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 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill, Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

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: April 30, 2024 – October 31, 2024

Item 1.

Reports to Stockholders.

(a)

Report of Shareholders.

OCTOBER 31, 2024

SEMI-ANNUAL

SHAREHOLDER REPORT

TICKER: DGIFX

DISCIPLINED GROWTH INVESTORS FUND

FUND OVERVIEW

This semi-annual shareholder report contains important information about Disciplined Growth Investors Fund for the period of May 1, 2024 to October 31, 2024.

You can find additional information about the Fund at www.DGIfund.com. You can also request this information by contacting us at

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

WHAT WERE THE FUND'S COST FOR THE SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Disciplined Growth Investors Fund	$39	0.78%

HOW DID THE FUND PERFORM LAST YEAR?

The DGI Fund returned 35.08% for the twelve months ended October 31, 2024. Stocks in the Fund returned 46.16% and bonds returned 9.80%. For comparison, The S&P 500 index increased 38.02%.

Stock selection drove Fund performance. Supermicro (SMCI) contributed 15.98% to the Fund’s overall performance and was the largest contributor by a significant margin. We trimmed the position during January and February 2024 which resulted in the capital gains we distributed to shareholders in July. Other top contributing stocks were Arista Networks (+2.67%,) Garmin (+2.16%), Royal Caribbean (+1.92%), and Intuitive Surgical (+1.59%). The five largest detractors were Viasat (-0.57%), Coterra Energy (-0.29%), Progyny(-0.29%), MSC Industrial (-0.21%), and Power Integrations (-0.21%).

Overall, 19 stocks contributed positively to the Fund’s total return and 19 detracted (had negative returns).

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Disciplined Growth Investors Fund - $16,587	S&P 500 Total Return Index - $33,950
10/31/2014	$10,000	$10,000
4/30/2015	$10,467	$10,440
10/31/2015	$10,111	$10,520
4/30/2016	$10,253	$10,566
10/31/2016	$10,835	$10,994
4/30/2017	$11,786	$12,459
10/31/2017	$12,401	$13,593
4/30/2018	$12,936	$14,112
10/31/2018	$13,341	$14,591
4/30/2019	$14,843	$16,016
10/31/2019	$14,983	$16,681
4/30/2020	$14,132	$16,154
10/31/2020	$16,301	$18,301
4/30/2021	$20,774	$23,582
10/31/2021	$21,193	$26,155
4/30/2022	$18,310	$23,632
10/31/2022	$17,372	$22,334
4/30/2023	$18,616	$24,262
10/31/2023	$19,997	$24,599
4/30/2024	$26,985	$29,760
10/31/2024	$27,012	$33,950

AVERAGE ANNUAL TOTAL RETURNS

Disciplined Growth Investors Fund	1 Year	5 Year	10 Year
Disciplined Growth Investors Fund	35.08%	12.51%	10.45%
S&P 500 Total Return Index	38.02%	15.27%	13.00%

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

PROFILE

Total Net Assets$527,641,275
# of Portfolio Holdings138
Portfolio Turnover Rate8%
Advisory Fees Paid$2,113,550

WHAT DID THE FUND INVEST IN?

INDUSTRY SECTOR ALLOCATION

(as a % of Net Assets)

Value	Value
Technology	36.3%
Consumer Discretionary	15.2%
Energy	9.6%
Utilities	6.6%
Government	6.4%
Health Care	6.0%
Industrials	5.3%
Communications	3.0%
Financials	2.8%
Producer Durables	2.4%
Other Sectors	6.0%
Cash, Cash Equivalents, & Other Net Assets	0.4%

EQUITY: TOP 10 HOLDINGS

(as a % of Net Assets)

Top 10	Top 10
U.S. Treasury Note	5.2%
Arista Networks, Inc.	4.4%
Plexus Corp.	4.3%
Pure Storage, Inc.	3.7%
Garmin, Ltd.	3.6%
Super Micro Computer, Inc.	2.8%
Akamai Technologies, Inc.	2.7%
Intuitive Surgical, Inc.	2.6%
Royal Caribbean Cruises, Ltd.	2.6%
InterDigital, Inc.	2.5%

FIXED INCOME: QUALITY STRUCTURE

(as a % of Net Assets)

Value	Value
Baa1	2.9%
Ba1	2.7%
Baa2	2.5%
Aaa	1.2%

ASSET WEIGHTING

(as a % of Net Assets)

Value	Value
Common Stock	70.0%
Corporate Bond	23.2%
Government Bond	6.4%
Cash, Cash Equivalents, & Other Net Assets	0.4%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

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

DISCIPLINED GROWTH INVESTORS FUND

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

TICKER: DGIFX

HOUSEHOLDING

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

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

Distributor, ALPS Distributors, Inc.

317609394–SA–10312024

EMERALD FINANCE & BANKING INNOVATION FUND

CLASS A: HSSAX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - A for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - A	$140	1.85%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class A - NAV - $14,674	Class A - Load - $13,975	Russell 2000^® Index TR - $21,460	Russell 3000^® Index - $32,298	Russell 2000^® Financial Services Index TR - $21,515
10/31/24	$14,674	$13,975	$21,460	$32,298	$21,515
10/31/23	$9,817	$9,349	$16,006	$23,429	$14,790
10/31/22	$12,622	$12,020	$17,506	$21,617	$17,968
10/31/21	$29,785	$28,367	$21,490	$25,894	$19,953
10/31/20	$13,142	$12,516	$14,251	$17,995	$12,460
10/31/19	$15,494	$14,756	$14,270	$16,337	$15,183
10/31/18	$15,844	$15,090	$13,603	$14,395	$13,869
10/31/17	$16,562	$15,773	$13,355	$13,504	$14,169
10/31/16	$11,818	$11,255	$10,446	$10,892	$11,287
10/31/15	$11,810	$11,248	$10,034	$10,449	$10,431
10/31/14	$10,000	$9,524	$10,000	$10,000	$10,000

Average Annual Total Returns

Class A	1 Year	5 Year	10 Year
Class A - NAV	49.48%	-1.08%	3.91%
Class A - Load	42.37%	-2.04%	3.40%
Russell 2000^® Index TR	34.07%	8.50%	7.94%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 2000^® Financial Services Index TR	45.46%	7.22%	7.96%

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

Fund Statistics

Total Net Assets$51,004,169
# of Portfolio Holdings73
Portfolio Turnover Rate57%
Advisory Fees Paid$246,442

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Financials	85.21%
Financial	7.38%
Financial Services	6.10%
Industrials	0.00%
Cash, Cash Equivalents, & Other Net Assets	1.31%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
Northeast Bancorp	4.70%
Metropolitan Bank Holding Corp.	4.19%
Axos Financial, Inc.	4.15%
Kinsale Capital Group, Inc.	3.38%
Skyward Specialty Insurance Group, Inc.	3.35%
Western Alliance Bancorp	2.93%
LendingTree, Inc.	2.81%
Finwise Bancorp	2.80%
Mechanics Bank/Walnut Creek CA	2.75%
First Internet Bancorp	2.31%
Total % of Top 10 Holdings	33.37%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

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

HOUSEHOLDING

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

Phone: (855) 828-9909

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

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS A : HSSAX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609246–SA–10312024

EMERALD FINANCE & BANKING INNOVATION FUND

CLASS C: HSSCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - C for the period of May 1, 2024 to October 31, 2024.

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - C	$189	2.50%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class C - NAV - $13,752	Class C - Load - $13,752	Russell 2000^® Index TR - $21,460	Russell 3000^® Index - $32,298	Russell 2000^® Financial Services Index TR - $21,515
10/31/24	$13,752	$13,752	$21,460	$32,298	$21,515
10/31/23	$9,259	$9,259	$16,006	$23,429	$14,790
10/31/22	$11,984	$11,984	$17,506	$21,617	$17,968
10/31/21	$28,469	$28,469	$21,490	$25,894	$19,953
10/31/20	$12,644	$12,644	$14,251	$17,995	$12,460
10/31/19	$14,998	$14,998	$14,270	$16,337	$15,183
10/31/18	$15,442	$15,442	$13,603	$14,395	$13,869
10/31/17	$16,248	$16,248	$13,355	$13,504	$14,169
10/31/16	$11,667	$11,667	$10,446	$10,892	$11,287
10/31/15	$11,735	$11,735	$10,034	$10,449	$10,431
10/31/14	$10,000	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Class C	1 Year	5 Year	10 Year
Class C - NAV	48.53%	-1.72%	3.24%
Class C - Load	47.53%	-1.72%	3.24%
Russell 2000^® Index TR	34.07%	8.50%	7.94%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 2000^® Financial Services Index TR	45.46%	7.22%	7.96%

Fund Statistics

Total Net Assets$51,004,169
# of Portfolio Holdings73
Portfolio Turnover Rate57%
Advisory Fees Paid$246,442

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Financials	85.21%
Financial	7.38%
Financial Services	6.10%
Industrials	0.00%
Cash, Cash Equivalents, & Other Net Assets	1.31%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
Northeast Bancorp	4.70%
Metropolitan Bank Holding Corp.	4.19%
Axos Financial, Inc.	4.15%
Kinsale Capital Group, Inc.	3.38%
Skyward Specialty Insurance Group, Inc.	3.35%
Western Alliance Bancorp	2.93%
LendingTree, Inc.	2.81%
Finwise Bancorp	2.80%
Mechanics Bank/Walnut Creek CA	2.75%
First Internet Bancorp	2.31%
Total % of Top 10 Holdings	33.37%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS C : HSSCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609238–SA–10312024

EMERALD FINANCE & BANKING INNOVATION FUND

INSTITUTIONAL: HSSIX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Institutional for the period of May 1, 2024 to October 31, 2024.

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - Institutional	$116	1.54%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Institutional - $15,188	Russell 2000^® Index TR - $21,460	Russell 3000^® Index - $32,298	Russell 2000^® Financial Services Index TR - $21,515
10/31/24	$15,188	$21,460	$32,298	$21,515
10/31/23	$10,126	$16,006	$23,429	$14,790
10/31/22	$12,972	$17,506	$21,617	$17,968
10/31/21	$30,507	$21,490	$25,894	$19,953
10/31/20	$13,412	$14,251	$17,995	$12,460
10/31/19	$15,753	$14,270	$16,337	$15,183
10/31/18	$16,054	$13,603	$14,395	$13,869
10/31/17	$16,725	$13,355	$13,504	$14,169
10/31/16	$11,893	$10,446	$10,892	$11,287
10/31/15	$11,849	$10,034	$10,449	$10,431
10/31/14	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Institutional	1 Year	5 Year	10 Year
Institutional	50.00%	-0.73%	4.27%
Russell 2000^® Index TR	34.07%	8.50%	7.94%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 2000^® Financial Services Index TR	45.46%	7.22%	7.96%

Fund Statistics

Total Net Assets$51,004,169
# of Portfolio Holdings73
Portfolio Turnover Rate57%
Advisory Fees Paid$246,442

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Financials	85.21%
Financial	7.38%
Financial Services	6.10%
Industrials	0.00%
Cash, Cash Equivalents, & Other Net Assets	1.31%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
Northeast Bancorp	4.70%
Metropolitan Bank Holding Corp.	4.19%
Axos Financial, Inc.	4.15%
Kinsale Capital Group, Inc.	3.38%
Skyward Specialty Insurance Group, Inc.	3.35%
Western Alliance Bancorp	2.93%
LendingTree, Inc.	2.81%
Finwise Bancorp	2.80%
Mechanics Bank/Walnut Creek CA	2.75%
First Internet Bancorp	2.31%
Total % of Top 10 Holdings	33.37%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD FINANCE & BANKING INNOVATION FUND - INSTITUTIONAL : HSSIX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609212–SA–10312024

EMERALD FINANCE & BANKING INNOVATION FUND

INVESTOR: FFBFX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - Investor for the period of May 1, 2024 to October 31, 2024.

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - Investor	$143	1.90%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Investor - $14,656	Russell 2000^® Index TR - $21,460	Russell 3000^® Index - $32,298	Russell 2000^® Financial Services Index TR - $21,515
10/31/24	$14,656	$21,460	$32,298	$21,515
10/31/23	$9,810	$16,006	$23,429	$14,790
10/31/22	$12,618	$17,506	$21,617	$17,968
10/31/21	$29,786	$21,490	$25,894	$19,953
10/31/20	$13,146	$14,251	$17,995	$12,460
10/31/19	$15,503	$14,270	$16,337	$15,183
10/31/18	$15,859	$13,603	$14,395	$13,869
10/31/17	$16,566	$13,355	$13,504	$14,169
10/31/16	$11,814	$10,446	$10,892	$11,287
10/31/15	$11,814	$10,034	$10,449	$10,431
10/31/14	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Investor	1 Year	5 Year	10 Year
Investor	49.40%	-1.12%	3.90%
Russell 2000^® Index TR	34.07%	8.50%	7.94%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 2000^® Financial Services Index TR	45.46%	7.22%	7.96%

Fund Statistics

Total Net Assets$51,004,169
# of Portfolio Holdings73
Portfolio Turnover Rate57%
Advisory Fees Paid$246,442

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Financials	85.21%
Financial	7.38%
Financial Services	6.10%
Industrials	0.00%
Cash, Cash Equivalents, & Other Net Assets	1.31%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
Northeast Bancorp	4.70%
Metropolitan Bank Holding Corp.	4.19%
Axos Financial, Inc.	4.15%
Kinsale Capital Group, Inc.	3.38%
Skyward Specialty Insurance Group, Inc.	3.35%
Western Alliance Bancorp	2.93%
LendingTree, Inc.	2.81%
Finwise Bancorp	2.80%
Mechanics Bank/Walnut Creek CA	2.75%
First Internet Bancorp	2.31%
Total % of Top 10 Holdings	33.37%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD FINANCE & BANKING INNOVATION FUND - INVESTOR : FFBFX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609220–SA–10312024

EMERALD GROWTH FUND

CLASS A: HSPGX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - A for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Growth Fund - A	$70	1.08%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class A - NAV - $25,124	Class A - Load - $23,929	Russell 2000^® Growth Index TR - $21,890	Russell 3000^® Index - $32,298
10/31/24	$25,124	$23,929	$21,890	$32,298
10/31/23	$17,841	$16,993	$16,037	$23,429
10/31/22	$19,392	$18,470	$17,362	$21,617
10/31/21	$25,796	$24,570	$23,469	$25,894
10/31/20	$19,033	$18,128	$16,951	$17,995
10/31/19	$15,886	$15,131	$14,952	$16,337
10/31/18	$14,849	$14,143	$14,053	$14,395
10/31/17	$14,238	$13,561	$13,495	$13,504
10/31/16	$10,585	$10,081	$10,302	$10,892
10/31/15	$10,976	$10,454	$10,352	$10,449
10/31/14	$10,000	$9,525	$10,000	$10,000

Average Annual Total Returns

Class A	1 Year	5 Year	10 Year
Class A - NAV	40.82%	9.60%	9.65%
Class A - Load	34.15%	8.54%	9.12%
Russell 2000^® Growth Index TR	36.49%	7.92%	8.15%
Russell 3000^® Index	37.86%	14.60%	12.44%

Fund Statistics

Total Net Assets$947,447,405
# of Portfolio Holdings122
Portfolio Turnover Rate109%
Advisory Fees Paid$3,025,851

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Health Care	24.48%
Industrials	22.33%
Technology	21.47%
Financials	8.74%
Consumer Discretionary	5.48%
Consumer, Non-cyclical	4.64%
Financial	3.95%
Consumer Staples	3.08%
Energy	1.81%
Telecommunications	1.35%
Real Estate	1.27%
Financial Services	0.51%
Producer Durables	0.39%
Cash, Cash Equivalents, & Other Net Assets	0.50%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
F/m Emerald Life Sciences Innovation ETF	5.25%
FTAI Aviation Ltd	3.06%
Freshpet, Inc.	2.82%
Credo Technology Group Holding, Ltd.	2.55%
Q2 Holdings, Inc.	2.15%
AeroVironment, Inc.	2.02%
Palomar Holdings, Inc.	1.89%
Skyward Specialty Insurance Group, Inc.	1.78%
Kratos Defense & Security Solutions, Inc.	1.77%
Varonis Systems, Inc.	1.76%
Total % of Top 10 Holdings	25.05%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

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

EMERALD GROWTH FUND - CLASS A : HSPGX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609287–SA–10312024

EMERALD GROWTH FUND

CLASS C: HSPCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - C for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Growth Fund - C	$112	1.74%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class C - NAV - $23,529	Class C - Load - $23,529	Russell 2000^® Growth Index TR - $21,890	Russell 3000^® Index - $32,298
10/31/24	$23,529	$23,529	$21,890	$32,298
10/31/23	$16,831	$16,831	$16,037	$23,429
10/31/22	$18,414	$18,414	$17,362	$21,617
10/31/21	$24,649	$24,649	$23,469	$25,894
10/31/20	$18,307	$18,307	$16,951	$17,995
10/31/19	$15,374	$15,374	$14,952	$16,337
10/31/18	$14,466	$14,466	$14,053	$14,395
10/31/17	$13,962	$13,962	$13,495	$13,504
10/31/16	$10,451	$10,451	$10,302	$10,892
10/31/15	$10,905	$10,905	$10,352	$10,449
10/31/14	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Class C	1 Year	5 Year	10 Year
Class C - NAV	39.80%	8.88%	8.93%
Class C - Load	38.80%	8.88%	8.93%
Russell 2000^® Growth Index TR	36.49%	7.92%	8.15%
Russell 3000^® Index	37.86%	14.60%	12.44%

Fund Statistics

Total Net Assets$947,447,405
# of Portfolio Holdings122
Portfolio Turnover Rate109%
Advisory Fees Paid$3,025,851

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Health Care	24.48%
Industrials	22.33%
Technology	21.47%
Financials	8.74%
Consumer Discretionary	5.48%
Consumer, Non-cyclical	4.64%
Financial	3.95%
Consumer Staples	3.08%
Energy	1.81%
Telecommunications	1.35%
Real Estate	1.27%
Financial Services	0.51%
Producer Durables	0.39%
Cash, Cash Equivalents, & Other Net Assets	0.50%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
F/m Emerald Life Sciences Innovation ETF	5.25%
FTAI Aviation Ltd	3.06%
Freshpet, Inc.	2.82%
Credo Technology Group Holding, Ltd.	2.55%
Q2 Holdings, Inc.	2.15%
AeroVironment, Inc.	2.02%
Palomar Holdings, Inc.	1.89%
Skyward Specialty Insurance Group, Inc.	1.78%
Kratos Defense & Security Solutions, Inc.	1.77%
Varonis Systems, Inc.	1.76%
Total % of Top 10 Holdings	25.05%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD GROWTH FUND - CLASS C : HSPCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609279–SA–10312024

EMERALD GROWTH FUND

INSTITUTIONAL: FGROX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - Institutional for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Growth Fund - Institutional	$50	0.78%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Institutional - $25,913	Russell 2000^® Growth Index TR - $21,890	Russell 3000^® Index - $32,298
10/31/24	$25,913	$21,890	$32,298
10/31/23	$18,352	$16,037	$23,429
10/31/22	$19,886	$17,362	$21,617
10/31/21	$26,373	$23,469	$25,894
10/31/20	$19,395	$16,951	$17,995
10/31/19	$16,140	$14,952	$16,337
10/31/18	$15,035	$14,053	$14,395
10/31/17	$14,372	$13,495	$13,504
10/31/16	$10,653	$10,302	$10,892
10/31/15	$11,007	$10,352	$10,449
10/31/14	$10,000	$10,000	$10,000

Average Annual Total Returns

Institutional	1 Year	5 Year	10 Year
Institutional	41.21%	9.93%	9.99%
Russell 2000^® Growth Index TR	36.49%	7.92%	8.15%
Russell 3000^® Index	37.86%	14.60%	12.44%

Fund Statistics

Total Net Assets$947,447,405
# of Portfolio Holdings122
Portfolio Turnover Rate109%
Advisory Fees Paid$3,025,851

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Health Care	24.48%
Industrials	22.33%
Technology	21.47%
Financials	8.74%
Consumer Discretionary	5.48%
Consumer, Non-cyclical	4.64%
Financial	3.95%
Consumer Staples	3.08%
Energy	1.81%
Telecommunications	1.35%
Real Estate	1.27%
Financial Services	0.51%
Producer Durables	0.39%
Cash, Cash Equivalents, & Other Net Assets	0.50%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
F/m Emerald Life Sciences Innovation ETF	5.25%
FTAI Aviation Ltd	3.06%
Freshpet, Inc.	2.82%
Credo Technology Group Holding, Ltd.	2.55%
Q2 Holdings, Inc.	2.15%
AeroVironment, Inc.	2.02%
Palomar Holdings, Inc.	1.89%
Skyward Specialty Insurance Group, Inc.	1.78%
Kratos Defense & Security Solutions, Inc.	1.77%
Varonis Systems, Inc.	1.76%
Total % of Top 10 Holdings	25.05%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD GROWTH FUND - INSTITUTIONAL : FGROX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609253–SA–10312024

EMERALD GROWTH FUND

INVESTOR: FFGRX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Growth Fund - Investor for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Growth Fund - Investor	$73	1.13%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Investor - $25,029	Russell 2000^® Growth Index TR - $21,890	Russell 3000^® Index - $32,298
10/31/24	$25,029	$21,890	$32,298
10/31/23	$17,781	$16,037	$23,429
10/31/22	$19,341	$17,362	$21,617
10/31/21	$25,736	$23,469	$25,894
10/31/20	$18,995	$16,951	$17,995
10/31/19	$15,857	$14,952	$16,337
10/31/18	$14,829	$14,053	$14,395
10/31/17	$14,223	$13,495	$13,504
10/31/16	$10,581	$10,302	$10,892
10/31/15	$10,979	$10,352	$10,449
10/31/14	$10,000	$10,000	$10,000

Average Annual Total Returns

Investor	1 Year	5 Year	10 Year
Investor	40.76%	9.56%	9.61%
Russell 2000^® Growth Index TR	36.49%	7.92%	8.15%
Russell 3000^® Index	37.86%	14.60%	12.44%

Fund Statistics

Total Net Assets$947,447,405
# of Portfolio Holdings122
Portfolio Turnover Rate109%
Advisory Fees Paid$3,025,851

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Health Care	24.48%
Industrials	22.33%
Technology	21.47%
Financials	8.74%
Consumer Discretionary	5.48%
Consumer, Non-cyclical	4.64%
Financial	3.95%
Consumer Staples	3.08%
Energy	1.81%
Telecommunications	1.35%
Real Estate	1.27%
Financial Services	0.51%
Producer Durables	0.39%
Cash, Cash Equivalents, & Other Net Assets	0.50%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
F/m Emerald Life Sciences Innovation ETF	5.25%
FTAI Aviation Ltd	3.06%
Freshpet, Inc.	2.82%
Credo Technology Group Holding, Ltd.	2.55%
Q2 Holdings, Inc.	2.15%
AeroVironment, Inc.	2.02%
Palomar Holdings, Inc.	1.89%
Skyward Specialty Insurance Group, Inc.	1.78%
Kratos Defense & Security Solutions, Inc.	1.77%
Varonis Systems, Inc.	1.76%
Total % of Top 10 Holdings	25.05%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD GROWTH FUND - INVESTOR : FFGRX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

317609261–SA–10312024

EMERALD INSIGHTS FUND

CLASS A: EFCAX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Insights Fund - A for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Insights Fund - A	$88	1.35%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class A - NAV - $33,281	Class A - Load - $31,698	Russell Midcap^® Growth Index TR - $28,880	Russell 3000^® Index - $32,298	Russell 3000^® Growth Index TR - $42,855
10/31/24	$33,281	$31,698	$28,880	$32,298	$42,855
10/31/23	$24,024	$22,881	$20,826	$23,429	$29,880
10/31/22	$21,005	$20,005	$20,151	$21,617	$25,469
10/31/21	$30,006	$28,578	$28,358	$25,894	$33,812
10/31/20	$19,498	$18,571	$20,339	$17,995	$23,675
10/31/19	$14,336	$13,654	$16,790	$16,337	$18,467
10/31/18	$12,840	$12,229	$14,118	$14,395	$15,874
10/31/17	$12,106	$11,530	$13,301	$13,504	$14,405
10/31/16	$9,794	$9,328	$10,536	$10,892	$11,098
10/31/15	$10,255	$9,767	$10,494	$10,449	$10,872
10/31/14	$10,000	$9,524	$10,000	$10,000	$10,000

Average Annual Total Returns

Class A	1 Year	5 Year	10 Year
Class A - NAV	38.53%	18.35%	12.78%
Class A - Load	31.92%	17.19%	12.23%
Russell Midcap^® Growth Index TR	38.67%	11.46%	11.19%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 3000^® Growth Index TR	43.42%	18.34%	15.66%

Fund Statistics

Total Net Assets$23,113,274
# of Portfolio Holdings68
Portfolio Turnover Rate115%
Advisory Fees Paid$85,448

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Technology	48.50%
Health Care	16.47%
Consumer Discretionary	13.18%
Industrials	7.02%
Energy	4.82%
Financials	3.03%
Consumer Staples	2.15%
Utilities	1.50%
Telecommunications	1.43%
Financial	0.99%
Consumer, Non-cyclical	0.38%
Cash, Cash Equivalents, & Other Net Assets	0.53%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
NVIDIA Corp.	12.04%
Microsoft Corp.	9.45%
Apple, Inc.	8.82%
Amazon.com, Inc.	5.67%
Alphabet, Inc.	4.85%
Meta Platforms, Inc.	4.08%
Broadcom, Ltd.	2.79%
WaVe Life Sciences, Ltd.	2.04%
Eli Lilly & Co.	2.02%
Insmed, Inc.	1.79%
Total % of Top 10 Holdings	53.55%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

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

EMERALD INSIGHTS FUND - CLASS A : EFCAX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

31761R831–SA–10312024

EMERALD INSIGHTS FUND

CLASS C: EFCCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Insights Fund - C for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Insights Fund - C	$131	2.01%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class C - NAV - $31,136	Class C - Load - $31,136	Russell Midcap^® Growth Index TR - $28,880	Russell 3000^® Index - $32,298	Russell 3000^® Growth Index TR - $42,855
10/31/24	$31,136	$31,136	$28,880	$32,298	$42,855
10/31/23	$22,621	$22,621	$20,826	$23,429	$29,880
10/31/22	$19,919	$19,919	$20,151	$21,617	$25,469
10/31/21	$28,633	$28,633	$28,358	$25,894	$33,812
10/31/20	$18,735	$18,735	$20,339	$17,995	$23,675
10/31/19	$13,857	$13,857	$16,790	$16,337	$18,467
10/31/18	$12,493	$12,493	$14,118	$14,395	$15,874
10/31/17	$11,855	$11,855	$13,301	$13,504	$14,405
10/31/16	$9,657	$9,657	$10,536	$10,892	$11,098
10/31/15	$10,177	$10,177	$10,494	$10,449	$10,872
10/31/14	$10,000	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Class C	1 Year	5 Year	10 Year
Class C - NAV	37.64%	17.58%	12.03%
Class C - Load	36.64%	17.58%	12.03%
Russell Midcap^® Growth Index TR	38.67%	11.46%	11.19%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 3000^® Growth Index TR	43.42%	18.34%	15.66%

Fund Statistics

Total Net Assets$23,113,274
# of Portfolio Holdings68
Portfolio Turnover Rate115%
Advisory Fees Paid$85,448

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Technology	48.50%
Health Care	16.47%
Consumer Discretionary	13.18%
Industrials	7.02%
Energy	4.82%
Financials	3.03%
Consumer Staples	2.15%
Utilities	1.50%
Telecommunications	1.43%
Financial	0.99%
Consumer, Non-cyclical	0.38%
Cash, Cash Equivalents, & Other Net Assets	0.53%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
NVIDIA Corp.	12.04%
Microsoft Corp.	9.45%
Apple, Inc.	8.82%
Amazon.com, Inc.	5.67%
Alphabet, Inc.	4.85%
Meta Platforms, Inc.	4.08%
Broadcom, Ltd.	2.79%
WaVe Life Sciences, Ltd.	2.04%
Eli Lilly & Co.	2.02%
Insmed, Inc.	1.79%
Total % of Top 10 Holdings	53.55%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD INSIGHTS FUND - CLASS C : EFCCX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

31761R823–SA–10312024

EMERALD INSIGHTS FUND

INSTITUTIONAL: EFCIX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Insights Fund - Institutional for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Insights Fund - Institutional	$68	1.05%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Institutional - $34,270	Russell Midcap^® Growth Index TR - $28,880	Russell 3000^® Index - $32,298	Russell 3000^® Growth Index TR - $42,855
10/31/24	$34,270	$28,880	$32,298	$42,855
10/31/23	$24,670	$20,826	$23,429	$29,880
10/31/22	$21,503	$20,151	$21,617	$25,469
10/31/21	$30,626	$28,358	$25,894	$33,812
10/31/20	$19,847	$20,339	$17,995	$23,675
10/31/19	$14,539	$16,790	$16,337	$18,467
10/31/18	$12,987	$14,118	$14,395	$15,874
10/31/17	$12,214	$13,301	$13,504	$14,405
10/31/16	$9,853	$10,536	$10,892	$11,098
10/31/15	$10,274	$10,494	$10,449	$10,872
10/31/14	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Institutional	1 Year	5 Year	10 Year
Institutional	38.91%	18.71%	13.11%
Russell Midcap^® Growth Index TR	38.67%	11.46%	11.19%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 3000^® Growth Index TR	43.42%	18.34%	15.66%

Fund Statistics

Total Net Assets$23,113,274
# of Portfolio Holdings68
Portfolio Turnover Rate115%
Advisory Fees Paid$85,448

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Technology	48.50%
Health Care	16.47%
Consumer Discretionary	13.18%
Industrials	7.02%
Energy	4.82%
Financials	3.03%
Consumer Staples	2.15%
Utilities	1.50%
Telecommunications	1.43%
Financial	0.99%
Consumer, Non-cyclical	0.38%
Cash, Cash Equivalents, & Other Net Assets	0.53%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
NVIDIA Corp.	12.04%
Microsoft Corp.	9.45%
Apple, Inc.	8.82%
Amazon.com, Inc.	5.67%
Alphabet, Inc.	4.85%
Meta Platforms, Inc.	4.08%
Broadcom, Ltd.	2.79%
WaVe Life Sciences, Ltd.	2.04%
Eli Lilly & Co.	2.02%
Insmed, Inc.	1.79%
Total % of Top 10 Holdings	53.55%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD INSIGHTS FUND - INSTITUTIONAL : EFCIX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

31761R815–SA–10312024

EMERALD INSIGHTS FUND

INVESTOR: EFCNX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

FUND OVERVIEW

This semi-annual shareholder report shareholder report contains important information about Emerald Insights Fund - Investor for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Insights Fund - Investor	$91	1.40%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Investor - $33,116	Russell Midcap^® Growth Index TR - $28,880	Russell 3000^® Index - $32,298	Russell 3000^® Growth Index TR - $42,855
10/31/24	$33,116	$28,880	$32,298	$42,855
10/31/23	$23,922	$20,826	$23,429	$29,880
10/31/22	$20,923	$20,151	$21,617	$25,469
10/31/21	$29,894	$28,358	$25,894	$33,812
10/31/20	$19,440	$20,339	$17,995	$23,675
10/31/19	$14,304	$16,790	$16,337	$18,467
10/31/18	$12,804	$14,118	$14,395	$15,874
10/31/17	$12,078	$13,301	$13,504	$14,405
10/31/16	$9,784	$10,536	$10,892	$11,098
10/31/15	$10,245	$10,494	$10,449	$10,872
10/31/14	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Investor	1 Year	5 Year	10 Year
Investor	38.43%	18.28%	12.72%
Russell Midcap^® Growth Index TR	38.67%	11.46%	11.19%
Russell 3000^® Index	37.86%	14.60%	12.44%
Russell 3000^® Growth Index TR	43.42%	18.34%	15.66%

Fund Statistics

Total Net Assets$23,113,274
# of Portfolio Holdings68
Portfolio Turnover Rate115%
Advisory Fees Paid$85,448

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Value	Value
Technology	48.50%
Health Care	16.47%
Consumer Discretionary	13.18%
Industrials	7.02%
Energy	4.82%
Financials	3.03%
Consumer Staples	2.15%
Utilities	1.50%
Telecommunications	1.43%
Financial	0.99%
Consumer, Non-cyclical	0.38%
Cash, Cash Equivalents, & Other Net Assets	0.53%

Top Ten Holdings

(as a % of Net Assets)

Top 10	% TNA
NVIDIA Corp.	12.04%
Microsoft Corp.	9.45%
Apple, Inc.	8.82%
Amazon.com, Inc.	5.67%
Alphabet, Inc.	4.85%
Meta Platforms, Inc.	4.08%
Broadcom, Ltd.	2.79%
WaVe Life Sciences, Ltd.	2.04%
Eli Lilly & Co.	2.02%
Insmed, Inc.	1.79%
Total % of Top 10 Holdings	53.55%

MATERIAL FUND CHANGES

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

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

HOUSEHOLDING

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

Phone: (855) 828-9909

EMERALD INSIGHTS FUND - INVESTOR : EFCNX

SEMI-ANNUAL SHAREHOLDER REPORT - OCTOBER 31, 2024

Distributor, ALPS Distributors, Inc.

