union in the world – the informal, but rigid link between the dollar and the renminbi. For more on the potential consequences of China’s decision, please see my Letter to Shareholders as of October 31, 2015, particularly the section entitled “China’s Prominence.”⁴

Stocks markets in the developing world enjoyed a brief period of calm during the late fall of 2015. However, this calm was shattered in the first weeks of 2016 when Chinese stocks plunged again, mysteriously. At the time, pundits speculated that China’s currency was to blame: the popular view was that the renminbi was unstable, and would soon come unglued. Many speculated that the currency’s instability was somehow instigating the panicked downturn in Chinese equities. That explanation was widespread, but it lacked merit. The renminbi was nowhere near as unstable as the pundits then suggested; and the small fluctuations that occurred did not provide a satisfactory explanation for the swift and broad-based decline in Chinese stocks. Simply put, this was not a case where the tail was wagging the dog.

I would suggest two possible causes for China’s swoon in January.⁵ First, the behaviors of China’s currency and equity markets were both consistent with deteriorating domestic liquidity conditions. The erratic behavior of the two markets might portend distress within China’s financial sector – not necessarily a “hard economic landing” (e.g. an abrupt economic deceleration), but more likely acute liquidity distress, the sort that might trigger a major bankruptcy (or chain of bankruptcies). Second, perceptions of instability and schisms within the senior leadership of the Chinese government might also have destabilized markets. The two scenarios are only speculation on my part, though I believe both hold a degree of truth.

During January’s sharp decline, the Fund held up better than the market overall, mainly because of the limited, “defensive” exposure to China that was implemented prior to the beginning of the fiscal year. However, in short order, China no longer dominated headlines within the developing world; by the end of January, Brazil was at the forefront, as a long-simmering graft scandal there came to a head.

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Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

A dogged team of prosecutors laid out evidence against senior political leaders previously deemed untouchable. The investigation culminated in an impeachment vote, and President Rousseff – the architect of many economic policies that have gone awry – was suspended from office. Brazilian stocks and the local currency moved swiftly higher, driven by the speculative hope that a new government might arrest the country’s economic decline. The Fund and the benchmark both rallied in response, and most emerging markets – including China – climbed from the lows of January.

The Fund sustained its outperformance through the end of the fiscal year because of its substantial exposure to Brazilian stocks. For the past two years, the Fund maintained a meaningful allocation to the country, despite its very weak performance as measured in dollars. The Fund’s goal was to accumulate shares of profitable companies, capable of generating reasonable profits and dividends even amid the country’s economic crisis.

By holding the shares of “survivors” until the economy stabilized, I hoped the Fund would profit from the eventual recovery of such companies. It was not my intention for the Fund to speculate on the political environment in Brazil, nor did I wish to gamble on the short-term performance of the economy. Yet Brazilian stocks reacted swiftly and positively to the mere idea that the country’s economic distress might diminish, driven by a prospective change in government. The market’s sharp recovery seemed to confirm the basic cheapness that I thought was present in many Brazilian equities.

Still, political speculation was at the root of the stock market’s rally, not a recovery in economic fundamentals. The Fund’s allocation to Brazil was no accident, and happily, that exposure had a beneficial impact on performance versus the index. Nevertheless, after the rally subsided I reduced the Fund’s allocation to Brazil, as I did not wish for a large and growing portion of its capital to be “held hostage” to the rapidly vacillating sentiment associated with the country’s politics. Accordingly, the Fund’s allocation to Brazilian equities (well over 15% after the market’s surge) was trimmed at the margin, and the proceeds were distributed broadly throughout the remainder of the portfolio.

Amid a fiscal year dominated by such volatility, two of the Fund’s best performing positions warrant description. Aselsan and Arçelik are mid-capitalization companies located in Turkey. Aselsan is a systems engineering company; Arçelik is a maker of “white good” consumer appliances, such as refrigerators, air conditioners and washing machines. The Fund has held the former position for four years, and the Fund added the latter two and a half years ago. When the two positions were added to the Fund, neither was remarkable for its obvious cheapness or for its pronounced growth prospects. Further, both were domiciled in a country that was struggling with political crisis and bouts of severe currency weakness. Neither company was particularly well known within the global investment community, in large part because both then had (and still have) capitalizations below $5 billion, lower than the minimum thresholds that global funds often set. Yet both have contributed handsomely to the Fund’s long-term returns, arguably because both embody the growth and income strategy that drives the Fund.

Despite operating in different industries, and despite facing uncertain conditions in their respective markets, both firms enjoyed strong competitive advantages and tangible, incremental opportunities for growth. The steady nature of their businesses meant that each was able to realize meaningful expansion over the past few years, even as many industries in the developing world experienced contraction amid waning demand and extreme currency fluctuations.

The two companies’ stable revenues and disciplined cost controls allowed for the production of healthy profit margins amid the market turmoil. Neither business has extensive requirements for capital investment, and thus both were able to translate a large portion of their earnings into free cash flows. Most importantly, the companies enjoyed sufficient liquidity and solvency, enabling them to pay out a substantial portion of their cash flows consistently to shareholders. The companies’ consistent dividends burnished the liquidity of their shares, buffering them against the extreme volatility that has been evident for the past four years.

Annual Report – April 30, 2016 3

Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

The balanced, multi-dimensional set of characteristics exhibited by these two companies exemplifies what I search for in the growth and income strategy. The Fund was able to initiate (and subsequently augment) both positions at reasonable valuations, particularly as assessed by prospective cash flow yield and dividend yield. The Fund’s strategy usually works best when reasonable valuations (defined primarily by yield) can be overlaid on companies with sustainable growth in revenues and cash flow. Ultimately, I think this set of conditions is what allowed Aselsan and Arçelik to stand out amid a year fraught with losses – despite being two relatively unknown, small-to-mid sized companies, hailing from a part of the world that many professional investors deem too risky to contemplate.

Seafarer’s Evolution

The assets in the Seafarer Overseas Growth and Income Fund grew considerably during the past fiscal year, from $183 million to $1,219 million. The firm is five years old. At the firm’s inception, I made plans for its future. I did not think the present scale would be attainable for many more years, if ever. We are grateful for the growth the firm has experienced, and for shareholders’ willingness to entrust us with their capital.

Seafarer’s growth has engendered interest in our plans for the company. We have developed a vision that should guide our firm’s development over the next fifteen years. I will share a brief outline of that vision below, particularly as it impacts four key areas: scale, strategies, team and culture.

Scale

Regarding scale: though the firm has already grown faster than expected, our long-term plan calls for further expansion. We take nothing for granted, especially the prospect of future growth. Nevertheless, we are preparing for a long-term vision in which the firm attains a scale that is somewhat larger than it is today. However, I am determined that the firm will remain, unmistakably, a “boutique” in both its investment practices and its relationship with shareholders and clients – and therefore there are definitive limits to the growth we will pursue.

We believe growth will afford two main benefits to shareholders and clients: better cost efficiencies and greater investment resources. One of the long-term goals of the firm is to lower the cost associated with overseas investment.⁶ Our analysis suggests that greater size will yield meaningful economies of scale, which we will reflect in lower costs to the firm’s clients over time. We also believe that additional scale will allow the firm to augment the resources of the firm in a beneficial manner, particularly with respect to technology systems and personnel. Seafarer is committed to making substantial investments in its research team and its technology over time, in keeping with its scale.

As the firm pursues new avenues for growth, we intend to explore opportunities to attract clients abroad. We believe that diversification of the firm’s client base is essential to the firm’s long-term stability and strength; expansion overseas is one powerful way for us to diversify our business. Such efforts will undoubtedly introduce complexity to our business. However, we think this complexity will ultimately prompt us to serve all of our clients better, as we will continue to “raise the bar” with respect to our compliance standards and fiduciary obligations.

Strategies

Regarding strategies: the firm’s plans for the future include the management of at least two strategies, and perhaps one or two more beyond. Unlike some other small firms, I do not believe there is only “one right way” to invest in the emerging markets. Rather, our aim is to identify, study and exploit persistent market inefficiencies (i.e., inefficiencies we believe will endure 15 years or longer). Today, we are confident that there are at least two structural inefficiencies that we can harness to the benefit of our shareholders and clients; we intend to explore other possibilities over the next decade, and perhaps one or two will be manifest in new strategies.

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Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

Today, Seafarer is best known for its “Growth and Income” strategy. That strategy seeks to exploit a pervasive inefficiency whereby markets habitually undervalue companies growing at low but sustainable rates, and overvalue companies growing at high (but perhaps unsustainable) rates. Dividends and other current income act as a signal to identify and evaluate companies that might be capable of sustained growth.

I am pleased to introduce a second strategy at Seafarer, one that seeks “value” in the emerging markets. On May 31, 2016 Seafarer launched the Seafarer Overseas Value Fund. This strategy aims to exploit certain long-term structural changes in the developing world, changes that we believe will force various companies to realize a portion of the value that is embedded in their balance sheets. The strategy is founded on the premise that some shares have been overlooked because markets favor rapid growth prospects over balance sheet analysis. I am pleased to announce that my colleague, Paul Espinosa, will serve as Lead Manager to the new fund, and I will support him as the Fund’s Co-Manager.

Though Seafarer may one day expand beyond “Growth and Income” and “Value,” our vision does not allow for a plethora of strategies. Our curiosity and our desire to serve our clients and shareholders drive us to explore new possibilities; yet we are committed to being highly selective and responsible in our efforts. We will not proliferate strategies lightly.

Team

As the firm grows, so too will the team that supports the firm’s activities. Seafarer is committed to investing responsibly in its people, so as to ensure the organization is fit for long-term evolution. We are especially keen to expand the operational and administrative breadth of our team within the next 18 months.

Many investors are keen to understand how the investment research team might change or grow. The team will certainly expand, but at a measured pace.

I believe in teams comprised of highly-skilled generalists, in which all members are endowed with substantial authority and responsibility. I prefer to keep teams small to maximize communication, constructive criticism, decisiveness, and accountability. Small teams also tend to minimize politics and unnecessary bureaucracy. Our goal is to make informed decisions on a timely basis, something that I believe small teams do very well.

The expansion of the research team will be limited and selective. Our research process is one in which skilled analysts work to “discover” the rare securities that fit our strategic parameters over the long term. Accordingly, we see no need to “cover” the full extent of the emerging markets, as much of the universe is not germane to our investment strategies. We think a large team would do little to help our clients’ success, and might impede it.

Over time, the firm’s evolution will necessitate greater specialization by strategy. My intention is for the team to be comprised of generalists from a county/sector perspective, capable of analyzing a broad swathe of companies. Seafarer’s team will be organized by strategy, with portfolio managers and analysts named to clusters that support specific investment mandates and any associated portfolios.

As Seafarer’s research team grows, you will see it evolve in a manner that emphasizes accountability, integrity and strategic continuity. With this in mind, I am pleased to announce the promotion of Kate Jaquet and Paul Espinosa to Co-Managers for the Seafarer Overseas Growth and Income Fund. As lead manager of the Fund, I remain the author of its strategy. However, Kate and Paul will be afforded a higher degree of discretion in my planned absence (e.g. work-related travel or personal vacation). I have had the privilege to work alongside both for several years now, and both have developed a broad and deep understanding of the Growth and Income strategy, the Fund and its construction. I am very pleased to enact this promotion – Kate and Paul have earned it.

Annual Report – April 30, 2016 5

Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

Apart from these promotions, I am pleased to welcome Jia Zhu to our research team as an Analyst. Jia joins us with a great deal of experience in East Asia, and she will contribute to our research efforts around the globe.

Culture

In my estimation, one of the hardest things to do in a growing company is to preserve the investment culture that gave rise to the firm’s initial success. A strong culture often has intangible elements that are not transmitted quickly or easily. The problem of transmission is compounded because any capable organization must remain open to change, progress and development. Thus it is no solution to rigidly enforce a historic culture simply for the sake of doing so. A capable organization must promote a culture that embodies continuity and change at once.

I believe Seafarer’s culture, though young, is worth preserving as the firm evolves. It is a culture that is suited to a small, focused boutique, managed by a team of accountable professionals. The firm is dedicated to delivering an investment experience to its clients that is founded on long-term performance, low costs, transparent communications, and whenever possible, risk adjusted returns.

My pledge to shareholders and clients is that Seafarer will not grow at a pace that overwhelms its unique culture. I do not want Seafarer to become so large that, culturally, the professionals at the firm lose sight of, or contact with, the clients they serve. Seafarer’s ownership structure and governance is arranged such that I have the control to deliver upon this commitment.

This promise will present certain challenges: even as the firm aspires to grow, it will remain “small at heart,” and small in terms of support personnel. We will not hire ghostwriters or large numbers of marketing staff to apply polish to the rough edges of our firm. Doing so will not only drive up costs, it will also dilute the intimate connection between the people at Seafarer and the clients they serve. We are committed to delivering insights directly from the individuals who manage your money.

We are honored to serve as your investment adviser in the emerging markets, and we appreciate your investment in the Funds.

Sincerely,

Andrew Foster

Chief Investment Officer

Seafarer Capital Partners, LLC

The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. It is not possible to invest directly in this or any index.

The S&P 500 Total Return Index is a stock market index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ. It is not possible to invest directly in this or any index.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives. Diversification does not ensure a profit or guarantee against loss.

Information on the Seafarer website is provided for textual reference only, and is not incorporated by reference into this letter or report.

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Seafarer Overseas Growth and Income Fund Letter to Shareholders

April 30, 2016

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

¹  References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIGIX). The Investor share class (ticker: SFGIX) declined -8.39% during the fiscal year.

²  The Fund’s Investor share class generated an annualized rate of return of 5.75% from the Fund’s inception through the end of the fiscal year.

³  The Fund’s Investor share class began the fiscal year with a net asset value of $12.64 per share. The Fund paid two distributions: $0.059 per share in June 2015 and $0.076 per share in December 2015. Those two payments brought the cumulative distribution per share, as measured from the Fund’s inception to the end of the fiscal year, to $1.130. The Fund finished the fiscal year with a value of $11.44 per share.

⁴  The Letter to Shareholders as of October 31, 2015 is available at: www.seafarerfunds.com/fund/shareholder-letter/2015/10/semi-annual

⁵  For additional discussion on this topic, refer to the portfolio review for the fourth quarter of 2015, which is available at: www.seafarerfunds.com/fund/portfolio-review/2015/12/Q4

⁶  The long-term goals of the firm are described in an essay from 2012 titled “What are the Firm’s Goals?”, which is available at: www.seafarerfunds.com/ask-seafarer/#what-are-the-firms-goals

Annual Report – April 30, 2016 7

Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Seafarer Overseas Growth and Income Fund Performance

Total Return    (As of April 30, 2016)	1 Year	3 Years	Since Inception* - Annualized	Gross Expense Ratio**
Investor Class (SFGIX)	-8.39%	1.67%	5.75%	1.15%
Institutional Class (SIGIX)	-8.32%	1.82%	5.88%	1.05%
MSCI Emerging Markets Total Return Index^	-17.56%	-4.23%	-2.64%

All performance is in U.S. dollars with gross (pre-tax) dividends and/or distributions reinvested. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Shares of the Fund redeemed or exchanged within 90 days of purchase are subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual’s return. To obtain the Fund’s most recent month-end performance, visit seafarerfunds.com or call (855) 732-9220.

* Inception Date: February 15, 2012.

** Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes, respectively. This agreement is in effect through August 31, 2017.

^{^}  The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

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Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Performance of a $10,000 Investment Since Inception

* Inception Date: February 15, 2012.

The chart shown above represents historical performance of a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to April 30, 2016. All returns reflect reinvested dividends and/or distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the chart above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Investment Objective

The Fund seeks to provide long-term capital appreciation along with some current income. The Fund seeks to mitigate adverse volatility in returns as a secondary objective.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, convertible bonds, and fixed-income securities.

The Fund seeks to offer investors a relatively stable means of participating in a portion of developing countries’ growth prospects, while providing some downside protection compared to a portfolio that invests only in the common stocks of those countries.

Annual Report – April 30, 2016 9

Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Fund Characteristics

Inception Date	February 15, 2012
Net Assets	$1,219.0M
Portfolio Turnover1	7%

	Investor Class		Institutional Class
Ticker		SFGIX		SIGIX
NAV		$11.44		$11.46
30-Day SEC Yield		1.86%		1.96%
Fund Distribution Yield		0.96%		1.01%
Gross Expense Ratio		1.14%		1.03%
Redemption Fee (within 90 calendar days)		2.00%		2.00%
Minimum Initial Investment		$2,500		$100,000
Minimum Initial Investment - Automatic Investment Plan		$1,500		$100,000
Minimum Initial Investment - Retirement Account		$1,000		$100,000

Underlying Portfolio Holdings

Number of Holdings	46
% of Net Assets in Top 10 Holdings	40%
Weighted Average Market Cap	$23.2B
Market Cap of Portfolio Median Dollar	$6.5B
Gross Portfolio Yield2	3.5%
Price / Book Value2	1.6
Price / Earnings2,3	12.9
Earnings Per Share Growth2,3	9%

¹  For the year ended April 30, 2016.

²  Calculated as a harmonic average of the underlying portfolio holdings. A harmonic average is the reciprocal of the arithmetic mean of the reciprocals. Harmonic averages are generally preferable to weighted averages or other techniques when measuring the fundamental characteristics (e.g., earnings per share, book value per share) of a portfolio of securities.

³  Based on consensus earnings estimates for next year. Excludes securities for which consensus earnings estimates are not available.

30-Day SEC Yield: a standard yield calculation developed by the Securities and Exchange Commission (SEC). It represents net investment income earned by the Fund over a 30-day period, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period. The 30-Day Yield should be regarded as an estimate of the Fund’s rate of investment income, and it may not equal the Fund’s actual income distribution rate.

