N-CSRS 1 fp0029947_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of Registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

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 – October 31, 2017

Item 1. Reports to Stockholders.

(Graphic)

TABLE OF CONTENTS

	PAGE
Manager Commentary
Aspen Managed Futures Strategy Fund	1
Aspen Portfolio Strategy Fund	3
Performance Update
Aspen Managed Futures Strategy Fund	5
Aspen Portfolio Strategy Fund	7
Consolidated Disclosure of Fund Expenses	9
Consolidated Schedule of Investments
Aspen Managed Futures Strategy Fund	10
Aspen Portfolio Strategy Fund	12
Consolidated Statements of Assets & Liabilities	14
Consolidated Statements of Operations	16
Consolidated Statements of Changes in Net Assets
Aspen Managed Futures Strategy Fund	17
Aspen Portfolio Strategy Fund	18
Consolidated Financial Highlights
Aspen Managed Futures Strategy Fund	19
Aspen Portfolio Strategy Fund	21
Notes to Consolidated Financial Statements	23
Additional Information	33

Aspen Managed Futures Strategy Fund

Manager Commentary

October 31, 2017 (Unaudited)

November 17, 2017

Performance Results

For the six-month period ending October 31, 2017, the Class I shares of the Aspen Managed Futures Strategy Fund (the “Fund”) posted a return of -1.09%. Per its mandate, the Fund maintained tight correlation(1) to the Aspen Managed Futures Beta Index (“Aspen MFBI” or the “Index”). The Index uses a combination of trend and counter-trend algorithms to determine exposures to 23 futures markets. In following the Index, the Fund can take long or short positions in each of the eligible markets. A long position in a futures market may profit if the price of the futures contract rises, whereas a short position may profit if the price of the futures contract falls.

The BTOP50 Index⁽²⁾, a managed futures benchmark, returned +0.90% over the same period. It is important to note that there are substantive differences between the Fund and this index in terms of construction. There were no significant changes to the Fund strategy during this period.

Explanation of Fund Performance

Over this six-month period, broad backdrop market volatility remained near all-time lows globally. While low volatility is typically not an auspicious backdrop for trend following strategies, it does not usually tend to produce significantly poor results either. This period was an example of that phenomenon, as a series of relatively small monthly gains and small monthly losses for the Fund combined to produce a small end-to-end loss for the full six months.

When backdrop volatility is abnormally low, occasional “events” that punctuate the markets with brief spikes of more elevated volatility can have an outsized effect on trend following performance. One such event occurred in May. Heading into that month, the Fund was positioned on the short side in energy futures. But midmonth, Saudi Arabia and Russia announced a deal in principle to extend an oil output freeze for an extra nine months. Energy prices soared on the news, causing losses for the Fund in energies, and causing the trend model to reverse into long energy positions. Then in late May the official OPEC meeting occurred. Though OPEC members ratified the pre-announced deal, no further supportive measures were forthcoming. Disappointment in the markets caused energy prices to plunge once again, causing classic “V-top” losses for the Fund (i.e., losses arising from prices moving up and then down in an inverted V-shaped pattern). Largely as a consequence of this move, the Fund returned 1.51% in May.

The first several weeks of June were profitable, if uneventful. Then in the last week of the month, European Central Bank (“ECB”) president Mario Draghi gave a speech that markets interpreted as unexpectedly hawkish. The resulting activity could be described as a European version of the “taper tantrum” that hit the markets after similar comments by US Federal Reserve president Ben Bernanke were interpreted similarly: Both equity and fixed income markets declined rapidly as markets contemplated the consequences of potentially faster-than-expected reductions in ECB accommodation. This produced losses for Fund, albeit insufficient to eliminate the entire monthly gain. The final June fund return was +1.10%.

The entire third quarter plus the month of October constituted a fairly uneventful and incredibly low-volatility period for investment markets. A few sustained trends developed (most notably long positions in equities and a long position in copper); others were profitable briefly and then reversed (e.g., downtrends in fixed income, which performed well in July but reversed in August; and uptrends across most currencies, which were profitable through most of the third quarter, but reversed at the end of September). The result of primarily low-vol, range-bound activity was a continued series of minor monthly returns. For the months of July, August, September, and October, Fund returns were +1.63%, 1.81%, 0.76%, and +0.33%, respectively.

Outlook

As noted above, volatility remains abnormally low. Such volatility “regimes” tend to be serially correlated (i.e., they tend to be sticky, evolving only slowly), and that has certainly been the case in 2017. For example, for the first 27 years since the inception of the VIX Volatility Index⁽³⁾ (through 2016), the index closed below a level of 10 only nine times. But as of this writing, the VIX index has closed below 10 forty times so far in 2017. At one point it even spent ten consecutive days below the mark of 10—i.e., exceeding the total from VIX’s first 26 years in a mere two calendar weeks.

In such a backdrop, trend followers can either adopt modifications that add to expected performance in low-vol markets, or they can simply hope for their systems to tread water while waiting for volatility to return. The former decision comes at the cost of potentially modifying a trend system away from design tenets that allow trend following to be among the few diversifying strategies that tend to perform very well when volatility is abnormally high. Aspen Partners is unwilling to give up or blunt such characteristics, and in consequence we do not adopt such modifications, even in the face of an extraordinarily extended stretch of low volatility markets.

Sincerely,

Bryan R. Fisher

William Ware Bush

Semi-Annual Report | October 31, 2017

Aspen Managed Futures Strategy Fund

Manager Commentary

October 31, 2017 (Unaudited)

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

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

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

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

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

Correlation - Degree and type of relationship between any two or more quantities (variables) in which they vary together over a period.

⁽²⁾

The BTOP50 Index seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

⁽³⁾

VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

Aspen Portfolio Strategy Fund

Manager Commentary

October 31, 2017 (Unaudited)

November 16, 2017

Performance Results

For the six-month period ending October 31, 2017, the Class I shares of the Aspen Portfolio Strategy Fund (the “Fund”) posted a return of 8.42%. Per its mandate, the Fund traded the Aspen Portfolio Strategy, which combines full exposure to US large-cap equities (the “Equity Strategy”) with full exposure to Aspen’s proprietary diversified trend following program (the “Futures Strategy”). To capture the Equity Strategy, the Fund can employ a variety of vehicles, including exchange-traded funds and futures contracts. To capture the Futures Strategy, the Fund can take long or short positions in each eligible futures market. A long position in a futures market may profit if the price of the futures contract rises, whereas a short position may profit if the price of the futures contract falls.