31761R799–SA–10312024

0000915802fit:C000167155Memberus-gaap:RealEstateSectorMember2024-10-31

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

Seafarer Overseas Growth and Income Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Institutional Class for the period of May 1, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Growth and Income Fund - Institutional Class	$4	0.86%

How did the Fund perform over the last six months?

During the semi-annual period (May 1, 2024 to October 31, 2024), the Seafarer Overseas Growth and Income Fund’s Institutional Class returned 2.93%, while the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 8.12% and 7.96%, respectively. By way of broader comparison, the S&P 500 Index increased 14.08%.

The Fund began the semi-annual period with a net asset value (NAV) of $12.22 per share. In June, the Fund paid a semi-annual distribution of $0.193 per share. That payment brought the cumulative distribution per share, as measured from the Fund’s inception, to $5.302. The Fund finished the period with a value of $12.38 per share.

Performance during the period can be divided into two distinct periods: all that occurred prior to September 24th, when China’s authorities announced economic stimulus plans, and everything that occurred afterward. Until that day, emerging markets shares moved mostly sideways and slightly higher. The markets were led by Indian shares and semiconductor stocks; the Fund was lifted by corporate financial results. After the China stimulus announcements, Chinese stocks rose markedly, lifting the indices from their doldrums. The Fund profited from its China holdings, but the benchmarks’ greater allocation to China ensured their outperformance for the period.

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Seafarer Overseas Growth and Income Fund - Institutional Class $15,198	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $15,308	Morningstar EM Net Return USD Index $15,071
10/14	$10,000	$10,000	$10,000
11/14	$9,830	$9,896	$9,901
12/14	$9,535	$9,446	$9,492
01/15	$9,796	$9,559	$9,595
02/15	$10,162	$9,824	$9,851
03/15	$10,353	$9,711	$9,734
04/15	$11,014	$10,405	$10,479
05/15	$10,771	$10,140	$10,120
06/15	$10,578	$9,886	$9,834
07/15	$10,194	$9,308	$9,149
08/15	$9,293	$8,425	$8,345
09/15	$9,040	$8,240	$8,128
10/15	$9,608	$8,800	$8,701
11/15	$9,346	$8,564	$8,381
12/15	$9,137	$8,376	$8,212
01/16	$8,846	$7,769	$7,675
02/16	$8,855	$7,756	$7,654
03/16	$9,921	$8,718	$8,632
04/16	$10,097	$8,811	$8,721
05/16	$9,745	$8,534	$8,390
06/16	$10,211	$8,850	$8,755
07/16	$10,513	$9,305	$9,193
08/16	$10,539	$9,512	$9,394
09/16	$10,682	$9,597	$9,485
10/16	$10,602	$9,604	$9,501
11/16	$9,882	$9,216	$9,080
12/16	$9,990	$9,261	$9,113
01/17	$10,394	$9,740	$9,578
02/17	$10,770	$10,075	$9,900
03/17	$11,111	$10,337	$10,170
04/17	$11,246	$10,532	$10,348
05/17	$11,488	$10,784	$10,606
06/17	$11,540	$10,886	$10,677
07/17	$11,775	$11,463	$11,220
08/17	$11,820	$11,703	$11,455
09/17	$11,766	$11,649	$11,405
10/17	$12,010	$12,018	$11,806
11/17	$12,263	$12,069	$11,881
12/17	$12,608	$12,510	$12,349
01/18	$13,172	$13,480	$13,288
02/18	$12,543	$12,883	$12,690
03/18	$12,580	$12,695	$12,464
04/18	$12,155	$12,695	$12,479
05/18	$11,868	$12,310	$12,003
06/18	$11,288	$11,784	$11,474
07/18	$11,717	$12,050	$11,735
08/18	$11,577	$11,741	$11,479
09/18	$11,446	$11,581	$11,390
10/18	$10,317	$10,630	$10,423
11/18	$10,578	$11,093	$10,879
12/18	$10,323	$10,853	$10,679
01/19	$11,296	$11,659	$11,554
02/19	$11,427	$11,688	$11,602
03/19	$11,517	$11,882	$11,681
04/19	$11,648	$12,052	$11,899
05/19	$10,855	$11,267	$11,125
06/19	$11,691	$11,897	$11,766
07/19	$11,610	$11,779	$11,599
08/19	$11,477	$11,258	$11,069
09/19	$11,651	$11,474	$11,294
10/19	$12,140	$11,922	$11,783
11/19	$12,130	$11,892	$11,774
12/19	$12,717	$12,753	$12,614
01/20	$12,078	$12,309	$12,026
02/20	$11,542	$11,699	$11,362
03/20	$9,770	$9,875	$9,493
04/20	$10,677	$10,768	$10,414
05/20	$11,027	$10,898	$10,574
06/20	$11,668	$11,749	$11,358
07/20	$12,394	$12,927	$12,323
08/20	$12,850	$13,299	$12,628
09/20	$12,861	$12,994	$12,381
10/20	$12,840	$13,261	$12,645
11/20	$14,219	$14,515	$13,904
12/20	$15,540	$15,526	$14,936
01/21	$15,783	$15,942	$15,308
02/21	$15,751	$16,093	$15,505
03/21	$16,015	$15,804	$15,314
04/21	$16,258	$16,300	$15,771
05/21	$16,607	$16,807	$16,127
06/21	$16,779	$16,843	$16,179
07/21	$16,372	$15,931	$15,176
08/21	$16,447	$16,315	$15,544
09/21	$15,440	$15,869	$15,009
10/21	$15,665	$16,016	$15,122
11/21	$14,808	$15,585	$14,561
12/21	$15,178	$15,894	$14,886
01/22	$14,937	$15,332	$14,555
02/22	$14,845	$15,050	$14,236
03/22	$14,696	$14,580	$14,002
04/22	$13,916	$13,730	$13,294
05/22	$14,478	$13,778	$13,317
06/22	$13,339	$13,032	$12,361
07/22	$13,641	$13,050	$12,393
08/22	$13,467	$13,094	$12,518
09/22	$12,111	$11,707	$11,131
10/22	$12,528	$11,378	$10,854
11/22	$13,826	$12,752	$12,313
12/22	$13,403	$12,616	$12,163
01/23	$14,301	$13,516	$13,015
02/23	$13,545	$12,797	$12,267
03/23	$13,935	$13,080	$12,595
04/23	$13,911	$12,988	$12,499
05/23	$13,864	$12,756	$12,338
06/23	$14,418	$13,188	$12,801
07/23	$15,149	$13,939	$13,587
08/23	$14,526	$13,233	$12,868
09/23	$14,130	$12,928	$12,589
10/23	$13,434	$12,434	$12,060
11/23	$14,478	$13,350	$13,040
12/23	$15,321	$13,814	$13,567
01/24	$14,644	$13,147	$13,035
02/24	$15,140	$13,782	$13,599
03/24	$15,273	$14,006	$13,868
04/24	$14,765	$14,158	$13,960
05/24	$14,632	$14,191	$14,061
06/24	$14,891	$14,560	$14,584
07/24	$15,198	$14,629	$14,636
08/24	$15,689	$14,791	$14,843
09/24	$15,971	$15,961	$15,760
10/24	$15,198	$15,308	$15,071

Average Annual Total Returns

Seafarer Overseas Growth and Income Fund	1 Year	5 Year	10 Year
Seafarer Overseas Growth and Income Fund - Institutional Class (Incep. February 15, 2012)	13.13%	4.60%	4.27%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	23.11%	5.13%	4.35%
Morningstar EM Net Return USD Index	24.97%	5.05%	4.19%

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

Fund Statistics

Header	Text
Total Net Assets	$3,320,400,850
# of Portfolio Holdings	52
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$12,455,728

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Utilities	1.3%
Real Estate	2.4%
Energy	2.7%
Communications	2.9%
Materials	4.9%
Health Care	7.9%
Industrials	8.6%
Technology	13.3%
Consumer Staples	15.2%
Consumer Discretionary	16.6%
Financials	21.5%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Hyundai Mobis Co., Ltd.	5.7%
Samsung Biologics Co., Ltd.	3.4%
Singapore Exchange, Ltd.	3.1%
Sanlam, Ltd.	3.1%
Richter Gedeon Nyrt	2.9%
Bank Central Asia Tbk PT	2.9%
L&T Technology Services, Ltd.	2.8%
Accton Technology Corp.	2.8%
DBS Group Holdings, Ltd.	2.6%
Novatek Microelectronics Corp.	2.6%
Total % of Top 10 Holdings	31.9%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Emerging Europe	5.4%
Other	5.5%
Middle East & Africa	7.5%
Latin America	13.1%
East & South Asia	65.8%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	88.3%
ADR	7.2%
Preferred Stock	1.8%
Cash and Other Assets, Less Liabilities	2.7%

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

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

Material Fund Changes

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

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

Availability of Additional Information

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

Householding

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

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ogi/overview

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIGIX

Seafarer Overseas Growth and Income Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

317609295–SA–10312024

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

Seafarer Overseas Growth and Income Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Investor Class for the period of May 1, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Growth and Income Fund - Investor Class	$5	0.96%

How did the Fund perform over the last six months?

During the semi-annual period (May 1, 2024 to October 31, 2024), the Seafarer Overseas Growth and Income Fund’s Investor Class returned 2.85%, while the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 8.12% and 7.96%, respectively. By way of broader comparison, the S&P 500 Index increased 14.08%.

The Fund began the semi-annual period with a net asset value (NAV) of $12.14 per share. In June, the Fund paid a semi-annual distribution of $0.191 per share. That payment brought the cumulative distribution per share, as measured from the Fund’s inception, to $5.192. The Fund finished the period with a value of $12.29 per share.

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Seafarer Overseas Growth and Income Fund - Investor Class $15,031	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $15,308	Morningstar EM Net Return USD Index $15,071
10/14	$10,000	$10,000	$10,000
11/14	$9,839	$9,896	$9,901
12/14	$9,534	$9,446	$9,492
01/15	$9,795	$9,559	$9,595
02/15	$10,161	$9,824	$9,851
03/15	$10,352	$9,711	$9,734
04/15	$11,005	$10,405	$10,479
05/15	$10,762	$10,140	$10,120
06/15	$10,568	$9,886	$9,834
07/15	$10,183	$9,308	$9,149
08/15	$9,282	$8,425	$8,345
09/15	$9,028	$8,240	$8,128
10/15	$9,597	$8,800	$8,701
11/15	$9,335	$8,564	$8,381
12/15	$9,122	$8,376	$8,212
01/16	$8,840	$7,769	$7,675
02/16	$8,840	$7,756	$7,654
03/16	$9,897	$8,718	$8,632
04/16	$10,082	$8,811	$8,721
05/16	$9,721	$8,534	$8,390
06/16	$10,186	$8,850	$8,755
07/16	$10,487	$9,305	$9,193
08/16	$10,514	$9,512	$9,394
09/16	$10,656	$9,597	$9,485
10/16	$10,576	$9,604	$9,501
11/16	$9,857	$9,216	$9,080
12/16	$9,968	$9,261	$9,113
01/17	$10,362	$9,740	$9,578
02/17	$10,739	$10,075	$9,900
03/17	$11,079	$10,337	$10,170
04/17	$11,205	$10,532	$10,348
05/17	$11,456	$10,784	$10,606
06/17	$11,506	$10,886	$10,677
07/17	$11,732	$11,463	$11,220
08/17	$11,777	$11,703	$11,455
09/17	$11,723	$11,649	$11,405
10/17	$11,976	$12,018	$11,806
11/17	$12,220	$12,069	$11,881
12/17	$12,557	$12,510	$12,349
01/18	$13,121	$13,480	$13,288
02/18	$12,493	$12,883	$12,690
03/18	$12,530	$12,695	$12,464
04/18	$12,114	$12,695	$12,479
05/18	$11,818	$12,310	$12,003
06/18	$11,237	$11,784	$11,474
07/18	$11,665	$12,050	$11,735
08/18	$11,526	$11,741	$11,479
09/18	$11,395	$11,581	$11,390
10/18	$10,267	$10,630	$10,423
11/18	$10,528	$11,093	$10,879
12/18	$10,273	$10,853	$10,679
01/19	$11,236	$11,659	$11,554
02/19	$11,366	$11,688	$11,602
03/19	$11,466	$11,882	$11,681
04/19	$11,586	$12,052	$11,899
05/19	$10,795	$11,267	$11,125
06/19	$11,628	$11,897	$11,766
07/19	$11,546	$11,779	$11,599
08/19	$11,414	$11,258	$11,069
09/19	$11,587	$11,474	$11,294
10/19	$12,066	$11,922	$11,783
11/19	$12,066	$11,892	$11,774
12/19	$12,636	$12,753	$12,614
01/20	$12,008	$12,309	$12,026
02/20	$11,473	$11,699	$11,362
03/20	$9,714	$9,875	$9,493
04/20	$10,609	$10,768	$10,414
05/20	$10,959	$10,898	$10,574
06/20	$11,586	$11,749	$11,358
07/20	$12,311	$12,927	$12,323
08/20	$12,767	$13,299	$12,628
09/20	$12,777	$12,994	$12,381
10/20	$12,746	$13,261	$12,645
11/20	$14,123	$14,515	$13,904
12/20	$15,435	$15,526	$14,936
01/21	$15,677	$15,942	$15,308
02/21	$15,646	$16,093	$15,505
03/21	$15,909	$15,804	$15,314
04/21	$16,141	$16,300	$15,771
05/21	$16,489	$16,807	$16,127
06/21	$16,658	$16,843	$16,179
07/21	$16,252	$15,931	$15,176
08/21	$16,327	$16,315	$15,544
09/21	$15,333	$15,869	$15,009
10/21	$15,547	$16,016	$15,122
11/21	$14,702	$15,585	$14,561
12/21	$15,063	$15,894	$14,886
01/22	$14,823	$15,332	$14,555
02/22	$14,731	$15,050	$14,236
03/22	$14,583	$14,580	$14,002
04/22	$13,804	$13,730	$13,294
05/22	$14,365	$13,778	$13,317
06/22	$13,227	$13,032	$12,361
07/22	$13,527	$13,050	$12,393
08/22	$13,354	$13,094	$12,518
09/22	$12,001	$11,707	$11,131
10/22	$12,429	$11,378	$10,854
11/22	$13,701	$12,752	$12,313
12/22	$13,280	$12,616	$12,163
01/23	$14,175	$13,516	$13,015
02/23	$13,421	$12,797	$12,267
03/23	$13,810	$13,080	$12,595
04/23	$13,786	$12,988	$12,499
05/23	$13,739	$12,756	$12,338
06/23	$14,289	$13,188	$12,801
07/23	$15,007	$13,939	$13,587
08/23	$14,397	$13,233	$12,868
09/23	$13,990	$12,928	$12,589
10/23	$13,297	$12,434	$12,060
11/23	$14,337	$13,350	$13,040
12/23	$15,169	$13,814	$13,567
01/24	$14,494	$13,147	$13,035
02/24	$14,988	$13,782	$13,599
03/24	$15,120	$14,006	$13,868
04/24	$14,615	$14,158	$13,960
05/24	$14,482	$14,191	$14,061
06/24	$14,738	$14,560	$14,584
07/24	$15,031	$14,629	$14,636
08/24	$15,533	$14,791	$14,843
09/24	$15,802	$15,961	$15,760
10/24	$15,031	$15,308	$15,071

Average Annual Total Returns

Seafarer Overseas Growth and Income Fund	1 Year	5 Year	10 Year
Seafarer Overseas Growth and Income Fund - Investor Class (Incep. February 15, 2012)	13.04%	4.49%	4.16%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	23.11%	5.13%	4.35%
Morningstar EM Net Return USD Index	24.97%	5.05%	4.19%

Fund Statistics

Header	Text
Total Net Assets	$3,320,400,850
# of Portfolio Holdings	52
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$12,455,728

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Utilities	1.3%
Real Estate	2.4%
Energy	2.7%
Communications	2.9%
Materials	4.9%
Health Care	7.9%
Industrials	8.6%
Technology	13.3%
Consumer Staples	15.2%
Consumer Discretionary	16.6%
Financials	21.5%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Hyundai Mobis Co., Ltd.	5.7%
Samsung Biologics Co., Ltd.	3.4%
Singapore Exchange, Ltd.	3.1%
Sanlam, Ltd.	3.1%
Richter Gedeon Nyrt	2.9%
Bank Central Asia Tbk PT	2.9%
L&T Technology Services, Ltd.	2.8%
Accton Technology Corp.	2.8%
DBS Group Holdings, Ltd.	2.6%
Novatek Microelectronics Corp.	2.6%
Total % of Top 10 Holdings	31.9%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Emerging Europe	5.4%
Other	5.5%
Middle East & Africa	7.5%
Latin America	13.1%
East & South Asia	65.8%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	88.3%
ADR	7.2%
Preferred Stock	1.8%
Cash and Other Assets, Less Liabilities	2.7%

Material Fund Changes

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

Availability of Additional Information

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

Householding

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

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFGIX

Seafarer Overseas Growth and Income Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

317609311–SA–10312024

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

Seafarer Overseas Growth and Income Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Growth and Income Fund - Retail Class for the period of August 30, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Growth and Income Fund - Retail Class	$2	1.10%

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

How did the Fund perform over the last six months?

The Seafarer Overseas Growth and Income Fund’s Retail Class returned -3.23% from its inception on August 30, 2024 to the end of the semi-annual period on October 31, 2024. During this two month period, the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 3.50% and 1.53%, respectively. By way of broader comparison, the S&P 500 Index increased 1.21%.

The Fund’s Retail Class launched with a net asset value (NAV) of $12.70 per share on August 30, 2024. The Retail Class paid no distributions during the semi-annual period, and finished the period with a value of $12.29 per share.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Seafarer Overseas Growth and Income Fund - Retail Class $9,677	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $10,350	Morningstar EM Net Return USD Index $10,153
07/31/24	$10,000	$10,000	$10,000
08/31/24	$10,000	$10,000	$10,000
09/30/24	$10,173	$10,791	$10,617
10/31/24	$9,677	$10,350	$10,153

Total Returns

Seafarer Overseas Growth and Income Fund	Since Inception
Seafarer Overseas Growth and Income Fund - Retail Class (Incep. August 30, 2024)	-3.23%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	3.50%
Morningstar EM Net Return USD Index	1.53%

Fund Statistics

Header	Text
Total Net Assets	$3,320,400,850
# of Portfolio Holdings	52
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$12,455,728

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Utilities	1.3%
Real Estate	2.4%
Energy	2.7%
Communications	2.9%
Materials	4.9%
Health Care	7.9%
Industrials	8.6%
Technology	13.3%
Consumer Staples	15.2%
Consumer Discretionary	16.6%
Financials	21.5%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Hyundai Mobis Co., Ltd.	5.7%
Samsung Biologics Co., Ltd.	3.4%
Singapore Exchange, Ltd.	3.1%
Sanlam, Ltd.	3.1%
Richter Gedeon Nyrt	2.9%
Bank Central Asia Tbk PT	2.9%
L&T Technology Services, Ltd.	2.8%
Accton Technology Corp.	2.8%
DBS Group Holdings, Ltd.	2.6%
Novatek Microelectronics Corp.	2.6%
Total % of Top 10 Holdings	31.9%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	2.7%
Emerging Europe	5.4%
Other	5.5%
Middle East & Africa	7.5%
Latin America	13.1%
East & South Asia	65.8%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	88.3%
ADR	7.2%
Preferred Stock	1.8%
Cash and Other Assets, Less Liabilities	2.7%

Material Fund Changes

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

Availability of Additional Information

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

Householding

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

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFGRX

Seafarer Overseas Growth and Income Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

31761T878–SA–10312024

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

Seafarer Overseas Value Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Institutional Class for the period of May 1, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Value Fund - Institutional Class	$5	1.05%

How did the Fund perform over the last six months?

During the semi-annual period (May 1, 2024 to October 31, 2024), the Seafarer Overseas Value Fund’s Institutional Class returned -0.50%, while the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 8.12% and 7.96%, respectively. By way of broader comparison, the S&P 500 Index increased 14.08%.

The Fund began the semi-annual period with a net asset value (NAV) of $14.12 per share. The Fund paid no distributions during the period, and it finished the period with a value of $14.05 per share.

Emerging market equities began the period driven by technology and AI-related developments. Then, in the second half of September, Chinese stocks surged following a string of policy announcements intended to stabilize China’s economy. This rally in China shares led the benchmarks higher than the Fund.

In the pursuit of value in the emerging markets, Seafarer remains focused on finding individual companies whose value is driven by idiosyncratic company-specific developments.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Seafarer Overseas Value Fund - Institutional Class $17,248	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $17,937	Morningstar EM Net Return USD Index $17,962
05/16	$10,000	$10,000	$10,000
06/16	$9,930	$10,370	$10,434
07/16	$10,220	$10,903	$10,957
08/16	$10,250	$11,146	$11,197
09/16	$10,320	$11,245	$11,305
10/16	$10,270	$11,253	$11,323
11/16	$10,410	$10,799	$10,822
12/16	$10,285	$10,852	$10,861
01/17	$10,791	$11,413	$11,416
02/17	$11,095	$11,806	$11,800
03/17	$11,196	$12,112	$12,121
04/17	$11,429	$12,341	$12,334
05/17	$11,793	$12,636	$12,641
06/17	$11,965	$12,756	$12,726
07/17	$12,056	$13,431	$13,373
08/17	$12,340	$13,713	$13,653
09/17	$12,431	$13,650	$13,593
10/17	$12,390	$14,082	$14,071
11/17	$12,410	$14,142	$14,161
12/17	$12,666	$14,658	$14,718
01/18	$13,211	$15,796	$15,838
02/18	$12,792	$15,096	$15,124
03/18	$12,719	$14,876	$14,855
04/18	$12,530	$14,876	$14,873
05/18	$12,530	$14,424	$14,306
06/18	$12,247	$13,808	$13,676
07/18	$12,226	$14,119	$13,987
08/18	$11,985	$13,757	$13,681
09/18	$11,996	$13,570	$13,576
10/18	$11,200	$12,456	$12,422
11/18	$11,095	$12,999	$12,966
12/18	$10,902	$12,717	$12,728
01/19	$11,745	$13,662	$13,771
02/19	$11,864	$13,696	$13,828
03/19	$12,156	$13,922	$13,922
04/19	$12,362	$14,122	$14,182
05/19	$11,756	$13,202	$13,259
06/19	$12,794	$13,940	$14,024
07/19	$12,859	$13,802	$13,824
08/19	$12,535	$13,192	$13,192
09/19	$12,589	$13,445	$13,461
10/19	$13,032	$13,970	$14,044
11/19	$12,913	$13,935	$14,033
12/19	$13,294	$14,943	$15,034
01/20	$12,580	$14,423	$14,334
02/20	$11,978	$13,708	$13,542
03/20	$9,692	$11,571	$11,314
04/20	$10,573	$12,617	$12,412
05/20	$10,629	$12,770	$12,603
06/20	$10,974	$13,767	$13,537
07/20	$11,008	$15,147	$14,687
08/20	$11,699	$15,583	$15,051
09/20	$11,588	$15,226	$14,757
10/20	$11,599	$15,539	$15,071
11/20	$13,027	$17,008	$16,572
12/20	$13,831	$18,192	$17,802
01/21	$13,809	$18,680	$18,245
02/21	$14,239	$18,857	$18,480
03/21	$14,725	$18,518	$18,253
04/21	$14,906	$19,099	$18,797
05/21	$15,234	$19,694	$19,221
06/21	$15,618	$19,736	$19,284
07/21	$15,268	$18,667	$18,088
08/21	$15,777	$19,117	$18,526
09/21	$15,008	$18,595	$17,889
10/21	$15,596	$18,767	$18,024
11/21	$14,759	$18,262	$17,355
12/21	$15,220	$18,624	$17,743
01/22	$15,325	$17,966	$17,348
02/22	$15,489	$17,635	$16,968
03/22	$15,583	$17,085	$16,689
04/22	$15,056	$16,088	$15,845
05/22	$15,372	$16,144	$15,872
06/22	$14,575	$15,271	$14,733
07/22	$14,903	$15,291	$14,771
08/22	$14,763	$15,343	$14,920
09/22	$13,755	$13,718	$13,267
10/22	$13,626	$13,333	$12,937
11/22	$14,857	$14,942	$14,676
12/22	$15,111	$14,783	$14,497
01/23	$16,148	$15,838	$15,512
02/23	$15,528	$14,994	$14,621
03/23	$15,862	$15,327	$15,012
04/23	$15,993	$15,218	$14,897
05/23	$15,648	$14,947	$14,706
06/23	$16,363	$15,453	$15,257
07/23	$17,173	$16,333	$16,194
08/23	$16,518	$15,505	$15,337
09/23	$16,279	$15,149	$15,004
10/23	$15,314	$14,569	$14,374
11/23	$16,244	$15,642	$15,542
12/23	$17,125	$16,187	$16,170
01/24	$16,438	$15,405	$15,536
02/24	$16,953	$16,149	$16,208
03/24	$17,334	$16,411	$16,529
04/24	$17,334	$16,590	$16,638
05/24	$16,892	$16,628	$16,759
06/24	$16,732	$17,061	$17,382
07/24	$16,880	$17,141	$17,444
08/24	$17,223	$17,331	$17,691
09/24	$17,862	$18,703	$18,784
10/24	$17,248	$17,937	$17,962

Average Annual Total Returns

Seafarer Overseas Value Fund	1 Year	5 Year	Since Inception
Seafarer Overseas Value Fund - Institutional Class (Incep. May 31, 2016)	12.63%	5.77%	6.69%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	23.11%	5.13%	7.19%
Morningstar EM Net Return USD Index	24.97%	5.05%	7.20%

Fund Statistics

Header	Text
Total Net Assets	$98,537,183
# of Portfolio Holdings	41
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$350,006

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Communications	2.3%
Utilities	5.0%
Energy	5.0%
Real Estate	5.5%
Materials	8.1%
Industrials	12.0%
Consumer Discretionary	17.2%
Financials	19.2%
Consumer Staples	22.0%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Credicorp, Ltd.	3.5%
WH Group, Ltd.	3.4%
Salik Co. PJSC	3.3%
Melco International Development, Ltd.	3.2%
Hongkong Land Holdings, Ltd.	3.2%
Shangri-La Asia, Ltd.	3.2%
Moneta Money Bank AS	3.2%
First Pacific Co., Ltd.	3.1%
XP, Inc.	2.8%
DFI Retail Group Holdings, Ltd.	2.7%
Total % of Top 10 Holdings	31.6%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Other	4.8%
Emerging Europe	8.4%
Middle East & Africa	12.7%
Latin America	16.8%
East & South Asia	53.6%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	82.3%
ADR	13.9%
Preferred Stock	0.1%
Cash and Other Assets, Less Liabilities	3.7%

Material Fund Changes

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

Availability of Additional Information

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

Householding

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

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.seafarerfunds.com/funds/ovl/overview

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : SIVLX

Seafarer Overseas Value Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

31761R591–SA–10312024

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

Seafarer Overseas Value Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Investor Class for the period of May 1, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Value Fund - Investor Class	$5	1.00%

How did the Fund perform over the last six months?

During the semi-annual period (May 1, 2024 to October 31, 2024), the Seafarer Overseas Value Fund’s Investor Class returned -0.57%, while the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 8.12% and 7.96%, respectively. By way of broader comparison, the S&P 500 Index increased 14.08%.

The Fund began the semi-annual period with a net asset value (NAV) of $14.07 per share. The Fund paid no distributions during the period, and it finished the period with a value of $13.99 per share.