Fund Distribution Yield: a measure of the sum of the Fund’s income distributions during the trailing 380 days divided by the previous month’s NAV (adjusted upward for any capital gains distributed over the same time period).

Gross Portfolio Yield: gross yield for the underlying portfolio, estimated based on the dividend yield for common and preferred stocks and yield to maturity for bonds. This measure of yield does not account for offsetting Fund expenses and other costs, and consequently it should not be construed as the yield that an investor in the Fund would receive.

Price / Book Value: the value of a company’s common shares, divided by the company’s book value.

Price / Earnings: the market price of a company’s common shares divided by the earnings per common share as forecast for next year.

Earnings Per Share (EPS) Growth: forecast growth rate of earnings per common share next year, expressed as a percentage.

Past performance does not guarantee future results.

Sources: ALPS Fund Services, Inc., Bloomberg, Seafarer.

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Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Top 10 Holdings

Holding	Sector	Country	Issuer Mkt Cap ($B)	Yield1		Price / Book	Price / Earnings2	EPS   Growth2
Bank Pekao SA	Financials	Poland	$10.7		6.4%	1.7	18	12%
Hang Lung Properties, Ltd.	Financials	China / Hong Kong	$9.0		4.9%	0.5	14	1%
Samsung Electronics Co. Ltd., Pfd.	Information Technology	South Korea	$156.3		2.0%	0.7	8	-1%
Sanlam, Ltd.	Financials	South Africa	$10.4		3.6%	2.6	13	9%
Singapore Telecommunications Ltd.	Telecom. Services	Singapore	$45.9		4.5%	2.5	15	5%
Infosys, Ltd. ADR	Information Technology	India	$43.3		1.9%	4.6	17	10%
Banco Bradesco SA	Financials	Brazil	$43.2		3.4%	1.6	8	7%
Astra International Tbk PT	Consumer Discretionary	Indonesia	$20.7		3.2%	2.6	13	12%
TOTVS SA	Information Technology	Brazil	$1.3		2.6%	3.7	15	23%
Hisamitsu Pharmaceutical Co., Inc.	Health Care	Japan	$4.7		1.5%	2.0	24	-3%
Cumulative Weight of Top 10 Holdings:		40%
Total Number of Holdings:		46

¹  Yield = dividend yield for common and preferred stocks and yield to maturity for bonds.

²  Based on consensus earnings estimates for next year.

Portfolio holdings are subject to change and may not reflect the current or future position of the portfolio.

Sources: ALPS Fund Services, Inc., Bloomberg, Seafarer.

Annual Report – April 30, 2016 11

Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Portfolio Composition

Region/Country	% Net Assets
East and South Asia		51
China / Hong Kong		15
India		8
Indonesia		4
Japan		3
Malaysia		1
Singapore		6
South Korea		8
Taiwan		5
Vietnam		1
Eastern Europe		13
Poland		8
Turkey		5
Latin America		22
Brazil		15
Mexico		7
Middle East and Africa		6
South Africa		6
Cash and Other Assets, Less Liabilities		8
Total		100
Asset Class	% Net Assets
Common Stock		72
Preferred Stock		9
ADR		5
Foreign Currency Government Bond		2
Foreign Currency Convertible Bond		2
Foreign Currency Corporate Bond		1
USD Convertible Bond		1
Cash and Other Assets, Less Liabilities		8
Total		100
Market Capitalization of Issuer	% Net Assets
Large Cap (over $10 billion)		39
Mid Cap ($1 - $10 billion)		41
Small Cap (under $1 billion)		10
Not Applicable		2
Cash and Other Assets, Less Liabilities		8
Total		100

Sector	% Net Assets
Consumer Discretionary		12
Consumer Staples		3
Energy		–
Financials*		24
Government		2
Health Care		11
Industrials		6
Information Technology		23
Materials		3
Telecommunication Services		6
Utilities		2
Cash and Other Assets, Less Liabilities		8
Total		100

* The Fund’s holdings in the Financials sector include property-related stocks, which are classified within the “Financials sector” according to the Global Industry Classification Standard (GICS) methodology utilized herein. Property-related holdings comprised 5% of the Fund’s net assets as of April 30, 2016.

Due to rounding, percentage values may not sum to 100%. Values less than 0.5% may be rounded to 0%.

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Seafarer Overseas Growth and Income Fund Portfolio Review

April 30, 2016

Top 5 Performance Contributors and Detractors

For the year ended April 30, 2016

Contributors	% Net Assets1
Infosys, Ltd. ADR	4.3
Aselsan Elektronik Sanayi Ve Ticaret AS	2.1
Bao Viet Holdings	0.8
Arcelik AS	1.9
Hisamitsu Pharmaceutical Co., Inc.	3.0
Detractors	% Net Assets1
Sun Pharma Advanced Research Co., Ltd.	2.3
Shandong Weigao Group Medical Polymer Co., Ltd.	2.6
PGE Polska Grupa Energetyczna SA	2.0
Valid Solucoes	1.9
Hang Lung Properties, Ltd.	4.4

¹  As of end of period.

Source: Bloomberg.

Annual Report – April 30, 2016 13

Seafarer Overseas Growth and Income Fund Disclosure of Fund Expenses

April 30, 2016 (Unaudited)

As a shareholder of the Fund you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2015 and held until April 30, 2016.

Actual Expenses.  The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes.  The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table below is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 11/01/15		Ending Account Value 04/30/16		Expense Ratio(a)		Expenses Paid             During Period             11/01/15 - 04/30/16(b)
Investor Class
Actual		$   1,000.00		$   1,050.60		1.10%		$        5.61
Hypothetical (5% return before expenses)		$   1,000.00		$   1,019.39		1.10%		$        5.52
Institutional Class
Actual		$   1,000.00		$   1,050.90		1.01%		$        5.15
Hypothetical (5% return before expenses)		$   1,000.00		$   1,019.84		1.01%		$        5.07

^(a) Annualized, based on the Fund’s most recent fiscal half year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

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Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2016

	Currency	Shares		Value
COMMON STOCKS (76.4%)
Brazil (8.0%)
TOTVS SA	BRL		4,738,000	$	38,725,065
Odontoprev SA	BRL		11,575,000		35,641,274
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA	BRL		2,315,100		23,263,751
Total Brazil					97,630,090
China / Hong Kong (13.4%)
Hang Lung Properties, Ltd.	HKD		26,750,000		53,383,439
Shandong Weigao Group Medical Polymer Co., Ltd., Class H	HKD		53,500,000		32,209,388
Texwinca Holdings, Ltd.	HKD		28,849,000		28,116,701
Xinhua Winshare Publishing and Media Co., Ltd., Class H	HKD		21,500,000		20,095,012
Greatview Aseptic Packaging Co., Ltd.	HKD		35,719,000		18,142,926
Pico Far East Holdings, Ltd.	HKD		41,004,000		11,206,601
Total China / Hong Kong					163,154,067
India (8.0%)
Infosys, Ltd., Sponsored ADR	USD		2,765,000		51,982,000
Sun Pharma Advanced Research Co., Ltd.(a)	INR		6,114,274		27,649,276
Balkrishna Industries, Ltd.	INR		1,320,303		13,254,783
Cyient, Ltd.	INR		729,289		5,052,138
Total India					97,938,197
Indonesia (3.8%)
Astra International Tbk PT	IDR		91,500,000		46,658,894
Total Indonesia					46,658,894
Japan (3.0%)
Hisamitsu Pharmaceutical Co., Inc.	JPY		747,500		36,742,716
Total Japan					36,742,716
Malaysia (0.6%)
Hartalega Holdings Bhd	MYR		6,850,000		7,522,462
Total Malaysia					7,522,462

Annual Report – April 30, 2016 15

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2016

	Currency	Shares		Value
Mexico (5.8%)
Grupo Financiero Banorte SAB de CV	MXN		6,390,000	$	36,331,446
Bolsa Mexicana de Valores SAB de CV	MXN		13,712,000		22,738,234
Grupo Herdez SAB de CV	MXN		5,176,622		11,388,499
Total Mexico					70,458,179
Poland (8.0%)
Bank Pekao SA	PLN		1,315,000		53,486,095
PGE SA	PLN		7,025,000		24,257,457
Asseco Poland SA	PLN		1,258,411		19,089,062
Total Poland					96,832,614
Singapore (6.1%)
Singapore Telecommunications, Ltd.	SGD		18,150,000		52,094,286
SIA Engineering Co., Ltd.	SGD		7,921,700		22,324,603
Total Singapore					74,418,889
South Africa (6.0%)
Sanlam, Ltd.	ZAR		10,925,000		52,954,813
EOH Holdings, Ltd.	ZAR		2,065,000		20,098,400
Total South Africa					73,053,213
South Korea (3.5%)
Dongsuh Co., Inc.	KRW		1,100,000		31,134,808
Sindoh Co., Ltd.	KRW		255,000		10,943,918
Total South Korea					42,078,726
Taiwan (5.1%)
Taiwan Semiconductor Manufacturing Co., Ltd.	TWD		7,175,000		33,368,989
Vanguard International Semiconductor Corp.	TWD		15,500,000		23,764,456
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR	USD		200,000		4,718,000
Total Taiwan					61,851,445
Turkey (4.0%)
Aselsan Elektronik Sanayi Ve Ticaret AS	TRY		3,575,000		25,502,859

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Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2016

	Currency	Shares			Value
Turkey (continued)				��
Arcelik AS	TRY		3,521,000		$	23,645,315
Total Turkey						49,148,174
Vietnam (1.1%)
Bao Viet Holdings	VND		3,425,000			9,373,878
Nam Long Investment Corp.	VND		3,150,000			3,307,161
Vietnam National Reinsurance Corp.	VND		815,790			677,141
Total Vietnam						13,358,180
TOTAL COMMON STOCKS (Cost $923,609,844)						930,845,846
PREFERRED STOCKS (9.3%)
Brazil (5.0%)
Banco Bradesco SA, ADR	USD		6,464,897			48,292,781
Vale SA	BRL		2,750,000			12,609,580
Total Brazil						60,902,361
South Korea (4.3%)
Samsung Electronics Co., Ltd.	KRW		58,000			53,092,856
Total South Korea						53,092,856
TOTAL PREFERRED STOCKS (Cost $87,789,655)						113,995,217

	Currency		Rate		Maturity Date	Principal Amount	Value
USD CORPORATE BONDS (1.0%)
Brazil (1.0%)
Cielo SA / Cielo USA, Inc.(b)		USD		3.75%	11/16/22	$         13,440,000		12,183,360
Total Brazil								12,183,360
TOTAL CORPORATE BONDS (Cost $11,576,282)								12,183,360

Annual Report – April 30, 2016 17

Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2016

	Currency		Rate		Maturity Date	Principal Amount		Value
FOREIGN CURRENCY CONVERTIBLE BONDS (1.6%)
China / Hong Kong (1.6%)
ASM Pacific Technology, Ltd.		HKD		2.00%	03/28/19		$        150,000,000	$	19,458,482
Total China / Hong Kong									19,458,482
TOTAL FOREIGN CURRENCY CONVERTIBLE BONDS (Cost $19,855,437)									19,458,482
FOREIGN CURRENCY CORPORATE BONDS (1.4%)
Mexico (1.4%)
America Movil SAB de CV		MXN		7.13%	12/09/24		144,710,000		8,171,382
America Movil SAB de CV		MXN		6.45%	12/05/22		145,000,000		8,196,185
Total Mexico									16,367,567
TOTAL FOREIGN CURRENCY CORPORATE BONDS (Cost $16,086,289)									16,367,567
FOREIGN CURRENCY GOVERNMENT BONDS (2.4%)
Brazil (0.9%)
Brazilian Government International Bond		BRL		10.25%	01/10/28		40,000,000		10,700,007
Total Brazil									10,700,007
Indonesia (0.6%)
Indonesia Treasury Bond, Series FR70		IDR		8.38%	03/15/24		100,000,000,000		7,939,870
Total Indonesia									7,939,870
Turkey (0.9%)
Turkey Government Bond		TRY		8.80%	09/27/23		30,000,000		10,604,003
Total Turkey									10,604,003
TOTAL FOREIGN CURRENCY GOVERNMENT BONDS (Cost $28,356,179)									29,243,880

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Seafarer Overseas Growth and Income Fund Portfolio of Investments

April 30, 2016

TOTAL INVESTMENTS (Cost $1,087,273,686) (92.1%)	$    1,122,094,352
Cash and Other Assets, Less Liabilities (7.9%)	96,879,453
NET ASSETS (100.0%)	$    1,218,973,805

(a) Non-income producing security.

(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. The security has been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of April 30, 2016, the aggregate market value of those securities was $12,183,360, representing 1.0% of net assets.

Currency Abbreviations

BRL	-	Brazil Real
HKD	-	Hong Kong Dollar
IDR	-	Indonesia Rupiah
INR	-	India Rupee
JPY	-	Japan Yen
KRW	-	South Korea Won
MXN	-	Mexico Peso
MYR	-	Malaysia Ringgit
PLN	-	Poland Zloty
SGD	-	Singapore Dollar
TRY	-	Turkey Lira
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.

See Accompanying Notes to Financial Statements.

Annual Report – April 30, 2016 19

Seafarer Overseas Growth and Income Fund Statement of Assets and Liabilities

April 30, 2016

ASSETS:
Investments, at value	$	1,122,094,352
Cash		96,646,265
Foreign currency, at value (Cost $13,781,839)		13,861,121
Receivable for investments sold		189,953
Receivable for shares sold		4,011,813
Interest and dividends receivable		3,547,632
Prepaid expenses and other assets		20,430
Total Assets		1,240,371,566
LIABILITIES:
Payable for investments purchased		19,599,103
Administrative fees payable		75,538
Shareholder service plan fees payable		340,276
Payable for shares redeemed		308,123
Investment advisory fees payable		699,461
Payable for chief compliance officer fee		10,568
Trustee fees and expenses payable		11,801
Payable for principal financial officer fees		1,667
Audit and tax fees payable		20,253
Accrued expenses and other liabilities		330,971
Total Liabilities		21,397,761
NET ASSETS	$	1,218,973,805
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	1,192,202,956
Accumulated net investment income		3,665,408
Accumulated net realized loss		(11,777,648)
Net unrealized appreciation		34,883,089
NET ASSETS	$	1,218,973,805
INVESTMENTS, AT COST	$	1,087,273,686
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	11.44
Net Assets	$	613,795,442
Shares of beneficial interest outstanding		53,658,405
Institutional Class:
Net Asset Value, offering and redemption price per share	$	11.46
Net Assets	$	605,178,363
Shares of beneficial interest outstanding		52,796,408

See Accompanying Notes to Financial Statements.

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Seafarer Overseas Growth and Income Fund Statement of Operations

For the Year Ended April 30, 2016

INVESTMENT INCOME:
Dividends	$     16,471,169
Foreign taxes withheld on dividends	(1,180,730)
Interest and other income	2,152,872
Total investment income	17,443,311
EXPENSES:
Investment advisory fees (Note 6)	4,856,230
Administrative and transfer agency fees	384,981
Trustee fees and expenses	18,866
Registration/filing fees	125,167
Shareholder service plan fees
Investor Class	475,338
Institutional Class	149,502
Recoupment of previously waived fees
Investor Class	200,614
Institutional Class	176,598
Legal fees	21,430
Audit fees	23,829
Reports to shareholders and printing fees	56,172
Custody fees	477,041
Chief compliance officer fees	10,568
Principal financial officer fees	3,333
Miscellaneous	17,125
Total expenses	6,996,794
NET INVESTMENT INCOME:	10,446,517
Net realized loss on investments	(11,401,544)
Net realized loss on foreign currency transactions	(681,378)
Net realized loss	(12,082,922)
Net change in unrealized appreciation on investments (net of foreign  capital gains tax of $(233,737))	20,324,451
Net change in unrealized appreciation on translation of assets and  liabilities in foreign currency transactions	67,371
Net unrealized appreciation	20,391,822
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS	8,308,900
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$     18,755,417

See Accompanying Notes to Financial Statements.

Annual Report – April 30, 2016 21

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

	Year Ended               April 30, 2016		Year Ended   April 30, 2015
OPERATIONS:
Net investment income		$    10,446,517		$     1,478,828
Net realized gain/(loss)		(12,082,922)		3,072,569
Net change in unrealized appreciation		20,391,822		11,219,064
Net increase in net assets resulting from operations		18,755,417		15,770,461
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
From net investment income
Investor Class		$    (2,584,508)		$      (553,066)
Institutional Class		(2,856,743)		(1,354,908)
From net realized gains on investments
Investor Class		(883,213)		(462,598)
Institutional Class		(865,671)		(1,176,662)
Net decrease in net assets from distributions		(7,190,135)		(3,547,234)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):
Shares sold
Investor Class		$   641,922,494		$    35,017,066
Institutional Class		559,784,411		82,647,370
Dividends reinvested
Investor Class		3,453,383		1,000,415
Institutional Class		2,613,473		2,292,073
Shares Redeemed, net of redemption fees
Investor Class		(95,043,203)		(12,562,924)
Institutional Class		(88,578,872)		(11,165,061)
Net increase in net assets derived from beneficial interest  transactions		1,024,151,686		97,228,939
Net increase in net assets		$    1,035,716,968		$   109,452,166
NET ASSETS:
Beginning of period		$   183,256,837		$     73,804,671
End of period (including accumulated net investment income/(loss) of $3,665,408 and ($444,614), respectively)		$    1,218,973,805		$   183,256,837

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Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

	Year Ended             April 30, 2016		Year Ended        April 30, 2015
Other Information:
SHARE TRANSACTIONS:
Investor Class
Sold		58,019,970		2,904,763
Distributions reinvested		324,192		90,196
Redeemed		(8,922,148)		(1,105,772)
Net increase in shares outstanding		49,422,014		1,889,187
Institutional Class
Sold		50,734,276		6,996,213
Distributions reinvested		243,396		206,966
Redeemed		(8,430,296)		(977,140)
Net increase in shares outstanding		42,547,376		6,226,039

See Accompanying Notes to Financial Statements.

