UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of Registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Karen Gilomen, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

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

Date of fiscal year end:  April 30

Date of reporting period: May 1, 2017 – July 31, 2017

Item 1. Schedule of Investments.

ASPEN MANAGED FUTURES STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2017 (UNAUDITED)
		Principal Amount/ Shares		Value (Note 2)
GOVERNMENT BONDS (14.02%)
U.S. TREASURY NOTES (14.02%)
0.625%, 09/30/2017	$	3,000,000	$	2,997,870
0.750%, 10/31/2017		5,229,000		5,224,581
0.625%, 11/30/2017		8,314,000		8,300,689
0.750%, 12/31/2017		3,075,000		3,070,188
TOTAL GOVERNMENT BONDS (Cost $19,612,682)				19,593,328
SHORT TERM INVESTMENTS (73.29%)
MONEY MARKET FUND (6.33%)
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 7-day yield, 0.886%		8,852,279		8,852,279
U.S. TREASURY BILLS (66.96%)
0.557%, 08/17/2017(a)		9,000,000		8,996,130
0.528%, 09/14/2017(a)		11,200,000		11,186,717
0.631%, 10/12/2017(a)		9,400,000		9,379,696
0.507%, 11/09/2017(a)		10,000,000		9,970,690
0.670%, 12/07/2017(a)		13,400,000		13,350,447
0.770%, 01/04/2018(a)		10,600,000		10,551,028
0.578%, 02/01/2018(a)		10,400,000		10,341,261
0.898%, 03/29/2018(a)		8,800,000		8,734,150
1.004%, 04/26/2018(a)		5,700,000		5,651,413
1.021%, 05/24/2018(a)		5,500,000		5,447,766
				93,609,298
TOTAL SHORT TERM INVESTMENTS (Cost $102,539,286)				102,461,577
TOTAL INVESTMENTS (87.31%) (Cost $122,151,968)			$	122,054,905
Other Assets In Excess Of Liabilities (12.69%)				17,744,965	(b)
NET ASSETS (100.00%)			$	139,799,870

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

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

FUTURES CONTRACTS
At July 31, 2017, the Fund had the following outstanding futures contracts:
Description	Position	Contracts	Expiration Date		Underlying Face Amount at Value			Unrealized Appreciation
Commodity Contracts
Copper Future(a)	Long	71	09/27/2017	$	5,132,413		$	360,720
Gold 100 Oz Future(a)	Long	13	12/27/2017		1,655,420			22,988
Soybean Future(a)	Long	36	09/14/2017		1,799,100			10,179
Equity Contracts
S&P®500 E-Mini Future	Long	114	09/15/2017		14,067,600			121,268
Foreign Currency Contracts
Australian Dollar Currency Future	Long	358	09/18/2017		28,618,520			1,459,729
Canadian Dollar Currency Future	Long	242	09/19/2017		19,447,120			606,491
Euro FX Currency Future	Long	70	09/18/2017		10,377,938			227,824
New Zealand Dollar Currency Future	Long	123	09/18/2017		9,228,690			355,001
Swiss Franc Currency Future	Short	69	09/18/2017		(8,947,575	)		12,319
Interest Rate Contracts
Canadian 10 Year Bond Future	Short	162	09/20/2017		(17,839,166	)		409,387
Euro-Bund Future	Short	93	09/07/2017		(17,829,643	)		160,946
				$	45,710,417		$	3,746,852

Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value			Unrealized Depreciation
Commodity Contracts
Corn Future(a)	Long	187	09/14/2017	$	3,466,512		$	(98,318	)
NY Harbor ULSD Future(a)	Short	25	08/31/2017		(1,750,770	)		(71,376	)
Silver Future(a)	Short	42	09/27/2017		(3,525,060	)		(129,542	)
Sugar No. 11 (World) Future(a)	Short	219	09/29/2017		(3,657,125	)		(374,240	)
WTI Crude Future(a)	Short	36	08/22/2017		(1,806,120	)		(156,297	)
Equity Contracts
Euro Stoxx 50 Index Future	Long	116	09/15/2017		4,733,453			(120,112	)
FTSE 100 Index Future	Long	48	09/15/2017		4,629,512			(48,432	)
Nikkei 225 Index Future	Long	92	09/07/2017		9,172,400			(115,017	)
Foreign Currency Contracts
Japanese Yen Currency Future	Short	113	09/18/2017		(12,841,038	)		(117,285	)
Interest Rate Contracts
Long Gilt Future	Short	110	09/27/2017		(18,289,793	)		(7,746	)
U.S. 10 Year Treasury Note Future	Short	49	09/20/2017		(6,168,640	)		(29,870	)
				$	(26,036,669	)	$	(1,268,235	)

Common Abbreviations:

FTSE - Financial Times and the London Stock Exchange

S&P - Standard and Poor's

ULSD - Ultra Low Sulfur Diesel

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

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

See Notes to Quarterly Consolidated Schedules of Investments.

ASPEN PORTFOLIO STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2017 (UNAUDITED)
	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (76.23%)
SPDR® S&P 500® ETF Trust	141,781	$	34,987,371
TOTAL EXCHANGE TRADED FUNDS (Cost $33,131,361)			34,987,371
SHORT TERM INVESTMENTS (12.72%)
MONEY MARKET FUND (12.72%)
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 7-day yield, 0.886%	5,836,618		5,836,618
TOTAL SHORT TERM INVESTMENTS (Cost $5,836,618)			5,836,618
TOTAL INVESTMENTS (88.95%) (Cost $38,967,979)		$	40,823,989
Other Assets In Excess Of Liabilities (11.05%)			5,070,832	(a)
NET ASSETS (100.00%)		$	45,894,821

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

FUTURES CONTRACTS

At July 31, 2017, the Fund had the following outstanding futures contracts:

Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value			Unrealized Appreciation
Commodity Contracts
Copper Future(a)	Long	30	09/27/2017	$	2,168,625		$	164,365
Gold 100 Oz Future(a)	Long	6	12/27/2017		764,040			11,201
Soybean Future(a)	Long	15	09/14/2017		749,625			8,194
Equity Contracts
S&P®500 E-Mini Future	Long	137	09/15/2017		16,905,800			183,492
Foreign Currency Contracts
Australian Dollar Currency Future	Long	104	09/18/2017		8,313,760			415,209
Canadian Dollar Currency Future	Long	103	09/19/2017		8,277,080			335,845
Euro FX Currency Future	Long	56	09/18/2017		8,302,350			336,017
Interest Rate Contracts
Canadian 10 Year Bond Future	Short	69	09/20/2017		(7,598,163	)		217,483
Euro-Bund Future	Short	40	09/07/2017		(7,668,664	)		80,856
				$	30,214,453		$	1,752,662

Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value			Unrealized Depreciation
Commodity Contracts
Corn Future(a)	Long	78	09/14/2017	$	1,445,925		$	(31,939	)
NY Harbor ULSD Future(a)	Short	11	08/31/2017		(770,339	)		(41,339	)
Silver Future(a)	Short	17	09/27/2017		(1,426,810	)		(43,015	)
Sugar No. 11 (World) Future(a)	Short	93	09/29/2017		(1,553,025	)		(177,093	)
WTI Crude Future(a)	Short	15	08/22/2017		(752,550	)		(69,799	)
Equity Contracts
Euro Stoxx 50 Index Future	Long	50	09/15/2017		2,040,281			(54,791	)
FTSE 100 Index Future	Long	21	09/15/2017		2,025,412			(22,803	)
Nikkei 225 Index Future	Long	40	09/07/2017		3,988,000			(34,502	)
Foreign Currency Contracts
Japanese Yen Currency Future	Short	49	09/18/2017		(5,568,238	)		(72,665	)
Interest Rate Contracts
Long Gilt Future	Short	46	09/27/2017		(7,648,459	)		(3,605	)
U.S. 10 Year Treasury Note Future	Short	20	09/20/2017		(2,517,812	)		(12,299	)
				$	(10,737,615	)	$	(563,850	)

Common Abbreviations:

FTSE - Financial Times and the London Stock Exchange

S&P - Standard and Poor's

ULSD - Ultra Low Sulfur Diesel

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

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

See Notes to Quarterly Consolidated Schedules of Investments.

Notes to Quarterly Consolidated

Schedules of Investments

July 31, 2017 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2017, the Trust consists of multiple separate portfolios or series. This quarterly report describes the Aspen Managed Futures Strategy Fund and the Aspen Portfolio Strategy Fund (individually a “Fund” and collectively, the “Funds”). The Aspen Managed Futures Strategy Fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Aspen Managed Futures Beta Index (the “MFBI” or “Index”). The Aspen Portfolio Strategy Fund seeks long- term capital appreciation. The Funds offer Class A and Class I shares. The Aspen Portfolio Strategy Fund commenced operations on December 29, 2016.

Basis of Consolidation

Aspen Futures Fund, Ltd.(the “Aspen Fund Subsidiary”), a Cayman Islands exempted company, is a wholly owned subsidiary of the Aspen Managed Futures Strategy Fund and Aspen Portfolio Strategy Fund, Ltd. (the “Aspen Portfolio Subsidiary”), a Cayman Islands exempted company, is a wholly owned subsidiary of the Aspen Portfolio Strategy Fund. The investment objective of both the Aspen Fund Subsidiary and the Aspen Portfolio Subsidiary (collectively the “Subsidiaries”) is designed to enhance the ability of the Funds to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiaries are subject to substantially the same investment policies and investment restrictions as the Funds. The Subsidiaries act as an investment vehicle for the Funds in order to effect certain commodity-related investments on behalf of the Funds. Investments in the Subsidiaries are expected to provide the Funds with exposure to the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and recent IRS revenue rulings, as discussed below under “Federal Income Taxes”. The Funds are the sole shareholder of the Subsidiaries pursuant to a subscription agreement dated as of August 2, 2011 for the Aspen Fund Subsidiary and December 16, 2016 for the Aspen Portfolio Subsidiary and it is intended that each Fund will remain the sole shareholder and will continue to control the Subsidiaries. Under the Articles of Association of the Subsidiaries, shares issued by the Subsidiaries confers upon a shareholder the right to wholly own and vote at general meetings of the Subsidiaries and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiaries. Each Fund may invest up to 25% of their total assets in shares of the Subsidiaries. All investments held by the Subsidiaries are disclosed in the accounts of each Fund. As a wholly owned subsidiary of the Funds, all assets and liabilities, income and expenses of the Subsidiaries are consolidated in the Consolidated Schedules of Investments and financial highlights of the Funds. All investments held by the Subsidiaries are disclosed in the accounts of the Funds. As of July 31, 2017, net assets of the Aspen Managed Futures Strategy Fund were $139,799,870, of which net assets of $15,561,541 or 11.13%, represented the Fund’s ownership of all issued shares and voting rights of the Aspen Fund Subsidiary. As of July 31, 2017, net assets of the Aspen Portfolio Strategy Fund were $45,894,821, of which $1,277,890 or 2.78%, represented the Fund’s ownership of all issued shares and voting rights of the Aspen Portfolio Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Consolidated Schedules of Investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the Consolidated Schedules of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported Consolidated Schedules of Investments Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Funds and Subsidiaries in preparation of the Consolidated Schedules of Investments.

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

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

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

Notes to Quarterly Consolidated

Schedules of Investments

July 31, 2017 (Unaudited)

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

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

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

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

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

Various inputs are used in determining the value of each 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 their entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

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

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

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

Notes to Quarterly Consolidated

Schedules of Investments

July 31, 2017 (Unaudited)

The following is a summary of each input used to value the Funds as of July 31, 2017:

Aspen Managed Futures Strategy Fund

Investments in Securities at Value		Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Government Bonds	$	—		$	19,593,328	$	—	$	19,593,328
Short Term Investments
Money Market Fund		8,852,279			—		—		8,852,279
U.S. Treasury Bills		—			93,609,298		—		93,609,298
TOTAL	$	8,852,279		$	113,202,626	$	—	$	122,054,905
Other Financial Instruments
Assets:
Futures Contracts
Commodity Contracts	$	393,887		$	—	$	—	$	393,887
Equity Contracts		121,268			—		—		121,268
Foreign Currency Contracts		2,661,364			—		—		2,661,364
Interest Rate Contracts		570,333			—		—		570,333
Liabilities:
Futures Contracts
Commodity Contracts		(829,773	)		—		—		(829,773	)
Equity Contracts		(283,561	)		—		—		(283,561	)
Foreign Currency Contracts		(117,285	)		—		—		(117,285	)
Interest Rate Contracts		(37,616	)		—		—		(37,616	)
TOTAL	$	2,478,617		$	—	$	—	$	2,478,617

Aspen Portfolio Strategy Fund

Investments in Securities at Value		Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Exchange Traded Funds	$	34,987,371		$	—	$	—	$	34,987,371
Short Term Investments		5,836,618			—		—		5,836,618
TOTAL	$	40,823,989		$	—	$	—	$	40,823,989
Other Financial Instruments
Assets:
Futures Contracts
Commodity Contracts	$	183,760		$	—	$	—	$	183,760
Equity Contracts		183,492			—		—		183,492
Foreign Currency Contracts		1,087,071			—		—		1,087,071
Interest Rate Contracts		298,339			—		—		298,339
Liabilities:
Futures Contracts
Commodity Contracts		(363,185	)		—		—		(363,185	)
Equity Contracts		(112,096	)		—		—		(112,096	)
Foreign Currency Contracts		(72,665	)		—		—		(72,665	)
Interest Rate Contracts		(15,904	)		—		—		(15,904	)
TOTAL	$	1,188,812		$	—	$	—	$	1,188,812

The Funds recognize transfers between levels as of the end of the period. For the period ended July 31, 2017, the Funds did not have any transfers between Level 1 and Level 2 securities. For the period ended July 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

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

Notes to Quarterly Consolidated

Schedules of Investments

July 31, 2017 (Unaudited)

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

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

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

3. DERIVATIVE INSTRUMENTS

The Funds use derivatives (including futures) to pursue their investment objective. The Funds’ use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks may include (i) the risk that the counterparty to a derivative transaction may not fulfill their contractual obligations, (ii) risk of mispricing or improper valuation, and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. These risks could cause the Funds to lose more than the principal amount invested. In addition, investments in derivatives involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on the Funds.

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

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

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

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

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

Notes to Quarterly Consolidated

Schedules of Investments

July 31, 2017 (Unaudited)

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

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

Unrealized Appreciation and Depreciation on Investments: As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for federal tax purposes was as follows:

	Cost of Investments		Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation on Investments
Aspen Managed Futures Strategy Fund	$	122,151,968	$	333	$	(97,396	)	$	(97,063	)
Aspen Portfolio Strategy Fund		38,968,088		1,855,901		-			1,855,901

THE DISCIPLINED GROWTH INVESTORS FUND

PORTFOLIO OF INVESTMENTS

July 31, 2017 (UNAUDITED)

	Shares		Value (Note 2)
CLOSED END FUNDS (2.21%)
Altaba, Inc.(a)		64,250	$	3,752,200
TOTAL CLOSED END FUNDS (Cost $1,639,022)				3,752,200
COMMON STOCKS (70.47%)
CONSUMER DISCRETIONARY (16.80%)
Apparel & Textile Products (0.55%)
Ralph Lauren Corp.		12,293		929,965
Automotive (1.99%)
Gentex Corp.		132,000		2,246,640
Gentherm, Inc.(a)		34,125		1,141,481
				3,388,121
Gaming, Lodging & Restaurants (2.84%)
Cheesecake Factory, Inc.		20,187		960,498
Royal Caribbean Cruises, Ltd.		34,187		3,865,524
				4,826,022
Leisure (0.35%)
TripAdvisor, Inc.(a)		15,012		585,768
Passenger Transportation (1.40%)
JetBlue Airways Corp.(a)		108,775		2,385,436
Retail ‐ Discretionary (9.67%)
Cabela's, Inc.(a)		30,337		1,728,602
Ethan Allen Interiors, Inc.		62,581		2,005,721
L Brands, Inc.		61,972		2,874,881
Nordstrom, Inc.		28,425		1,380,602
Select Comfort Corp.(a)		76,298		2,579,635
TJX Cos., Inc.		75,950		5,340,045
Urban Outfitters, Inc.(a)		27,650		541,664
				16,451,150
TOTAL CONSUMER DISCRETIONARY				28,566,462
ENERGY (2.88%)
Oil, Gas & Coal (2.88%)
Core Laboratories NV		10,162		1,021,586
Southwestern Energy Co.(a)		219,437		1,250,791
Ultra Petroleum Corp.(a)(b)(c)		19,213		177,931
Ultra Petroleum Corp.(a)		238,609		2,455,287
				4,905,595
TOTAL ENERGY				4,905,595
FINANCIALS (0.51%)
Banking (0.51%)
TCF Financial Corp.		55,162		869,353
TOTAL FINANCIALS				869,353

	Shares		Value (Note 2)
HEALTH CARE (11.48%)
Medical Equipment & Devices (11.48%)
Align Technology, Inc.(a)		24,175	$	4,042,785
Edwards Lifesciences Corp.(a)		67,775		7,806,325
Intuitive Surgical, Inc.(a)		4,487		4,209,973
Myriad Genetics, Inc.(a)		36,737		891,607
Varex Imaging Corp.(a)		9,405		290,144
Varian Medical Systems, Inc.(a)		23,500		2,282,320
				19,523,154
TOTAL HEALTH CARE				19,523,154
INDUSTRIALS (7.60%)
Electrical Equipment (0.81%)
Cognex Corp.		14,575		1,385,500
Machinery (4.24%)
Graco, Inc.		13,162		1,527,318
Middleby Corp.(a)		43,516		5,686,671
				7,213,989
Manufactured Goods (1.12%)
Proto Labs, Inc.(a)		25,675		1,897,383
Transportation & Logistics (1.43%)
Landstar System, Inc.		29,300		2,436,295
TOTAL INDUSTRIALS				12,933,167
TECHNOLOGY (31.20%)
Design, Manufacturing & Distribution (2.50%)
Plexus Corp.(a)		79,387		4,255,937
Hardware (9.58%)
Dolby Laboratories, Inc., Class A		22,350		1,156,612
Garmin, Ltd.		45,450		2,281,136
Gigamon, Inc.(a)		35,350		1,405,162
Plantronics, Inc.		62,637		2,829,940
Seagate Technology PLC		68,010		2,241,610
Super Micro Computer, Inc.(a)		55,425		1,488,161
Ubiquiti Networks, Inc.(a)		52,037		2,836,016
ViaSat, Inc.(a)		31,106		2,055,796
				16,294,433
Semiconductors (3.18%)
Microchip Technology, Inc.		27,075		2,167,083
Power Integrations, Inc.		33,450		2,363,242
Synaptics, Inc.(a)		16,662		876,588
				5,406,913
Software (12.66%)
Akamai Technologies, Inc.(a)		49,462		2,331,639
Autodesk, Inc.(a)		52,187		5,781,798
Intuit, Inc.		48,137		6,604,878
Open Text Corp.		147,199		4,931,166
RealPage, Inc.(a)		48,437		1,876,934
				21,526,415

	Shares		Value (Note 2)
TECHNOLOGY (continued)
Technology Services (3.28%)
FactSet Research Systems, Inc.		18,783	$	3,140,893
IHS Markit, Ltd.(a)		23,715		1,106,305
Medidata Solutions, Inc.(a)		4,037		310,082
Paychex, Inc.		17,637		1,020,300
				5,577,580
TOTAL TECHNOLOGY				53,061,278
TOTAL COMMON STOCKS (Cost $82,621,490)				119,859,009

	Principal Amount		Value (Note 2)
CORPORATE BONDS (18.95%)
COMMUNICATIONS (1.67%)
Cable & Satellite (0.71%)
Comcast Cable Communications Holdings, Inc.
9.455%   11/15/2022	$	323,000		434,235
Comcast Corp.
5.150%   03/01/2020		715,000		776,256
				1,210,491
Publishing & Broadcasting (0.31%)
21st Century Fox America, Inc.
6.900%   03/01/2019		485,000		522,443
Wireless Telecommunications Services (0.65%)
AT&T, Inc.
4.450%   04/01/2024		526,000		560,159
AT&T, Inc.
5.500%   02/01/2018		7,000		7,136
Verizon Communications, Inc.
5.150%   09/15/2023		480,000		535,101
				1,102,396
TOTAL COMMUNICATIONS				2,835,330
CONSUMER DISCRETIONARY (1.24%)
Airlines (0.32%)
Southwest Airlines Co.
3.000%   11/15/2026		554,000		545,695
Automobiles Manufacturing (0.32%)
Ford Motor Co.
4.346%   12/08/2026		528,000		546,871
Restaurants (0.34%)
McDonald's Corp.
6.300%   03/01/2038		431,000		564,398
Retail ‐ Consumer Discretionary (0.26%)
Advance Auto Parts, Inc.
5.750%   05/01/2020		410,000		444,980
TOTAL CONSUMER DISCRETIONARY				2,101,944
CONSUMER STAPLES (0.88%)
Food & Beverage (0.31%)
Anheuser‐Busch InBev Finance, Inc.
3.650%   02/01/2026		517,000		535,624

	Principal Amount		Value (Note 2)
Mass Merchants (0.26%)
Wal‐Mart Stores, Inc.
6.200%   04/15/2038	$	324,000	$	444,755
Supermarkets & Pharmacies (0.31%)
CVS Health Corp.
5.000%   12/01/2024		470,000		522,634
TOTAL CONSUMER STAPLES				1,503,013
ENERGY (2.45%)
Exploration & Production (0.32%)
Conoco Funding Co.
7.250%   10/15/2031		406,000		542,793
Pipeline (2.13%)
Boardwalk Pipelines LP
5.950%   06/01/2026		461,000		521,238
Enbridge Energy Partners LP
4.200%   09/15/2021		455,000		477,803
Enterprise Products Operating LLC
3.350%   03/15/2023		522,000		537,572
MarkWest Energy Partners LP / MarkWest Energy Finance Corp.
4.500%   07/15/2023		474,000		475,777
ONEOK Partners LP
3.375%   10/01/2022		528,000		536,518
TransCanada PipeLines, Ltd.
7.250%   08/15/2038		389,000		543,571
Williams Partners LP
3.900%   01/15/2025		519,000		527,236
				3,619,715
TOTAL ENERGY				4,162,508
FINANCIALS (3.31%)
Banks (0.32%)
US Bancorp
2.950%   07/15/2022		524,000		536,031
Consumer Finance (0.57%)
American Express Co.
3.625%   12/05/2024		503,000		520,385
Total System Services, Inc.
2.375%   06/01/2018		454,000		455,592
				975,977
Diversified Banks (0.95%)
Bank of America Corp.
3.875%   08/01/2025		518,000		540,496
JPMorgan Chase & Co.
3.375%   05/01/2023		523,000		534,223
Royal Bank of Scotland Group PLC, Series 1
9.118%   Perpetual Maturity (d)		3,000		3,054
Wells Fargo & Co., Series M
3.450%   02/13/2023		523,000		538,994
				1,616,767
Financial Services (0.57%)
National Rural Utilities Cooperative Finance Corp.
10.375%   11/01/2018		388,000		429,667
Northern Trust Corp.
3.950%   10/30/2025		507,000		539,583
				969,250

	Principal Amount		Value (Note 2)
Life Insurance (0.25%)
MetLife, Inc., Series A
6.817%   08/15/2018	$	406,000	$	427,795
Property & Casualty Insurance (0.32%)
American International Group, Inc.
3.750%   07/10/2025		528,000		546,965
Real Estate (0.33%)
Welltower, Inc.
4.250%   04/01/2026		520,000		554,319
TOTAL FINANCIALS				5,627,104
HEALTH CARE (0.95%)
Managed Care (0.31%)
UnitedHealth Group, Inc.
3.750%   07/15/2025		488,000		519,367
Pharmaceuticals (0.64%)
AbbVie, Inc.
2.500%   05/14/2020		529,000		537,628
Johnson & Johnson
5.850%   07/15/2038		411,000		550,310
				1,087,938
TOTAL HEALTH CARE				1,607,305
INDUSTRIALS (2.41%)
Aerospace & Defense (0.31%)
Rockwell Collins, Inc.
3.700%   12/15/2023		512,000		536,788
Electrical Equipment Manufacturing (0.89%)
Emerson Electric Co.
5.000%   04/15/2019		492,000		517,624
General Electric Co.
5.875%   01/14/2038		416,000		537,833
Tyco Electronics Group SA
3.500%   02/03/2022		433,000		453,094
				1,508,551
Industrial Other (0.27%)
Fluor Corp.
3.375%   09/15/2021		439,000		456,775
Railroad (0.31%)
Burlington Northern Santa Fe LLC
3.000%   03/15/2023		517,000		532,699
Transportation & Logistics (0.33%)
United Parcel Service, Inc.
6.200%   01/15/2038		410,000		554,460
Waste & Environmental Services & Equipment (0.30%)
Republic Services, Inc.
5.500%   09/15/2019		474,000		509,235
TOTAL INDUSTRIALS				4,098,508

	Principal Amount		Value (Note 2)
MATERIALS (0.25%)
Metals & Mining (0.25%)
Nucor Corp.
5.750%   12/01/2017	$	428,000	$	433,552
TOTAL MATERIALS				433,552
TECHNOLOGY (0.30%)
Hardware (0.30%)
Corning, Inc.
6.625%   05/15/2019		478,000		516,350
TOTAL TECHNOLOGY				516,350
UTILITIES (5.49%)
Utilities (5.49%)
Ameren Illinois Co.
9.750%   11/15/2018		390,000		428,374
Arizona Public Service Co.
8.750%   03/01/2019		391,000		432,132
CenterPoint Energy Resources Corp.
4.500%   01/15/2021		325,000		343,703
CMS Energy Corp.
5.050%   03/15/2022		389,000		427,959
Commonwealth Edison Co.
4.000%   08/01/2020		377,000		397,253
Consolidated Edison Co. of New York, Inc.
7.125%   12/01/2018		484,000		518,058
Duke Energy Corp.
3.750%   04/15/2024		525,000		554,401
Edison International
3.750%   09/15/2017		437,000		438,206
Interstate Power & Light Co.
3.650%   09/01/2020		392,000		409,038
ITC Holdings Corp.
4.050%   07/01/2023		510,000		538,768
Jersey Central Power & Light Co.
7.350%   02/01/2019		493,000		529,871
Nevada Power Co.
7.125%   03/15/2019		333,000		361,161
Oncor Electric Delivery Co. LLC
7.000%   09/01/2022		438,000		529,987
PacifiCorp
5.650%   07/15/2018		17,000		17,641
PPL Capital Funding, Inc.
3.500%   12/01/2022		569,000		590,553
PSEG Power LLC
5.125%   04/15/2020		407,000		435,760
Puget Energy, Inc.
5.625%   07/15/2022		387,000		434,966
Sempra Energy
2.875%   10/01/2022		515,000		519,999
Southern Power Co., Series 15B
2.375%   06/01/2020		531,000		535,475
TECO Finance, Inc.
6.572%   11/01/2017		361,000		365,298

	Principal Amount		Value (Note 2)
Utilities (continued)
Wisconsin Electric Power Co.
3.100%   06/01/2025	$	528,000	$	535,246
TOTAL UTILITIES				9,343,849
TOTAL CORPORATE BONDS (Cost $31,774,079)				32,229,463
FOREIGN GOVERNMENT BONDS (0.48%)
Province of Quebec Canada, Series NN
7.125%   02/09/2024		336,000		419,818
Corp Andina de Fomento
8.125%   06/04/2019		359,000		398,853
TOTAL FOREIGN GOVERNMENT BONDS (Cost $809,065)				818,671
GOVERNMENT & AGENCY OBLIGATIONS (0.44%)
U.S. Treasury Bond
1.500%   08/15/2026		689,000		646,422
U.S. Treasury Bond
6.500%   11/15/2026		71,000		96,341
TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $735,223)				742,763

	Yield		Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.77%)
MONEY MARKET FUND (1.98%)
Fidelity Institutional Money Market Government Portfolio ‐ Class I	0.87	%(e)		3,363,254		3,363,254
U.S. TREASURY BILLS (4.79%)
United States Treasury Bill, 09/14/2017	0.90	%(f)		2,184,000		2,181,410
United States Treasury Bill, 12/07/2017	0.31	%(f)		6,000,000		5,977,812
						8,159,222
TOTAL SHORT TERM INVESTMENTS (Cost $11,528,240)						11,522,476
TOTAL INVESTMENTS (99.32%)(Cost $129,107,119)					$	168,924,582
Other Assets In Excess Of Liabilities (0.68%)						1,164,432
NET ASSETS (100.00%)					$	170,089,014

^(a) Non-Income Producing Security.

^(b) Restricted security; these securities may only be resold in transactions exempt from registration under the Securities Act of 1933.

^(c) Illiquid security.

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

^(e) Represents the 7-day yield.

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

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

See Notes to Quarterly Portfolio of Investments.

The Disciplined Growth Investors Fund Quarterly Notes to Portfolio of Invesments

July 31, 2017 (Unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Portfolio of Investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).  The preparation of the Portfolio of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported as of the date of the Portfolio of Investments.  Actual results could differ from those estimates. The Fund is considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its Portfolio of Investments.

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

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

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

The Disciplined Growth Investors Fund Quarterly Notes to Portfolio of Invesments

July 31, 2017 (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 approved by the Board.