In the pursuit of value in the emerging markets, Seafarer remains focused on finding individual companies whose value is driven by idiosyncratic company-specific developments.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Seafarer Overseas Value Fund - Investor Class $17,095	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $17,937	Morningstar EM Net Return USD Index $17,962
05/16	$10,000	$10,000	$10,000
06/16	$9,930	$10,370	$10,434
07/16	$10,210	$10,903	$10,957
08/16	$10,240	$11,146	$11,197
09/16	$10,320	$11,245	$11,305
10/16	$10,260	$11,253	$11,323
11/16	$10,400	$10,799	$10,822
12/16	$10,283	$10,852	$10,861
01/17	$10,778	$11,413	$11,416
02/17	$11,081	$11,806	$11,800
03/17	$11,182	$12,112	$12,121
04/17	$11,415	$12,341	$12,334
05/17	$11,778	$12,636	$12,641
06/17	$11,960	$12,756	$12,726
07/17	$12,041	$13,431	$13,373
08/17	$12,324	$13,713	$13,653
09/17	$12,415	$13,650	$13,593
10/17	$12,374	$14,082	$14,071
11/17	$12,394	$14,142	$14,161
12/17	$12,640	$14,658	$14,718
01/18	$13,195	$15,796	$15,838
02/18	$12,776	$15,096	$15,124
03/18	$12,693	$14,876	$14,855
04/18	$12,504	$14,876	$14,873
05/18	$12,504	$14,424	$14,306
06/18	$12,222	$13,808	$13,676
07/18	$12,201	$14,119	$13,987
08/18	$11,960	$13,757	$13,681
09/18	$11,960	$13,570	$13,576
10/18	$11,175	$12,456	$12,422
11/18	$11,071	$12,999	$12,966
12/18	$10,881	$12,717	$12,728
01/19	$11,712	$13,662	$13,771
02/19	$11,831	$13,696	$13,828
03/19	$12,123	$13,922	$13,922
04/19	$12,317	$14,122	$14,182
05/19	$11,712	$13,202	$13,259
06/19	$12,760	$13,940	$14,024
07/19	$12,824	$13,802	$13,824
08/19	$12,500	$13,192	$13,192
09/19	$12,544	$13,445	$13,461
10/19	$12,986	$13,970	$14,044
11/19	$12,867	$13,935	$14,033
12/19	$13,241	$14,943	$15,034
01/20	$12,540	$14,423	$14,334
02/20	$11,928	$13,708	$13,542
03/20	$9,658	$11,571	$11,314
04/20	$10,526	$12,617	$12,412
05/20	$10,593	$12,770	$12,603
06/20	$10,926	$13,767	$13,537
07/20	$10,971	$15,147	$14,687
08/20	$11,639	$15,583	$15,051
09/20	$11,538	$15,226	$14,757
10/20	$11,550	$15,539	$15,071
11/20	$12,963	$17,008	$16,572
12/20	$13,767	$18,192	$17,802
01/21	$13,744	$18,680	$18,245
02/21	$14,161	$18,857	$18,480
03/21	$14,657	$18,518	$18,253
04/21	$14,838	$19,099	$18,797
05/21	$15,153	$19,694	$19,221
06/21	$15,537	$19,736	$19,284
07/21	$15,187	$18,667	$18,088
08/21	$15,695	$19,117	$18,526
09/21	$14,928	$18,595	$17,889
10/21	$15,503	$18,767	$18,024
11/21	$14,669	$18,262	$17,355
12/21	$15,129	$18,624	$17,743
01/22	$15,235	$17,966	$17,348
02/22	$15,398	$17,635	$16,968
03/22	$15,491	$17,085	$16,689
04/22	$14,966	$16,088	$15,845
05/22	$15,281	$16,144	$15,872
06/22	$14,487	$15,271	$14,733
07/22	$14,803	$15,291	$14,771
08/22	$14,663	$15,343	$14,920
09/22	$13,670	$13,718	$13,267
10/22	$13,542	$13,333	$12,937
11/22	$14,756	$14,942	$14,676
12/22	$15,003	$14,783	$14,497
01/23	$16,035	$15,838	$15,512
02/23	$15,418	$14,994	$14,621
03/23	$15,750	$15,327	$15,012
04/23	$15,881	$15,218	$14,897
05/23	$15,537	$14,947	$14,706
06/23	$16,237	$15,453	$15,257
07/23	$17,044	$16,333	$16,194
08/23	$16,391	$15,505	$15,337
09/23	$16,166	$15,149	$15,004
10/23	$15,192	$14,569	$14,374
11/23	$16,118	$15,642	$15,542
12/23	$16,997	$16,187	$16,170
01/24	$16,313	$15,405	$15,536
02/24	$16,814	$16,149	$16,208
03/24	$17,193	$16,411	$16,529
04/24	$17,193	$16,590	$16,638
05/24	$16,753	$16,628	$16,759
06/24	$16,594	$17,061	$17,382
07/24	$16,741	$17,141	$17,444
08/24	$17,083	$17,331	$17,691
09/24	$17,706	$18,703	$18,784
10/24	$17,095	$17,937	$17,962

Average Annual Total Returns

Seafarer Overseas Value Fund	1 Year	5 Year	Since Inception
Seafarer Overseas Value Fund - Investor Class (Incep. May 31, 2016)	12.52%	5.65%	6.58%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	23.11%	5.13%	7.19%
Morningstar EM Net Return USD Index	24.97%	5.05%	7.20%

Fund Statistics

Header	Text
Total Net Assets	$98,537,183
# of Portfolio Holdings	41
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$350,006

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Communications	2.3%
Utilities	5.0%
Energy	5.0%
Real Estate	5.5%
Materials	8.1%
Industrials	12.0%
Consumer Discretionary	17.2%
Financials	19.2%
Consumer Staples	22.0%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Credicorp, Ltd.	3.5%
WH Group, Ltd.	3.4%
Salik Co. PJSC	3.3%
Melco International Development, Ltd.	3.2%
Hongkong Land Holdings, Ltd.	3.2%
Shangri-La Asia, Ltd.	3.2%
Moneta Money Bank AS	3.2%
First Pacific Co., Ltd.	3.1%
XP, Inc.	2.8%
DFI Retail Group Holdings, Ltd.	2.7%
Total % of Top 10 Holdings	31.6%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Other	4.8%
Emerging Europe	8.4%
Middle East & Africa	12.7%
Latin America	16.8%
East & South Asia	53.6%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	82.3%
ADR	13.9%
Preferred Stock	0.1%
Cash and Other Assets, Less Liabilities	3.7%

Material Fund Changes

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

Availability of Additional Information

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

Householding

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

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : SFVLX

Seafarer Overseas Value Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

31761R617–SA–10312024

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

Seafarer Overseas Value Fund

Fund Overview

This semi-annual shareholder report contains important information about the Seafarer Overseas Value Fund - Retail Class for the period of August 30, 2024 to October 31, 2024.

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

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

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a Percentage of a $10,000 Investment (annualized)
Seafarer Overseas Value Fund - Retail Class	$2	1.29%

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

How did the Fund perform over the last six months?

The Seafarer Overseas Value Fund’s Retail Class returned 0.07% from its inception on August 30, 2024 to the end of the semi-annual period on October 31, 2024. During this two month period, the Fund’s benchmark indices, the Bloomberg Emerging Markets Large, Mid, and Small Cap Net Return USD Index and the Morningstar Emerging Markets Net Return USD Index, returned 3.50% and 1.53%, respectively. By way of broader comparison, the S&P 500 Index increased 1.21%.

The Fund’s Retail Class launched with a net asset value (NAV) of $13.98 per share on August 30, 2024. The Retail Class paid no distributions during the semi-annual period, and finished the period with a value of $13.99 per share.

In the pursuit of value in the emerging markets, Seafarer remains focused on finding individual companies whose value is driven by idiosyncratic company-specific developments.

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	Seafarer Overseas Value Fund - Retail Class $10,007	Bloomberg EM Large, Mid, and Small Cap Net Return USD Index $10,350	Morningstar EM Net Return USD Index $10,153
07/31/24	$10,000	$10,000	$10,000
08/31/24	$10,000	$10,000	$10,000
09/30/24	$10,365	$10,791	$10,617
10/31/24	$10,007	$10,350	$10,153

Total Returns

Seafarer Overseas Value Fund	Since Inception
Seafarer Overseas Value Fund - Retail Class (Incep. August 30, 2024)	0.07%
Bloomberg EM Large, Mid, and Small Cap Net Return USD Index	3.50%
Morningstar EM Net Return USD Index	1.53%

Fund Statistics

Header	Text
Total Net Assets	$98,537,183
# of Portfolio Holdings	41
Portfolio Turnover Rate	6%
Total Advisory Fees Paid	$350,006

What did the Fund invest in?

October 31, 2024

Sector Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Communications	2.3%
Utilities	5.0%
Energy	5.0%
Real Estate	5.5%
Materials	8.1%
Industrials	12.0%
Consumer Discretionary	17.2%
Financials	19.2%
Consumer Staples	22.0%

Top Ten Holdings (% of Net Assets)

Top 10	Top 10
Credicorp, Ltd.	3.5%
WH Group, Ltd.	3.4%
Salik Co. PJSC	3.3%
Melco International Development, Ltd.	3.2%
Hongkong Land Holdings, Ltd.	3.2%
Shangri-La Asia, Ltd.	3.2%
Moneta Money Bank AS	3.2%
First Pacific Co., Ltd.	3.1%
XP, Inc.	2.8%
DFI Retail Group Holdings, Ltd.	2.7%
Total % of Top 10 Holdings	31.6%

Region Weightings (% of Net Assets)

Value	Value
Cash and Other Assets, Less Liabilities	3.7%
Other	4.8%
Emerging Europe	8.4%
Middle East & Africa	12.7%
Latin America	16.8%
East & South Asia	53.6%

Asset Class Weightings (% of Net Assets)

Value	Value
Common Stock	82.3%
ADR	13.9%
Preferred Stock	0.1%
Cash and Other Assets, Less Liabilities	3.7%

Material Fund Changes

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

Availability of Additional Information

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

Householding

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

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

RETAIL CLASS : SFVRX

Seafarer Overseas Value Fund

Investor Services: 855-732-9220

Distributor: ALPS Distributors, Inc.

31761T860–SA–10312024

October 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVILX

Vulcan Value Partners Fund

FUND OVERVIEW

This semi-annual shareholder report contains important information about Vulcan Value Partners Fund - Institutional Class for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Vulcan Value Partners Fund - Institutional Class	$44	0.85%

HOW DID THE FUND PERFORM SINCE INCEPTION?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Vulcan Value Partners Fund - Institutional Class	Russell 1000^® Value Index TR	S&P 500 Total Return Index
05/19	$10,000	$10,000	$10,000
10/19	$10,809	$10,393	$10,494
10/20	$11,335	$9,607	$11,513
10/21	$17,041	$13,810	$16,454
10/22	$10,104	$12,844	$14,050
10/23	$11,763	$12,861	$15,475
10/24	$16,540	$16,845	$21,358

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEAR	SINCE INCEPTION
Vulcan Value Partners Fund - Institutional Class (Incep. May 1, 2019)	40.61%	8.88%	8.49%
Russell 1000^® Value Index TR	30.98%	10.14%	8.87%
S&P 500 Total Return Index	38.02%	15.27%	13.00%

FUND STATISTICS

Total Net Asset$467,438,510
# of Portfolio Holdings33
Portfolio Turnover Rate22%
Advisory Fees Paid$2,240,711

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	0.94%
Industrial	5.90%
Communications	8.02%
Consumer, Cyclical	12.28%
Consumer, Non-cyclical	12.70%
Technology	26.82%
Financial	33.34%

INDUSTRY WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	0.94%
Healthcare-Products	1.51%
Apparel	1.76%
Lodging	2.09%
Food Service	2.55%
Beverages	2.79%
Entertainment	2.93%
Retail	2.96%
Insurance	3.16%
Commercial Services	3.93%
Healthcare-Services	4.47%
Aerospace/Defense	5.90%
Internet	8.02%
Semiconductors	8.67%
Private Equity	9.08%
Diversified Finan Serv	10.30%
Real Estate	10.79%
Software	18.15%

TOP TEN HOLDINGS (% of Net Assets)

Top 10	Top 10
Carlyle Group, Inc.	5.12%
Salesforce, Inc.	4.65%
Microsoft Corp.	4.48%
Elevance Health, Inc.	4.47%
CoStar Group, Inc.	4.42%
Qorvo, Inc.	4.36%
Skyworks Solutions, Inc.	4.31%
Jones Lang LaSalle, Inc.	4.13%
Amazon.com, Inc.	4.03%
Nice, Ltd.	4.01%
Total % of Top 10 Holdings	43.98%

MATERIAL FUND CHANGES

There were no material Fund changes during the reporting period.

Vulcan Value Partners Fund

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVILX

CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS

There were no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

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

Phone: 205.803.1582

Website: https://vulcanvaluepartners.com/

Distributor, ALPS Distributors, Inc.

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

31761R229–SA–10312024

HOUSEHOLDING

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

October 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPLX

Vulcan Value Partners Fund

FUND OVERVIEW

This semi-annual shareholder report contains important information about Vulcan Value Partners Fund - Investor Class for the period of May 1, 2024 to October 31, 2024.

WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Vulcan Value Partners Fund - Investor Class	$59	1.13%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Vulcan Value Partners Fund - Investor Class	Russell 1000^® Value Index TR	S&P 500 Total Return Index
10/14	$10,000	$10,000	$10,000
10/15	$10,024	$10,053	$10,520
10/16	$9,844	$10,693	$10,994
10/17	$11,890	$12,595	$13,593
10/18	$12,482	$12,977	$14,591
10/19	$14,748	$14,432	$16,681
10/20	$15,424	$13,340	$18,301
10/21	$23,145	$19,178	$26,155
10/22	$13,692	$17,836	$22,334
10/23	$15,904	$17,860	$24,599
10/24	$22,294	$23,392	$33,950

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEAR	10 YEAR
Vulcan Value Partners Fund - Investor Class	40.17%	8.62%	8.35%
Russell 1000^® Value Index TR	30.98%	10.14%	8.87%
S&P 500 Total Return Index	38.02%	15.27%	13.00%

FUND STATISTICS

Total Net Asset$467,438,510
# of Portfolio Holdings33
Portfolio Turnover Rate22%
Advisory Fees Paid$2,240,711

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	0.94%
Industrial	5.90%
Communications	8.02%
Consumer, Cyclical	12.28%
Consumer, Non-cyclical	12.70%
Technology	26.82%
Financial	33.34%

INDUSTRY WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	0.94%
Healthcare-Products	1.51%
Apparel	1.76%
Lodging	2.09%
Food Service	2.55%
Beverages	2.79%
Entertainment	2.93%
Retail	2.96%
Insurance	3.16%
Commercial Services	3.93%
Healthcare-Services	4.47%
Aerospace/Defense	5.90%
Internet	8.02%
Semiconductors	8.67%
Private Equity	9.08%
Diversified Finan Serv	10.30%
Real Estate	10.79%
Software	18.15%

TOP TEN HOLDINGS (% of Net Assets)

Top 10	Top 10
Carlyle Group, Inc.	5.12%
Salesforce, Inc.	4.65%
Microsoft Corp.	4.48%
Elevance Health, Inc.	4.47%
CoStar Group, Inc.	4.42%
Qorvo, Inc.	4.36%
Skyworks Solutions, Inc.	4.31%
Jones Lang LaSalle, Inc.	4.13%
Amazon.com, Inc.	4.03%
Nice, Ltd.	4.01%
Total % of Top 10 Holdings	43.98%

MATERIAL FUND CHANGES

There were no material Fund changes during the reporting period.

Vulcan Value Partners Fund

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPLX

CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS

There were no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Phone: 205.803.1582

Website: https://vulcanvaluepartners.com/

Distributor, ALPS Distributors, Inc.

317609691–SA–10312024

HOUSEHOLDING

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

October 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVISX

Vulcan Value Partners Small Cap Fund

FUND OVERVIEW

This semi-annual shareholder report contains important information about Vulcan Value Partners Small Cap Fund - Institutional Class for the period of May 1, 2024 to October 31, 2024.

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

WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Vulcan Value Partners Small Cap Fund - Institutional Class	$52	1.00%

HOW DID THE FUND PERFORM SINCE INCEPTION?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Vulcan Value Partners Small Cap Fund - Institutional Class	S&P 500 Total Return Index	Russell 2000^® Value Index	Russell 2000^® Index TR
05/19	$10,000	$10,000	$10,000	$10,000
10/19	$10,146	$10,494	$10,027	$9,984
10/20	$8,138	$11,513	$8,631	$9,970
10/21	$16,920	$16,454	$14,181	$15,035
10/22	$8,705	$14,050	$12,660	$12,247
10/23	$8,476	$15,475	$11,403	$11,198
10/24	$10,753	$21,358	$15,025	$15,014

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEAR	SINCE INCEPTION
Vulcan Value Partners Small Cap Fund - Institutional Class (Incep. May 1, 2019)	26.87%	1.17%	3.54%
S&P 500 Total Return Index	38.02%	15.27%	13.00%
Russell 2000^® Value Index	31.77%	8.42%	7.33%
Russell 2000^® Index TR	34.07%	8.50%	7.94%

FUND STATISTICS

Total Net Asset$166,827,049
# of Portfolio Holdings27
Portfolio Turnover Rate10%
Advisory Fees Paid$1,125,854

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	1.09%
Consumer, Cyclical	6.74%
Financial	11.91%
Technology	13.07%
Consumer, Non-cyclical	33.35%
Industrial	33.84%

INDUSTRY WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	1.09%
REITS	2.88%
Retail	2.90%
Manufactured Goods	2.93%
Healthcare-Services	3.07%
Home Furnishings	3.84%
Diversified Finan Serv	3.92%
Semiconductors	4.26%
Food	4.73%
Electronics	5.07%
Real Estate	5.11%
Packaging&Containers	5.41%
Computers	8.81%
Electrical Compo&Equip	8.85%
Building Materials	11.59%
Commercial Services	25.54%

TOP TEN HOLDINGS (% of Net Assets)

Top 10	Top 10
Ibstock PLC	6.98%
Colliers International Group, Inc.	5.40%
ABM Industries, Inc.	5.35%
Cushman & Wakefield PLC	5.11%
Genpact, Ltd.	5.08%
Ituran Location and Control, Ltd.	5.07%
ISS A/S	5.05%
Littelfuse, Inc.	4.94%
Premium Brands Holdings Corp.	4.73%
Qorvo, Inc.	4.26%
Total % of Top 10 Holdings	51.97%

MATERIAL FUND CHANGES

There were no material Fund changes during the reporting period.

Vulcan Value Partners Small Cap Fund

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INSTITUTIONAL CLASS : VVISX

CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS

There were no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Phone: 205.803.1582

Website: https://vulcanvaluepartners.com/

Distributor, ALPS Distributors, Inc.

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

31761R211–SA–10312024

HOUSEHOLDING

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

October 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPSX

Vulcan Value Partners Small Cap Fund

FUND OVERVIEW

This semi-annual shareholder report contains important information about Vulcan Value Partners Small Cap Fund - Investor Class for the period of May 1, 2024 to October 31, 2024.

WHAT WERE THE FUND'S COST FOR THE LAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Vulcan Value Partners Small Cap Fund - Investor Class	$65	1.25%

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Vulcan Value Partners Small Cap Fund - Investor Class	S&P 500 Total Return Index	Russell 2000^® Value Index	Russell 2000^® Index TR
10/14	$10,000	$10,000	$10,000	$10,000
10/15	$10,062	$10,520	$9,712	$10,034
10/16	$10,415	$10,994	$10,568	$10,446
10/17	$12,502	$13,593	$13,190	$13,355
10/18	$11,668	$14,591	$13,112	$13,603
10/19	$13,346	$16,681	$13,534	$14,270
10/20	$10,678	$18,301	$11,650	$14,251
10/21	$22,140	$26,155	$19,141	$21,490
10/22	$11,358	$22,334	$17,087	$17,506
10/23	$11,034	$24,599	$15,391	$16,006
10/24	$13,963	$33,950	$20,280	$21,460

AVERAGE ANNUAL TOTAL RETURNS

	1 YEAR	5 YEAR	10 YEAR
Vulcan Value Partners Small Cap Fund - Investor Class	26.55%	0.91%	3.39%
S&P 500 Total Return Index	38.02%	15.27%	13.00%
Russell 2000^® Value Index	31.77%	8.42%	7.33%
Russell 2000^® Index TR	34.07%	8.50%	7.94%

FUND STATISTICS

Total Net Asset$166,827,049
# of Portfolio Holdings27
Portfolio Turnover Rate10%
Advisory Fees Paid$1,125,854

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	1.09%
Consumer, Cyclical	6.74%
Financial	11.91%
Technology	13.07%
Consumer, Non-cyclical	33.35%
Industrial	33.84%

INDUSTRY WEIGHTINGS (% of Net Assets)

Value	Value
Cash, Cash Equivalents, & Other Net Assets	1.09%
REITS	2.88%
Retail	2.90%
Manufactured Goods	2.93%
Healthcare-Services	3.07%
Home Furnishings	3.84%
Diversified Finan Serv	3.92%
Semiconductors	4.26%
Food	4.73%
Electronics	5.07%
Real Estate	5.11%
Packaging&Containers	5.41%
Computers	8.81%
Electrical Compo&Equip	8.85%
Building Materials	11.59%
Commercial Services	25.54%

TOP TEN HOLDINGS (% of Net Assets)

Top 10	Top 10
Ibstock PLC	6.98%
Colliers International Group, Inc.	5.40%
ABM Industries, Inc.	5.35%
Cushman & Wakefield PLC	5.11%
Genpact, Ltd.	5.08%
Ituran Location and Control, Ltd.	5.07%
ISS A/S	5.05%
Littelfuse, Inc.	4.94%
Premium Brands Holdings Corp.	4.73%
Qorvo, Inc.	4.26%
Total % of Top 10 Holdings	51.97%

MATERIAL FUND CHANGES

There were no material Fund changes during the reporting period.

Vulcan Value Partners Small Cap Fund

OCTOBER 31, 2024

SEMI-ANNUAL SHAREHOLDER REPORT

INVESTOR CLASS : VVPSX

CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS

There were no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

AVAILABILITY OF ADDITIONAL INFORMATION

Phone: 205.803.1582

Website: https://vulcanvaluepartners.com/

Distributor, ALPS Distributors, Inc.

317609683–SA–10312024

HOUSEHOLDING

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

(b)

Not applicable.

Item 2.

Code of Ethics.

Not applicable to this Report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this Report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this Report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6.

Investments.

(a)

Schedule of Investments is included as part of the Reports to Stockholders filed under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7.

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

TABLE OF CONTENTS

SEMI-ANNUAL REPORT

Schedule of Investments	1
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements and Financial Highlights	18
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	25
Proxy Disclosures for Open-End Management Investment Companies	26
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	27
Statement Regarding Basis for Approval of Investment Advisory Contract	28

OCTOBER 31, 2024

DGINV.COM

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (70.04%)
COMMUNICATIONS (0.89%)
Media (0.89%)
Take-Two Interactive Software, Inc. ^(a)		29,064	$	4,700,230

TOTAL COMMUNICATIONS				4,700,230

CONSUMER DISCRETIONARY (10.29%)
Consumer Discretionary Products (4.82%)
Gentex Corp.		403,374		12,226,266
Gentherm, Inc. ^(a)		44,772		1,878,185
LGI Homes, Inc. ^(a)		60,517		6,146,107
Under Armour, Inc. , Class A^(a)		607,975		5,198,186
				25,448,744

Consumer Discretionary Services (3.12%)
Royal Caribbean Cruises, Ltd.		66,644		13,751,989
Strategic Education, Inc.		31,052		2,700,282
				16,452,271

Retail & Whsle - Discretionary (2.35%)
Floor & Decor Holdings, Inc. , Class A^(a)		104,536		10,772,435
Stitch Fix, Inc. , Class A^(a)		517,133		1,631,555
				12,403,990

TOTAL CONSUMER DISCRETIONARY				54,305,005

ENERGY (5.56%)
Oil & Gas (5.56%)
Core Laboratories, Inc.		358,903		6,783,267
Coterra Energy, Inc.		430,642		10,300,956
Expand Energy Corp.		144,439		12,236,872
				29,321,095

TOTAL ENERGY				29,321,095

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
HEALTH CARE (5.25%)
Health Care (5.25%)
Align Technology, Inc. ^(a)		51,734	$	10,607,022
Intuitive Surgical, Inc. ^(a)		27,295		13,752,313
Myriad Genetics, Inc. ^(a)		119,476		2,623,693
Progyny, Inc. ^(a)		47,504		714,935
				27,697,963

TOTAL HEALTH CARE				27,697,963

INDUSTRIALS (10.95%)
Industrial Products (7.01%)
Cognex Corp.		320,949		12,911,778
Generac Holdings, Inc. ^(a)		33,369		5,524,238
Graco, Inc.		43,784		3,566,207
Proto Labs, Inc. ^(a)		145,177		3,977,850
Snap-on, Inc.		33,361		11,013,467
				36,993,540

Industrial Services (3.94%)
Alarm.com Holdings, Inc. ^(a)		198,696		10,596,458
Landstar System, Inc.		31,606		5,555,386
MSC Industrial Direct Co., Inc. , Class A		58,744		4,644,888
				20,796,732

TOTAL INDUSTRIALS				57,790,272

TECHNOLOGY (37.10%)
Software & Tech Services (6.96%)
Akamai Technologies, Inc. ^(a)		142,149		14,368,421
Autodesk, Inc. ^(a)		37,045		10,513,371
DoubleVerify Holdings, Inc. ^(a)		104,480		1,781,384
Intuit, Inc.		15,013		9,162,434
Paychex, Inc.		6,506		906,481
				36,732,091

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

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
TECHNOLOGY (continued)
Tech Hardware & Semiconductors (30.14%)
Arista Networks, Inc. ^(a)		60,657	$	23,440,291
Dolby Laboratories, Inc. , Class A		120,140		8,758,206
Garmin, Ltd.		97,032		19,246,297
InterDigital, Inc.		87,869		13,219,012
IPG Photonics Corp. ^(a)		49,539		4,010,677
Microchip Technology, Inc.		166,007		12,179,934
Plexus Corp. ^(a)		156,259		22,516,922
Power Integrations, Inc.		155,567		9,400,914
Pure Storage, Inc. , Class A^(a)		394,706		19,755,035
Semtech Corp. ^(a)		195,057		8,619,569
Super Micro Computer, Inc. ^(a)		513,490		14,947,694
Viasat, Inc. ^(a)		304,093		2,919,293
				159,013,844

TOTAL TECHNOLOGY				195,745,935

TOTAL COMMON STOCKS
(Cost $266,218,550)			$	369,560,500

	Principal Amount		Value (Note 2)
CORPORATE BONDS (20.86%)
COMMUNICATIONS (0.53%)
Wireless Telecommunications Services (0.53%)
AT&T, Inc.
4.350% 03/01/2029	$	1,550,000	$	1,529,239
Verizon Communications, Inc.
4.329% 09/21/2028		1,264,000		1,248,438

TOTAL COMMUNICATIONS				2,777,677

CONSUMER DISCRETIONARY (1.47%)
Airlines (0.23%)
Southwest Airlines Co.
3.450% 11/16/2027		1,244,000		1,191,126

Consumer Services (0.23%)
Cintas Corp. No 2
6.150% 08/15/2036		1,120,000		1,216,733

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal		Value
	Amount		(Note 2)
CONSUMER DISCRETIONARY (continued)
Restaurants (0.29%)
Starbucks Corp.
4.000% 11/15/2028	$	1,570,000	$	1,535,312

Retail - Consumer Discretionary (0.72%)
Advance Auto Parts, Inc.
3.900% 04/15/2030		1,394,000		1,241,795
Amazon.com, Inc.
5.200% 12/03/2025		1,035,000		1,042,217
Lowe's Cos., Inc.
3.650% 04/05/2029		1,605,000		1,535,475

TOTAL CONSUMER DISCRETIONARY				7,762,658

CONSUMER STAPLES (1.07%)
Consumer Products (0.24%)
Clorox Co.
3.100% 10/01/2027		1,300,000		1,247,294

Food & Beverage (0.53%)
Hormel Foods Corp.
1.700% 06/03/2028		1,400,000		1,270,050
Keurig Dr Pepper, Inc.
5.300% 03/15/2034		1,535,000		1,554,030
				2,824,080
Mass Merchants (0.30%)
Costco Wholesale Corp.
1.600% 04/20/2030		1,820,000		1,558,982

TOTAL CONSUMER STAPLES				5,630,356

ENERGY (3.19%)
Exploration & Production (0.44%)
ConocoPhillips Co.
3.350% 05/15/2025		1,100,000		1,089,324
Devon Energy Corp.
5.850% 12/15/2025		1,200,000		1,209,848
				2,299,172

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

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal		Value
	Amount		(Note 2)
ENERGY (continued)
Integrated Oils (0.29%)
BP Capital Markets America, Inc.
4.893% 09/11/2033	$	1,553,000	$	1,527,501

Pipeline (1.87%)
Eastern Energy Gas Holdings LLC, Series B
3.000% 11/15/2029		1,710,000		1,562,361
El Paso Natural Gas Co. LLC
7.500% 11/15/2026		1,000,000		1,050,738
Energy Transfer LP
5.250% 04/15/2029		1,515,000		1,529,224
Enterprise Products Operating LLC
3.125% 07/31/2029		1,655,000		1,546,838
MPLX LP
2.650% 08/15/2030		1,763,000		1,552,061
ONEOK, Inc.
6.875% 09/30/2028		1,062,000		1,122,571
Williams Cos., Inc.
5.150% 03/15/2034		1,550,000		1,526,878
				9,890,671
Refining & Marketing (0.59%)
Phillips 66
2.150% 12/15/2030		1,848,000		1,580,986
Valero Energy Corp.
6.625% 06/15/2037		1,420,000		1,530,728
				3,111,714

TOTAL ENERGY				16,829,058

FINANCIALS (3.23%)
Banks (0.49%)
US Bancorp, Series DMTN
3.000% 07/30/2029		1,706,000		1,566,952
Wachovia Corp.
7.574% 08/01/2026 ^(b)		995,000		1,040,024
				2,606,976
Commercial Finance (0.30%)
GATX Corp.
5.450% 09/15/2033		1,550,000		1,564,759

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
FINANCIALS (continued)
Consumer Finance (0.43%)
American Express Co.
3.300% 05/03/2027	$	1,176,000	$	1,140,206
Capital One Financial Corp.
4.200% 10/29/2025		1,150,000		1,141,809
				2,282,015
Diversified Banks (0.81%)
Bank of America Corp., Series L
4.183% 11/25/2027		1,560,000		1,532,413
Citigroup, Inc.
6.875% 03/05/2038		1,335,000		1,491,010
JPMorgan Chase & Co.
4.125% 12/15/2026		1,255,000		1,242,588
				4,266,011
Financial Services (0.44%)
Morgan Stanley
5.000% 11/24/2025		1,030,000		1,032,904
Northern Trust Corp.
3M CME Term SOFR + 1.131% 05/08/2032 ^(c)		1,349,000		1,296,298
				2,329,202
Life Insurance (0.22%)
Principal Financial Group, Inc.
3.100% 11/15/2026		1,201,000		1,165,482

Real Estate (0.54%)
Simon Property Group LP
2.450% 09/13/2029		1,740,000		1,568,692
Welltower OP LLC
4.125% 03/15/2029		1,310,000		1,278,284
				2,846,976

TOTAL FINANCIALS				17,061,421

HEALTH CARE (1.60%)
Health Care Facilities & Services (0.58%)
CVS Health Corp.
3.250% 08/15/2029		1,665,000		1,529,002

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

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal		Value
	Amount		(Note 2)
HEALTH CARE (continued)
Health Care Facilities & Services (continued)
Quest Diagnostics, Inc.
6.400% 11/30/2033	$	1,420,000	$	1,540,559
				3,069,561
Medical Equipment & Devices Manufacturing (0.53%)
Agilent Technologies, Inc.
2.300% 03/12/2031		1,820,000		1,564,870
GE HealthCare Technologies, Inc.
5.600% 11/15/2025		1,200,000		1,210,107
				2,774,977
Pharmaceuticals (0.49%)
Astrazeneca Finance LLC
1.750% 05/28/2028		1,710,000		1,554,327
Bristol-Myers Squibb Co.
6.800% 11/15/2026		1,000,000		1,048,096
				2,602,423

TOTAL HEALTH CARE				8,446,961

INDUSTRIALS (2.92%)
Aerospace & Defense (0.76%)
General Dynamics Corp.
3.500% 05/15/2025		1,100,000		1,094,003
L3Harris Technologies, Inc.
5.350% 06/01/2034		1,440,000		1,457,571
RTX Corp.
4.450% 11/16/2038		1,600,000		1,461,645
				4,013,219
Electrical Equipment Manufacturing (0.28%)
Hubbell, Inc.
2.300% 03/15/2031		1,700,000		1,455,906