Annual Report – April 30, 2016 23

Financial Highlights

For a share outstanding through the periods presented

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

REDEMPTION FEES ADDED TO PAID IN CAPITAL

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(d)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(g)

^(a)  Calculated using the average shares method.

^(b)  Less than $(0.005) per share.

^(c)  Less than $0.005 per share.

^(d)  Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(e)  Annualized.

^(f)  Effective September 1, 2015, the Adviser agreed to limit expenses to 1.15%. The Adviser agreed to limit expenses to 1.25% for the period September 1, 2014 through August 31, 2015. Prior to September 1, 2014, the Adviser agreed to limit expenses to 1.40%. (See Note 6).

^(g)  Portfolio turnover rate for periods less than one full year have not been annualized.

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Seafarer Overseas Growth and Income Fund

Year Ended       April 30, 2016			Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013			For the Period      February 15, 2012      (Inception) to      April 30, 2012
$	12.64		$	11.58		$	11.91		$	10.18		$	10.00
	0.16			0.14			0.19			0.10			0.05
	(1.23)			1.26			0.02			1.74			0.13
	(1.07)			1.40			0.21			1.84			0.18
	(0.11)			(0.19)			(0.26)			(0.11)			–
	(0.02)			(0.15)			(0.28)			(0.00)	(b)		–
	(0.13)			(0.34)			(0.54)			(0.11)			–
	0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		–
	(1.20)			1.06			(0.33)			1.73			0.18
$	11.44		$	12.64		$	11.58		$	11.91		$	10.18
	(8.39%)			12.55%			1.93%			18.24%			1.80%
$	613,795		$	53,543		$	27,181		$	26,348		$	1,443
	1.14%			1.30%			1.78%			2.82%			18.96%	(e)
	1.14%	(f)		1.30%	(f)		1.40%			1.49%			1.60%	(e)
	1.50%			1.19%			1.66%			0.90%			2.61%	(e)
	7%			28%			51%			39%			5%

See Accompanying Notes to Financial Statements.

Annual Report – April 30, 2016 25

Financial Highlights

For a share outstanding through the periods presented

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

REDEMPTION FEES ADDED TO PAID IN CAPITAL

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(d)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(g)

^(a)  Calculated using the average shares method.

^(b)  Less than $(0.005) per share.

^(c)  Less than $0.005 per share.

^(d)  Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(e)  Annualized.

^(f)  Effective September 1, 2014, the Adviser agreed to limit expenses to 1.05%. Prior to September 1, 2014, the Adviser agreed to limit expenses to 1.25%. (See Note 6).

^(g) Portfolio turnover rate for periods less than one full year have not been annualized.

26 (855) 732-9220    seafarerfunds.com

Seafarer Overseas Growth and Income Fund

Year Ended       April 30, 2016		Year Ended     April 30, 2015			Year Ended     April 30, 2014			Year Ended     April 30, 2013			For the Period      February 15, 2012      (Inception) to      April 30, 2012
$	12.66	$	11.59		$	11.91		$	10.18		$	10.00
	0.19		0.15			0.21			0.14			0.04
	(1.26)		1.28			0.02			1.71			0.14
	(1.07)		1.43			0.23			1.85			0.18
	(0.12)		(0.21)			(0.27)			(0.12)			–
	(0.02)		(0.15)			(0.28)			(0.00)	(b)		–
	(0.14)		(0.36)			(0.55)			(0.12)			–
	0.01		0.00	(c)		0.00	(c)		0.00	(c)		–
	(1.20)		1.07			(0.32)			1.73			0.18
$	11.46	$	12.66		$	11.59		$	11.91		$	10.18
	(8.32%)		12.76%			2.12%			18.33%			1.80%
$	605,178	$	129,714		$	46,624		$	11,486		$	1,346
	1.03%		1.18%			1.61%			2.88%			21.65%	(e)
	1.03%		1.10%	(f)		1.25%			1.35%			1.45%	(e)
	1.72%		1.30%			1.89%			1.28%			2.00%	(e)
	7%		28%			51%			39%			5%

See Accompanying Notes to Financial Statements.

Annual Report – April 30, 2016 27

Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes the Seafarer Overseas Growth and Income Fund (the “Fund”). The 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 Fund offers Investor Class and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. 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.

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange but before the close of the NYSE, such that the securities’ value would likely change. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board of Trustees (the “Board”). The Fund will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of 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 Fund’s valuation procedures set forth certain triggers that inform the Fund when to use the fair valuation model.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (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

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Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

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 Seafarer Capital Partners, LLC (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Certain foreign countries impose a tax on capital gains which is accrued by the Fund based on unrealized appreciation, if any, on affected securities. The tax is paid when the gain is realized.

Fair Value Measurements: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. 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 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 a Fund has the ability to access at the measurement date;
Level 2 –	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 –	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

Annual Report – April 30, 2016 29

Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

The following is a summary of each input used to value the Fund as of April 30, 2016:

Investments in Securities at Value(a)	Level 1 -   Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Common Stocks	$	930,845,846	$	–	$	–	$	930,845,846
Preferred Stocks		113,995,217		–		–		113,995,217
Corporate Bonds		–		12,183,360		–		12,183,360
Foreign Currency
Convertible
Bonds		–		19,458,482		–		19,458,482
Foreign Currency
Corporate
Bonds		–		16,367,567		–		16,367,567
Foreign Currency
Government
Bonds		–		29,243,880		–		29,243,880
Total	$	1,044,841,063	$	77,253,289	$	–	$	1,122,094,352

(a) For detailed descriptions of security by country, see the accompanying Portfolio of Investments.

The Fund recognizes transfers between levels as of the end of the period. For the year ended April 30, 2016, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Security amounts the Fund transferred between Levels 1 and 2 at April 30, 2016 were as follows:

Seafarer Overseas
Growth and	Level 1				Level 2
Income Fund	Transfers In		Transfers (Out)		Transfers In		Transfers (Out)
Common Stocks	$	600,306,800	$	–	$	–	$	(600,306,800)
Preferred Stocks	$	53,092,856	$	–	$	–	$	(53,092,856)
Total	$	653,399,656	$	–	$	–	$	(653,399,656)

The Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Funds’ net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. The transfer amounts disclosed in the table above represent the value of the securities as of April 30, 2016 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held at April 30, 2015.

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 Fund. 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.

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Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

Foreign Securities: The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The 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 the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Trust Expenses: Some expenses of the Trust can be directly attributed to the 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 and Class Expenses: Expenses that are specific to the Fund or class of shares of the Fund, including shareholder servicing fees, are charged directly to the Fund or share class. All expenses of the Fund, other than class specific expenses, are allocated daily to each class in proportion to its average daily net assets.

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year so that 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, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Annual Report – April 30, 2016 31

Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

Distributions to Shareholders:  The Fund normally pays dividends from net investment income, if any, on a semi-annual basis. The Fund normally 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 one year. The Fund may make additional distributions and dividends at other times if the Adviser believes doing so may be necessary for the Fund to avoid or reduce taxes.

3. TAX BASIS INFORMATION

Reclassifications: As of April 30, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in the tax character of distributions, PFICs and foreign currency. The reclassifications were as follows:

	Paid-in Capital		Accumulated Net   Investment Income		Accumulated Net     Realized Loss on     Investments
Seafarer Overseas Growth and Income Fund	$	213,491	$	(895,244)	$	681,753

Tax Basis of Investments:  As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

	Cost of Investments		Gross  Unrealized  Appreciation		Gross   Unrealized   Depreciation		Net  Depreciation  on Foreign  Currencies		Net Unrealized Appreciation
Seafarer Overseas Growth and Income Fund	$	1,090,230,033	$	97,309,672	$	(65,445,353)	$	62,423	$	31,926,742

Components of Distributable Earnings:   As of April 30, 2016, components of distributable earnings were as follows:

Accumulated net investment income	$	4,003,091
Accumulated net realized loss		(9,158,984)
Net unrealized appreciation on investments		31,926,742
Total distributable earnings	$	26,770,849

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Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

Capital Losses:   As of April 30, 2016, the Fund has available for Federal income tax purposes unused capital losses that may be used to offset future realized capital gains. The Fund has $267,648 in short-term losses and $246,508 in long-term losses that will be carried forward indefinitely to offset future realized gains.

The fund elects to defer to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016 in the amount of $8,644,828.

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 is recorded by the Fund.

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2016, were as follows:

	Ordinary Income		Long-Term Capital   Gain
Seafarer Overseas Growth and Income Fund	$	5,441,611	$	1,748,524

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2015, were as follows:

	Ordinary Income		Long-Term Capital   Gain
Seafarer Overseas Growth and Income Fund	$	1,973,654	$	1,573,580

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities excluding short term securities during the year ended April 30, 2016, were as follows:

	Purchases of   Securities		Proceeds From Sales of Securities
Seafarer Overseas Growth and Income Fund	$	978,855,606	$	43,356,209

Annual Report – April 30, 2016 33

Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

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 solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

Shares redeemed within 90 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The redemption fee is reflected in the “Shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets. During the years ended April 30, 2016, and April 30, 2015, the Fund retained the following redemption fees:

Fund	For the Year ended April 30, 2016	For the Year ended     April 30, 2015
Seafarer Overseas Growth and Income Fund
Investor Class	$   136,085	$   10,091
Institutional Class	$   152,697	$  6,959

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, limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the advisory agreement with the Trust, the Adviser is entitled to investment advisory fees, computed daily at an annual rate of 0.75% of the average daily net assets of the Fund. The management fee is paid on a monthly basis.

Effective September 1, 2014, the Adviser contractually agreed to limit certain Fund expenses (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses), to 1.25% and 1.05% of the Fund’s average daily net assets in the Investor and Institutional share classes, respectively, through August 31, 2015. Effective September 1, 2015, the Adviser has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2017. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year(s) in which the fees and expenses were deferred. This agreement may not be terminated or modified prior to August 31, 2017 except with the approval of the Fund’s Board of Trustees. During the year ended April 30, 2016, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses from the prior three years. As of April 30, 2016, the Adviser has recouped all available waived management fees from the Fund. This amount is disclosed on the Statement of Operations as “Recoupment of previously waived fees”.

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Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

Fund Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) (an affiliate of ALPS Distributors, Inc.) provides administrative, fund accounting and other services to the Fund under the Administration, Bookkeeping and Pricing Services Agreement with the Trust. Under this Agreement, ALPS is paid fees by the Fund, accrued on a daily basis and paid on a monthly basis following the end of the month, based on the greater of (a) an annual total fee of $151,120 (subject to an annual cost of living increase), or (b) the following fee schedule:

Average Total Net Assets	Contractual Fee
Between $0-$500M	0.05%
$500M-$1B	0.03%
Above $1B	0.02%

The Administrator is also reimbursed by the Fund for certain out-of-pocket expenses. Administration fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statements of Operations.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund (“Transfer Agent”). ALPS is compensated based upon a $26,420 annual base fee for the Fund, and annually $9 per direct open account and $7 per open account through NSCC. The Transfer Agent is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement 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 under the Chief Compliance Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee of $31,704 and is reimbursed for certain out-of-pocket expenses. Compliance service fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Principal Financial Officer

ALPS provides principal financial officer services to the Fund under the Principal Financial Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee of $10,000 and is reimbursed for certain out-of-pocket expenses. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Fund’s shares pursuant to the Distribution Agreement with the Trust. Under a side letter agreement, the Adviser pays ADI an annual base fee of $12,000 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 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 registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Shareholder Service Plan for Investor Class and Institutional Class Shares 

The Fund has adopted a Shareholder Services Plan (a “Services Plan”) for each of its share classes. Under the Services Plan, the 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 the particular Participating Organization’s products, programs, platform and accounts. The Services Plan will cause the Fund to pay an aggregate fee, not to exceed on an annual basis 0.15% and 0.05% of the

Annual Report – April 30, 2016 35

Seafarer Overseas Growth and Income Fund Notes to Financial Statements

April 30, 2016

average daily net asset value of the Investor and Institutional share classes, respectively. Such payment will be made on assets attributable to or held in the name of a Participating Organization, on behalf of its clients as compensation for providing service activities pursuant to an agreement with a Participating Organization. Any amount of such payment not paid to the Participating Organizations during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable after the end of the fiscal year.

7. INDEMNIFICATIONS

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

36 (855) 732-9220   seafarerfunds.com

Seafarer Overseas Growth and Income Fund Report of Independent Registered Public Accounting Firm

April 30, 2016

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Seafarer Overseas Growth and Income Fund (the “Fund”), one of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from February 15, 2012 (inception) to April 30, 2012. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Seafarer Overseas Growth and Income Fund of Financial Investors Trust as of April 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from February 15, 2012 (inception) to April 30, 2012, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

Annual Report – April 30, 2016 37

Seafarer Overseas Growth and Income Fund Disclosure Regarding Approval of Fund Advisory Agreement

April 30, 2016 (Unaudited)

On December 15, 2015, the Trustees met in person to discuss, among other things, the approval of the investment advisory agreement between the Trust and Seafarer Capital Partners, LLC (the “Adviser”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

In renewing and approving the Investment Advisory Agreement with the Adviser, the Trustees, including the Independent Trustees, considered the following factors with respect to the Seafarer Overseas Growth and Income Fund (the “Seafarer Fund”):

Investment Advisory Fee Rate:     The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Seafarer Fund, to the Adviser of 0.75% of the Seafarer Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by the Adviser to the Seafarer Fund.

The Board received and considered information including a comparison of the Seafarer Fund’s contractual and actual management fees and overall expenses with those of funds in the expense group and universes of funds selected by an independent provider of investment company data (the “Independent Data Provider”). The Trustees noted that the contractual management fee rate for the Institutional Class shares of the Seafarer Fund was below the average and median contractual management fee rates of the Independent Data Provider expense group.

Total Expense Ratios:   Based on such information, the Trustees further reviewed and considered the total expense ratio (after waivers) of 1.098% for the Institutional Class of the Seafarer Fund. The Trustees noted that the Seafarer Fund’s total expense ratio (after waivers) was below the average and median total expense ratios of the Independent Data Provider expense group.

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 Fund under the Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by the Adviser in its presentation, including its Form ADV.

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

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

The Trustees also reviewed, among other things, the Adviser’s insider trading policies and procedures and its Code of Ethics.

Performance:   The Trustees reviewed performance information for the Seafarer Fund for the 1-year, 2-year, 3-year and since inception (February 15, 2012) periods ended October 31, 2015. That review included a comparison of the Seafarer Fund’s performance to the performance universe of a group of funds selected by Independent Data Provider. The Trustees noted the performance of the Seafarer Fund was above its respective performance universe average and benchmark for these periods. The Trustees also considered the Adviser’s discussion of the Seafarer Fund’s underlying portfolio diversification categories, its top contributors and top detractors, as well as the Adviser’s performance

38 (855) 732-9220   seafarerfunds.com

Seafarer Overseas Growth and Income Fund Disclosure Regarding Approval of Fund Advisory Agreement

April 30, 2016 (Unaudited)

and reputation generally and its investment techniques, risk management controls and decision-making processes.

Comparable Accounts:  The Trustees noted certain information provided by the Adviser regarding fees charged to other Adviser clients and considered the Adviser’s statements indicating that there were no clients with investment mandates directly comparable to that of the Seafarer Fund.

Profitability:   The Trustees received and considered a retrospective, if applicable, and projected profitability analysis prepared by the Adviser based on the fees payable under the Investment Advisory Agreement with respect to the Seafarer Fund. The Trustees considered the profits, if any, anticipated to be realized by the Adviser in connection with the operation of the Seafarer Fund. The Board then reviewed the Adviser’s unaudited financial statements, including profit and loss statements for the fiscal year 2014 and the period of October 1, 2014 to September 30, 2015 and balance sheets as of December 31, 2014 and September 30, 2015 in order to analyze the financial condition and stability and profitability of the Adviser.

Economies of Scale:    The Trustees considered whether economies of scale in the provision of services to the Seafarer Fund 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 the Adviser from its relationship with the Seafarer Fund, including whether soft dollar arrangements were used.

In renewing the Adviser as the Seafarer Fund’s investment adviser and renewing the Investment Advisory Agreement and the fees charged under the Investment Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Investment Advisory Agreement. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

• the contractual management fee rate was below the average and median expense group contractual management fee rate for the Institutional Class of the Seafarer Fund;

• the total expense ratio (after waivers) was below the average and median expense group total expense ratios (after waivers) for the Institutional Class of the Seafarer Fund;

• the nature, extent and quality of services rendered by the Adviser under the Investment Advisory Agreement with respect to the Seafarer Fund were adequate;

• the performance of the Institutional Class of the Seafarer Fund was above the average of the funds in its Independent Data Provider performance universe for the 1-year, 2-year, 3- year and since inception periods ended October 31, 2015;

• 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 the Adviser’s other clients were not indicative of any unreasonableness with respect to the advisory fees proposed to be payable by the Seafarer Fund;

• the profit, if any, realized by the Adviser in connection with the operation of the Seafarer Fund is not unreasonable to the Seafarer Fund; and

• there were no material economies of scale or other incidental benefits accruing to the Adviser in connection with its relationship with the Seafarer Fund.