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

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

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

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

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

The following is a summary of each input used to value the Fund as of July 31, 2017:

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)
Consumer Discretionary	$	28,566,462	$	–	$	–	$	28,566,462
Energy		4,727,664		–		177,931		4,905,595
Financials		869,353		–		–		869,353
Health Care		19,523,154		–		–		19,523,154
Industrials		12,933,167		–		–		12,933,167
Technology		53,061,278		–		–		53,061,278

The Disciplined Growth Investors Fund Quarterly Notes to Portfolio of Invesments

July 31, 2017 (Unaudited)

Closed End Funds	$	3,752,200	$	–	$	–	$	3,752,200
Corporate Bonds		–		32,229,463		–		32,229,463
Foreign Government Bonds		–		818,671		–		818,671
Government & Agency Obligations		–		742,763		–		742,763
Short Term Investments
Money Market Fund		3,363,254		–		–		3,363,254
U.S. Treasury Bills		–		8,159,222		–		8,159,222
TOTAL	$	126,796,532	$	41,950,119	$	177,931	$	168,924,582

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

The Fund recognizes transfers between levels as of the end of the period. For the three months ended July 31, 2017, the Fund did not have any transfers between Level 1 and Level 2 securities.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

The Disciplined Growth Investors Fund	Common Stock			Total
Balance as of April 30, 2017	$	193,667		$	193,667
Accrued Discount/Premium	‐			‐
Return of Capital	‐			‐
Realized Gain/(Loss)	‐			‐
Change in Unrealized Appreciation/(Depreciation)		(15,736	)		(15,736	)
Purchases	‐			‐
Sale Proceeds	‐			‐
Transfer into Level 3	‐			‐
Transfer out of Level 3	‐			‐
Balance as of July 31, 2017	$	177,931		$	177,931
Net change in unrealized appreciation/(depreciation) attributable to Level 3 investments held at July 31, 2017	$	(15,736	)	$	(15,736	)

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

Unrealized Appreciation and Depreciation on Investments: As of July 31, 2017, 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)	$	44,978,073
Gross depreciation
(excess of tax cost over value)		(5,160,670	)
Net unrealized appreciation	$	39,817,403
Cost of investments for income tax purposes	$	129,107,179

Schedule of Investments

Emerald Growth Fund

July 31, 2017(Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 98.43%
Consumer Discretionary: 14.73%
	82,312	Burlington Stores, Inc.(a)	$	7,163,613
	1,299,906	Chegg, Inc.(a)		18,003,698
	24,650	Churchill Downs, Inc.		4,610,783
	170,299	Chuy’s Holdings, Inc.(a)		4,010,541
	58,972	Dave & Buster’s Entertainment, Inc.(a)		3,662,751
	246,622	Five Below, Inc.(a)		11,914,309
	167,352	HealthStream, Inc.(a)		3,952,854
	58,044	Jack in the Box, Inc.		5,384,161
	250,800	Leaf Group, Ltd.(a)		1,893,540
	228,100	Lindblad Expeditions Holdings, Inc.(a)		2,283,281
	274,130	Marcus Corp.		7,456,336
	101,702	Matthews International Corp., Class A		6,666,566
	56,926	Meritage Homes Corp.(a)		2,319,735
	220,609	Nexstar Media Group, Inc., Class A		14,427,829
	311,292	Nutrisystem, Inc.		17,354,529
	286,182	Ollie’s Bargain Outlet Holdings, Inc.(a)		12,792,335
	141,833	Penn National Gaming, Inc.(a)		2,859,353
	328,673	Planet Fitness, Inc., Class A		7,447,730
	81,851	Red Robin Gourmet Burgers, Inc.(a)		4,894,690
	642,736	Sequential Brands Group, Inc.(a)		2,063,183
	192,044	Steven Madden, Ltd.(a)		7,873,804
	500,780	Tile Shop Holdings, Inc.		7,311,388
	362,375	Tilly’s, Inc., Class A		3,616,503
				159,963,512
Consumer Staples: 1.60%
	242,299	Freshpet, Inc.(a)		4,131,198
	719,183	Hostess Brands, Inc.(a)		10,989,116
	22,320	National Beverage Corp.		2,279,319
				17,399,633
Energy: 2.07%
	650,503	Callon Petroleum Co.(a)		7,363,694
	268,600	Enphase Energy, Inc.(a)		251,221
	403,496	Keane Group, Inc.(a)		6,185,594
	99,650	PDC Energy, Inc.(a)		4,699,494
	300,000	Solaris Oilfield Infrastructure, Inc., Class A(a)		3,915,000
				22,415,003
Financial Services: 14.09%
	267,721	Bank of the Ozarks, Inc.		11,552,161
	596,416	BofI Holding, Inc.(a)		16,622,114
	499,417	CareTrust REIT, Inc.		9,109,366
	203,274	Customers Bancorp, Inc.(a)		6,067,729

Shares			Value (Note 2)
Financial Services (continued)
	300,082	FCB Financial Holdings, Inc., Class A(a)	$	14,148,866
	122,502	First Choice Bank		2,854,297
	255,231	Health Insurance Innovations, Inc., Class A(a)		7,159,229
	148,203	Howard Bancorp, Inc.(a)		2,912,189
	142,835	LendingTree, Inc.(a)		31,509,401
	59,675	MedEquities Realty Trust, Inc., REIT		719,084
	214,690	Moelis & Co., Class A		8,780,821
	219,926	National Commerce Corp.(a)		8,819,033
	277,300	Opus Bank		6,599,740
	290,743	Pacific Premier Bancorp, Inc.(a)		10,437,674
	294,128	QTS Realty Trust, Inc., REIT, Class A		15,727,024
				153,018,728
Health Care: 17.85%
	345,958	Adamas Pharmaceuticals, Inc.(a)		6,002,371
	269,802	Aimmune Therapeutics, Inc.(a)		5,806,139
	699,299	Alder Biopharmaceuticals, Inc.(a)		7,517,464
	280,917	AtriCure, Inc.(a)		6,806,619
	200,198	Biohaven Pharmaceutical Holding Co., Ltd.(a)		5,157,101
	98,865	Bluebird Bio, Inc.(a)		9,318,026
	490,000	Bovie Medical Corp.(a)		1,239,700
	112,270	Clovis Oncology, Inc.(a)		9,521,619
	337,573	G1 Therapeutics, Inc.(a)		4,803,664
	660,626	Ignyta, Inc.(a)		6,275,947
	535,364	Insmed, Inc.(a)		8,656,836
	545,268	K2M Group Holdings, Inc.(a)		13,266,371
	198,252	MacroGenics, Inc.(a)		3,275,123
	19,169	Merit Medical Systems, Inc.(a)		785,929
	227,337	NantHealth, Inc.(a)		973,002
	655,005	NeoGenomics, Inc.(a)		6,189,797
	47,851	Neurocrine Biosciences, Inc.(a)		2,298,284
	33,353	Obalon Therapeutics, Inc.(a)		283,501
	40,240	PetIQ, Inc.(a)		936,787
	211,846	Portola Pharmaceuticals, Inc.(a)		13,070,898
	176,686	Puma Biotechnology, Inc.(a)		16,794,004
	268,153	Reata Pharmaceuticals, Inc., Class A(a)		7,851,520
	74,511	Sage Therapeutics, Inc.(a)		5,942,252
	407,493	Sarepta Therapeutics, Inc.(a)		15,721,080
	267,480	Supernus Pharmaceuticals, Inc.(a)		10,819,566
	129,090	Tabula Rasa HealthCare, Inc.(a)		2,013,804
	285,399	Teladoc, Inc.(a)		9,361,087
	206,483	Veeva Systems, Inc., Class A(a)		13,165,356
				193,853,847
Materials & Processing: 11.13%
	356,650	Apogee Enterprises, Inc.		18,577,898
	917,830	Cliffs Natural Resources, Inc.(a)		7,085,648
	381,350	GMS, Inc.(a)		11,448,127
	70,919	Innospec, Inc.		4,425,346
	435,435	Installed Building Products, Inc.(a)		23,426,403

Shares			Value (Note 2)
Materials & Processing (continued)
	157,747	KapStone Paper and Packaging Corp.	$	3,606,096
	167,977	Masonite International Corp.(a)		13,043,414
	364,238	TimkenSteel Corp.(a)		5,787,742
	261,934	Trex Co., Inc.(a)		19,700,056
	175,344	US Concrete, Inc.(a)		13,738,202
				120,838,932
Producer Durables: 10.34%
	18,485	Air Transport Services Group, Inc.(a)		450,295
	47,752	Blue Bird Corp.(a)		847,598
	139,909	Dycom Industries, Inc.(a)		12,675,755
	131,820	H&E Equipment Services, Inc.		2,975,177
	297,785	Kennametal, Inc.		10,988,266
	315,506	KLX, Inc.(a)		16,381,072
	947,248	Kratos Defense & Security Solutions, Inc.(a)		10,424,464
	868,164	Manitowoc Co., Inc.(a)		4,957,216
	42,418	NV5 Global, Inc.(a)		1,762,468
	42,156	OSI Systems, Inc.(a)		3,371,215
	408,542	Primoris Services Corp.		10,180,867
	151,980	Spirit Airlines, Inc.(a)		5,904,423
	101,381	Tennant Co.		7,659,335
	260,264	Tetra Tech, Inc.		12,349,527
	427,612	Tutor Perini Corp.(a)		11,374,479
				112,302,157
Technology: 22.78%
	230,141	Alarm.com Holdings, Inc.(a)		8,752,262
	49,287	Applied Optoelectronics, Inc.(a)		4,804,990
	290,660	Box, Inc., Class A(a)		5,478,941
	213,462	Cavium, Inc.(a)		13,221,836
	266,359	ChannelAdvisor Corp.(a)		2,796,769
	525,092	Ciena Corp.(a)		13,521,119
	53,720	Cirrus Logic, Inc.(a)		3,300,557
	167,922	Cloudera, Inc.(a)		2,896,655
	43,217	Ellie Mae, Inc.(a)		3,769,387
	215,379	EPAM Systems, Inc.(a)		18,507,517
	459,324	GTT Communications, Inc.(a)		14,032,348
	116,649	Guidewire Software, Inc.(a)		8,417,392
	311,079	Imperva, Inc.(a)		14,014,109
	155,965	Inphi Corp.(a)		5,989,056
	1,154,951	Internap Corp.(a)		4,388,814
	75,635	IPG Photonics Corp.(a)		11,544,926
	199,083	Lumentum Holdings, Inc.(a)		12,462,596
	47,643	MACOM Technology Solutions Holdings, Inc.(a)		2,884,784
	223,570	MaxLinear, Inc., Class A(a)		5,857,534
	317,635	Mercury Systems, Inc.(a)		13,947,353
	221,766	Microsemi Corp.(a)		11,549,573
	54,542	MicroStrategy, Inc., Class A(a)		7,336,444
	311,360	Model N, Inc.(a)		4,109,952
	868,774	Oclaro, Inc.(a)		8,496,610

Shares			Value (Note 2)
Technology (continued)
	184,820	Proofpoint, Inc.(a)	$	15,754,057
	130,010	Quantenna Communications, Inc.(a)		2,627,502
	221,026	Reis, Inc.		4,729,956
	114,879	Take-Two Interactive Software, Inc.(a)		9,130,583
	338,811	Varonis Systems, Inc.(a)		12,620,710
	30,000	Yext, Inc.(a)		390,000
				247,334,332
Utilities: 3.84%
	1,003,961	8x8, Inc.(a)		12,750,305
	261,288	Cogent Communications Holdings, Inc.		10,908,774
	79,758	Shenandoah Telecommunications Co.		2,452,558
	2,361,265	Vonage Holdings Corp.(a)		15,607,962
				41,719,599
		Total Common Stocks (Cost $806,240,245)		1,068,845,743
SHORT TERM INVESTMENTS: 0.88%
	9,477,776	Dreyfus Government Cash Management Fund - Institutional Class 0.916% (7-Day Yield)		9,477,776
		Total Short Term Investments (Cost $9,477,776)		9,477,776
Total Investments: 99.31% (Cost $815,718,021)				1,078,323,519
Other Assets In Excess Of Liabilities: 0.69%				7,545,969
Net Assets: 100.00%			$	1,085,869,488

^(a) Non-income producing security.

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

See Notes to Quarterly Schedule of Investments.

Schedule of Investments

Emerald Small Cap Value Fund

July 31, 2017(Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 96.18%
Consumer Discretionary: 12.71%
	11,127	Gray Television, Inc.(a)	$	165,792
	7,261	ILG, Inc.		192,489
	13,711	MDC Partners, Inc., Class A		135,739
	2,165	Penske Automotive Group, Inc.		94,264
	3,932	Taylor Morrison Home Corp., Class A(a)		88,942
	3,527	Viad Corp.		188,871
	20,838	ZAGG, Inc.(a)		176,081
				1,042,178
Energy: 4.78%
	38,498	Jones Energy, Inc., Class A(a)		57,747
	6,651	Kosmos Energy, Ltd.(a)		43,897
	5,391	Mammoth Energy Services, Inc.(a)		79,086
	1,730	PDC Energy, Inc.(a)		81,587
	10,195	SRC Energy, Inc.(a)		86,759
	3,975	Superior Energy Services, Inc.(a)		42,771
				391,847
Financial Services: 47.82%
	1,477	Allegiance Bancshares, Inc.(a)		55,461
	2,554	Bankwell Financial Group, Inc.		83,797
	5,030	Clifton Bancorp, Inc.		83,951
	3,400	CNB Financial Corp.		89,624
	4,176	Community Healthcare Trust, Inc., REIT		105,945
	1,697	CorEnergy Infrastructure Trust, Inc., REIT		60,430
	1,501	CoreSite Realty Corp.		162,979
	2,736	CyrusOne, Inc.		163,367
	2,255	eHealth, Inc.(a)		38,358
	2,071	Employers Holdings, Inc.		89,777
	3,290	Entegra Financial Corp.(a)		75,999
	3,897	ESSA Bancorp, Inc.		57,481
	9,904	Everi Holdings, Inc.(a)		73,884
	2,898	First Financial Bancorp		74,189
	941	First Merchants Corp.		38,054
	800	First Savings Financial Group, Inc.		42,840
	3,269	Four Corners Property Trust, Inc., REIT		82,967
	3,168	Franklin Financial Network, Inc.(a)		109,454
	1,892	FS Bancorp, Inc.		85,802
	3,267	GEO Group, Inc.		95,886
	1,468	Getty Realty Corp., REIT		38,139
	1,956	Great Western Bancorp, Inc.		76,304
	2,190	HomeStreet, Inc.(a)		57,488
	3,654	InfraREIT, Inc., REIT		82,178
	3,670	Investar Holding Corp.		83,126
	3,638	Live Oak Bancshares, Inc.		91,860
	1,330	Meta Financial Group, Inc.		94,828
	2,533	Midland States Bancorp, Inc.		80,448
	1,825	Moelis & Co., Class A		74,643

Shares			Value (Note 2)
Financial Services (continued)
	5,122	Monmouth Real Estate Investment Corp., REIT	$	78,930
	3,107	Northeast Bancorp		66,801
	1,420	Northrim BanCorp, Inc.		41,393
	2,893	OceanFirst Financial Corp.		78,342
	2,324	PCSB Financial Corp.(a)		40,298
	4,545	PennyMac Financial Services, Inc., Class A(a)		79,083
	2,924	People’s Utah Bancorp		81,287
	4,638	Plymouth Industrial REIT, Inc.		81,397
	1,457	Preferred Bank		81,811
	1,220	QTS Realty Trust, Inc., REIT, Class A		65,233
	3,600	Rexford Industrial Realty, Inc., REIT		102,672
	2,142	Standard AVB Financial Corp.		63,510
	3,010	State Bank Financial Corp.		82,625
	3,519	STORE Capital Corp.		82,309
	3,650	Summit Financial Group, Inc.		79,534
	723	The RMR Group, Inc., Class A		35,319
	1,740	Timberland Bancorp, Inc.		46,910
	2,172	TriCo Bancshares		80,147
	6,235	TriState Capital Holdings, Inc.(a)		143,404
	1,976	WesBanco, Inc.		75,542
	8,410	Western New England Bancorp, Inc.		83,680
				3,919,486
Health Care: 1.37%
	7,201	Invacare Corp.		112,696
Materials & Processing: 7.50%
	10,464	Builders FirstSource, Inc.(a)		163,971
	2,899	Koppers Holdings, Inc.(a)		105,234
	4,415	Mercer International, Inc.		48,565
	3,249	PolyOne Corp.		118,848
	825	Universal Forest Products, Inc.		69,176
	1,386	US Concrete, Inc.(a)		108,593
				614,387
Producer Durables: 6.55%
	3,486	Blue Bird Corp.(a)		61,877
	3,195	Cubic Corp.		152,241
	1,117	Dycom Industries, Inc.(a)		101,200
	2,560	ICF International, Inc.(a)		115,840
	3,968	Tutor Perini Corp.(a)		105,549
				536,707
Technology: 13.84%
	4,984	ARRIS International PLC(a)		139,353
	3,242	Microsemi Corp.(a)		168,843
	17,745	Mitel Networks Corp.(a)		151,187
	7,197	Perficient, Inc.(a)		135,304
	8,110	Photronics, Inc.(a)		81,506
	5,000	Presidio, Inc.(a)		68,150
	6,151	Rudolph Technologies, Inc.(a)		152,236

Shares			Value (Note 2)
Technology (continued)
	3,732	Tower Semiconductor, Ltd.(a)	$	97,592
	4,786	Xperi Corp.		139,991
				1,134,162
Utilities: 1.61%
	19,993	Vonage Holdings Corp.(a)		132,154
		Total Common Stocks (Cost $6,811,633)		7,883,617
SHORT TERM INVESTMENTS: 3.76%
	308,099	Dreyfus Government Cash Management Fund - Institutional Class 0.916% (7-Day Yield)		308,099
		Total Short Term Investments (Cost $308,099)		308,099
Total Investments: 99.94%  (Cost $7,119,732)				8,191,716
Other Assets In Excess Of Liabilities: 0.06%				5,198
Net Assets: 100.00%			$	8,196,914

^(a) Non-income producing security.

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

See Notes to Quarterly Schedule of Investments.

Schedule of Investments

Emerald Insights Fund

July 31, 2017(Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 98.32%
Consumer Discretionary: 18.28%
	205	AutoZone, Inc.(a)	$	110,663
	2,440	BorgWarner, Inc.		114,046
	1,345	Burlington Stores, Inc.(a)		117,055
	4,990	Cinemark Holdings, Inc.		194,111
	1,226	Delphi Automotive PLC		110,855
	2,059	Five Below, Inc.(a)		99,470
	8,535	MGM Resorts International		281,058
	6,978	Oasis Petroleum, Inc.(a)		54,289
	1,703	Royal Caribbean Cruises, Ltd.		192,558
	5,136	Sinclair Broadcast Group, Inc., Class A		185,153
	3,204	Six Flags Entertainment Corp.		182,211
	3,806	Toll Brothers, Inc.		146,874
	271	Ulta Beauty, Inc.(a)		68,078
	1,016	Wynn Resorts, Ltd.		131,409
				1,987,830
Consumer Staples: 4.91%
	2,978	Energizer Holdings, Inc.		137,196
	1,288	Monster Beverage Corp.(a)		67,942
	1,098	National Beverage Corp.		112,128
	8,841	The Kroger Co.		216,781
				534,047
Energy: 5.03%
	1,583	Diamondback Energy, Inc.(a)		151,778
	3,749	Parsley Energy, Inc., Class A(a)		109,771
	1,580	Patterson-UTI Energy, Inc.		30,557
	1,767	PDC Energy, Inc.(a)		83,332
	6,061	Range Resources Corp.		127,947
	2,551	SM Energy Co.		44,362
				547,747
Financial Services: 10.20%
	1,105	Affiliated Managers Group, Inc.		205,342
	720	Alliance Data Systems Corp.		173,830
	2,710	Bank of the Ozarks, Inc.		116,936
	2,837	CubeSmart, REIT		69,960
	259	Equinix, Inc., REIT		116,739
	6,120	First Data Corp., Class A(a)		114,199
	557	Mid-America Apartment Communities, Inc., REIT		57,666
	1,228	S&P Global, Inc.		188,609
	372	SVB Financial Group(a)		66,380
				1,109,661
Health Care: 15.06%
	1,399	Abbott Laboratories		68,803
	4,474	Acadia Healthcare Co., Inc.(a)		236,809

Shares			Value (Note 2)
Health Care (continued)
	1,210	Alnylam Pharmaceuticals, Inc.(a)	$	100,115
	525	Bluebird Bio, Inc.(a)		49,481
	4,608	Catalent, Inc.(a)		159,898
	1,399	Clovis Oncology, Inc.(a)		118,649
	2,226	DENTSPLY SIRONA, Inc.		138,079
	777	Edwards Lifesciences Corp.(a)		89,495
	930	Incyte Corp.(a)		123,960
	1,302	Integer Holdings Corp.(a)		59,632
	3,019	Intrexon Corp.(a)		65,180
	737	Jazz Pharmaceuticals PLC(a)		113,210
	969	Puma Biotechnology, Inc.(a)		92,103
	2,627	Sarepta Therapeutics, Inc.(a)		101,350
	1,901	Veeva Systems, Inc., Class A(a)		121,208
				1,637,972
Materials & Processing: 10.77%
	4,078	Axalta Coating Systems, Ltd.(a)		128,457
	3,862	Berry Global Group, Inc.(a)		216,581
	2,954	Crown Holdings, Inc.(a)		175,674
	1,188	Eagle Materials, Inc.		111,791
	1,976	International Paper Co.		108,640
	4,758	Masco Corp.		181,423
	3,292	Steel Dynamics, Inc.		116,570
	1,073	Vulcan Materials Co.		132,108
				1,171,244
Producer Durables: 10.36%
	214	CoStar Group, Inc.(a)		58,968
	2,385	Dycom Industries, Inc.(a)		216,081
	1,456	Kennametal, Inc.		53,726
	2,362	Korn/Ferry International		79,009
	803	Middleby Corp.(a)		104,936
	1,996	Quanta Services, Inc.(a)		67,325
	1,552	Rockwell Collins, Inc.		165,334
	1,407	Southwest Airlines Co.		78,103
	1,829	Spirit Airlines, Inc.(a)		71,057
	1,992	Wabtec Corp.		150,117
	1,453	Xylem, Inc.		82,429
				1,127,085
Technology: 23.71%
	1,859	Activision Blizzard, Inc.		114,849
	349	Analog Devices, Inc.		27,574
	1,489	ARRIS International PLC(a)		41,632
	903	Broadcom, Ltd.		222,734
	2,312	Cavium, Inc.(a)		143,205
	529	Citrix Systems, Inc.(a)		41,780
	198	Coherent, Inc.(a)		52,470
	4,970	Fortinet, Inc.(a)		183,443
	684	Intuit, Inc.		93,852
	1,278	IPG Photonics Corp.(a)		195,074
	3,190	Micron Technology, Inc.(a)		89,703
	9,375	ON Semiconductor Corp.(a)		140,156

Shares			Value (Note 2)
Technology (continued)
	1,004	Palo Alto Networks, Inc.(a)	$	132,307
	1,240	Proofpoint, Inc.(a)		105,698
	2,411	PTC, Inc.(a)		133,063
	1,490	SBA Communications Corp., REIT(a)		204,950
	1,816	ServiceNow, Inc.(a)		200,577
	1,756	Skyworks Solutions, Inc.		184,152
	1,172	Take-Two Interactive Software, Inc.(a)		93,151
	5,200	VeriFone Systems, Inc.(a)		101,452
	903	Western Digital Corp.		76,863
				2,578,685
		Total Common Stocks (Cost $8,932,808)		10,694,271
MASTER LIMITED PARTNERSHIPS: 0.96%
Financial Services: 0.96%
	2,239	Lazard, Ltd., Class A		104,584
		Total Master Limited Partnerships (Cost $72,981)		104,584
SHORT TERM INVESTMENTS: 0.17%
	17,864	Dreyfus Government Cash Management Fund - Institutional Class 0.916% (7-Day Yield)		17,864
		Total Short Term Investments (Cost $17,864)		17,864
Total Investments: 99.45%  (Cost $9,023,653)				10,816,719
Other Assets In Excess Of Liabilities: 0.55%				59,818
Net Assets: 100.00%			$	10,876,537

^(a) Non-income producing security.

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

See Notes to Quarterly Schedule of Investments.

Schedule of Investments

Emerald Banking and Finance Fund

July 31, 2017(Unaudited)

Shares				Value (Note 2)
COMMON STOCKS: 97.06%
Financial Services: 96.54%
	Banks: Diversified: 76.06%
	75,856	1st Constitution Bancorp	$	1,300,930
	100,000	1st Source Corp.		4,910,000
	55,280	Access National Corp.		1,469,895
	53,798	American Business Bank(a)		2,299,864
	80,000	American Riviera Bank(a)		1,348,000
	206,237	Ameris Bancorp		9,445,655
	225,594	Atlantic Coast Financial Corp.(a)		1,793,472
	424,577	Bank of Commerce Holdings		4,394,372
	116,196	Bank of the Ozarks, Inc.		5,013,857
	225,409	Bridge Bancorp, Inc.		7,325,792
	238,282	Byline Bancorp, Inc.(a)		4,803,765
	207,990	Cadence BanCorp(a)		4,750,492
	125,000	Capstar Financial Holdings, Inc.(a)		2,200,000
	135,654	Carolina Financial Corp.		4,563,401
	370,213	CenterState Banks, Inc.		9,251,623
	121,319	Civista Bancshares, Inc.		2,480,974
	150,002	CNB Financial Corp.		3,954,053
	17,052	Commerce Union Bancshares, Inc.		417,603
	35,869	County Bancorp, Inc.		896,366
	173,801	Customers Bancorp, Inc.(a)		5,187,960
	167,748	Eagle Bancorp, Inc.(a)		10,475,863
	162,663	East West Bancorp, Inc.		9,268,538
	228,773	Equity Bancshares, Inc., Class A(a)		7,908,683
	325,700	Esquire Financial Holdings, Inc.(a)		4,820,360
	86,853	Farmers National Banc Corp.		1,194,229
	191,017	FCB Financial Holdings, Inc., Class A(a)		9,006,452
	588,963	First Bank		7,568,175
	36,040	First Busey Corp.		1,053,810
	50,175	First Business Financial Services, Inc.		1,066,720
	163,498	First Choice Bank		3,809,503
	20,280	First Financial Bankshares, Inc.		877,110
	578,105	First Foundation, Inc.(a)		10,024,341
	41,281	First Merchants Corp.		1,669,404
	58,449	First of Long Island Corp.		1,633,650
	125,475	First Resource Bank(a)		1,123,001
	186,772	Franklin Financial Network, Inc.(a)		6,452,973
	258,714	Freedom Bank of Virginia(a)		3,363,282
	67,853	FVCBankcorp, Inc.(a)		1,363,845
	11,889	German American Bancorp, Inc.		425,983
	169,868	Gold Coast Bank(a)		2,301,711
	61,496	Green Bancorp, Inc.(a)		1,380,585
	177,886	Guaranty Bancorp		4,740,662
	200,000	Guaranty Bancshares, Inc.		6,082,000
	138,670	Heritage Commerce Corp.		1,926,126
	199,592	Home BancShares, Inc.		4,949,882
	18,520	Home Federal Bancorp, Inc.		498,651
	16,003	HopFed Bancorp, Inc.		233,324

Shares			Value (Note 2)
	Banks: Diversified (continued)
	264,296	Howard Bancorp, Inc.(a)	$	5,193,416
	15,250	Independent Bank Corp.		1,088,087
	50,000	Independent Bank Corporation		1,060,000
	15,731	Independent Bank Group, Inc.		949,366
	254,042	Investar Holding Corp.		5,754,051
	60,120	John Marshall Bancorp, Inc.(a)		1,346,087
	65,781	Lakeland Bancorp, Inc.		1,272,862
	46,615	Lakeland Financial Corp.		2,144,290
	228,212	Live Oak Bancshares, Inc.		5,762,353
	44,420	MainSource Financial Group, Inc.		1,552,035
	259,003	Malvern Bancorp, Inc.(a)		6,423,274
	30	Mechanics Bank(a)		930,750
	87,881	Mercantile Bank Corp.		2,796,373
	45,870	Meridian Bancorp, Inc.		809,605
	51,013	Midland States Bancorp, Inc.		1,620,173
	1,716	National Capital Bank of Washington		343,200
	239,209	National Commerce Corp.(a)		9,592,281
	48,060	Nicolet Bankshares, Inc.(a)		2,603,410
	224	Oak Valley Bancorp		3,573
	203,594	Old Line Bancshares, Inc.		5,513,325
	599,284	Pacific Mercantile Bancorp(a)		4,734,344
	254,115	Pacific Premier Bancorp, Inc.(a)		9,122,728
	75,493	Paragon Commercial Corp.(a)		3,995,090
	212,884	People’s Utah Bancorp		5,918,175
	133,412	Pinnacle Financial Partners, Inc.		8,525,027
	240,584	Professional Holding Corp.(a)		3,215,405
	114,430	Puget Sound Bancorp, Inc.(a)		3,889,476
	93,253	QCR Holdings, Inc.		4,284,975
	150,000	RBB Bancorp(a)		3,499,500
	747,663	Republic First Bancorp, Inc.(a)		6,654,201
	83,958	Seacoast Commerce Banc Holdings		1,729,535
	256,130	ServisFirst Bancshares, Inc.		9,307,764
	100,000	SmartFinancial, Inc.(a)		2,507,000
	71,032	Southern First Bancshares, Inc.(a)		2,617,529
	20,598	Southern National Bancorp of Virginia, Inc.		348,518
	300,000	Stewardship Financial Corp.		2,895,000
	103,767	Sunshine Bancorp, Inc.(a)		2,371,076
	182,747	Sussex Bancorp		4,385,928
	52,586	SVB Financial Group(a)		9,383,446
	105,959	Texas Capital Bancshares, Inc.(a)		8,301,888
	625,049	The Bancorp, Inc.(a)		4,844,130
	187,581	TriState Capital Holdings, Inc.(a)		4,314,363
	139,610	Triumph Bancorp, Inc.(a)		3,964,924
	101,784	United Community Banks, Inc.		2,825,524
	168,750	Unity Bancorp, Inc.		3,121,875
	60,517	Veritex Holdings, Inc.(a)		1,612,778
	109,942	West Town Bank & Trust(a)		2,682,585
	186,834	Western Alliance Bancorp(a)		9,412,697
				370,250,929
	Banks: Savings, Thrift & Mortgage Lending: 10.28%
	320,240	BofI Holding, Inc.(a)		8,925,089

Shares				Value (Note 2)
	Banks: Savings, Thrift & Mortgage Lending (continued)
	82,750	Flushing Financial Corp.	$	2,360,857
	103,401	Heritage Financial Corp.		2,812,507
	11,680	Home Bancorp, Inc.		473,274
	67,200	LegacyTexas Financial Group, Inc.		2,601,984
	144,042	Meta Financial Group, Inc.		10,270,195
	182,919	OceanFirst Financial Corp.		4,953,447
	400,023	Sterling Bancorp		9,240,531
	40,000	Waterstone Financial, Inc.		754,000
	169,608	WSFS Financial Corp.		7,657,801
				50,049,685
	Commercial Banks: 0.93%
	131,782	FB Financial Corp.(a)		4,529,347
	Consumer Lending: 3.01%
	66,381	LendingTree, Inc.(a)		14,643,649
	Diversified Financial Services: 1.17%
	150,908	MidWestOne Financial Group, Inc.		5,194,253
	12,000	Moelis & Co., Class A		490,800
				5,685,053
	Insurance: Multi Line: 0.41%
	50,000	James River Group Holdings, Ltd.		2,008,000
	Insurance: Property-Casualty: 2.56%
	40,000	Federated National Holding Co.		636,800
	197,732	Health Insurance Innovations, Inc., Class A(a)		5,546,383
	185,000	Kingstone Cos., Inc.		3,052,500
	47,570	Kinsale Capital Group, Inc.		1,851,424
	75,340	NMI Holdings, Inc., Class A(a)		889,012
	31,441	United Insurance Holdings Corp.		501,798
				12,477,917
	Real Estate Investment Trusts (REITs): 2.12%
	250,000	City Office REIT, Inc.		3,177,500
	147,490	Community Healthcare Trust, Inc., REIT		3,741,821
	92,800	Independence Realty Trust, Inc., REIT		939,136
	205,053	MedEquities Realty Trust, Inc., REIT		2,470,889
				10,329,346
Technology: 0.52%
	Computer Service Software & Systems: 0.52%
	64,716	Q2 Holdings, Inc.(a)		2,517,452
		Total Common Stocks (Cost $339,767,753)		472,491,378

Shares			Value (Note 2)
SHORT TERM INVESTMENTS: 2.91%
	14,161,204	Dreyfus Government Cash Management Fund - Institutional Class 0.916% (7-Day Yield)	$	14,161,204
		Total Short Term Investments (Cost $14,161,204)		14,161,204
Total Investments: 99.97% (Cost $353,928,957)				486,652,582
Other Assets In Excess Of Liabilities: 0.03%				167,568
Net Assets: 100.00%			$	486,820,150

^(a) Non-income producing security.

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

See Notes to Quarterly Schedule of Investments.