The S&P 500^® Index⁽¹⁾, a US large-cap equity benchmark, returned +9.10%. See the following section for a description of the sources of the sub-period and full-period return differential between the Fund and the S&P 500.

Explanation of Fund Performance

Over this six-month period, broad backdrop market volatility remained near all-time lows globally. A low volatility regime is often a good backdrop for risk assets like equities, and given the return of the Equity Strategy, the six-month period in question was obviously no exception. Conversely, low volatility is typically not an auspicious backdrop for trend following strategies, but neither does it usually tend to produce significantly poor results either. This period was also an example of the latter phenomenon, as a series of relatively small monthly gains and small monthly losses for the Futures Strategy combined to produce a very small end-to-end Fund return shortfall for the full six months relative to the S&P 500 stand-alone.

When backdrop volatility is abnormally low, occasional “events” that punctuate the markets with brief spikes of more elevated volatility can have an outsized effect on trend following performance. One such event occurred in May. Heading into that month, the Fund was positioned on the short side in energy futures. But midmonth, Saudi Arabia and Russia announced a deal in principle to extend an oil output freeze for an extra nine months. Energy prices soared on the news, causing losses for the Fund in energies, and causing the Futures Strategy to reverse into long energy positions. Then in late May the official OPEC meeting occurred. Though OPEC members ratified the pre-announced deal, no further supportive measures were forthcoming. Disappointment in the markets caused energy prices to plunge once again, causing classic “V-top” losses for the Futures Strategy (i.e., losses arising from prices moving up and then down in an inverted V-shaped pattern). Conversely, May was a strong positive month for equities, and the Fund was able to produce a mildly positive return of +0.20% despite the losses in the Futures Strategy.

The first several weeks of June were profitable for both the Equity Strategy and the Futures Strategy. Then in the last week of the month, European Central Bank president Mario Draghi gave a speech that markets interpreted as unexpectedly hawkish. The resulting activity could be described as a European version of the “taper tantrum”⁽²⁾ that hit the markets after similar comments by US Federal Reserve president Ben Bernanke were interpreted similarly: Both equity and fixed income markets declined rapidly as markets contemplated the consequences of potentially faster-than-expected reductions in ECB accommodation. This produced losses for Fund, albeit insufficient to eliminate the entire monthly gain. The final June fund return was +0.82%.

The entire third quarter plus the month of October constituted a fairly uneventful and incredibly low-volatility period for investment markets. A few sustained trends developed and benefitted the Futures Strategy (most notably long positions in equities and a long position in copper); others were profitable briefly and then reversed (e.g., downtrends in fixed income, which performed well in July but reversed in August; and uptrends across most currencies, which were profitable through most of the third quarter, but reversed at the end of September). Over that same timeframe, the Equity Strategy continued to contribute positively and fairly consistently. Incredibly, the S&P 500 (which is tracked directly by the Equity Strategy) has now posted a positive total return for twelve consecutive months—the longest such streak in at least the last 30 years—and 19 of the last 20 months.

Overall Fund returns were +3.36%, -0.86%, +1.58%, and +3.11% in July, August, September, and October, respectively. (I.e., of these four months, only in August were there negative Futures Strategy returns in sufficient quantity to outrun minor positive Equity Strategy returns.)

Outlook

As noted above, volatility remains abnormally low. Such volatility “regimes” tend to be serially correlated (i.e., they tend to be sticky, evolving only slowly), and that has certainly been the case in 2017. For example, for the first 27 years since the inception of the VIX volatility index (through 2016), the index closed below a level of 10 only nine times. But as of this writing, the VIX index has closed below 10 forty times so far in 2017. At one point it even spent ten consecutive days below the mark of 10—i.e., exceeding the total from VIX’s first 26 years in a mere two calendar weeks.

In such a backdrop, trend followers can either adopt modifications that add to expected performance in low-vol markets, or they can simply hope for their systems to tread water while waiting for volatility to return. The former decision comes at the cost of potentially modifying a trend system away from design tenets that allow trend following to be among the few diversifying strategies that tend to perform very well when volatility is abnormally high. Rather than adopting such modifications within the Futures Strategy, which management believes would potentially degrade the

Semi-Annual Report | October 31, 2017

Aspen Portfolio Strategy Fund

Manager Commentary

October 31, 2017 (Unaudited)

long-run diversification benefits of trend following, the Aspen Portfolio Strategy Fund seeks to enable investors to capture both a strategy that tends to perform well in low-volatility regimes (equities) and a strategy that tends to perform well in high-volatility regimes (trend following) in a single portfolio.

Sincerely,

Bryan R. Fisher

William Ware Bush

The Aspen Portfolio Strategy Funds are distributed by ALPS Distributors, Inc.

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

The Fund is new with limited operating history.

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

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

⁽²⁾

Taper tantrum - the term used to refer to the 2013 surge in U.S. Treasury yields, which resulted from the Federal Reserve's use of tapering to gradually reduce the amount of money it was feeding into the economy.

Aspen Managed Futures Strategy Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance as of October 31, 2017

		Calendar Year-to-				Since	Expense Ratios
Aspen Managed Futures Strategy Fund	6 Months	Date	1 Year	3 Year	5 Year	Inception*	Total	Net⁽¹⁾
Aspen Managed Futures Strategy Fund - Class A (NAV)⁽²⁾	-1.23%	-8.03%	-4.99%	-1.95%	0.33%	-1.62%	1.62%	1.62%
Aspen Managed Futures Strategy Fund - Class A (MOP)⁽³⁾	-6.64%	-13.11%	-10.25%	-3.78%	-0.81%	-2.51%	1.62%	1.62%
Aspen Managed Futures Strategy Fund - Class I	-1.09%	-8.00%	-5.07%	-1.86%	0.55%	-1.38%	1.29%	1.29%
SG CTA Index⁽⁴⁾	1.53%	1.47%	0.22%	1.88%	2.58%	0.99%
Aspen Managed Futures Beta Index⁽⁵⁾	0.11%	6.22%	2.88%	0.04%	2.48%	0.60%

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

Fund Inception date of August 2, 2011.

⁽¹⁾

Aspen Partners, Ltd. (the “Adviser”) has agreed to waive and/or reimburse fees or expenses in order to limit total annual Fund operating expenses after fee waiver/expense reimbursements (excluding distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.55% of the Funds’ average daily net assets. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Funds’ expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date of the waiver or reimbursement. The Expense Agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Funds’ Board of Trustees

⁽²⁾

Net Asset Value (NAV) is the share price without sales charges.

⁽³⁾

Maximum Offering Price (MOP) includes sales charges. Class A returns include effects of the Funds’ maximum sales charge of 5.50%.