Annual Report – April 30, 2016 39

Seafarer Overseas Growth and Income Fund Disclosure Regarding Approval of Fund Advisory Agreement

April 30, 2016 (Unaudited)

During the review process, the Trustees noted certain instances where clarification or follow-up was appropriate and others where the Trustees determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the Investment Advisory Agreement, the Board had received sufficient information to renew and approve the Investment Advisory Agreement.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that the Adviser’s compensation for investment advisory services is consistent with the best interests of the Seafarer Fund and its shareholders.

40 (855) 732-9220   seafarerfunds.com

Seafarer Overseas Growth and Income Fund Additional Information

April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Fund’s Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, D.C. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling toll-free (855) 732-9220 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS (UNAUDITED)

The Fund designates the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2015:

Dividends Received Deduction	Qualified Dividend Income
0.00%	63.20%

In early 2016, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2015 via Form 1099. The Fund will notify shareholders in early 2017 of amounts paid to them by the Fund, if any, during the calendar year 2016.

The Fund designates foreign taxes paid in the amount of $989,458 and foreign source income in the amount of $16,454,435 for federal income tax purposes for the year ended April 30, 2016.

Pursuant to section 852(b)(3), the Fund designates $1,748,524 as a long-term capital gain distribution.

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

Annual Report – April 30, 2016 41

Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 888-288-1121.

INDEPENDENT TRUSTEES

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

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Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).

Annual Report – April 30, 2016 43

Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

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Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

INTERESTED TRUSTEE

Name,  Address*  & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

Annual Report – April 30, 2016 45

Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

OFFICERS

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.

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Seafarer Overseas Growth and Income Fund Trustees and Officers

April 30, 2016 (Unaudited)

OFFICERS (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011- 2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

* All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Seafarer Capital Partners, LLC provides investment advisory services (currently none).

Annual Report – April 30, 2016 47

Seafarer Funds distributed by ALPS Distributors, Inc.

Must be accompanied or preceded by a prospectus.

Stonebridge Small-Cap Growth Fund (SBSGX)
ANNUAL REPORT
APRIL 30, 2016

Table of Contents

April 30, 2016

Letter to Shareholders	1
Disclosure of Fund Expenses	5
Statement of Investments	6
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	23
Additional Information	24
Trustees and Officers	25

Stonebridge Small-Cap Growth Fund	Letter to Shareholders
April 30, 2016 (Unaudited)

May 13, 2016

Dear Shareholders:

On April 27, 2016, Stonebridge Capital Management informed the Board of Trustees of its contractually required 60-day notice of resignation as adviser to the Stonebridge Small-Cap Growth Fund. As such, this will be our last letter to shareholders of the Fund. We appreciate your loyalty over several decades and are saddened that the economics of advising to a small mutual fund have become so challenging.

OVERVIEW

The performance of the Fund has significantly improved over the last six months as several investments in the portfolio positively inflected due to improving fundamentals at the individual company level. Further, the Fund had much less exposure to industries such as biotech and social media that saw a major sell-off during the first calendar quarter of 2016. During the twelve-month period ending April 30, 2016, the Fund’s health care exposure added significant outperformance to the Fund as did the Fund’s exposure to the industrial sector. The biggest detractor to performance over the last twelve months was the Fund’s exposure to consumer discretionary companies and financials.

The top three performers over the last six months include Genomic Health (health care), Chefs’ Warehouse (consumer staples) and Tandem Diabetes Care (health care). The Fund continues to own all three positions. The three worst performing holdings over the last six months were Nimble Storage (technology), WisdomTree Investments (financials) and Advisory Board (health care). The Fund has exited its position of Advisory Board and is waiting for Nimble’s upcoming quarterly earnings release for additional data.

STONEBRIDGE SMALL-CAP GROWTH FUND

For the six months ending April 30, 2016, the Stonebridge Small-Cap Growth Fund declined by 0.82% versus a much broader decline of 4.98% for the Russell 2000 Growth Index, the Fund’s benchmark. During the last fiscal year, April 30, 2015 to April 30, 2016, the Stonebridge Small-Cap Growth Fund declined by 12.92%. Over the past twelve months, the Fund made some key adjustments to its sector allocations; increasing its financial and technology exposure while reducing its industrial and telecommunications exposure. As we indicated in our last shareholder letter dated November 12, 2015, the technology and health care sectors in combination remain greater than 50% of the Fund’s exposure and that remains true today. As such, these sectors continue to be key areas of focus for the Fund’s investment strategy and success in the near-term. The Fund also continues to favor energy companies as we believe crude oil prices remain too low and that demand for crude oil remains strong and that the growth in supply of crude oil is limited. Last, while the Fund’s strategy remains cautious on the overall state of consumer spending, it does have investment positions in consumer companies with strong growth opportunities and market-leading positions.

    Annual Report  |  April 30, 2016 1    

Stonebridge Small-Cap Growth Fund Letter to Shareholders

April 30, 2016 (Unaudited)

Stonebridge Small-Cap Growth Fund (SBSGX) Sector Allocation

as a Percent of Net Assets as of April 30, 2016*

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

Change in value of a $10,000 investment in Stonebridge Small-Cap

Growth Fund (SBSGX) vs. the Russell 2000^® Growth Index and

the S&P 500^® Total Return Index from April 30, 2006 to April 30, 2016

Average Annual Total Returns for the Years Ended April 30, 2016

	1 Year		5 Years		10 Years
Stonebridge Small-Cap Growth Fund (SBSGX)		-12.92%		-2.54%		-0.45%
Russell 2000® Growth Index(1)		-8.27%		7.15%		6.14%
S&P 500® Total Return Index(2)		1.21%		11.02%		6.91%

    2 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Letter to Shareholders

April 30, 2016 (Unaudited)

Average annual total returns reflect reinvestment of all dividends and capital gains distributions, any fee waivers in effect and any expense reimbursements. Without the fee waivers and expense reimbursements, the total return figures would be lower. Past performance is not indicative of future results and current performance may be lower or higher than the performance quoted. Investment return and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. The total returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain the most recent month-end performance, please call the Fund’s toll-free number at 1-800-639-3935.

Effective as of the close of business February 15, 2013, Stonebridge Small-Cap Growth Fund (SBAGX) (the “Acquired Fund”) and Stonebridge Institutional Small-Cap Growth Fund (SBSCX) (the “Acquiring Fund”), each a series of Stonebridge Funds Trust were reorganized into a newly created fund, which is named the Stonebridge Small-Cap Growth Fund (SBSGX) (the “Fund”), under the Financial Investors Trust. The Fund’s performance for periods prior to the close of business February 15, 2013 is that of the Acquiring Fund.

Stonebridge Capital Management, Inc. (the “Adviser”) has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses, exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses, to an annual rate of 1.96% of the Fund’s average daily net assets. This agreement is in effect through August 31, 2016. The Adviser will be permitted to recover expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. The Adviser may not discontinue the waiver without the approval by the Fund’s Board of Trustees.

As of the Prospectus dated August 31, 2015, the gross annual expense ratio for the Stonebridge Small-Cap Growth Fund was 2.12%. At October 31, 2015, the Fund’s gross annual expense ratio was 2.28% and the Fund’s annual net expense ratio was 2.20%.

CONCLUSION

While we remain the adviser to the Fund, we will continue to manage the Fund in accordance with its stated strategy. We seek to identify strong businesses that we believe exhibit competitive advantages, growing market share, and healthy balance sheets, and that are poised to rapidly grow earnings in excess of market expectations. We are positioning the Fund toward those businesses and economic sectors that we believe contain the best opportunities for future growth and investment returns. Although we are most excited about the outlook for technology, health care and energy companies, we believe that we will continue to find opportunities for the Fund across sectors that can deliver solid performance results for shareholders.

Richard C. Barrett, CFA

Matthew W. Markatos, CFA

Portfolio Managers

    Annual Report  |  April 30, 2016 3    

Stonebridge Small-Cap Growth Fund Letter to Shareholders

April 30, 2016 (Unaudited)

Performance quoted above represents past performance. Past Performance does not guarantee future results.

The views of Stonebridge Capital Management, Inc. and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Stonebridge Capital Management, Inc. nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

The Stonebridge Small-Cap Growth Fund is distributed by ALPS Distributors, Inc.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives.

Diversification does not ensure a profit or guarantee against loss.

DEFINITIONS:

⁽¹⁾ The Russell 2000^® Growth Index is an unmanaged index that measures the performance of those Russell 2000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. The Russell 2000^® Growth Index is constructed to provide a comprehensive and unbiased barometer of the small-cap growth market. This is a total return index which reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

⁽²⁾ The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for the market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly into the Index.

    4 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund	Disclosure of Fund Expenses
	April 30, 2016 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs (such as the 2% fee on redemption of Fund shares made within 30 days of purchase); and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2015 and held until April 30, 2016.

Actual Expenses — The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expense Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes — The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Stonebridge Small-Cap Growth Fund

	Beginning Account Value at 11/01/15	Ending Account Value at 4/30/16	Expense Ratio(1)	Expense Paid         During Period         11/01/15 to         4/30/16(2)
Actual Fund Return	$   1,000.00	$      991.80	1.96%	$      9.71
Hypothetical Fund Return (5% return before expenses)	$   1,000.00	$   1,015.12	1.96%	$      9.82

⁽¹⁾ The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

⁽²⁾  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

    Annual Report  |  April 30, 2016 5    

Stonebridge Small-Cap Growth Fund	Statement of Investments
	April 30, 2016

	Shares		Market Value
COMMON STOCKS (98.20%)
CONSUMER DISCRETIONARY - (15.42%)
Hotels, Restaurants & Leisure (6.23%)
Belmond, Ltd. - Class A**		33,000	$	302,280
El Pollo Loco Holdings, Inc.**		20,000		263,800
Interval Leisure Group, Inc.		18,000		254,160
				820,240
Household Durables (3.17%)
TRI Pointe Group, Inc.**		36,000		417,600
Media (3.23%)
MDC Partners, Inc. - Class A		21,000		425,040
Specialty Retail (2.79%)
GNC Holdings, Inc. - Class A		10,000		243,600
Select Comfort Corp.**		5,000		123,400
				367,000
TOTAL CONSUMER DISCRETIONARY				2,029,880
CONSUMER STAPLES - (0.88%)
Food & Staples Retailing (0.88%)
The Chefs’ Warehouse, Inc.**		6,000		115,620
TOTAL CONSUMER STAPLES				115,620
ENERGY - (6.38%)
Energy Equipment & Services (3.06%)
Superior Energy Services, Inc.		12,500		210,750
US Silica Holdings, Inc.		7,500		191,625
				402,375
Oil, Gas & Consumable Fuels (3.32%)
Sanchez Energy Corp.**		12,500		112,375
Synergy Resources Corp.**		45,000		324,900
				437,275
TOTAL ENERGY				839,650
FINANCIALS - (7.76%)
Capital Markets (4.67%)
Fifth Street Asset Management, Inc.		35,000		124,950
WisdomTree Investments, Inc.		45,000		490,050
				615,000

   See Notes to Financial Statements.

    6 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Statement of Investments

April 30, 2016

	Shares		Market Value
FINANCIALS (continued)
Thrifts & Mortgage Finance (3.09%)
BofI Holding, Inc.**		20,000	$	407,400
TOTAL FINANCIALS				1,022,400
HEALTH CARE - (18.62%)
Biotechnology (10.29%)
ACADIA Pharmaceuticals, Inc.**		6,000		193,800
Array BioPharma, Inc.**		40,000		127,600
Cepheid**		13,000		371,020
Exact Sciences Corp.**		19,000		133,380
Genomic Health, Inc.**		14,500		381,060
PTC Therapeutics, Inc.**		20,000		148,400
				1,355,260
Health Care - Technology (2.04%)
Allscripts Healthcare Solutions, Inc.**		20,000		268,000
Health Care Equipment & Supplies (4.84%)
Merit Medical Systems, Inc.**		13,000		263,250
Tandem Diabetes Care, Inc.**		13,000		144,690
Trinity Biotech PLC - Sponsored ADR		20,000		230,000
				637,940
Life Sciences Tools & Services (1.45%)
Luminex Corp.**		9,500		190,950
TOTAL HEALTH CARE				2,452,150
INDUSTRIALS - (10.91%)
Aerospace & Defense (1.40%)
Astronics Corp.**		5,000		184,750
Commercial Services & Supplies (0.98%)
Ritchie Bros. Auctioneers, Inc.		4,500		129,105
Construction & Engineering (3.82%)
KBR, Inc.		15,000		233,400
Tutor Perini Corp.**		17,000		268,940
				502,340

   See Notes to Financial Statements.

    Annual Report  |  April 30, 2016 7    

Stonebridge Small-Cap Growth Fund Statement of Investments

April 30, 2016

	Shares		Market Value
INDUSTRIALS (continued)
Professional Services (4.71%)
The Advisory Board Co.**		11,500	$	363,860
WageWorks, Inc.**		4,750		255,835
				619,695
TOTAL INDUSTRIALS				1,435,890
INFORMATION TECHNOLOGY - (35.65%)
Communication Equipment (2.11%)
NetScout Systems, Inc.**		12,500		278,250
Electronic Equipment, Instruments & Components (3.39%)
DTS, Inc.**		15,000		327,300
MicroVision, Inc.**		55,000		118,800
				446,100
Internet Software & Services (12.77%)
Apigee Corp.**		41,000		397,700
Bazaarvoice, Inc.**		90,000		301,500
Cornerstone OnDemand, Inc.**		9,500		326,325
Envestnet, Inc.**		7,500		235,350
Marin Software, Inc.**		45,000		115,200
SPS Commerce, Inc.**		6,000		305,580
				1,681,655
Semiconductors & Semiconductor Equipment (4.62%)
Applied Micro Circuits Corp.**		53,000		330,720
FormFactor, Inc.**		36,000		277,200
				607,920
Software (9.45%)
Callidus Software, Inc.**		28,500		521,550
FireEye, Inc.**		9,500		164,825
MobileIron, Inc.**		49,000		187,670
PROS Holdings, Inc.**		12,500		147,000
Zix Corp.**		60,000		223,800
				1,244,845
Technology Hardware, Storage & Peripherals (3.31%)
Nimble Storage, Inc.**		59,000		435,420
TOTAL INFORMATION TECHNOLOGY				4,694,190

   See Notes to Financial Statements.

    8 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Statement of Investments

April 30, 2016

	Shares		Market Value
TELECOMMUNICATION SERVICES - (2.58%)
Diversified Telecommunication Services (2.58%)
8x8, Inc.**		30,000	$	340,200
TOTAL TELECOMMUNICATION SERVICES				340,200
TOTAL COMMON STOCKS
(Cost $12,536,557)				12,929,980
MONEY MARKET MUTUAL FUNDS (3.20%)
Fidelity® Institutional Money Market          Government Portfolio - Class I          (0.23% 7 Day Yield)		421,406		421,406
TOTAL MONEY MARKET MUTUAL FUNDS
(Cost $421,406)				421,406
TOTAL INVESTMENTS (101.40%)
(Cost $12,957,963)			$	13,351,386
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.40%)				(183,776)
NET ASSETS (100.00%)			$	13,167,610

** 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.

    Annual Report  |  April 30, 2016 9    

Stonebridge Small-Cap Growth Fund Statement of Assets and Liabilities

April 30, 2016

ASSETS:
Investments, at value	$	13,351,386
Receivable for investments sold		704,883
Dividends receivable		57
Due from advisor		8,603
Prepaid and other assets		10,719
Total assets		14,075,648
LIABILITIES:
Payable for investments purchased		858,392
Payable for fund shares redeemed		9,575
Administration and fund accounting fees payable		7,817
Payable for transfer agent fees		9,211
Payable for professional fees		16,046
Payable for trustee fees and expenses		81
Payable for chief compliance officer fees		1,761
Accrued expenses and other liabilities		5,155
Total liabilities		908,038
Net Assets	$	13,167,610
COMPOSITION OF NET ASSETS:
Paid-in capital (Note 5)	$	15,391,324
Accumulated net investment loss		(63,916)
Accumulated net realized loss on investments		(2,553,221)
Net unrealized appreciation in value of investments		393,423
Net Assets	$	13,167,610
NET ASSET VALUE PER SHARE:
Net Assets	$	13,167,610
Shares outstanding		1,809,809
Net asset value, offering and redemption price per share*	$	7.28
Investments, at cost	$	12,957,963

* A charge of 2% is imposed on the redemption proceeds of shares held 30 days or less (Note 5).

   See Notes to Financial Statements.

    10 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Statement of Operations

For the Year Ended April 30, 2016

INCOME:
Dividends	$	111,306
Foreign taxes withheld on dividends		(4,046)
Total Income		107,260
EXPENSES:
Investment advisory fees (Note 6)		107,115
Administration fees		79,422
Transfer agent fees		74,458
Fund accounting fees and expenses		3,746
Custodian fees		5,000
Professional fees		26,887
Printing fees		10,751
Registration fees		17,077
Trustee fees and expenses		338
Chief compliance officer fees		21,136
Insurance		174
Other		10,748
Total Expenses		356,852
Less fees waived/reimbursed by investment advisor (Note 6)		(58,045)
Net Expenses		298,807
Net Investment Loss		(191,547)
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized loss on investments		(1,940,524)
Change in net unrealized appreciation of investments		66,315
Net Realized and Unrealized Loss on Investments		(1,874,209)
Net Decrease in Net Assets Resulting From Operations	$	(2,065,756)

   See Notes to Financial Statements.