Emerald Funds Notes to Quarterly Schedule of Investments

July 31, 2017 (Unaudited)
 

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open‐end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of multiple separate portfolios or series. This annual report describes then Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund, and Emerald Banking and Finance Fund (each a “Fund” and collectively, the “Funds”). The Emerald Small Cap Value Fund is a successor to a previously operational fund which was a series of Elessar Funds Investment Trust, a Delaware statutory trust, and was organized into a series of the Trust effective as of the close of business on June 26, 2015. Effective March 3, 2015, the Board approved changing the fiscal year end of the Emerald Small Cap Value Fund from September 30 to April 30.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

Emerald Funds Notes to Quarterly Schedule of Investments

July 31, 2017 (Unaudited)

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

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

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

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

The following is a summary of each input used to value the Funds as of July 31, 2017:

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Growth Fund
Common Stocks(a)	$	1,068,845,743	$	–	$	–	$	1,068,845,743
Short Term Investments		9,477,776		–		–		9,477,776
TOTAL	$	1,078,323,519	$	–	$	–	$	1,078,323,519

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Small Cap Value Fund
Common Stocks(a)	$	7,883,617	$	–	$	–	$	7,883,617
Short Term Investments		308,099		–		–		308,099
TOTAL	$	8,191,716	$	–	$	–	$	8,191,716

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Insights Fund
Common Stocks(a)	$	10,694,271	$	–	$	–	$	10,694,271
Master Limited Partnerships(a)		104,584		–		–		104,584
Short Term Investments		17,864		–		–		17,864
TOTAL	$	10,816,719	$	–	$	–	$	10,816,719

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Banking and Finance Fund
Common Stocks(a)	$	472,491,378	$	–	$	–	$	472,491,378
Short Term Investments		14,161,204		–		–		14,161,204
TOTAL	$	486,652,582	$	–	$	–	$	486,652,582

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

Emerald Funds Notes to Quarterly Schedule of Investments

July 31, 2017 (Unaudited)

The Funds recognize transfers between levels as of the end of the period. For the three months ended July 31, 2017, the Funds had the following transfers between Level 1 and Level 2 securities.

	Level 1				Level 2
Emerald Growth Fund	Transfer In		Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks	$	2,854,297	$	–	$	–	$	(2,854,297	)
Total	$	2,854,297	$	–	$	–	$	(2,854,297	)

	Level 1					Level 2
Emerald Banking and Finance Fund	Transfer In			Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks		$	11,374,480	$	–	$	–		$	(11,374,480	)
Total		$	11,374,480	$	–	$	–		$	(11,374,480	)

The transfer amounts disclosed in the table above represent the value of the securities as of July 31, 2017 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held at April 30, 2017. The above transfers from Level 2 to Level 1 were due to the ability to obtain a closing market price within an active market for a security that previously had no market to trade.  For the period ended July 31, 2017, the Emerald Growth Fund and Emerald Small Cap Value Fund did not have any transfers between Level 1 and Level 2 securities.

For the period ended July 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

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

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

Unrealized Appreciation and Depreciation on Investments: As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) for Federal tax purposes was as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/(Depreciation)		Cost of Investments for Income Tax Purposes
Emerald Growth Fund	$	295,434,843	$	(35,436,037	)	$	259,998,806	$	818,324,713
Emerald Small Cap Value Fund		1,288,566		(221,677	)		1,066,889		7,124,827
Emerald Insights Fund		1,847,029		(251,815	)		1,595,214		9,221,505
Emerald Banking and Finance Fund		134,587,406		(2,067,974	)		132,519,432		354,133,150

Grandeur Peak Emerging Markets Opportunities Fund
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Shares		Value (Note 2)
COMMON STOCKS (98.77%)
Argentina (0.69%)
Globant SA(a)		64,562	$	2,967,915
Bangladesh (1.03%)
Olympic Industries, Ltd.		272,639		962,236
Square Pharmaceuticals, Ltd.		1,002,442		3,483,755
				4,445,991
Brazil (2.18%)
M Dias Branco SA		82,200		1,333,557
Raia Drogasil SA		128,800		2,855,751
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		336,600		1,823,136
Wiz Solucoes e Corretagem de Seguros SA		542,300		3,443,340
				9,455,784
Chile (0.33%)
Forus SA		397,357		1,430,886
China (12.56%)
51job, Inc., ADR(a)		35,200		1,733,952
BBI Life Sciences Corp.(b)		9,968,500		2,220,668
BrightKing Holdings, Ltd.(a)		803,721		1,975,000
China Lesso Group Holdings, Ltd.		2,155,000		1,520,209
China Medical System Holdings, Ltd.		5,441,000		9,292,638
CSPC Pharmaceutical Group, Ltd.		2,500,000		3,898,448
Ctrip.com International, Ltd., ADR(a)		31,900		1,905,387
Essex Bio-technology, Ltd.		5,267,000		2,865,872
Lida Holdings, Ltd.(a)		446,000		1,661,671
Man Wah Holdings, Ltd.		11,743,600		10,148,679
O2Micro International, Ltd., ADR(a)		462,244		873,641
On-Bright Electronics, Inc.		529,080		3,802,234
Shanghai Haohai Biological Technology Co., Ltd., Class H(b)(c)		455,800		2,410,066
Silergy Corp.		342,422		6,690,698
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		3,501,500		3,505,624
				54,504,787
Colombia (2.33%)
Amerisur Resources PLC(a)		5,811,200		1,380,114
Bolsa de Valores de Colombia		249,678,088		2,098,673
Gran Tierra Energy, Inc.(a)		1,124,500		2,653,820

	Shares		Value  (Note 2)
Colombia (continued)
Parex Resources, Inc.(a)	324,031	$	3,986,874
			10,119,481
Egypt (1.48%)
Commercial International Bank Egypt SAE	330,121		1,546,031
Integrated Diagnostics Holdings PLC(b)(c)	371,100		1,468,628
Juhayna Food Industries(a)	3,911,275		1,493,337
Obour Land For Food Industries	2,116,943		1,890,655
			6,398,651
Georgia (2.67%)
BGEO Group PLC	118,812		5,403,538
Georgia Healthcare Group PLC(a)(b)(c)	319,225		1,598,399
TBC Bank Group PLC	207,206		4,579,244
			11,581,181
Greece (0.75%)
Sarantis SA	223,934		3,260,648
Hong Kong (4.67%)
International Housewares Retail Co., Ltd.	11,045,000		2,078,680
Jacobson Pharma Corp., Ltd.(b)	5,020,000		1,311,108
Plover Bay Technologies, Ltd.(b)	10,418,000		2,107,395
Samsonite International SA	462,000		1,937,125
TK Group Holdings, Ltd.	5,467,000		2,232,771
Value Partners Group, Ltd.	9,225,800		8,587,029
Vitasoy International Holdings, Ltd.	940,900		2,011,706
			20,265,814
India (16.56%)
Alkem Laboratories, Ltd.	169,537		4,841,555
Bajaj Finance, Ltd.	172,000		4,566,290
Byke Hospitality, Ltd.	981,000		3,121,094
City Union Bank, Ltd.	1,295,250		3,560,606
Control Print, Ltd.	332,504		2,063,661
Cyient, Ltd.	537,595		4,398,305
Dilip Buildcon, Ltd.(a)(b)(c)	286,165		2,241,322
Eros International Media, Ltd.(a)	310,000		1,072,294
Essel Propack, Ltd.	455,500		1,748,120
Hinduja Global Solutions, Ltd.	161,184		1,314,447
Indiabulls Housing Finance, Ltd.	218,500		4,002,917
Infinite Computer Solutions India, Ltd.(a)	198,970		646,524
Inox Wind, Ltd.(a)	416,500		893,039
Kellton Tech Solutions, Ltd.(a)	576,175		918,808
Kovai Medical Center and Hospital	75,083		1,580,048

	Shares		Value (Note 2)
India (continued)
KPIT Technologies, Ltd.	650,858	$	1,298,140
Kwality, Ltd.	985,200		2,238,349
L&T Technology Services, Ltd.(b)(c)	173,500		2,058,565
Poly Medicure, Ltd.	87,468		300,303
Somany Ceramics, Ltd.	132,000		1,650,739
Time Technoplast, Ltd.	2,801,221		7,167,755
Vaibhav Global, Ltd.(a)	200,319		1,662,943
Vakrangee, Ltd.	460,000		3,164,007
Vesuvius India, Ltd.	76,827		1,701,239
WNS Holdings, Ltd., ADR(a)	160,186		5,534,426
Yes Bank, Ltd.	288,000		8,123,552
			71,869,048
Indonesia (6.36%)
Arwana Citramulia Tbk PT	58,228,500		1,931,627
Astra Graphia Tbk PT	8,436,500		1,063,744
Bank Rakyat Indonesia Persero Tbk PT	3,203,600		3,552,476
Bekasi Fajar Industrial Estate Tbk PT	56,350,600		1,311,069
Delfi, Ltd.	866,400		1,278,678
Hexindo Adiperkasa Tbk PT	2,507,700		781,069
Indonesia Pondasi Raya Tbk PT	15,760,000		1,644,131
Link Net Tbk PT	6,548,000		2,481,792
Lippo Cikarang Tbk PT(a)	3,005,000		990,089
Panin Sekuritas Tbk PT	7,155,500		1,503,708
Sarana Menara Nusantara Tbk Pt	7,658,500		2,304,907
Selamat Sempurna Tbk PT	42,617,900		3,598,404
Surya Toto Indonesia Tbk PT	19,795,000		647,750
Tempo Scan Pacific Tbk PT	17,950,700		2,606,920
Ultrajaya Milk Industry & Trading Co. Tbk PT	5,042,900		1,892,412
			27,588,776
Jordan (0.26%)
Hikma Pharmaceuticals PLC	60,400		1,125,248
Kenya (0.60%)
Safaricom, Ltd.	11,093,200		2,613,805
Malaysia (2.39%)
AEON Credit Service M Bhd	1,130,400		3,590,667
Berjaya Food Bhd	1,664,184		544,169
CB Industrial Product Holding Bhd	3,838,800		1,820,101
My EG Services Bhd	5,499,900		2,774,678
Scicom MSC Bhd	3,146,500		1,638,840
			10,368,455
Mexico (2.62%)
Banregio Grupo Financiero SAB de CV	540,200		3,540,544

	Shares		Value (Note 2)
Mexico (continued)
Credito Real SAB de CV SOFOM ER	2,211,471	$	3,916,735
Grupo Herdez SAB de CV	715,400		1,611,032
Unifin Financiera SAB de CV SOFOM ENR	704,700		2,295,495
			11,363,806
Oman (0.69%)
Tethys Oil AB	416,623		3,005,808
Pakistan (2.61%)
Abbott Laboratories Pakistan, Ltd.	132,850		1,128,544
Akzo Nobel Pakistan, Ltd.	852,800		2,002,138
Bank Al Habib, Ltd.	1,609,000		886,935
Bata Pakistan, Ltd.	11,160		328,235
Kohinoor Textile Mills, Ltd.	1,345,451		1,316,985
Meezan Bank, Ltd.	2,272,000		1,731,160
Pak Elektron, Ltd.	2,219,500		2,183,702
Systems, Ltd.	2,181,500		1,735,058
			11,312,757
Peru (1.37%)
Alicorp SAA	860,722		2,207,252
Credicorp, Ltd.	20,175		3,735,199
			5,942,451
Philippines (5.72%)
Concepcion Industrial Corp.	3,880,792		5,618,150
Holcim Philippines, Inc.	3,694,500		944,492
Pepsi-Cola Products Philippines, Inc.	23,627,000		1,498,343
Puregold Price Club, Inc.	3,546,100		3,313,488
Robinsons Land Corp.	6,379,600		3,249,222
Robinsons Retail Holdings, Inc.	1,675,000		2,874,653
Security Bank Corp.	1,580,600		7,329,774
			24,828,122
Poland (2.24%)
Dino Polska SA(a)(b)(c)	241,300		3,583,514
LiveChat Software SA	135,800		2,039,408
Medicalgorithmics SA	18,600		1,347,507
PGS Software SA	426,467		1,538,282
Wawel SA	3,914		1,223,972
			9,732,683
Russia (0.58%)
MD Medical Group Investments PLC, GDR(b)	117,400		1,028,424
Moscow Exchange MICEX-RTS PJSC	838,410		1,501,117
			2,529,541
South Africa (3.80%)
ARB Holdings, Ltd.	1,134,108		529,243

	Shares		Value  (Note 2)
South Africa (continued)
Blue Label Telecoms, Ltd.	1,657,523	$	2,129,327
Cartrack Holdings, Ltd.	2,096,700		2,138,264
Clicks Group, Ltd.	113,000		1,279,817
EOH Holdings, Ltd.	396,824		3,244,449
Interwaste Holdings, Ltd.(a)	15,918,682		942,166
Italtile, Ltd.	1,502,579		1,446,854
OneLogix Group, Ltd.	2,142,622		422,712
Transaction Capital, Ltd.	3,877,628		4,354,654
			16,487,486
South Korea (8.04%)
BGF retail Co., Ltd.	22,000		1,816,541
Daebongls Co., Ltd.	197,000		1,755,140
Daewon Pharmaceutical Co., Ltd.	95,922		1,611,486
Hanssem Co., Ltd.	11,000		1,730,039
Hy-Lok Corp.	148,743		3,063,783
Interpark Holdings Corp.	265,500		1,359,470
ISC Co., Ltd.	174,499		3,999,731
i-SENS, Inc.	86,500		2,102,498
Koh Young Technology, Inc.	32,744		1,878,526
LEENO Industrial, Inc.	55,500		2,459,944
LG Household & Health Care, Ltd.	3,700		3,276,619
Loen Entertainment, Inc.	55,000		4,403,735
Mando Corp.	10,500		2,406,729
Vitzrocell Co., Ltd.(a)(d)	444,769		3,025,606
			34,889,847
Sri Lanka (2.15%)
Hatton National Bank PLC	1,185,402		1,791,034
Hemas Holdings PLC	3,255,526		3,116,655
Royal Ceramics Lanka PLC	3,593,775		3,042,597
Sampath Bank PLC	773,791		1,353,063
			9,303,349
Switzerland (0.51%)
Wizz Air Holdings PLC(a)(b)(c)	64,800		2,225,491
Taiwan (7.40%)
ASPEED Technology, Inc.	77,929		1,811,732
Cub Elecparts, Inc.	158,073		1,963,119
Dr. Wu Skincare Co., Ltd.	280,000		1,525,393
I Yuan Precision Ind Co., Ltd.	507,000		1,905,731
Materials Analysis Technology, Inc.	501,000		1,775,331
Novatek Microelectronics Corp.	361,000		1,374,874
Sinmag Equipment Corp.	1,039,133		6,160,017
Sitronix Technology Corp.	1,406,000		4,493,352
Sporton International, Inc.	1,033,978		5,153,539
Tehmag Foods Corp.	145,200		1,084,354
Test Research, Inc.	1,829,000		2,180,590
TSC Auto ID Technology Co., Ltd.	171,000		1,189,250

	Shares		Value (Note 2)
Taiwan (continued)
TTFB Co., Ltd.(a)	179,000	$	1,493,865
			32,111,147
Thailand (1.83%)
Ananda Development PCL	25,461,800		3,810,490
Premier Marketing PCL	3,943,900		1,351,118
Srisawad Power Corp. PCL	1,750,240		2,774,485
			7,936,093
Turkey (0.66%)
Anadolu Hayat Emeklilik AS	577,500		1,091,217
Aselsan Elektronik Sanayi Ve Ticaret AS	144,900		990,607
AvivaSA Emeklilik ve Hayat AS	140,700		797,581
			2,879,405
United Arab Emirates (0.34%)
Aramex PJSC	1,018,125		1,469,096
United States (1.50%)
FirstCash, Inc.	111,970		6,511,055
Vietnam (1.85%)
DHG Pharmaceutical JSC	118,635		607,622
FPT Corp.	555,527		1,181,868
Lix Detergent JSC	379,010		803,832
Nui Nho Stone JSC	478,933		1,239,137
Vietnam Dairy Products JSC	623,376		4,185,738
			8,018,197
TOTAL COMMON STOCKS (Cost $354,854,597)			428,542,804
TOTAL INVESTMENTS (98.77%) (Cost $354,854,597)		$	428,542,804
Other Assets In Excess Of Liabilities (1.23%)			5,348,475
NET ASSETS (100.00%)		$	433,891,279

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $25,759,204, representing 5.94% of net assets.

^(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $19,091,609 representing 4.40% of net assets.

^(d) Fair valued security under the procedures approved by the Fund's Board of Trustees.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak Global Micro Cap Fund

PORTFOLIO OF INVESTMENTS

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.46%)
Australia (4.77%)
Australian Ethical Investment, Ltd.		415	$	37,914
Beacon Lighting Group, Ltd.		79,100		86,061
Blue Sky Alternative Investments, Ltd.		45,500		341,068
CTI Logistics, Ltd.		158,141		117,657
Fiducian Group, Ltd.		56,500		192,552
Greencross, Ltd.		46,500		214,644
Lycopodium, Ltd.		109,426		293,262
Medical Developments International, Ltd.		15,057		61,192
Mitula Group, Ltd.(a)		387,052		198,171
Monash IVF Group, Ltd.		79,900		101,633
National Storage REIT		154,000		184,184
Reject Shop, Ltd.		21,835		85,418
				1,913,756
Brazil (0.66%)
Wiz Solucoes e Corretagem de Seguros SA		41,400		262,870
Britain (10.51%)
AB Dynamics PLC		25,374		202,545
Arrow Global Group PLC		45,919		264,607
Bioventix PLC		5,899		146,907
City of London Investment Group PLC		18,777		103,061
Clinigen Group PLC		18,106		239,368
dotdigital group PLC		187,400		174,315
Horizon Discovery Group PLC(a)		42,400		144,052
IDOX PLC		92,000		79,204
LoopUp Group PLC(a)		103,800		263,636
Morses Club PLC		64,438		97,560
Motorpoint group PLC(b)		36,651		69,151
On the Beach Group PLC(b)(c)		51,200		314,123
Oxford Immunotec Global PLC(a)		25,394		426,619
Premier Asset Management Group PLC		114,000		239,155
Premier Technical Services Group PLC		246,800		423,317
River & Mercantile Group PLC		61,300		289,548
S&U PLC		3,000		74,770
Sanne Group PLC		45,337		413,340
Softcat PLC		25,800		136,162
Tracsis PLC		19,300		113,317
				4,214,757
Canada (1.30%)
Biosyent, Inc.(a)		41,993		288,991
Cipher Pharmaceuticals, Inc.(a)		31,300		135,819

	Shares		Value (Note 2)
Canada (continued)
DIRTT Environmental Solutions(a)		20,200	$	96,241
				521,051
China (4.27%)
BBI Life Sciences Corp.(b)		1,555,000		346,405
BrightKing Holdings, Ltd.(a)		157,332		386,615
Essex Bio-technology, Ltd.		330,000		179,559
O2Micro International, Ltd., ADR(a)		92,225		174,305
On-Bright Electronics, Inc.		48,600		349,264
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		274,500		274,824
				1,710,972
Colombia (1.49%)
Amerisur Resources PLC(a)		1,193,200		283,375
Bolsa de Valores de Colombia		20,370,422		171,224
Gran Tierra Energy, Inc.(a)		59,850		141,246
				595,845
Egypt (0.33%)
Obour Land For Food Industries		149,039		133,108
France (2.63%)
Esker SA		3,500		207,538
Infotel SA		2,540		137,864
Medicrea International(a)		16,100		91,675
Neurones		4,800		163,933
Tessi SA		850		155,573
Thermador Groupe		2,721		299,565
				1,056,148
Georgia (1.14%)
Georgia Healthcare Group PLC(a)(b)(c)		34,700		173,747
TBC Bank Group PLC		12,822		283,366
				457,113
Germany (1.26%)
Nexus AG		6,200		190,829
publity AG		6,900		313,251
				504,080
Greece (0.97%)
Sarantis SA		26,700		388,772
Greenland (0.38%)
Gronlandsbanken A/S		1,552		154,403
Hong Kong (3.05%)
International Housewares Retail Co., Ltd.		1,210,000		227,723
Jacobson Pharma Corp., Ltd.(b)		575,000		150,177

	Shares		Value (Note 2)
Hong Kong (continued)
Plover Bay Technologies, Ltd.(b)		2,720,000	$	550,212
TK Group Holdings, Ltd.		718,000		293,238
				1,221,350
India (8.33%)
Byke Hospitality, Ltd.		196,779		626,061
City Union Bank, Ltd.		92,400		254,005
Cyient, Ltd.		23,640		193,409
Essel Propack, Ltd.		31,522		120,975
Igarashi Motors India, Ltd.		17,000		268,218
Kellton Tech Solutions, Ltd.(a)		49,232		78,509
Kovai Medical Center and Hospital		21,967		462,274
KPIT Technologies, Ltd.		36,000		71,802
Kwality, Ltd.		58,000		131,775
Persistent Systems, Ltd.		10,500		105,833
Poly Medicure, Ltd.		4,520		15,519
Somany Ceramics, Ltd.		13,033		162,986
Time Technoplast, Ltd.		251,015		642,296
Vaibhav Global, Ltd.(a)		1,792		14,876
Vesuvius India, Ltd.		8,570		189,772
				3,338,310
Indonesia (3.68%)
Arwana Citramulia Tbk PT		7,920,100		262,735
Astra Graphia Tbk PT		1,179,700		148,746
Bekasi Fajar Industrial Estate Tbk PT		2,910,700		67,721
BFI Finance Indonesia Tbk PT		7,460,000		305,141
Hexindo Adiperkasa Tbk PT		634,500		197,627
Lippo Cikarang Tbk PT(a)		102,300		33,706
Panin Sekuritas Tbk PT		272,700		57,307
Selamat Sempurna Tbk PT		3,863,900		326,245
Surya Toto Indonesia Tbk PT		2,358,300		77,171
				1,476,399
Ireland (1.09%)
Irish Residential Properties REIT PLC		275,700		437,341
Italy (0.40%)
Banca Sistema SpA(b)(c)		60,510		158,736
Japan (11.86%)
AIT Corp.		18,900		184,637
Amiyaki Tei Co., Ltd.		6,700		255,857
Anest Iwata Corp.		4,700		43,826
Anshin Guarantor Service Co., Ltd.		19,200		95,264
Arcland Service Holdings Co., Ltd.		8,000		139,181
Atrae, Inc.(a)		3,400		221,743
Central Automotive Products, Ltd.		16,500		232,881
eGuarantee, Inc.		5,500		129,462

	Shares		Value (Note 2)
Japan (continued)
Encourage Technologies Co., Ltd.		4,000	$	76,412
Future Corp.		22,700		183,667
GCA Corp.		25,400		225,558
Hard Off Corp. Co., Ltd.		44,400		460,331
Interworks, Inc.		13,400		136,984
M&A Capital Partners Co., Ltd.(a)		14,200		646,596
Naigai Trans Line, Ltd.		10,800		138,129
Prestige International, Inc.		35,300		386,797
Quick Co., Ltd.		15,300		219,830
Synchro Food Co., Ltd.(a)		6,800		125,212
Syuppin Co., Ltd.		35,000		719,398
Trancom Co., Ltd.		2,700		133,475
				4,755,240
Malaysia (0.94%)
AEON Credit Service M Bhd		64,950		206,311
Berjaya Food Bhd		119,500		39,075
Scicom MSC Bhd		251,600		131,045
				376,431
Mexico (0.48%)
Credito Real SAB de CV SOFOM ER		107,930		191,155
Netherlands (0.35%)
Shop Apotheke Europe NV(a)(c)		3,100		140,002
New Zealand (2.76%)
CBL Corp., Ltd.		159,993		436,162
Restaurant Brands New Zealand, Ltd.		54,264		261,630
Trilogy International, Ltd.		204,522		408,565
				1,106,357
Norway (3.35%)
Medistim ASA		25,862		246,685
Multiconsult ASA(b)(c)		22,900		264,303
Nordic Semiconductor ASA(a)		29,100		143,967
Skandiabanken ASA(b)(c)		61,100		687,709
				1,342,664
Oman (0.35%)
Tethys Oil AB		19,300		139,244
Pakistan (0.37%)
Kohinoor Textile Mills, Ltd.		150,000		146,826
Philippines (2.42%)
Concepcion Industrial Corp.		199,080		288,204
Pepsi-Cola Products Philippines, Inc.		1,166,000		73,944

	Shares		Value (Note 2)
Philippines (continued)
Pryce Corp.(a)		4,586,500	$	608,079
				970,227
Poland (0.98%)
LiveChat Software SA		13,800		207,245
PGS Software SA		51,047		184,128
				391,373
Singapore (0.72%)
Riverstone Holdings, Ltd.		372,800		290,229
South Africa (0.80%)
ARB Holdings, Ltd.		400,143		186,731
Cartrack Holdings, Ltd.		132,200		134,821
				321,552
South Korea (2.85%)
Daebongls Co., Ltd.		13,100		116,712
Daewon Pharmaceutical Co., Ltd.		8,250		138,600
Hy-Lok Corp.		9,550		196,709
ISC Co., Ltd.		12,447		285,300
Koh Young Technology, Inc.		2,010		115,314
LEENO Industrial, Inc.		4,800		212,752
Vitzrocell Co., Ltd.(a)(d)		11,180		76,054
				1,141,441
Sri Lanka (0.93%)
Royal Ceramics Lanka PLC		267,000		226,050
Sampath Bank PLC		84,605		147,942
				373,992
Sweden (3.16%)
Bufab AB		10,821		121,294
HIQ International AB		26,600		177,909
Moberg Pharma AB(a)		20,900		129,172
Odd Molly International AB		37,826		174,752
Swedencare AB(a)		50,955		150,836
TF Bank AB(b)		11,400		138,373
Vitec Software Group AB, Class B		35,500		374,839
				1,267,175
Taiwan (4.11%)
ASPEED Technology, Inc.		4,000		92,994
Dr. Wu Skincare Co., Ltd.		26,100		142,188
I Yuan Precision Ind Co., Ltd.		35,000		131,559
Materials Analysis Technology, Inc.		48,045		170,251
Sinmag Equipment Corp.		34,000		201,553
Sitronix Technology Corp.		66,000		210,926
Sporton International, Inc.		24,239		120,812
Tehmag Foods Corp.		25,300		188,941
TSC Auto ID Technology Co., Ltd.		27,000		187,776

	Shares		Value (Note 2)
Taiwan (continued)
TTFB Co., Ltd.(a)		24,000	$	200,295
				1,647,295
Thailand (1.53%)
Ananda Development PCL		4,112,000		615,382
United States (12.80%)
Aratana Therapeutics, Inc.(a)		19,400		130,950
Bank of Marin Bancorp		2,975		198,284
BioDelivery Sciences International, Inc.(a)		42,375		144,075
Diamond Hill Investment Group, Inc.		800		158,000
Entellus Medical, Inc.(a)		13,159		230,940
ePlus, Inc.(a)		1,814		146,753
Escalade, Inc.		9,392		115,991
First of Long Island Corp.		10,100		282,295
GBGI, Ltd.(a)		192,500		454,632
Hackett Group, Inc.		12,350		202,787
Hennessy Advisors, Inc.		5,826		92,284
Hingham Institution for Savings		2,715		480,283
Inphi Corp.(a)		3,600		138,240
K2M Group Holdings, Inc.(a)		5,450		132,598
Kinsale Capital Group, Inc.		5,450		212,114
LeMaitre Vascular, Inc.		6,525		235,357
LGI Homes, Inc.(a)		2,900		128,470
Malibu Boats, Inc., Class A(a)		4,686		134,066
NV5 Global, Inc.(a)		4,350		180,743
PetIQ, Inc.(a)		700		16,296
Reis, Inc.		4,375		93,625
Seacoast Commerce Banc Holdings		15,325		315,695
Sportsman's Warehouse Holdings, Inc.(a)		22,335		101,178
STAAR Surgical Co.(a)		15,175		155,544
Transcat, Inc.(a)		15,166		197,158
Trecora Resources(a)		13,258		153,130
TriMas Corp.(a)		5,900		143,665
Veracyte, Inc.(a)		19,333		154,664
				5,129,817
Vietnam (1.44%)
DHG Pharmaceutical JSC		59,780		306,180
Lix Detergent JSC		96,890		205,491
Taisun Int'l Holding Corp.(a)		15,000		66,069
				577,740
TOTAL COMMON STOCKS (Cost $31,025,574)				39,469,153

	Principal Amount		Value (Note 2)
CORPORATE BONDS (0.44%)
Germany (0.44%)
publity AG
3.50%, 11/17/2020	$	150,000	$	177,925
TOTAL CORPORATE BONDS (Cost $164,775)				177,925
TOTAL INVESTMENTS (98.90%) (Cost $31,190,349)			$	39,647,078
Other Assets In Excess Of Liabilities (1.10%)				438,946
NET ASSETS (100.00%)			$	40,086,024

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $3,127,760, representing 7.80% of net assets.

^(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $2,013,444 representing 5.02% of net assets.