⁽⁴⁾

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

⁽⁵⁾

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

Portfolio Composition as of October 31, 2017

As a percentage of Net Assets^

(PIE CHART)

^{^}

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

Semi-Annual Report | October 31, 2017

Aspen Managed Futures Strategy Fund

Performance Update

October 31, 2017 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2017)

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

(LINE GRAPH)

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

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

Aspen Portfolio Strategy Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance as of October 31, 2017

		Calendar Year-to-Date		Expense Ratios
Aspen Portfolio Strategy Fund	6 Months	Calendar Year-to-Date	Since Inception*	Gross	Net⁽¹⁾
Aspen Portfolio Strategy Fund - Class A (NAV)⁽²⁾	8.18%	6.14%	5.80%	2.83%	1.99%
Aspen Portfolio Strategy Fund - Class A (MOP)⁽³⁾	2.24%	0.30%	-0.04%	2.83%	1.99%
Aspen Portfolio Strategy Fund - Class I	8.42%	6.50%	6.16%	2.26%	1.59%
S&P 500 Total Return Index	9.10%	16.91%	16.34%

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

Fund Inception date of December 28, 2016.

⁽¹⁾

⁽²⁾

Net Asset Value (NAV) is the share price without sales charges.

⁽³⁾

Maximum Offering Price (MOP) includes sales charges. Class A returns include effects of the Funds’ maximum sales charge of 5.50%.

Portfolio Composition as of October 31, 2017

As a percentage of Net Assets^{^}

(PIE CHART)

^{^}

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

Semi-Annual Report | October 31, 2017

Aspen Portfolio Strategy Fund

Performance Update

October 31, 2017 (Unaudited)

Performance of $10, 000 Initial Investment (as of October 31, 2017)

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

(LINE GRAPH)

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

Aspen Funds

Consolidated Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of May 1, 2017 through October 31, 2017.

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

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

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

	Beginning Account Value 5/1/17	Ending Account Value 10/31/17	Expense Ratio^(a)	Expenses Paid During period 5/1/17 - 10/31/17^(b)

Aspen Managed Futures Strategy Fund
Class A
Actual	$ 1,000.00	$ 987.70	1.78%	$ 8.92
Hypothetical (5% return before expenses)	$ 1,000.00	$1,016.23	1.78%	$ 9.05
Class I
Actual	$ 1,000.00	$ 989.10	1.47%	$ 7.37
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.80	1.47%	$ 7.48
Aspen Portfolio Strategy Fund
Class A
Actual	$ 1,000.00	$ 1,081.80	1.95%	$ 10.23
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.38	1.95%	$ 9.91
Class I
Actual	$ 1,000.00	$ 1,084.20	1.55%	$ 8.14
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.39	1.55%	$ 7.88

^(a)

The Fund's expense ratios have been based on the Fund's most recent fiscal half-year expenses.

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184)/365 (to reflect the half-year period).

Semi-Annual Report | October 31, 2017

Aspen Managed Futures Strategy Fund

Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

	Principal Amount/ Shares		Value (Note 2)
GOVERNMENT BONDS (5.46%)
U.S. TREASURY NOTES (5.46%)
0.625%, 11/30/2017	$	3,759,000	$	3,757,548
0.750%, 12/31/2017		3,075,000		3,072,883

TOTAL GOVERNMENT BONDS
(Cost $6,832,712)				6,830,431

SHORT TERM INVESTMENTS (81.29%)
MONEY MARKET FUND (6.26%)
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 7-day yield, 0.930%		7,822,041		7,822,041

U.S. TREASURY BILLS (75.03%)
0.507%, 11/09/2017^(a)		10,000,000		9,997,875
0.670%, 12/07/2017^(a)		13,400,000		13,386,918
0.770%, 01/04/2018^(a)		10,600,000		10,580,355
0.578%, 02/01/2018^(a)		10,400,000		10,370,166
0.898%, 03/29/2018^(a)		8,800,000		8,756,813
1.004%, 04/26/2018^(a)		5,700,000		5,665,588
1.021%, 05/24/2018^(a)		5,500,000		5,461,120
0.929%, 06/21/2018^(a)		11,200,000		11,107,071
0.906%, 07/19/2018^(a)		9,000,000		8,914,606
1.185%, 08/16/2018^(a)		9,700,000		9,595,434
				93,835,946

TOTAL SHORT TERM INVESTMENTS
(Cost $101,716,262)				101,657,987

TOTAL INVESTMENTS (86.75%)
(Cost $108,548,974)			$	108,488,418

Other Assets In Excess Of Liabilities (13.25%)				16,571,940	^(b)

NET ASSETS (100.00%)			$	125,060,358

^(a)

Rate shown represents the bond equivalent yield to maturity at date of purchase.

^(b)

Includes cash which is being held as collateral for futures contracts.

See Notes to Consolidated Financial Statements.

Aspen Managed Futures Strategy Fund

Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

FUTURES CONTRACTS

At October 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		63		12/27/2017	$	4,884,075		$	80,245
Corn Future^(a)		Short		190		12/14/2017		(3,284,625	)		36,859
NY Harbor ULSD Future^(a)		Long		44		11/30/2017		3,475,164			114,803
Silver Future^(a)		Short		39		12/27/2017		(3,255,135	)		59,153
Soybean Future^(a)		Short		33		01/12/2018		(1,624,837	)		2,016
Sugar No. 11 (World) Future^(a)		Long		105		02/28/2018		1,733,424			65,452
WTI Crude Future^(a)		Long		96		11/20/2017		5,220,480			203,208
Equity Contracts
Euro Stoxx 50 Index Future		Long		354		12/15/2017		15,166,489			577,880
Nikkei 225 Index Future		Long		136		12/07/2017		15,113,000			1,348,081
S&P^® 500 E-Mini Future		Long		116		12/15/2017		14,921,660			431,695
Foreign Currency Contracts
Euro FX Currency Future		Short		144		12/18/2017		(21,025,800	)		248,349
Japanese Yen Currency Future		Short		179		12/18/2017		(19,720,206	)		149,861
Swiss Franc Currency Future		Short		218		12/18/2017		(27,388,975	)		918,475
Interest Rate Contracts
U.S. 10 Year Treasury Future		Short		140		12/19/2017		(17,491,250	)		26,931
							$	(33,276,536	)	$	4,263,008