Engineering & Construction (0.14%)
Fluor Corp.
4.250% 09/15/2028		750,000		721,586

Industrial Other (0.29%)
Emerson Electric Co.
2.000% 12/21/2028		1,700,000		1,539,266

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
INDUSTRIALS (continued)
Railroad (0.29%)
Union Pacific Corp.
2.400% 02/05/2030	$	1,740,000	$	1,558,279

Transportation & Logistics (0.59%)
FedEx Corp.
2.400% 05/15/2031		1,803,000		1,553,377
United Parcel Service, Inc.
6.200% 01/15/2038		1,400,000		1,536,612
				3,089,989
Waste & Environment Services & Equipment (0.57%)
Republic Services, Inc.
2.300% 03/01/2030		1,729,000		1,530,826
Waste Management, Inc.
7.000% 07/15/2028		1,388,000		1,498,316
				3,029,142

TOTAL INDUSTRIALS				15,407,387

MATERIALS (0.29%)
Chemicals (0.29%)
Dow Chemical Co.
7.375% 11/01/2029		1,378,000		1,526,481
DuPont de Nemours, Inc.
4.725% 11/15/2028		14,000		14,029
				1,540,510

TOTAL MATERIALS				1,540,510

UTILITIES (6.56%)
Utilities (6.56%)
Ameren Corp.
1.750% 03/15/2028		1,715,000		1,552,283
Appalachian Power Co., Series AA
2.700% 04/01/2031		1,464,000		1,277,706
Arizona Public Service Co.
5.550% 08/01/2033		1,430,000		1,449,326
Black Hills Corp.
3.050% 10/15/2029		1,710,000		1,568,844
CenterPoint Energy, Inc.
4.250% 11/01/2028		1,201,000		1,168,318

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

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
UTILITIES (continued)
Utilities (continued)
CMS Energy Corp.
3.450% 08/15/2027	$	1,303,000	$	1,262,332
Commonwealth Edison Co., Series 122
2.950% 08/15/2027		1,300,000		1,249,488
DTE Electric Co.
6.350% 10/15/2032		1,220,000		1,307,685
Entergy Louisiana LLC
1.600% 12/15/2030		1,900,000		1,573,479
Interstate Power and Light Co.
3.600% 04/01/2029		1,620,000		1,544,283
National Rural Utilities Cooperative Finance Corp.
1.650% 06/15/2031		1,925,000		1,578,636
Nevada Power Co., Series N
6.650% 04/01/2036		1,330,000		1,463,714
NextEra Energy Capital Holdings, Inc.
3.500% 04/01/2029		1,330,000		1,260,747
NiSource, Inc.
5.350% 04/01/2034		1,560,000		1,565,662
Piedmont Natural Gas Co., Inc.
3.500% 06/01/2029		1,640,000		1,557,303
PPL Electric Utilities Corp.
6.450% 08/15/2037		963,000		1,058,228
Public Service Enterprise Group, Inc.
5.450% 04/01/2034		1,535,000		1,553,168
Puget Energy, Inc.
4.100% 06/15/2030		1,655,000		1,554,628
Southern Co.
4.250% 07/01/2036		1,490,000		1,369,524
Southwest Gas Corp.
2.200% 06/15/2030		1,800,000		1,548,577
Toledo Edison Co.
6.150% 05/15/2037		1,350,000		1,449,970
Virginia Electric and Power Co.
5.000% 01/15/2034		1,560,000		1,546,985
WEC Energy Group, Inc.
1.800% 10/15/2030		1,870,000		1,580,180

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
UTILITIES (continued)
Utilities (continued)
Xcel Energy, Inc.
2.600% 12/01/2029	$	1,740,000	$	1,559,020
				34,600,086

TOTAL UTILITIES				34,600,086

TOTAL CORPORATE BONDS
(Cost $111,918,809)			$	110,056,114

FOREIGN CORPORATE BONDS (2.35%)
ENERGY (0.83%)
Exploration & Production (0.29%)
Canadian Natural Resources, Ltd.
6.450% 06/30/2033		1,430,000		1,523,125

Pipeline (0.54%)
Enbridge, Inc.
5.700% 03/08/2033		1,513,000		1,552,109
TransCanada PipeLines, Ltd.
7.250% 08/15/2038		1,130,000		1,299,049
				2,851,158

TOTAL ENERGY				4,374,283

FINANCIALS (0.70%)
Diversified Banks (0.70%)
Bank of Nova Scotia
4.750% 02/02/2026		1,225,000		1,226,726
Royal Bank of Canada, Series GMTN
4.650% 01/27/2026		1,229,000		1,224,394
Toronto-Dominion Bank
1.200% 06/03/2026		1,340,000		1,268,870

TOTAL FINANCIALS				3,719,990

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

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Principal Amount		Value (Note 2)
HEALTH CARE (0.29%)
Pharmaceuticals (0.29%)
Pfizer Investment Enterprises Pte, Ltd.
4.450% 05/19/2028	$	1,540,000	$	1,534,630

TOTAL HEALTH CARE				1,534,630

INDUSTRIALS (0.24%)
Railroad (0.24%)
Canadian Pacific Railway Co.
2.900% 02/01/2025		1,250,000		1,243,142

TOTAL INDUSTRIALS				1,243,142

MATERIALS (0.29%)
Metals & Mining (0.29%)
BHP Billiton Finance USA, Ltd.
5.250% 09/08/2033		1,490,000		1,515,651

TOTAL MATERIALS				1,515,651

TOTAL FOREIGN CORPORATE BONDS
(Cost $12,448,489)			$	12,387,696

GOVERNMENT & AGENCY OBLIGATIONS (6.35%)
U.S. Treasury Bonds
2.000% 08/15/2025		6,300,000		6,184,517
2.875% 08/15/2028		290,000		277,035
U.S. Treasury Notes
0.250% 10/31/2025		1,500,000		1,440,949
2.625% 04/15/2025		6,700,000		6,647,401
2.750% 05/15/2025		6,300,000		6,243,481
3.000% 07/15/2025		6,700,000		6,640,654
3.500% 09/15/2025		5,450,000		5,411,712
4.125% 06/15/2026		670,000		669,163

TOTAL GOVERNMENT & AGENCY OBLIGATIONS
(Cost $33,479,391)			$	33,514,912

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Schedule of Investments

October 31, 2024 (Unaudited)

	Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.16%)
MONEY MARKET FUND (0.16%)
First American Treasury Obligations Fund		4.735	%^(d)		867,613	$	867,613

TOTAL SHORT TERM INVESTMENTS
(Cost $867,613)						$	867,613

TOTAL INVESTMENTS (99.76%)
(Cost $424,932,852)						$	526,386,835

Other Assets In Excess Of Liabilities (0.24%)							1,254,440

NET ASSETS (100.00%)						$	527,641,275

^(a)

Non-Income Producing Security.

^(b)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2024.

^(c)

Floating or variable rate security. The reference rate is described below. The rate in effect as of October 31, 2024 is based on the reference rate plus the displayed spread as of the securities last reset date.

^(d)

Represents the 7-day yield.

Common Abbreviations:

LLC - Limited Liability Company

LP - Limited Partnership

Ltd. - Limited

Libor Rates:

3M CME Term SOFR as of October 31, 2024 was 4.56%

See Notes to Financial Statements.

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

The Disciplined Growth Investors Fund

Statement of Assets and Liabilities

October 31, 2024 (Unaudited)

ASSETS
Investments, at value	$	526,386,835
Receivable for shares sold		32,620
Dividends and interest receivable		1,614,104
Total assets		528,033,559

LIABILITIES
Payable for shares redeemed		36,000
Payable to adviser		356,284
Total liabilities		392,284
NET ASSETS	$	527,641,275

NET ASSETS CONSIST OF
Paid-in capital (Note 5)	$	426,040,006
Distributable Earnings		101,601,269
NET ASSETS	$	527,641,275

INVESTMENTS, AT COST	$	424,932,852

PRICING OF SHARES
Net Asset Value, offering and redemption price per share	$	23.95
Shares of beneficial interest outstanding		22,029,891

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund

Statement of Operations

	For the Six Months Ended October 31, 2024 (Unaudited)
INVESTMENT INCOME
Dividends	$	1,157,478
Foreign taxes withheld		(968	)
Interest		3,631,179
Total investment income		4,787,689

EXPENSES
Investment advisory fees (Note 6)		2,113,550
Total expenses		2,113,550
NET INVESTMENT INCOME		2,674,139

REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments		(165,436	)
Net change in unrealized depreciation on investments		(2,035,135	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(2,200,571	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	473,568

See Notes to Financial Statements.

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

The Disciplined Growth Investors Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024
OPERATIONS
Net investment income	$	2,674,139		$	3,912,313
Net realized gain/(loss)		(165,436	)		101,613,637
Net change in unrealized appreciation/(depreciation)		(2,035,135	)		55,444,062
Net increase in net assets resulting from operations		473,568			160,970,012

DISTRIBUTIONS (Note 3)
From distributable earnings		(92,779,822	)		(12,504,274	)
Net decrease in net assets from distributions		(92,779,822	)		(12,504,274	)

CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sales of shares		11,168,419			32,281,940
Issued to shareholders in reinvestment of distributions		92,322,815			12,343,700
Cost of shares redeemed		(7,744,209	)		(27,188,501	)
Net increase from capital share transactions		95,747,025			17,437,139

Net increase in net assets		3,440,771			165,902,877

NET ASSETS
Beginning of period		524,200,504			358,297,627
End of period	$	527,641,275		$	524,200,504

OTHER INFORMATION
Share Transactions
Issued		432,601			1,228,023
Issued to shareholders in reinvestment of distributions		3,632,299			495,191
Redeemed		(298,367	)		(1,060,174	)
Net increase in share transactions		3,766,533			663,040

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

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

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.

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

Financial Highlights

For a share outstanding during the period or years presented

For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
$	28.70		$	20.36		$	20.51		$	25.94		$	19.42		$	21.15

	0.13			0.22			0.18			0.08			0.09			0.18
	0.18			8.83			0.14			(2.84	)		8.83			(1.14	)
	0.31			9.05			0.32			(2.76	)		8.92			(0.96	)

	(0.14	)		(0.21	)		(0.17	)		(0.08	)		(0.10	)		(0.17	)
	(4.91	)		(0.50	)		(0.30	)		(2.59	)		(2.30	)		(0.60	)
	(5.05	)		(0.71	)		(0.47	)		(2.67	)		(2.40	)		(0.77	)

	(4.75	)		8.34			(0.15	)		(5.43	)		6.52			(1.73	)
$	23.95		$	28.70		$	20.36		$	20.51		$	25.94		$	19.42

	0.10	%^(b)		44.95	%		1.67	%		(11.86	%)		47.00	%		(4.79	%)

$	527,641		$	524,201		$	358,298		$	344,503		$	345,450		$	226,591

	0.78	%^(c)		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
	0.99	%^(c)		0.88	%		0.89	%		0.32	%		0.39	%		0.86	%

	8	%^(b)		35	%		26	%		21	%		31	%		29	%

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

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

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

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

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

Level 1 –

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

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

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

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 October 31, 2024:

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)	$	369,560,500	$	–	$	–	$	369,560,500
Corporate Bonds^(a)		–		110,056,114		–		110,056,114
Foreign Corporate Bonds^(a)		–		12,387,696		–		12,387,696
Government & Agency Obligations		–		33,514,912		–		33,514,912
Short Term Investments		867,613		–		–		867,613
TOTAL	$	370,428,113	$	155,958,722	$	–	$	526,386,835

^(a)

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

For the six months ended October 31, 2024, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the six months ended October 31, 2024.

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

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

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

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

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

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

As of and during the six months ended October 31, 2024 the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 31, 2024, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	The Disciplined Growth Investors Fund
Gross appreciation
(excess of value over tax cost)	$	140,303,685
Gross depreciation
(excess of tax cost over value)		(38,849,723	)
Net unrealized appreciation	$	101,453,962
Cost of investments for income tax purposes	$	424,932,873

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.

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

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

		Ordinary Income				Long-Term Capital Gain
The Disciplined Growth Investors Fund		$	3,684,809			$	8,819,465

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2024.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities, U.S. Government Obligations, and in-kind transactions) during the six months ended October 31, 2024, were as follows:

Fund		Purchases of Securities				Proceeds From Sales of Securities
The Disciplined Growth Investors Fund		$	49,000,345			$	44,263,210

Investment transactions in U.S. Government Obligations (excluding short-term securities) during the six months ended October 31, 2024 were as follows:

Fund		Purchases of Securities				Proceeds From Sales of Securities
The Disciplined Growth Investors Fund		$	1,441,699			$	23,580,631

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.

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The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

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

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, bookkeeping and pricing services, legal, audit and other services, except for interest expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business. Also included are Trustee fees which were $32,372 for six months ended October 31, 2024.

Fund Administrator Fees and Expenses

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

Transfer Agent

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

Compliance Services

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

Principal Financial Officer

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

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Notes to Financial Statements
	October 31, 2024 (Unaudited)

Distributor

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

7. INDEMNIFICATIONS

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

8. SUBSEQUENT EVENT

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

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The Disciplined Growth Investors Fund	Changes in and Disagreements with Accountants for Open-End Management Investment Companies
	October 31, 2024 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Proxy Disclosures for Open-End Management Investment Companies
	October 31, 2024 (Unaudited)

Not applicable for this reporting period.

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

The Disciplined Growth Investors Fund	Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
	October 31, 2024 (Unaudited)

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

Semi-Annual Report | October 31, 2024

The Disciplined Growth Investors Fund	Statement Regarding Basis for Approval of Investment Advisory Contract
	October 31, 2024 (Unaudited)

Not applicable for this reporting period.

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

TABLE OF CONTENTS

Schedule of Investments
Emerald Growth Fund	1
Emerald Insights Fund	3
Emerald Finance & Banking Innovation Fund	5
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets
Emerald Growth Fund	9
Emerald Insights Fund	11
Emerald Finance & Banking Innovation Fund	12
Financial Highlights
Emerald Growth Fund	14
Emerald Insights Fund	18
Emerald Finance & Banking Innovation Fund	22
Notes to Financial Statements and Financial Highlights	26
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	34
Proxy Disclosures for Open-End Management Investment Companies	35
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	36
Statement Regarding Basis for Approval of Investment Advisory Contract	37

Emerald Growth Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 94.25%
Consumer Discretionary: 5.48%
	345,530	Arhaus, Inc.	$	2,930,094
	487,096	Arlo Technologies, Inc.^(a)		4,948,895
	192,037	BJ's Restaurants, Inc.^(a)		7,122,652
	44,704	Churchill Downs, Inc.		6,263,030
	82,822	Jack in the Box, Inc.		4,078,984
	33,532	Light & Wonder, Inc.^(a)		3,144,631
	101,117	National Vision Holdings, Inc.^(a)		1,051,617
	103,115	Ollie's Bargain Outlet Holdings, Inc.^(a)		9,469,051
	373,170	OneSpaWorld Holdings, Ltd.		6,534,207
	492,196	Portillo's, Inc.^(a)		6,364,094
				51,907,255

Consumer Staples: 3.08%
	201,416	Freshpet, Inc.^(a)		26,695,677
	144,847	Utz Brands, Inc.		2,494,265
				29,189,942

Consumer, Non-cyclical: 4.64%
	455,496	Avid Bioservices, Inc.^(a)		4,536,740
	154,283	BioAge Labs, Inc.^(a)		3,641,079
	49,814	Ceribell, Inc.^(a)		1,309,610
	29,553	GeneDx Holdings Corp.^(a)		2,414,184
	66,871	Keros Therapeutics, Inc.^(a)		3,881,193
	158,128	Longboard Pharmaceuticals, Inc.^(a)		9,443,404
	145,298	Novocure, Ltd.^(a)		2,205,624
	134,484	Spyre Therapeutics, Inc.^(a)		4,374,764
	48,073	Tarsus Pharmaceuticals, Inc.^(a)		2,138,768
	288,338	Vital Farms, Inc.^(a)		9,999,562
				43,944,928

Energy: 1.81%
	9,442	Atlas Energy Solutions, Inc.		184,780
	20,798	Cactus, Inc.		1,233,113
	145,625	Expro Group Holdings NV^(a)		1,856,719
	208,554	Northern Oil and Gas, Inc.		7,560,082
	105,995	Tidewater, Inc.^(a)		6,367,120
				17,201,814

Financial Services: 13.20%
	210,529	Axos Financial, Inc.^(a)		14,257,024
	353,622	Baldwin Insurance Group, Inc.^(a)		16,358,554
	100,347	Bowhead Specialty Holdings, Inc.^(a)		2,921,101
	96,084	First Busey Corp.		2,335,802
	62,930	First Financial Bankshares, Inc.		2,274,290
	454,477	Fulton Financial Corp.		8,230,578
	131,552	LendingTree, Inc.^(a)		7,502,411
	108,088	Mid Penn Bancorp, Inc.		3,414,500
	202,151	Moelis & Co., Class A		13,422,826
	66,508	Orrstown Financial Services, Inc.		2,490,060
	199,236	Palomar Holdings, Inc.^(a)		17,885,416
	8,601	Popular, Inc.		767,467
	41,437	Selective Insurance Group, Inc.		3,763,308

Shares			Value (Note 2)
Financial Services (continued)
	382,198	Skyward Specialty Insurance Group, Inc.^(a)	$	16,896,974
	26,589	Stewart Information Services Corp.		1,829,323
	338,791	Trinity Capital, Inc.		4,668,540
	55,100	UMB Financial Corp.		6,046,123
				125,064,297

Healthcare: 19.23%
	253,451	ACADIA Pharmaceuticals, Inc.^(a)		3,697,850
	179,449	Akero Therapeutics, Inc.^(a)		5,532,413
	261,033	Alphatec Holdings, Inc.^(a)		2,049,109
	97,781	AtriCure, Inc.^(a)		3,244,374
	63,104	Biohaven, Ltd.^(a)		3,140,055
	141,095	Blueprint Medicines Corp.^(a)		12,347,223
	314,094	Bridgebio Pharma, Inc.^(a)		7,352,941
	284,631	Collegium Pharmaceutical, Inc.^(a)		9,717,302
	51,822	CVRx, Inc.^(a)		679,905
	80,611	Immunovant, Inc.^(a)		2,358,678
	199,736	Insmed, Inc.^(a)		13,438,238
	15,833	Integer Holdings Corp.^(a)		1,967,250
	145,235	Intra-Cellular Therapies, Inc.^(a)		12,308,666
	352,988	KalVista Pharmaceuticals, Inc.^(a)		3,625,187
	226,853	LivaNova PLC^(a)		11,710,152
	8,977	Madrigal Pharmaceuticals, Inc.^(a)		2,328,095
	102,177	Merit Medical Systems, Inc.^(a)		10,080,783
	555,563	NeoGenomics, Inc.^(a)		7,550,101
	110,998	Orthofix Medical, Inc.^(a)		1,797,058
	235,516	Quanterix Corp.^(a)		3,112,344
	223,111	RadNet, Inc.^(a)		14,511,139
	187,024	Soleno Therapeutics, Inc.^(a)		10,297,541
	53,346	TransMedics Group, Inc.^(a)		4,372,772
	494,279	Travere Therapeutics, Inc.^(a)		8,649,882
	164,223	Ultragenyx Pharmaceutical, Inc.^(a)		8,373,731
	80,267	Viking Therapeutics, Inc.^(a)		5,822,568
	881,751	WaVe Life Sciences, Ltd.^(a)		12,088,806
				182,154,163

Industrials: 22.33%
	194,008	AAR Corp.^(a)		11,388,270
	89,051	AeroVironment, Inc.^(a)		19,142,403
	237,181	ATI, Inc.^(a)		12,501,810
	15,656	Bowman Consulting Group, Ltd.^(a)		317,817
	88,550	Carpenter Technology Corp.		13,238,225
	105,871	Chart Industries, Inc.^(a)		12,780,747
	42,605	Fabrinet^(a)		10,266,527
	556,647	First Advantage Corp.^(a)		10,086,444
	105,819	Flywire Corp.^(a)		1,843,367
	215,529	FTAI Aviation Ltd		28,975,719
	12,474	Installed Building Products, Inc.		2,705,611
	737,671	Kratos Defense & Security Solutions, Inc.^(a)		16,759,885
	119,819	Louisiana-Pacific Corp.		11,850,099
	112,024	Modine Manufacturing Co.^(a)		13,193,066

Semi-Annual Report | October 31, 2024

Emerald Growth Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
Industrials (continued)
	121,819	Montrose Environmental Group, Inc.^(a)	$	3,212,367
	430,952	NV5 Global, Inc.^(a)		9,847,253
	36,211	Proficient Auto Logistics, Inc.^(a)		296,568
	304,006	RXO, Inc.^(a)		8,569,929
	123,541	Shift4 Payments, Inc.^(a)		11,173,048
	53,148	SPX Technologies Inc^(a)		7,626,207
	68,426	TriNet Group, Inc.		5,808,683
				211,584,045

Producer Durables: 0.39%
	57,242	Allegiant Travel Co.^(a)		3,721,302

Real Estate: 1.27%
	66,473	Ryman Hospitality Properties, Inc.		7,115,935
	81,755	Terreno Realty Corp.		4,901,212
				12,017,147

Technology: 21.47%
	89,438	Agilysys, Inc.^(a)		8,947,377
	42,954	Clear Secure, Inc.		1,579,848
	158,109	Clearwater Analytics Holdings, Inc.^(a)		4,128,226
	84,039	Cogent Communications Holdings, Inc.		6,745,810
	17,020	CommVault Systems, Inc.^(a)		2,658,354
	640,181	Credo Technology Group Holding, Ltd.^(a)		24,134,824
	247,851	FormFactor, Inc.^(a)		9,413,381
	32,685	Ibotta, Inc.^(a)		2,395,484
	51,736	Impinj, Inc.^(a)		9,829,323
	61,097	InterDigital, Inc.		9,191,433
	146,899	Kulicke & Soffa Industries, Inc.		6,589,889
	94,723	Life360, Inc.^(a)		4,060,775
	85,799	MACOM Technology Solutions Holdings, Inc.^(a)		9,643,808
	219,629	Napco Security Technologies, Inc.		8,451,324
	31,537	Onto Innovation, Inc.^(a)		6,254,733
	374,722	PDF Solutions, Inc.^(a)		10,612,127
	240,803	Q2 Holdings, Inc.^(a)		20,386,382
	231,279	Rambus, Inc.^(a)		11,059,762
	449,066	SkyWater Technology, Inc.^(a)		4,405,337
	93,005	Sprout Social, Inc.^(a)		2,463,702
	307,085	Tenable Holdings, Inc.^(a)		12,163,638
	308,165	TTM Technologies, Inc.^(a)		6,915,223
	331,746	Varonis Systems, Inc.^(a)		16,710,046
	470,917	Zuora, Inc., Class A^(a)		4,662,078
				203,402,884

Telecommunications: 1.35%
	253,648	Applied Optoelectronics, Inc.^(a)		3,961,982

Shares			Value (Note 2)
Telecommunications (continued)
	138,801	Lumentum Holdings, Inc.^(a)	$	8,865,220
				12,827,202

		Total Common Stocks
		(Cost $609,378,513)		893,014,979

MUTUAL FUND: 5.25%
Healthcare: 5.25%
	2,000,000	F/m Emerald Life Sciences Innovation ETF^(a)(c)		49,780,000

		Total Mutual Fund
		(Cost $31,078,490)		49,780,000

SHORT-TERM INVESTMENT: 0.72%
	6,781,327	First American Government Obligations Fund, Class X 4.106% ^(b)		6,781,327

		Total Short-Term Investment
		(Cost $6,781,327)		6,781,327

Total Investments: 100.22%
(Cost $647,238,330)				949,576,306

Liabilities In Excess Of Other Assets: (0.22)%				(2,128,901	)
Net Assets: 100.00%			$	947,447,405

^(a)

Non-income producing security.

^(b)

Represents the 7-day yield.

^(c)

Affiliated company. See Note 8 to Notes to 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 Financial Statements.

2	www.emeraldmutualfunds.com

Emerald Insights Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 99.47%
Consumer Discretionary: 13.18%
	7,030	Amazon.com, Inc.^(a)	$	1,310,392
	13,647	Arlo Technologies, Inc.^(a)		138,653
	3,479	Chipotle Mexican Grill, Inc.^(a)		194,024
	2,416	Churchill Downs, Inc.		338,482
	304	Costco Wholesale Corp.		265,751
	303	Hyatt Hotels Corp., Class A		44,071
	225	Netflix, Inc.^(a)		170,107
	731	Tesla, Inc.^(a)		182,640
	3,566	TJX Cos., Inc.		403,065
				3,047,185

Consumer Staples: 2.15%
	672	Constellation Brands, Inc., Class A		156,133
	2,563	Freshpet, Inc.^(a)		339,700
				495,833

Consumer, Non-cyclical: 0.38%
	3,707	BioAge Labs, Inc.^(a)		87,485

Energy: 4.82%
	2,021	Cactus, Inc.		119,825
	1,401	Cheniere Energy, Inc.		268,124
	4,317	EQT Corp.		157,743
	4,705	Northern Oil and Gas, Inc.		170,556
	3,622	Sable Offshore Corp.^(a)		80,988
	5,941	TechnipFMC PLC		158,565
	47,429	TETRA Technologies, Inc.^(a)		158,887
				1,114,688

Financial Services: 4.02%
	4,933	Baldwin Insurance Group, Inc.^(a)		228,201
	1,444	KKR & Co., Inc., Class A		199,619
	4,983	LendingTree, Inc.^(a)		284,180
	2,403	Palomar Holdings, Inc.^(a)		215,717
				927,717

Healthcare: 16.47%
	8,849	ACADIA Pharmaceuticals, Inc.^(a)		129,107
	661	Amgen, Inc.		211,626
	6,031	Bridgebio Pharma, Inc.^(a)		141,186
	562	Eli Lilly & Co.		466,314
	6,136	Insmed, Inc.^(a)		412,830
	3,333	Intra-Cellular Therapies, Inc.^(a)		282,472
	7,457	LivaNova PLC^(a)		384,930
	1,374	Merit Medical Systems, Inc.^(a)		135,559
	9,733	Quanterix Corp.^(a)		128,621
	107	Regeneron Pharmaceuticals, Inc.^(a)		89,687
	1,451	Sarepta Therapeutics, Inc.^(a)		182,826
	2,415	Soleno Therapeutics, Inc.^(a)		132,970
	10,646	Teva Pharmaceutical Industries, Ltd.^(a)		196,312
	3,853	Ultragenyx Pharmaceutical, Inc.^(a)		196,464
	311	United Therapeutics Corp.^(a)		116,305

Shares			Value (Note 2)
Healthcare (continued)
	1,756	Viking Therapeutics, Inc.^(a)	$	127,380
	34,446	WaVe Life Sciences, Ltd.^(a)		472,255
				3,806,844

Industrials: 7.02%
	958	AeroVironment, Inc.^(a)		205,932
	2,430	Chart Industries, Inc.^(a)		293,350
	13,235	Kratos Defense & Security Solutions, Inc.^(a)		300,699
	1,277	Louisiana-Pacific Corp.		126,295
	3,433	Shift4 Payments, Inc.^(a)		310,481
	1,236	Vertiv Holdings Co.		135,082
	864	Visa, Inc., Class A		250,430
				1,622,269

Technology: 48.50%
	6,557	Alphabet, Inc., Class A		1,121,968
	9,026	Apple, Inc.		2,039,064
	168	ASML Holding NV		112,988
	3,800	Broadcom, Ltd.		645,126
	463	Cadence Design Systems, Inc.^(a)		127,844
	951	Datadog, Inc., Class A^(a)		119,293
	34,218	indie Semiconductor, Inc.^(a)		113,262
	150	KLA Corp.		99,934
	1,662	Meta Platforms, Inc., Class A		943,318
	5,376	Microsoft Corp.		2,184,538
	878	Mongodb Inc^(a)		237,411
	20,956	NVIDIA Corp.		2,782,119
	467	Oracle Corp.		78,381
	788	Palo Alto Networks, Inc.^(a)		283,940
	4,245	Pinterest, Inc., Class A^(a)		134,949
	12,713	SkyWater Technology, Inc.^(a)		124,714
	2,100	Super Micro Computer, Inc.^(a)		61,131
				11,209,980

Telecommunications: 1.43%
	403	InterDigital, Inc.		60,628
	3,746	Uber Technologies, Inc.^(a)		269,899
				330,527

Utilities: 1.50%
	12,378	AES Corp.		204,113
	8,653	Aris Water Solutions, Inc.		142,775
				346,888

		Total Common Stocks
		(Cost $13,220,378)		22,989,416

Semi-Annual Report | October 31, 2024

Emerald Insights Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
Utilities (continued)
SHORT-TERM INVESTMENT: 0.41%
	94,976	First American Government Obligations Fund, Class X 4.793% ^(b)	$	94,976

		Total Short-Term Investment
		(Cost $94,976)		94,976

Total Investments: 99.88%
(Cost $13,315,354)				23,084,392

Other Assets In Excess Of Liabilities: 0.12%				28,882
Net Assets: 100.00%			$	23,113,274

^(a)

Non-income producing security.

^(b)

Represents the 7-day yield.

See Notes to Financial Statements.