^(d) Fair valued security under the procedures approved by the Fund's Board of Trustees.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak Global Opportunities Fund

PORTFOLIO OF INVESTMENTS          

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.04%)
Argentina (0.54%)
Globant SA(a)		87,275	$	4,012,032
Australia (1.73%)
Blue Sky Alternative Investments, Ltd.		291,700		2,186,584
CTI Logistics, Ltd.		1,458,977		1,085,479
Greencross, Ltd.		544,716		2,514,410
Magellan Financial Group, Ltd.		187,264		3,956,516
National Storage REIT		1,561,490		1,867,543
Reject Shop, Ltd.		346,971		1,357,351
				12,967,883
Austria (1.50%)
Palfinger AG		239,805		11,199,122
Belgium (0.80%)
Melexis NV		69,593		5,987,689
Brazil (0.50%)
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		174,130		943,145
Wiz Solucoes e Corretagem de Seguros SA		438,400		2,783,626
				3,726,771
Britain (9.78%)
Abcam PLC		176,053		2,385,561
Arrow Global Group PLC		851,517		4,906,851
Ascential PLC		419,500		1,987,024
B&M European Value Retail SA		1,065,300		5,060,006
Clinigen Group PLC		1,119,369		14,798,498
Close Brothers Group PLC		94,300		1,916,060
Diploma PLC		175,800		2,505,067
EMIS Group PLC		371,617		4,653,057
Intertek Group PLC		39,800		2,258,547
Metro Bank PLC(a)		75,800		3,622,382
Motorpoint group PLC(b)		747,358		1,410,072
On the Beach Group PLC(b)(c)		608,300		3,732,050
Oxford Immunotec Global PLC(a)		246,554		4,142,107
River & Mercantile Group PLC		477,200		2,254,032
RPS Group PLC		1,508,839		5,439,760
Sanne Group PLC		618,914		5,642,674
Secure Trust Bank PLC		110,600		2,821,473
Ultra Electronics Holdings PLC		130,550		3,612,035
				73,147,256

	Shares		Value (Note 2)
Canada (2.49%)
Biosyent, Inc.(a)		238,700	$	1,642,708
Cipher Pharmaceuticals, Inc.(a)		609,200		2,643,491
DIRTT Environmental Solutions(a)		177,900		847,584
Richelieu Hardware, Ltd.		190,265		4,964,364
Spartan Energy Corp.(a)		370,467		1,898,764
Stantec, Inc.		259,512		6,602,543
				18,599,454
China (6.39%)
BBI Life Sciences Corp.(b)		12,969,000		2,889,084
BrightKing Holdings, Ltd.(a)		307,000		754,397
China Medical System Holdings, Ltd.		3,077,000		5,255,183
CSPC Pharmaceutical Group, Ltd.		2,960,000		4,615,763
Man Wah Holdings, Ltd.		19,097,800		16,504,090
O2Micro International, Ltd., ADR(a)		870,186		1,644,652
On‐Bright Electronics, Inc.		761,080		5,469,502
Silergy Corp.		353,852		6,914,033
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		3,694,000		3,698,351
				47,745,055
Colombia (0.82%)
Amerisur Resources PLC(a)		3,109,700		738,529
Gran Tierra Energy, Inc.(a)		775,950		1,831,242
Parex Resources, Inc.(a)		288,300		3,547,241
				6,117,012
Egypt (0.07%)
Integrated Diagnostics
Holdings PLC(b)(c)		131,600		520,807
France (1.69%)
Alten SA		17,853		1,541,754
Bureau Veritas SA		81,100		1,847,641
Esker SA		30,047		1,781,685
Infotel SA		20,320		1,102,914
Medicrea International(a)		150,185		855,166
Neurones		39,608		1,352,719
Tessi SA		8,710		1,594,169
Thermador Groupe		23,369		2,572,775
				12,648,823
Georgia (0.99%)
BGEO Group PLC		111,900		5,089,182
TBC Bank Group PLC		105,500		2,331,546
				7,420,728
Germany (3.56%)
Aroundtown Property
Holdings PLC		734,200		4,345,734
GRENKE AG		20,700		1,789,822

	Shares		Value (Note 2)
Germany (continued)
Nexus AG		128,790	$	3,964,005
Norma Group SE		76,768		4,660,226
PATRIZIA Immobilien AG(a)		187,213		3,387,507
publity AG		83,400		3,786,258
Wirecard AG		61,185		4,685,553
				26,619,105
Hong Kong (1.97%)
International Housewares
Retail Co., Ltd.		12,296,000		2,314,119
Samsonite International SA		834,000		3,496,889
Value Partners Group, Ltd.		6,990,000		6,506,030
Vitasoy International Holdings, Ltd.		1,135,483		2,427,737
				14,744,775
India (7.97%)
Alkem Laboratories, Ltd.		226,631		6,472,017
Bajaj Finance, Ltd.		257,250		6,829,524
Byke Hospitality, Ltd.		869,500		2,766,352
City Union Bank, Ltd.		1,175,093		3,230,298
Cyient, Ltd.		457,116		3,739,870
Essel Propack, Ltd.		186,695		716,499
Hinduja Global Solutions, Ltd.		212,100		1,729,664
Indiabulls Housing Finance, Ltd.		344,000		6,302,075
Kellton Tech Solutions, Ltd.(a)		593,000		945,639
Kovai Medical Center and Hospital		25,501		536,643
Persistent Systems, Ltd.		127,700		1,287,127
Poly Medicure, Ltd.		86,274		296,204
Tata Investment Corp., Ltd.(a)		52,597		729,375
Time Technoplast, Ltd.		1,497,705		3,832,322
Vaibhav Global, Ltd.(a)		126,933		1,053,731
Vakrangee, Ltd.		650,000		4,470,879
Vesuvius India, Ltd.		37,365		827,402
WNS Holdings, Ltd., ADR(a)		158,125		5,463,219
Yes Bank, Ltd.		295,500		8,335,103
				59,563,943
Indonesia (2.33%)
Arwana Citramulia Tbk PT		59,516,800		1,974,364
Astra Graphia Tbk PT		8,201,900		1,034,163
Bank Rakyat Indonesia Persero Tbk PT		2,251,000		2,496,137
Delfi, Ltd.		1,572,400		2,320,629
Panin Sekuritas Tbk PT		4,960,800		1,042,498
Selamat Sempurna Tbk PT		59,713,000		5,041,814
Tempo Scan Pacific Tbk PT		15,553,000		2,258,710
Ultrajaya Milk Industry & Trading Co. Tbk PT		3,254,500		1,221,292
				17,389,607

	Shares		Value (Note 2)
Ireland (0.33%)
Irish Residential Properties REIT PLC		1,553,046	$	2,463,587
Israel (0.42%)
Wix.com, Ltd.(a)		50,750		3,131,275
Italy (0.38%)
Brembo SpA		182,700		2,811,646
Japan (8.04%)
AIT Corp.		365,500		3,570,624
Amiyaki Tei Co., Ltd.		69,200		2,642,587
Anest Iwata Corp.		127,600		1,189,830
Arcland Service Holdings Co., Ltd.		148,800		2,588,765
Create SD Holdings Co., Ltd.		101,800		2,577,203
CyberAgent, Inc.		68,200		2,112,595
Future Corp.		220,300		1,782,463
GCA Corp.		389,000		3,454,406
Hard Off Corp. Co., Ltd.		250,700		2,599,212
Japan Lifeline Co., Ltd.		59,100		2,723,280
M&A Capital Partners Co., Ltd.(a)		90,800		4,134,573
Macromill, Inc.		96,100		2,176,622
MISUMI Group, Inc.		136,600		3,390,064
Naigai Trans Line, Ltd.		55,300		707,270
Nihon M&A Center, Inc.		125,500		5,037,303
Prestige International, Inc.		354,700		3,886,594
SK Kaken Co., Ltd.		11,000		1,025,217
Suruga Bank, Ltd.		67,500		1,629,870
Synchro Food Co., Ltd.(a)		101,200		1,863,450
Syuppin Co., Ltd.		175,500		3,607,266
Tokyo Century Corp.		42,100		1,794,821
Trancom Co., Ltd.		113,370		5,604,485
				60,098,500
Luxembourg (0.82%)
Grand City Properties SA		116,300		2,410,708
L'Occitane International SA		1,596,753		3,700,162
				6,110,870
Malaysia (0.79%)
AEON Credit Service M Bhd		839,220		2,665,746
My EG Services Bhd		6,426,600		3,242,195
				5,907,941
Mexico (0.74%)
Banregio Grupo Financiero SAB de CV		383,034		2,510,457
Credito Real SAB de CV SOFOM ER		1,688,349		2,990,234
				5,500,691
Netherlands (0.53%)
Aalberts Industries NV		90,722		3,962,942

	Shares		Value (Note 2)
New Zealand (1.44%)
CBL Corp., Ltd.		1,107,672	$	3,019,659
Restaurant Brands New Zealand, Ltd.		1,021,020		4,922,768
Trilogy International, Ltd.		1,411,798		2,820,293
				10,762,720
Norway (2.15%)
Medistim ASA		152,700		1,456,533
Multiconsult ASA(b)(c)		147,300		1,700,080
Nordic Semiconductor ASA(a)		456,211		2,257,020
Norwegian Finans Holding ASA(a)		195,467		2,100,633
Skandiabanken ASA(b)(c)		761,300		8,568,782
				16,083,048
Oman (0.21%)
Tethys Oil AB		218,000		1,572,803
Peru (0.61%)
Alicorp SAA		1,026,175		2,631,543
Credicorp, Ltd.		10,625		1,967,112
				4,598,655
Philippines (2.16%)
Concepcion Industrial Corp.		1,390,152		2,012,497
Pepsi‐Cola Products Philippines, Inc.		25,795,900		1,635,887
Puregold Price Club, Inc.		5,230,000		4,886,930
Robinsons Retail Holdings, Inc.		1,096,000		1,880,967
Security Bank Corp.		1,244,640		5,771,815
				16,188,096
Poland (0.51%)
Dino Polska SA(a)(b)(c)		146,023		2,168,568
PGS Software SA		120,487		434,601
Wawel SA		3,856		1,205,834
				3,809,003
Singapore (0.56%)
CSE Global, Ltd.		3,525,250		1,079,569
Riverstone Holdings, Ltd.		3,984,200		3,101,746
				4,181,315
South Africa (0.77%)
Cartrack Holdings, Ltd.		3,219,400		3,283,220
EOH Holdings, Ltd.		167,000		1,365,399
Italtile, Ltd.		1,177,166		1,133,509
				5,782,128
South Korea (2.25%)
Daewon Pharmaceutical Co., Ltd.		97,762		1,642,398
Hy‐Lok Corp.		242,907		5,003,357
ISC Co., Ltd.		143,308		3,284,795

	Shares		Value (Note 2)
South Korea (continued)
Koh Young Technology, Inc.		39,781	$	2,282,240
LEENO Industrial, Inc.		46,500		2,061,034
Loen Entertainment, Inc.		31,500		2,522,139
				16,795,963
Sweden (2.86%)
AddTech AB, Class B		182,127		3,552,850
Beijer Alma AB		85,931		2,511,793
Bufab AB		255,108		2,859,530
HIQ International AB		203,792		1,363,022
Hoist Finance AB(b)(c)		247,700		2,745,814
Indutrade AB		154,800		3,821,205
Moberg Pharma AB(a)		255,657		1,580,084
Nibe Industrier AB, Class B		294,000		2,805,705
TF Bank AB(b)		10,302		125,046
				21,365,049
Switzerland (1.25%)
Luxoft Holding, Inc.(a)		44,200		2,782,390
VZ Holding AG		15,775		5,081,868
Wizz Air Holdings PLC(a)(b)(c)		43,700		1,500,833
				9,365,091
Taiwan (1.51%)
ASPEED Technology, Inc.		66,237		1,539,911
Cub Elecparts, Inc.		229,473		2,849,841
Dr. Wu Skincare Co., Ltd.		84,500		460,342
Sinmag Equipment Corp.		330,842		1,961,243
Sporton International, Inc.		725,990		3,618,469
TSC Auto ID Technology Co., Ltd.		125,000		869,335
				11,299,141
Thailand (0.75%)
Ananda Development PCL		23,099,000		3,456,885
Premier Marketing PCL		6,383,700		2,186,954
				5,643,839
United Arab Emirates (0.22%)
Aramex PJSC		1,162,100		1,676,843
United States (25.20%)
Aratana Therapeutics, Inc.(a)		282,375		1,906,031
Bank of the Ozarks, Inc.		56,275		2,428,266
BioDelivery Sciences International, Inc.(a)		543,200		1,846,880
Diamond Hill Investment Group, Inc.		18,925		3,737,687
Dril‐Quip, Inc.(a)		26,450		1,179,670
Entellus Medical, Inc.(a)		134,246		2,356,017
EPAM Systems, Inc.(a)		75,850		6,517,790
ExlService Holdings, Inc.(a)		52,700		3,032,885
Fastenal Co.		127,325		5,469,882
First Republic Bank		109,475		10,983,627
FirstCash, Inc.		178,813		10,397,976

	Shares		Value (Note 2)
United States (continued)
Genpact, Ltd.		52,450	$	1,521,050
Gentex Corp.		220,250		3,748,655
Hackett Group, Inc.		120,650		1,981,073
Hamilton Lane, Inc., Class A		106,400		2,389,744
Hibbett Sports, Inc.(a)		74,683		1,165,055
Hingham Institution for Savings		17,900		3,166,510
Home BancShares, Inc.		173,800		4,310,240
IDEX Corp.		40,600		4,731,524
Inphi Corp.(a)		123,600		4,746,240
Kinsale Capital Group, Inc.		70,550		2,745,806
Knight Transportation, Inc.		269,870		9,620,865
LeMaitre Vascular, Inc.		87,858		3,169,038
LGI Homes, Inc.(a)		80,351		3,559,549
Littelfuse, Inc.		11,900		2,144,142
LKQ Corp.(a)		79,900		2,761,344
MarketAxess Holdings, Inc.		39,900		8,095,311
MEDNAX, Inc.(a)		94,275		4,429,040
Microchip Technology, Inc.		60,045		4,806,002
MSC Industrial Direct Co., Inc., Class A		86,350		6,148,984
NV5 Global, Inc.(a)		57,800		2,401,590
Paycom Software, Inc.(a)		61,800		4,331,562
Power Integrations, Inc.		208,475		14,728,759
PRA Group, Inc.(a)		149,525		5,861,380
Resources Connection, Inc.		34,375		458,906
Signature Bank(a)		27,400		3,797,092
Silicon Laboratories, Inc.(a)		75,140		5,643,014
Spirit Airlines, Inc.(a)		55,075		2,139,664
Sportsman's Warehouse Holdings, Inc.(a)		776,200		3,516,186
Sprouts Farmers Market, Inc.(a)		152,475		3,670,073
STAAR Surgical Co.(a)		270,895		2,776,674
SVB Financial Group(a)		20,375		3,635,715
TriMas Corp.(a)		145,225		3,536,229
Universal Logistics Holdings, Inc.		278,534		4,052,670
Veracyte, Inc.(a)		147,402		1,179,216
Virtusa Corp.(a)		47,425		1,572,139
				188,397,752
Vietnam (0.41%)
DHG Pharmaceutical JSC		128,530		658,302
Vietnam Dairy Products JSC		358,800		2,409,208
				3,067,510
TOTAL COMMON STOCKS (Cost $525,246,363)				732,986,470

TOTAL INVESTMENTS (98.04%) (Cost $525,246,363)	$	732,986,470
Other Assets In Excess Of Liabilities (1.96%)		14,650,693
NET ASSETS (100.00%)	$	747,637,163

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $29,059,487, representing 3.89% of net assets.

^(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $24,635,285 representing 3.30% of net assets.

ForFund compliance purposes, the Fund's geographicalclassifications refer to any one or more of the country sub-classifications used by one or more widely recognized marketindexes or ratings group indexes, and/or as defined by Fundmanagement. This definition may not apply for purposes of thisreport, which may combine sub-classifications for reporting ease.Geographical regions are shown as a percentage of net assets.

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak Global Reach Fund
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Shares		Value (Note 2)
COMMON STOCKS (97.74%)
Argentina (0.39%)
Globant SA(a)		29,213	$	1,342,922
Australia (1.52%)
Australian Ethical Investment, Ltd.		4,878		445,654
Beacon Lighting Group, Ltd.		477,900		519,955
Blue Sky Alternative Investments, Ltd.		115,000		862,040
CTI Logistics, Ltd.		323,146		240,421
Greencross, Ltd.		196,400		906,583
Mitula Group, Ltd.(a)		1,381,173		707,161
Monash IVF Group, Ltd.		206,100		262,159
National Storage REIT		420,789		503,264
Reject Shop, Ltd.		204,953		801,777
				5,249,014
Austria (0.52%)
Palfinger AG		38,148		1,781,548
Bangladesh (0.20%)
Square Pharmaceuticals, Ltd.		195,018		677,740
Belgium (0.28%)
Melexis NV		11,185		962,342
Brazil (0.52%)
M Dias Branco SA		78,500		1,273,531
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		33,110		179,334
Wiz Solucoes e Corretagem de Seguros SA		53,600		340,334
				1,793,199
Britain (9.69%)
AB Dynamics PLC		103,406		825,425
Abcam PLC		52,389		709,884
Arrow Global Group PLC		197,151		1,136,079
Ascential PLC		279,200		1,322,472
B&M European Value Retail SA		241,600		1,147,562
Bioventix PLC		13,000		323,748
Burford Capital, Ltd.		51,500		738,607
Clinigen Group PLC		288,930		3,819,768
Close Brothers Group PLC		52,019		1,056,962
Diploma PLC		68,800		980,367
dotdigital group PLC		1,335,656		1,242,397
EMIS Group PLC		53,596		671,081
Horizon Discovery Group PLC(a)		212,900		723,318
IDOX PLC		550,000		473,500

	Shares		Value (Note 2)
Britain (continued)
Intertek Group PLC		17,900	$	1,015,779
Metro Bank PLC(a)		65,000		3,106,264
Morses Club PLC		428,000		647,997
Mortgage Advice Bureau Holdings, Ltd.		25,289		154,236
Motorpoint group PLC(b)		172,653		325,752
On the Beach Group PLC(b)(c)		327,200		2,007,441
Oxford Immunotec Global PLC(a)		68,850		1,156,680
Premier Technical Services Group PLC		967,900		1,660,162
Purplebricks Group PLC(a)		154,100		975,934
River & Mercantile Group PLC		84,200		397,715
RPS Group PLC		195,399		704,464
S&U PLC		18,000		448,623
Sanne Group PLC		292,973		2,671,052
Secure Trust Bank PLC		24,000		612,255
Softcat PLC		129,138		681,539
Ultra Electronics Holdings PLC		29,650		820,351
WANdisco PLC(a)		100,245		889,471
				33,446,885
Canada (2.31%)
Biosyent, Inc.(a)		113,100		778,342
Birchcliff Energy, Ltd.		150,500		736,355
Cipher Pharmaceuticals, Inc.(a)		160,200		695,153
DIRTT Environmental Solutions(a)		248,900		1,185,856
Ritchie Bros Auctioneers, Inc.		37,025		1,045,216
Spartan Energy Corp.(a)		227,700		1,167,037
Stantec, Inc.		58,320		1,483,786
TFI International, Inc.		37,196		874,445
				7,966,190
China (6.38%)
BBI Life Sciences Corp.(b)		6,405,500		1,426,943
BrightKing Holdings, Ltd.(a)		424,312		1,042,670
China Medical System Holdings, Ltd.		1,860,000		3,176,678
CSPC Pharmaceutical Group, Ltd.		1,014,000		1,581,211
Essex Bio-technology, Ltd.		1,529,000		831,957
Lida Holdings, Ltd.(a)		220,000		819,659
Man Wah Holdings, Ltd.		6,967,200		6,020,971
O2Micro International, Ltd., ADR(a)		292,039		551,954
On-Bright Electronics, Inc.		206,400		1,483,294
Shanghai Haohai Biological Technology Co., Ltd., Class H(b)(c)		171,700		907,872
Silergy Corp.		120,925		2,362,794
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)		1,831,000		1,833,157
				22,039,160

	Shares		Value (Note 2)
Colombia (1.11%)
Amerisur Resources PLC(a)		4,567,800	$	1,084,817
Gran Tierra Energy, Inc.(a)		386,195		911,420
Parex Resources, Inc.(a)		149,861		1,843,888
				3,840,125
Egypt (0.43%)
Commercial International Bank Egypt SAE		147,762		692,003
Integrated Diagnostics Holdings PLC(b)(c)		201,400		797,040
				1,489,043
Finland (0.43%)
Ferratum OYJ(b)		25,400		691,577
Metso OYJ		24,600		782,786
				1,474,363
France (1.49%)
Alten SA		10,400		898,126
Esker SA		23,409		1,388,074
Infotel SA		15,660		849,982
Medicrea International(a)		68,768		391,571
Neurones		17,282		590,226
Thermador Groupe		9,404		1,035,320
				5,153,299
Georgia (0.95%)
BGEO Group PLC		28,700		1,305,268
Georgia Healthcare Group PLC(a)(b)(c)		102,948		515,474
TBC Bank Group PLC		65,290		1,442,906
				3,263,648
Germany (3.27%)
Aroundtown Property Holdings PLC		144,177		853,384
CANCOM SE		11,400		750,340
GRENKE AG		25,800		2,230,793
Nexus AG		32,485		999,850
Norma Group SE		42,460		2,577,548
PATRIZIA Immobilien AG(a)		42,604		770,894
publity AG		15,300		694,601
Wirecard AG		31,496		2,411,967
				11,289,377
Greece (0.50%)
Sarantis SA		119,670		1,742,485
Hong Kong (2.44%)
International Housewares Retail Co., Ltd.		8,915,000		1,677,812
Jacobson Pharma Corp., Ltd.(b)		3,565,000		931,095
Plover Bay Technologies, Ltd.(b)		2,494,000		504,496
Samsonite International SA		361,800		1,516,996
TK Group Holdings, Ltd.		3,244,000		1,324,878

	Shares		Value (Note 2)
Hong Kong (continued)
Value Partners Group, Ltd.		696,000	$	647,811
Vitasoy International Holdings, Ltd.		847,000		1,810,941
				8,414,029
India (7.16%)
Advanced Enzyme Technologies, Ltd.(a)(b)		75,000		367,101
Alkem Laboratories, Ltd.		33,482		956,163
Bajaj Finance, Ltd.		54,500		1,446,877
Byke Hospitality, Ltd.		756,500		2,406,838
City Union Bank, Ltd.		302,940		832,774
Control Print, Ltd.		146,500		909,241
Cyient, Ltd.		181,100		1,481,660
Essel Propack, Ltd.		212,042		813,776
Hinduja Global Solutions, Ltd.		68,789		560,971
Igarashi Motors India, Ltd.		66,087		1,042,691
Indiabulls Housing Finance, Ltd.		21,000		384,720
Inox Wind, Ltd.(a)		194,698		417,462
Kellton Tech Solutions, Ltd.(a)		269,512		429,782
Kovai Medical Center and Hospital		18,322		385,569
Kwality, Ltd.		180,814		410,805
L&T Finance Holdings, Ltd.		290,500		792,463
L&T Technology Services, Ltd.(b)(c)		78,000		925,464
Poly Medicure, Ltd.		190,208		653,040
Somany Ceramics, Ltd.		104,500		1,306,835
Time Technoplast, Ltd.		673,285		1,722,799
Vaibhav Global, Ltd.(a)		102,142		847,929
Vakrangee, Ltd.		116,000		797,880
Vesuvius India, Ltd.		34,043		753,840
WNS Holdings, Ltd., ADR(a)		77,225		2,668,124
Yes Bank, Ltd.		50,500		1,424,442
				24,739,246
Indonesia (2.66%)
Arwana Citramulia Tbk PT		21,429,600		710,889
Astra Graphia Tbk PT		1,942,500		244,927
Bank Rakyat Indonesia Persero Tbk PT		345,000		382,571
Delfi, Ltd.		1,017,500		1,501,679
Hexindo Adiperkasa Tbk PT		1,406,900		438,204
Indonesia Pondasi Raya Tbk PT		4,331,200		451,844
Panin Sekuritas Tbk PT		1,810,000		380,366
Sarana Menara Nusantara Tbk Pt		2,740,000		824,632
Selamat Sempurna Tbk PT		29,693,300		2,507,127
Surya Toto Indonesia Tbk PT		12,250,000		400,856
Tempo Scan Pacific Tbk PT		5,739,800		833,572
Ultrajaya Milk Industry & Trading Co. Tbk PT		1,368,700		513,622
				9,190,289

	Shares		Value (Note 2)
Ireland (0.44%)
Irish Residential Properties REIT PLC		962,077	$	1,526,137
Israel (1.50%)
IDI Insurance Co., Ltd.		6,162		351,422
Kornit Digital, Ltd.(a)		74,385		1,539,769
Wix.com, Ltd.(a)		53,375		3,293,238
				5,184,429
Italy (0.63%)
Brembo SpA		108,750		1,673,599
Telit Communications PLC		138,900		499,854
				2,173,453
Japan (6.48%)
Abist Co., Ltd.		5,500		221,257
AIT Corp.		70,200		685,794
Amiyaki Tei Co., Ltd.		31,800		1,214,368
Anest Iwata Corp.		42,200		393,502
Anshin Guarantor Service Co., Ltd.		101,000		501,129
Arcland Service Holdings Co., Ltd.		45,600		793,331
Create SD Holdings Co., Ltd.		47,300		1,197,463
CyberAgent, Inc.		17,000		526,600
Dip Corp.		14,800		312,526
Encourage Technologies Co., Ltd.		23,400		447,008
Future Corp.		77,800		629,485
Hard Off Corp. Co., Ltd.		213,000		2,208,345
Interworks, Inc.		32,200		329,171
Japan Lifeline Co., Ltd.		11,800		543,734
M&A Capital Partners Co., Ltd.(a)		31,100		1,416,137
Macromill, Inc.		24,600		557,179
MISUMI Group, Inc.		67,800		1,682,623
Nihon M&A Center, Inc.		65,200		2,616,989
Prestige International, Inc.		63,900		700,179
Quick Co., Ltd.		39,000		560,352
SK Kaken Co., Ltd.		2,000		186,403
Synchro Food Co., Ltd.(a)		42,500		782,575
Syuppin Co., Ltd.		129,400		2,659,716
Trancom Co., Ltd.		9,300		459,749
Trust Tech, Inc.		17,000		357,595
Zenkoku Hosho Co., Ltd.		9,000		386,956
				22,370,166
Jordan (0.19%)
Hikma Pharmaceuticals PLC		34,900		650,185
Kenya (0.23%)
Safaricom, Ltd.		3,427,700		807,642
Luxembourg (0.21%)
Grand City Properties SA		34,400		713,056

	Shares		Value  (Note 2)
Malaysia (0.55%)
AEON Credit Service M Bhd		222,900	$	708,032
Berjaya Food Bhd		923,700		302,039
CB Industrial Product Holding Bhd		876,633		415,641
Scicom MSC Bhd		934,000		486,470
				1,912,182
Mexico (0.53%)
Banregio Grupo Financiero SAB de CV		182,857		1,198,469
Unifin Financiera SAB de CV SOFOM ENR		195,650		637,312
				1,835,781
Netherlands (1.02%)
Aalberts Industries NV		61,382		2,681,304
Shop Apotheke Europe NV(a)(c)		18,700		844,530
				3,525,834
New Zealand (2.54%)
CBL Corp., Ltd.		1,590,836		4,336,827
Fisher & Paykel Healthcare Corp., Ltd.		47,428		390,735
Restaurant Brands New Zealand, Ltd.		367,658		1,772,634
Trilogy International, Ltd.		1,145,563		2,288,446
				8,788,642
Norway (2.23%)
Medistim ASA		75,150		716,820
Multiconsult ASA(b)(c)		63,000		727,122
Nordic Semiconductor ASA(a)		139,000		687,677
Norwegian Finans Holding ASA(a)		67,400		724,330
Skandiabanken ASA(b)(c)		430,800		4,848,853
				7,704,802
Oman (0.29%)
Tethys Oil AB		137,900		994,906
Pakistan (0.23%)
Akzo Nobel Pakistan, Ltd.		187,900		441,137
Meezan Bank, Ltd.		466,000		355,071
				796,208
Peru (0.56%)
Alicorp SAA		482,379		1,237,022
Credicorp, Ltd.		3,700		685,018
				1,922,040
Philippines (1.94%)
Concepcion Industrial Corp.		1,147,920		1,661,822
Holcim Philippines, Inc.		2,549,400		651,749
Pepsi-Cola Products Philippines, Inc.		13,292,100		842,939
Pryce Corp.(a)		5,447,000		722,165

	Shares		Value (Note 2)
Philippines (continued)
Puregold Price Club, Inc.		860,700	$	804,241
Robinsons Land Corp.		616,300		313,891
Security Bank Corp.		369,700		1,714,423
				6,711,230
Poland (1.22%)
Dino Polska SA(a)(b)(c)		145,618		2,162,553
LiveChat Software SA		50,150		753,139
PGS Software SA		138,887		500,971
Wawel SA		2,541		794,612
				4,211,275
Russia (0.16%)
MD Medical Group Investments PLC, GDR(b)		14,755		129,254
TCS Group Holding PLC, GDR(b)		33,000		430,650
				559,904
Singapore (0.33%)
CSE Global, Ltd.		1,303,300		399,122
Riverstone Holdings, Ltd.		947,800		737,873
				1,136,995
South Africa (1.79%)
ARB Holdings, Ltd.		2,093,266		976,844
Blue Label Telecoms, Ltd.		564,502		725,184
Capitec Bank Holdings, Ltd.		4,800		313,155
Cartrack Holdings, Ltd.		1,471,000		1,500,161
Clicks Group, Ltd.		81,600		924,186
EOH Holdings, Ltd.		68,600		560,876
Interwaste Holdings, Ltd.(a)		5,043,434		298,502
Italtile, Ltd.		921,472		887,298
				6,186,206
South Korea (2.42%)
Daebongls Co., Ltd.		34,900		310,936
Daewon Pharmaceutical Co., Ltd.		44,980		755,662
Hanssem Co., Ltd.		3,300		519,012
Hy-Lok Corp.		37,840		779,422
Interpark Holdings Corp.		96,500		494,120
ISC Co., Ltd.		67,830		1,554,747
i-SENS, Inc.		8,450		205,388
Koh Young Technology, Inc.		14,143		811,385
Loen Entertainment, Inc.		16,000		1,281,087
Mando Corp.		4,500		1,031,455
Vitzrocell Co., Ltd.(a)(d)		88,536		602,279
				8,345,493
Spain (0.00%)(e)
Let's GOWEX SA(a)(d)(f)		10,700		13
Sri Lanka (0.62%)
Hemas Holdings PLC		1,037,261		993,015

	Shares		Value (Note 2)
Sri Lanka (continued)
Royal Ceramics Lanka PLC		1,352,145	$	1,144,766
				2,137,781
Sweden (2.46%)
Avanza Bank Holding Ab		15,800		651,859
Bufab AB		74,698		837,297
HIQ International AB		90,026		602,121
Hoist Finance AB(b)(c)		98,300		1,089,679
Indutrade AB		36,300		896,058
Moberg Pharma AB(a)		111,100		686,652
Sweco AB, Class B		54,500		1,331,820
Swedencare AB(a)		172,900		511,817
TF Bank AB(b)		96,300		1,168,892
Vitec Software Group AB, Class B		67,500		712,722
				8,488,917
Switzerland (1.03%)
Luxoft Holding, Inc.(a)		21,100		1,328,245
VZ Holding AG		1,250		402,684
Wizz Air Holdings PLC(a)(b)(c)		53,400		1,833,969
				3,564,898
Taiwan (2.78%)
ASPEED Technology, Inc.		45,771		1,064,107
Bioteque Corp.		82,000		231,101
Cub Elecparts, Inc.		102,944		1,278,469
Dr. Wu Skincare Co., Ltd.		190,000		1,035,088
I Yuan Precision Ind Co., Ltd.		132,000		496,167
Sinmag Equipment Corp.		169,371		1,004,037
Sitronix Technology Corp.		312,000		997,102
Sporton International, Inc.		274,346		1,367,391
Test Research, Inc.		409,440		488,147
TSC Auto ID Technology Co., Ltd.		57,600		400,589
TTFB Co., Ltd.(a)		148,000		1,235,151
				9,597,349
Thailand (0.81%)
Ananda Development PCL		6,517,100		975,318
Premier Marketing PCL		2,698,100		924,326
Srisawad Power Corp. PCL		570,960		905,087
				2,804,731
Turkey (0.20%)
Anadolu Hayat Emeklilik AS		213,300		403,042
AvivaSA Emeklilik ve Hayat AS		53,534		303,466
				706,508
United States (20.97%)
Acacia Communications, Inc.(a)		8,475		370,951
Aratana Therapeutics, Inc.(a)		134,150		905,512
Axalta Coating Systems, Ltd.(a)		44,125		1,389,938
Bank of the Ozarks, Inc.		38,075		1,642,936

	Shares		Value (Note 2)
United States (continued)
BG Staffing, Inc.		38,025	$	633,496
BioDelivery Sciences International, Inc.(a)		363,775		1,236,835
BofI Holding, Inc.(a)		33,000		919,710
Dril-Quip, Inc.(a)		9,225		411,435
Edwards Lifesciences Corp.(a)		6,825		786,103
Entellus Medical, Inc.(a)		23,898		419,410
EPAM Systems, Inc.(a)		24,650		2,118,174
ePlus, Inc.(a)		8,592		695,093
Escalade, Inc.		71,167		878,912
Evolent Health, Inc., Class A(a)		12,375		305,662
ExlService Holdings, Inc.(a)		17,325		997,054
Fastenal Co.		39,225		1,685,106
First of Long Island Corp.		23,775		664,511
First Republic Bank		39,600		3,973,068
FirstCash, Inc.		59,100		3,436,665
GBGI, Ltd.(a)		692,460		1,635,401
Genpact, Ltd.		12,100		350,900
Gentex Corp.		80,850		1,376,067
Hackett Group, Inc.		43,575		715,501
Hamilton Lane, Inc., Class A		21,525		483,451
Hingham Institution for Savings		7,500		1,326,750
Home BancShares, Inc.		37,950		941,160
Inphi Corp.(a)		70,150		2,693,760
K2M Group Holdings, Inc.(a)		21,800		530,394
Kinsale Capital Group, Inc.		74,850		2,913,162
Knight Transportation, Inc.		32,575		1,161,299
LeMaitre Vascular, Inc.		15,343		553,422
LGI Homes, Inc.(a)		21,025		931,407
Littelfuse, Inc.		3,700		666,666
MarketAxess Holdings, Inc.		8,655		1,756,013
MEDNAX, Inc.(a)		43,400		2,038,932
Microchip Technology, Inc.		14,250		1,140,570
Monro Muffler Brake, Inc.		27,600		1,286,160
MSC Industrial Direct Co., Inc., Class A		18,750		1,335,187
NV5 Global, Inc.(a)		22,650		941,107
NxStage Medical, Inc.(a)		27,250		641,737
Palo Alto Networks, Inc.(a)		4,175		550,182
Patrick Industries, Inc.(a)		7,625		580,263
Paycom Software, Inc.(a)		22,750		1,594,548
Power Integrations, Inc.		34,590		2,443,784
PRA Group, Inc.(a)		15,275		598,780
Proto Labs, Inc.(a)		27,950		2,065,505
Qualys, Inc.(a)		23,825		956,574
Seacoast Commerce Banc Holdings		44,700		920,820
ServisFirst Bancshares, Inc.		18,775		682,284
Signature Bank(a)		6,850		949,273
Silicon Laboratories, Inc.(a)		20,175		1,515,143
Spirit Airlines, Inc.(a)		16,475		640,054
Sportsman's Warehouse Holdings, Inc.(a)		116,300		526,839
Sprouts Farmers Market, Inc.(a)		35,650		858,096

	Shares		Value (Note 2)
United States (continued)
STAAR Surgical Co.(a)		53,279	$	546,110
SVB Financial Group(a)		11,175		1,994,067
Synaptics, Inc.(a)		8,325		437,978
Transcat, Inc.(a)		119,952		1,559,376
Trecora Resources(a)		43,561		503,130
TriMas Corp.(a)		63,025		1,534,659
Under Armour, Inc., Class A(a)		35,300		706,706
Veracyte, Inc.(a)		107,129		857,032
Virtusa Corp.(a)		15,725		521,284
				72,432,104
Vietnam (1.13%)
DHG Pharmaceutical JSC		65,119		333,525
Lix Detergent JSC		577,800		1,225,440
Nui Nho Stone JSC		130,340		337,227
Taisun Int'l Holding Corp.(a)		114,000		502,128
Vietnam Dairy Products JSC		222,291		1,492,601
				3,890,921
TOTAL COMMON STOCKS (Cost $261,209,301)				337,534,692
PREFERRED STOCKS (0.22%)
Germany (0.22%)
FUCHS PETROLUB SE		12,600		748,778
TOTAL PREFERRED STOCKS (Cost $656,398)				748,778

	Principal Amount		Value (Note 2)
CORPORATE BONDS (0.27%)
Germany (0.27%)
publity AG
3.50%, 11/17/2020	$	800,000	$	948,935
TOTAL CORPORATE BONDS (Cost $878,800)				948,935
TOTAL INVESTMENTS (98.23%) (Cost $262,744,499)			$	339,232,405
Other Assets In Excess Of Liabilities (1.77%)				6,096,381
NET ASSETS (100.00%)			$	345,328,786

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $23,624,384, representing 6.84% of net assets.