Description		Position		Contracts		Expiration Date		Underlying Face Amount at Value			Unrealized Depreciation
Commodity Contracts
Gold 100 Oz Future^(a)		Long		13		12/27/2017	$	1,651,650		$	(23,962	)
Equity Contracts
FTSE 100 Index Future		Long		153		12/15/2017		15,174,489			(18,406	)
Foreign Currency Contracts
Australian Dollar Currency Future		Long		441		12/18/2017		33,745,320			(1,551,762	)
Canadian Dollar Currency Future		Long		83		12/19/2017		6,438,725			(310,495	)
New Zealand Dollar Currency Future		Long		402		12/18/2017		27,480,720			(1,862,815	)
Interest Rate Contracts
Canadian 10 Year Bond Future		Short		109		12/18/2017		(11,611,402	)		(150,977	)
Euro Bond Future		Short		92		12/07/2017		(17,441,302	)		(184,105	)
Long Gilt Future		Short		107		12/27/2017		(17,668,803	)		(59,046	)
							$	37,769,397		$	(4,161,568	)

Common Abbreviations:

FTSE - Financial Times and the London Stock Exchange

S&P - Standard and Poor's

ULSD - Ultra Low Sulfur Diesel

^(a)

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

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

See Notes to Consolidated Financial Statements.

Semi-Annual Report | October 31, 2017

Aspen Portfolio Strategy Fund

Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (79.29%)
SPDR^® S&P 500^® ETF Trust		142,459	$	36,633,427

TOTAL EXCHANGE TRADED FUNDS (Cost $33,299,104)				36,633,427

SHORT TERM INVESTMENTS (9.03%)
MONEY MARKET FUND (9.03%)
Dreyfus Treasury & Agency Cash Management Fund - Institutional Shares, 7-day yield, 0.930%		4,169,937		4,169,937

TOTAL SHORT TERM INVESTMENTS (Cost $4,169,937)				4,169,937

TOTAL INVESTMENTS (88.32%) (Cost $37,469,041)			$	40,803,364

Other Assets In Excess Of Liabilities (11.68%)				5,395,231	^(a)

NET ASSETS (100.00%)			$	46,198,595

^(a)

Includes cash which is being held as collateral for futures contracts.

See Notes to Consolidated Financial Statements.

Aspen Portfolio Strategy Fund

Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

FUTURES CONTRACTS

At October 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	26	12/27/2017	$	2,015,650		$	27,465
Corn Future^(a)	Short	79	12/14/2017		(1,365,712	)		22,358
NY Harbor ULSD Future^(a)	Long	18	11/30/2017		1,421,658			40,992
Silver Future^(a)	Short	17	12/27/2017		(1,418,905	)		26,290
Soybean Future^(a)	Short	14	01/12/2018		(689,325	)		4,673
Sugar No. 11 (World) Future^(a)	Long	43	02/28/2018		709,878			19,580
WTI Crude Future^(a)	Long	40	11/20/2017		2,175,200			77,260
Equity Contracts
Euro STOXX 50 Index Future	Long	148	12/15/2017		6,340,792			237,215
Nikkei 225 Index Future	Long	57	12/07/2017		6,334,125			605,603
S&P^® 500 E-Mini Future	Long	128	12/15/2017		16,465,280			478,122
Foreign Currency Contracts
Japanese Yen Currency Future	Short	75	12/18/2017		(8,262,656	)		69,380
Interest Rate Contracts
U.S. 10 Year Treasury Note Future	Short	59	12/19/2017		(7,371,313	)		14,884
				$	16,354,672		$	1,623,822

Description	Position	Contracts	Expiration Date	Underlying Face Amount at Value			Unrealized Depreciation
Commodity Contracts
Gold 100 Oz Future^(a)	Long	6	12/27/2017	$	762,300		$	(11,849	)
Equity Contracts
FTSE 100 Index Future	Long	64	12/15/2017		6,347,499			(1,113	)
Foreign Currency Contracts
Australian Dollar Currency Future	Long	35	12/18/2017		2,678,200			(120,312	)
Canadian Dollar Currency Future	Long	35	12/19/2017		2,715,125			(148,147	)
Euro FX Currency Future	Long	18	12/18/2017		2,628,225			(49,223	)
Interest Rate Contracts
Canadian 10 Year Bond Future	Short	45	12/18/2017		(4,793,698	)		(57,105	)
Euro-Bund Future	Short	38	12/07/2017		(7,204,016	)		(79,683	)
Long Gilt Future	Short	45	12/27/2017		(7,430,805	)		(30,974	)
				$	(4,297,170	)	$	(498,406	)

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.

See Notes to Consolidated Financial Statements.

Semi-Annual Report | October 31, 2017

Aspen Funds

Consolidated Statements of Assets & Liabilities

October 31, 2017 (Unaudited)

	Aspen Managed Futures Strategy Fund			Aspen Portfolio Strategy Fund
ASSETS:
Investments, at value	$	108,488,418		$	40,803,364
Foreign currency, at value(Cost $– and $84,434) (Note 3)		–			81,687
Deposit with broker for futures contracts (Note 3)		18,008,807			5,364,867
Receivable for investments sold		–			93,689
Receivable for shares sold		2,187,101			19,475
Interest receivable		21,851			6,339
Dividend receivable		–			175,877
Offering costs (Note 2)		–			10,227
Prepaid and other assets		21,321			9,025
Total assets		128,727,498			46,564,550

LIABILITIES:
Foreign cash due to broker for futures contracts (Cost $2,917,770 and $–) (Note 3)		3,051,246			–
Payable to advisor		81,401			29,715
Payable for investments purchased		108			47,153
Variation margin payable		329,219			226,936
Payable for shares redeemed		32,043			2,504
Payable for administration fees		22,151			14,968
Payable for distribution and service fees
Class A		8,421			3,707
Payable for transfer agency fees		10,027			5,216
Delegated transfer agent equivalent services fees
Class A		433			–
Class I		50,287			3,620
Payable for trustee fees and expenses		7,062			6,731
Payable for professional fees		32,129			20,586
Payable for chief compliance officer fees		4,261			149
Payable for principal financial officer fees		513			23
Payable for licensing fees		27,134			–
Accrued expenses and other liabilities		10,705			4,647
Total liabilities		3,667,140			365,955
NET ASSETS	$	125,060,358		$	46,198,595

NET ASSETS CONSIST OF:

Paid-in capital (Note 5)	$	154,820,521		$	42,769,731
Accumulated net investment income/(loss)		(1,154,853	)		75,134
Accumulated net realized loss		(28,513,254	)		(1,103,122	)
Net unrealized appreciation/(depreciation)		(92,056	)		4,456,852
NET ASSETS	$	125,060,358		$	46,198,595

INVESTMENTS, AT COST	$	108,548,974		$	37,469,041

See Notes to Consolidated Financial Statements.