4	www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 98.69%
Financial Services: 98.69%
Banks: 74.75%
	4,442	Ameris Bancorp	$	275,360
	5,295	Atlantic Union Bankshares Corp.		200,151
	31,241	Axos Financial, Inc.^(a)		2,115,640
	18,873	Bancorp, Inc.^(a)		948,557
	13,080	Burke & Herbert Financial Services Corp.		828,489
	16,270	Byline Bancorp, Inc.		437,826
	7,371	Cadence Bank		246,413
	22,070	Carter Bankshares Inc^(a)		406,088
	8,149	Citizens Financial Group, Inc.		343,236
	42,886	CNB Financial Corp.		1,088,447
	10,010	Coastal Financial Corp.^(a)		630,530
	55,742	Community Heritage Financial, Inc.		1,170,582
	19,169	Community West Bancshares		359,219
	25,356	ConnectOne Bancorp, Inc.		614,629
	6,314	East West Bancorp, Inc.		615,552
	17,640	Esquire Financial Holdings, Inc.		1,174,471
	4,530	Fifth Third Bancorp		197,870
	85,424	Finwise Bancorp^(a)		1,429,144
	250	First Citizens BancShares, Inc., Class A, Class A		484,337
	20,920	First Financial Bankshares, Inc.		756,049
	33,746	First Internet Bancorp		1,180,098
	4,767	First Merchants Corp.		176,617
	9,792	Firstsun Capital Bancorp^(a)		358,191
	18,040	Five Star Bancorp		542,643
	35,331	F.N.B. Corp.		512,299
	4,282	Home BancShares, Inc.		116,856
	53,703	HomeStreet, Inc.		486,281
	5,275	Huntington Bancshares, Inc.		82,237
	53,343	KeyCorp		920,167
	112,091	LINKBANCORP, Inc.		803,132
	14,004	Live Oak Bancshares, Inc.		556,099
	727	M&T Bank Corp.		141,532
	53	Mechanics Bank/Walnut Creek CA		1,404,500
	39,932	Metropolitan Bank Holding Corp.^(a)		2,136,362
	26,975	Northeast Bancorp		2,396,998
	17,299	NU Holdings, Ltd.^(a)		261,042
	4,672	Origin Bancorp, Inc.		146,654
	9,875	Pacific Premier Bancorp, Inc.		251,911
	16,572	Pathward Financial, Inc.		1,172,635
	8,482	Pinnacle Financial Partners, Inc.		894,427
	11,196	Popular, Inc.		999,019
	3,676	Private Bancorp of America, Inc.^(a)		178,286
	4,016	Prosperity Bancshares, Inc.		293,971
	13,110	QCR Holdings, Inc.		1,037,001
	58,688	Shore Bancshares, Inc.		853,324
	7,930	South State Corp.		773,413
	10,408	Synovus Financial Corp.		519,047
	19,108	Third Coast Bancshares, Inc.^(a)		622,348
	28,953	Veritex Holdings, Inc.		781,731
	17,931	Western Alliance Bancorp		1,492,038

Shares			Value (Note 2)
Banks (continued)
	9,990	Wintrust Financial Corp	$	1,157,741
	10,678	Zions Bancorporation		555,897
				38,127,087

Banks: Diversified: 4.64%
	21,123	First Busey Corp.		513,500
	29,189	Fulton Financial Corp.		528,613
	13,798	Orrstown Financial Services, Inc.		516,597
	8,088	Sandy Spring Bancorp, Inc.		272,081
	4,881	UMB Financial Corp.		535,592
				2,366,383

Commercial Banks: 0.53%
	15,631	First Horizon National Corp.		270,885

Consumer Lending: 2.81%
	25,126	LendingTree, Inc.^(a)		1,432,936

Diversified Finan Serv: 0.25%
	4,478	GBank Financial Holdings, Inc.^(a)		128,160

Diversified Financial Services: 1.42%
	25,000	MidWestOne Financial Group, Inc.		723,500

Insurance: 5.77%
	5,770	Baldwin Insurance Group, Inc.^(a)		266,920
	8,914	Bowhead Specialty Holdings, Inc.^(a)		259,487
	6,059	Selective Insurance Group, Inc.		550,278
	38,646	Skyward Specialty Insurance Group, Inc.^(a)		1,708,540
	4,900	TWFG, Inc.^(a)		158,956
				2,944,181

Open End And Misc Investment Vehicles: 1.61%
	59,403	Trinity Capital, Inc.		818,573

Private Equity: 1.02%
	47,085	P10, Inc., Class A		520,289

Property And Casualty Insurance: 4.29%
	4,028	Kinsale Capital Group, Inc.		1,724,427
	5,180	Palomar Holdings, Inc.^(a)		465,009
				2,189,436

Real Estate: 0.64%
	51,103	Compass, Inc.^(a)		324,504

Savings&Loans: 0.96%
	48,149	Flagstar Financial, Inc.		487,268

		Total Common Stocks
		(Cost $34,304,147)		50,333,202

Semi-Annual Report | October 31, 2024

Emerald Finance & Banking Innovation Fund

Schedule of Investments

October 31, 2024 (Unaudited)

Shares			Value (Note 2)
Savings&Loans (continued)
WARRANTS: 0.00%
	62,749	Paysafe, Ltd., Strike Price $11.50, Expiration Date 12/31/2028		1,744

		Total Warrants
		(Cost $211,219)	$	1,744

SHORT-TERM INVESTMENT: 1.87%
	955,621	First American Government Obligations Fund, Class X 4.793% ^(b)		955,621

		Total Short-Term Investment
		(Cost $955,621)		955,621

Total Investments: 100.56%
(Cost $35,470,987)				51,290,567

Liabilities In Excess Of Other Assets: (0.56)%				(286,398	)
Net Assets: 100.00%			$	51,004,169

^(a)

Non-income producing security.

^(b)

Represents the 7-day yield.

See Notes to Financial Statements.

6	www.emeraldmutualfunds.com

Emerald Funds

Statements of Assets and Liabilities

October 31, 2024 (Unaudited)

	Emerald Growth Fund		Emerald Insights Fund		Emerald Finance & Banking Innovation Fund
ASSETS:
Investments, at value	$	949,576,306	$	23,084,392	$	51,290,567
Receivable for investments sold		241,161		145,924		–
Receivable for shares sold		807,233		500		280
Interest and dividends receivable		23,456		248		3,548
Other assets		51,585		37,250		50,324
Total Assets		950,699,741		23,268,314		51,344,719
LIABILITIES:
Payable for investments purchased		1,604,878		90,184		–
Payable for shares redeemed		533,267		–		81,764
Investment advisory fees payable		517,006		7,255		43,606
Payable to fund accounting and administration		105,779		7,427		9,704
Payable for distribution and service fees		258,460		7,888		57,469
Payable for trustee fees and expenses		27,420		290		5,443
Payable for transfer agency fees		55,045		14,793		36,032
Payable for chief compliance officer fee		18,160		362		1,561
Payable for principal financial officer fee		4,149		79		353
Payable for professional fees		39,811		14,579		41,208
Accrued expenses and other liabilities		88,361		12,183		63,410
Total Liabilities		3,252,336		155,040		340,550
NET ASSETS	$	947,447,405	$	23,113,274	$	51,004,169
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	597,600,501	$	13,628,012	$	97,597,505
Total distributable earnings		349,846,904		9,485,262		(46,593,336	)
NET ASSETS	$	947,447,405	$	23,113,274	$	51,004,169
INVESTMENTS, AT COST	$	647,238,330	$	13,315,354	$	35,470,987
PRICING OF SHARES
Class A: ^(a)
Net Asset Value, offering and redemption price per share	$	24.23	$	20.17	$	27.17
Net Assets	$	77,873,626	$	16,995,303	$	20,166,245
Shares of beneficial interest outstanding		3,214,504		842,591		742,318
Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price)	$	25.43	$	21.18	$	28.52
Class C: ^(a)
Net Asset Value, offering and redemption price per share	$	16.66	$	18.32	$	21.83
Net Assets	$	1,109,160	$	28,220	$	2,440,239
Shares of beneficial interest outstanding		66,562		1,540		111,798
Institutional Class:
Net Asset Value, offering and redemption price per share	$	26.54	$	20.99	$	28.61
Net Assets	$	784,331,644	$	5,157,854	$	21,653,722
Shares of beneficial interest outstanding		29,548,642		245,675		756,905
Investor Class:
Net Asset Value, offering and redemption price per share	$	23.97	$	19.99	$	25.44
Net Assets	$	84,132,975	$	931,897	$	6,743,963
Shares of beneficial interest outstanding		3,510,112		46,625		265,118

^(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.

Semi-Annual Report | October 31, 2024

Emerald Funds

Statements of Operations

For Six Months Ended October 31, 2024 (Unaudited)

	Emerald Growth Fund			Emerald Insights Fund			Emerald Finance & Banking Innovation Fund
INVESTMENT INCOME:
Dividends ^(a)	$	2,580,986		$	51,218		$	445,730
Foreign taxes withheld		(1,916	)		(42	)		(3,843	)
Total Investment Income		2,579,070			51,176			441,887

EXPENSES:
Investment advisory fee (Note 6)		3,025,851			85,448			246,442
Administration fee		321,455			16,972			24,841
Custodian fee		42,070			2,388			4,008
Professional fees		25,763			11,837			13,694
Transfer agent fee		88,269			20,426			50,027
Delegated transfer agent equivalent services fees
Class A		1,360			24			535
Class C		54			–			25
Institutional Class		587			–			167
Investor Class		136			–			27
Trustee fees and expenses		47,549			784			3,446
Registration/filing fees		27,868			16,631			21,882
Reports to shareholder and printing fees		27,466			4,933			5,464
Distribution and service fees
Class A		149,185			29,437			36,532
Class C		5,795			139			12,620
Institutional Class		209,366			1,258			4,820
Investor Class		169,760			1,808			13,221
Chief compliance officer fee		38,754			827			2,520
Principal financial officer fee		8,568			150			559
Other		22,218			6,316			6,684
Total expenses before waiver		4,212,074			199,378			447,514
Less fees waived/reimbursed by investment advisor (Note 6)		–			(52,687	)		(12,859	)
Total Net Expenses		4,212,074			146,691			434,655

NET INVESTMENT INCOME/(LOSS):		(1,633,004	)		(95,515	)		7,232

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain on investments		86,082,149			403,991			2,089,890
Net change in unrealized appreciation on foreign currency transactions		–			–			–
Net change in unrealized appreciation on investments		29,476,935			2,673,694			8,736,321
Net change in unrealized appreciation on affiliated investments (Note 8)		18,701,510			–			–
NET REALIZED AND UNREALIZED GAIN		134,260,594			3,077,685			10,826,211
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	132,627,590		$	2,982,170		$	10,833,443

^(a)

Includes $- received from affiliated issuers held by the Emerald Growth Fund. See Note 8 in the Notes to Financial Statements.

See Notes to Financial Statements.

www.emeraldmutualfunds.com

Emerald Growth Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024
OPERATIONS:
Net investment loss	$	(1,633,004	)	$	(2,581,790	)
Net realized gain on investments		86,082,149			60,335,788
Net change in unrealized appreciation on investments		48,178,445			72,549,764
Net increase in net assets resulting from operations		132,627,590			130,303,762

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total distributable earnings
Class A		(5,391,127	)		(5,431,723	)
Class C		(99,842	)		(411,326	)
Institutional Class		(48,947,417	)		(45,259,070	)
Investor Class		(5,351,009	)		(5,041,068	)
Net decrease in net assets from distributions		(59,789,395	)		(56,143,187	)
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		2,353,554			10,591,088
Issued to shareholders in reinvestment of distributions		4,997,597			5,032,168
Cost of shares redeemed		(14,837,553	)		(24,045,176	)
Net decrease from share transactions		(7,486,402	)		(8,421,920	)
Class C
Proceeds from sale of shares		50,300			169,827
Issued to shareholders in reinvestment of distributions		96,172			396,863
Cost of shares redeemed		(211,081	)		(6,718,497	)
Net decrease from share transactions		(64,609	)		(6,151,807	)
Institutional Class
Proceeds from sale of shares		79,268,452			125,541,906
Issued to shareholders in reinvestment of distributions		41,026,943			37,998,907
Cost of shares redeemed		(170,789,278	)		(180,410,950	)
Net decrease from share transactions		(50,493,883	)		(16,870,137	)
Investor Class
Proceeds from sale of shares		8,527,400			16,290,444
Issued to shareholders in reinvestment of distributions		1,262,513			1,109,778
Cost of shares redeemed		(9,016,279	)		(19,392,745	)
Net increase/(decrease) from share transactions		773,634			(1,992,523	)
Net increase in net assets	$	15,566,935		$	40,724,188
NET ASSETS:
Beginning of year		931,880,470			891,156,282
End of year	$	947,447,405		$	931,880,470

Semi-Annual Report | October 31, 2024

Emerald Growth Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		97,584			493,276
Distributions reinvested		215,786			226,757
Redeemed		(610,299	)		(1,113,845	)
Net decrease in shares outstanding		(296,929	)		(393,811	)
Class C
Sold		2,982			10,914
Distributions reinvested		6,026			24,771
Redeemed		(12,607	)		(437,637	)
Net decrease in shares outstanding		(3,599	)		(401,952	)
Institutional Class
Sold		3,010,307			5,287,448
Distributions reinvested		1,618,420			1,578,126
Redeemed		(6,434,931	)		(7,615,210	)
Net decrease in shares outstanding		(1,806,204	)		(749,635	)
Investor Class
Sold		364,451			760,002
Distributions reinvested		55,083			50,538
Redeemed		(377,797	)		(886,697	)
Net increase/(decrease) in shares outstanding		41,737			(76,157	)

See Notes to Financial Statements.

10	www.emeraldmutualfunds.com

Emerald Insights Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024
OPERATIONS:
Net investment loss	$	(95,515	)	$	(132,759	)
Net realized gain on investments		403,991			1,116,280
Net change in unrealized appreciation on investments		2,673,694			2,862,061
Net increase in net assets resulting from operations		2,982,170			3,845,582

SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		16,891			3,790,689
Cost of shares redeemed		(358,658	)		(1,293,562	)
Net increase/(decrease) from share transactions		(341,767	)		2,497,127
Class C
Proceeds from sale of shares		–			6,110
Cost of shares redeemed		–			(27,022	)
Net decrease from share transactions		–			(20,912	)
Institutional Class
Proceeds from sale of shares		160,493			515,912
Cost of shares redeemed		(63,395	)		(725,823	)
Net increase/(decrease) from share transactions		97,098			(209,911	)
Investor Class
Proceeds from sale of shares		24,827			263,368
Cost of shares redeemed		(5,000	)		(488,180	)
Net increase/(decrease) from share transactions		19,827			(224,811	)
Net increase in net assets	$	2,757,328		$	5,887,074
NET ASSETS:
Beginning of year		20,355,946			14,468,872
End of year	$	23,113,274		$	20,355,946

Other Information:
SHARE TRANSACTIONS:
Class A
Sold		860			231,486
Redeemed		(18,888	)		(82,487	)
Net increase/(decrease) in shares outstanding		(18,028	)		149,000
Class C
Sold		–			390
Redeemed		–			(1,792	)
Net decrease in shares outstanding		–			(1,402	)
Institutional Class
Sold		8,101			30,430
Redeemed		(3,125	)		(42,179	)
Net increase/(decrease) in shares outstanding		4,976			(11,750	)
Investor Class
Sold		1,266			16,743
Redeemed		(253	)		(30,537	)
Net increase/(decrease) in shares outstanding		1,013			(13,794	)

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Finance & Banking Innovation Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024
OPERATIONS:
Net investment income	$	7,232		$	1,125,940
Net realized gain/(loss) on investments		2,089,890			(5,730,647	)
Net realized loss on foreign currency transactions		–			(211	)
Net change in unrealized appreciation on investments		8,736,321			16,784,369
Net change in unrealized appreciation on foreign currency transactions		0			130
Net increase in net assets resulting from operations		10,833,443			12,179,581

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total distributable earnings
Class A		(464,793	)		–
Class C		(68,122	)		–
Institutional Class		(412,308	)		–
Investor Class		(158,612	)		–
Net decrease in net assets from distributions		(1,103,835	)		–
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		247,257			2,024,505
Issued to shareholders in reinvestment of distributions		387,241			–
Cost of shares redeemed		(3,905,743	)		(6,462,265	)
Net decrease from share transactions		(3,271,245	)		(4,437,760	)
Class C
Proceeds from sale of shares		18,743			109,038
Issued to shareholders in reinvestment of distributions		58,912			–
Cost of shares redeemed		(634,873	)		(2,856,316	)
Net decrease from share transactions		(557,218	)		(2,747,278	)
Institutional Class
Proceeds from sale of shares		3,089,052			3,254,772
Issued to shareholders in reinvestment of distributions		392,786			–
Cost of shares redeemed		(3,429,063	)		(21,815,677	)
Net increase/(decrease) from share transactions		52,775			(18,560,906	)
Investor Class
Proceeds from sale of shares		253,173			1,322,318
Issued to shareholders in reinvestment of distributions		139,951			–
Cost of shares redeemed		(1,045,236	)		(4,716,688	)
Net decrease from share transactions		(652,112	)		(3,394,370	)
Net increase/(decrease) in net assets	$	5,301,808		$	(16,960,732	)
NET ASSETS:
Beginning of year		45,702,361			62,663,093
End of year	$	51,004,169		$	45,702,361

www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		10,087			95,796
Distributions reinvested		16,903			–
Redeemed		(152,800	)		(291,908	)
Net decrease in shares outstanding		(125,810	)		(196,112	)
Class C
Sold		918			6,646
Distributions reinvested		3,195			–
Redeemed		(31,748	)		(163,254	)
Net decrease in shares outstanding		(27,635	)		(156,608	)
Institutional Class
Sold		112,486			146,170
Distributions reinvested		16,298			–
Redeemed		(132,415	)		(917,569	)
Net decrease in shares outstanding		(3,631	)		(771,398	)
Investor Class
Sold		11,097			60,407
Distributions reinvested		6,525			–
Redeemed		(44,777	)		(230,303	)
Net decrease in shares outstanding		(27,155	)		(169,896	)

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS A
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.66		$	21.00		$	23.23		$	36.29		$	23.06		$	26.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.07	)		(0.11	)		(0.12	)		(0.12	)		(0.22	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		3.22			3.22			(0.33	)		(7.38	)		16.30			(2.40	)
Total from Investment Operations		3.15			3.11			(0.45	)		(7.50	)		16.08			(2.56	)

LESS DISTRIBUTIONS:
From investment income		(0.26	)		–			–			–			–			–
From capital gains		(1.32	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
Total Distributions		(1.58	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.57			1.66			(2.23	)		(13.06	)		13.23			(2.94	)
NET ASSET VALUE, END OF PERIOD	$	24.23		$	22.66		$	21.00		$	23.23		$	36.29		$	23.06

TOTAL RETURN^(b)		14.20	%^(c)		15.07	%		(2.39	)%		(23.19	)%		70.77	%		(10.00	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	77,874		$	79,554		$	82,009		$	118,082		$	168,322		$	134,755
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.57	)%^(d)		(0.53	)%		(0.55	)%		(0.39	)%		(0.72	)%		(0.64	)%
Operating expenses excluding reimbursement/waiver		1.08	%^(d)		1.10	%		1.13	%		1.03	%		1.01	%		1.02	%
Operating expenses including reimbursement/waiver		1.08	%^(d)		1 .10	%		1.13	%		1.03	%		1.01	%		1.02	%
PORTFOLIO TURNOVER RATE		27	%^(c)		51	%		62	%		38	%		66	%		48	%

^(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.

See Notes to Financial Statements.

14	www.emeraldmutualfunds.com

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS C
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.06		$	15.37		$	17.56		$	29.09		$	18.97		$	21.59
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.10	)		(0.18	)		(0.19	)		(0.26	)		(0.35	)		(0.27	)
Net realized and unrealized gain/(loss) on investments		2.25			2.32			(0.22	)		(5.71	)		13.32			(1.97	)
Total from Investment Operations		2.15			2.14			(0.41	)		(5.97	)		12.97			(2.24	)

LESS DISTRIBUTIONS:
From investment income		(0.23	)		–			–			–			–			–
From capital gains		(1.32	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
Total Distributions		(1.55	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.60			0.69			(2.19	)		(11.53	)		10.12			(2.62	)
NET ASSET VALUE, END OF PERIOD	$	16.66		$	16.06		$	15.37		$	17.56		$	29.09		$	18.97

TOTAL RETURN^(b)		13.82	%^(c)		14.23	%		(3.00	)%		(23.71	)%		69.60	%		(10.57	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	1,109		$	1,127		$	7,255		$	11,668		$	22,447		$	17,434
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.23	)%^(d)		(1.14	)%		(1.19	)%		(1.02	)%		(1.37	)%		(1.29	)%
Operating expenses excluding reimbursement/waiver		1.74	%^(d)		1.76	%		1.78	%		1.68	%		1.66	%		1.68	%
Operating expenses including reimbursement/waiver		1.74	%^(d)		1.76	%		1.78	%		1.68	%		1.66	%		1.68	%
PORTFOLIO TURNOVER RATE		27	%^(c)		51	%		62	%		38	%		66	%		48	%

^(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.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.67		$	22.68		$	24.88		$	38.32		$	24.18		$	27.16
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.04	)		(0.05	)		(0.06	)		(0.02	)		(0.13	)		(0.08	)
Net realized and unrealized gain/(loss) on investments		3.50			3.49			(0.36	)		(7.86	)		17.12			(2.52	)
Total from Investment Operations		3.46			3.44			(0.42	)		(7.88	)		16.99			(2.60	)

LESS DISTRIBUTIONS:
From investment income		(0.27	)		–			–			–			–			–
From capital gains		(1.32	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
Total Distributions		(1.59	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.87			1.99			(2.20	)		(13.44	)		14.14			(2.98	)
NET ASSET VALUE, END OF PERIOD	$	26.54		$	24.67		$	22.68		$	24.88		$	38.32		$	24.18

TOTAL RETURN		14.34	%^(b)		15.42	%		(2.10	)%		(22.94	)%		71.27	%		(9.72	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	784,332		$	773,394		$	728,115		$	732,429		$	1,375,765		$	863,360
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.27	)%^(c)		(0.22	)%		(0.24	)%		0.06	%		(0.41	)%		(0.32	)%
Operating expenses excluding reimbursement/waiver		0.78	%^(c)		0.79	%		0.82	%		0.72	%		0.70	%		0.70	%
Operating expenses including reimbursement/waiver		0.78	%^(c)		0.79	%		0.82	%		0.72	%		0.70	%		0.70	%
PORTFOLIO TURNOVER RATE		27	%^(b)		51	%		62	%		38	%		66	%		48	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

16	www.emeraldmutualfunds.com

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.43		$	20.81		$	23.05		$	36.07		$	22.94		$	25.88
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.07	)		(0.12	)		(0.12	)		(0.14	)		(0.23	)		(0.17	)
Net realized and unrealized gain/(loss) on investments		3.18			3.19			(0.34	)		(7.32	)		16.21			(2.39	)
Total from Investment Operations		3.11			3.07			(0.46	)		(7.46	)		15.98			(2.56	)

LESS DISTRIBUTIONS:
From investment income		(0.25	)		–			–			–			–			–
From capital gains		(1.32	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
Total Distributions		(1.57	)		(1.45	)		(1.78	)		(5.56	)		(2.85	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.54			1.62			(2.24	)		(13.02	)		13.13			(2.94	)
NET ASSET VALUE, END OF PERIOD	$	23.97		$	22.43		$	20.81		$	23.05		$	36.07		$	22.94

TOTAL RETURN		14.20	%^(b)		15.01	%		(2.44	)%		(23.22	)%		70.71	%		(10.05	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	84,133		$	77,806		$	73,777		$	77,823		$	103,326		$	80,740
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.62	)%^(c)		(0.57	)%		(0.59	)%		(0.44	)%		(0.75	)%		(0.68	)%
Operating expenses excluding reimbursement/waiver		1.13	%^(c)		1.14	%		1.17	%		1.07	%		1.05	%		1.06	%
Operating expenses including reimbursement/waiver		1.13	%^(c)		1.14	%		1.17	%		1.07	%		1.05	%		1.06	%
PORTFOLIO TURNOVER RATE		27	%^(b)		51	%		62	%		38	%		66	%		48	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS A
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.59		$	13.98		$	15.16		$	20.18		$	12.13		$	11.51
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.09	)		(0.14	)		(0.11	)		(0.18	)		(0.14	)		(0.10	)
Net realized and unrealized gain/(loss) on investments		2.67			3.75			(0.42	)		(1.98	)		9.80			0.72
Total from Investment Operations		2.58			3.61			(0.53	)		(2.16	)		9.66			0.62

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.65	)		(2.86	)		(1.61	)		0.00	^(b)
Total Distributions		–			–			(0.65	)		(2.86	)		(1.61	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.58			3.61			(1.18	)		(5.02	)		8.05			0.62
NET ASSET VALUE, END OF PERIOD	$	20.17		$	17.59		$	13.98		$	15.16		$	20.18		$	12.13

TOTAL RETURN^(c)		14.67	%^(d)		25.82	%		(3.68	%)		(12.78	%)		82.17	%		5.43	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	16,995		$	15,136		$	9,950		$	15,516		$	17,618		$	10,174
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.90	%)^(e)		(0.84	%)		(0.80	%)		(0.92	%)		(0.86	%)		(0.83	%)
Operating expenses excluding reimbursement/waiver		1.82	%^(e)		2.03	%		1.94	%		1.73	%		1.92	%		2.25	%
Operating expenses including reimbursement/waiver		1.35	%^(e)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
PORTFOLIO TURNOVER RATE		29	%^(d)		61	%		64	%		70	%		89	%		94	%

	^(a)	Per share amounts are based upon average shares outstanding.
	^(b)	Less than $(0.005) per share.
	^(c)	Total return does not reflect the effect of sales charges.
	^(d)	Not Annualized.
	^(e)	Annualized.

See Notes to Financial Statements.

18	www.emeraldmutualfunds.com

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS C
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.03		$	12.82		$	14.05		$	19.02		$	11.57		$	11.04
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.14	)		(0.22	)		(0.18	)		(0.28	)		(0.24	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		2.43			3.43			(0.40	)		(1.83	)		9.30			0.69
Total from Investment Operations		2.29			3.21			(0.58	)		(2.11	)		9.06			0.53

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.65	)		(2.86	)		(1.61	)		0.00	^(b)
Total Distributions		–			–			(0.65	)		(2.86	)		(1.61	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.29			3.21			(1.23	)		(4.97	)		7.45			0.53
NET ASSET VALUE, END OF PERIOD	$	18.32		$	16.03		$	12.82		$	14.05		$	19.02		$	11.57

TOTAL RETURN^(c)		14.29	%^(d)		25.04	%		(4.33	%)		(13.32	%)		80.92	%		4.84	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	28		$	25		$	38		$	186		$	246		$	138
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.56	%)^(e)		(1.51	%)		(1.42	%)		(1.58	%)		(1.51	%)		(1.48	%)
Operating expenses excluding reimbursement/waiver		2.47	%^(e)		2.72	%		2.55	%		2.38	%		2.57	%		2.90	%
Operating expenses including reimbursement/waiver		2.01	%^(e)		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
PORTFOLIO TURNOVER RATE		29	%^(d)		61	%		64	%		70	%		89	%		94	%

	^(a)	Per share amounts are based upon average shares outstanding.
	^(b)	Less than $(0.005) per share.
	^(c)	Total return does not reflect the effect of sales charges.
	^(d)	Not Annualized.
	^(e)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.28		$	14.49		$	15.64		$	20.67		$	12.37		$	11.69
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.06	)		(0.09	)		(0.07	)		(0.12	)		(0.10	)		(0.06	)
Net realized and unrealized gain/(loss) on investments		2.77			3.88			(0.43	)		(2.05	)		10.01			0.74
Total from Investment Operations		2.71			3.79			(0.50	)		(2.17	)		9.91			0.68

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.65	)		(2.86	)		(1.61	)		0.00	^(b)
Total Distributions		–			–			(0.65	)		(2.86	)		(1.61	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.71			3.79			(1.15	)		(5.03	)		8.30			0.68
NET ASSET VALUE, END OF PERIOD	$	20.99		$	18.28		$	14.49		$	15.64		$	20.67		$	12.37

TOTAL RETURN		14.82	%^(c)		26.16	%		(3.40	%)		(12.51	%)		82.62	%		5.85	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	5,158		$	4,400		$	3,657		$	4,340		$	3,658		$	1,462
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.60	%)^(d)		(0.53	%)		(0.51	%)		(0.62	%)		(0.57	%)		(0.53	%)
Operating expenses excluding reimbursement/waiver		1.52	%^(d)		1.71	%		1.65	%		1.42	%		1.60	%		1.93	%
Operating expenses including reimbursement/waiver		1.05	%^(d)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
PORTFOLIO TURNOVER RATE		29	%^(c)		61	%		64	%		70	%		89	%		94	%

	^(a)	Per share amounts are based upon average shares outstanding.
	^(b)	Less than $(0.005) per share.
	^(c)	Not Annualized.
	^(d)	Annualized.

See Notes to Financial Statements.

20	www.emeraldmutualfunds.com

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	17.43		$	13.87		$	15.05		$	20.06		$	12.07		$	11.45
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.09	)		(0.14	)		(0.12	)		(0.18	)		(0.15	)		(0.09	)
Net realized and unrealized gain/(loss) on investments		2.65			3.70			(0.41	)		(1.97	)		9.75			0.71
Total from Investment Operations		2.56			3.56			(0.53	)		(2.15	)		9.60			0.62

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.65	)		(2.86	)		(1.61	)		0.00	^(b)
Total Distributions		–			–			(0.65	)		(2.86	)		(1.61	)		–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.56			3.56			(1.18	)		(5.01	)		7.99			0.62
NET ASSET VALUE, END OF PERIOD	$	19.99		$	17.43		$	13.87		$	15.05		$	20.06		$	12.07

TOTAL RETURN		14.69	%^(c)		25.67	%		(3.75	%)		(12.80	%)		82.08	%		5.45	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	932		$	795		$	824		$	689		$	638		$	274
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.96	%)^(d)		(0.89	%)		(0.87	%)		(0.97	%)		(0.91	%)		(0.82	%)
Operating expenses excluding reimbursement/waiver		1.87	%^(d)		1.95	%		1.97	%		1.71	%		1.86	%		2.17	%
Operating expenses including reimbursement/waiver		1.40	%^(d)		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
PORTFOLIO TURNOVER RATE		29	%^(c)		61	%		64	%		70	%		89	%		94	%

	^(a)	Per share amounts are based upon average shares outstanding.
	^(b)	Less than $(0.005) per share.
	^(c)	Not Annualized.
	^(d)	Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Finance & Banking Innovation Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS A
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.25		$	18.75		$	31.99		$	51.56		$	22.89		$	32.71
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)^(a)		(0.01	)		0.35			0.13			0.84			0.06			(0.03	)
Net realized and unrealized gain/(loss) on investments		5.49			3.15			(13.37	)		(14.81	)		28.61			(9.79	)
Total from Investment Operations		5.48			3.50			(13.24	)		(13.97	)		28.67			(9.82	)

LESS DISTRIBUTIONS:
From investment income		(0.56	)		–			–			(3.37	)		–			–
From capital gains		–			–			–			(1.37	)		–			–
Tax return of capital		–			–			–			(0.86	)		–			–
Total Distributions		(0.56	)		–			–			(5.60	)		–			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		4.92			3.50			(13.24	)		(19.57	)		28.67			(9.82	)
NET ASSET VALUE, END OF PERIOD	$	27.17		$	22.25		$	18.75		$	31.99		$	51.56		$	22.89

TOTAL RETURN^(b)		25.09	%^(c)		18.67	%		(41.40	)%		(30.58	)%		125.21	%		(30.02	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	20,166		$	19,312		$	19,949		$	43,448		$	68,778		$	37,933
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.04	)%^(d)		1.65	%		0.52	%		1.70	%		0.18	%		(0.10	)%
Operating expenses excluding reimbursement/waiver		1.90	%^(d)		1.77	%		1.82	%		1.78	%		1.53	%		1.48	%
Operating expenses including reimbursement/waiver		1.85	%^(d)		1.77	%		1.82	%		1.48	%		1.53	%		1.48	%
PORTFOLIO TURNOVER RATE		14	%^(c)		56	%		88	%		94	%		171	%		46	%

	^(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.

See Notes to Financial Statements.