^(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $18,493,154 representing 5.36% of net assets.

^(d) Fair valued security under the procedures approved by the Fund's Board of Trustees.

^(e) Less than 0.005%.

^(f) Security determined to be illiquid under the procedures approved by the Fund’s Board of Trustees.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak Global Stalwarts Fund
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Shares		Value (Note 2)
COMMON STOCKS (96.31%)
Argentina (0.58%)
Globant SA(a)		16,350	$	751,610
Australia (0.39%)
Magellan Financial Group, Ltd.		23,885		504,642
Bangladesh (0.39%)
Square Pharmaceuticals, Ltd.		144,203		501,144
Belgium (0.71%)
Melexis NV		10,684		919,237
Brazil (0.97%)
M Dias Branco SA		33,200		538,614
Raia Drogasil SA		31,800		705,069
				1,243,683
Britain (7.29%)
Abcam PLC		52,725		714,437
Ascential PLC		100,306		475,114
B&M European Value Retail SA		505,300		2,400,095
Burford Capital, Ltd.		15,300		219,431
Close Brothers Group PLC		32,580		661,985
Diploma PLC		115,750		1,649,383
Intertek Group PLC		18,000		1,021,453
Metro Bank PLC(a)		20,100		960,553
Ultra Electronics Holdings PLC		46,475		1,285,862
				9,388,313
Canada (5.57%)
Birchcliff Energy, Ltd.		68,549		335,391
Gildan Activewear, Inc.		31,059		935,943
Ritchie Bros Auctioneers, Inc.		73,200		2,066,436
Spartan Energy Corp.(a)		89,831		460,413
Stantec, Inc.		96,742		2,461,325
TFI International, Inc.		39,026		917,467
				7,176,975
China (6.70%)
China Medical System Holdings, Ltd.		943,000		1,610,542
CSPC Pharmaceutical Group, Ltd.		500,000		779,690
Ctrip.com International, Ltd., ADR(a)		11,400		680,922
Man Wah Holdings, Ltd.		2,913,800		2,518,071
Silergy Corp.		78,000		1,524,068
Tencent Holdings, Ltd.		18,600		746,305

	Shares		Value (Note 2)
China (continued)
Yum China Holdings, Inc.(a)	21,600	$	773,064
			8,632,662
Colombia (0.68%)
Parex Resources, Inc.(a)	71,095		874,752
Egypt (0.24%)
Commercial International Bank Egypt SAE	66,062		309,383
Finland (0.43%)
Metso OYJ	17,286		550,050
France (1.92%)
Alten SA	17,232		1,488,126
BioMerieux	2,150		474,038
Bureau Veritas SA	22,550		513,740
			2,475,904
Georgia (0.69%)
BGEO Group PLC	19,500		886,855
Germany (4.91%)
Aroundtown Property Holdings PLC	117,654		696,395
CTS Eventim AG & Co. KGaA	10,500		486,507
GRENKE AG	17,700		1,530,427
Norma Group SE	24,190		1,468,462
PATRIZIA Immobilien AG(a)	56,084		1,014,806
Wirecard AG	14,750		1,129,556
			6,326,153
Hong Kong (3.97%)
Samsonite International SA	317,500		1,331,250
Value Partners Group, Ltd.	2,516,900		2,342,636
Vitasoy International Holdings, Ltd.	670,500		1,433,573
			5,107,459
India (6.11%)
AIA Engineering, Ltd.	19,743		446,340
Alkem Laboratories, Ltd.	33,024		943,083
Bajaj Finance, Ltd.	36,200		961,045
City Union Bank, Ltd.	113,200		311,184
CRISIL, Ltd.	14,500		419,915
Indiabulls Housing Finance, Ltd.	47,200		864,703
L&T Finance Holdings, Ltd.	184,500		503,303
Vakrangee, Ltd.	102,000		701,584
WNS Holdings, Ltd., ADR(a)	33,275		1,149,651
Yes Bank, Ltd.	55,700		1,571,118
			7,871,926

	Shares		Value (Note 2)
Indonesia (0.59%)
Bank Rakyat Indonesia Persero Tbk PT	402,100	$	445,889
Delfi, Ltd.	212,600		313,766
			759,655
Israel (0.48%)
Wix.com, Ltd.(a)	10,050		620,085
Italy (1.74%)
Brembo SpA	114,555		1,762,935
DiaSorin SpA	5,473		476,850
			2,239,785
Japan (8.19%)
Create SD Holdings Co., Ltd.	30,800		779,743
CyberAgent, Inc.	18,200		563,772
Dip Corp.	43,600		920,684
Ezaki Glico Co., Ltd.	13,500		710,236
MISUMI Group, Inc.	69,700		1,729,777
Nihon M&A Center, Inc.	91,700		3,680,643
Seria Co., Ltd.	19,800		982,412
Suruga Bank, Ltd.	26,100		630,216
Tokyo Century Corp.	12,800		545,694
			10,543,177
Jordan (0.32%)
Hikma Pharmaceuticals PLC	21,900		407,996
Luxembourg (0.98%)
Grand City Properties SA	43,600		903,757
L'Occitane International SA	152,400		353,157
			1,256,914
Mexico (0.60%)
Banregio Grupo Financiero SAB de CV	118,000		773,388
Netherlands (1.38%)
Aalberts Industries NV	40,563		1,771,884
New Zealand (0.36%)
Fisher & Paykel Healthcare Corp., Ltd.	56,237		463,307
Norway (0.41%)
Norwegian Finans Holding ASA(a)	49,600		533,038
Peru (1.02%)
Alicorp SAA	259,413		665,244
Credicorp, Ltd.	3,525		652,618
			1,317,862
Philippines (2.82%)
Puregold Price Club, Inc.	980,000		915,716

	Shares		Value (Note 2)
Philippines (continued)
Robinsons Land Corp.	773,000	$	393,700
Robinsons Retail Holdings, Inc.	477,900		820,177
Security Bank Corp.	324,300		1,503,888
			3,633,481
Poland (0.42%)
AmRest Holdings SE(a)	5,200		534,859
South Africa (0.44%)
EOH Holdings, Ltd.	69,650		569,461
South Korea (2.20%)
BGF retail Co., Ltd.	5,500		454,135
Hanssem Co., Ltd.	3,350		526,875
LG Household & Health Care, Ltd.	1,100		974,130
Loen Entertainment, Inc.	5,401		432,447
Mando Corp.	1,950		446,964
			2,834,551
Sweden (1.66%)
Indutrade AB	44,325		1,094,153
Nibe Industrier AB, Class B	41,808		398,983
Sweco AB, Class B	26,600		650,026
			2,143,162
Switzerland (1.52%)
Luxoft Holding, Inc.(a)	10,400		654,680
VZ Holding AG	1,890		608,858
Wizz Air Holdings PLC(a)(b)(c)	20,200		693,748
			1,957,286
Taiwan (0.43%)
Largan Precision Co., Ltd.	3,000		547,433
Thailand (0.43%)
Srisawad Power Corp. PCL	346,320		548,987
United States (28.00%)
Amazon.com, Inc.(a)	1,000		987,780
Axalta Coating Systems, Ltd.(a)	25,875		815,063
Bank of the Ozarks, Inc.	13,800		595,470
BofI Holding, Inc.(a)	16,550		461,248
Dollar Tree, Inc.(a)	14,075		1,014,526
Dril-Quip, Inc.(a)	6,850		305,510
Edwards Lifesciences Corp.(a)	6,625		763,067
EPAM Systems, Inc.(a)	17,025		1,462,958
Fastenal Co.	22,425		963,378
First Republic Bank	32,550		3,265,741
FirstCash, Inc.	33,528		1,949,653
Genpact, Ltd.	15,175		440,075
Gentex Corp.	48,575		826,746
Home BancShares, Inc.	20,337		504,358
IDEX Corp.	6,575		766,250

	Shares		Value (Note 2)
United States (continued)
Inphi Corp.(a)	17,150	$	658,560
Knight Transportation, Inc.	50,350		1,794,977
Littelfuse, Inc.	4,675		842,342
LKQ Corp.(a)	34,050		1,176,768
Lululemon Athletica, Inc.(a)	8,450		520,858
MarketAxess Holdings, Inc.	7,175		1,455,736
MEDNAX, Inc.(a)	30,700		1,442,286
Microchip Technology, Inc.	12,775		1,022,511
Monro Muffler Brake, Inc.	21,400		997,240
MSC Industrial Direct Co., Inc., Class A	14,250		1,014,743
Palo Alto Networks, Inc.(a)	3,800		500,764
Paycom Software, Inc.(a)	9,800		686,882
Power Integrations, Inc.	33,675		2,379,139
PRA Group, Inc.(a)	27,700		1,085,840
Proto Labs, Inc.(a)	15,425		1,139,908
SEI Investments Co.	9,000		508,590
Signature Bank(a)	5,050		699,829
Silicon Laboratories, Inc.(a)	11,675		876,793
Sprouts Farmers Market, Inc.(a)	18,600		447,702
SVB Financial Group(a)	4,825		860,973
Tyler Technologies, Inc.(a)	3,325		571,268
Under Armour, Inc., Class A(a)	11,950		239,239
			36,044,771
Vietnam (0.77%)
Vietnam Dairy Products JSC	146,924		986,540
TOTAL COMMON STOCKS (Cost $103,097,275)			124,008,370
PREFERRED STOCKS (0.81%)
Brazil (0.30%)
Itau Unibanco Holding SA	32,445		388,610
Germany (0.51%)
FUCHS PETROLUB SE	11,000		653,695
TOTAL PREFERRED STOCKS (Cost $810,977)			1,042,305
TOTAL INVESTMENTS (97.12%) (Cost $103,908,252)		$	125,050,675
Other Assets In Excess Of Liabilities (2.88%)			3,702,771
NET ASSETS (100.00%)		$	128,753,446

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $693,748 representing 0.54% of net assets.

^(c) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $693,748, representing 0.54% of net assets.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak International Opportunities Fund
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Shares		Value (Note 2)
COMMON STOCKS (95.82%)
Argentina (0.54%)
Globant SA(a)	98,475	$	4,526,896
Australia (2.43%)
Blue Sky Alternative Investments, Ltd.	446,139		3,344,259
CTI Logistics, Ltd.	1,533,161		1,140,672
Greencross, Ltd.	983,600		4,540,299
Magellan Financial Group, Ltd.	208,400		4,403,077
Medical Developments International, Ltd.	520,709		2,116,162
National Storage REIT	3,467,918		4,147,632
Reject Shop, Ltd.	222,431		870,151
			20,562,252
Austria (1.20%)
Palfinger AG	218,040		10,182,676
Bangladesh (0.32%)
Square Pharmaceuticals, Ltd.	777,000		2,700,284
Belgium (0.76%)
Melexis NV	74,492		6,409,192
Brazil (1.08%)
M Dias Branco SA	92,400		1,499,035
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA	382,470		2,071,582
Wiz Solucoes e Corretagem de Seguros SA	877,800		5,573,602
			9,144,219
Britain (11.64%)
Abcam PLC	229,666		3,112,030
Alliance Pharma PLC	3,193,134		2,169,707
Arrow Global Group PLC	1,445,501		8,329,673
Ascential PLC	660,800		3,129,977
B&M European Value Retail SA	1,374,500		6,528,657
Clinigen Group PLC	1,292,173		17,083,035
Close Brothers Group PLC	106,400		2,161,917
Diploma PLC	224,500		3,199,018
EMIS Group PLC	404,800		5,068,546
Intertek Group PLC	66,800		3,790,727
Metro Bank PLC(a)	108,800		5,199,409
Motorpoint group PLC(b)	850,495		1,604,665
On the Beach Group PLC(b)(c)	958,750		5,882,135
Oxford Immunotec Global PLC(a)	271,830		4,566,744
Purplebricks Group PLC(a)	575,900		3,647,245

	Shares		Value (Note 2)
Britain (continued)
River & Mercantile Group PLC	625,400	$	2,954,048
RPS Group PLC	1,528,911		5,512,124
Sanne Group PLC	697,166		6,356,102
Secure Trust Bank PLC	122,300		3,119,947
Tracsis PLC	190,900		1,120,837
Ultra Electronics Holdings PLC	143,700		3,975,867
			98,512,410
Canada (3.24%)
Biosyent, Inc.(a)	374,000		2,573,828
Cipher Pharmaceuticals, Inc.(a)	753,500		3,269,649
DIRTT Environmental Solutions(a)	552,900		2,634,230
Richelieu Hardware, Ltd.	229,350		5,984,163
Spartan Energy Corp.(a)	412,533		2,114,366
Stantec, Inc.	291,710		7,421,729
TFI International, Inc.	145,200		3,413,525
			27,411,490
China (6.69%)
BBI Life Sciences Corp.(b)	14,481,500		3,226,022
BrightKing Holdings, Ltd.(a)	685,291		1,683,979
China Medical System Holdings, Ltd.	5,319,000		9,084,276
CSPC Pharmaceutical Group, Ltd.	3,206,000		4,999,370
Man Wah Holdings, Ltd.	20,661,800		17,855,681
O2Micro International, Ltd., ADR(a)	950,233		1,795,940
On-Bright Electronics, Inc.	678,000		4,872,448
Silergy Corp.	463,199		9,050,600
Xiabuxiabu Catering Management China Holdings Co., Ltd.(b)(c)	4,072,000		4,076,796
			56,645,112
Colombia (0.95%)
Gran Tierra Energy, Inc.(a)	1,178,037		2,780,167
Parex Resources, Inc.(a)	429,375		5,283,026
			8,063,193
Denmark (0.39%)
Ringkjoebing Landbobank A/S	63,320		3,331,173
Egypt (0.07%)
Integrated Diagnostics Holdings PLC(b)(c)	154,200		610,247
Finland (0.22%)
Ferratum OYJ(b)	69,000		1,878,692
France (2.78%)
Alten SA	51,300		4,430,180
Bureau Veritas SA	124,800		2,843,225
Esker SA	97,543		5,783,968
Infotel SA	37,200		2,019,115

	Shares		Value (Note 2)
France (continued)
Medicrea International(a)	162,535	$	925,488
Neurones	57,747		1,972,213
Tessi SA	12,400		2,269,541
Thermador Groupe	30,029		3,305,998
			23,549,728
Georgia (1.10%)
BGEO Group PLC	149,511		6,799,721
TBC Bank Group PLC	113,800		2,514,975
			9,314,696
Germany (4.91%)
Aroundtown Property Holdings PLC	805,600		4,768,351
CANCOM SE	47,100		3,100,091
GRENKE AG	28,800		2,490,187
Nexus AG	262,256		8,071,932
Norma Group SE	93,303		5,663,989
PATRIZIA Immobilien AG(a)	186,894		3,381,735
publity AG	115,200		5,229,939
Wirecard AG	115,711		8,861,159
			41,567,383
Hong Kong (2.55%)
International Housewares Retail Co., Ltd.	13,447,000		2,530,738
Samsonite International SA	1,151,200		4,826,881
TK Group Holdings, Ltd.	5,555,000		2,268,711
Value Partners Group, Ltd.	8,740,000		8,134,865
Vitasoy International Holdings, Ltd.	1,797,338		3,842,826
			21,604,021
India (8.32%)
Alkem Laboratories, Ltd.	295,843		8,448,540
Bajaj Finance, Ltd.	286,260		7,599,687
Byke Hospitality, Ltd.	959,500		3,052,691
City Union Bank, Ltd.	1,630,821		4,483,081
Cyient, Ltd.	514,912		4,212,725
Essel Propack, Ltd.	729,500		2,799,679
Hinduja Global Solutions, Ltd.	303,026		2,471,161
Indiabulls Housing Finance, Ltd.	383,500		7,025,715
Kellton Tech Solutions, Ltd.(a)	668,779		1,066,481
Time Technoplast, Ltd.	3,395,734		8,688,992
Vaibhav Global, Ltd.(a)	186,684		1,549,752
Vakrangee, Ltd.	928,000		6,383,040
WNS Holdings, Ltd., ADR(a)	188,200		6,502,310
Yes Bank, Ltd.	217,500		6,134,974
			70,418,828
Indonesia (2.98%)
Arwana Citramulia Tbk PT	75,956,500		2,519,722
Astra Graphia Tbk PT	10,792,000		1,360,745
Bekasi Fajar Industrial Estate Tbk PT	68,518,500		1,594,171

	Shares		Value (Note 2)
Indonesia (continued)
Delfi, Ltd.	1,445,600	$	2,133,491
Indonesia Pondasi Raya Tbk PT	19,353,900		2,019,057
Link Net Tbk PT	5,792,700		2,195,522
Lippo Cikarang Tbk PT(a)	2,189,000		721,233
Panin Sekuritas Tbk PT	8,494,000		1,784,990
Selamat Sempurna Tbk PT	69,686,300		5,883,900
Tempo Scan Pacific Tbk PT	19,383,500		2,815,001
Ultrajaya Milk Industry & Trading Co. Tbk PT	5,739,500		2,153,820
			25,181,652
Ireland (1.10%)
Irish Residential Properties REIT PLC	5,867,176		9,307,063
Israel (0.64%)
Sarine Technologies, Ltd.	1,358,600		1,523,870
Wix.com, Ltd.(a)	62,825		3,876,302
			5,400,172
Italy (0.75%)
Banca Sistema SpA(b)(c)	1,071,907		2,811,937
Brembo SpA	227,675		3,503,785
			6,315,722
Japan (10.62%)
AIT Corp.	500,200		4,886,529
Amiyaki Tei Co., Ltd.	88,800		3,391,065
Anest Iwata Corp.	145,400		1,355,809
Anshin Guarantor Service Co., Ltd.	375,000		1,860,629
Arcland Service Holdings Co., Ltd.	158,800		2,762,741
Create SD Holdings Co., Ltd.	166,700		4,220,234
CyberAgent, Inc.	108,900		3,373,337
Dip Corp.	102,000		2,153,894
Future Corp.	389,600		3,152,281
GCA Corp.	616,400		5,473,768
Hard Off Corp. Co., Ltd.	279,800		2,900,915
Japan Lifeline Co., Ltd.	65,700		3,027,403
M&A Capital Partners Co., Ltd.(a)	146,800		6,684,530
Macromill, Inc.	106,200		2,405,383
MISUMI Group, Inc.	223,700		5,551,664
Nihon M&A Center, Inc.	136,000		5,458,751
Prestige International, Inc.	518,600		5,682,514
Quick Co., Ltd.	278,400		4,000,051
SK Kaken Co., Ltd.	14,000		1,304,821
Synchro Food Co., Ltd.(a)	113,800		2,095,460
Syuppin Co., Ltd.	240,800		4,949,456
Tokyo Century Corp.	104,500		4,455,077
Trancom Co., Ltd.	104,590		5,170,443
Trust Tech, Inc.	168,600		3,546,496
			89,863,251

	Shares		Value (Note 2)
Luxembourg (0.80%)
Grand City Properties SA	187,800	$	3,892,785
L'Occitane International SA	1,238,712		2,870,473
			6,763,258
Malaysia (1.52%)
AEON Credit Service M Bhd	1,117,560		3,549,881
Berjaya Food Bhd	2,056,016		672,293
CB Industrial Product Holding Bhd	3,120,200		1,479,390
My EG Services Bhd	10,250,400		5,171,287
Scicom MSC Bhd	3,754,500		1,955,514
			12,828,365
Mexico (1.24%)
Banregio Grupo Financiero SAB de CV	560,065		3,670,742
Credito Real SAB de CV SOFOM ER	3,841,140		6,803,041
			10,473,783
Netherlands (0.66%)
Aalberts Industries NV	128,397		5,608,671
New Zealand (1.58%)
CBL Corp., Ltd.	1,542,256		4,204,392
Restaurant Brands New Zealand, Ltd.	1,240,800		5,982,420
Trilogy International, Ltd.	1,571,085		3,138,494
			13,325,306
Norway (2.82%)
Medistim ASA	420,559		4,011,513
Multiconsult ASA(b)(c)	164,600		1,899,750
Nordic Semiconductor ASA(a)	742,300		3,672,393
Norwegian Finans Holding ASA(a)	305,700		3,285,278
Skandiabanken ASA(b)(c)	979,400		11,023,598
			23,892,532
Oman (0.42%)
Tethys Oil AB	496,508		3,582,154
Peru (0.86%)
Alicorp SAA	1,628,724		4,176,731
Credicorp, Ltd.	16,850		3,119,609
			7,296,340
Philippines (3.08%)
Concepcion Industrial Corp.	3,730,800		5,401,009
Holcim Philippines, Inc.	2,303,300		588,834
Pepsi-Cola Products Philippines, Inc.	30,387,500		1,927,071
Puregold Price Club, Inc.	6,696,000		6,256,766
Robinsons Retail Holdings, Inc.	1,696,000		2,910,694

	Shares		Value (Note 2)
Philippines (continued)
Security Bank Corp.	1,931,760	$	8,958,221
			26,042,595
Poland (0.45%)
Dino Polska SA(a)(b)(c)	221,200		3,285,011
PGS Software SA	130,778		471,721
			3,756,732
Singapore (0.70%)
CSE Global, Ltd.	4,878,055		1,493,852
Riverstone Holdings, Ltd.	5,677,000		4,419,610
			5,913,462
South Africa (1.51%)
Blue Label Telecoms, Ltd.	1,526,900		1,961,523
Cartrack Holdings, Ltd.	3,596,400		3,667,693
EOH Holdings, Ltd.	349,156		2,854,714
Italtile, Ltd.	3,988,625		3,840,702
OneLogix Group, Ltd.	2,358,030		465,209
			12,789,841
South Korea (3.11%)
Daewon Pharmaceutical Co., Ltd.	108,998		1,831,162
Hy-Lok Corp.	286,501		5,901,298
ISC Co., Ltd.	267,949		6,141,720
Koh Young Technology, Inc.	44,883		2,574,942
LEENO Industrial, Inc.	72,500		3,213,440
Loen Entertainment, Inc.	49,909		3,996,110
Vitzrocell Co., Ltd.(a)(d)	390,884		2,659,045
			26,317,717
Sweden (2.91%)
AddTech AB, Class B	343,608		6,702,948
Bufab AB	442,163		4,956,247
HIQ International AB	227,896		1,524,237
Hoist Finance AB(b)(c)	414,200		4,591,506
Indutrade AB	173,750		4,288,981
Moberg Pharma AB(a)	334,194		2,065,481
Odd Molly International AB	72,938		336,965
TF Bank AB(b)	15,300		185,712
			24,652,077
Switzerland (1.14%)
Luxoft Holding, Inc.(a)	50,225		3,161,664
VZ Holding AG	20,080		6,468,711
			9,630,375
Taiwan (3.44%)
ASPEED Technology, Inc.	129,958		3,021,328
Cub Elecparts, Inc.	195,732		2,430,809
Dr. Wu Skincare Co., Ltd.	97,000		528,440
Materials Analysis Technology, Inc.	748,000		2,650,594

	Shares		Value (Note 2)
Taiwan (continued)
Novatek Microelectronics Corp.	479,000	$	1,824,278
Sinmag Equipment Corp.	952,810		5,648,292
Sitronix Technology Corp.	841,000		2,687,702
Sporton International, Inc.	1,410,650		7,030,942
Test Research, Inc.	1,980,252		2,360,917
TSC Auto ID Technology Co., Ltd.	138,000		959,746
			29,143,048
Thailand (0.81%)
Ananda Development PCL	26,514,800		3,968,077
Premier Marketing PCL	8,478,400		2,904,565
			6,872,642
United Arab Emirates (0.32%)
Aramex PJSC	1,855,000		2,676,658
United States (2.64%)
EPAM Systems, Inc.(a)	83,750		7,196,638
FirstCash, Inc.	201,848		11,737,461
GBGI, Ltd.(a)	1,426,215		3,368,330
			22,302,429
Vietnam (0.53%)
DHG Pharmaceutical JSC	97,210		497,887
Vietnam Dairy Products JSC	592,330		3,977,276
			4,475,163
TOTAL COMMON STOCKS
(Cost $578,106,255)			810,843,500
TOTAL INVESTMENTS (95.82%)
(Cost $578,106,255)		$	810,843,500
Other Assets In Excess Of Liabilities (4.18%)			35,392,387
NET ASSETS (100.00%)		$	846,235,887

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $41,076,071, representing 4.85% of net assets.

^(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $34,180,980 representing 4.04% of net assets.

^(d) Fair valued security under the procedures approved by the Fund's Board of Trustees.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak International Stalwarts Fund

PORTFOLIO OF INVESTMENTS

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (94.64%)
Argentina (0.85%)
Globant SA(a)		67,875	$	3,120,214
Australia (0.47%)
Magellan Financial Group, Ltd.		82,009		1,732,687
Bangladesh (0.48%)
Square Pharmaceuticals, Ltd.		503,679		1,750,420
Belgium (1.17%)
Melexis NV		50,139		4,313,893
Brazil (1.25%)
M Dias Branco SA		123,600		2,005,203
Raia Drogasil SA		116,300		2,578,601
				4,583,804
Britain (9.71%)
Abcam PLC		204,050		2,764,927
Ascential PLC		404,600		1,916,448
B&M European Value Retail SA		1,703,400		8,090,880
Burford Capital, Ltd.		60,600		869,118
Close Brothers Group PLC		117,905		2,395,684
Diploma PLC		395,600		5,637,112
Intertek Group PLC		84,100		4,772,457
Metro Bank PLC(a)		86,100		4,114,606
Ultra Electronics Holdings PLC		185,950		5,144,833
				35,706,065
Canada (6.91%)
Birchcliff Energy, Ltd.		233,108		1,140,533
Gildan Activewear, Inc.		117,029		3,526,593
Ritchie Bros Auctioneers, Inc.		238,975		6,746,264
Spartan Energy Corp.(a)		294,711		1,510,490
Stantec, Inc.		357,339		9,091,472
TFI International, Inc.		144,411		3,394,976
				25,410,328
China (8.35%)
China Medical System Holdings, Ltd.		3,483,600		5,949,611
CSPC Pharmaceutical Group, Ltd.		1,837,000		2,864,580
Ctrip.com International, Ltd., ADR(a)		41,825		2,498,207
Man Wah Holdings, Ltd.		9,600,600		8,296,724
Silergy Corp.		301,000		5,881,340
Tencent Holdings, Ltd.		63,000		2,527,808
Yum China Holdings, Inc.(a)		74,825		2,677,987
				30,696,257
Colombia (0.82%)
Parex Resources, Inc.(a)		244,519		3,008,560

	Shares		Value (Note 2)
Egypt (0.33%)
Commercial International Bank Egypt SAE		261,752	$	1,225,844
Finland (0.56%)
Metso OYJ		64,326		2,046,890
France (2.59%)
Alten SA		67,214		5,804,486
BioMerieux		8,750		1,929,226
Bureau Veritas SA		79,200		1,804,354
				9,538,066
Georgia (0.87%)
BGEO Group PLC		70,000		3,183,581
Germany (6.63%)
Aroundtown Property Holdings PLC		560,737		3,319,005
CTS Eventim AG & Co. KGaA		45,650		2,115,146
GRENKE AG		58,350		5,045,223
Norma Group SE		83,750		5,084,071
PATRIZIA Immobilien AG(a)		204,380		3,698,134
Wirecard AG		66,550		5,096,405
				24,357,984
Hong Kong (4.77%)
Samsonite International SA		1,098,060		4,604,070
Value Partners Group, Ltd.		8,645,000		8,046,442
Vitasoy International Holdings, Ltd.		2,287,000		4,889,755
				17,540,267
India (8.16%)
AIA Engineering, Ltd.		78,900		1,783,732
Alkem Laboratories, Ltd.		101,674		2,903,556
Bajaj Finance, Ltd.		133,250		3,537,547
City Union Bank, Ltd.		387,385		1,064,911
CRISIL, Ltd.		59,500		1,723,101
Indiabulls Housing Finance, Ltd.		151,500		2,775,478
L&T Finance Holdings, Ltd.		711,000		1,939,557
Vakrangee, Ltd.		397,500		2,734,115
WNS Holdings, Ltd., ADR(a)		147,195		5,085,587
Yes Bank, Ltd.		227,950		6,429,735
				29,977,319
Indonesia (0.91%)
Bank Rakyat Indonesia Persero Tbk PT		1,813,000		2,010,438
Delfi, Ltd.		893,700		1,318,968
				3,329,406
Israel (0.69%)
Wix.com, Ltd.(a)		41,100		2,535,870
Italy (2.54%)
Brembo SpA		478,235		7,359,756
DiaSorin SpA		22,580		1,967,345
				9,327,101
Japan (9.85%)
Create SD Holdings Co., Ltd.		126,400		3,199,986

	Shares		Value (Note 2)
Japan (continued)
CyberAgent, Inc.		68,100	$	2,109,497
Dip Corp.		135,500		2,861,300
Ezaki Glico Co., Ltd.		46,500		2,446,369
MISUMI Group, Inc.		262,000		6,502,172
Nihon M&A Center, Inc.		280,400		11,254,660
Seria Co., Ltd.		76,000		3,770,874
Suruga Bank, Ltd.		87,100		2,103,136
Tokyo Century Corp.		46,100		1,965,350
				36,213,344
Jordan (0.48%)
Hikma Pharmaceuticals PLC		94,500		1,760,529
Luxembourg (1.59%)
Grand City Properties SA		218,100		4,520,855
L'Occitane International SA		569,250		1,319,125
				5,839,980
Mexico (0.98%)
Banregio Grupo Financiero SAB de CV		550,950		3,611,001
Netherlands (2.05%)
Aalberts Industries NV		172,471		7,533,923
New Zealand (0.49%)
Fisher & Paykel Healthcare Corp., Ltd.		219,967		1,812,192
Norway (0.68%)
Norwegian Finans Holding ASA(a)		231,238		2,485,055
Peru (1.32%)
Alicorp SAA		899,744		2,307,321
Credicorp, Ltd.		13,825		2,559,560
				4,866,881
Philippines (3.84%)
Puregold Price Club, Inc.		3,828,200		3,577,083
Robinsons Land Corp.		3,344,000		1,703,147
Robinsons Retail Holdings, Inc.		1,811,320		3,108,607
Security Bank Corp.		1,231,200		5,709,489
				14,098,326
Poland (0.53%)
AmRest Holdings SE(a)		19,000		1,954,293
South Africa (0.72%)
EOH Holdings, Ltd.		322,800		2,639,226
South Korea (2.91%)
BGF retail Co., Ltd.		23,200		1,915,625
Hanssem Co., Ltd.		12,400		1,950,226
LG Household & Health Care, Ltd.		3,600		3,188,061
Loen Entertainment, Inc.		22,500		1,801,528
Mando Corp.		8,050		1,845,159
				10,700,599

	Shares		Value (Note 2)
Sweden (2.64%)
Indutrade AB		198,050	$	4,888,821
Nibe Industrier AB, Class B		233,700		2,230,249
Sweco AB, Class B		105,800		2,585,442
				9,704,512
Switzerland (2.01%)
Luxoft Holding, Inc.(a)		42,325		2,664,359
VZ Holding AG		7,689		2,476,988
Wizz Air Holdings PLC(a)(b)(c)		66,000		2,266,703
				7,408,050
Taiwan (0.60%)
Largan Precision Co., Ltd.		12,000		2,189,730
Thailand (0.62%)
Srisawad Power Corp. PCL		1,427,920		2,263,543
United States (4.30%)
EPAM Systems, Inc.(a)		61,875		5,316,919
FirstCash, Inc.		103,887		6,041,029
Genpact, Ltd.		82,975		2,406,275
Lululemon Athletica, Inc.(a)		32,950		2,031,038
				15,795,261
Vietnam (0.97%)
Vietnam Dairy Products JSC		532,874		3,578,051
TOTAL COMMON STOCKS (Cost $283,556,479)				347,839,052
PREFERRED STOCKS (0.93%)
Brazil (0.42%)
Itau Unibanco Holding SA		129,430		1,550,246
Germany (0.51%)
FUCHS PETROLUB SE		31,400		1,866,002
TOTAL PREFERRED STOCKS (Cost $2,457,790)				3,416,248
TOTAL INVESTMENTS (95.57%) (Cost $286,014,269)			$	351,255,300
Other Assets In Excess Of Liabilities (4.43%)				16,284,674
NET ASSETS (100.00%)			$	367,539,974

^(a) Non-Income Producing Security.