Aspen Funds

Consolidated Statements of Assets & Liabilities

October 31, 2017 (Unaudited)

	Aspen Managed Futures Strategy Fund		Aspen Portfolio Strategy Fund
PRICING OF SHARES:
Class A:
Net Asset Value, offering and redemption price per share	$	8.02	$	26.45
Net Assets	$	5,948,648	$	2,492,843
Shares of beneficial interest outstanding		742,141		94,239
Maximum offering price per share (NAV/0.9450), based on maximum sales charge of 5.50% of the offering price	$	8.49	$	27.99

Class I:
Net Asset Value, offering and redemption price per share	$	8.16	$	26.54
Net Assets	$	119,111,710	$	43,705,752
Shares of beneficial interest outstanding		14,596,133		1,646,776

See Notes to Consolidated Financial Statements.

Semi-Annual Report | October 31, 2017

Aspen Funds

Consolidated Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

	Aspen Managed Futures Strategy Fund			Aspen Portfolio Strategy Fund
INVESTMENT INCOME:
Interest	$	469,838		$	–
Dividends		35,605			366,685
Total investment income		505,443			366,685

EXPENSES:
Investment advisory fees (Note 6)		540,226			225,043
Investment advisory fees - subsidiary (Note 6)		61,653			7,126
Administrative fees		123,056			54,835
Distribution and service fees
Class A		12,925			4,642
Transfer agency fees		34,382			23,780
Delegated transfer agent equivalent services fees
Class A		700			–
Class I		79,500			11,681
Professional fees		26,210			14,360
Offering costs		–			38,739
Custodian fees		5,851			4,895
Trustee fees and expenses		7,092			6,697
Principal financial officer fees		2,046			574
Chief compliance officer fees		18,477			4,570
Licensing fees		180,075			–
Other		36,975			9,933
Total expenses before waiver/reimbursement		1,129,168			406,875
Waiver of investment advisory fees		–			(45,682	)
Waiver of investment advisory fees - subsidiary (Note 6)		(61,653	)		(7,126	)
Total net expenses		1,067,515			354,067
NET INVESTMENT INCOME/(LOSS)		(562,072	)		12,618

Net realized loss on investments		(46,249	)		(346	)
Net realized loss on futures contracts		(3,457,621	)		(247,087	)
Net realized gain on foreign currency transactions		26,221			22,706
Total net realized loss		(3,477,649	)		(224,727	)
Net change in unrealized appreciation of investments		87,117			2,709,890
Net change in unrealized appreciation on futures contracts		2,617,072			1,106,641
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currency transactions		(198,198	)		(5,296	)
Net change in unrealized appreciation		2,505,991			3,811,235
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(971,658	)		3,586,508
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,533,730	)	$	3,599,126

See Notes to Consolidated Financial Statements.

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

	For the Six Months Ended October 31, 2017 (Unaudited)			For the Year Ended April 30, 2017
OPERATIONS:
Net investment loss	$	(562,072	)	$	(1,929,803	)
Net realized loss		(3,477,649	)		(7,661,403	)
Net change in unrealized appreciation/(depreciation)		2,505,991			(7,772,050	)
Net decrease in net assets resulting from operations		(1,533,730	)		(17,363,256	)

DISTRIBUTIONS TO SHAREHOLDERS (Note 4):
From net investment income
Class A		–			(87,401	)
Class I		–			(2,130,729	)
Net decrease in net assets from distributions		–			(2,218,130	)

SHARE TRANSACTIONS (Note 5):
Class A
Proceeds from sales of shares		893,322			5,709,455
Distributions reinvested		–			77,296
Cost of shares redeemed		(1,196,694	)		(18,518,215	)
Redemption fees		–			2,337
Class I
Proceeds from sales of shares		21,354,792			67,326,891
Distributions reinvested		–			1,277,264
Cost of shares redeemed		(95,873,295	)		(119,175,878	)
Redemption fees		7,806			9,991
Net decrease from share transactions		(74,814,069	)		(63,290,859	)

Net decrease in net assets		(76,347,799	)		(82,872,245	)

NET ASSETS:
Beginning of period		201,408,157			284,280,402
End of period*	$	125,060,358		$	201,408,157
*Includes accumulated net investment loss of:	$	(1,154,853	)	$	(592,781	)

Other Information:
SHARE TRANSACTIONS:
Class A
Sold		110,924			657,148
Distributions reinvested		–			8,695
Redeemed		(148,410	)		(2,116,176	)
Net decrease in shares outstanding		(37,486	)		(1,450,333	)

Class I
Sold		2,593,593			7,602,448
Distributions reinvested		–			141,447
Redeemed		(11,634,009	)		(13,558,549	)
Net decrease in shares outstanding		(9,040,416	)		(5,814,654	)

See Notes to Consolidated Financial Statements.

Semi-Annual Report | October 31, 2017

	Consolidated Statements
Aspen Portfolio Strategy Fund	of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			For the Period Ended April 30, 2017^(a)
OPERATIONS:
Net investment income/(loss)	$	12,618		$	(2,905	)
Net realized loss		(224,727	)		(1,514,647	)
Net change in unrealized appreciation		3,811,235			645,617
Net increase/(decrease) in net assets resulting from operations		3,599,126			(871,935	)

SHARE TRANSACTIONS (Note 5):
Class A
Proceeds from sales of shares		234,709			4,346,888
Cost of shares redeemed		(122,655	)		(2,024,348	)
Class I
Proceeds from sales of shares		2,930,280			42,535,105
Cost of shares redeemed		(3,761,365	)		(669,987	)
Redemption fees		177			2,600
Net increase/(decrease) from share transactions		(718,854	)		44,190,258

Net increase in net assets		2,880,272			43,318,323

NET ASSETS:
Beginning of period		43,318,323			–
End of period*	$	46,198,595		$	43,318,323
*Includes accumulated net investment income of:	$	75,134		$	62,516

Other Information:
SHARE TRANSACTIONS:
Class A
Sold		9,299			173,467
Redeemed		(4,905	)		(83,622	)
Net increase in shares outstanding		4,394			89,845

Class I
Sold		116,112			1,707,193
Redeemed		(149,229	)		(27,300	)
Net increase/(decrease) in shares outstanding		(33,117	)		1,679,893

^(a)

The Aspen Portfolio Strategy Fund is for the period from December 29, 2016 (commencement of operations) to April 30, 2017.

See Notes to Consolidated Financial Statements.