22	www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	CLASS C
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.01		$	15.27		$	26.23		$	43.35		$	19.38		$	27.87
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)^(a)		(0.07	)		0.21			(0.05	)		0.40			(0.11	)		(0.20	)
Net realized and unrealized gain/(loss) on investments		4.42			2.53			(10.91	)		(12.11	)		24.08			(8.29	)
Total from Investment Operations		4.35			2.74			(10.96	)		(11.71	)		23.97			(8.49	)

LESS DISTRIBUTIONS:
From investment income		(0.53	)		–			–			(3.27	)		–			–
From capital gains		–			–			–			(1.37	)		–			–
Tax return of capital		–			–			–			(0.77	)		–			–
Total Distributions		(0.53	)		–			–			(5.41	)		–			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.82			2.74			(10.96	)		(17.12	)		23.97			(8.49	)
NET ASSET VALUE, END OF PERIOD	$	21.83		$	18.01		$	15.27		$	26.23		$	43.35		$	19.38

TOTAL RETURN^(b)		24.70	%^(c)		17.94	%		(41.77	)%		(31.05	)%		123.68	%		(30.46	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	2,440		$	2,511		$	4,521		$	12,600		$	22,447		$	16,804
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.68	)%^(d)		1.25	%		(0.27	)%		0.98	%		(0.40	)%		(0.73	)%
Operating expenses excluding reimbursement/waiver		2.55	%^(d)		2.43	%		2.46	%		2.43	%		2.18	%		2.13	%
Operating expenses including reimbursement/waiver		2.50	%^(d)		2.43	%		2.46	%		2.13	%		2.18	%		2.13	%
PORTFOLIO TURNOVER RATE		14	%^(c)		56	%		88	%		94	%		171	%		46	%

	^(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.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Finance & Banking Innovation Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	23.38		$	19.62		$	33.38		$	53.48		$	23.67		$	33.70
INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(a)		0.03			0.47			0.17			1.00			0.14			0.09
Net realized and unrealized gain/(loss) on investments		5.78			3.29			(13.93	)		(15.39	)		29.67			(10.12	)
Total from Investment Operations		5.81			3.76			(13.76	)		(14.39	)		29.81			(10.03	)

LESS DISTRIBUTIONS:
From investment income		(0.58	)		–			–			(3.53	)		–			–
From capital gains		–			–			–			(1.37	)		–			–
Tax return of capital		–			–			–			(0.81	)		–			–
Total Distributions		(0.58	)		–			–			(5.71	)		–			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		5.23			3.76			(13.76	)		(20.10	)		29.81			(10.03	)
NET ASSET VALUE, END OF PERIOD	$	28.61		$	23.38		$	19.62		$	33.38		$	53.48		$	23.67

TOTAL RETURN		25.30	%^(b)		19.16	%		(41.21	)%		(30.32	)%		125.94	%		(29.76	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	21,654		$	17,781		$	30,063		$	86,196		$	134,767		$	67,358
RATIOS TO AVERAGE NET ASSETS:
Net Investment income		0.24	%^(c)		2.09	%		0.68	%		1.95	%		0.39	%		0.28	%
Operating expenses excluding reimbursement/waiver		1.59	%^(c)		1.43	%		1.48	%		1.44	%		1.18	%		1.13	%
Operating expenses including reimbursement/waiver		1.54	%^(c)		1.43	%		1.48	%		1.13	%		1.18	%		1.13	%
PORTFOLIO TURNOVER RATE		14	%^(b)		56	%		88	%		94	%		171	%		46	%

	^(a)	Per share amounts are based upon average shares outstanding.
	^(b)	Not Annualized.
	^(c)	Annualized.

See Notes to Financial Statements.

24	www.emeraldmutualfunds.com

Emerald Finance & Banking Innovation Fund

Financial Highlights

For a share outstanding throughout the period or years presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2024 (Unaudited)			Year Ended April 30, 2024			Year Ended April 30, 2023			Year Ended April 30, 2022			Year Ended April 30, 2021			Year Ended April 30, 2020
NET ASSET VALUE, BEGINNING OF PERIOD	$	20.87		$	17.59		$	30.03		$	48.76		$	21.66		$	30.96
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)^(a)		(0.01	)		0.34			0.10			0.73			0.03			(0.04	)
Net realized and unrealized gain/(loss) on investments		5.14			2.94			(12.54	)		(13.85	)		27.07			(9.26	)
Total from Investment Operations		5.13			3.28			(12.44	)		(13.12	)		27.10			(9.30	)

LESS DISTRIBUTIONS:
From investment income		(0.56	)		–			–			(3.10	)		–			–
From capital gains		–			–			–			(1.37	)		–			–
Tax return of capital		–			–			–			(1.14	)		–			–
Total Distributions		(0.56	)		–			–			(5.61	)		–			–
NET INCREASE/(DECREASE) IN NET ASSET VALUE		4.57			3.28			(12.44	)		(18.73	)		27.10			(9.30	)
NET ASSET VALUE, END OF PERIOD	$	25.44		$	20.87		$	17.59		$	30.03		$	48.76		$	21.66

TOTAL RETURN		25.06	%^(b)		18.65	%		(41.43	)%		(30.60	)%		125.07	%		(30.04	)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	6,744		$	6,099		$	8,129		$	18,881		$	31,147		$	15,472
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.10	)%^(c)		1.71	%		0.47	%		1.53	%		0.11	%		(0.12	)%
Operating expenses excluding reimbursement/waiver		1.95	%^(c)		1.80	%		1.86	%		1.81	%		1.56	%		1.51	%
Operating expenses including reimbursement/waiver		1.90	%^(c)		1.80	%		1.86	%		1.51	%		1.56	%		1.51	%
PORTFOLIO TURNOVER RATE		14	%^(b)		56	%		88	%		94	%		171	%		46	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2024

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

When such prices or quotations are not available, or when Emerald Mutual Fund Advisers Trust (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Board.

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

26	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Each Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 –

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

Level 2 –

Level 3 –

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

The following is a summary of each input used to value the Funds as of October 31, 2024:

Investments in Securities at Value^(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Growth Fund
Common Stocks	$	893,014,979	$	–	$	–	$	893,014,979
Mutual Fund		49,780,000		–		–		49,780,000
Short-Term Investment		6,781,327		–		–		6,781,327
TOTAL	$	949,576,306	$	–	$	–	$	949,576,306

Investments in Securities at Value^(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Insights Fund
Common Stocks	$	22,989,416	$	–	$	–	$	22,989,416
Short-Term Investment		94,976		–		–		94,976
TOTAL	$	23,084,392	$	–	$	–	$	23,084,392

Investments in Securities at Value^(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Finance & Banking Innovation Fund
Common Stocks	$	48,928,702	$	1,404,500	$	–	$	50,333,202
Short-Term Investment		955,621		–		–		955,621
Warrants		1,744		–		–		1,744
TOTAL	$	49,886,067	$	1,404,500	$	–	$	51,290,567

^(a)

For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.

For the six months ended October 31, 2024, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the six months ended October 31, 2024.

Semi-Annual Report | October 31, 2024

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. Foreign dividend income may be subject to foreign withholding taxes (a portion of which may be reclaimable). Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

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

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

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

As of and during the six month period ended April 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

28	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 31, 2024, 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 Appreciation/(Depreciation) of Foreign Currency and Derivatives		Net Unrealized Appreciation/(Depreciation)		Cost of Investments for Income Tax Purposes
Emerald Growth Fund	$	330,434,491	$	(31,331,722	)	$	–	$	299,102,769	$	650,473,537
Emerald Insights Fund		10,053,878		(436,554	)		–		9,617,324		13,467,068
Emerald Finance & Banking Innovation Fund		16,207,936		(611,961	)		–		15,595,975		35,694,592

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

Ordinary Income

Long-Term Capital

GainReturn of Capital

Emerald Growth Fund

–

56,143,187

–

Emerald Insights Fund

–

Emerald Finance & Banking Innovation Fund

–

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year end. Accordingly, tax basis balances have not been determined as of October 31, 2024.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six month period ended October 31, 2024 was as follows:

Funds	Cost of Investments Purchased		Proceeds from Investments Sold
Emerald Growth Fund	$	266,045,895	$	375,736,690
Emerald Insights Fund		6,366,947		6,424,833
Emerald Finance & Banking Innovation Fund		6,900,883		12,316,789

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.

Semi-Annual Report | October 31, 2024

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, the Funds pay the Adviser fees for the services and facilities it provides payable on a monthly basis at the annual rate set forth below of the Funds’ average daily net assets. The management fee is paid on a monthly basis.

Emerald Growth Fund

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 Finance & Banking Innovation Fund

Average Total Net Assets	Contractual Fee
Up to and including $100M	1.00%
Over $100M	0.90%

The Adviser has contractually agreed to limit each Fund’s total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) set forth to the annual shares (as percentages of a Funds average daily net assets) in the following table for Class A, Class C, Institutional Class, and Investor Class shares.

With respect to the Emerald Finance and Banking Innovation Fund and Emerald Insights Fund, this agreement (the “2025 Expense Agreement”) is in effect from September 1, 2024 through August 31, 2025. The prior expense agreement for the Emerald Finance and Banking Innovation Fund and Emerald Insights Fund was in effect from September 1, 2023 through August 31, 2024.

With respect to the Emerald Growth Fund, this agreement (this agreement, together with the 2025 Agreement, the “Expense Agreements”) is in effect from October 30, 2024 through August 31, 2026. Prior expense agreements for the Emerald Growth Fund were in effect from September 1, 2024 through October 29, 2024 and from September 1, 2023 through August 31, 2024.

The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreements to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in the Expense Agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fees and expenses were deferred. The Adviser may not discontinue these waivers, prior to the expiration of their terms, without the approval by the Funds’ Board, for all Funds. Fees waived/reimbursed by the Adviser for the six month period ended October 31, 2024 are disclosed in the Statements of Operations.

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

30	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Emerald Growth Fund

Class A	Class C	Institutional Class	Investor Class
1.29%	1.94%	0.99%	1.34%

Emerald Insights Fund

Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.05%	1.40%

Emerald Finance & Banking Innovation Fund

Class A	Class C	Institutional Class	Investor Class
1.84%	2.49%	1.54%	1.89%

For the six month period ended October 31, 2024, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Past Waived Fees By Adviser
Emerald Insights Fund
Class A	$	38,909	$	–
Class C		65		–
Institutional Class		11,627		–
Investor Class		2,086		–
Emerald Finance & Banking Innovation Fund
Class A	$	5,675	$	–
Class C		668		–
Institutional Class		4,855		–
Investor Class		1,661		–

As of October 31, 2024, the balances of recoupable expenses for the Emerald Insights Fund were as follows:

Fund	Expires 2025		Expires 2026		Expires 2027		Expires 2028		Total
Emerald Insights Fund
Class A	$	30,112	$	76,343	$	82,962	$	38,909	$	228,326
Class C		367		394		185		65		1,011
Institutional Class		7,863		23,577		27,407		11,627		70,474
Investor Class		1,467		4,394		4,879		2,086		12,826

Fund	Expires 2028
Emerald Finance & Banking Fund
Class A	$	5,675
Class C		668
Institutional Class		4,855
Investor Class		1,661

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assist in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six month period ended October 31, 2024 are disclosed in the Statements of Operations.

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

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six month period ended October 31, 2024 are disclosed in the Statements of Operations.

Semi-Annual Report | October 31, 2024

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the six month period ended October 31, 2024 are disclosed in the Statements of Operations.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the six month period ended October 31, 2024 are disclosed in the Statements of Operations.

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

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

Each Fund, has adopted a Shareholder Services Plan (a “Shareholder Services Plan”) with respect to its Class C, Institutional Class and Investor Class shares. Under the Shareholder Services Plan, a Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the “Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25%, 0.05% and 0.15% of the average daily net asset value of Class C, Institutional Class and Investor Class, respectively, of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with such Participating Organizations (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the six month period ended October 31, 2024, are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

Trustees

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations for the six month period ended October 31, 2024.

7. INDEMNIFICATIONS

8. TRANSACTIONS WITH AFFILIATES

The following investments are in companies deemed “affiliated” (as defined in Section 2(a)(3) of the 1940 Act) with the Emerald Growth Fund during the six month period ended October 31, 2024. The Emerald Insights Fund and the Emerald Finance & Banking Innovation Fund had no transactions with affiliates during the six month period ended October 31, 2024.

32	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

SECURITY NAME	FAIR VALUE AS OF DECEMBER 31, 2023		PURCHASES		SALES		FAIR VALUE AS OF DECEMBER 31, 2024		SHARE BALANCE AS OF DECEMBER 31, 2024		DIVIDENDS		CHANGE IN UNREALIZED GAIN/(LOSS)		REALIZED GAIN/(LOSS)
F/m Emerald Life Sciences Innovation ETF	$	–	$	–	$	–	$	49,780,000		2,000,000	$	–	$	18,701,510	$	–
Total	$	–	$	–	$	–	$	49,780,000		2,000,000	$	–	$	18,701,510	$	–

9. SUBSEQUENT EVENTS

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

Semi-Annual Report | October 31, 2024

Emerald Funds

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

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

34	www.emeraldmutualfunds.com

Emerald Funds

Proxy Disclosures for Open-End
Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report | October 31, 2024

Emerald Funds

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

October 31, 2024 (Unaudited)

The remuneration paid to directors, officers, and others is included as part of the Statement of Operations of this Report.

36	www.emeraldmutualfunds.com

Emerald Funds

Statement Regarding Basis for
Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

Semi-Annual Report | October 31, 2024

TABLE OF CONTENTS

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets	13
Financial Highlights	18
Notes to Financial Statements and Financial Highlights	30
Tax Designations	43
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	44
Proxy Disclosures for Open-End Management Investment Companies	45
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	46
Statement Regarding Basis for Approval of Investment Advisory Contract	47

Seafarer Overseas Growth and Income Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
COMMON STOCKS (95.5%)
Belgium (1.7%)
Anheuser-Busch InBev SA, ADR	USD		980,000	$	58,182,600

Total Belgium					58,182,600

Brazil (8.0%)
Ambev SA, ADR	USD		29,000,000		63,220,000
Itau Unibanco Holding SA, ADR	USD		9,750,000		58,987,500
Odontoprev SA	BRL		11,000,000		20,892,940
Raia Drogasil SA	BRL		14,489,500		61,282,547
XP, Inc., Class A	USD		3,449,000		60,219,540

Total Brazil					264,602,527

China / Hong Kong (14.7%)
Alibaba Group Holding, Ltd.	HKD		6,500,000		79,510,048
China Foods, Ltd.	HKD		108,314,000		34,797,633
DFI Retail Group Holdings, Ltd.	USD		17,200,000		40,816,219
Hongkong Land Holdings, Ltd.	USD		18,200,000		78,034,102
Jardine Matheson Holdings, Ltd.	USD		1,835,155		70,653,468
Pacific Basin Shipping, Ltd.	HKD		197,000,000		54,257,040
Want Want China Holdings, Ltd.	HKD		60,000,000		37,354,806
WH Group, Ltd.	HKD		80,065,000		62,315,908
Xinhua Winshare Publishing and Media Co., Ltd., Class H	HKD		24,096,000		29,135,514

Total China / Hong Kong					486,874,738

Czech Republic (1.7%)
Moneta Money Bank AS	CZK		11,113,000		55,379,051

Total Czech Republic					55,379,051

France (2.3%)
Hermes International SCA	EUR		33,800		76,818,953

Total France					76,818,953

Hungary (2.9%)
Richter Gedeon Nyrt	HUF		3,375,000		97,489,794

Total Hungary					97,489,794

India (9.3%)
Computer Age Management Services, Ltd.	INR		1,263,397		66,563,112

Semi-annual Report – October 31, 2024

Seafarer Overseas Growth and Income Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
India (continued)
L&T Technology Services, Ltd.	INR		1,602,500	$	93,790,218
Petronet LNG, Ltd.	INR		15,000,000		59,191,412
Tata Motors, Ltd.	INR		3,000,000		29,673,120
UPL, Ltd.	INR		9,200,000		60,478,829

Total India					309,696,691

Indonesia (2.9%)
Bank Central Asia Tbk PT	IDR		149,000,000		97,308,060

Total Indonesia					97,308,060

Japan (1.0%)
Rohm Co., Ltd.	JPY		3,000,000		33,074,502

Total Japan					33,074,502

Mexico (3.2%)
Becle SAB de CV	MXN		33,980,000		44,798,341
Wal-Mart de Mexico SAB de CV	MXN		22,142,000		61,138,234

Total Mexico					105,936,575

Peru (1.9%)
Credicorp, Ltd.	USD		338,000		62,235,940

Total Peru					62,235,940

Poland (0.8%)
CD Projekt SA	PLN		654,000		26,331,511

Total Poland					26,331,511

Qatar (1.8%)
Qatar Gas Transport Co., Ltd.	QAR		50,113,950		58,885,901

Total Qatar					58,885,901

Singapore (8.3%)
DBS Group Holdings, Ltd.	SGD		3,000,000		86,984,419
Singapore Exchange, Ltd.	SGD		12,052,000		103,273,538
Venture Corp., Ltd.	SGD		8,400,000		84,250,461

Total Singapore					274,508,418

2	(855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
South Africa (3.1%)
Sanlam, Ltd.	ZAR		20,750,000	$	103,255,672

Total South Africa					103,255,672

South Korea (17.1%)
Coway Co., Ltd.	KRW		325,000		14,848,292
Hyundai Mobis Co., Ltd.	KRW		1,050,000		188,719,481
Innocean Worldwide, Inc.	KRW		1,620,000		23,190,145
NAVER Corp.	KRW		374,250		45,778,929
Samsung Biologics Co., Ltd.^(a)	KRW		155,000		112,102,285
Samsung C&T Corp.	KRW		450,000		37,996,376
Samsung Electronics Co., Ltd.	KRW		1,950,000		82,798,930
Samsung SDI Co., Ltd.	KRW		270,000		63,305,587

Total South Korea					568,740,025

Taiwan (5.4%)
Accton Technology Corp.	TWD		5,560,000		93,428,467
Novatek Microelectronics Corp.	TWD		5,535,000		85,523,170

Total Taiwan					178,951,637

Thailand (3.2%)
Bangkok Dusit Medical Services PCL, Class F	THB		63,500,000		52,218,847
Siam Cement PCL	THB		8,490,000		52,852,421

Total Thailand					105,071,268

United Arab Emirates (2.6%)
National Central Cooling Co. PJSC	AED		48,197,777		42,515,293
Salik Co. PJSC	AED		35,000,000		45,713,304

Total United Arab Emirates					88,228,597

United Kingdom (1.5%)
Mondi PLC	GBP		3,115,732		50,453,983

Total United Kingdom					50,453,983

Vietnam (2.1%)
PetroVietnam Gas JSC	VND		10,200,000		28,396,721

Semi-annual Report – October 31, 2024

Seafarer Overseas Growth and Income Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
Vietnam (continued)
Vietnam Dairy Products JSC	VND		15,800,000	$	41,298,016

Total Vietnam					69,694,737

TOTAL COMMON STOCKS
(Cost $3,059,209,332)					3,171,721,180

PREFERRED STOCKS (1.8%)
South Korea (1.8%)
Samsung Electronics Co., Ltd.	KRW		1,750,000		60,200,500

Total South Korea					60,200,500

TOTAL PREFERRED STOCKS
(Cost $72,688,321)					60,200,500

TOTAL INVESTMENTS
(Cost $3,131,897,653) (97.3%)				$	3,231,921,680

Cash and Other Assets, Less Liabilities (2.7%)					88,479,170
NET ASSETS (100.0%)				$	3,320,400,850

^(a)

Non-income producing security.

ADR American Depositary Receipt

Currency Abbreviations

AED	-	United Arab Emirates Dirham
BRL	-	Brazil Real
CZK	-	Czech Republic Koruna
EUR	-	European Union Euro
HKD	-	Hong Kong Dollar
HUF	-	Hungary Forint
GBP	-	United Kingdom Pound
IDR	-	Indonesia Rupiah
INR	-	India Rupee
JPY	-	Japan Yen
KRW	-	South Korea Won
MXN	-	Mexico Peso
QAR	-	Qatar Riyal
PLN	-	Poland Zloty

4	(855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

SGD	-	Singapore Dollar
THB	-	Thailand Baht
TWD	-	Taiwan New Dollar
USD	-	United States Dollar
VND	-	Vietnam Dong
ZAR	-	South Africa Rand

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

Industry Composition (Unaudited)
Advertising & Marketing	0.7%
Asset Management	4.9%
Auto Components	10.9%
Banks	10.8%
Beverages	6.0%
Biotech & Pharma	6.3%
Chemicals	1.8%
Construction Materials	1.6%
Containers & Packaging	1.5%
E-Commerce Discretionary	2.4%
Electric Utilities	1.3%
Engineering & Construction	4.0%
Entertainment	0.8%
Food Products	4.2%
Health Care Providers & Services	1.6%
Home & Office Products	0.4%
Institutional Financial Services	3.7%
Interactive Media & Services	1.4%
Oil & Gas Producers	2.6%
Real Estate Management & Development	2.4%
Retail - Consumer Staples	4.9%
Retail - Discretionary	2.1%
Semiconductors & Semiconductor Equipment	3.6%
Specialty Finance	2.0%
Technology Hardware, Storage & Peripherals	9.7%
Transportation & Logistics	4.8%
Wholesale - Discretionary	0.9%
Cash and Other Assets, Less Liabilities	2.7%
Total	100.0%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
COMMON STOCKS (96.2%)
Belgium (2.4%)
Anheuser-Busch InBev SA, ADR	USD		39,000	$	2,315,430

Total Belgium					2,315,430

Brazil (9.7%)
Ambev SA, ADR	USD		1,069,000		2,330,420
Itau Unibanco Holding SA, ADR	USD		424,000		2,565,200
Odontoprev SA	BRL		1,000,000		1,899,358
XP, Inc., Class A	USD		156,000		2,723,760

Total Brazil					9,518,738

China / Hong Kong (33.1%)
China Foods, Ltd.	HKD		6,603,000		2,121,321
China Yangtze Power Co., Ltd., Class A	CNY		661,990		2,565,849
DFI Retail Group Holdings, Ltd.	USD		1,139,000		2,702,888
First Pacific Co., Ltd.	HKD		5,490,000		3,087,160
Giordano International, Ltd.	HKD		5,200,000		1,140,885
Hongkong Land Holdings, Ltd.	USD		745,000		3,194,253
Jardine Matheson Holdings, Ltd.	USD		67,475		2,597,788
Melco International Development, Ltd.	HKD		5,201,000		3,199,734
Pacific Basin Shipping, Ltd.	HKD		9,211,000		2,536,861
Pico Far East Holdings, Ltd.	HKD		5,538,000		1,309,789
Shangri-La Asia, Ltd.	HKD		4,392,000		3,172,606
Want Want China Holdings, Ltd.	HKD		2,767,000		1,722,679
WH Group, Ltd.	HKD		4,245,000		3,303,953

Total China / Hong Kong					32,655,766

Czech Republic (3.2%)
Moneta Money Bank AS	CZK		634,000		3,159,392

Total Czech Republic					3,159,392

Georgia (5.2%)
Bank of Georgia Group PLC	GBP		46,000		2,467,506
Georgia Capital PLC	GBP		203,174		2,661,759

Total Georgia					5,129,265

India (5.4%)
Petronet LNG, Ltd.	INR		620,000		2,446,578
Tata Motors, Ltd.	INR		99,000		979,213

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Seafarer Overseas Value Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
India (continued)
UPL, Ltd.	INR		295,000	$	1,939,267

Total India					5,365,058

Mexico (1.9%)
Coca-Cola Femsa SAB de CV, ADR	USD		22,000		1,834,140

Total Mexico					1,834,140

Peru (3.5%)
Credicorp, Ltd.	USD		18,500		3,406,405

Total Peru					3,406,405

Qatar (2.6%)
Qatar Gas Transport Co., Ltd.	QAR		2,160,000		2,538,087

Total Qatar					2,538,087

Singapore (4.0%)
Genting Singapore, Ltd.	SGD		3,020,000		1,902,021
Wilmar International, Ltd.	SGD		859,000		2,073,426

Total Singapore					3,975,447

South Korea (6.7%)
Innocean Worldwide, Inc.	KRW		160,000		2,290,385
Samsung C&T Corp.	KRW		24,000		2,026,473
Samsung SDI Co., Ltd.	KRW		9,600		2,250,865

Total South Korea					6,567,723

Thailand (1.7%)
Siam Cement PCL	THB		271,000		1,687,044

Total Thailand					1,687,044

United Arab Emirates (10.1%)
Emaar Properties PJSC	AED		974,000		2,302,866
Fertiglobe PLC	AED		2,810,000		2,069,730
National Central Cooling Co. PJSC	AED		2,661,137		2,347,391
Salik Co. PJSC	AED		2,500,000		3,265,236

Total United Arab Emirates					9,985,223

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

	Currency	Shares		Value (Note 2)
United Kingdom (2.4%)
Mondi PLC	GBP		148,912	$	2,411,377

Total United Kingdom					2,411,377

Uruguay (1.8%)
Arcos Dorados Holdings, Inc.	USD		200,000		1,762,000

Total Uruguay					1,762,000

Vietnam (2.5%)
PetroVietnam Technical Services Corp.	VND		1,673,080		2,501,678

Total Vietnam					2,501,678

TOTAL COMMON STOCKS
(Cost $88,618,424)					94,812,773

PREFERRED STOCKS (0.1%)
South Korea (0.1%)
Samsung C&T Corp.	KRW		1,800		119,032

Total South Korea					119,032

TOTAL PREFERRED STOCKS
(Cost $184,192)					119,032

TOTAL INVESTMENTS
(Cost $88,802,616) (96.3%)				$	94,931,805

Cash and Other Assets, Less Liabilities (3.7%)					3,605,378
NET ASSETS (100.0%)				$	98,537,183

ADR American Depositary Receipt

Currency Abbreviations

AED	-	United Arab Emirates Dirham
BRL	-	Brazil Real
CNY	-	China Yuan
CZK	-	Czech Republic Koruna
GBP	-	United Kingdom Pound

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Seafarer Overseas Value Fund	Schedule of Investments
	October 31, 2024 (Unaudited)

HKD	-	Hong Kong Dollar
INR	-	India Rupee
KRW	-	South Korea Won
QAR	-	Qatar Riyal
SGD	-	Singapore Dollar
THB	-	Thailand Baht
USD	-	United States Dollar
VND	-	Vietnam Dong

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

Industry Composition (Unaudited)
Advertising & Marketing	2.3%
Asset Management	5.5%
Banks	11.8%
Beverages	8.7%
Chemicals	4.1%
Commercial Support Services	1.3%
Construction Materials	1.7%
Containers & Packaging	2.4%
Electric Utilities	5.0%
Engineering & Construction	2.2%
Food & Staples Retailing	10.3%
Health Care Facilities & Services	1.9%
Hotels, Restaurants & Leisure	10.2%
Oil, Gas & Consumable Fuels	2.5%
Oil & Gas Services & Equipment	2.5%
Real Estate Management & Development	5.6%
Retail - Consumer Staples	2.7%
Retail - Discretionary	3.8%
Technology Hardware	3.3%
Transportation & Logistics	8.5%
Cash and Other Assets, Less Liabilities	3.7%
Total	100.0%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Funds

Statements of Assets and Liabilities

October 31, 2024 (Unaudited)

	Seafarer Overseas Growth and Income Fund		Seafarer Overseas Value Fund
ASSETS:
Investments, at value	$	3,231,921,680	$	94,931,805
Cash		97,272,250		3,632,591
Foreign currency, at value (Cost $1,450,833 and $–, respectively)		1,457,729		–
Receivable for shares sold		847,774		25,762
Interest and dividends receivable		6,387,337		154,517
Prepaid expenses and other assets		52,887		44,844
Total Assets		3,337,939,657		98,789,519
LIABILITIES:
Payable to custodian		–		50,767
Payable for investments purchased		1,436,276		–
Foreign capital gains tax		8,321,905		48,179
Administrative fees payable		172,773		14,330
Shareholder service plan fees payable		316,286		8,285
Payable for shares redeemed		4,515,337		10,162
Investment advisory fees payable		2,116,975		62,866
Payable for chief compliance officer fees		7,742		7,761
Trustee fees and expenses payable		74,343		2,224
Payable for principal financial officer fees		4,353		4,353
Audit and tax fees payable		13,584		10,210
Accrued expenses and other liabilities		559,233		33,199
Total Liabilities		17,538,807		252,336
NET ASSETS	$	3,320,400,850	$	98,537,183
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	3,317,575,989	$	89,149,048
Total distributable earnings		2,824,861		9,388,135
NET ASSETS	$	3,320,400,850	$	98,537,183
INVESTMENTS, AT COST	$	3,131,897,653	$	88,802,616
PRICING OF SHARES
Institutional Class:
Net Asset Value, offering and redemption price per share	$	12.38	$	14.05
Net Assets	$	3,177,229,641	$	97,693,049
Shares of beneficial interest outstanding		256,679,136		6,954,841
Investor Class:
Net Asset Value, offering and redemption price per share	$	12.29	$	13.99
Net Assets	$	143,025,998	$	686,976
Shares of beneficial interest outstanding		11,633,974		49,099
Retail Class:
Net Asset Value, offering and redemption price per share	$	12.29	$	13.99
Net Assets	$	145,211	$	157,158
Shares of beneficial interest outstanding		11,815		11,235

See accompanying Notes to Financial Statements.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Statements of Operations

Six Months Ended October 31, 2024 (Unaudited)

	Seafarer Overseas Growth and Income Fund			Seafarer Overseas Value Fund
INVESTMENT INCOME:
Dividends	$	57,448,243		$	2,158,363
Foreign taxes withheld		(3,036,312	)		(52,671	)
Interest and other income		1,763,644			70,008
Total investment income		56,175,575			2,175,700

EXPENSES:
Investment advisory fees (Note 7)		12,455,728			350,006
Administrative and transfer agency fees		384,967			41,640
Trustee fees and expenses		132,052			3,915
Registration/filing fees		73,333			12,995
Shareholder service plan fees
Institutional Class		749,242			21,656
Investor Class		140,804			–
Retail Class		–			–
Recoupment of previously waived fees (Note 7)
Institutional Class		–			9,555
Investor Class		–			555
Retail Class		–			–
Legal fees		24,134			1,002
Audit and tax fees		11,719			9,704
Reports to shareholders and printing fees		42,925			1,485
Custody fees		819,536			37,994
Chief compliance officer fees		15,519			15,537
Principal financial officer fees		3,042			3,042
Insurance expense		46,830			1,181
Miscellaneous		17,803			972
Total expenses		14,917,634			511,239
Less fees waived/reimbursed by investment adviser (Note 7)
Institutional Class		–			(1,084	)
Investor Class		–			(1	)
Retail Class		–			–
Total net expenses		14,917,634			510,154
NET INVESTMENT INCOME:		41,257,941			1,665,546
Net realized gain/(loss) on investments		(29,753,642	)		1,180,602
Net realized loss on foreign currency transactions		(330,689	)		(2,693	)
Net realized gain/(loss)		(30,084,331	)		1,177,909
Net change in unrealized appreciation/(depreciation) on investments		94,829,649			(3,315,128	)

Net change in unrealized depreciation on translation of assets and liabilities in foreign currency transactions		(196,852	)		(11,254	)
Net change in unrealized foreign capital gains tax		(5,053,589	)		18,192

Net change in unrealized appreciation/(depreciation)		89,579,208			(3,308,190	)

Semi-annual Report – October 31, 2024

Seafarer Funds

Statements of Operations

Six Months Ended October 31, 2024 (Unaudited)

	Seafarer Overseas Growth and Income Fund		Seafarer Overseas Value Fund
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS		59,494,877		(2,130,281	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	100,752,818	$	(464,735	)

See accompanying Notes to Financial Statements.