^(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, these securities had a total aggregate market value of $2,266,703 representing 0.62% of net assets.

^(c)       Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $2,266,703, representing 0.62% of net assets.

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

See Notes to Quarterly Portfolios of Investments.

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2017, the Trust consists of multiple separate Portfolios or series. This quarterly report describes the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, and Grandeur Peak International Stalwarts Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class (except the Grandeur Peak Global Micro Cap Fund) and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Portfolios of Investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the Portfolios of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the Portfolios of Investments Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their Portfolios of Investments.

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

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

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board of Trustees (the “Board”). The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of each Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers which instruct when to use the fair valuation model.

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

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

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

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

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

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

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

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

The following is a summary of each Fund’s investments in the fair value hierarchy as of July 31, 2017:

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Micro Cap Fund
Common Stocks
South Korea	$	1,065,387	$	–	$	76,054	$	1,141,441
Other*		38,327,712		–		–		38,327,712
Corporate Bonds*		–		177,925		–		177,925
Total	$	39,393,099	$	177,925	$	76,054	$	39,647,078

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Emerging Markets Opportunities Fund
Common Stocks
South Korea	$	31,864,241	$	–	$	3,025,606	$	34,889,847
Other*		393,652,957		–		–		393,652,957
Total	$	425,517,198	$	–	$	3,025,606	$	428,542,804

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak International Opportunities Fund
Common Stocks
South Korea	$	23,658,672	$	–	$	2,659,045	$	26,317,717
Other*		784,525,783		–		–		784,525,783
Total	$	808,184,455	$	–	$	2,659,045	$	810,843,500

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Opportunities Fund
Common Stocks*	$	732,986,470	$	–	$	–	$	732,986,470
Total	$	732,986,470	$	–	$	–	$	732,986,470

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Reach Fund
Common Stocks
South Korea	$	7,743,214	$	–	$	602,279	$	8,345,493
Spain		–		–		13		13
Other*		329,189,186		–		–		329,189,186
Preferred Stocks*		748,778		–		–		748,778
Corporate Bonds*		–		948,935		–		948,935
Total	$	337,681,178	$	948,935	$	602,292	$	339,232,405

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak International Stalwarts Fund
Common Stocks*	$	347,839,052	$	–	$	–	$	347,839,052
Preferred Stocks*		3,416,248		–		–		3,416,248
Total	$	351,255,300	$	–	$	–	$	351,255,300

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Grandeur Peak Global Stalwarts Fund
Common Stocks*	$	124,008,370	$	–	$	–	$	124,008,370
Preferred Stocks*		1,042,305		–		–		1,042,305
Total	$	125,050,675	$	–	$	–	$	125,050,675

* For a detailed country breakdown, see the accompanying Portfolios of Investments.

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

The Funds had the following transfers between levels 1 and 2 during the period ended July 31, 2017:

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Grandeur Peak Emerging Markets Opportunities Fund
CommonStocks	$	–	$	(1,911,151	)	$	1,911,151	$	–
Total	$	–	$	(1,911,151	)	$	1,911,151	$	–

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Grandeur Peak Global Micro Cap Fund
CommonStocks	$	111,002	$	(85,259	)	$	85,259	$	(111,002	)
Total	$	–	$	(85,259	)	$	85,259

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Grandeur Peak Global Opportunities Fund
CommonStocks	$	–	$	(786,587	)	$	786,587	$	–
Total	$	–	$	(786,587	)	$	786,587	$	–

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Grandeur Peak Global Reach Fund
CommonStocks	$	737,280	$	(605,047	)	$	605,047	$	(737,280	)
Total	$	–	$	(605,047	)	$	605,047	$	–

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Grandeur Peak International Opportunities Fund
CommonStocks	$	–	$	(2,641,601	)	$	2,641,601	$	–
Total	$	–	$	(2,641,601	)	$	2,641,601	$

The transfer amounts disclosed in the table above represent the value of the securities as of July 31, 2017 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held at April 30, 2017. The above transfers from Level 2 to Level 1 were due to the ability to obtain a closing market price within an active market for a security that previously had no market to trade. Additionally, the above transfers from Level 1 to Level 2 were due to the inability to obtain a closing market price due to an inactive market to trade. For the period July 31, 2017, the Grandeur Peak Global Stalwarts Fund and Grandeur Peak International Stalwarts Fund did not have any transfers in/(out) of Level 1 and Level 2 securities.

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

Grandeur Peak Emerging Markets Opportunities Fund	Common Stocks			Total
Balance as of April 30, 2017	$	3,306,095		$	3,306,095
Accrued Discount/Premium					-
Return of Capital					-
Realized Gain/(Loss)		(2	)		(2	)
Change in Unrealized Appreciation/(Depreciation)		(280,488	)		(280,488	)
Purchases					-
Sales Proceeds		1			1
Transfer into Level 3	‐			‐
Transfer out of Level 3		-			-
Balance as of July 31, 2017	$	3,025,606		$	3,025,606
Net change in unrealized Appreciation/(Depreciation) attributable to Level 3 investments held at July 31, 2017	$	(280,488	)	$	(280.488	)

Grandeur Peak Global Micro Cap Fund	Common Stocks			Total
Balance as of April 30, 2017	$	83,107		$	83,107
Accrued Discount/Premium					-
Return of Capital					-
Realized Gain/(Loss)		(3	)		(3	)
Change in Unrealized Appreciation/(Depreciation)		(7,050	)		(7,050	)
Purchases					-
Sales Proceeds	‐			‐
Transfer into Level 3	‐			‐
Transfer out of Level 3		-			-
Balance as of July 31, 2017	$	76,054		$	76,054
Net change in unrealized Appreciation/(Depreciation) attributable to Level 3 investments held at July 31, 2017	$	(7,050	)	$	(7,050	)

Grandeur Peak Global Reach Fund	Common Stocks			Total
Balance as of April 30, 2017	$	658,125		$	658,125
Accrued Discount/Premium					-
Return of Capital					-
Realized Gain/(Loss)					-
Change in Unrealized Appreciation/(Depreciation)		(55,833	)		(55,833	)
Purchases					-
Sales Proceeds					-
Transfer into Level 3	‐			‐
Transfer out of Level 3		-			-
Balance as of July 31, 2017	$	602,292		$	602,292
Net change in unrealized Appreciation/(Depreciation) attributable to Level 3 investments held at July 31, 2017	$	(55,833	)	$	(55,833	)

Grandeur Peak International Opportunities Fund	Common Stocks			Total
Balance as of April 30, 2017	$	2,905,555		$	2,905,555
Accrued Discount/Premium		-			-
Return of Capital		-			-
Realized Gain/(Loss)		(4	)		(4	)
Change in Unrealized Appreciation/(Depreciation)		(246,507	)		(246,507	)
Purchases
Sales Proceeds		1			1
Transfer into Level 3		-			-
Transfer out of Level 3		-			-
Balance as of July 31, 2017	$	2,659,045		$	2,659,045
Net change in unrealized Appreciation/(Depreciation) attributable to Level 3 investments held at July 31, 2017	$	(246,507	)	$	(246,507	)

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

The table below provided additional information about the Level 3 Fair Value Measurements as of July 31, 2017:

Quantitative Information about Level 3 Fair Value Measurements

Grandeur Peak Emerging Markets Opportunities Fund

Asset Class	Fair Value (USD) at 7/31/17		Valuation Technique	Unobservable Inputs(a)	Value
Foreign Common Stock	$	3,025,606	Discount on last quoted exchange price due to factory production halt	Discount		37%
Grandeur Peak Global Micro Cap Fund
Asset Class	Fair Value (USD) at 7/31/17		Valuation Technique	Unobservable Inputs(a)	Value
Foreign Common Stock	$	76,054	Discount on last quoted exchange price due to factory production halt	Discount		37%
Grandeur Peak Global Reach Fund
Asset Class	Fair Value (USD) at 7/31/17		Valuation Technique	Unobservable Inputs(a)	Value
Foreign Common Stock	$	602,292	Discount on last quoted exchange price due to factory production halt	Discount		37%
Grandeur Peak International Opportunities Fund
Asset Class	Fair Value (USD) at 7/31/17		Valuation Technique	Unobservable Inputs(a)	Value
Foreign Common Stock	$	2,659,045	Discount on last quoted exchange price due to factory production halt	Discount		37%

^(a) A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount	Decrease	Increase

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 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 Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

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

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service.

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

Grandeur Peak Funds^® Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

Unrealized Appreciation and Depreciation on Investments: As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/(Depreciation)		Cost of Investments for Income Tax Purposes
Grandeur Peak Emerging Markets Opportunities Fund	$	99,342,175	$	(26,170,024	)	$	73,172,151	$	355,370,653
Grandeur Peak Global Micro Cap Fund		9,868,814		(1,412,086	)		8,456,728		31,190,350
Grandeur Peak Global Opportunities Fund		247,614,133		(40,049,770	)		207,564,363		525,422,107
Grandeur Peak Global Reach Fund		93,084,462		(16,836,777	)		76,247,685		262,984,720
Grandeur Peak Global Stalwarts Fund		23,540,104		(2,471,422	)		21,068,682		103,981,993
Grandeur Peak International Opportunities Fund		266,025,826		(33,379,675	)		232,646,151		578,197,349
Grandeur Peak International Stalwarts Fund		69,661,120		(4,783,627	)		64,877,493		286,377,807

HIGHLAND RESOLUTE FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
July 31, 2017 (Unaudited)
Description	Shares		Value (Note 2)
CLOSED END FUNDS (0.39%)
Altaba, Inc.(a)		28,738	$	1,678,299
TOTAL CLOSED END FUNDS
(Cost $1,698,324)				1,678,299
COMMON STOCKS (17.23%)
ADVERTISING (0.12%)
Omnicom Group, Inc.(b)		3,079		242,440
The Interpublic Group of Cos., Inc.(b)		12,124		262,000
				504,440
AEROSPACE & DEFENSE (0.54%)
General Dynamics Corp.(b)		1,909		374,794
Harris Corp.(b)		4,014		459,483
L3 Technologies, Inc.		860		150,474
Lockheed Martin Corp.(b)		1,277		373,050
Northrop Grumman Corp.(b)		834		219,450
Raytheon Co.(b)		2,335		401,083
Spirit AeroSystems Holdings, Inc., Class A		1,680		101,522
United Technologies Corp.(b)		2,217		262,870
				2,342,726
AGRICULTURE (0.06%)
Altria Group, Inc.(b)		3,906		253,773
AIRLINES (0.05%)
Delta Air Lines, Inc.(b)		2,398		118,365
United Continental Holdings, Inc.(a)(b)		1,272		86,089
				204,454
AUTO PARTS & EQUIPMENT (0.09%)
BorgWarner, Inc.		5,236		244,731
WABCO Holdings, Inc.(a)		1,070		147,200
				391,931
BANKS (0.96%)
Bank of America Corp.(b)		23,403		564,480
BB&T Corp.(b)		3,530		167,040
Capital One Financial Corp.(b)		1,943		167,448
Citigroup, Inc.(b)		8,404		575,254
Citizens Financial Group, Inc.		2,897		101,627
East West Bancorp, Inc.		2,836		161,595
Fifth Third Bancorp(b)		7,319		195,417
Huntington Bancshares, Inc.(b)		20,001		265,013
ICICI Bank, Ltd., Sponsored ADR		1,593		14,834
JPMorgan Chase & Co.(b)		5,208		478,095
Lloyds Banking Group PLC, ADR		38,774		136,485
Morgan Stanley		1,347		63,174
Regions Financial Corp.		11,955		174,543
State Street Corp.(b)		1,749		163,059

Description	Shares		Value (Note 2)
BANKS (0.96%) (continued)
SunTrust Banks, Inc.(b)		2,876	$	164,766
The Goldman Sachs Group, Inc.(b)		761		171,476
U.S. Bancorp		3,040		160,451
Wells Fargo & Co.(b)		7,450		401,853
				4,126,610
BEVERAGES (0.07%)
Coca-Cola European Partners PLC(b)		6,737		291,241
BIOTECHNOLOGY (0.10%)
Celgene Corp.(a)		1,209		163,711
Gilead Sciences, Inc.(b)		3,339		254,064
				417,775
BUILDING MATERIALS (0.15%)
Cemex SAB de CV, Sponsored ADR(a)		18,276		177,460
Masco Corp.(b)		7,882		300,541
Owens Corning		2,786		186,801
				664,802
CHEMICALS (0.66%)
Celanese Corp., Class A		2,154		207,150
FMC Corp.		1,506		115,028
PPG Industries, Inc.(b)		2,171		228,498
The Sherwin-Williams Co.		6,413		2,162,913
Versum Materials, Inc.		4,050		142,803
				2,856,392
COAL (0.01%)
SunCoke Energy, Inc.(a)		6,305		56,430
COMMERCIAL SERVICES (1.08%)
EVERTEC, Inc.		4,933		88,054
KAR Auction Services, Inc.		59,453		2,499,404
Nielsen Holdings PLC(b)		6,722		289,113
PayPal Holdings, Inc.(a)		1,971		115,402
Robert Half International, Inc.(b)		4,264		192,946
S&P Global, Inc.		9,725		1,493,663
				4,678,582
COMPUTERS (0.40%)
Amdocs, Ltd.(b)		4,380		294,205
Apple, Inc.(b)		1,435		213,427
Brocade Communications Systems, Inc.		1,141		14,411
Dell Technologies, Inc., Class V(a)		536		34,449
DXC Technology Co.(b)		5,397		423,017
Hewlett Packard Enterprise Co.(b)		19,025		333,128
HP, Inc.		11,309		216,002
Leidos Holdings, Inc.(b)		3,642		194,629
				1,723,268

Description	Shares		Value (Note 2)
DISTRIBUTION & WHOLESALE (0.70%)
Arrow Electronics, Inc.(a)(b)		3,680	$	299,147
LKQ Corp.(a)		78,346		2,707,638
				3,006,785
DIVERSIFIED FINANCIAL SERVICES (1.63%)
Air Lease Corp.		2,037		80,624
Alliance Data Systems Corp.		383		92,467
CBOE Holdings, Inc.		28,145		2,660,547
Discover Financial Services(b)		4,996		304,456
Intercontinental Exchange, Inc.		38,935		2,597,354
Navient Corp.(b)		15,401		227,165
Raymond James Financial, Inc.(b)		2,288		190,339
SLM Corp.(a)(b)		21,750		240,990
Synchrony Financial(b)		8,067		244,591
TD Ameritrade Holding Corp.(b)		3,412		156,031
The Charles Schwab Corp.(b)		5,853		251,094
				7,045,658
ELECTRIC (0.04%)
AES Corp.		16,875		188,662
ELECTRICAL COMPONENTS & EQUIPMENT (0.07%)
AMETEK, Inc.(b)		3,857		237,514
EnerSys		846		61,140
				298,654
ELECTRONICS (0.27%)
Flex, Ltd.(a)(b)		24,438		390,763
Honeywell International, Inc.(b)		1,797		244,608
Jabil, Inc.(b)		4,622		140,971
TE Connectivity, Ltd.		3,428		275,577
Waters Corp.(a)		623		108,053
				1,159,972
ENGINEERING & CONSTRUCTION (0.03%)
Tutor Perini Corp.(a)		4,875		129,675
ENTERTAINMENT (0.05%)
Six Flags Entertainment Corp.(b)		4,026		228,959
FOOD (0.08%)
Nomad Foods, Ltd.(a)(b)		22,706		323,561
HAND & MACHINE TOOLS (0.06%)
Stanley Black & Decker, Inc.(b)		1,007		141,675

Description	Shares		Value (Note 2)
HAND & MACHINE TOOLS (0.06%) (continued)
Snap-on, Inc.		912	$	140,630
				282,305
HEALTHCARE - PRODUCTS (0.03%)
Zimmer Biomet Holdings, Inc.		988		119,864
HEALTHCARE - SERVICES (0.36%)
Anthem, Inc.(b)		1,673		311,529
Cigna Corp.		1,118		194,040
DaVita, Inc.(a)(b)		2,791		180,801
Laboratory Corp. of America Holdings(a)(b)		1,599		254,097
Quest Diagnostics, Inc.		1,722		186,510
UnitedHealth Group, Inc.		1,246		238,995
Universal Health Services, Inc., Class B		1,696		187,968
				1,553,940
HOLDING COMPANIES - DIVERSIFIED (0.57%)
HRG Group, Inc.(a)		137,672		2,281,225
Silver Run Acquisition Corp. II, Class A(a)		18,739		190,015
				2,471,240
HOUSEWARES (0.61%)
Newell Brands, Inc.		50,111		2,641,852
INSURANCE (0.45%)
Alleghany Corp.(a)		300		184,002
American International Group, Inc.		2,884		188,758
Aon PLC		1,589		219,552
Berkshire Hathaway, Inc., Class B(a)(b)		1,398		244,608
Chubb, Ltd.(b)		1,353		198,160
Marsh & McLennan Cos., Inc.		2,251		175,511
MetLife, Inc.(b)		3,573		196,515
The Allstate Corp.(b)		2,402		218,582
The Travelers Cos., Inc.		1,078		138,081
Unum Group(b)		3,567		178,814
				1,942,583
INTERNET (0.63%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)(b)		2,361		365,837
Alphabet, Inc., Class A(a)(b)		867		819,748
Baidu, Inc., Sponsored ADR(a)(b)		1,168		264,377
CDW Corp.(b)		2,382		151,090
eBay, Inc.(a)(b)		11,912		425,616
The Priceline Group, Inc.(a)		58		117,653
VeriSign, Inc.(a)		842		85,185
Vipshop Holdings, Ltd., ADR(a)		11,076		136,235
Yandex NV, Class A(a)		3,460		100,271
YY, Inc., ADR(a)		3,570		255,255
				2,721,267

Description	Shares		Value (Note 2)
IRON & STEEL (0.04%)
Steel Dynamics, Inc.		4,522	$	160,124
LEISURE TIME (0.06%)
Brunswick Corp.(b)		4,346		246,027
MEDIA (0.56%)
CBS Corp., Class B(b)		5,173		340,539
Comcast Corp., Class A		11,107		449,278
Liberty Broadband Corp., Class C(a)(b)		701		69,525
Liberty Global PLC, Class C(a)(b)		12,119		397,140
Liberty Global PLC LiLAC, Class C(a)		3,713		94,755
Scripps Networks Interactive, Inc., Class A		2,615		228,577
Time Warner, Inc.(b)		4,652		476,458
Twenty-First Century Fox, Inc., Class A(b)		12,558		365,438
				2,421,710
MISCELLANEOUS MANUFACTURING (0.23%)
Eaton Corp. PLC(b)		3,437		268,945
General Electric Co.		7,343		188,054
Illinois Tool Works, Inc.		1,348		189,677
Textron, Inc.(b)		7,306		358,944
				1,005,620
OIL & GAS (1.33%)
Anadarko Petroleum Corp.		3,813		174,140
Chevron Corp.		1,979		216,087
Cimarex Energy Co.(b)		1,134		112,300
Diamondback Energy, Inc.(a)		3,379		323,979
Energen Corp.(a)		6,574		350,263
Enerplus Corp.		20,674		186,479
EQT Corp.		4,929		313,977
Gulfport Energy Corp.(a)(b)		10,791		136,182
Jagged Peak Energy, Inc.(a)		11,255		159,371
Kosmos Energy, Ltd.(a)		7,793		51,434
Marathon Petroleum Corp.		49,331		2,762,043
Parsley Energy, Inc., Class A(a)(b)		8,719		255,292
Pioneer Natural Resources Co.		1,728		281,837
RSP Permian, Inc.(a)		9,104		312,813
WildHorse Resource Development Corp.(a)		7,028		92,910
				5,729,107
OIL & GAS SERVICES (0.04%)
NCS Multistage Holdings, Inc.(a)		7,373		165,524
OIL, GAS & CONSUMABLE FUELS (0.06%)
Andeavor		2,643		263,058
PACKAGING & CONTAINERS (0.23%)
Berry Global Group, Inc.(a)(b)		4,514		253,145
Crown Holdings, Inc.(a)(b)		3,635		216,173

Description	Shares		Value (Note 2)
PACKAGING & CONTAINERS (0.23%) (continued)
Graphic Packaging Holding Co.(b)		20,471	$	270,013
WestRock Co.(b)		4,410		253,222
				992,553
PHARMACEUTICALS (0.31%)
Cardinal Health, Inc.(b)		2,144		165,646
Express Scripts Holding Co.(a)		1,935		121,208
Johnson & Johnson(b)		2,858		379,314
Merck & Co., Inc.(b)		6,132		391,712
Pfizer, Inc.		5,388		178,666
Sanofi, ADR		2,238		105,992
				1,342,538
PIPELINES (0.05%)
Targa Resources Corp.		4,642		215,435
RETAIL (1.75%)
Alimentation Couche-Tard, Inc., Class B		34,418		1,632,077
CVS Health Corp.		2,764		220,927
Liberty Interactive Corp. QVC Group, Class A(a)		11,331		271,264
Lowe's Cos., Inc.(b)		31,842		2,464,571
The Home Depot, Inc.		1,062		158,875
The TJX Cos., Inc.		1,917		134,784
Yum! Brands, Inc.		35,075		2,647,461
				7,529,959
SEMICONDUCTORS (0.37%)
Broadcom, Ltd.(b)		1,681		414,635
KLA-Tencor Corp.(b)		1,950		180,628
Marvell Technology Group, Ltd.(b)		16,069		250,034
ON Semiconductor Corp.(a)(b)		24,066		359,787
Qorvo, Inc.(a)		923		63,281
Texas Instruments, Inc.(b)		3,950		321,451
				1,589,816
SHIPBUILDING (0.05%)
Huntington Ingalls Industries, Inc.		942		194,156
SOFTWARE (1.50%)
Activision Blizzard, Inc.		2,162		133,569
Electronic Arts, Inc.(a)(b)		1,391		162,385
Fidelity National Information Services, Inc.		24,051		2,193,932
Microsoft Corp.(b)		5,756		418,461
NetEase, Inc., ADR(b)		1,644		511,744
Oracle Corp.(b)		9,699		484,271
SS&C Technologies Holdings, Inc.		66,489		2,577,114
				6,481,476
SPECIAL CHEMICALS (0.04%)
Valvoline, Inc.		7,135		161,750

Description	Shares		Value (Note 2)
TELECOMMUNICATIONS (0.12%)
Cisco Systems, Inc.(b)		7,326	$	230,403
CommScope Holding Co., Inc.(a)		2,632		96,805
Verizon Communications, Inc.		3,866		187,114
				514,322
TEXTILES (0.60%)
Mohawk Industries, Inc.(a)		10,362		2,580,034
TOYS, GAMES & HOBBIES (0.02%)
Hasbro, Inc.		990		104,821
TOTAL COMMON STOCKS
(Cost $61,589,910)				74,325,431
LIMITED PARTNERSHIPS (1.32%)
OIL & GAS (0.05%)
Viper Energy Partners LP		12,204		207,468
OIL, GAS & CONSUMABLE FUELS (0.57%)
Andeavor Logistics LP		46,998		2,450,006
PIPELINES (0.70%)
Boardwalk Pipeline Partners LP		18,356		307,279
Enterprise Products Partners LP		8,590		233,648
MPLX LP		67,846		2,466,202
				3,007,129
TOTAL LIMITED PARTNERSHIPS
(Cost $5,641,074)				5,664,603
OPEN-END MUTUAL FUNDS (37.37%)
AQR Multi Strategy Alternative Fund, Class I		6,345,467		60,472,296
PIMCO Short-Term Fund, Institutional Class		10,235,088		100,713,259
				161,185,555
TOTAL OPEN-END MUTUAL FUNDS
(Cost $160,689,244)				161,185,555

	Exercise Date	Exercise Price		Contracts		Value (Note 2)
PURCHASED PUT OPTIONS (0.06%)
S&P 500 Index	08/21/2017	$	2,350		161		38,640
S&P 500 Index	08/01/2017		2,325		340		850
S&P 500 Index	08/31/2017		2,375		246		154,980
S&P 500 Index	09/01/2017		2,400		70		57,680
							252,150
TOTAL PURCHASED PUT OPTIONS
(Cost $627,744)							252,150

Description	Shares		Value (Note 2)
RIGHTS AND WARRANTS (0.00%)(c)
Holding Companies - Diversified
Silver Run Acquisition Corp. II
expires 4/27/2022 at $11.50(a)		5,781	$	10,926
TOTAL RIGHTS AND WARRANTS (Cost $9,647)				10,926

Description	Principal Amount		Value (Note 2)
CORPORATE BONDS (19.48%)
BEVERAGES (0.05%)
Beverages & More, Inc.
11.50%,     06/15/2022(d)	$	224,000		212,240
CASINOS & GAMING (0.74%)
Jack Ohio Finance LLC
10.25%,     11/15/2022(b)(d)		2,896,000		3,192,840
COMMERCIAL SERVICES (2.48%)
Great Lakes Dredge & Dock Corp.
8.00%,     05/15/2022(d)		100,000		102,500
iPayment, Inc.
10.75%,     04/15/2024(d)		2,378,000		2,746,590
RR Donnelley & Sons Co.
6.00%,     04/01/2024		1,222,000		1,194,505
6.50%,     11/15/2023		5,656,000		5,684,280
6.63%,     04/15/2029		109,000		104,912
7.00%,     02/15/2022		806,000		850,330
				10,683,117
COMPUTERS (4.43%)
Everi Payments, Inc.
10.00%,     01/15/2022		5,748,000		6,315,615
Exela Intermediate LLC/Exela Finance, Inc.
10.00%,     07/15/2023(d)		2,660,000		2,598,554
Harland Clarke Holdings Corp.
9.25%,     03/01/2021(b)(d)		10,272,000		10,194,960
				19,109,129
COSMETICS & PERSONAL CARE (0.39%)
Avon International Operations, Inc.
7.88%,     08/15/2022(d)		1,587,000		1,674,285
ENTERTAINMENT (0.71%)
Mohegan Tribal Gaming
7.88%,     10/15/2024(d)		2,880,000		3,052,800

Description	Principal Amount		Value (Note 2)
FOREST PRODUCTS & PAPER (2.53%)
Resolute Forest Products, Inc.
5.88%,     05/15/2023(b)	$	11,154,000	$	10,903,035
HEALTH CARE FACILITIES & SERVICES (0.34%)
Kindred Healthcare, Inc.
8.75%,     01/15/2023		1,447,000		1,448,809
HEALTHCARE-SERVICES (1.96%)
Opal Acquisition, Inc.
7.50%,     07/01/2024(d)		4,201,000		4,174,744
10.00%,     10/01/2024(d)		3,554,000		3,198,600
Surgery Center Holdings, Inc.
6.75%,     07/01/2025(d)		1,056,000		1,087,680
				8,461,024
IRON & STEEL (0.12%)
AK Steel Corp.
7.63%,     10/01/2021		503,000		527,521
LEISURE TIME (0.20%)
Viking Cruises, Ltd.
6.25%,     05/15/2025(d)		843,000		864,075
MACHINERY-DIVERSIFIED (0.01%)
Cloud Crane LLC
10.13%,     08/01/2024(d)		50,000		56,375
MEDIA (1.34%)
Lee Enterprises, Inc.
9.50%,     03/15/2022(d)		2,031,000		2,109,701
Time, Inc.
5.75%,     04/15/2022(b)(d)		3,536,000		3,686,280
				5,795,981
PIPELINES (0.10%)
Cheniere Corpus Christi Holdings LLC
5.13%,     06/30/2027(d)		398,000		415,413
PUBLISHING & BROADCASTING (3.57%)
American Media, Inc.
0.00%,     03/01/2022(d)(e)		13,200,000		11,368,500
5.50%,     09/01/2021(d)		1,341,000		1,481,805
McClatchy Co.
6.88%,     03/15/2029		1,770,000		1,354,050
7.15%,     11/01/2027		721,000		666,925
9.00%,     12/15/2022		516,000		535,350
				15,406,630

Description	Principal Amount			Value (Note 2)
TRANSPORTATION & LOGISTICS (0.50%)
Navistar International Corp.
8.25%,     11/01/2021		$	2,122,000		$	2,149,851
WASTE & ENVIRONMENTAL SERVICES & EQUIPMENT (0.01%)
CD&R Waterworks Merger Sub LLC
6.13%,     08/15/2025(d)			50,000			51,125
TOTAL CORPORATE BONDS (Cost $80,881,269)						84,004,250

Description	Principal Amount/ Shares		Value (Note 2)
SHORT TERM INVESTMENTS (2.82%)
MONEY MARKET FUNDS (2.82%)
Dreyfus Treasury Cash Management Fund, Institutional Class, 7-day yield, 0.886%(b)		12,157,395			12,157,395
TOTAL SHORT TERM INVESTMENTS (Cost $12,157,395)					12,157,395
TOTAL INVESTMENTS (78.67%) (Cost $323,294,607)				$	339,278,609
SEGREGATED CASH WITH BROKERS (29.80%)(f)					128,516,885
SECURITIES SOLD SHORT (-8.13%)
(Proceeds $33,097,945)				$	(35,067,179	)
LIABILITIES IN EXCESS OF OTHER ASSETS (-0.34%)					(1,434,550	)
NET ASSETS (100.00%)				$	431,293,765