Aspen Managed Futures Strategy Fund – Class A

Consolidated Financial Highlights

For a share outstanding throughout the periods presented.

	For the Six Months Ended October 31, 2017 (Unaudited) ^(a)			For the Year Ended April 30, 2017 ^(a)			For the Year Ended April 30, 2016 ^(a)			For the Year Ended April 30, 2015 ^(a)			For the Year Ended April 30, 2014 ^(a)			For the Year Ended April 30, 2013 ^(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	8.12		$	8.83		$	10.01		$	8.97		$	9.29		$	8.95
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(b)		(0.04	)		(0.04	)		(0.12	)		(0.14	)		(0.16	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		(0.06	)		(0.57	)		(0.39	)		1.39			(0.05	)		0.50
Total from investment operations		(0.10	)		(0.61	)		(0.51	)		1.25			(0.21	)		0.34
LESS DISTRIBUTIONS:
From net investment income		–			(0.10	)		(0.14	)		–			–			–
Distributions from net realized gain on investments		–			–			(0.53	)		(0.21	)		(0.12	)		–
Total distributions		–			(0.10	)		(0.67	)		(0.21	)		(0.12	)		–
REDEMPTION FEES ADDED TO PAID IN CAPITAL		–			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.01			0.00	^(c)
INCREASE/(DECREASE) IN NET ASSET VALUE		(0.10	)		(0.71	)		(1.18	)		1.04			(0.32	)		0.34
NET ASSET VALUE, END OF PERIOD	$	8.02		$	8.12		$	8.83		$	10.01		$	8.97		$	9.29

TOTAL RETURN^(d)		(1.23	%)^(e)		(6.97	%)		(5.20	%)		14.00	%		(2.15	%)		3.80	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's)	$	5,949		$	6,331		$	19,682		$	23,850		$	12,914		$	3,350

RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		1.78	%^(f)(g)		1.00	%^(g)		1.56	%^(g)		1.64	%		1.83	%		1.80	%
Operating expenses including fee waivers/reimbursements		1.78	%^(f)		1.00	%		1.56	%		1.64	%		1.83	%		1.80	%
Net investment loss including fee waivers/reimbursements		(1.07	%)^(f)		(0.52	%)		(1.24	%)		(1.50	%)		(1.72	%)		(1.75	%)

PORTFOLIO TURNOVER RATE		0	%^(e)		31	%		58	%		38	%		90	%		0	%

^(a)	Per share amounts and ratios to average net assets include income and expenses of the Aspen Futures Fund Ltd. (subsidiary), exclusive of the subsidiary's management fee.
^(b)	Per share numbers have been calculated using the average shares method.
^(c)	Less than $0.005 per share.
^(d)	Total return does not reflect the effect of sales charges.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 1.87%, 1.07% and 1.64% for six months ended October 31, 2017 and the years ended April 30, 2017 and April 30, 2016, respectively.

See Notes to Consolidated Financial Statements.
Semi-Annual Report \| October 31, 2017	19

Aspen Managed Futures Strategy Fund – Class I

Consolidated Financial Highlights

For a share outstanding throughout the periods presented.

	For the Six Months Ended October 31, 2017 (Unaudited) ^(a)			For the Year Ended April 30, 2017 ^(a)			For the Year Ended April 30, 2016 ^(a)			For the Year Ended April 30, 2015 ^(a)			For the Year Ended April 30, 2014 ^(a)			For the Year Ended April 30, 2013 ^(a)
NET ASSET VALUE, BEGINNING OF PERIOD	$	8.25		$	8.98		$	10.17		$	9.07		$	9.36		$	8.98
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(b)		(0.03	)		(0.07	)		(0.09	)		(0.11	)		(0.11	)		(0.11	)
Net realized and unrealized gain/(loss) on investments		(0.06	)		(0.58	)		(0.40	)		1.42			(0.06	)		0.49
Total from investment operations		(0.09	)		(0.65	)		(0.49	)		1.31			(0.17	)		0.38
LESS DISTRIBUTIONS:
From net investment income		–			(0.08	)		(0.17	)		–			–			–
Distributions from net realized gain on investments		–			–			(0.53	)		(0.21	)		(0.12	)		–
Total distributions		–			(0.08	)		(0.70	)		(0.21	)		(0.12	)		–
REDEMPTION FEES ADDED TO PAID IN CAPITAL		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
INCREASE/(DECREASE) IN NET ASSET VALUE		(0.09	)		(0.73	)		(1.19	)		1.10			(0.29	)		0.38
NET ASSET VALUE, END OF PERIOD	$	8.16		$	8.25		$	8.98		$	10.17		$	9.07		$	9.36

TOTAL RETURN		(1.09	%)^(d)		(7.33	%)		(4.97	%)		14.51	%		(1.81	%)		4.23	%

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's)	$	119,112		$	195,077		$	264,598		$	242,575		$	167,258		$	120,769

RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		1.47	%^(e)(f)		1.28	%^(f)		1.22	%^(f)		1.25	%		1.30	%		1.25	%
Operating expenses including fee waivers/reimbursements		1.47	%^(e)		1.28	%		1.22	%		1.25	%		1.30	%		1.25	%
Net investment loss including fee waivers/reimbursements		(0.77	%)^(e)		(0.78	%)		(0.94	%)		(1.11	%)		(1.20	%)		(1.20	%)

PORTFOLIO TURNOVER RATE		0	%^(d)		31	%		58	%		38	%		90	%		0	%

^(a)	Per share amounts and ratios to average net assets include income and expenses of the Aspen Futures Fund Ltd. (subsidiary), exclusive of the subsidiary's management fee.
^(b)	Per share numbers have been calculated using the average shares method.
^(c)	Less than $0.005 per share.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 1.56%, 1.35% and 1.30% for the six months ended October 31, 2017 and the years ended April 30, 2017 and April 30, 2016, respectively.

See Notes to Consolidated Financial Statements.

Aspen Portfolio Strategy Fund – Class A

Consolidated Financial Highlights

For a share outstanding throughout the periods presented.

	For the Six Months Ended October 31, 2017 (Unaudited)			For the Period Ended April 30, 2017^(a)(b)
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.45		$	25.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(c)		(0.04	)		(0.03	)
Net realized and unrealized gain/(loss) on investments		2.04			(0.52	)
Total from investment operations		2.00			(0.55	)
INCREASE/(DECREASE) IN NET ASSET VALUE		2.00			(0.55	)
NET ASSET VALUE, END OF PERIOD	$	26.45		$	24.45

TOTAL RETURN^(d)		8.18	%^(e)		(2.20	%)^(e)

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's)	$	2,493		$	2,196

RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		2.10	%^(f)(g)		2.79	%^(f)(g)
Operating expenses including fee waivers/reimbursements		1.95	%^(f)		1.95	%^(f)
Net investment loss including fee waivers/reimbursements		(0.31	%)^(f)		(0.40	%)^(f)

PORTFOLIO TURNOVER RATE		0	%^(e)		0	%^(e)(h)

^(a)

The Aspen Portfolio Strategy Fund is for the period from December 29, 2016 (commencement of operations) to April 30, 2017.