    Annual Report  |  April 30, 2016 11    

Stonebridge Small-Cap Growth Fund Statements of Changes in Net Assets

	For the       Year Ended       April 30, 2016		For the   Year Ended   April 30, 2015
OPERATIONS:
Net investment loss	$	(191,547)	$	(298,479)
Net realized loss on investments		(1,940,524)		(505,161)
Change in net unrealized appreciation of investments		66,315		110,963
Decrease in Net Assets Resulting from Operations		(2,065,756)		(692,677)
DISTRIBUTIONS (Note 3):
From net realized gains		–		(1,202,412)
Total distributions		–		(1,202,412)
CAPITAL SHARE TRANSACTIONS (NOTE 5):
Net decrease in shareholder activity derived from beneficial interest transactions, net of redemption fees		(1,144,431)		(431,599)
NET DECREASE IN NET ASSETS		(3,210,187)		(2,326,688)
NET ASSETS:
Beginning of period		16,377,797		18,704,485
End of period*	$	13,167,610	$	16,377,797
*    Includes accumulated net investment loss of:	$	(63,916)	$	(88,332)

   See Notes to Financial Statements.

    12 Stonebridge Small-Cap Growth Fund    

Page Intentionally Left Blank

Stonebridge Small-Cap Growth Fund

For a share outstanding through the periods presented

PER SHARE DATA

Net asset value, beginning of period

INCOME/(LOSS) FROM INVESTMENT OPERATIONS:

Net investment loss

Net realized and unrealized gain/(loss) on investments

Total Income/(Loss) from Investment Operations

DISTRIBUTIONS TO SHAREHOLDERS:

From net realized gain on investments

Total Distributions to Shareholders

Net Increase/(Decrease) in Net Asset Value

Net asset value, end of period

Total Return

Ratios & Supplemental Data:

Net assets, end of period (in 000s)

Ratios to average net assets:

Expenses (excluding fee waivers)

Expenses (including fee waivers)

Net investment loss (including fee waivers)

Portfolio Turnover Rate

(1) The Fund’s fiscal year end changed from October 31st to April 30th. See Note 1.

(2) Calculated using the average shares method.

(3) Total return not annualized for periods less than one full year.

(4) Effective October 1, 2015, the Adviser contractually agreed to limit expenses to 1.96%. (See Note 6)

(5) Annualized.

(6) Portfolio turnover rate for periods less than one full year have not been annualized.

   See Notes to Financial Statements.

    14 Stonebridge Small-Cap Growth Fund    

Financial Highlights

Year Ended       April 30, 2016		Year Ended April 30, 2015		Year Ended April 30, 2014		Six Months Ended April 30, 2013(1)		Year Ended October 31, 2012		Year Ended     October 31,     2011
	$8.36		$9.42		$8.74		$8.42		$7.90		$7.91
	(0.10)(2)		(0.15)(2)		(0.20)(2)		(0.15)(2)		(0.30)		(0.26)
	(0.98)		(0.27)		1.26		0.47		0.82		0.25
	(1.08)		(0.42)		1.06		0.32		0.52		(0.01)
	–		(0.64)		(0.38)		–		–		–
	–		(0.64)		(0.38)		–		–		–
	(1.08)		(1.06)		0.68		0.32		0.52		(0.01)
	$7.28		$8.36		$9.42		$8.74		$8.42		$7.90
	(12.92)%		(3.83)%		12.20%		3.80%(3)		6.58%		(0.13)%
	$13,168		$16,378		$18,704		$17,842		$12,673��		$12,457
	2.50%		2.12%		2.25%		3.86%(5)		3.89%		3.36%
	2.09%(4)		N/A		N/A		N/A		N/A		N/A
	(1.34)%(4)		(1.73)%		(2.09)%		(3.52)%(5)		(3.58)%		(2.96)%
	157%		138%		152%		89%(6)		222%		195%

    Annual Report  |  April 30, 2015 15    

Stonebridge Small-Cap Growth Fund	Notes to Financial Statements
	April 30, 2016

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of April 30, 2016, the Trust had 34 registered funds. The Fund seeks long-term growth of capital.

The Fund is a successor to a previously operational fund which was a series of the Stonebridge Funds Trust, a Delaware statutory trust, and was organized into a series of the Trust effective as of the close of business on February 15, 2013. As a result, the Fund’s fiscal year end changed from October 31 to April 30.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements.

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

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (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. Investments in non-exchange traded funds are fair valued at their respective net asset values.

When such prices or quotations are not available, or when Stonebridge Capital Management, Inc. (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

    16 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

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

Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

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

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

The following is a summary of each input used to value the Fund as of April 30, 2016:

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Common Stocks*	$	12,929,980	$	–	$	–	$	12,929,980
Money Market Mutual Funds		421,406		–		–		421,406
Total	$	13,351,386	$	–	$	–	$	13,351,386

*   For detailed descriptions, see the accompanying Statement of Investments.

The Fund recognizes transfers between levels as of the end of the period. For the year ended April 30, 2016, the Fund did not have any transfers between Level 1 and Level 2 securities. For the year ended April 30, 2016, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Fund.

    Annual Report  |  April 30, 2016 17    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

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 (the “Code”), applicable to regulated investment companies and intends to distribute substantially all of their net taxable income and net capital gains, if any, each year so that it will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the year ended April 30, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: The Fund normally pays dividends 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: As of April 30, 2016, permanent differences on book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to the differing treatment of a net investment loss. These reclassifications were as follows:

Undistributed Net Investment Loss	$	215,963
Paid-in Capital		(215,963)

Included in those amounts reclassified was a net operating loss offset to Paid-in capital in the amount of $215,963.

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

Gross appreciation (excess of value over tax cost)	$	1,463,371
Gross depreciation (excess of tax cost over value)		(1,083,922)
Net unrealized appreciation	$	379,449
Cost of investments for income tax purposes	$	12,971,937

    18 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

Components of Earnings: As of April 30, 2016, components of distributable earnings were as follows:

Accumulated capital losses	$	(2,539,247)
Net unrealized appreciation on investments		379,449
Other cumulative effect of timing differences		(63,916)
Total	$	(2,223,714)

Ordinary Losses: As of April 30, 2016, the Fund elects to defer to the period ending April 30, 2017, late year ordinary losses in the amount of $63,916.

Capital Losses: Capital loss carryovers used during the period ended April 30, 2016 were 39,199.

Capital losses deferred to the next tax year were as follows – Short-Term in the amount of $555,912.

As of April 30, 2016, the Fund elects to defer to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016 in the amount of $1,983,335.

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.

There were no distributions paid during the year ended April 30, 2016.

The tax character of distributions paid during the year ended April 30, 2015, were as follows:

	Ordinary Income		Long-Term Capital Gain
Stonebridge Small-Cap Growth Fund	$	962,886	$	239,526

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year ended April 30, 2016, was as follows:

	Purchases		Sales
Stonebridge Small-Cap Growth Fund	$	22,094,193	$	23,420,456

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.

    Annual Report  |  April 30, 2016 19    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

Purchasers of the shares do not have any obligation to make payments to the Trust or its creditors (other than the purchase price for the shares) or make contributions to the Trust or its creditors solely by reason of the purchasers’ ownership of the shares. Shares have no pre-emptive rights.

	Year Ended April 30, 2016 Shares		Year Ended April 30, 2016 Amount			Year Ended April 30, 2015 Shares		Year Ended            April 30, 2015            Amount
Shares sold		55,610	$	404,839			22,272	$	193,865
Shares issued in reinvestment of dividends		–		–			154,444		1,179,954
Total		55,610		404,839			176,716		1,373,819
Less shares redeemed, net of redemption fees		(203,700)		(1,549,270	)		(204,934)		(1,805,418)
Net Decrease		(148,090)	$	(1,144,431	)		(28,218)	$	(431,599)

Shares redeemed within 30 days of purchase will incur a 2% short-term redemption fee deducted from the redemption amount. Redemption fees are reflected in the “Net increase/(decrease) in shareholder activity derived from beneficial interest transactions, net of redemption fees” in the Statements of Changes in Net Assets.

For the years ended April 30, 2016 and April 30, 2015, the Fund did not receive any redemption fees.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Trust has entered into an advisory agreement with the Adviser with respect to the Fund. The advisory agreement has been approved by the Board and shareholders. Pursuant to the advisory agreement with the Trust, the Adviser is entitled to investment advisory fees, computed daily and payable monthly at an annual rate of 0.75% of the average daily net assets of the Fund. The management fee is paid on a monthly basis.

The Adviser has contractually agreed to limit the amount of the Fund’s Total Annual Fund Operating Expenses, exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to an annual rate of 1.96% of the Fund’s average daily net assets. This agreement is in effect from October 1, 2015 through August 31, 2016. The Adviser will be permitted to recover expenses it has borne through the agreement described above to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. The Adviser may not discontinue the waiver without the approval by the Fund’s Board.

    20 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

For the year ended April 30, 2016, the fee waivers and/or reimbursements were as follows:

	Fees Waived/ Reimbursed By Adviser
Stonebridge Small-Cap Growth Fund	$	58,045

As of April 30, 2016, the balances of recoupable expenses for the Fund were as follows:

Fund	Expires 2019		Total
Stonebridge Small-Cap Growth Fund	$	58,045	$	58,045

Fund Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund and the Fund has agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to fund accounting and fund administration and generally assists in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

ALPS is reimbursed by the Fund for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement 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 Fund. Compliance service fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

Principal Financial Officer

ALPS provides principal financial officer services to the Fund. The Fund is not charged a fee for principal financial officer services.

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 U.S. Securities and Exchange Commission.

    Annual Report  |  April 30, 2016 21    

Stonebridge Small-Cap Growth Fund Notes to Financial Statements

April 30, 2016

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

On April 27, 2016, Stonebridge Capital Management notified the Board of its intent to resign as Investment Adviser to the Fund. This resignation will be effective June 27, 2016. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on June 27, 2016. On June 8, 2016, the Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated on June 27, 2016. Pursuant to the Plan and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases effective as of the close of business on June 8, 2016. However, any distributions declared to shareholders of the Fund after June 8, 2016, and until the close of trading on the New York Stock Exchange on June 27, 2016 will be automatically reinvested in additional shares of the Fund unless a shareholder specifically requests that such distributions be paid in cash.

    22 Stonebridge Small-Cap Growth Fund    

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Stonebridge Small-Cap Growth Fund (the “Fund”), one of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from November 1, 2012 to April 30, 2013. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for each of the two years in the period ended October 31, 2012 were audited by other auditors whose report, dated December 11, 2012, expressed an unqualified opinion on such financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Stonebridge Small-Cap Growth Fund of Financial Investors Trust as of April 30, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from November 1, 2012 to April 30, 2013, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Note 8, on April 27, 2016, Stonebridge Capital Management notified the Board of its intent to resign as Investment Adviser to the Fund effective June 27, 2016. On June 8, 2016, the Board approved a Plan of Termination, Dissolution and Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated on June 27, 2016.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

    Annual Report  |  April 30, 2016 23    

Stonebridge Small-Cap Growth Fund Additional Information

April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Fund’s Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Fund’s policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 800-639-3935 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Fund designates the following for federal income tax purposes for the calendar year ended December 31, 2015:

	Qualified Dividend Income	Dividend Received       Deduction
Stonebridge Small-Cap Growth Fund	0.00%	0.00%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Stonebridge Small-Cap Growth Fund designated $0 as long-term capital gain dividends.

    24 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 888-288-1121.

INDEPENDENT TRUSTEES

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	36	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	36	None.

    Annual Report  |  April 30, 2016 25    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
INDEPENDENT TRUSTEES (continued)	April 30, 2016 (Unaudited)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).

*All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

**This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 36) and any other investment companies for which any Trustee serves as trustee for and which Stonebridge Capital Management, Inc. provides investment advisory services (currently none).

    26 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
INDEPENDENT TRUSTEES (continued)	April 30, 2016 (Unaudited)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

    Annual Report  |  April 30, 2016 27    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

INTERESTED TRUSTEE
Name, Address* & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee,   Chairman   and   President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

*All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

**This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Stonebridge Capital Management, Inc. provides investment advisory services (currently none).

    28 Stonebridge Small-Cap Growth Fund    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
	April 30, 2016 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.

    Annual Report  |  April 30, 2016 29    

Stonebridge Small-Cap Growth Fund	Trustees and Officers
OFFICERS (continued)	April 30, 2016 (Unaudited)

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011- 2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

*All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

**This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his successor is elected. Officers are elected on an annual basis.

*** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Stonebridge Capital Management, Inc. provides investment advisory services (currently none).

    30 Stonebridge Small-Cap Growth Fund    

Page Intentionally Left Blank

This report and its financial statements are submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus.

Table of Contents

CONTENTS	PAGE
Shareholder Letter	1
Fund Overview
Vulcan Value Partners Fund	6
Vulcan Value Partners Small Cap Fund	9
Disclosure of Fund Expenses
Vulcan Value Partners Fund	8
Vulcan Value Partners Small Cap Fund	11
Statements of Investments
Vulcan Value Partners Fund	12
Vulcan Value Partners Small Cap Fund	15
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets
Vulcan Value Partners Fund	21
Vulcan Value Partners Small Cap Fund	22
Financial Highlights
Vulcan Value Partners Fund	25
Vulcan Value Partners Small Cap Fund	27
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	36
Disclosure Regarding Approval of Fund Advisory Agreements	37
Additional Information	40
Trustees and Officers	41

www.vulcanvaluepartners.com

Shareholder Letter

April 30, 2016 (Unaudited)

PORTFOLIO REVIEW

General

Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund have produced exceptional long-term returns as both funds have outperformed their respective benchmarks inception to date. Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund received a 4-Star Overall Morningstar Ranking. (As of April 30, 2016 out of 1,476 Large Growth, and 646 Small Blend Funds, respectively, derived from a weighted average of the Funds’ three-, five- and ten-year (if applicable) Morningstar metrics, which are based on risk-adjusted return performance.)*

As we have often said, we place no weight on short-term results, good or bad, and neither should you. In fact, we have made and will continue to make decisions that negatively impact short-term performance when we think we can improve our long-term returns and lower risk. We encourage you to focus on our long-term results, the consistent execution of our investment philosophy, our outstanding team, and our conflict-free, fiduciary structure. We feel our compliance department does excellent work and has an enviable operating environment. Everyone at Vulcan Value Partners is required to invest in publicly traded equities exclusively through Vulcan Value Partners. This policy eliminates a lot of conflicts and focuses energy on where it should be focused – you, our client partners. These characteristics are what drive our long-term results, which is all that we care about.

The lower our price to value ratios, the higher our margin of safety. Our goal is to mitigate risk. We believe returns will take care of themselves over our five year horizon. It is very important to understand that market volatility is not risk. We define risk as the probability of permanently losing capital over our five-year time horizon. Our investment discipline requires us only to invest in companies that we believe have inherently stable values. As a result, market price volatility creates opportunities for us to mitigate risk by improving our price to value ratios.

This counterintuitive result is possible because of our dual discipline. One critical variable is our ability to find the few businesses with stable values and to have the discipline to avoid the many that do not have stable values, no matter how discounted they might be at a point in time. Most of the businesses that qualify for investment at Vulcan Value Partners in terms of value stability are overpriced most of the time. So, the second critical variable is to be disciplined about the price we are willing to pay for these outstanding businesses.

Ironic to some, but not to us, historically when markets are volatile and when our short-term results are at their worst, we are mitigating risk and planting the seeds for exceptional long-term compounding. Your stable, long-term capital allows us to take advantage of sellers who confuse stock price volatility with risk and/or do not have our long-term time horizon. Together, we form a powerful partnership that gives us a sustainable advantage over other market participants.

Increasingly, these market participants include mindless index and exchange traded funds, and factor-based approaches such as “smart beta.”¹ To paraphrase my business partner Adam McClain, smart beta reminds us of someone who thinks they have discovered something wonderful when they smell bacon cooking and then eat the grease instead of the meat. Thank you very much, but we prefer to do the real work and enjoy the bacon. With more capital being deployed based on

    Annual Report  |  April 30, 2016 1    

Shareholder Letter

April 30, 2016 (Unaudited)

flavor of the week factors instead of a coherent investment philosophy based on a comprehensive set of fundamentals, our opportunities to find mispriced companies should improve over time.

We have no idea where markets will head over the remainder of the year, but we hope they will decline. Please rest assured that if they do, we will rigorously follow our investment discipline and redeploy capital into companies with stable values at more attractive price to value ratios. For a real world example of this process taking place, keep on reading about Hilton in the Vulcan Value Partners Fund section below.

Vulcan Value Partners Large Cap Fund Review

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Fund.

Parker-Hannifin, one of our largest holdings, is the world’s leading motion control company.² It is a wonderful business and extremely well managed. Parker-Hannifin’s short-term results have been hurt by the very strong dollar and weak demand in the global industrial economy. Despite these headwinds, which have reduced Parker-Hannifin’s top line, the company has done a terrific job of managing costs and protecting profit margins. We expect conditions to remain challenging over the course of 2016. While we wait for the global economy to improve, Parker-Hannifin is producing strong free cash flow and using its free cash to repurchase stock at a discount to our estimate of intrinsic worth.

Oracle is also one of our largest holdings. Like Parker-Hannifin, Oracle has faced a significant headwind from the strong dollar. More importantly, the company is rapidly shifting its business mix to Cloud-based delivery of its software products. Cloud-based revenues are more profitable over time than on-premise software license fees. However, Oracle’s consolidated growth has slowed because Cloud sales do not have one-time setup fees, while on-premise sales do. Investors with shorter time horizons than ours have punished Oracle’s stock for the last couple of years because of its slowing consolidated growth. Assuming Oracle’s Cloud business continues to grow at high double-digit rates, the company’s consolidated growth rate should begin to accelerate sometime over the next twelve months and continue to accelerate for many years to come. Recently, as an inflection point has become more visible to short-term investors, they have pushed up Oracle’s stock price, and we have been rewarded for our patience.