SCHEDULE OF SECURITIES SOLD SHORT
Description	Shares			Value (Note 2)
COMMON STOCKS (-4.72%)
APPAREL (-0.09%)
Columbia Sportswear Co.		(1,918	)	$	(116,192	)
Gildan Activewear, Inc.		(4,010	)		(120,821	)
Under Armour, Inc., Class A		(6,177	)		(123,664	)
					(360,677	)
AUTO PARTS & EQUIPMENT (-0.04%)
Autoliv, Inc.		(1,601	)		(173,532	)
BANKS (-0.40%)
BancorpSouth, Inc.		(3,200	)		(96,160	)
Community Bank System, Inc.		(2,714	)		(148,999	)
Cullen/Frost Bankers, Inc.		(1,024	)		(92,959	)
CVB Financial Corp.		(5,978	)		(128,766	)
First Financial Bankshares, Inc.		(6,409	)		(277,189	)
Glacier Bancorp, Inc.		(3,373	)		(117,785	)
M&T Bank Corp.		(570	)		(92,996	)
MB Financial, Inc.		(1,967	)		(80,450	)
Prosperity Bancshares, Inc.		(1,549	)		(99,291	)

Description	Shares			Value (Note 2)
BANKS (-0.40%) (continued)
Trustmark Corp.		(3,788	)	$	(121,064	)
UMB Financial Corp.		(1,440	)		(100,310	)
United Bankshares, Inc.		(3,146	)		(108,537	)
Valley National Bancorp		(7,824	)		(92,949	)
Westamerica Bancorporation		(3,908	)		(213,846	)
					(1,771,301	)
BEVERAGES (-0.04%)
The Boston Beer Co., Inc., Class A		(1,131	)		(177,341	)
BIOTECHNOLOGY (-0.06%)
Illumina, Inc.		(634	)		(110,221	)
Juno Therapeutics, Inc.		(4,399	)		(125,064	)
					(235,285	)
CHEMICALS (-0.15%)
Balchem Corp.		(1,629	)		(126,410	)
HB Fuller Co.		(2,872	)		(147,965	)
Ingevity Corp.		(1,318	)		(77,103	)
International Flavors & Fragrances, Inc.		(1,045	)		(139,173	)
NewMarket Corp.		(384	)		(176,682	)
					(667,333	)
COMMERCIAL SERVICES (-0.21%)
Cimpress NV		(2,196	)		(193,775	)
CoStar Group, Inc.		(558	)		(153,757	)
Multi-Color Corp.		(1,732	)		(139,426	)
Ritchie Bros Auctioneers, Inc.		(6,579	)		(185,725	)
Rollins, Inc.		(2,331	)		(101,189	)
Verisk Analytics, Inc.		(1,589	)		(138,656	)
					(912,528	)
COMPUTERS (-0.12%)
Electronics For Imaging, Inc.		(2,915	)		(141,611	)
Infosys, Ltd., Sponsored ADR		(8,820	)		(139,356	)
Wipro, Ltd., ADR		(38,595	)		(237,359	)
					(518,326	)
COSMETICS & PERSONAL CARE (-0.05%)
Coty, Inc., Class A		(10,892	)		(223,068	)
DIVERSIFIED FINANCIAL SERVICES (-0.14%)
Credit Acceptance Corp.		(338	)		(84,196	)
Eaton Vance Corp.		(4,673	)		(229,398	)
Financial Engines, Inc.		(3,913	)		(150,455	)
WisdomTree Investments, Inc.		(10,677	)		(111,468	)
					(575,517	)
ELECTRONICS (-0.08%)
Knowles Corp.		(10,014	)		(151,712	)
National Instruments Corp.		(4,229	)		(173,981	)
					(325,693	)
ENVIRONMENTAL CONTROL (-0.03%)
Stericycle, Inc.		(1,574	)		(121,324	)
FOOD (-0.10%)
McCormick & Co., Inc.		(1,267	)		(120,745	)
Snyder's-Lance, Inc.		(3,783	)		(131,611	)
TreeHouse Foods, Inc.		(2,275	)		(192,988	)
					(445,344	)

Description	Shares			Value (Note 2)
HEALTHCARE - PRODUCTS (-0.17%)
Henry Schein, Inc.		(478	)	$	(87,096	)
IDEXX Laboratories, Inc.		(766	)		(127,508	)
Intuitive Surgical, Inc.		(227	)		(212,985	)
West Pharmaceutical Services, Inc.		(1,916	)		(169,949	)
Wright Medical Group NV		(4,189	)		(110,045	)
					(707,583	)
HEALTHCARE-SERVICES (-0.03%)
Teladoc, Inc.		(3,960	)		(129,888	)
HOME BUILDERS (-0.05%)
Thor Industries, Inc.		(2,207	)		(232,507	)
INSURANCE (-0.19%)
Arch Capital Group, Ltd.		(1,140	)		(110,876	)
Cincinnati Financial Corp.		(1,843	)		(140,363	)
Kemper Corp.		(3,171	)		(124,462	)
Markel Corp.		(128	)		(137,153	)
Mercury General Corp.		(2,403	)		(143,916	)
RLI Corp.		(2,881	)		(167,271	)
					(824,041	)
INTERNET (-0.30%)
58.com, Inc., ADR		(2,560	)		(130,688	)
Bitauto Holdings, Ltd., ADR		(5,073	)		(160,307	)
Cogent Communications Holdings, Inc.		(5,631	)		(235,094	)
F5 Networks, Inc.		(1,014	)		(122,441	)
Netflix, Inc.		(749	)		(136,063	)
Palo Alto Networks, Inc.		(596	)		(78,541	)
Proofpoint, Inc.		(1,638	)		(139,623	)
Snap, Inc., Class A		(3,379	)		(46,191	)
Wayfair, Inc., Class A		(3,487	)		(266,232	)
					(1,315,180	)
LEISURE TIME (-0.03%)
Norwegian Cruise Line Holdings, Ltd.		(2,530	)		(139,327	)
MACHINERY - DIVERSIFIED (-0.10%)
Cognex Corp.		(1,264	)		(120,156	)
Flowserve Corp.		(1,057	)		(43,474	)
The Middleby Corp.		(1,279	)		(167,140	)
Wabtec Corp.		(1,070	)		(80,635	)
					(411,405	)
MEDIA (-0.10%)
FactSet Research Systems, Inc.		(934	)		(156,183	)
Houghton Mifflin Harcourt Co.		(11,441	)		(136,720	)
Viacom, Inc., Class B		(3,870	)		(135,140	)
					(428,043	)
METAL FABRICATE & HARDWARE (-0.02%)
Sun Hydraulics Corp.		(2,525	)		(104,434	)
MISCELLANEOUS MANUFACTURING (-0.07%)
Actuant Corp., Class A		(5,024	)		(121,581	)
AptarGroup, Inc.		(2,214	)		(179,179	)
					(300,760	)

Description	Shares			Value (Note 2)
OIL & GAS (-0.49%)
Antero Resources Corp.		(8,085	)	$	(166,713	)
Apache Corp.		(6,332	)		(313,307	)
Carrizo Oil & Gas, Inc.		(12,727	)		(200,578	)
Ecopetrol SA, Sponsored ADR		(10,350	)		(96,669	)
Eni SpA, Sponsored ADR		(4,200	)		(132,636	)
Hess Corp.		(5,293	)		(235,750	)
HollyFrontier Corp.		(11,206	)		(323,181	)
Murphy Oil Corp.		(7,485	)		(198,951	)
RPC, Inc.		(7,973	)		(165,121	)
Ultra Petroleum Corp.		(15,801	)		(162,592	)
Whiting Petroleum Corp.		(12,601	)		(66,155	)
					(2,061,653	)
OIL & GAS SERVICES (-0.04%)
National Oilwell Varco, Inc.		(5,879	)		(192,302	)
PACKAGING & CONTAINERS (-0.11%)
Ball Corp.		(5,399	)		(226,218	)
Bemis Co., Inc.		(1,761	)		(74,614	)
Sonoco Products Co.		(3,984	)		(193,144	)
					(493,976	)
PHARMACEUTICALS (-0.14%)
AmerisourceBergen Corp.		(963	)		(90,349	)
Bristol-Myers Squibb Co.		(3,157	)		(179,633	)
Diplomat Pharmacy, Inc.		(4,532	)		(71,923	)
Eli Lilly & Co.		(2,086	)		(172,429	)
TESARO, Inc.		(571	)		(72,894	)
					(587,228	)
PIPELINES (-0.06%)
Tallgrass Energy GP LP		(4,258	)		(110,495	)
Tallgrass Energy Partners LP		(2,596	)		(132,708	)
					(243,203	)
REAL ESTATE INVESTMENT TRUSTS (-0.16%)
Equinix, Inc.		(581	)		(261,874	)
Lamar Advertising Co., Class A		(1,906	)		(134,506	)
Pebblebrook Hotel Trust		(3,400	)		(114,478	)
Washington Prime Group, Inc.		(21,402	)		(193,046	)
					(703,904	)
RETAIL (-0.30%)
Buffalo Wild Wings, Inc.		(809	)		(86,968	)
CarMax, Inc.		(3,062	)		(202,858	)
Casey's General Stores, Inc.		(1,508	)		(160,979	)
Costco Wholesale Corp.		(718	)		(113,810	)
Cracker Barrel Old Country Store, Inc.		(779	)		(121,096	)
Dollar General Corp.		(1,837	)		(138,069	)
Domino's Pizza, Inc.		(523	)		(97,540	)
Dunkin' Brands Group, Inc.		(2,336	)		(123,878	)
Kohl's Corp		(2,932	)		(121,238	)
Texas Roadhouse, Inc.		(2,162	)		(102,263	)
					(1,268,699	)
SAVINGS & LOANS (-0.05%)
New York Community Bancorp, Inc.		(7,231	)		(94,943	)
People's United Financial, Inc.		(6,566	)		(114,511	)
					(209,454	)

Description	Shares			Value (Note 2)
SEMICONDUCTORS (‐0.04%)
Cavium, Inc.		(1,801	)	$	(111,554	)
Impinj, Inc.		(1,259	)		(61,867	)
					(173,421	)
SOFTWARE (‐0.49%)
2U, Inc.		(3,022	)		(156,389	)
ACI Worldwide, Inc.		(12,566	)		(291,154	)
Acxiom Corp.		(3,860	)		(104,104	)
Blackbaud, Inc.		(1,978	)		(182,649	)
Guidewire Software, Inc.		(2,516	)		(181,555	)
HubSpot, Inc.		(1,889	)		(136,669	)
Manhattan Associates, Inc.		(4,008	)		(177,154	)
Medidata Solutions, Inc.		(2,275	)		(174,743	)
salesforce.com, Inc.		(1,898	)		(172,338	)
The Ultimate Software Group, Inc.		(953	)		(215,102	)
Veeva Systems, Inc., Class A		(2,312	)		(147,413	)
Workday, Inc., Class A		(2,093	)		(213,716	)
					(2,152,986	)
STORAGE & WAREHOUSING (‐0.04%)
Mobile Mini, Inc.		(5,227	)		(160,992	)
TELECOMMUNICATIONS (‐0.16%)
Arista Networks, Inc.		(1,833	)		(273,649	)
Frontier Communications Corp.		(1,508	)		(23,086	)
Sprint Corp.		(26,415	)		(210,792	)
Telefonica SA, Sponsored ADR		(7,844	)		(88,480	)
ViaSat, Inc.		(1,435	)		(94,839	)
					(690,846	)
TRANSPORTATION (‐0.07%)
Heartland Express, Inc.		(4,398	)		(92,930	)
JB Hunt Transport Services, Inc.		(1,276	)		(115,746	)
Old Dominion Freight Line, Inc.		(969	)		(92,937	)
					(301,613	)
TOTAL COMMON STOCKS (Proceeds $19,142,878)					(20,340,714	)

Description	Principal Amount			Value (Note 2)
CORPORATE BONDS (‐1.13%)
CHEMICALS (‐0.30%)
CVR Partners LP / CVR Nitrogen Finance Corp.
9.25%, 6/15/2023(d)	$	(1,266,000	)	$	(1,294,485	)
PHARMACEUTICALS (‐0.48%)
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/1/2026		(2,149,000	)		(2,059,367	)

Description	Principal Amount			Value (Note 2)
TELECOMMUNICATIONS (‐0.35%)
T‐Mobile USA, Inc.
6.50%, 1/15/2026	$	(1,357,000	)	$	(1,513,055	)
TOTAL CORPORATE BONDS (Proceeds $4,787,528)					(4,866,907	)

Description	Shares			Value (Note 2)
EXCHANGE TRADED FUNDS (‐2.29%)
Consumer Discretionary Select Sector SPDR Fund		(20,253	)		(1,850,314	)
Consumer Staples Select Sector SPDR Fund		(17,470	)		(966,440	)
Health Care Select Sector SPDR Fund		(14,639	)		(1,169,510	)
iShares 20+ Year Treasury Bond ETF		(12,886	)		(1,598,379	)
iShares 7‐10 Year Treasury Bond ETF		(7,080	)		(756,498	)
iShares Euro Government 10.5+ Year ETF		(5,377	)		(889,996	)
iShares Euro Government 7‐10 Year ETF		(7,476	)		(1,843,033	)
Vanguard REIT ETF		(9,321	)		(785,388	)
					(9,859,558	)
TOTAL EXCHANGE TRADED FUNDS (‐2.29%) (Proceeds $9,167,539)					(9,859,558	)
TOTAL SECURITIES SOLD SHORT (Proceeds $33,097,945)				$	(35,067,179	)

^(a) Non‐income producing security.

^(b) Security position either entirely or partially held in a segregated account as collateral for securities sold short and total return swaps. Aggregate total fair value of $25,156,568.

^(c) Less than 0.005%.

^(d) Security exempt from registration under rule 144A of the securities act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At period end, the fair value of those securities held in long positions was $52,269,067 and the value of the securities held in short positions was $(1,294,485). This totals $50,974,582, which represents 11.82% of the Fund's net assets.

^(e) Issued with a zero coupon. Income is recognized through the accretion of discount.

^(f) Includes cash which is being held as collateral for securities sold short and total return swap contracts.

TOTAL RETURN SWAP CONTRACTS*
Counterparty	Reference Obligation	Notional Amount			Rate Paid by the Fund	Termination Date	Unrealized Appreciation/(Depreciation)
Morgan Stanley	BHDG Systematic Trading Segregated Portfolio(a)	$	21,155,462		1‐Month LIBOR BBA	09/13/2018	$	241,157
Morgan Stanley	Clinton Segregated Portfolio(b)		13,627,632		1‐Month LIBOR BBA	09/13/2018		46,596
Morgan Stanley	Iboxx HY Index		(14,750,000	)	3‐Month LIBOR	09/20/2017		(191,456	)
Morgan Stanley	Iboxx IG Index		(2,000,000	)	3‐Month LIBOR	09/20/2017		(3,548	)
Morgan Stanley	Impala Segregated Portfolio(c)		35,054,364		1‐Month LIBOR BBA	03/20/2019		(243,537	)
Morgan Stanley	Melchior Segregated Portfolio(d)		35,485,585		1‐Month LIBOR BBA	03/20/2019		38,953
Morgan Stanley	PSAM Highland(e)		45,161,009		1‐Month EURIBOR	06/03/2021		8,809
Morgan Stanley	WABR Cayman Company Limited(f)		50,616,766		1‐Month LIBOR BBA	09/01/2020		32,424
		$	184,350,818				$	(70,602	)

^* For the long positions, the Fund receives payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any negative return of such Reference Obligation plus the rate paid by the Fund. For short positions, the Fund receives payments based on any negative return of the Reference Obligation less the rate paid by the fund. The Fund makes payments on any positive return of such Reference obligation plus the rate paid by the Fund.

^(a) BHDG Systematic Trading Segregated Portfolio is a quantitative trend following strategy that uses futures.BHDG will employ some short, medium, and long term signals.Interest rate, commodity, equity, and sovereign debt futures will be used.Any asset class may have net long or short exposure, and exposures in aggregate may be net long or short.

^(b) Clinton Segregated Portfolio is a global, quantitative equity market neutral strategy.The Portfolio will invest in large, mid, and small cap stocks in developed and some emerging markets.The strategy will also attempt to minimize net exposure to any given country or sector.The strategy attempts to generate returns primarily through trading value, momentum, and mean reversion models.

^(c) Impala Segregated Portfolio is a European equity long/short strategy that employs a flexible, low‐net strategy (0% to 50%), and long exposure will vary between 60% and 100%.The portfolio is primarily comprised of large and mid‐cap stocks listed on European exchanges.

^(d) Melchior Segregated Portfolio is a global equity long/short strategy that uses a long‐biased strategy that is focused on cyclical sectors.The strategy has a net exposure that ranges between 50% and 80%, and long exposure varies between 80% and 100%.The strategy is comprised of large cap stocks listed on exchanges of developed and emerging market countries.

^(e) PSAM Highland employs an event driven strategy.The fund will primarily make investments in equity special situations and merger arbitrage.The strategy will also opportunistically allocate to liquid high yield credit positions when trading at stressed levels.The strategy will employ gross long exposure of up to 120%, and net exposure will typically vary from 40% to 80%.

^(f) Weiss Alpha Balanced Risk ("WABR") Cayman Company Limited incorporates an absolute return oriented approach within a risk parity framework.Active absolute return strategies include fundamental long/short equity, credit relative value, discretionary macro, and equity market neutral strategies.The strategy also maintains a passive risk weighted allocation to equities and fixed income, but each of the three allocations is equally risk weighted subject to a 40% limit on the absolute return allocation.Gross equity long exposure will typically be 140% or less, and net equity exposure will vary between 5% and 35%.

Common Abbreviations:          

AQR - AQR Capital Management LLC.

BBA - British Bankers Association.

EURIBOR - Euro Interbank Offered Rate.

LIBOR - London Interbank Offered Rate.

PIMCO - Pacific Investment Management Company.

S&P - Standard & Poor's.

SPDR - Standard & Poor's Depositary Receipt.

See notes to Quarterly Schedule of Investments.

Highland Resolute Fund Notes to Consolidated Quarterly Schedule of Investments

July 30, 2017 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Highland Resolute Fund (the “Fund”). Effective August 31, 2017, the Fund changed its name from Redmont Resolute Fund. The Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets. The Fund offers Class I shares.

Basis of Consolidation: Highland Resolute Cayman (the “Subsidiary”), a Cayman Islands exempted company, is a wholly owned subsidiary of the Fund. The Subsidiary’s investment objective is designed to enhance the ability of the Fund to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to substantially the same investment policies and investment restrictions as the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain commodity-related investments on behalf of the Fund. Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity  markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and recent IRS revenue rulings, as discussed below under “Federal Income Taxes”. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to wholly own and vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the Fund, all assets and liabilities, income and expenses of the Subsidiary are consolidated in the Schedule of investments. All investments held by the Subsidiary are disclosed in the accounts of the Fund. As of July 31, 2017, net assets of the Fund were $431,293,765, of which $20,914,768 or 4.84%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Highland Resolute Fund Notes to Consolidated Quarterly Schedule of Investments

July 30, 2017 (Unaudited)

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferrable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market makes a limit move with respect to a particular commodity. Over-the-counter swap contracts for which market quotations are readily available are valued based on quotes received from independent pricing services or one or more dealers that make markets in such securities. Options contracts listed for trading on a securities exchange or board of trade are valued at the last quoted sales price or, in the absence of a sale at the mean of the last bid and asked price.

Forward currency exchange contracts have a fair value determined by the current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

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

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

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

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

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

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

Highland Resolute Fund Notes to Consolidated Quarterly Schedule of Investments

July 30, 2017 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of July 31, 2017:

Highland Resolute Fund

Investments in Securities at Value	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Closed End Funds	$	1,678,299		$	–		$	–	$	1,678,299
Common Stocks		74,325,431			–			–		74,325,431
Limited Partnerships		5,664,603			–			–		5,664,603
Open‐End Mutual Funds		161,185,555			–			–		161,185,555
Rights		10,926			–			–		10,926
Corporate Bonds		–			84,004,250			–		84,004,250
Purchased Put Options		252,150			–			–		252,150
Short Term Investments
Money Market Funds		12,157,395			–			–		12,157,395
Total	$	255,274,359		$	84,004,250		$	–	$	339,278,609
Other Financial Instruments**
Assets:
Total Return Swap Contracts	$	–		$	367,939		$	–	$	367,939
Liabilities:
Common Stocks Sold Short(*)		(20,340,714	)		–			–		(20,340,714	)
Corporate Bonds ‐ Shold Short		–			(4,866,907	)		–		(4,866,907	)
Exchange Traded Funds Sold Short		(9,859,558	)		–			–		(9,859,558	)
Total Return Swap Contracts		–			(438,541	)		–		(438,541	)
Total	$	(30,200,272	)	$	(4,937,509	)	$	–	$	(35,137,781	)

^* For detailed descriptions, see the accompanying Schedule of Investments.

^** Other financial instruments are derivative instruments reflected in the Schedule of Investments. The derivatives shown in the table are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract’s value from trade date.

The Fund recognizes transfers between levels as of the end of the period. For the three months ended July 31, 2017, the Fund did not have any transfers between Level 1 and Level 2 securities. The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Investments in Securities at Value	Balance as of 4/30/2017		Return of Capital		Realized gain/(loss)			Change in unrealized appreciation/ (depreciation)		Purchases		Sales Proceeds			Transfer in and/or (out)of Level 3		7/31/2017		Net change in unrealized appreciation/ (depreciation)attributable to Level 3 investments held at 7/31/2017
Common Stock	$	107,200	$	‐	$	(60,947	)	$	37,800	$	‐	$	(84,053	)	$	‐	$	‐	$	‐
Total	$	107,200	$	‐	$	(60,947	)	$	37,800	$	‐	$	(84,053	)	$	‐	$	‐	$	‐

Highland Resolute Fund Notes to Consolidated Quarterly Schedule of Investments

July 30, 2017 (Unaudited)

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

As of and during the year ended July 31, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

Short Sales: The Fund may make short sales of securities consistent with its strategies. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time that a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent that a Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of segregated or “earmarked” assets determined to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short, or will ensure that such positions are covered by “offsetting” positions, until the Fund replaces the borrowed security. A short sale is “against the box” to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

Swap Contracts:The Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the Fund primarily enters into swap transactions for the purpose of increasing total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract.

Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk that are not directly reflected in the amounts.

The Fund invests in total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.  The Fund may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices, or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Fund are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract. Swap agreements held at July 31, 2017 are disclosed in the Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the Schedule of investments.

Highland Resolute Fund Notes to Consolidated Quarterly Schedule of Investments

July 30, 2017 (Unaudited)

Option Contracts:The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by the Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by the Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Statement of Operations. There was no written option activity for the three months ended July 31, 2017.

Futures:The Fund may enter into futures contracts for hedging purposes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into a futures contract, the Fund is required to deposit an initial margin with the broker in an amount equal to a certain percentage of the contract amount. The Fund receives from or pays to the broker, on a daily basis, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin,” and are recorded by the Fund as unrealized gains or losses. When the futures contract is closed, the Fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Fund’s potential losses from the use of futures extend beyond its initial investment in such contracts. The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized. The predominant risk is that the movement of a futures contract’s price may result in a loss, which could render the Fund’s hedging strategy unsuccessful. There is minimal counterparty credit risk since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Unrealized Appreciation and Depreciation on Investments:As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation		Cost of Investments for Income Tax Purposes
Highland Resolute Fund	$	36,733,830	$	(22,830,634	)	$	13,903,196	$	325,375,413

Rondure New World Fund

PORTFOLIO OF INVESTMENTS

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (91.78%)
Argentina (0.29%)
MercadoLibre, Inc.		725	$	209,105
Bangladesh (0.63%)
GrameenPhone, Ltd.		21,919		102,221
Square Pharmaceuticals, Ltd.		100,333		348,684
				450,905
Brazil (6.15%)
Ambev SA		38,700		237,163
Hypermarcas SA		213,200		1,907,509
M Dias Branco SA		112,200		1,820,257
Raia Drogasil SA		15,300		339,231
TOTVS SA		12,700		122,139
				4,426,299
Chile (0.28%)
Banmedica SA		84,331		205,198
China (16.17%)
Alibaba Group Holding, Ltd., Sponsored ADR(a)		19,300		2,990,535
Anta Sports Products, Ltd.		90,000		308,803
Baidu, Inc., Sponsored ADR(a)		4,675		1,058,186
China Resources Beer Holdings Co., Ltd.		372,000		940,144
Ctrip.com International, Ltd., ADR(a)		1,300		77,649
Haier Electronics Group Co., Ltd.		411,000		1,060,282
Hengan International Group Co., Ltd.		125,000		953,808
JD.com, Inc., ADR(a)		27,650		1,248,951
TravelSky Technology, Ltd., Class H		35,000		92,756
Want Want China Holdings, Ltd.		480,000		324,474
Yum China Holdings, Inc.(a)		72,400		2,591,196
				11,646,784

	Shares		Value (Note 2)
Colombia (0.09%)
Grupo Nutresa SA		6,962	$	62,016
Denmark (0.63%)
Novo Nordisk A/S, Class B		10,609		452,748
Germany (0.39%)
KUKA AG		2,100		284,148
Greece (0.58%)
JUMBO SA		24,790		415,252
Hong Kong (2.05%)
Vitasoy International Holdings, Ltd.		689,000		1,473,127
India (7.13%)
Asian Paints, Ltd.		4,244		76,854
Bharat Electronics, Ltd.		734,500		2,046,599
Britannia Industries, Ltd.		7,311		446,925
Castrol India, Ltd.		34,000		212,343
Colgate-Palmolive India, Ltd.		4,704		79,160
Dabur India, Ltd.		83,000		401,083
Eicher Motors, Ltd.		1,400		656,475
Godrej Consumer Products, Ltd.		5,302		85,727
Hindustan Unilever, Ltd.		4,635		83,504
Marico, Ltd.		14,900		77,739
Maruti Suzuki India, Ltd.		6,070		733,311
Nestle India, Ltd.		718		75,740
Pidilite Industries, Ltd.		6,385		79,211
Vakrangee, Ltd.		11,480		78,963
				5,133,634
Indonesia (1.97%)
Indofood CBP Sukses Makmur Tbk PT		2,049,500		1,284,399
Kalbe Farma Tbk PT		1,014,000		132,039
				1,416,438
Kenya (1.17%)
East African Breweries, Ltd.		268,000		680,439
Safaricom, Ltd.		679,100		160,011
				840,450
Malaysia (0.32%)
Heineken Malaysia Bhd		28,000		117,585

	Shares		Value (Note 2)
Malaysia (continued)
Westports Holdings Bhd		131,000	$	114,126
				231,711
Mexico (3.89%)
Alsea SAB de CV		16,300		63,433
Arca Continental Sab De CV		16,200		120,436
Becle SAB de CV(a)		398,300		671,198
Corp Moctezuma SAB de CV		90,700		356,635
Gruma SAB de CV, Class B		47,600		656,306
Grupo Bimbo SAB de CV, Series A		102,500		257,769
Wal-Mart de Mexico SAB de CV		293,500		679,242
				2,805,019
Pakistan (0.77%)
Lucky Cement, Ltd.		10,600		71,188
Nestle Pakistan, Ltd.(a)		4,578		486,423
				557,611
Peru (0.84%)
Alicorp SAA		235,810		604,716
Philippines (2.41%)
International Container Termin		448,000		948,205
Jollibee Foods Corp.		26,000		115,933
Philippine Seven Corp.		131,000		441,340
Puregold Price Club, Inc.		134,000		125,210
Universal Robina Corp.		33,000		105,291
				1,735,979
Poland (0.34%)
AmRest Holdings SE(a)		2,400		246,858
Russia (2.28%)
Alrosa PJSC		495,500		693,236
LUKOIL PJSC, Sponsored ADR		3,100		144,367
Mail.Ru Group, Ltd., GDR(a),(b)		7,500		207,075
Sberbank of Russia PJSC, Sponsored ADR		46,600		542,890
Yandex NV, Class A(a)		1,900		55,062
				1,642,630

	Shares		Value (Note 2)
South Africa (4.04%)
Clicks Group, Ltd.		115,400	$	1,306,998
Distell Group, Ltd.		40,100		442,237
Shoprite Holdings, Ltd.		55,300		846,280
Tiger Brands, Ltd.		10,400		315,265
				2,910,780
South Korea (8.67%)
Amorepacific Corp.		800		202,672
BGF retail Co., Ltd.		20,939		1,728,934
LG Household & Health Care, Ltd.		400		354,229
Medy-Tox, Inc.		1,494		789,288
NAVER Corp.		437		313,579
Samsung Electronics Co., Ltd.		1,325		2,853,537
				6,242,239
Sri Lanka (0.43%)
Lion Brewery Ceylon PLC		106,656		312,501
Taiwan (7.61%)
Eclat Textile Co., Ltd.		49,980		575,187
Giant Manufacturing Co., Ltd.		44,000		217,118
Merida Industry Co., Ltd.		48,000		229,703
Pou Chen Corp.		423,000		571,555
President Chain Store Corp.		245,000		2,077,131
Standard Foods Corp.		48,000		127,807
Taiwan Semiconductor Manufacturing Co., Ltd.		237,000		1,683,579
				5,482,080
Thailand (0.50%)
CP ALL PCL		129,000		235,504
Thai Beverage PCL		179,000		126,145
				361,649
Turkey (6.49%)
Arcelik AS		43,300		319,888
Aselsan Elektronik Sanayi Ve Ticaret AS		244,800		1,673,573
BIM Birlesik Magazalar AS		112,400		2,190,927
Ulker Biskuvi Sanayi AS		81,200		490,059
				4,674,447
United Arab Emirates (2.28%)
Aramex PJSC		711,000		1,025,932

	Shares		Value (Note 2)
United Arab Emirates (continued)
DP World, Ltd.		26,720	$	614,560
				1,640,492
United States (9.35%)
Carnival Corp.		36,900		2,464,182
Johnson & Johnson		5,250		696,780
Kansas City Southern		8,325		859,057
PriceSmart, Inc.		2,125		179,031
Royal Caribbean Cruises, Ltd.		13,250		1,498,178
Starbucks Corp.		19,275		1,040,464
				6,737,692
Uruguay (0.95%)
Arcos Dorados Holdings, Inc., Class A(a)		77,600		682,880
Vietnam (3.08%)
Vietnam Dairy Products JSC		330,760		2,220,930
TOTAL COMMON STOCKS
(Cost $64,899,929)				66,106,318
TOTAL INVESTMENTS (91.78%)
(Cost $64,899,929)			$	66,106,318
Other Assets In Excess Of Liabilities (8.22%)				5,917,572
NET ASSETS (100.00%)			$	72,023,890

^(a) Non-Income Producing Security.

^(b) Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  The security has been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of July 31, 2017, the aggregate market value of those securities was $207,075, representing 0.29% of net assets.

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

See Notes to Quarterly Portfolios of Investments.