12	(855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund

Statements of Changes in Net Assets

	Six Months Ended October 31, 2024 (Unaudited)^(a)			Year Ended April 30, 2024
OPERATIONS:
Net investment income	$	41,257,941		$	73,808,573
Net realized gain/(loss)		(30,084,331	)		35,486,396
Net change in unrealized appreciation		89,579,208			28,988,972
Net increase in net assets resulting from operations		100,752,818			138,283,941
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total amount of distribution
Institutional Class		(49,584,870	)		(53,027,348	)
Investor Class		(3,441,040	)		(3,985,105	)
Retail Class		–			–
Net decrease in net assets from distributions		(53,025,910	)		(57,012,453	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):
Shares sold
Institutional Class		494,821,175			1,495,475,725
Investor Class		10,131,140			64,618,280
Retail Class		150,000			–
Dividends reinvested
Institutional Class		35,476,637			35,970,821
Investor Class		3,424,636			3,902,532
Retail Class		–			–
Shares redeemed
Institutional Class		(542,770,075	)		(509,923,673	)
Investor Class		(95,728,637	)		(27,801,968	)
Retail Class		–			–
Net increase/(decrease) in net assets derived from beneficial interest transactions		(94,495,124	)		1,062,241,717
Net increase/(decrease) in net assets		(46,768,216	)		1,143,513,205
NET ASSETS:
Beginning of period		3,367,169,066			2,223,655,861
End of period	$	3,320,400,850		$	3,367,169,066

Semi-annual Report – October 31, 2024

Seafarer Overseas Growth and Income Fund

Statements of Changes in Net Assets

	Six Months Ended October 31, 2024 (Unaudited)^(a)			Year Ended April 30, 2024
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold		40,034,843			122,458,199
Distributions reinvested		2,934,379			2,968,731
Redeemed		(43,447,610	)		(41,999,961	)
Net increase/(decrease) in shares outstanding		(478,388	)		83,426,969
Investor Class
Sold		818,606			5,246,848
Distributions reinvested		285,149			324,749
Redeemed		(7,999,677	)		(2,303,588	)
Net increase/(decrease) in shares outstanding		(6,895,922	)		3,268,009
Retail Class
Sold		11,815			–
Net increase in shares outstanding		11,815			–

See accompanying Notes to Financial Statements.

^(a)

The Seafarer Overseas Growth and Income Fund began offering Retail Class shares on August 30, 2024.

(855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund

Statements of Changes in Net Assets

	Six Months Ended October 31, 2024 (Unaudited)^(a)			Year Ended April 30, 2024
OPERATIONS:
Net investment income	$	1,665,546		$	3,184,723
Net realized gain/(loss)		1,177,909			(131,818	)
Net change in unrealized appreciation/(depreciation)		(3,308,190	)		4,109,436
Net increase/(decrease) in net assets resulting from operations		(464,735	)		7,162,341
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):
Total amount of distribution
Institutional Class		–			(2,688,235	)
Investor Class		–			(18,843	)
Retail Class		–			–
Net decrease in net assets from distributions		–			(2,707,078	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):
Shares sold
Institutional Class		11,360,166			21,899,067
Investor Class		10,100			57,787
Retail Class		157,262			–
Dividends reinvested
Institutional Class		–			2,680,921
Investor Class		–			16,557
Retail Class		–			–
Shares redeemed
Institutional Class		(9,721,601	)		(12,637,625	)
Investor Class		(5,729	)		(20,506	)
Retail Class		–			–
Net increase in net assets derived from beneficial interest transactions		1,800,198			11,996,201
Net increase in net assets		1,335,463			16,451,464
NET ASSETS:
Beginning of period		97,201,720			80,750,256
End of period	$	98,537,183		$	97,201,720

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund

Statements of Changes in Net Assets

	Six Months Ended October 31, 2024 (Unaudited)^(a)			Year Ended April 30, 2024
Other Information:
SHARE TRANSACTIONS:
Institutional Class
Sold		814,700			1,592,946
Distributions reinvested		–			197,127
Redeemed		(696,513	)		(922,678	)
Net increase in shares outstanding		118,187			867,395
Investor Class
Sold		702			4,205
Distributions reinvested		–			1,221
Redeemed		(400	)		(1,469	)
Net increase in shares outstanding		302			3,957
Retail Class
Sold		11,235			–
Net increase in shares outstanding		11,235			–

See accompanying Notes to Financial Statements.

^(a)

The Seafarer Overseas Value Fund began offering Retail Class shares on August 30, 2024.

(855) 732-9220 seafarerfunds.com

Page Intentionally Left Blank

Seafarer Overseas Growth and Income Fund

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

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

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(b)

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^(d)

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the periods indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

18	(855) 732-9220 seafarerfunds.com

Financial Highlights

For a share outstanding through the periods or years presented

Six Months
Ended
October 31, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
(Unaudited)			April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
$	12.22		$	11.77		$	12.13		$	15.39		$	10.36		$	11.61

	0.15			0.32			0.26			0.35			0.20			0.22
	0.20			0.40			(0.28	)		(2.44	)		5.16			(1.16	)
	0.35			0.72			(0.02	)		(2.09	)		5.36			(0.94	)

	(0.19	)		(0.27	)		(0.21	)		(0.29	)		(0.18	)		(0.31	)
	–			–			(0.13	)		(0.88	)		(0.15	)		–
	(0.19	)		(0.27	)		(0.34	)		(1.17	)		(0.33	)		(0.31	)
	0.16			0.45			(0.36	)		(3.26	)		5.03			(1.25	)
$	12.38		$	12.22		$	11.77		$	12.13		$	15.39		$	10.36
	2.93	%		6.14	%		(0.03	%)		(14.41	%)		52.28	%		(8.34	%)

$	3,177,230		$	3,142,235		$	2,045,090		$	1,679,354		$	1,827,624		$	1,101,542

	0.86	%^(c)		0.85	%		0.90	%		0.91	%		0.92	%		0.92	%
	0.86	%^(c)		0.85	%		0.90	%		0.91	%		0.92	%		0.92	%
	2.40	%^(c)		2.60	%		2.22	%		2.46	%		1.47	%		1.91	%
	9	%		5	%		22	%		16	%		47	%		29	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Growth and Income Fund

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

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(b)

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^(d)

	^(a)	Calculated using the average shares method.
	^(b)	Total returns are for the periods indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	^(c)	Annualized.
	^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

20	(855) 732-9220 seafarerfunds.com

Financial Highlights

For a share outstanding through the periods or years presented

Six Months
Ended
October 31, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
(Unaudited)			April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
$	12.14		$	11.70		$	12.06		$	15.31		$	10.31		$	11.56

	0.15			0.31			0.24			0.33			0.18			0.21
	0.19			0.39			(0.27	)		(2.42	)		5.14			(1.15	)
	0.34			0.70			(0.03	)		(2.09	)		5.32			(0.94	)

	(0.19	)		(0.26	)		(0.20	)		(0.28	)		(0.17	)		(0.31	)
	–			–			(0.13	)		(0.88	)		(0.15	)		–
	(0.19	)		(0.26	)		(0.33	)		(1.16	)		(0.32	)		(0.31	)
	0.15			0.44			(0.36	)		(3.25	)		5.00			(1.25	)
$	12.29		$	12.14		$	11.70		$	12.06		$	15.31		$	10.31
	2.85	%		6.01	%		(0.13	%)		(14.48	%)		52.15	%		(8.44	%)

$	143,026		$	224,934		$	178,566		$	197,523		$	228,690		$	154,017

	0.96	%^(c)		0.96	%		1.00	%		1.00	%		1.02	%		1.02	%
	0.96	%^(c)		0.96	%		1.00	%		1.00	%		1.02	%		1.02	%
	2.35	%^(c)		2.53	%		2.05	%		2.33	%		1.35	%		1.88	%
	9	%		5	%		22	%		16	%		47	%		29	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Growth and Income Fund

Retail Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(b)

Net realized and unrealized loss on investments

Total from investment operations

NET DECREASE IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

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^(e)

^(a)	The Seafarer Overseas Growth and Income Fund began offering Retail Class shares on August 30, 2024.
^(b)	Calculated using the average shares method.
^(c)	Total returns are for the periods indicated and have not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the period presented

For the Period
August 30, 2024
(Inception)
to
October 31, 2024^(a)
$	12.70

	0.01
	(0.42	)
	(0.41	)
	(0.41	)
$	12.29
	-3.23	%

$	145

	1.10	%^(d)
	1.10	%^(d)
	0.16	%^(d)
	9	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(b)

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

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

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^(e)

^(a)	Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.
^(b)	Calculated using the average shares method.
^(c)	Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

24	(855) 732-9220 seafarerfunds.com

Financial Highlights

For a share outstanding through the periods or years presented

Six Months
Ended
October 31, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
(Unaudited)			April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
$	14.12		$	13.43	^(a)	$	12.86	^(a)	$	13.18		$	9.48		$	11.43

	0.24			0.48			0.40			0.46			0.25			0.30
	(0.31	)		0.62			0.39			(0.32	)		3.62			(1.88	)
	(0.07	)		1.10			0.79			0.14			3.87			(1.58	)

	–			(0.41	)		(0.22	)		(0.42	)		(0.17	)		(0.32	)
	–			–			–			(0.04	)		–			(0.05	)
	–			(0.41	)		(0.22	)		(0.46	)		(0.17	)		(0.37	)
	(0.07	)		0.69			0.57			(0.32	)		3.70			(1.95	)
$	14.05		$	14.12		$	13.43	^(a)	$	12.86	^(a)	$	13.18		$	9.48

	(0.50	%)		8.30	%^(a)		6.22	%^(a)		1.08	%^(a)		40.98	%		(14.47	%)

$	97,693		$	96,515		$	80,150		$	41,405		$	34,714		$	29,557

	1.05	%^(d)		1.06	%		1.18	%		1.37	%		1.51	%		1.42	%
	1.05	%^(d)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
	3.44	%^(d)		3.51	%		3.11	%		3.43	%		2.19	%		2.63	%
	6	%		3	%		1	%		14	%		24	%		25	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(b)

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

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

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^(e)

^(a)	Adjustments in accordance with U.S. GAAP were applied during the financial statement preparation. As a result of the adjustments, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value and total return for financial reporting purposes.
^(b)	Calculated using the average shares method.
^(c)	Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

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Financial Highlights

For a share outstanding through the periods or years presented

Six Months
Ended
October 31, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
(Unaudited)			April 30, 2024			April 30, 2023			April 30, 2022			April 30, 2021			April 30, 2020
$	14.07		$	13.39	^(a)	$	12.83	^(a)	$	13.16		$	9.46		$	11.41

	0.24			0.47			0.38			0.42			0.22			0.29
	(0.32	)		0.61			0.39			(0.29	)		3.64			(1.88	)
	(0.08	)		1.08			0.77			0.13			3.86			(1.59	)

	–			(0.40	)		(0.21	)		(0.42	)		(0.16	)		(0.31	)
	–			–			–			(0.04	)		–			(0.05	)
	–			(0.40	)		(0.21	)		(0.46	)		(0.16	)		(0.36	)
	(0.08	)		0.68			0.56			(0.33	)		3.70			(1.95	)
$	13.99		$	14.07		$	13.39	^(a)	$	12.83	^(a)	$	13.16		$	9.46

	(0.57	%)		8.18	%^(a)		6.11	%		0.94	%^(a)		40.96	%		(14.54	%)

$	687		$	687		$	600		$	405		$	431		$	278

	1.00	%^(d)		1.02	%		1.23	%		1.48	%		1.49	%		1.44	%
	1.00	%^(d)		1.02	%		1.15	%		1.15	%		1.15	%		1.15	%
	3.36	%^(d)		3.41	%		2.98	%		3.15	%		1.99	%		2.61	%
	6	%		3	%		1	%		14	%		24	%		25	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Overseas Value Fund

Retail Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(b)

Net realized and unrealized loss on investments

Total from investment operations

NET INCREASE IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(c)

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^(e)

^(a)	The Seafarer Overseas Value Fund began offering Retail Class shares on August 30, 2024.
^(b)	Calculated using the average shares method.
^(c)	Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

28	(855) 732-9220 seafarerfunds.com

Financial Highlights

For a share outstanding through the period presented

For the Period
August 30, 2024
(Inception)
to
October 31, 2024^(a)
$	13.98

	0.02
	(0.01	)
	0.01
	0.01
$	13.99
	0.07	%

$	157

	1.29	%^(d)
	1.29	%^(d)
	0.79	%^(d)
	6	%

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This semi-annual report describes the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (individually a “Fund” and collectively, the “Funds”). The Seafarer Overseas Growth and Income Fund seeks to provide long-term capital appreciation along with some current income; it also seeks to mitigate adverse volatility in returns as a secondary objective. The Seafarer Overseas Value Fund seeks to provide long- term capital appreciation. The Funds each offer Institutional, Investor, and Retail Class shares.

2. Significant Accounting Policies

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

Investment Valuation

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

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

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange but before the close of the NYSE, such that the securities’ value would likely change. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures utilized by Seafarer Capital Partners, LLC (the “Adviser”), as the Funds' Valuation Designee and under the general supervision of the Board of Trustees of the Trust (the “Board” or the “Trustees”). Each Fund uses a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE.

30	(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more broker-dealers that make a market in the security. Corporate bonds and convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Publicly traded foreign government debt securities and foreign corporate bonds are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

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

When such prices or quotations are not available, or when the Adviser, as the Funds' Valuation Designee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

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

Fair Value Measurements

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

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

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

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

Level 1 –

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

Level 2 –

Level 3 –

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 each Fund as of October 31, 2024:

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Investments in Securities at Value^(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Seafarer Overseas Growth and Income Fund
Common Stocks
Belgium	$	58,182,600	$	–	$	–	$	58,182,600
Brazil		264,602,527		–		–		264,602,527
China / Hong Kong		137,143,788		349,730,950		–		486,874,738
Czech Republic		55,379,051		–		–		55,379,051
France		–		76,818,953		–		76,818,953
Hungary		97,489,794		–		–		97,489,794
India		–		309,696,691		–		309,696,691
Indonesia		97,308,060		–		–		97,308,060
Japan		–		33,074,502		–		33,074,502
Mexico		105,936,575		–		–		105,936,575
Peru		62,235,940		–		–		62,235,940
Poland		–		26,331,511		–		26,331,511
Qatar		–		58,885,901		–		58,885,901
Singapore		–		274,508,418		–		274,508,418
South Africa		103,255,672		–		–		103,255,672
South Korea		–		568,740,025		–		568,740,025
Taiwan		–		178,951,637		–		178,951,637
Thailand		–		105,071,268		–		105,071,268
United Arab Emirates		42,515,293		45,713,304		–		88,228,597
United Kingdom		–		50,453,983		–		50,453,983
Vietnam		–		69,694,737		–		69,694,737
Preferred Stocks		–		60,200,500		–		60,200,500
Total	$	1,024,049,300	$	2,207,872,380	$	–	$	3,231,921,680

^(a)

For detailed descriptions of securities by country, see the accompanying Schedule of Investments.

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Investments in Securities at Value^(a)	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Seafarer Overseas Value Fund
Common Stocks
Belgium	$	2,315,430	$	–	$	–	$	2,315,430
Brazil		9,518,738		–		–		9,518,738
China / Hong Kong		6,886,316		25,769,450		–		32,655,766
Czech Republic		3,159,392		–		–		3,159,392
Georgia		5,129,265		–		–		5,129,265
India		–		5,365,058		–		5,365,058
Mexico		1,834,140		–		–		1,834,140
Peru		3,406,405		–		–		3,406,405
Qatar		–		2,538,087		–		2,538,087
Singapore		–		3,975,447		–		3,975,447
South Korea		–		6,567,723		–		6,567,723
Thailand		–		1,687,044		–		1,687,044
United Arab Emirates		2,347,391		7,637,832		–		9,985,223
United Kingdom		–		2,411,377		–		2,411,377
Uruguay		1,762,000		–		–		1,762,000
Vietnam		2,501,678		–		–		2,501,678
Preferred Stocks		–		119,032		–		119,032
Total	$	38,860,755	$	56,071,050	$	–	$	94,931,805

^(a)

For detailed descriptions of securities by country, see the accompanying Schedule of Investments.

Investment Transactions and Investment Income

Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses and net investment income are allocated daily to each class in proportion to its average daily net assets.

Cash Management Transactions

Each of the Funds subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign currency, at value.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

As of October 31, 2024, the Funds had the following cash balances participating in the BBH CMS:

Seafarer Overseas Growth and Income Fund		$	97,272,250
Seafarer Overseas Value Fund			3,632,591

As of October 31, 2024, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Seafarer Overseas Growth and Income Fund		$	-
Seafarer Overseas Value Fund			-

Foreign Securities

The value of the Fund’s assets may be adversely affected by political, economic, social and religious instability; inadequate investor protection; changes in laws or regulations of countries in which the Fund invests, as well as broader regions; international relations with other nations; natural disasters; and corruption. War and other forms of armed conflict and terrorism may significantly affect the countries, markets, and companies in which the Fund invests, and may cause the Fund to incur losses.

Foreign companies not publicly traded in the U.S. are not subject to accounting and financial reporting standards and requirements comparable to those U.S. companies must meet. In addition, there may be less information publicly available about such companies. Some foreign companies may be located in countries with less developed legal and regulatory structures governing private or foreign investment or allowing for judicial redress for injury to private property. Some foreign issuers listed on U.S. exchanges may not fully comply with U.S. audit requirements, and may be delisted as a result. Foreign securities may be less liquid and more volatile than U.S. securities, which could affect the Fund’s investments.

In order to gain exposure to certain foreign issuers, the Fund may participate in market access mechanisms administered by the respective markets, which may be subject to quota controls, heightened liquidity risks and different settlement procedures than would typically be expected with respect to U.S. issuers. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely.

Foreign Currency Translation

Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Foreign Currency Spot Contracts

Each Fund may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of a contract is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close dates. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Trust Expenses

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

Fund and Class Expenses

Expenses that are specific to a Fund or class of shares of a Fund, including shareholder servicing fees, are charged directly to that Fund or share class. Expenses that are common to all Funds are generally allocated among the Funds in proportion to their average daily net assets.

Income Taxes

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

As of and during the six months ended October 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing due date of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Distributions to Shareholders

In general, the Seafarer Overseas Growth and Income Fund’s policy is to distribute to its shareholders substantially all net investment income paid out via semi-annual dividends, in June and December. The Seafarer Overseas Value Fund’s policy is to distribute to its shareholders substantially all net investment income via one annual dividend in December. It is also each Fund’s policy to distribute annually all net realized short-term and long-term capital gains, if any, after offsetting any capital loss carryovers. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. Each Fund may make additional distributions at other times if the Fund believes doing so may be necessary for the Fund to share tax obligations more ratably and more equitably across shareholders over time.

3. Tax Basis Information

Tax Basis of Investments

As of October 31, 2024, the aggregate cost of investments, gross unrealized appreciation/(depreciation), and net unrealized appreciation/(depreciation) for federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Appreciation/ (Depreciation) on Foreign Currencies			Net Unrealized Appreciation/ (Depreciation)
Seafarer Overseas Growth and Income Fund
	$	3,216,165,172	$	354,278,749	$	(368,827,748	)	$	(3,366,829	)	$	(17,915,828	)
Seafarer Overseas Value Fund
		84,960,381		17,458,495		(8,449,247	)		(68,475	)		8,940,773

Tax Basis of Distributions to Shareholders

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

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2024 was as follows:

Fund

Ordinary Income

Long-Term Capital

Gain

Seafarer Overseas Growth and Income Fund

57,012,453

–

Seafarer Overseas Value Fund

2,707,078

–

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

4. Securities Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in-kind transactions) during the six months ended October 31, 2024 were as follows:

Fund

Purchase of Securities

Proceeds From Sales of

Securities

Seafarer Overseas Growth and Income Fund

298,289,193

333,059,499

Seafarer Overseas Value Fund

8,356,546

5,323,468

5. Shares of Beneficial Interest

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

6. Borrowings

On March 16, 2023, the Funds entered into a Credit Agreement with the Funds' custodian, Brown Brothers Harriman & Co. (“BBH”). On March 15, 2024, the Credit Agreement was renewed between the Funds and BBH. The Credit Agreement has a termination date of March 14, 2025. Under the terms of the Credit Agreement, the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund are collectively allowed to borrow up to $50,000,000. The borrowing of each Fund is several and not joint and subject to a 10:1 collateral-to-debt ratio. The collateral for the Credit Agreement is the assets of each Fund. Interest is charged at a rate of the higher of the Federal Funds Rate or the Adjusted Term Secured Overnight Financing Rate (SOFR) plus an applicable margin of 2%. For the six months ended October 31, 2024, the Funds did not have outstanding borrowings.

7. Management and Related Party Transactions

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objectives, policies, limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the investment advisory agreement, the Funds, in the aggregate, pay the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion. Each Fund pays the Adviser a monthly fee at the annual rate using the applicable management fee calculated based on the Fund’s pro rata share of the Funds’ combined average daily net assets.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Effective September 1, 2015, the Adviser contractually, through successive one-year agreements, agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (inclusive of acquired fund fees and expenses, and exclusive of brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.05%, 1.15%, and 1.35% of a Fund’s average daily net assets for the Institutional, Investor, and Retail share classes, respectively. The current agreement (the “Expense Agreement”) shall continue at least through August 31, 2025. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has reimbursed through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the date on which the fees or expenses were deferred. This agreement may not be terminated or modified prior to August 31, 2025, except with the approval of the Funds’ Board. During the six months ended October 31, 2024, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of October 31, 2024, the Adviser had recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

For the six months ended October 31, 2024, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Past Waived Fees By Adviser
Seafarer Overseas Value Fund
Institutional Class	$	1,084	$	9,555
Investor Class		1		555
Retail Class		–		–

As of October 31, 2024, the balances of recoupable expenses for each class were as follows for the Funds:

Fund

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Seafarer Overseas Growth and Income Fund

Institutional Class

–

Investor Class

–

Retail Class

–

Seafarer Overseas Value Fund

Institutional Class

71,429

80,143

22,769

1,017

175,358

Investor Class

–

508

930

–

1,438

Retail Class

–

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Fund Administrator

ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) provides administrative, fund accounting and other services to the Funds under the Administration, Bookkeeping and Pricing Services Agreement with the Trust. Officers of the Trust are employees of ALPS.

The Funds’ administrative fee is accrued on a daily basis and paid monthly. The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses. Administrative fees paid by the Funds for the six months ended October 31, 2024 are disclosed in the Statements of Operations.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds (“Transfer Agent”). ALPS is paid an annual base fee per Fund and a fee based on the number of shareholder accounts. The Transfer Agent is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2024 are disclosed in the Statements of Operations.

Compliance Services

ALPS provides compliance services to the Funds under the Chief Compliance Officer Services Agreement with the Trust. ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in accordance with the requirements of Rule 38a-1 under the 1940 Act. ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Compliance service fees paid by the Funds for the six months ended October 31, 2024 are disclosed in the Statements of Operations.

Principal Financial Officer

ALPS provides principal financial officer services to the Funds under the Principal Financial Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Principal financial officer fees paid by the Funds for the six months ended October 31, 2024 are disclosed in the Statements of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to the Distribution Agreement with the Trust. Under a side letter agreement, the Adviser pays ADI an annual base fee per Fund for the distribution services. The Adviser also reimburses ADI for certain out-of-pocket expenses. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of the Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Distribution and Services (12b-1) Plan for Retail Class Shares

Each Fund has adopted a separate plan of distribution for Retail Class shares, pursuant to Rule 12b-1 under the 1940 Act (the “Plan”).

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

The Plan allows each Fund, as applicable, to use Retail Class assets to pay fees in connection with the distribution and marketing of Retail Class shares and/or the provision of ongoing shareholder services to Retail Class shareholders.

The Plan permits each Fund to make total payments at an annual rate of up to 0.20% of a Fund’s average daily net assets attributable to its Retail Class shares. Because these fees are paid out of a Fund’s Retail Class assets on an ongoing basis, over time they will increase the cost of an investment in Retail Class shares, and Plan fees may cost an investor more than other types of sales charges.

Under the terms of the Plan, each Fund is authorized to make payments to the Distributor for remittance to financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for beneficial shareholders of the Fund’s Retail Class. The Plan permits payment for services and related expenses in connection with a financial intermediary’s administration of mutual fund distribution platforms that offer Retail Class shares of each Fund. The Adviser will not receive any payment, reimbursement, or any other form of disbursement from this Plan under any circumstances. Any amounts paid by a Fund to the Distributor in excess of the payments made by the Distributor to the parties providing services shall be periodically remitted to the Fund for the benefit of the shareholders of the Retail Class.

Shareholder Service Plan for Investor Class and Institutional Class Shares

Each Fund has adopted a Shareholder Services Plan (a “Services Plan”) for each of its share classes. Under the Services Plan, each Fund is authorized to enter into shareholder service agreements with investment advisers, financial institutions and other service providers (“Participating Organizations”) to maintain and provide certain administrative and servicing functions in relation to the accounts of shareholders. Shareholder service arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, and disbursing cash dividends as well as other investment or administrative services required for a particular Participating Organizations’ products, programs, platform and accounts. The Services Plan will cause each Fund to pay an aggregate fee, not to exceed on an annual basis 0.15% and 0.05% of the average daily net asset value of the Investor and Institutional share classes, respectively. Such payments will be made on assets attributable to or held in the name of a Participating Organization, on behalf of its clients as compensation for providing service activities pursuant to an agreement with the Participating Organization. Participating Organizations may charge less than the maximum fees described above, and therefore the Funds may pay less than those maximum fees. Shareholder Services Plan fees paid by the Funds for the six months ended October 31, 2024 are disclosed in the Statements of Operations.

Trustees

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

Effective January 1, 2024, all Trustees receive a quarterly retainer of $31,000, plus $12,500 for each regular quarterly Board meeting attended. Trustees receive $5,000 for each non-quarterly special Board meeting attended. Trustees receive $5,000 for each non-quarterly special committee meeting attended for which a corresponding non-quarterly special Board meeting is not held. The Chairman of the Board and the Chairman of the Audit Committee also receive an additional quarterly retainer of $7,500 and $6,000, respectively. The Chairman of the Nominating and Governance Committee receives an additional quarterly retainer of $2,000. Previously, all Trustees received a quarterly retainer of $33,500, plus $12,500 for each regular or special in-person Board or Committee meeting attended, and $4,000 for each special telephonic Board or Committee meeting attended. The Chairman of the Board and the Chairman of the Audit Committee also received an additional quarterly retainer of $5,000. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

Semi-annual Report – October 31, 2024

Seafarer Funds

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

8. Indemnifications

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

9. Subsequent Event

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Tax Designations

October 31, 2024 (Unaudited)

Tax Designations

The Funds designate the following as a percentage of taxable ordinary income distributions, or up to the maximum amount allowable, for the calendar year ended December 31, 2023:

Dividends

Received

Deduction

Qualified Dividend Income

Seafarer Overseas Growth and Income Fund

49.09%

Seafarer Overseas Value Fund

29.81%

In early 2024, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

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

	Long Term Capital Gain Distributions
Seafarer Overseas Growth and Income Fund	-
Seafarer Overseas Value Fund	-

The Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund designate foreign taxes paid in the amounts of $5,838,201 and $102,256 and foreign source income in the amounts of $97,277,634 and $4,019,409, respectively, for federal income tax purposes for the year ended April 30, 2024.

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

Semi-annual Report – October 31, 2024

Seafarer Funds

Changes in and Disagreements with Accountants for

Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Proxy Disclosures for Open-End

Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

Semi-annual Report – October 31, 2024

Seafarer Funds

Remuneration Paid to Directors, Officers, and

Others of Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Included in the Statements of Operations.

(855) 732-9220 seafarerfunds.com

Seafarer Funds

Statement Regarding Basis for

Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

Semi-annual Report – October 31, 2024

Table of Contents

Contents	Page
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Statement of Investments
Vulcan Value Partners Fund	1
Vulcan Value Partners Small Cap Fund	4
Statements of Assets and Liabilities	7
Statements of Operations	9
Statements of Changes in Net Assets
Vulcan Value Partners Fund	10
Vulcan Value Partners Small Cap Fund	11
Financial Highlights
Vulcan Value Partners Fund	12
Vulcan Value Partners Small Cap Fund	16
Notes to Financial Statements	20
Additional Information	32
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	33
Proxy Disclosures for Open-End Management Investment Companies	34
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	35
Statement Regarding Basis for Approval of Investment Advisory Contract	36

Vulcan Value Partners Fund

Statement of Investments

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (99.06%)
Communications (8.02%)
Internet (8.02%)
Alphabet, Inc., Class C		108,068	$	18,662,263
Amazon.com, Inc.^(a)		100,958		18,818,571
				37,480,834

TOTAL COMMUNICATIONS				37,480,834

Consumer, Cyclical (12.28%)
Apparel (1.76%)
LVMH Moet Hennessy Louis Vuitton SE		12,426		8,242,279

Entertainment (2.93%)
Live Nation Entertainment, Inc.^(a)		116,883		13,691,675

Food Service (2.55%)
Sodexo SA^(a)		137,216		11,910,671

Lodging (2.08%)
InterContinental Hotels Group PLC, ADR		43,394		4,836,262
Marriott International, Inc., Class A		18,864		4,905,017
				9,741,279

Retail (2.96%)
CarMax, Inc.^(a)		191,072		13,829,791

TOTAL CONSUMER, CYCLICAL				57,415,695

Consumer, Non-cyclical (12.70%)
Beverages (2.79%)
Diageo PLC		421,667		13,043,882

Commercial Services (3.93%)
Bureau Veritas SA		231,572		7,314,948
Rentokil Initial PLC		2,209,523		11,040,207
				18,355,155

Healthcare-Products (1.51%)
Abbott Laboratories		62,179		7,049,233

Semi-Annual Report | October 31, 2024

Statement of Investments

Vulcan Value Partners Fund

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
Consumer, Non-cyclical (continued)
Healthcare-Services (4.47%)
Elevance Health, Inc.		51,540	$	20,912,871

TOTAL CONSUMER, NON-CYCLICAL				59,361,141

Financial (33.34%)
Diversified Financial Services (10.31%)
Ares Management Corp., Class A		86,776		14,550,600
Mastercard, Inc., Class A		33,046		16,509,451
Visa, Inc., Class A		59,055		17,117,092
				48,177,143

Insurance (3.16%)
Everest Group, Ltd.		41,534		14,769,906

Private Equity (9.08%)
Carlyle Group, Inc.		478,271		23,927,898
KKR & Co., Inc., Class A		38,306		5,295,421
Partners Group Holding AG		9,580		13,234,833
				42,458,152

Real Estate (10.79%)
CBRE Group, Inc., Class A^(a)		79,937		10,469,349
CoStar Group, Inc.^(a)		283,979		20,670,831
Jones Lang LaSalle, Inc.^(a)		71,194		19,290,726
				50,430,906

TOTAL FINANCIAL				155,836,107

Industrial (5.90%)
Aerospace/Defense (5.90%)
HEICO Corp., Class A		72,891		13,995,801
TransDigm Group, Inc.		10,438		13,593,407
				27,589,208

TOTAL INDUSTRIAL				27,589,208

Technology (26.82%)
Semiconductors (8.67%)
Qorvo, Inc.^(a)		285,920		20,374,659
Skyworks Solutions, Inc.		229,805		20,126,322
				40,500,981
Software (18.15%)
Fiserv, Inc.^(a)		47,315		9,363,639
Microsoft Corp.		51,538		20,942,466

2	www.vulcanvaluepartners.com

Vulcan Value Partners Fund

Statement of Investments

October 31, 2024 (Unaudited)

			Value
	Shares		(Note 2)
Technology (continued)
Software (continued)
Nice, Ltd.^(a)		107,990	$	18,757,863
Salesforce, Inc.		74,576		21,729,209
SS&C Technologies Holdings, Inc.		201,154		14,066,699
				84,859,876

TOTAL TECHNOLOGY				125,360,857

TOTAL COMMON STOCKS
(Cost $325,650,370)				463,043,842

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.14%)
Money Market Fund (1.14%)
Invesco Government & Agency Portfolio, Institutional Class		4.712	%		5,331,513		5,331,513

TOTAL SHORT TERM INVESTMENTS
(Cost $5,331,513)							5,331,513

TOTAL INVESTMENTS (100.20%)
(Cost $330,981,883)						$	468,375,355

Liabilities In Excess Of Other Assets (-0.20%)							(936,845	)

NET ASSETS (100.00%)						$	467,438,510

^(a)

Non-Income Producing Security.