A new purchase during the period, Hilton Worldwide Holdings, is a company that I have followed and owned numerous times over my career, making very attractive returns each time over several decades. Shortly after Vulcan Value Partners was formed, Blackstone took Hilton private at a price well in excess of our estimate of fair value. Since it was private, it was no longer available to us. A little over two years ago, Hilton did an initial public offering (IPO) and was available again. Hilton came public at a price too high to be of interest to us but we continued to follow it as we do with the relatively small number of companies we have found with stable values. Following these sound but over-priced companies is a big benefit to us. Our values are based on a set of fundamental assumptions about the companies we follow. If the companies we follow exceed our expectations, then our assumptions are conservative as are our values. Hilton’s results were much better than we expected, and yet the stock price declined, particularly during the fourth quarter of 2015. When markets declined in January, Hilton declined more. With a steadily rising value and a declining stock price, we were able to purchase Hilton at a substantial discount to our conservative estimate of intrinsic worth.

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Shareholder Letter

April 30, 2016 (Unaudited)

Please note that nothing changed about Hilton’s business except that its value grew. Stock market and stock price volatility created an opportunity for us to mitigate risk and improve our long-term prospects. Because we limit ourselves to companies with stable values like Hilton, stock price volatility is not risk. Instead, stock price volatility is a tool that can be used to lower risk for disciplined, long-term investors like Vulcan Value Partners and you, our client partners.

Chubb was our top contributor in the Fund over the period. On July 1, 2015, ACE, Ltd announced a takeover offer for Chubb. We bought Chubb during the financial crisis. It had been a steady compounder for us with both price and estimated value rising at double digit rates since we bought it. ACE’s offer is right on top of our estimate of fair value. Interestingly, using the same valuation criteria, Chubb sold for 55% of our estimate of fair value in March of 2009. With ACE’s bid, Chubb’s price rose 36%, and just before the 4th of July holiday weekend, we were able to sell our entire stake and redeploy our capital back into other outstanding businesses with larger estimated margins of safety. Consequently, we enjoyed a nice gain, roughly maintained our overall price to value ratio, and remained fully invested in Large Cap.

Fossil Group was our biggest detractor in the Large Cap Fund during the period. We forecasted that 2015 was going to be a down year when we purchased Fossil and factored it into our valuation. It now looks like 2016 is going to be a down year as well, which we did not expect. While we would prefer to have been more accurate in our forecast for Fossil, we understand the reasons why and remain supportive of Fossil’s management team. Fossil has a very strong competitive position in the watch industry with global distribution and scale, strong internally developed brands, and a broad portfolio of third party brands. Fossil is the preferred partner for leading lifestyle brands including Michael Kors, Burberry, Armani Exchange, DKNY, Diesel, Tory Burch, Kate Spade, Adidas, and others. We think Fossil’s competitive strengths will enable it to compete effectively in the rapidly expanding wearables market. Fossil is investing heavily to participate in the wearables market, which is the main reason we expect 2016 to be a down year. If Fossil fails in wearables and retreats to traditional watches, it is extremely discounted. If Fossil is modestly successful in wearables, it is one of the most discounted companies we have ever owned.³

Vulcan Value Partners Small Cap Fund Review

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Small Cap Fund.

Fossil Group was our biggest detractor in the Small Cap Fund during the period. We forecasted that 2015 was going to be a down year when we purchased Fossil and factored it into our valuation. It now looks like 2016 is going to be a down year as well, which we did not expect. While we would prefer to have been more accurate in our forecast for Fossil, we understand the reasons why and remain supportive of Fossil’s management team. Fossil has a very strong competitive position in the watch industry with global distribution and scale, strong internally developed brands, and a broad portfolio of third party brands. Fossil is the preferred partner for leading lifestyle brands including Michael Kors, Burberry, Armani Exchange, DKNY, Diesel, Tory Burch, Kate Spade, Adidas, and others. We think Fossil’s competitive strengths will enable it to compete effectively in the rapidly expanding wearables market. Fossil is investing heavily to participate in the wearables market, which is the main reason we expect 2016 to be a down year. If Fossil fails in wearables and retreats to traditional watches, it is extremely discounted. If Fossil is modestly successful in wearables, it could be one of the most discounted companies we have ever owned.³

    Annual Report  |  April 30, 2016 3    

Shareholder Letter

April 30, 2016 (Unaudited)

La Quinta Holdings, a new purchase, is a small cap version of Hilton. In fact, it was also taken private by Blackstone and had an IPO roughly two years ago. La Quinta is a much smaller company than Hilton and focuses on the limited service segment of the hotel market. Its results, while positive, were below inflated expectations when it IPO’d. With the stock price down significantly and its value stable, we were able to purchase La Quinta at an attractive price to value ratio.

Nu Skin returned approximately negative 25% during the period. Since buying Nu Skin, following our investment discipline, we reduced our weight in Nu Skin prior to its stock price decline because its price had risen faster than its estimated value in the first quarter. We are optimistic that its estimated value could compound at double digit rates over the next five years.

Closing

Approximately a year ago we announced that we were closing to new investors to protect the high quality of our client base and to preserve investment capacity for you, our client partners. It was a great decision. Market volatility is not risk to disciplined, long-term investors. We define risk as the probability of permanently losing capital over our five-year time horizon. It is an opportunity to lower risk by improving our margin of safety. Your patient capital alongside of ours and our shared long-term time horizon allows us to execute our investment philosophy which is based upon using short-term market disruptions to improve our long-term prospects.

Thank you for the confidence you have placed in us.

C.T. Fitzpatrick

Chief Executive Officer

Vulcan Value Partners, LLC

¹  Smart beta defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors or market inefficiencies in a rules-based and transparent way.

See http://www.investopedia.com/terms/s/smart-beta.asp

²  Parker-Hannifin has the number one position in the motion and control industry; sourced from the Parker Hannifin presentation for the Gabelli Aircraft Supplier Conference September 9, 2015.

³  Discount is the difference between our estimated intrinsic value and the market price of a security.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics, as of April 30, 2016. Morningstar Rating is for the retail share class only; other classes may

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Shareholder Letter

April 30, 2016 (Unaudited)

have different performance characteristics. © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Vulcan Value Partners Fund (VVPLX) was rated 3 Stars out of 1,476 for the 3-year period and 5 Stars out of 1,296 for the 5 year period against Large Growth Funds. Vulcan Value Partners Small Cap Fund (VVPSX) was rated 3 Stars out of 646 for the 3-year period and 5 Stars out of 562 for the 5-year period against Small Blend Funds. All information in this report is as of the date shown in the upper right hand corner unless otherwise indicated.

This letter reflects our views, opinions, and portfolio holdings as of April 30, 2016. Our views may change at any time based upon market or other conditions and Vulcan Value Partners disclaims any responsibility to update our views. Our views should not be relied on as investment advice and, because investment decisions for the fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of the fund. Certain statements that we make may constitute “forward-looking statements”. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Past Performance does not guarantee future results.

Please see page 6 and 9 for 1 year and inception to date returns for the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, respectively.

Margin of Safety is a favorable difference between the price of a company’s shares and the estimated intrinsic value of those shares.

Free Cash Flow is a measure of how much a business generates after accounting for capital expenditures. It is calculated as operating cash flow less capital expenditures.

Return of Capital is a return from an investment that is not considered income. The return of capital is when some or all of the money an investor has in an investment is paid back, thus decreasing the value of the investment.

Price to Book Ratio is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

The views of the Vulcan Value Partners, LLC and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither Vulcan Value Partners, LLC nor the Funds accept any liability for losses either direct or consequential caused by the use of this information.

Diversification does not assure a profit or protect against loss.

The primary and secondary benchmark indexes are not actively managed and do not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

The Funds are distributed by ALPS Distributors, Inc.

    Annual Report  |  April 30, 2016 5    

Fund Overview

April 30, 2016 (Unaudited)

VULCAN VALUE PARTNERS FUND

Average Annual Total Returns (as of 4/30/16)

							Since		Expense Ratios
	1 Year		3 Year		5 Year		Inception*		Total		Net**
Vulcan Value Partners Fund		-6.49%		10.23%		12.50%		12.52%		1.08%		1.08%
S&P 500® Total Return Index***		1.21%		11.26%		11.02%		12.39%
Russell 1000® Value Index***		-0.40%		9.59%		10.13%		11.79%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

* Fund inception date of 12/30/09.

** Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the end of the fiscal year in which the fees or expenses were foregone or reimbursed. The Adviser may not discontinue or modify this waiver prior to August 31, 2016 without the approval by the Fund’s Board of Trustees.

*** Indices are not actively managed and do not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

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Fund Overview

April 30, 2016 (Unaudited)

Performance of $10,000 Initial Investment (for the period ended April 30, 2016)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

* Fund inception date of 12/30/09.

⁽¹⁾ The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

⁽²⁾  The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Allocation (as a % of Net Assets)*

 

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

    Annual Report  |  April 30, 2016 7    

Disclosure of Fund Expenses

April 30, 2016 (Unaudited)

As a shareholder of the Vulcan Value Partners Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2015 and held until April 30, 2016.

Actual Expenses. The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table below is useful in comparing your ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Vulcan Value Partners Fund

	Beginning Account Value 11/1/15	Ending Account Value 4/30/16	Expense Ratio(a)		Expenses Paid   During period   11/1/15 - 4/30/16(b)
Actual	$  1,000.00	$     995.40		1.08%		$  5.36
Hypothetical (5% return before expenses)	$  1,000.00	$  1,019.49		1.08%		$  5.42

^(a) The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

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Fund Overview

April 30, 2016 (Unaudited)

VULCAN VALUE PARTNERS SMALL CAP FUND

Average Annual Total Returns (as of 4/30/16) 

							Since	Expense Ratios
	1 Year		3 Year		5 Year		Inception*	Total		Net**
Vulcan Value Partners Small Cap Fund		-5.04%		6.88%		10.15%	13.98%		1.26%	1.25%
Russell 2000® Value Index***		-3.71%		6.50%		6.77%	10.15%
Russell 2000® Index***		-5.94%		7.53%		6.98%	11.07%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

* Fund inception date of 12/30/09.

** Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the end of the fiscal year in which the fees or expenses were foregone or reimbursed. The Adviser may not discontinue or modify this waiver prior to August 31, 2016 without the approval by the Fund’s Board of Trustees.

*** Indices are not actively managed and do not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

    Annual Report  |  April 30, 2016 9    

Fund Overview

April 30, 2016 (Unaudited)

Performance of $10,000 Initial Investment (for the period ended April 30, 2016)

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

* Fund inception date of 12/30/09.

⁽¹⁾ The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

⁽²⁾ The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

Investing in the Fund is subject to investment risks, including possible loss of the principal amount invested.

Industry Allocation (as a % of Net Assets)*

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

    10 www.vulcanvaluepartners.com    

Disclosure of Fund Expenses

April 30, 2016 (Unaudited)

As a shareholder of the Vulcan Value Partners Small Cap Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2015 and held until April 30, 2016.

Actual Expenses. The first line of each table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note the expenses shown in the table are meant to highlight ongoing Fund costs only and do not reflect transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table below is useful in comparing your ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Vulcan Value Partners Small Cap Fund

	Beginning Account Value 11/1/15	Ending Account Value 4/30/16	Expense Ratio(a)	Expenses Paid   During period   11/1/15 - 4/30/16(b)
Actual	$  1,000.00	$  1,001.30	1.25%		$  6.22
Hypothetical (5% return before expenses)	$  1,000.00	$  1,018.65	1.25%		$  6.27

^(a) The Fund’s expense ratios have been annualized based on the Fund’s most recent fiscal half-year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (182)/366 (to reflect the half-year period).

    Annual Report  |  April 30, 2016 11    

Statement of Investments	Vulcan Value Partners Fund
April 30, 2016

	Shares		Value (Note 2)
COMMON STOCKS (96.11%)
Communications (12.24%)
Media (7.07%)
Discovery Communications, Inc., Class C(a)		1,982,716	$	53,097,134
Time Warner, Inc.		334,626		25,143,798
Walt Disney Co.		288,610		29,801,869
				108,042,801
Telecommunications (5.17%)
Cisco Systems, Inc.		2,268,831		62,370,164
Verizon Communications, Inc.		327,109		16,662,932
				79,033,096
TOTAL COMMUNICATIONS				187,075,897
Consumer, Cyclical (9.78%)
Apparel (0.77%)
LVMH Moet Hennessy Louis Vuitton SE		70,965		11,790,609
Auto Parts&Equipment (0.94%)
GKN PLC		3,500,000		14,252,797
Distribution/Wholesale (3.95%)
Fossil Group, Inc.(a)		1,489,979		60,344,149
Lodging (4.12%)
Hilton Worldwide Holdings, Inc.		1,751,449		38,619,451
Intercontinental Hotels Group PLC, ADR		607,009		24,365,341
				62,984,792
TOTAL CONSUMER, CYCLICAL				149,372,347
Consumer, Non-cyclical (5.06%)
Healthcare-Services (5.06%)
Aetna, Inc.		240,296		26,978,032
Anthem, Inc.		357,940		50,387,214
				77,365,246
TOTAL CONSUMER, NON-CYCLICAL				77,365,246

    12 www.vulcanvaluepartners.com    

Vulcan Value Partners Fund	Statement of Investments
	April 30, 2016

	Shares		Value (Note 2)
Energy (7.69%)
Oil & Gas Services (7.69%)
National Oilwell Varco, Inc.		3,260,027	$	117,491,373
TOTAL ENERGY				117,491,373
Financial (34.96%)
Banks (8.55%)
Bank of New York Mellon Corp.		1,457,422		58,646,661
State Street Corp.		1,155,030		71,958,369
				130,605,030
Diversified Financial Services (16.33%)
Aberdeen Asset Management PLC		10,575,157		46,154,826
Franklin Resources, Inc.		1,968,626		73,508,495
Mastercard, Inc., Class A		516,264		50,072,445
T. Rowe Price Group, Inc.		409,476		30,829,448
Visa, Inc., Class A		633,873		48,960,351
				249,525,565
Insurance (10.08%)
Axis Capital Holdings, Ltd.		1,007,288		53,658,232
Everest Re Group, Ltd.		226,170		41,818,833
Swiss Re AG		660,049		58,553,289
				154,030,354
TOTAL FINANCIAL				534,160,949
Industrial (12.59%)
Aerospace & Defense (5.13%)
Boeing Co.		411,735		55,501,878
United Technologies Corp.		219,314		22,889,802
				78,391,680
Miscellaneous Manufacturing (7.46%)
Dover Corp.		617,747		40,585,978
Parker-Hannifin Corp.		633,216		73,465,720
				114,051,698
TOTAL INDUSTRIAL				192,443,378
Technology (13.79%)
Computers (0.79%)
Apple, Inc.		128,629		12,057,682

    Annual Report  |  April 30, 2016 13    

Statement of Investments	Vulcan Value Partners Fund
April 30, 2016

			Shares		Value (Note 2)
Technology (continued)
Semiconductors (3.14%)
QUALCOMM, Inc.				948,167	$	47,901,397
Software (9.86%)
Check Point Software Technologies, Ltd.(a)				363,325		30,108,743
Oracle Corp.				3,025,900		120,612,374
						150,721,117
TOTAL TECHNOLOGY						210,680,196
TOTAL COMMON STOCKS (Cost $1,391,374,309)						1,468,589,386
	7-Day  Yield		Shares		Value (Note 2)
SHORT TERM INVESTMENTS (3.08%)
Money Market Fund (3.08%)
Dreyfus Treasury Prime Cash Management Fund, Institutional Shares		0.162%		46,988,436		46,988,436
TOTAL SHORT TERM INVESTMENTS (Cost $46,988,436)						46,988,436
TOTAL INVESTMENTS (99.19%) (Cost $1,438,362,745)					$	1,515,577,822
Other Assets In Excess Of Liabilities (0.81%)						12,502,608
NET ASSETS (100.00%)					$	1,528,080,430

^(a) Non-Income Producing Security.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Accompanying Notes to Financial Statements.