Rondure Overseas Fund
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Shares		Value (Note 2)
COMMON STOCKS (91.40%)
Australia (3.56%)
DuluxGroup, Ltd.		40,808	$	215,140
REA Group, Ltd.		1,926		106,346
SEEK, Ltd.		2,100		28,728
				350,214
Belgium (2.23%)
bpost SA		1,900		52,058
Lotus Bakeries		22		61,407
Ontex Group NV		3,100		106,387
				219,852
Britain (11.57%)
Abcam PLC		1,200		16,260
B&M European Value Retail SA		22,000		104,497
BAE Systems PLC		17,900		142,058
Compass Group PLC		4,696		100,188
easyJet PLC		5,700		92,954
J D Wetherspoon PLC		22,588		304,881
Reckitt Benckiser Group PLC		300		29,168
Rightmove PLC		700		38,864
Unilever NV		1,950		113,805
WH Smith PLC		8,500		197,382
				1,140,057
Canada (0.70%)
Dollarama, Inc.		700		68,425
Denmark (2.28%)
Novo Nordisk A/S, Class B		1,301		55,521
Novozymes A/S, Class B		1,025		47,349
Royal Unibrew A/S		2,440		121,568
				224,438
Finland (1.93%)
Olvi OYJ, Class A		5,395		189,874
France (0.51%)
Laurent-Perrier		550		49,808
Germany (6.64%)
CTS Eventim AG & Co. KGaA		400		18,533
Deutsche Lufthansa AG		4,377		94,174

	Shares		Value (Note 2)
Germany (continued)
Deutsche Post AG		8,680	$	337,033
Krones AG		1,165		145,153
KUKA AG		299		40,457
Rational AG		30		18,860
				654,210
Hong Kong (1.30%)
Vitasoy International Holdings, Ltd.		60,000		128,284
Ireland (0.65%)
Glanbia PLC		3,075		64,067
Italy (3.59%)
Brembo SpA		3,360		51,708
Davide Campari-Milano SpA		4,498		33,306
De' Longhi SpA		447		14,700
DiaSorin SpA		383		33,370
Moncler SpA		7,304		196,275
Salvatore Ferragamo SpA		836		24,257
				353,616
Japan (28.42%)
Aeon Delight Co., Ltd.		7,000		233,979
Calbee, Inc.		6,000		248,991
Cosmos Pharmaceutical Corp.		1,300		276,874
Create SD Holdings Co., Ltd.		9,600		243,037
Ezaki Glico Co., Ltd.		5,400		284,094
Kusuri no Aoki Holdings Co., Ltd.		1,800		99,107
Kyushu Railway Co.		6,000		197,832
Lintec Corp.		3,000		72,901
Matsumotokiyoshi Holdings Co., Ltd.		3,300		203,547
MEIJI Holdings Co., Ltd.		400		31,893
Morinaga & Co., Ltd.		800		45,861
Pigeon Corp.		1,800		66,779
Ryohin Keikaku Co., Ltd.		300		76,738
Seria Co., Ltd.		5,100		253,045
Seven & i Holdings Co., Ltd.		4,400		177,405
Sundrug Co., Ltd.		1,600		59,649
TOTO, Ltd.		800		32,255
Tsuruha Holdings, Inc.		900		94,535
Yaskawa Electric Corp.		3,800		102,062
				2,800,584

	Shares		Value (Note 2)
Netherlands (0.31%)
Hunter Douglas NV		350	$	30,673
New Zealand (5.53%)
Air New Zealand, Ltd.		99,399		250,073
Mainfreight, Ltd.		8,170		149,097
Trade Me Group, Ltd.		35,498		145,825
				544,995
South Korea (1.92%)
Samsung Electronics Co., Ltd.		88		189,518
Spain (3.14%)
Amadeus IT Group SA		4,540		279,794
Industria de Diseno Textil SA		747		29,704
				309,498
Sweden (1.48%)
Axfood AB		4,544		76,542
Indutrade AB		1,260		31,103
Loomis AB, Class B		1,032		38,346
				145,991
Switzerland (4.62%)
ABB, Ltd.		3,000		70,428
Nestle SA		1,800		152,086
UBS Group AG		13,400		233,092
				455,606
Taiwan (4.87%)
Eclat Textile Co., Ltd.		13,260		152,601
Pou Chen Corp.		21,000		28,375
President Chain Store Corp.		28,000		237,386
Standard Foods Corp.		23,000		61,241
				479,603
United States (6.15%)
Carnival Corp.		4,025		268,789
Johnson & Johnson		500		66,360
Mondelez International, Inc., Class A		675		29,713
NIKE, Inc., Class B		300		17,715
Royal Caribbean Cruises, Ltd.		650		73,496
Starbucks Corp.		2,475		133,601

	Shares		Value (Note 2)
United States (continued)
The Walt Disney Co.		150	$	16,489
				606,163
TOTAL COMMON STOCKS
(Cost $8,698,848)				9,005,476
PREFERRED STOCKS (0.81%)
Germany (0.81%)
FUCHS PETROLUB SE		1,351		80,286
TOTAL PREFERRED STOCKS
(Cost $73,715)				80,286
TOTAL INVESTMENTS (92.21%)
(Cost $8,772,563)			$	9,085,762
Other Assets In Excess Of Liabilities (7.79%)				767,164
NET ASSETS (100.00%)			$	9,852,926

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

See Notes to Quarterly Portfolios of Investments.

Rondure Funds Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2017, the Trust consists of multiple separate Portfolios or series. This quarterly report describes the Rondure New World Fund and the Rondure Overseas Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Portfolios of Investments were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of the Portfolios of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the Portfolios of Investments Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their Portfolios of Investments.

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

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

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board of Trustees (the “Board”). The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of each Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers which instruct when to use the fair valuation model.

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

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

Rondure Funds Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

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

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

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

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

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

The following is a summary of each Fund’s investments in the fair value hierarchy as of July 31, 2017:

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Rondure New World Fund
Common Stocks	$	66,106,318	$	–	$	–	$	66,106,318
Total	$	66,106,318	$	–	$	–	$	66,106,318

Investments in Securities at Value	Level 1 - Quoted and Unadjusted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant  Unobservable Inputs		Total
Rondure Overseas Fund
Common Stocks	$	9,085,762	$	–	$	–	$	9,085,762
Total	$	9,085,762	$	–	$	–	$	9,085,762

^* For a detailed country breakdown, see the accompanying Portfolios of Investments.

Rondure Funds Notes to Quarterly Portfolios of Investments

July 31, 2017 (Unaudited)

For the period ended July 31, 2017, the Funds did not have any transfers in/(out) of Level 1 and Level 2 securities.

The Funds recognize transfers between levels as of the end of the period. For the period ended July 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost 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 Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

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

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service.

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

Unrealized Appreciation and Depreciation on Investments:As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/(Depreciation)		Cost of Investments for Income Tax Purposes
Rondure New World Fund	$	2,803,233	$	(1,596,845	)	$	1,206,388	$	64,899,929
Rondure Overseas Fund		273,050		40,146			313,196		8,772,566

SEAFARER OVERSEAS GROWTH AND INCOME FUND

PORTFOLIO OF INVESTMENTS

July 31, 2017 (Unaudited)

	Currency	Shares		Value
COMMON STOCKS (82.9%)
Brazil (5.9%)
Odontoprev SA	BRL		19,800,000	$	82,924,623
TOTVS SA	BRL		7,657,600		73,645,173
Total Brazil					156,569,796
China / Hong Kong (15.0%)
Hang Lung Properties, Ltd.	HKD		40,250,000		100,279,741
China Yangtze Power Co., Ltd.	CNY		33,099,447		74,817,963
Shandong Weigao Group Medical Polymer Co., Ltd., Class H	HKD		71,418,000		57,604,010
Fuyao Glass Industry Group Co., Ltd., Class H	HKD		15,288,800		52,164,505
Texwinca Holdings, Ltd.	HKD		55,900,000		33,923,030
Xinhua Winshare Publishing and Media Co., Ltd., Class H	HKD		31,500,000		26,213,704
Pico Far East Holdings, Ltd.	HKD		47,500,000		19,581,861
Greatview Aseptic Packaging Co., Ltd.	HKD		33,000,000		19,012,137
Hengan International Group Co., Ltd.	HKD		2,100,400		16,027,019
Total China / Hong Kong					399,623,970
Hungary (3.1%)
Richter Gedeon Nyrt	HUF		3,250,000		83,196,546
Total Hungary					83,196,546
India (10.0%)
Infosys, Ltd., Sponsored ADR	USD		9,675,000		152,865,000
Sun Pharma Advanced Research Co., Ltd.(a)	INR		8,025,000		47,379,728
Balkrishna Industries, Ltd.	INR		1,500,000		38,012,509
Cyient, Ltd.	INR		3,250,000		26,589,700
Total India					264,846,937
Indonesia (3.7%)
Astra International Tbk PT	IDR		163,500,000		97,861,941
Total Indonesia					97,861,941
Japan (1.2%)
Hisamitsu Pharmaceutical Co., Inc.	JPY		690,000		32,420,518
Total Japan					32,420,518

	Currency	Shares		Value
Malaysia (0.8%)
Hartalega Holdings Bhd	MYR		12,000,000	$	19,815,485
Total Malaysia					19,815,485
Mexico (5.0%)
Grupo Financiero Banorte SAB de CV, Class O	MXN		14,607,328		96,813,292
Bolsa Mexicana de Valores SAB de CV	MXN		21,526,800		36,977,365
Total Mexico					133,790,657
Poland (3.6%)
Bank Pekao SA	PLN		1,896,192		67,394,379
Asseco Poland SA	PLN		2,159,230		27,154,385
Total Poland					94,548,764
Singapore (6.0%)
Singapore Telecommunications, Ltd.	SGD		43,000,000		125,971,295
SIA Engineering Co., Ltd.	SGD		11,796,900		31,687,057
Venture Corp., Ltd.	SGD		270,200		2,625,934
Total Singapore					160,284,286
South Africa (4.5%)
Sanlam, Ltd.	ZAR		23,750,000		119,572,228
Total South Africa					119,572,228
South Korea (11.5%)
Hyundai Mobis Co., Ltd.	KRW		605,000		132,996,738
Coway Co., Ltd.	KRW		1,150,000		101,840,847
Dongsuh Cos., Inc.	KRW		2,050,000		54,132,970
Sindoh Co., Ltd.	KRW		355,185		18,282,165
Total South Korea					307,252,720
Taiwan (12.0%)
Delta Electronics, Inc.	TWD		19,200,000		102,054,942
Pou Chen Corp.	TWD		63,222,000		85,425,232
Taiwan Semiconductor Manufacturing Co., Ltd.	TWD		9,575,000		68,017,999
Vanguard International Semiconductor Corp.	TWD		25,204,000		47,243,675
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR	USD		476,739		17,143,535
Total Taiwan					319,885,383
Vietnam (0.6%)
Bao Viet Holdings(a)	VND		4,450,000		11,572,174

	Currency	Shares		Value
Vietnam (continued)
Nam Long Investment Corp.	VND		4,041,030	$	5,396,575
Total Vietnam					16,968,749
TOTAL COMMON STOCKS (Cost $2,000,229,524)					2,206,637,980
PREFERRED STOCKS (7.4%)
Brazil (3.0%)
Banco Bradesco SA, ADR	USD		8,450,000		81,289,000
Total Brazil					81,289,000
South Korea (4.4%)
Samsung Electronics Co., Ltd.	KRW		67,500		116,476,029
Total South Korea					116,476,029
TOTAL PREFERRED STOCKS (Cost $115,353,954)					197,765,029

	Currency	Rate	Maturity Date	Principal Amount		Value
CORPORATE BOND - FOREIGN CURRENCY (1.3%)
Mexico (1.3%)
America Movil SAB de CV	MXN	7.13%	12/09/24		65,290,000		3,575,776
America Movil SAB de CV	MXN	7.13%	12/09/24		209,710,000		11,485,311
America Movil SAB de CV	MXN	6.45%	12/05/22		350,000,000		18,788,428
Total Mexico							33,849,515
TOTAL CORPORATE BOND - FOREIGN CURRENCY (Cost $32,823,692)							33,849,515
CORPORATE BOND - USD (0.7%)
Brazil (0.7%)
Cielo SA / Cielo USA, Inc.	USD	3.75%	11/16/22		20,000,000		19,600,000
Total Brazil							19,600,000
TOTAL CORPORATE BOND – USD (Cost $18,158,522)							19,600,000
GOVERNMENT BOND, MEDIUM/LONG-TERM - FOREIGN CURRENCY (2.2%)
Brazil (1.6%)
Brazilian Government International Bond	BRL	10.25%	01/10/28		60,000,000		20,739,045

	Currency	Rate	Maturity Date	Principal Amount		Value
Brazil (continued)
Brazil Notas do Tesouro Nacional Serie F, Series NTNF	BRL	10.00%	01/01/25		70,000,000	$	22,856,318
Total Brazil							43,595,363
Indonesia (0.6%)
Indonesia Treasury Bond, Series FR70	IDR	8.38%	03/15/24		200,000,000,000		16,242,915
Total Indonesia							16,242,915
TOTAL GOVERNMENT BOND, MEDIUM/LONG-TERM - FOREIGN CURRENCY (Cost $50,410,347)							59,838,278
GOVERNMENT BOND, SHORT-TERM – USD/FOREIGN CURRENCY (3.0%)
Hungary (0.2%)
Hungary Government International Bond	USD	4.13%	02/19/18		6,000,000		6,079,440
Total Hungary							6,079,440
Israel (0.3%)
Israel Government International Bond	USD	5.13%	03/26/19		8,000,000		8,459,680
Total Israel							8,459,680
Poland (0.3%)
Republic of Poland Government International Bond	USD	6.38%	07/15/19		8,000,000		8,719,904
Total Poland							8,719,904
Singapore (0.7%)
Singapore Government Bond	SGD	4.00%	09/01/18		11,000,000		8,369,627
Singapore Government Bond	SGD	0.50%	04/01/18		12,000,000		8,821,459
Total Singapore							17,191,086
South Africa (0.2%)
Republic of South Africa Government International Bond	USD	6.88%	05/27/19		5,000,000		5,398,140
Total South Africa							5,398,140

	Currency	Rate	Maturity Date	Principal Amount		Value
South Korea (1.3%)
The Korea Development Bank	USD	1.38%	09/12/19		5,000,000	$	4,919,847
The Korea Development Bank	USD	2.88%	08/22/18		5,000,000		5,055,815
Korea Treasury Bond, Series 1806	KRW	1.63%	06/10/18		6,000,000,000		5,372,511
Korea Treasury Bond, Series 1812	KRW	1.75%	12/10/18		6,000,000,000		5,381,775
Korea International Bond	USD	7.13%	04/16/19		5,000,000		5,444,000
Korea Treasury Bond, Series 1712	KRW	2.00%	12/10/17		9,000,000,000		8,063,817
Total South Korea							34,237,765
TOTAL GOVERNMENT BOND, SHORT-TERM – USD/ FOREIGN CURRENCY (Cost $79,473,003)							80,086,015
TOTAL INVESTMENTS (Cost $2,296,449,042) (97.5%)						$	2,597,776,817
Cash and Other Assets, Less Liabilities (2.5%)							65,521,502
NET ASSETS (100.0%)						$	2,663,298,319

Principal Amount is stated in local currency unless otherwise noted.

^(a) Non-income producing security.

Currency Abbreviations

BRL	-	Brazil Real
CNY	-	China Yuan
HKD	-	Hong Kong Dollar
HUF	-	Hungarian Forint
IDR	-	Indonesia Rupiah
INR	-	India Rupee
JPY	-	Japan Yen
KRW	-	South Korea Won
MXN	-	Mexico Peso
MYR	-	Malaysia Ringgit
PLN	-	Poland Zloty
SGD	-	Singapore Dollar
TWD	-	Taiwan New Dollar
USD	-	United States Dollar
VND	-	Vietnam Dong
ZAR	-	South Africa Rand

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

See Notes to Quarterly Portfolio of Investments.

SEAFARER OVERSEAS VALUE FUND
PORTFOLIO OF INVESTMENTS
July 31, 2017 (Unaudited)
	Currency	Shares		Value
COMMON STOCKS (88.7%)
Brazil (2.6%)
Qualicorp SA	BRL		31,000	$	325,772
Total Brazil					325,772
China / Hong Kong (42.2%)
First Pacific Co., Ltd.	HKD		726,000		543,747
China Foods, Ltd.	HKD		1,000,000		460,899
Melco International Development, Ltd.	HKD		184,000		435,806
WH Group, Ltd.	HKD		430,000		403,531
China Yangtze Power Co., Ltd.	CNY		164,990		372,943
Asia Satellite Telecommunications Holdings, Ltd.	HKD		333,000		341,066
China Resources Beer Holdings Co., Ltd.	HKD		132,000		333,600
Hang Lung Properties, Ltd.	HKD		132,000		328,868
AMVIG Holdings, Ltd.	HKD		1,130,000		328,405
Shangri-La Asia, Ltd.	HKD		200,000		325,191
Giordano International, Ltd.	HKD		572,000		318,559
Xtep International Holdings, Ltd.	HKD		704,000		262,283
Texwinca Holdings, Ltd.	HKD		422,000		256,092
Pacific Basin Shipping, Ltd.(a)	HKD		1,130,000		247,388
Pico Far East Holdings, Ltd.	HKD		538,000		221,790
Greatview Aseptic Packaging Co., Ltd.	HKD		353,000		203,372
Total China / Hong Kong					5,383,540
Czech Republic (5.6%)
Pegas Nonwovens SA	CZK		9,000		414,600
Philip Morris CR AS	CZK		430		296,642
Total Czech Republic					711,242
Mexico (3.8%)
Credito Real SAB de CV SOFOM ER	MXN		271,000		479,968
Total Mexico					479,968
Philippines (3.6%)
Del Monte Pacific, Ltd.	SGD		2,000,000		457,514
Total Philippines					457,514
Qatar (3.1%)
Qatar Gas Transport Co., Ltd.	QAR		80,000		397,501
Total Qatar					397,501
Russia (5.2%)
Global Ports Investments PLC, GDR(a)	USD		99,000		356,400

	Currency	Shares		Value
Russia (continued)
Cherkizovo Group PJSC, GDR	USD		22,000	$	311,300
Total Russia					667,700
Singapore (9.7%)
Wilmar International, Ltd.	SGD		206,000		507,723
Genting Singapore Plc	SGD		524,000		450,474
SIA Engineering Co., Ltd.	SGD		102,500		275,320
Total Singapore					1,233,517
South Korea (2.2%)
Samsung SDI Co., Ltd.	KRW		1,900		286,091
Total South Korea					286,091
Taiwan (2.3%)
Pou Chen Corp.	TWD		221,000		298,614
Total Taiwan					298,614
United Arab Emirates (2.6%)
National Central Cooling Co. PJSC	AED		585,000		329,685
Total United Arab Emirates					329,685
Vietnam (5.8%)
Petrovietnam Fertilizer & Chemicals JSC	VND		367,000		373,032
PetroVietnam Technical Services Corp.	VND		504,000		361,481
Total Vietnam					734,513
TOTAL COMMON STOCKS (Cost $10,028,005)					11,305,657
TOTAL INVESTMENTS (Cost $10,028,005) (88.7%)				$	11,305,657
Cash and Other Assets, Less Liabilities (11.3%)					1,442,497
NET ASSETS (100.0%)				$	12,748,154

^(a) Non-income producing security.

Currency Abbreviations
AED	-	United Arab Emirates Dirham
BRL	-	Brazil Real
CNY	-	China Yuan
CZK	-	Czech Koruna

HKD	-	Hong Kong Dollar
KRW	-	South Korea Won
MXN	-	Mexico Peso
QAR	-	Qatar Rial
SGD	-	Singapore Dollar
TWD	-	Taiwan New Dollar
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.

See Notes to Quarterly Portfolio of Investments.

Seafarer Funds Notes to Quarterly Portfolio of Investments

July 31, 2017 (Unaudited)

1. Organization

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund (individually a “Fund” and collectively, the “Funds”), each of which is a separate series of the Trust. 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 Investor Class and Institutional Class shares.

2. Significant Accounting Policies

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

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 established by and under the general supervision of the Board of Trustees (the “Board”). Each Fund uses a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE. The Funds’ valuation procedures set forth certain triggers that inform each Fund when to use the fair valuation model.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, 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.

Seafarer Funds Notes to Quarterly Portfolio of Investments

July 31, 2017 (Unaudited)

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 Trust’s Valuation Committee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Certain foreign countries impose a tax on capital gains which is accrued by each Fund based on unrealized appreciation, if any, on affected securities.  The tax is paid when the gain is realized.

Fair Value Measurements

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

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

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

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

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

The following is a summary of the inputs used to value each Fund as of July 31, 2017:

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	$	2,206,637,980	$	–	$	–	$	2,206,637,980
Preferred Stocks		197,765,029		–		–		197,765,029
Corporate Bond - Foreign Currency		–		33,849,515		–		33,849,515
Corporate Bond - USD		–		19,600,000		–		19,600,000
Government Bond, Medium/Long-term - Foreign Currency		–		59,838,278		–		59,838,278
Government Bond, Short-term – USD/Foreign Currency		–		80,086,015		–		80,086,015
Total	$	2,404,403,009	$	193,373,808	$	–	$	2,597,776,817

Seafarer Funds Notes to Quarterly Portfolio of Investments

July 31, 2017 (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	$	11,305,657	$	–	$	–	$	11,305,657
Total	$	11,305,657	$	–	$	–	$	11,305,657

(a) For detailed descriptions of securities by country, see the accompanying Portfolio of Investments.

The Funds recognize transfers between levels as of the end of the period. For the three months ended July 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Each Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Fund’s net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. For the three months ended July 31, 2017, the Funds did not have any transfers between Level 1 and Level 2 securities.

Investment Transactions and Investment Income

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

Seafarer Funds Notes to Quarterly Portfolio of Investments

July 31, 2017 (Unaudited)

Foreign Securities

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

Foreign Currency Translation

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

Foreign Currency Spot Contracts

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

Unrealized Appreciation and Depreciation on Investments

As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for Federal tax purposes were as follows:

	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized  Appreciation
Seafarer Overseas Growth  and Income Fund	$	2,299,510,479	$	348,927,649	$	(50,661,311	)	$	298,266,338
Seafarer Overseas Value Fund		10,104,411		1,659,603		(458,357	)		1,201,246

VULCAN VALUE PARTNERS SMALL CAP FUND

STATEMENT OF INVESTMENTS

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (77.39%)
Consumer, Cyclical (17.36%)
Distribution/Wholesale (3.03%)
WESCO International, Inc.(a)		705,165	$	36,139,706
Home Furnishings (5.43%)
Howden Joinery Group PLC		3,319,293		18,608,397
Select Comfort Corp.(a)		1,364,646		46,138,681
				64,747,078
Housewares (1.32%)
Tupperware Brands Corp.		259,547		15,757,098
Lodging (4.68%)
Choice Hotels International, Inc.		335,215		21,671,650
La Quinta Holdings Inc(a)		2,295,450		34,225,159
				55,896,809
Office Furnishings (1.52%)
Herman Miller, Inc.		538,992		18,150,556
Retail (1.38%)
Halfords Group PLC		3,747,622		16,475,455
TOTAL CONSUMER, CYCLICAL				207,166,702
Consumer, Non‐cyclical (8.48%)
Commercial Services (8.48%)
Navigant Consulting, Inc.(a)		858,544		14,535,150
Sabre Corp.		1,716,472		37,985,525
Savills PLC		1,740,360		20,987,559
Sotheby's, Class A(a)		488,461		27,642,008
				101,150,242
TOTAL CONSUMER, NON‐CYCLICAL				101,150,242
Energy (0.98%)
Oil & Gas Services (0.98%)
Thermon Group Holdings, Inc.(a)		653,095		11,670,808
TOTAL ENERGY				11,670,808
Financial (26.53%)
Diversified Finan Serv (2.40%)
Credit Acceptance Corp.(a)		114,958		28,636,038
Diversified Financial Services (3.62%)
Ashmore Group PLC		3,352,854		15,925,526
Virtus Investment Partners, Inc.		231,397		27,258,566
				43,184,092
Insurance (14.11%)
Aspen Insurance Holdings, Ltd.		960,485		46,871,668
Axis Capital Holdings, Ltd.		748,047		48,308,875
Everest Re Group, Ltd.		136,405		35,791,308

	Shares		Value (Note 2)
Financial (continued)
Insurance (continued)
Navigators Group, Inc.		655,526	$	37,364,982
				168,336,833
Real Estate (5.62%)
Jones Lang LaSalle, Inc.		527,129		67,061,352
REITS (0.78%)
Outfront Media, Inc.		410,113		9,379,284
TOTAL FINANCIAL				316,597,599
Industrial (19.46%)
Electronics (6.27%)
Ituran Location and Control, Ltd.		1,641,736		50,072,948
Woodward, Inc.		353,824		24,746,451
				74,819,399
Industrial Services (1.94%)
MSC Industrial Direct Co., Inc., Class A		325,516		23,179,994
Machinery‐Diversified (4.38%)
Concentric AB		1,465,756		22,965,411
Lindsay Corp.		319,458		29,284,715
				52,250,126
Miscellaneous Manufacturing (4.87%)
Actuant Corp., Class A		901,504		21,816,397
Carlisle Cos., Inc.		186,377		18,188,531
Crane Co.		239,430		18,076,965
				58,081,893
Transportation (2.00%)
Forward Air Corp.		460,610		23,873,416
TOTAL INDUSTRIAL				232,204,828
Technology (4.58%)
Software (4.58%)
ACI Worldwide, Inc.(a)		2,359,079		54,659,860
TOTAL TECHNOLOGY				54,659,860
TOTAL COMMON STOCKS (Cost $718,493,275)				923,450,039

	7-Day Yield	Shares		Value (Note 2)
SHORT TERM INVESTMENTS (23.89%)
Money Market Fund (23.89%)
Dreyfus Treasury Prime Cash Management Fund, Institutional Shares	0.886%		285,040,467	$	285,040,467
TOTAL SHORT TERM INVESTMENTS (Cost $285,040,467)					285,040,467
TOTAL INVESTMENTS (101.28%) (Cost $1,003,533,742)				$	1,208,490,506
Liabilities In Excess Of Other Assets (‐1.28%)					(15,220,602	)
NET ASSETS (100.00%)				$	1,193,269,904

^(a) Non-Income Producing Security.

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

See Notes to Quarterly Statements of Investments.

VULCAN VALUE PARTNERS FUND

STATEMENT OF INVESTMENTS

July 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (94.06%)
Communications (5.69%)
Internet (3.77%)
Alphabet, Inc., Class C(a)		54,616	$	50,820,188
Media (1.92%)
Discovery Communications, Inc., Class C(a)		533,651		12,343,348
Time Warner, Inc.		132,594		13,580,277
				25,923,625
TOTAL COMMUNICATIONS				76,743,813
Consumer, Cyclical (11.94%)
Auto Parts & Equipment (2.98%)
GKN PLC		9,458,737		40,122,756
Lodging (4.09%)
Hilton Worldwide Holdings, Inc.		527,398		32,978,197
Intercontinental Hotels Group PLC, ADR		390,817		22,182,773
				55,160,970
Retail (4.87%)
CVS Health Corp.		820,812		65,607,503
TOTAL CONSUMER, CYCLICAL				160,891,229
Consumer, Non‐cyclical (20.32%)
Commercial Services (5.38%)
Moody's Corp.		203,025		26,724,181
S&P Global, Inc.		158,436		24,334,185
Sabre Corp.		971,748		21,504,783
				72,563,149
Healthcare‐Services (2.75%)
Aetna, Inc.		129,100		19,921,421
Anthem, Inc.		91,811		17,096,126
				37,017,547
Pharmaceuticals (12.19%)
AmerisourceBergen Corp.		637,209		59,782,949
Cardinal Health, Inc.		540,273		41,741,492
McKesson Corp.		388,384		62,867,718
				164,392,159
TOTAL CONSUMER, NON‐CYCLICAL				273,972,855
Energy (4.71%)
Oil & Gas Services (4.71%)
National Oilwell Varco, Inc.		1,939,968		63,456,353
TOTAL ENERGY				63,456,353
Financial (29.35%)
Banks (7.85%)
Bank of New York Mellon Corp.		605,004		32,083,362

	Shares		Value (Note 2)
Financial (continued)
Banks (continued)
Northern Trust Corp.		290,410	$	25,413,779
State Street Corp.		518,136		48,305,820
				105,802,961
Diversified Financial Services (8.68%)
Mastercard, Inc., Class A		462,107		59,057,274
Visa, Inc., Class A		582,630		58,006,643
				117,063,917
Insurance (10.08%)
Axis Capital Holdings, Ltd.		607,162		39,210,522
Everest Re Group, Ltd.		145,154		38,086,958
Swiss Re AG		607,249		58,561,424
				135,858,904
Real Estate (2.74%)
CBRE Group, Inc., Class A(a)		971,590		36,910,704
TOTAL FINANCIAL				395,636,486
Industrial (5.61%)
Aerospace & Defense (4.17%)
Boeing Co.		165,251		40,066,758
United Technologies Corp.		135,319		16,044,774
				56,111,532
Miscellaneous Manufacturing (1.44%)
Parker‐Hannifin Corp.		117,145		19,443,727
TOTAL INDUSTRIAL				75,555,259
Technology (16.44%)
Semiconductors (7.10%)
Qorvo, Inc.(a)		817,721		56,062,952
Skyworks Solutions, Inc.		377,723		39,611,811
				95,674,763
Software (9.34%)
Oracle Corp.		2,521,847		125,915,821
TOTAL TECHNOLOGY				221,590,584
TOTAL COMMON STOCKS (Cost $1,009,078,250)				1,267,846,579

	7-Day Yield	Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.25%)
Money Market Fund (6.25%)
TOTAL SHORT TERM INVESTMENTS (Cost $84,323,319)	0.886%		84,323,319		84,323,319
TOTAL INVESTMENTS (100.31%) (Cost $1,093,401,569)				$	1,352,169,898
Liabilities In Excess Of Other Assets (‐0.31%)					(4,201,876	)
NET ASSETS (100.00%)				$	1,347,968,022

^(a) Non-Income Producing Security.

For Fund compliance purposes, the Fund's industry classifications refer to any one or more of theindustry 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 Quarterly Statements of Investments.

Notes to Quarterly Statements of Investments

July 31, 2017 (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 quarterly 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Statements of Investments 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 the Statements of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts at the date of the Statement of Investments. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their Statements of Investments.

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

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

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

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

Notes to Quarterly Statements of Investments

July 31, 2017 (Unaudited)

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 approved by the Board.

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

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

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

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

The following is a summary of each input used to value each Fund’s investments as of July 31, 2017.

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)	$	1,267,846,579	$	–	$	–	$	1,267,846,579
Short Term Investments		84,323,319		–		–		84,323,319
TOTAL	$	1,352,169,898	$	–	$	–	$	1,352,169,898

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)	$	923,450,039	$	–	$	–	$	923,450,039
Short Term Investments		285,040,467		–		–		285,040,467
TOTAL	$	1,208,490,506	$	–	$	–	$	1,208,490,506

^(a) For detailed descriptions, see the accompanying Statements of Investments.

Notes to Quarterly Statements of Investments

July 31, 2017 (Unaudited)

The Funds recognize transfers between levels as of the end of period. For the three months ended July 31, 2017, the Funds did not have any transfers between Level 1 and Level 2. For the three months ended July 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

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

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

Unrealized Appreciation and Depreciation on Investments: As of July 31, 2017, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation 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)	$	279,057,325		$	210,642,163
Gross depreciation
(excess of tax cost over value)		(28,252,432	)		(6,311,006	)
Net unrealized appreciation	$	250,804,893		$	204,331,157
Cost of investments for income tax purposes	$	1,101,365,005		$	1,004,159,349

Item 2. 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 Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST
By:	/s/ Edmund J. Burke
	Edmund J. Burke
	President (Principal Executive Officer)
Date:	September 29, 2017

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.

By:	/s/ Edmund J. Burke
	Edmund J. Burke
	President (Principal Executive Officer)
Date:	September 29, 2017

By:	/s/ Kimberly R. Storms
	Kimberly R. Storms
	Treasurer (Principal Financial Officer)
Date:	September 29, 2017