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Statement of Investments

Vulcan Value Partners Small Cap Fund

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.91%)
Consumer, Cyclical (6.74%)
Home Furnishings (3.84%)
MillerKnoll, Inc.		286,242	$	6,400,371

Retail (2.90%)
CarMax, Inc.^(a)		66,831		4,837,228

TOTAL CONSUMER, CYCLICAL				11,237,599

Consumer, Non-cyclical (33.35%)
Commercial Services (25.55%)
ABM Industries, Inc.		168,365		8,933,447
Colliers International Group, Inc.		58,993		9,004,692
Dun & Bradstreet Corp.		421,434		5,010,850
ISS A/S		438,358		8,418,468
PROG Holdings, Inc.		112,511		4,913,355
Savills PLC		457,819		6,340,231
				42,621,043

Food (4.73%)
Premium Brands Holdings Corp.		126,271		7,884,512

Healthcare-Services (3.07%)
Medpace Holdings, Inc.^(a)		16,324		5,129,328

TOTAL CONSUMER, NON-CYCLICAL				55,634,883

Financial (11.91%)
Diversified Financial Services (3.92%)
Virtus Investment Partners, Inc.		30,231		6,541,081

Real Estate (5.11%)
Cushman & Wakefield PLC^(a)		629,502		8,529,752

REITS (2.88%)
Park Hotels & Resorts, Inc.		345,692		4,801,662

TOTAL FINANCIAL				19,872,495

Industrial (33.84%)
Building Materials (11.58%)
Forterra PLC		2,016,278		5,002,216
Ibstock PLC		4,503,270		11,642,584
Victoria PLC^(a)(b)		2,089,483		2,680,828
				19,325,628

4	www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

Statement of Investments

October 31, 2024 (Unaudited)

	Shares		Value (Note 2)
Industrial (continued)
Electrical Components & Equipment (8.85%)
Acuity Brands, Inc.		11,487	$	3,454,026
EnerSys		31,709		3,071,334
Littelfuse, Inc.		33,664		8,235,224
				14,760,584

Electronics (5.07%)
Ituran Location and Control, Ltd.		316,170		8,451,224

Manufactured Goods (2.93%)
Timken Co.		58,913		4,889,779

Packaging&Containers (5.41%)
Crown Holdings, Inc.		34,777		3,253,388
Sealed Air Corp.		159,528		5,771,723
				9,025,111

TOTAL INDUSTRIAL				56,452,326

Technology (13.07%)
Computers (8.81%)
Genpact, Ltd.		222,120		8,478,320
Sdiptech AB, Class B^(a)		276,133		6,214,875
				14,693,195

Semiconductors (4.26%)
Qorvo, Inc.^(a)		99,819		7,113,102

TOTAL TECHNOLOGY				21,806,297

TOTAL COMMON STOCKS
(Cost $150,234,085)				165,003,600

Semi-Annual Report | October 31, 2024

Statement of Investments

Vulcan Value Partners Small Cap Fund

October 31, 2024 (Unaudited)

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT TERM INVESTMENTS (0.25%)
Money Market Fund (0.25%)
Invesco Government & Agency Portfolio, Institutional Class		4.712	%		424,031	$	424,031

TOTAL SHORT TERM INVESTMENTS
(Cost $424,031)							424,031

TOTAL INVESTMENTS (99.16%)
(Cost $150,658,116)						$	165,427,631

Other Assets In Excess Of Liabilities (0.84%)							1,399,418

NET ASSETS (100.00%)						$	166,827,049

^(a)

Non-Income Producing Security.

^(b)

As of October 31, 2024 the security was deemed illiquid. Total value of such security is $2,680,828 representing 1.61% of net assets.

See Notes to Financial Statements and Financial Highlights.

www.vulcanvaluepartners.com

Statements of Assets and Liabilities

October 31, 2024 (Unaudited)

	Vulcan Value Partners		Vulcan Value Partners
	Fund		Small Cap Fund
ASSETS:
Investments, at value	$	468,375,355	$	165,427,631
Receivable for investments sold		4,134,669		1,315,653
Receivable for shares sold		76,739		37,711
Dividends receivable		230,967		198,722
Other assets		19,915		27,359
Total assets		472,837,645		167,007,076

LIABILITIES:
Payable for investments purchased		5,166,534		–
Payable for shares redeemed		51,753		56,236
Payable to adviser		9,442		–
Payable for administration fees		34,958		32,067
Payable for transfer agency fees		89,024		37,745
Payable for delegated transfer agent equivalent services fees		2,064		1,633
Payable for professional fees		10,635		11,240
Payable for trustee fees and expenses		1,908		4,542
Payable for principal financial officer fees		2,085		851
Accrued expenses and other liabilities		30,732		35,713
Total liabilities		5,399,135		180,027
NET ASSETS	$	467,438,510	$	166,827,049

NET ASSETS CONSIST OF:

Paid-in capital (Note 5)	$	412,230,350	$	531,423,140
Total distributable earnings		55,208,160		(364,596,091	)
NET ASSETS	$	467,438,510	$	166,827,049

INVESTMENTS, AT COST	$	331,422,478	$	150,658,116

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Statements of Assets and Liabilities

October 31, 2024 (Unaudited)

	Vulcan Value Partners		Vulcan Value Partners
	Fund		Small Cap Fund
PRICING OF SHARES:
Investor Class:
Net Asset Value, offering and redemption price per share	$	26.97	$	12.38
Net Assets	$	148,437,102	$	44,124,919
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		5,503,621		3,563,018
Institutional Class:
Net Asset Value, offering and redemption price per share		27.23		12.54
Net Assets		319,001,408		122,702,130
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		11,716,506		9,784,204

See Notes to Financial Statements and Financial Highlights.

8	www.vulcanvaluepartners.com

Statements of Operations

For the Six Months Ended October 31, 2024 (Unaudited)

	Vulcan Value Partners			Vulcan Value Partners
	Fund			Small Cap Fund
INVESTMENT INCOME:
Dividends	$	4,062,416		$	2,749,136
Foreign taxes withheld		(41,885	)		(135,412	)
Total investment income		4,020,531			2,613,724

EXPENSES:
Investment advisory fees (Note 6)		2,977,352			1,612,349
Administrative fees		127,365			79,462
Transfer agency fees		35,296			35,217
Delegated transfer agent equivalent services fees
Investor Class		6,286			3,965
Institutional Class		168,424			91,788
Professional fees		33,758			18,719
Custodian fees		19,891			22,180
Principal financial officer fees		6,265			2,944
Trustee fees and expenses		34,388			12,876
ReFlow Fees (Note 2)		21,902			22,419
Other		49,345			44,495
Total expenses before waiver		3,480,272			1,946,414
Less fees waived/reimbursed by investment adviser (Note 6)
Investor Class		–			(23,560	)
Institutional Class		(736,641	)		(462,935	)
Total net expenses		2,743,631			1,459,919
NET INVESTMENT INCOME		1,276,900			1,153,805

Net realized gain on investments^(a)		132,709,343			1,077,188
Net realized gain/(loss) on foreign currency transactions		(8,857	)		65,566
Net realized gain		132,700,486			1,142,754
Net change in unrealized appreciation/(depreciation) of investments		(93,029,941	)		28,274,134
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		3,157			1,389
Net change in unrealized appreciation/(depreciation)		(93,026,784	)		28,275,523
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		39,673,702			29,418,277
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,950,602		$	30,572,082

^(a)

See Note 2 for gain/(loss) on in-kind transactions.

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Statements of Changes in Net Assets

Vulcan Value Partners Fund

	For the Six
	Months Ended			For the
	October 31, 2024			Year Ended
	(Unaudited)			April 30, 2024
OPERATIONS:
Net investment income	$	1,276,900		$	1,138,482
Net realized gain		132,700,486			195,676,262
Net change in unrealized appreciation/(depreciation)		(93,026,784	)		33,902,831
Net increase in net assets resulting from operations		40,950,602			230,717,575

DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From distributable earnings
Investor Class		–			(103,401	)
Institutional Class		–			(1,196,649	)
Net decrease in net assets from distributions		–			(1,300,050	)

SHARE TRANSACTIONS (Note 5):
Investor Class
Proceeds from sales of shares		1,041,040			4,035,601
Issued to shareholders in reinvestment of distributions		–			91,742
Cost of shares redeemed, net of redemption fees		(33,557,245	)		(128,229,453	)
Institutional Class
Proceeds from sales of shares		27,693,718			146,065,697
Issued to shareholders in reinvestment of distributions		–			1,140,372
Cost of shares redeemed, net of redemption fees		(255,011,840	)		(495,617,376	)
Net decrease from share transactions		(259,834,327	)		(472,513,417	)

Net decrease in net assets		(218,883,725	)		(243,095,892	)

NET ASSETS:
Beginning of year		686,322,235			929,418,127
End of period	$	467,438,510		$	686,322,235

See Notes to Financial Statements and Financial Highlights.

10	www.vulcanvaluepartners.com

Statements of Changes in Net Assets

Vulcan Value Partners Small Cap Fund

	For the Six
	Months Ended			For the
	October 31, 2024			Year Ended
	(Unaudited)			April 30, 2024
OPERATIONS:
Net investment income	$	1,153,805		$	2,226,143
Net realized gain/(loss)		1,142,754			(6,931,909	)
Net change in unrealized appreciation		28,275,523			25,637,680
Net increase in net assets resulting from operations		30,572,082			20,931,914

DISTRIBUTIONS TO SHAREHOLDERS (Note 3):
From distributable earnings
Investor Class		–			(197,522	)
Institutional Class		–			(1,702,595	)
Net decrease in net assets from distributions		–			(1,900,117	)

SHARE TRANSACTIONS (Note 5):
Investor Class
Proceeds from sales of shares		2,709,425			4,850,934
Issued to shareholders in reinvestment of distributions		–			175,315
Cost of shares redeemed, net of redemption fees		(11,241,699	)		(35,058,287	)
Institutional Class
Proceeds from sales of shares		20,641,354			63,581,936
Issued to shareholders in reinvestment of distributions		–			1,373,221
Cost of shares redeemed, net of redemption fees		(185,509,093	)		(162,850,567	)
Net decrease from share transactions		(173,400,013	)		(127,927,448	)

Net decrease in net assets		(142,827,931	)		(108,895,651	)

NET ASSETS:
Beginning of year		309,654,980			418,550,631
End of period	$	166,827,049		$	309,654,980

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Financial Highlights

Vulcan Value Partners Fund

For a share outstanding throughout the period or years presented.

Investor Class

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 PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a)

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

^(b)

Less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements and Financial Highlights.

12	www.vulcanvaluepartners.com

Vulcan Value Partners Fund

For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
$	25.21		$	19.01		$	20.74		$	29.87		$	19.50		$	21.05

	0.03			0.00	^(b)		0.00	^(b)		(0.16	)		(0.14	)		0.03
	1.73			6.21			(0.74	)		(5.75	)		11.42			(0.53	)
	1.76			6.21			(0.74	)		(5.91	)		11.28			(0.50	)

	–			(0.01	)		–			–			0.00	^(b)		0.00	^(b)
	–			–			(0.99	)		(3.22	)		(0.91	)		(1.05	)
	–			(0.01	)		(0.99	)		(3.22	)		(0.91	)		(1.05	)

	–			–			–			–			0.00	^(b)		0.00	^(b)
	1.76			6.20			(1.73	)		(9.13	)		10.37			(1.55	)
$	26.97		$	25.21		$	19.01		$	20.74		$	29.87		$	19.50

	6.98	%^(c)		32.68	%		(2.99	%)		(22.93	%)		58.62	%		(3.15	%)

$	148,437		$	170,238		$	232,565		$	437,470		$	624,789		$	500,309

	1.12	%^(d)		1.08	%		1.08	%		1.06	%		1.08	%		1.09	%
	1.12	%^(d)		1.08	%		1.08	%		1.06	%		1.08	%		1.09	%

	0.25	%^(d)		(0.02	%)		0.01	%		(0.54	%)		(0.57	%)		0.12	%

	22	%^(c)		32	%		40	%		49	%		67	%		80	%

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Financial Highlights

Vulcan Value Partners Fund

For a share outstanding throughout the period or years presented.

Institutional Class

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 PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a)

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

^(b)

Less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements and Financial Highlights.

14	www.vulcanvaluepartners.com

Vulcan Value Partners Fund

For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period May 1, 2019 (Inception) to April 30, 2020
$	25.40		$	19.15		$	20.84		$	29.93		$	19.52		$	21.02

	0.07			0.04			0.04			(0.10	)		(0.09	)		0.09
	1.76			6.26			(0.74	)		(5.77	)		11.46			(0.51	)
	1.83			6.30			(0.70	)		(5.87	)		11.37			(0.42	)

	–			(0.05	)		–			–			(0.05	)		(0.03	)
	–			–			(0.99	)		(3.22	)		(0.91	)		(1.05	)
	–			(0.05	)		(0.99	)		(3.22	)		(0.96	)		(1.08	)

	–			–			–			–			0.00	^(b)		0.00	^(b)
	1.83			6.25			(1.69	)		(9.09	)		10.41			(1.50	)
$	27.23		$	25.40		$	19.15		$	20.84		$	29.93		$	19.52

	7.20	%		32.94	%		(2.78	%)		(22.74	%)		59.02	%		(2.83	%)^(c)

$	319,001		$	516,084		$	696,853		$	966,357		$	1,147,175		$	768,726

	1.19	%		1.13	%		1.13	%		1.11	%		1.12	%		1.14	%^(d)
	0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%^(d)

	0.49	%		0.20	%		0.23	%		(0.34	%)		(0.36	%)		0.40	%^(d)

	22	%		32	%		40	%		49	%		67	%		80	%^(c)

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Financial Highlights

Vulcan Value Partners Small Cap Fund

For a share outstanding throughout the period or years presented.

Investor Class

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 PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a)

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

^(b)

Less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements and Financial Highlights.

16	www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund

For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
$	11.49		$	10.87		$	14.47		$	22.62		$	12.01		$	17.31

	0.04			0.04			0.01			(0.10	)		(0.10	)		0.12
	0.85			0.62			(2.18	)		(3.22	)		10.73			(4.57	)
	0.89			0.66			(2.17	)		(3.32	)		10.63			(4.45	)

	–			(0.04	)		–			–			(0.02	)		(0.08	)
	–			–			(1.43	)		(4.83	)		–			(0.77	)
	–			(0.04	)		(1.43	)		(4.83	)		(0.02	)		(0.85	)

	–			–			–			–			0.00	^(b)		0.00	^(b)
	0.89			0.62			(3.60	)		(8.15	)		10.61			(5.30	)
$	12.38		$	11.49		$	10.87		$	14.47		$	22.62		$	12.01
	7.75	%^(c)		6.11	%		(14.39	%)		(21.58	%)		88.51	%		(27.28	%)

$	44,125		$	48,711		$	75,271		$	221,910		$	310,600		$	153,249
	1.35	%^(d)		1.27	%		1.26	%		1.25	%		1.25	%		1.26	%
	1.25	%^(d)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%

	0.62	%^(d)		0.38	%		0.12	%		(0.47	%)		(0.65	%)		0.75	%

	10	%^(c)		33	%		26	%		69	%		75	%		102	%

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Financial Highlights

Vulcan Value Partners Small Cap Fund

For a share outstanding throughout the period or years presented.

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

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 PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

^(a)

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

^(b)

Less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements and Financial Highlights.

18	www.vulcanvaluepartners.com

Financial Highlights

Vulcan Value Partners Small Cap Fund

For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period May 1, 2019 (Inception) to April 30, 2020
$	11.62		$	10.99		$	14.57		$	22.70		$	12.03		$	17.18

	0.06			0.07			0.05			(0.04	)		(0.06	)		0.12
	0.86			0.62			(2.20	)		(3.26	)		10.77			(4.41	)
	0.92			0.69			(2.15	)		(3.30	)		10.71			(4.29	)

	–			(0.06	)		–			–			(0.04	)		(0.09	)
	–			–			(1.43	)		(4.83	)		–			(0.77	)
	–			(0.06	)		(1.43	)		(4.83	)		(0.04	)		(0.86	)

	–			–			–			–			0.00	^(b)		0.00	^(b)
	0.92			0.63			(3.58	)		(8.13	)		10.67			(5.15	)
$	12.54		$	11.62		$	10.99		$	14.57		$	22.70		$	12.03

	7.92	%		6.33	%		(14.14	%)		(21.40	%)		89.07	%		(26.56	%)^(c)

$	122,702		$	260,944		$	343,279		$	721,399		$	710,679		$	247,629

	1.40	%		1.32	%		1.31	%		1.27	%		1.29	%		1.32	%^(d)
	1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%^(d)

	0.87	%		0.64	%		0.42	%		(0.19	%)		(0.39	%)		0.76	%^(d)

	10	%		33	%		26	%		69	%		75	%		102	%^(c)

See Notes to Financial Statements and Financial Highlights.

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”) is organized as a Delaware statutory trust and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This annual report describes the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (each a “Fund” and collectively, the “Funds”). The Funds seek to achieve long-term capital appreciation. The Funds offer Investor Class and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

20	www.vulcanvaluepartners.com

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

consideration of other factors in accordance with procedures established by the valuation designee under the general supervision of the Board of Trustees of the Trust (the "Board" or the “Trustees”).

When such prices or quotations are not available, or when Vulcan Value Partners, LLC (the “Adviser”) believes that they are unreliable, securities may be priced using fair value procedures utilized by the valuation designee.

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

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

Level 1 –

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

Level 2 –

Level 3 –

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

The following is a summary of each input used to value each Fund’s investments as of October 31, 2024:

Vulcan Value Partners Fund:

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)	$	463,043,842	$	–	$	–	$	463,043,842
Short Term Investments		5,331,513		–		–		5,331,513
TOTAL	$	468,375,355	$	–	$	–	$	468,375,355

Vulcan Value Partners Small Cap Fund:

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)	$	165,003,600	$	–	$	–	$	165,003,600
Short Term Investments		424,031		–		–		424,031
TOTAL	$	165,427,631	$	–	$	–	$	165,427,631

(a)

For detailed descriptions of the underlying industries, see the accompanying Statements of Investments.

For the six-months ended October 31, 2024, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value. There were no transfers in/out of Level 3 securities during the six-months ended October 31, 2024.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or, for certain foreign securities, as soon as information is available to the Funds. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

ReFlow Liquidity Program: Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. ReFlow will purchase shares of the Fund at net asset value and will not be subject to any investment minimums. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net subscriptions, at the end of a maximum holding period determined by ReFlow (currently 28 days), or at other times as the Fund

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Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

may request. ReFlow may choose to redeem its position in the Fund with an in-kind transfer of securities, instead of cash, enabling the Fund to avoid a realization of capital gains on the securities it transfers. ReFlow will not be subject to any short-term redemption fees. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.20% of the value of the Fund shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Funds’ liquidity needs on a particular day.

For the six-months ended October 31, 2024, ReFlow purchased 978,391 shares at a value of $27,176,177 and redeemed 978,391 shares at a value of $26,767,604 from the Vulcan Value Partners Fund.

For the six-months ended October 31, 2024, ReFlow purchased 1,222,693 shares at a value of $16,102,965 and redeemed 1,215,766 shares at a value of $15,865,797 from the Vulcan Value Partners Small Cap Fund.

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

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

Foreign Currency Translation: Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m.

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

In-Kind Redemptions: During the six-months ended October 31, 2024, the Vulcan Value Partners Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $14,837,963. For financial reporting purposes, the Vulcan Value Partners Fund recognized gains on the in-kind redemptions in the amount of $7,971,348. During the six-months ended October 31, 2024, the Vulcan Value Partners Small Cap Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions) in the amount of $15,342,982. For financial reporting purposes, the Vulcan Value Partners Small Cap Fund recognized gains on the in-kind redemptions in the amount of $6,086,958. For tax purposes, the gains are not recognized.

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

Fund and Class Expenses: Expenses that are specific to a Fund or class of shares of a Fund, including shareholder servicing fees, are charged directly to that Fund or share class. Expenses that are common to all Funds are generally allocated among the Funds in proportion to their average daily net assets.

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

As of and during the six-months ended October 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Distributions to Shareholders: Each Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from dividends and other income each Fund receives from 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

Tax Basis of Investments: As of October 31, 2024, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for federal tax purposes was as follows:

	Vulcan Value Partners Fund			Vulcan Value Partners Small Cap Fund
Gross appreciation (excess of value over tax cost)	$	145,695,398		$	33,264,163
Gross depreciation (excess of tax cost over value)		(10,347,631	)		(29,158,117	)
Net unrealized appreciation	$	135,347,767		$	4,106,046
Cost of investments for income tax purposes	$	333,074,728		$	161,340,647

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

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2024, were as follows:

Ordinary Income

Long-Term Capital

Gain

Vulcan Value Partners Fund

1,300,050

–

Vulcan Value Partners Small Cap Fund

1,900,117

–

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2023, were as follows:

Ordinary Income

Long-Term Capital

Gain

Vulcan Value Partners Fund

29,911,862

19,417,547

Vulcan Value Partners Small Cap Fund

–

56,598,927

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities and in-kind transactions) during the six-months ended October 31, 2024, were as follows:

Fund

Purchase of Securities

Proceeds From Sales of

Securities

Vulcan Value Partners Fund

128,474,002

387,324,469

Vulcan Value Partners Small Cap Fund

27,878,263

197,636,904

The cost of purchases in-kind, proceeds from sales in-kind along with their realized gains/(loss) during the six-months ended October 31, 2024, were as follows:

Fund

Purchases

Proceeds

Net Realized

Gain/(Loss)

Vulcan Value Partners Fund

–

14,837,963

7,971,348

Vulcan Value Partners Small Cap Fund

–

15,342,982

6,086,958

26	www.vulcanvaluepartners.com

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

5. SHARES OF BENEFICIAL INTEREST

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

Transactions in shares of capital stock for the dates listed below were as follows:

Vulcan Value Partners Fund

	For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024
Shares Sold
Institutional Class		1,042,516			6,469,524
Investor Class		42,941			190,272
Shares Issued in Reinvestment of Dividends
Institutional Class		–			51,345
Investor Class		–			4,159
Less Shares Redeemed
Institutional Class		(9,640,805	)		(22,599,363	)
Investor Class		(1,292,292	)		(5,674,404	)
Net Decrease		(9,847,640	)		(21,558,467	)

Vulcan Value Partners Small Cap Fund

	For the Six Months Ended October 31, 2024 (Unaudited)			For the Year Ended April 30, 2024
Shares Sold
Institutional Class		1,579,802			5,538,640
Investor Class		214,928			427,806
Shares Issued in Reinvestment of Dividends
Institutional Class		–			123,602
Investor Class		–			15,938
Less Shares Redeemed
Institutional Class		(14,255,069	)		(14,448,515	)
Investor Class		(892,187	)		(3,128,867	)
Net Decrease		(13,352,526	)		(11,471,396	)

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with each Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Funds pay the Adviser an annual management fee of 1.00% and 1.15% for Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, respectively, based on each Fund’s average daily net assets. The management fee is paid on a monthly basis.

With respect to the Funds’ Investor Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) (“Designated Annual Fund Operating Expenses”) exceed 1.25% of such Fund’s average daily net assets for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

With respect to the Funds’ Institutional Class, to the extent the Total Annual Fund Operating Expenses with respect to either Fund (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) (“Designated Annual Fund Operating Expenses”) exceed 0.85% and 1.00% of the Vulcan Value Partners Fund’s and the Vulcan Value Partners Small Cap Fund’s average daily net assets, respectively, for a particular fiscal year of the Fund, the Adviser will reduce the Management Fee and/or Other Expenses otherwise payable to the Adviser with respect to such Fund for such fiscal year by an amount equal to such excess, and/or the Adviser shall reimburse the Fund by the amount of such excess.

The Adviser agrees that the foregoing fee waiver and reimbursement agreement for each Fund are effective as of September 1, 2024 and shall continue through August 31, 2025.

The Adviser will be permitted to recapture expenses it has borne through this letter agreement to the extent that a Fund’s expenses in later periods fall below the annual rates set forth in this letter agreement or in previous letter agreements; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred.

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Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

For the six-months ended October 31, 2024, the fee waivers and/or reimbursements and recoupment amounts were as follows:

Fund	Fees Waived/Reimbursed By Adviser			Recoupment of Previously Waived Fees by Adviser
Vulcan Value Partners Fund
Investor	$	–		$	–
Institutional		(736,641	)		–
Vulcan Value Partners Small Cap Fund
Investor		(23,560	)		–
Institutional		(462,935	)		–

As of October 31, 2024, the balances of recoupable expenses for each Fund were as follows:

Fund

Expires

2024

Expires

2025

Expires

2026

Expires

2027

Total

Vulcan Value Partners Fund

Institutional

3,139,514

2,092,143

1,693,410

736,641

7,661,708

Investor

–

Vulcan Value Partners Small Cap Fund

Institutional

–

Investor

–

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to fund accounting and fund administration and generally assist in each Fund’s operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six-months ended October 31, 2024, are disclosed in the Statements of Operations.

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

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six-months ended October 31, 2024, are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Vulcan pays this fee on behalf of the Funds.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the six-months ended October 31, 2024 are disclosed in the Statements of Operations.

Semi-Annual Report | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of each Fund’s shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of each Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission. Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation (“NSCC”) or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Funds may increase. Fees are disclosed on the Statements of Operations as “Delegated transfer agent equivalent services fees”.

Trustees: The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

Remuneration of Trustees. Effective January 1, 2024, all Trustees receive a quarterly retainer of $31,000, plus $12,500 for each regular quarterly Board meeting attended. Trustees receive $5,000 for each non-quarterly special Board meeting attended. Trustees receive $5,000 for each non-quarterly special Committee meeting attended for which a corresponding non-quarterly special Board meeting is not held. The Chairman of the Board and the Chairman of the Audit Committee also receive an additional quarterly retainer of $7,500 and $6,000, respectively. The Chairman of the Nominating and Governance Committee receives an additional quarterly retainer of $2,000. Previously, all Trustees received a quarterly retainer of $33,500, plus $12,500 for each regular or special in-person Board or Committee meeting attended, and $4,000 for each special telephonic Board or Committee meeting attended. The Chairman of the Board and the Chairman of the Audit Committee also received an additional quarterly retainer of $5,000. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

7. INDEMNIFICATIONS

30	www.vulcanvaluepartners.com

Notes to Financial Statements and Financial Highlights

October 31, 2024 (Unaudited)

8. SUBSEQUENT EVENT

Semi-Annual Report | October 31, 2024

Additional Information

October 31, 2024 (Unaudited)

1. TAX DESIGNATIONS

The Funds designate the following for federal income tax purposes for the calendar year ended December 31, 2023:

	Qualified Dividend	Dividend Received
	Income	Deduction
Vulcan Value Partners Fund	100%	100%
Vulcan Value Partners Small Cap Fund	100%	100%

32	www.vulcanvaluepartners.com

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

October 31, 2024 (Unaudited)

Not applicable to this reporting period.

Semi-Annual Report | October 31, 2024

Proxy Disclosures for Open-End

Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable to this reporting period.

34	www.vulcanvaluepartners.com

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

October 31, 2024 (Unaudited)

This information is disclosed as part of the financial statements for each Fund in the Statement of Operations.

Semi-Annual Report | October 31, 2024

Statement Regarding Basis for

Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

Not applicable to this reporting period.

36	www.vulcanvaluepartners.com

Item 8.

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

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

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

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

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

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this Report.

Item 12.

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

Not applicable to the Registrant.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

(a)

Not applicable to the Registrant.

(b)

Not applicable to the Registrant.

Item 14.

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

Not applicable to the Registrant.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 16.

Controls and Procedures.

(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) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable to this Report.

(a)(2)

Not applicable.

(a)(3)

The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

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 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

By:	/s/ Lucas Foss
	Lucas Foss (Principal Executive Officer)
	President

Date:	January 6, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

By:	/s/ Lucas Foss
	Lucas Foss (Principal Executive Officer)
	President

Date:	January 6, 2025

By:	/s/ Jennell Panella
	Jennell Panella (Principal Financial Officer)
	Treasurer

Date:	January 6, 2025

Financial Investors Trust N-CSRSCertified semi-annual shareholder report (management investment company)

DISCIPLINED GROWTH INVESTORS FUND

FUND OVERVIEW

WHAT WERE THE FUND'S COST FOR THE SIX MONTHS?

HOW DID THE FUND PERFORM LAST YEAR?

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

AVERAGE ANNUAL TOTAL RETURNS

PROFILE

WHAT DID THE FUND INVEST IN?

INDUSTRY SECTOR ALLOCATION

EQUITY: TOP 10 HOLDINGS

FIXED INCOME: QUALITY STRUCTURE

ASSET WEIGHTING

MATERIAL FUND CHANGES

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

HOUSEHOLDING

EMERALD FINANCE & BANKING INNOVATION FUND

FUND OVERVIEW

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Average Annual Total Returns

Fund Statistics

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

Top Ten Holdings

MATERIAL FUND CHANGES

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ADDITIONAL INFORMATION

HOUSEHOLDING

EMERALD FINANCE & BANKING INNOVATION FUND

FUND OVERVIEW

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Average Annual Total Returns

Fund Statistics

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

Top Ten Holdings

MATERIAL FUND CHANGES

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ADDITIONAL INFORMATION

HOUSEHOLDING

EMERALD FINANCE & BANKING INNOVATION FUND

FUND OVERVIEW

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Average Annual Total Returns

Fund Statistics

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

Top Ten Holdings

MATERIAL FUND CHANGES

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ADDITIONAL INFORMATION

HOUSEHOLDING

EMERALD FINANCE & BANKING INNOVATION FUND

FUND OVERVIEW

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Average Annual Total Returns

Fund Statistics

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

Top Ten Holdings

MATERIAL FUND CHANGES

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

ADDITIONAL INFORMATION

HOUSEHOLDING

EMERALD GROWTH FUND

FUND OVERVIEW

WHAT WERE THE FUND’S COST FOR LAST SIX-MONTHS?

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Average Annual Total Returns

Fund Statistics