^(b)

Per share amounts and ratios to average net assets include income and expenses of the Aspen Portfolio Strategy Fund Ltd. (subsidiary), exclusive of the subsidiary's management fee.

^(c)

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

^(d)

Total return does not reflect the effect of sales charges.

^(e)

Not annualized.

^(f)

Annualized.

^(g)

The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 2.14% and 2.82% for the six months ended October 31, 2017 and for the period ended April 30, 2017, respectively.

^(h)

Less than 0.05%.

See Notes to Consolidated Financial Statements.

Semi-Annual Report | October 31, 2017

Aspen Portfolio Strategy Fund – Class I

Consolidated Financial Highlights

For a share outstanding throughout the periods presented.

	For the Six Months Ended October 31, 2017 (Unaudited)			For the Period Ended April 30, 2017^(a)(b)
NET ASSET VALUE, BEGINNING OF PERIOD	$	24.48		$	25.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment income^(c)		0.01	^(d)		0.00	^(d)(e)
Net realized and unrealized gain/(loss) on investments		2.05			(0.52	)
Total from investment operations		2.06			(0.52	)
REDEMPTION FEES ADDED TO PAID IN CAPITAL		0.00	^(e)		0.00	^(e)
INCREASE/(DECREASE) IN NET ASSET VALUE		2.06			(0.52	)
NET ASSET VALUE, END OF PERIOD	$	26.54		$	24.48

TOTAL RETURN		8.42	%^(f)		(2.08	%)^(f)

RATIOS AND SUPPLEMENTAL DATA:
Net assets, end of period (000's)	$	43,706		$	41,122

RATIOS TO AVERAGE NET ASSETS:
Operating expenses excluding fee waivers/reimbursements		1.76	%^(g)(h)		2.22	%^(g)(h)
Operating expenses including fee waivers/reimbursements		1.55	%^(g)		1.55	%^(g)
Net investment income including fee waivers/reimbursements		0.08	%^(g)		0.01	%^(g)

PORTFOLIO TURNOVER RATE		0	%^(f)		0	%^(f)(i)

^(a)

The Aspen Portfolio Strategy Fund is for the period from December 29, 2016 (commencement of operations) to April 30, 2017.

^(b)

Per share amounts and ratios to average net assets include income and expenses of the Aspen Portfolio Strategy Fund Ltd. (subsidiary), exclusive of the subsidiary's management fee.

^(c)

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

^(d)

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

^(e)

Less than $0.005 per share.

^(f)

Not annualized.

^(g)

Annualized.

^(h)

The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 6 for additional detail). The ratio inclusive of that fee would be 1.79% and 2.25% for the six months ended October 31, 2017 and for the period ended April 30, 2017, respectively.

⁽ⁱ⁾

Less than 0.05%.

See Notes to Consolidated Financial Statements.

Aspen Funds

Notes to Consolidated
Financial Statements

October 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 October 31, 2017, the Trust consists of multiple separate portfolios or series. This semi-annual 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 financial statements and financial highlights of the Funds. All investments held by the Subsidiaries are disclosed in the accounts of the Funds. As of October 31, 2017, net assets of the Aspen Managed Futures Strategy Fund were $125,060,358, of which net assets of $15,898,969 or 12.71%, represented the Fund’s ownership of all issued shares and voting rights of the Aspen Fund Subsidiary. As of April 30, 2017, net assets of the Aspen Portfolio Strategy Fund were $46,198,595, of which $1,388,652 or 3.01%, represented the Fund’s ownership of all issued shares and voting rights of the Aspen Portfolio Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Semi-Annual Report | October 31, 2017

Aspen Funds

Notes to Consolidated
Financial Statements

October 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.

Aspen Funds

Notes to Consolidated
Financial Statements

October 31, 2017 (Unaudited)

The following is a summary of each input used to value the Funds as of October 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	$	–		$	6,830,431	$	–	$	6,830,431
Short Term Investments
Money Market Fund		7,822,041			–		–		7,822,041
U.S. Treasury Bills		–			93,835,946		–		93,835,946
TOTAL	$	7,822,041		$	100,666,377	$	–	$	108,488,418
Other Financial Instruments Assets:
Futures Contracts
Commodity Contracts	$	561,736		$	–	$	–	$	561,736
Equity Contracts		2,357,656			–		–		2,357,656
Foreign Currency Contracts		1,316,685			–		–		1,316,685
Interest Rate Contracts		26,931			–		–		26,931
Liabilities:
Futures Contracts
Commodity Contracts		(23,962	)		–		–		(23,962	)
Equity Contracts		(18,406	)		–		–		(18,406	)
Foreign Currency Contracts		(3,725,072	)		–		–		(3,725,072	)
Interest Rate Contracts		(394,128	)		–		–		(394,128	)
TOTAL	$	101,440		$	–	$	–	$	101,440

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	$	36,633,427		$	–	$	–	$	36,633,427
Short Term Investments		4,345,814			–		–		4,345,814
TOTAL	$	40,979,241		$	–	$	–	$	40,979,241
Other Financial Instruments Assets:
Futures Contracts
Commodity Contracts	$	218,618		$	–	$	–	$	218,618
Equity Contracts		1,320,940			–		–		1,320,940
Foreign Currency Contracts		69,380			–		–		69,380
Interest Rate Contracts		14,884			–		–		14,884
Liabilities:
Futures Contracts
Commodity Contracts		(11,849	)		–		–		(11,849	)
Equity Contracts		(1,113	)		–		–		(1,113	)
Foreign Currency Contracts		(317,682	)		–		–		(317,682	)
Interest Rate Contracts		(167,762	)		–		–		(167,762	)
TOTAL	$	1,125,416		$	–	$	–	$	1,125,416

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

Semi-Annual Report | October 31, 2017

Aspen Funds

Notes to Consolidated
Financial Statements

October 31, 2017 (Unaudited)

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts, 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.

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.