    14 www.vulcanvaluepartners.com    

Vulcan Value Partners Small Cap Fund	Statement of Investments
	April 30, 2016

	Shares			Value (Note 2)
COMMON STOCKS (78.93%)
Communications (3.29%)
Internet (0.95%)
Trade Me Group, Ltd.		3,407,727		$	10,830,651
Media (2.34%)
SAI Global, Ltd.		9,680,569			26,866,261
TOTAL COMMUNICATIONS					37,696,912
Consumer, Cyclical (13.21%)
Distribution/Wholesale (5.19%)
Fossil Group, Inc.(a)		1,469,127			59,499,644
Home Furnishings (0.73%)
Select Comfort Corp.(a)		337,936			8,340,260
Housewares (1.83%)
Tupperware Brands Corp.		360,526			20,935,745
Lodging (1.97%)
La Quinta Holdings, Inc.(a)		1,774,012			22,654,133
Office Furnishings (0.90%)
Herman Miller, Inc.		343,816			10,372,929
Retail (2.59%)
Nu Skin Enterprises, Inc., Class A		727,987			29,680,030
TOTAL CONSUMER, CYCLICAL					151,482,741
Consumer, Non-cyclical (3.61%)
Commercial Services (3.61%)
Navigant Consulting, Inc.(a)		962,648			15,363,862
Savills PLC		2,402,559			26,047,920
			41,411,782
TOTAL CONSUMER, NON-CYCLICAL					41,411,782
Energy (2.09%)
Oil & Gas Services (2.09%)
Thermon Group Holdings, Inc.(a)		1,281,801			24,020,951
TOTAL ENERGY					24,020,951

    Annual Report  |  April 30, 2016 15    

Statement of Investments	Vulcan Value Partners Small Cap Fund
April 30, 2016

	Shares			Value (Note 2)
Financial (25.71%)
Diversified Financial Services (8.31%)
Ashmore Group PLC		9,403,284		$	42,194,364
Eaton Vance Corp.		643,834			22,231,588
Virtus Investment Partners, Inc.		394,731			30,875,859
					95,301,811
Insurance (16.93%)
Aspen Insurance Holdings, Ltd.		1,077,165			49,926,598
Axis Capital Holdings, Ltd.		821,083			43,739,091
Everest Re Group, Ltd.		165,386			30,579,871
Navigators Group, Inc.(a)		591,373			48,853,324
Safety Insurance Group, Inc.		371,931			21,055,014
					194,153,898
REITS (0.47%)
Outfront Media, Inc.		249,983			5,422,131
TOTAL FINANCIAL					294,877,840
Industrial (24.40%)
Aerospace & Defense (1.02%)
Curtiss-Wright Corp.		152,087			11,646,822
Electrical Components & Equipment (3.59%)
EnerSys		705,171			41,160,831
Electronics (5.91%)
Ituran Location and Control, Ltd.		1,583,952			32,946,202
Woodward, Inc.		643,416			34,879,581
			��
					67,825,783
Industrial Services (1.42%)
MSC Industrial Direct Co., Inc., Class A		209,839			16,262,523
Machinery-Diversified (5.05%)
Concentric AB		2,123,280			24,060,729
Lindsay Corp.		443,673			33,923,237
					57,983,966
Metal Fabricate/Hardware (2.07%)
Timken Co.		666,298			23,740,198
Miscellaneous Manufacturing (2.99%)
Crane Co.		402,032			22,340,918

    16 www.vulcanvaluepartners.com    

Vulcan Value Partners Small Cap Fund	Statement of Investments
	April 30, 2016

				Shares		Value (Note 2)
Industrial (continued)
Miscellaneous Manufacturing (continued)
Donaldson Co., Inc.					367,240	$	12,001,403
							34,342,321
Transportation (2.35%)
Forward Air Corp.					591,746		26,971,783
TOTAL INDUSTRIAL							279,934,227
Industrials (2.00%)
Miscellaneous Manufacturing (2.00%)
Actuant Corp., Class A					859,198		22,949,179
TOTAL INDUSTRIALS							22,949,179
Technology (4.62%)
Software (4.62%)
ACI Worldwide, Inc.(a)					2,649,969		52,972,880
TOTAL TECHNOLOGY							52,972,880
TOTAL COMMON STOCKS (Cost $874,942,883)							905,346,512
	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (20.19%)
Money Market Fund (20.19%)
Dreyfus Treasury Prime Cash Management Fund, Institutional Shares		0.162	%		231,550,483		231,550,483
TOTAL SHORT TERM INVESTMENTS (Cost $231,550,483)							231,550,483
TOTAL INVESTMENTS (99.12%) (Cost $1,106,493,366)						$	1,136,896,995
Other Assets In Excess Of Liabilities (0.88%)							10,109,923
NET ASSETS (100.00%)						$	1,147,006,918

^(a)  Non-Income Producing Security.

    Annual Report  |  April 30, 2016 17    

Statement of Investments	Vulcan Value Partners Small Cap Fund
April 30, 2016

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percentage of net assets.

See Accompanying Notes to Financial Statements.
18	www.vulcanvaluepartners.com

Statements of Assets and Liabilities

April 30, 2016

	Vulcan Value Partners Fund		Vulcan Value Partners         Small Cap Fund
ASSETS:
Investments, at value	$	1,515,577,822	$	1,136,896,995
Foreign currency, at value (Cost $2,042,478 and $–)		2,057,169		–
Receivable for investments sold		11,483,324		15,724,286
Receivable for shares sold		1,575,587		963,311
Dividends receivable		1,669,782		1,135,539
Other assets		23,161		20,563
Total assets		1,532,386,845		1,154,740,694
LIABILITIES:
Payable for investments purchased		–		4,858,738
Payable for shares redeemed		2,827,556		1,606,153
Payable to adviser		1,253,802		1,074,779
Payable for administration fees		35,161		26,400
Payable for transfer agency fees		14,589		11,143
Payable for delegated transfer agent equivalent services fees		21,402		50,957
Payable for professional fees		23,864		21,957
Payable for trustee fees and expenses		10,439		7,526
Payable for principal financial officer fees		490		344
Accrued expenses and other liabilities		119,112		75,779
Total liabilities		4,306,415		7,733,776
NET ASSETS	$	1,528,080,430	$	1,147,006,918
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	1,490,753,963	$	1,158,155,077
Accumulated net investment income		9,450,857		2,656,416
Accumulated net realized loss		(49,418,194)		(44,219,575)
Net unrealized appreciation		77,293,804		30,415,000
NET ASSETS	$	1,528,080,430	$	1,147,006,918
INVESTMENTS, AT COST	$	1,438,362,745	$	1,106,493,366
PRICING OF SHARES:
Net Asset Value, offering and redemption price per share	$	17.17	$	16.58
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		88,974,041		69,190,114

See Accompanying Notes to Financial Statements.
Annual Report  |  April 30, 2016	19

Statements of Operations

For the Year Ended April 30, 2016

	Vulcan Value Partners   Fund		Vulcan Value Partners         Small Cap Fund
INVESTMENT INCOME:
Dividends	$	37,120,339	$	20,918,758
Foreign taxes withheld		(817,964)		(740,534)
Total investment income		36,302,375		20,178,224
EXPENSES:
Investment advisory fees (Note 6)		16,695,200		12,451,815
Administrative fees		457,897		298,485
Transfer agency fees		138,740		117,218
Delegated transfer agent equivalent services fees		146,428		332,051
Professional fees		50,040		38,877
Custodian fees		246,260		138,437
Principal financial officer fees		6,070		3,930
Trustee fees and expenses		44,485		29,079
Recoupment of previously waived fees		–		20,833
Other		168,450		103,857
Total net expenses		17,953,570		13,534,582
NET INVESTMENT INCOME		18,348,805		6,643,642
Net realized gain on investments		10,263,423		2,709,397
Net realized loss on foreign currency transactions		(14,845)		(35,259)
Net realized gain		10,248,578		2,674,138
Net change in unrealized depreciation of investments		(154,933,695)		(62,880,530)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		78,727		11,371
Net change in unrealized depreciation		(154,854,968)		(62,869,159)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(144,606,390)		(60,195,021)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(126,257,585)	$	(53,551,379)

See Accompanying Notes to Financial Statements.
20	www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statements of Changes in Net Assets

	For the     Year Ended     April 30, 2016		For the         Year Ended         April 30, 2015
OPERATIONS:
Net investment income	$	18,348,805	$	14,655,614
Net realized gain		10,248,578		98,001,413
Net change in unrealized appreciation/(depreciation)		(154,854,968)		79,272,468
Net increase/(decrease) in net assets resulting from operations		(126,257,585)		191,929,495
DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From net investment income		(12,104,797)		(12,786,089)
From net realized gains on investments		(119,403,152)		(68,848,994)
Net decrease in net assets from distributions		(131,507,949)		(81,635,083)
SHARE TRANSACTIONS (Note 5):
Proceeds from sales of shares		572,087,701		787,552,477
Issued to shareholders in reinvestment of distributions		108,659,155		66,389,769
Cost of shares redeemed, net of redemption fees		(665,005,259)		(123,961,345)
Net increase from share transactions		15,741,597		729,980,901
Net increase/(decrease) in net assets		(242,023,937)		840,275,313
NET ASSETS:
Beginning of year		1,770,104,367		929,829,054
End of year*	$	1,528,080,430	$	1,770,104,367
*Includes accumulated net investment income of:	$	9,450,857	$	3,221,845

See Accompanying Notes to Financial Statements.
Annual Report  |  April 30, 2016	21

Statements of Changes in Net Assets Vulcan Value Partners Small Cap Fund

	For the      Year Ended      April 30, 2016		For the         Year Ended         April 30, 2015
OPERATIONS:
Net investment income	$	6,643,642	$	5,831,901
Net realized gain		2,674,138		75,800,547
Net change in unrealized appreciation/(depreciation)		(62,869,159)		22,946,461
Net increase/(decrease) in net assets resulting from operations		(53,551,379)		104,578,909
DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From net investment income		(3,951,718)		(5,724,213)
From net realized gains on investments		(63,400,984)		(94,956,634)
Net decrease in net assets from distributions		(67,352,702)		(100,680,847)
SHARE TRANSACTIONS (Note 5):
Proceeds from sales of shares		333,969,377		286,238,909
Issued to shareholders in reinvestment of distributions		55,331,982		84,059,577
Cost of shares redeemed, net of redemption fees		(254,512,720)		(307,320,451)
Net increase from share transactions		134,788,639		62,978,035
Net increase in net assets		13,884,558		66,876,097
NET ASSETS:
Beginning of year		1,133,122,360		1,066,246,263
End of year*	$	1,147,006,918	$	1,133,122,360
*Includes accumulated net investment income/(loss) of:	$	2,656,416	$	–

See Accompanying Notes to Financial Statements.
22	www.vulcanvaluepartners.com

Intentionally Left Blank

Financial Highlights

For a share outstanding throughout the years presented.

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

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 to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

See Accompanying Notes to Financial Statements.
24	www.vulcanvaluepartners.com

Vulcan Value Partners Fund

For the Year       Ended April 30,       2016				For the Year     Ended April 30,     2015				For the Year     Ended April 30,     2014				For the Year     Ended April 30,     2013				For the Year      Ended April 30,      2012
	$	19.97			$	18.20			$	15.28			$	13.03			$	11.66
		0.20				0.22				0.14				0.15				0.02
		(1.51)				2.77				3.33				2.35				1.45
		(1.31)				2.99				3.47				2.50				1.47
		(0.13)				(0.17)				(0.11)				(0.12)				(0.01)
		(1.36)				(1.05)				(0.44)				(0.13)				(0.09)
		(1.49)				(1.22)				(0.55)				(0.25)				(0.10)
		0.00	(b)			0.00	(b)			0.00	(b)			0.00	(b)			0.00	(b)
		(2.80)				1.77				2.92				2.25				1.37
	$	17.17			$	19.97			$	18.20			$	15.28			$	13.03
		(6.49%)				16.61%				22.84%				19.33%				12.73%
	$	1,528,080			$	1,770,104			$	929,829			$	447,297			$	125,087
		1.08%				1.08%				1.09%				1.18%				1.51%
		1.08%				1.08%				1.09%				1.18%				1.50%
		1.10%				1.12%				0.80%				1.06%				0.16%
		85%				64%				56%				24%				49%

    Annual Report  |  April 30, 2016 25    

Financial Highlights

For a share outstanding throughout the years presented.

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income/(loss)^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

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

^(a) Per share numbers have been calculated using the average shares method.

^(b) Less than $0.005 per share.

See Accompanying Notes to Financial Statements.
26	www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

For the Year   Ended April 30,   2016				For the Year Ended April 30, 2015				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year   Ended April 30,   2012
	$	18.61			$	18.74			$	16.97			$	13.18			$	13.72
		0.10				0.10				(0.01)				0.03				0.02
		(1.05)				1.77				2.76				3.91				0.17
		(0.95)				1.87				2.75				3.94				0.19
		(0.06)				(0.11)				–				(0.06)				–
		(1.02)				(1.89)				(0.98)				(0.09)				(0.73)
		(1.08)				(2.00)				(0.98)				(0.15)				(0.73)
		0.00	(b)			0.00	(b)			0.00	(b)			0.00	(b)			0.00	(b)
		(2.03)				(0.13)				1.77				3.79				(0.54)
	$	16.58			$	18.61			$	18.74			$	16.97			$	13.18
		(5.04%)				10.74%				16.11%				30.07%				2.10%
	$	1,147,00	7		$	1,133,12	2		$	1,066,24	6		$	425,152			$	40,103
		1.25%				1.26%				1.30%				1.38%				1.86%
		1.25%				1.25%				1.25%				1.28%				1.50%
		0.61%				0.56%				(0.05%)				0.21%				0.15%
		80%				73%				70%				57%				57%

    Annual Report  |  April 30, 2016 27    

Notes to Financial Statements

April 30, 2016

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”). As of April 30, 2016, the Trust had 34 registered funds. This annual report describes the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (each a “Fund” and collectively, the “Funds”). The Funds seek to achieve long-term capital appreciation. The Funds are classified as a non-diversified investment company for purpose of the 1940 Act.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (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.

When such prices or quotations are not available, or when Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

    28 www.vulcanvaluepartners.com    

Notes to Financial Statements

April 30, 2016

Fair Value Measurements: A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

The following is a summary of each input used to value each Fund’s investments as of April 30, 2016.

Vulcan Value Partners Fund:

			Level 2 - Other		Level 3 -
	Level 1 -		Significant		Significant
Investments in Securities at	Unadjusted		Observable		Unobservable
Value	Quoted Prices		Inputs		Inputs		Total
Common Stocks(a)	$	1,468,589,386	$	–	$	–	$	1,468,589,386
Short Term Investments		46,988,436		–		–		46,988,436
TOTAL	$	1,515,577,822	$	–	$	–	$	1,515,577,822

Vulcan Value Partners Small Cap Fund:

			Level 2 - Other		Level 3 -
	Level 1 -		Significant		Significant
Investments in Securities at	Unadjusted		Observable		Unobservable
Value	Quoted Prices		Inputs		Inputs		Total
Common Stocks(a)	$	905,346,512	$	–	$	–	$	905,346,512
Short Term Investments		231,550,483		–		–		231,550,483
TOTAL	$	1,136,896,995	$	–	$	–	$	1,136,896,995

^(a)    For detailed descriptions, see the accompanying Statements of Investments

    Annual Report  |  April 30, 2016 29    

Notes to Financial Statements

April 30, 2016

The Funds recognize transfers between levels as of the end of period. For the year ended April 30, 2016, the Vulcan Small Cap Funds did have transfers between Level 1 and Level 2. The below transfers from Level 2 to Level 1 were due to the Funds’ ability to obtain a closing market price. For the year ended April 30, 2016, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Transfers into and out of Levels 1 and 2 as of April 30, 2016 were as follows:

	Level 1				Level 2
Vulcan Value
Partners Small
Cap Fund	Transfer In		Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks	$	69,062,625	$	–	$	–	$	(69,062,625)
Total	$	69,062,625	$	–	$	–	$	(69,062,625)

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

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

Fund Expenses: Expenses that are specific to a Fund are charged directly to that Fund.

    30 www.vulcanvaluepartners.com    

Notes to Financial Statements

April 30, 2016

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, 2016, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for 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.

3. TAX BASIS INFORMATION:

Reclassifications: As of April 30, 2016, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to foreign currency reclassifications and book/tax distribution differences. The reclassifications were as follows:

			Accumulated Net		Accumulated Net
			Investment		Realized Loss on
Fund	Paid-in Capital		Income		Investments
Vulcan Value Partners Fund	$	–	$	(14,996)	$	14,996
Vulcan Value Partners Small Cap Fund		–		(35,508)		35,508

Tax Basis of Investments: As of April 30, 2016, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for federal tax purposes was as follows:

	Vulcan Value Partners		Vulcan Value Partners
	Fund		Small Cap Fund
Gross appreciation
(excess of value over tax cost)	$	186,735,663	$	102,761,060
Gross depreciation
(excess of tax cost over value)		(141,636,640)		(74,165,067)
Net appreciation of foreign currency and derivatives		78,727		11,371
Net unrealized appreciation	$	45,177,750	$	28,607,364
Cost of investments for income tax purposes	$	1,470,478,799	$	1,108,301,002

    Annual Report  |  April 30, 2016 31    

Notes to Financial Statements

April 30, 2016

Components of Earnings: As of April 30, 2016, components of distributable earnings were as follows:

			Vulcan Value
	Vulcan Value		Partners Small Cap
	Partners Fund		Fund
Undistributed ordinary income	$	9,450,857	$	2,656,416
Accumulated capital losses		(17,302,140)		(42,411,939)
Net unrealized appreciation on investments		45,177,750		28,607,364
Total	$	37,326,467	$	(11,148,159)

As of April 30, 2016, the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund elect to defer to the period ending April 30, 2017, capital losses recognized during the period November 1, 2015 to April 30, 2016 in the amounts of $17,302,140 and $42,411,939, respectively.

Capital Losses: As of April 30, 2016, the Funds have no accumulated capital loss carryforwards.

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

The tax character of distributions paid by the Funds for the fiscal years ended April 30, 2016 and April 30, 2015 were as follows:

			Long-Term Capital
	Ordinary Income		Gain
2016
Vulcan Value Partners Fund	$	48,548,716	$	82,959,233
Vulcan Value Partners Small Cap Fund		10,661,578		56,691,124
			Long-Term Capital
	Ordinary Income		Gain
2015
Vulcan Value Partners Fund	$	48,380,968	$	33,254,115
Vulcan Value Partners Small Cap Fund		64,217,648		36,463,199

    32 www.vulcanvaluepartners.com    

Notes to Financial Statements

April 30, 2016

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the year ended April 30, 2016 were as follows:

			Proceeds From Sales of
Fund	Purchase of Securities		Securities
Vulcan Value Partners Fund	$	1,373,453,895	$	1,528,274,216
Vulcan Value Partners Small Cap Fund		780,103,038		822,632,509

5. CAPITAL SHARE TRANSACTIONS

The capitalization of the Trust consists of an unlimited number of shares of beneficial interest with no par value per share. Holders of the shares of the 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.

Shares redeemed within 90 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund retained $100,356 and $10,334, respectively, for the year ended April 30, 2016, and $22,469 and $17,712, respectively, for the year ended April 30, 2015, which is reflected in the “Cost of shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets.

Transactions in shares of capital stock for the dates listed below were as follows:

Vulcan Value Partners Fund

	For the Year Ended		For the Year Ended
	April 30, 2016		April 30, 2015
Shares Sold		32,133,506		40,549,413
Shares Issued in Reinvestment of Dividends		6,372,007		3,392,456
Less Shares Redeemed		(38,169,154)		(6,399,329)
Net Increase		336,359		37,542,540

Vulcan Value Partners Small Cap Fund

	For the Year Ended		For the Year Ended
	April 30, 2016		April 30, 2015
Shares Sold		20,302,249		15,540,687
Shares Issued in Reinvestment of Dividends		3,358,435		4,815,937
Less Shares Redeemed		(15,350,234)		(16,362,540)
Net Increase		8,310,450		3,994,084

    Annual Report  |  April 30, 2016 33    

Notes to Financial Statements

April 30, 2016

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.

The Adviser has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of each Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect from June 10, 2015 through August 31, 2016. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Funds’ expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Funds will not be obligated to pay any such fees and expenses more than three years after the end of the fiscal year in which the fees or expenses were foregone or reimbursed. The Adviser may not discontinue or modify this waiver prior to August 31, 2016 without the approval by the Funds’ Board of Trustees.

For the year ended April 30, 2016, the fee waivers and/or reimbursements were as follows:

Fund	Recoupment of Previously Waived Fees by Adviser
Vulcan Value Partners Fund	$	–
Vulcan Value Partners Small Cap Fund		20,833

As of April 30, 2016, the balances of recoupable expenses for each Fund were as follows:

Fund	Expires 2016		Expires 2017		Expires 2018		Total
Vulcan Value Partners Fund	$	–	$	–	$	–	$	–
Vulcan Value Partners Small Cap Fund		161,158		400,224		79,989		641,371

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, 2016 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

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Notes to Financial Statements

April 30, 2016

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, 2016 are disclosed in the Statement 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 Fund Services, Inc. (“ALPS” and the “Administrator”) (an affiliate of ADI) receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the year ended April 30, 2016 are disclosed in the Statement of Operations.

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

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation (“NSCC”) or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Funds may increase. Fees are disclosed on the Statements of Operations as “Delegated transfer agent equivalent services fees”.

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.

    Annual Report  |  April 30, 2016 35    

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust:

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (the “Funds”), two of the portfolios constituting Financial Investors Trust, as of April 30, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2016, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund of Financial Investors Trust as of April 30, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Denver, Colorado

June 28, 2016

    36 www.vulcanvaluepartners.com    

Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2016 (Unaudited)

On December 15, 2015, the Trustees met in person to discuss, among other things, the approval of the investment advisory agreement between the Trust and Vulcan Value Partners, LLC (the “Adviser”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials.

In renewing and approving the Investment Advisory Agreement with the Adviser, the Trustees, including the Independent Trustees, considered the following factors with respect to the Vulcan Value Partners Small Cap Fund and Vulcan Value Partners Fund (the “Vulcan Funds”):

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee paid by the Trust, on behalf of the Vulcan Funds, to the Adviser of 1.00% of the Vulcan Value Partners Fund’s daily average net assets and 1.15% of the Vulcan Value Partners Small Cap Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by the Adviser to the Vulcan Funds.

The Board received and considered information including a comparison of each of the Vulcan Fund’s contractual and actual advisory fees and overall expenses with those of funds in the peer groups and universes of funds provided by an independent provider of investment company data (the “Independent Data Provider”) and by the Adviser. The Trustees noted that the contractual advisory fee rates for both Vulcan Funds were above the Independent Data Provider peer group average and median contractual advisory fee rates.

Total Expense Ratios: Based on such information, the Trustees further reviewed and considered the total expense ratios (after waivers) of 1.08% for the Vulcan Value Partners Fund and 1.25% for the Vulcan Value Partners Small Cap Fund. The Trustees noted that each of the Vulcan Funds’ total expense ratios (after waivers) were above the Independent Data Provider peer group average and median total expense ratios (after waivers).

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 to be provided to the Vulcan Funds under the Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by the Adviser in its presentation, including its Form ADV.

The Trustees reviewed and considered the Adviser’s investment advisory personnel, its history as an asset manager and its performance and the amount of assets currently under management by the Adviser and its affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by the Adviser, 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 the Adviser’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 the Vulcan Funds and the extent of the resources devoted to research and analysis of actual and potential investments.

    Annual Report  |  April 30, 2016 37    

Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2016 (Unaudited)

The Trustees also reviewed, among other things, the Adviser’s insider trading policies and procedures and its Code of Ethics.

Performance: The Trustees reviewed performance information for each of the Vulcan Funds for the 3-month, 1-year, 3-year and 5-year periods ended September 30, 2015. That review included a comparison of each Vulcan Fund’s performance to the performance of a group of comparable funds selected by Independent Data Provider. The Trustees noted the performance of each Vulcan Fund was above its respective Independent Data Provider peer group average and median performance for the 1-year, 3-year and 5-year periods ended September 30, 2015. The Trustees also considered the Adviser’s discussion of each Vulcan Fund’s underlying portfolio diversification categories, its top contributors and top detractors, as well as the Adviser’s performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by the Adviser regarding fees charged to its other clients utilizing a strategy similar to that employed by the Vulcan Fund.

Profitability: The Trustees received and considered a retrospective and projected profitability analysis prepared by the Adviser based on the fees payable under the Investment Advisory Agreement with respect to each Vulcan Fund. The Trustees considered the profits, if any, anticipated to be realized by the Adviser in connection with the operation of each Vulcan Fund. The Board then reviewed the Adviser’s audited calendar year 2013-2014 financial statements in order to analyze the financial condition and stability and profitability of the Adviser.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Vulcan 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 the Adviser from its relationship with the Vulcan Funds, including whether soft dollar arrangements were used.

In renewing the Adviser as the Vulcan Funds’ investment adviser and renewing the Investment Advisory Agreement and the fees charged under the Investment Advisory Agreement, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Investment Advisory Agreement. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

● each Vulcan Fund’s contractual advisory fee rate was above its Independent Data Provider peer group average and median contractual advisory fee rates;

● each Vulcan Fund’s total expense ratio (after waivers) was above its Independent Data Provider peer group average and median total expense ratios (after waivers);

● the nature, extent and quality of services rendered by the Adviser under the Investment Advisory Agreement with respect to the Vulcan Funds were adequate;

    38 www.vulcanvaluepartners.com    

Disclosure Regarding Approval of Fund Advisory Agreements

April 30, 2016 (Unaudited)

● the performance of each Vulcan Fund was above its Independent Data Provider peer group performance for the 1-year, 3-year and 5-year periods ended September 30, 2015;

● 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 the Adviser’s other clients employing a comparable strategy to one or more of the Vulcan Funds were not indicative of any unreasonableness with respect to the advisory fees proposed to be payable by the Vulcan Funds;

● the profit, if any, realized by the Adviser in connection with the operation of each Vulcan Fund is not unreasonable to such Vulcan Fund; and

● there were no material economies of scale or other incidental benefits accruing to the Adviser in connection with its relationship with 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 the Adviser’s compensation for investment advisory services is consistent with the best interests of the Vulcan Funds and their shareholders.

    Annual Report  |  April 30, 2016 39    

Additional Information

April 30, 2016 (Unaudited)

1. FUND HOLDINGS

The Funds files their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. Copies of the Funds’ Form N-Q are available without charge on the SEC website at http://www.sec.gov. You may also review and copy the Form N-Q at the SEC’s Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866)-759-5679 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

The Funds designate the following for federal income tax purposes for the calendar year ended December 31, 2015:

	Qualified Dividend Income	Dividend Received     Deduction
Vulcan Value Partners Fund	58.67%	54.33%
Vulcan Value Partners Small Cap Fund	100.00%	100.00%

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Vulcan Value Partners Fund designated $82,959,233, and the Vulcan Value Partners Small Cap Fund designated $56,691,124 as long-term capital gain dividends.

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Trustees and Officers

April 30, 2016 (Unaudited)

Additional information regarding the Fund’s trustees is included in the Statement of Additional Information, which can be obtained without charge by calling 888-288-1121.

INDEPENDENT TRUSTEES

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Mary K. Anstine, 1940	Trustee	Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.	34	Ms. Anstine is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds); Reaves Utility Income Fund (1 fund); and Westcore Trust (12 funds).
John R. Moran, Jr., 1930	Trustee	Mr. Moran was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009.	Mr. Moran formerly served as President and CEO of The Colorado Trust, a private foundation serving the health and hospital community in the state of Colorado, from 1991 to 2007. During his career as an attorney from 1958 to 1991, Mr. Moran was formerly a partner with the firm of Kutak Rock & Campbell in Denver, Colorado and a member of the Colorado House of Representatives. Currently, Mr. Moran is a member of the Treasurer’s Investment Advisory Committee for the University of Colorado.	34	None.

    Annual Report  |  April 30, 2016 41    

Trustees and Officers

April 30, 2016 (Unaudited)

 INDEPENDENT TRUSTEES (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Jeremy W. Deems, 1976	Trustee	Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.	Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.	34	Mr. Deems is a Trustee of ALPS ETF Trust (20 funds); ALPS Variable Investment Trust (9 funds), Reaves Utility Income Fund (1 fund) and Clough Funds Trust (1 fund).
Jerry G. Rutledge 1944	Trustee	Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.	34	Mr. Rutledge is a Trustee of Principal Real Estate Fund (1 fund), Clough Global Allocation Fund (1 fund), Clough Global Equity Fund (1 fund) and Clough Global Opportunities Fund (1 fund).

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Trustees and Officers

April 30, 2016 (Unaudited)

 INDEPENDENT TRUSTEES (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee During Past 5 Years**
Michael “Ross” Shell, 1970	Trustee	Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.	Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.	34	None.

    Annual Report  |  April 30, 2016 43    

Trustees and Officers

April 30, 2016 (Unaudited)

 INTERESTED TRUSTEE

Name,  Address*  & Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**	Number of Funds in Fund Complex Overseen by Trustee***	Other Directorships Held by Trustee
Edmund J. Burke, 1961	Trustee, Chairman and President	Mr. Burke was elected as Chairman at the August 28, 2009 meeting of the Board of Trustees. Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. Mr. Burke was elected President of the Trust at the December 17, 2002 meeting of the Board of Trustees.	Mr. Burke is President and a Director of ALPS Holdings, Inc. (“AHI”) (since 2005) and Director of Boston Financial Data Services, Inc. (“BFDS”), ALPS Advisors, Inc. (“AAI”), ALPS Distributors, Inc. (“ADI”), ALPS Fund Services, Inc. (“AFS”) and ALPS Portfolio Solutions Distributor, Inc. (“APSD”) and from 2001-2008, was President of AAI, ADI, AFS and APSD. Because of his positions with AHI, BFDS, AAI, ADI, AFS and APSD, Mr. Burke is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Burke is Trustee and President of the Clough Global Allocation Fund (Trustee since 2006; President since 2004); Trustee and President of the Clough Global Equity Fund (Trustee since 2006; President since 2005); Trustee and President of the Clough Global Opportunities Fund (since 2006); Trustee of the Liberty All-Star Equity Fund; and Director of the Liberty All-Star Growth Fund, Inc.	34	Mr. Burke is a Trustee of Clough Global Allocation Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Liberty All-Star Equity Fund (1 fund) and Clough Funds Trust (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund).

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Trustees and Officers

April 30, 2016 (Unaudited)

 OFFICERS

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Kimberly R. Storms, 1972	Treasurer	Ms. Storms was elected Treasurer of the Trust at the March 12, 2013 meeting of the Board of Trustees.	Ms. Storms is Senior Vice President - Director of Fund Administration of ALPS. Because of her position with ALPS, Ms. Storms is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Storms is also Treasurer of Liberty All-Star Equity Fund, Liberty All-Star Growth Fund, Inc. and ALPS Series Trust. Ms. Storms also serves as a Board member and Treasurer of The Center for Trauma & Resilience, a nonprofit agency.
JoEllen L. Legg, 1961	Secretary	Ms. Legg was elected Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Legg joined ALPS in October 2007 and is currently Vice President, Assistant General Counsel of ALPS. Prior to joining ALPS, Ms. Legg served as Senior Counsel - Law (Corporate & Securities) for Adelphia Communications Corporation (February 2005 - March 2007). Prior to this, Ms. Legg held associate positions at Fried Frank Harris Shriver & Jacobson LLP (1998 - 2004) and at Patton Boggs LLP (2004 - 2005). Because of her position with ALPS, Ms. Legg is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Legg is also the Secretary of ALPS Series Trust and Reaves Utility Income Fund.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was appointed CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of the Reaves Utility Income Fund, Centre Funds and Transparent Value Trust.
Jennell Panella, 1974	Assistant Treasurer	Ms. Panella was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Nate Mandeville, 1977	Assistant Treasurer	Mr. Mandeville was elected Assistant Treasurer of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Mr. Mandeville joined ALPS in December 2013 and is Fund Controller for ALPS. Prior to joining ALPS, Mr. Mandeville worked for Great-West Financial (2011-2013), Virtuoso Sourcing Group (2008-2011) and Janus Capital Group (2000-2008). Because of his position with ALPS, Mr. Mandeville is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Mandeville also serves as Assistant Treasurer of ALPS Series Trust.
Sharon Akselrod, 1974	Assistant Secretary	Ms. Akselrod was elected Assistant Secretary of the Trust at the September 15, 2015 meeting of the Board of Trustees.	Ms. Akselrod joined ALPS in August 2014 and is currently Senior Investment Company Act Paralegal of ALPS. Prior to joining ALPS, Ms. Akselrod served as Corporate Governance and Regulatory Associate for Nordstrom fsb (2013-2014) and Senior Legal Assistant – Legal Manager for AXA Equitable Life Insurance Company (2008-2013). Because of her position with ALPS, Ms. Akselrod is deemed an affiliate of the Trust as defined under the 1940 Act.

    Annual Report  |  April 30, 2016 45    

Trustees and Officers

April 30, 2016 (Unaudited)

 OFFICERS (continued)

Name,  Address*  & Year  of Birth	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years**
Sareena Khwaja-Dixon 1980	Assistant Secretary	Ms. Khwaja-Dixon was elected Assistant Secretary of the Trust at the December 15, 2015 meeting of the Board of Trustees.	Ms. Khwaja-Dixon joined ALPS in August 2015 and is currently Senior Counsel and Vice President of ALPS. Prior to joining ALPS, Ms. Khwaja-Dixon served as a Senior Paralegal/Paralegal for Russell Investments (2011-2015). Because of her position with ALPS, Ms. Khwaja-Dixon is deemed an affiliate of the Trust as defined under the 1940 Act.

  * All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1100, Denver, CO 80203.

  ** This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until his or her successor is elected. Officers are elected on an annual basis.

  *** The Fund Complex includes all series of the Trust (currently 34) and any other investment companies for which any Trustee serves as trustee for and which Vulcan Value Partners, LLC, Inc. provides investment advisory services (currently none).

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The Funds are neither insured nor guaranteed by the U.S. Government, the FDIC, the Federal Reserve Board or any other governmental agency or insurer.
This material must be accompanied or preceded by a prospectus.
Managed Accounts are available only for institutional and private clients of Vulcan Value Partners, LLC, a federally registered investment advisor. Vulcan Value Partners Funds are distributed by ALPS Distributors, Inc. Separately Managed Accounts and related investment advisory services are provided by Vulcan Value Partners, LLC, a federally regulated investment advisor. ALPS Distributors, Inc. is not affiliated with Vulcan Value Partners, LLC.

Item 2. Code of Ethics.

(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.

(b) Not applicable.

(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.

(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.

(e) Not applicable.

(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.

(a) Audit Fees:  For the Registrant’s fiscal years ended April 30, 2016 and April 30, 2015, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $316,200 and $259,000, respectively.

(b) Audit-Related Fees:   For the Registrant’s fiscal years ended April 30, 2016 and April 30, 2015, 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.

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(c) Tax Fees: For the Registrant’s fiscal years ended April 30, 2016 and April 30, 2015, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $50,850 and $45,185, respectively. The fiscal year 2016 and 2015 tax fees were for services for dividend calculation, excise tax preparation and tax return preparation.

(d) All Other Fees:    For the Registrant’s fiscal years ended April 30, 2016 and April 30, 2015, no fees were billed to Registrant by the principal accountant for products and services, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:    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.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant’s accountant 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 $85,069 in fiscal year ended April 30, 2016 and $68,301 in fiscal year ended April 30, 2015. These fees consisted of non-audit fees billed to (i) the Registrant of $50,850 in fiscal year ended April 30, 2016 and $45,185 in fiscal year ended April 30, 2015 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 $34,219 in fiscal year ended April 30, 2016 and $23,116 in fiscal year ended April 30, 2015. The non-audit fees billed to AFS related to SSAE 16 services and other compliance-related matters.

(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

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committee determined that the provision of such non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Reports to Stockholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 11.  Controls and Procedures.

(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.

(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 second fiscal quarter of 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.

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Item 12.  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 attached hereto as Exhibit 12(a)(1).

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.

(a)(3) Not applicable.

(b) The certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.

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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/ Edmund J. Burke
	Edmund J. Burke (Principal Executive Officer)
	President
Date:	July 11, 2016

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/ Edmund J. Burke
	Edmund J. Burke (Principal Executive Officer)
	President
Date:	July 11, 2016
By:	/s/ Kimberly R. Storms
	Kimberly R. Storms (Principal Financial Officer)
	Treasurer
Date:	July 11, 2016

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