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

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

Offering Costs: Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the inception date of the Aspen Portfolio Strategy Fund. Amounts amortized during the six months ended October 31, 2017 for the Aspen Portfolio Strategy Fund are shown on the Statements of Operations. As of October 31, 2017, $10,227, of offering costs remain to be amortized for the Aspen Portfolio Strategy Fund.

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

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

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

	Notes to Consolidated
Aspen Funds	Financial Statements

October 31, 2017 (Unaudited)

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.

●

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.

Semi-Annual Report | October 31, 2017

	Notes to Consolidated
Aspen Funds	Financial Statements

October 31, 2017 (Unaudited)

Consolidated Statements of Assets and Liabilities – Fair Value of Derivative Instruments as of October 31, 2017:

Risk Exposure	Asset Derivatives Statements of Assets and Liabilities Location	Fair Value		Liabilities Derivatives Statements of Assets and Liabilities Location	Fair Value
Aspen Managed Futures Strategy Fund
Futures Contracts	Unrealized appreciation on futures contracts^(a)	$	4,263,008	Unrealized depreciation on futures contracts^(a)	$	4,161,568
		$	4,263,008		$	4,161,568

	Risk Exposure to Fund
	Commodity Contracts	$	561,736		$	23,962
	Equity Contracts		2,357,656			18,406
	Foreign Currency Contracts		1,316,685			3,725,072
	Interest Rate Contracts		26,931			394,128
		$	4,263,008		$	4,161,568
Aspen Portfolio Strategy Fund
Futures Contracts	Unrealized appreciation on futures contracts^(a)	$	1,623,822	Unrealized depreciation on futures contracts^(a)	$	498,406
		$	1,623,822		$	498,406

	Risk Exposure to Fund
	Commodity Contracts	$	218,618		$	11,849
	Equity Contracts		1,320,940			1,113
	Foreign Currency Contracts		69,380			317,682
	Interest Rate Contracts		14,884			167,762
		$	1,623,822		$	498,406

^(a)

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

	Notes to Consolidated
Aspen Funds	Financial Statements

October 31, 2017 (Unaudited)

Consolidated Statements of Operations – The effect of Derivative Instruments for the six months ended October 31, 2017:

Derivatives Instruments	Location of Gain/(Loss) on Derivatives Statements of Operations	Realized Gain/(Loss) on Derivatives Statements of Operations			Change in Unrealized Appreciation/(Depreciation) on Derivatives Statements of Operations
Aspen Managed Futures Strategy Fund
Futures Contracts	Net realized loss on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts	$	(3,457,621	)	$	2,617,072
		$	(3,457,621	)	$	2,617,072

	Risk Exposure to Fund
	Commodity Contracts	$	(3,173,792	)	$	(1,040,820	)
	Equity Contracts		241,113			(2,036,110	)
	Foreign Currency Contracts		270,266			136,764
	Interest Rate Contracts		(795,208	)		323,094
		$	(3,457,621	)	$	2,617,072
Aspen Portfolio Strategy Fund
Futures Contracts	Net realized loss on futures contracts/Net change in unrealized appreciation/(depreciation) on futures contracts	$	(247,087	)	$	(1,106,641	)
		$	(247,087	)	$	(1,106,641	)

	Risk Exposure to Fund
	Commodity Contracts	$	(854,196	)	$	(292,409	)
	Equity Contracts		408,121			(1,260,578	)
	Foreign Currency Contracts		449,219			303,595
	Interest Rate Contracts		(250,221	)		142,751
		$	(247,087	)	$	(1,106,641	)

The average value of net futures contracts held by the Aspen Managed Futures Strategy Fund and the Aspen Portfolio Strategy Fund during the period was $41,192,660 and $24,245,130, respectively.

4. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 31, 2017, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized depreciation for Federal tax purposes was as follows:

	Cost of Investments		Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation on Investments
Aspen Managed Futures Strategy Fund	$	108,548,974	$	4,901,530	$	(4,860,646	)	$	40,884
Aspen Portfolio Strategy Fund		37,645,027		4,958,037		(498,407	)		4,459,630

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

Semi-Annual Report | October 31, 2017

	Notes to Consolidated
Aspen Funds	Financial Statements

October 31, 2017 (Unaudited)

The tax character of distributions paid during the year ending April 30, 2017 were as follows:

	Ordinary Income		Long-Term Capital Gain
Aspen Managed Futures Strategy Fund	$	2,217,954	$	–
Aspen Portfolio Strategy Fund		–		–

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2017.

5. SHARES OF BENEFICIAL INTEREST

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

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

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to each Fund’s Investment Advisory Agreement, (the “Advisory Agreement”), the Aspen Managed Futures Strategy Fund will pay the Adviser an annual management fee of 0.75%, based on the Fund’s average daily net asset. The Aspen Portfolio Strategy Fund will pay the Adviser an annual management fee of 1.00%, based on the Fund’s average daily net assets. The management fee is paid on a monthly basis.

The Subsidiaries have each entered into a separate advisory agreement (collectively, the “Subsidiary Advisory Agreement”) with the Adviser for the management of each Subsidiary’s portfolio pursuant to which the Subsidiaries are obligated to pay the Adviser a management fee at the same rate that the Funds pay the Adviser for investment advisory services provided to the Funds. The Adviser has agreed to waive the advisory fee it receives from the Funds in an amount equal to the management fee paid by the Subsidiaries. This agreement may be terminated based on the terms of the Advisory Agreement. For the six months ended October 31, 2017, this amount equaled $61,653 and $7,126 for Aspen Managed Futures Strategy Fund and the Aspen Portfolio Strategy Fund, respectively, and are disclosed in the Consolidated Statements of Operations. These waivers are not subject to reimbursement/recoupment.

The Adviser has contractually agreed to limit the Funds’ total annual fund operating expenses (exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.55% of each of the Funds’ average daily net assets for each of Class A and Class I Shares. This agreement (the “Expense Agreement”) is in effect from September 1, 2017 through August 31, 2018 for the Aspen Managed Futures Strategy Fund. The prior Expense Agreement for the Aspen Managed Futures Strategy Fund was in effect from September 1, 2016 through August 31, 2017. The Expense Agreement for the Aspen Portfolio Strategy Fund is in effect from December 14, 2016 through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Funds’ expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Funds will not be obligated to pay any such fees and expenses more than three years after the date of the waiver or reimbursement. The Adviser may not discontinue or modify this waiver prior to August 31, 2018 without the approval by the Funds’ Board of Trustees.

	Notes to Consolidated
Aspen Funds	Financial Statements

October 31, 2017 (Unaudited)

As of October 31, 2017, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

Fund	Fees Waived/Reimbursed By Advisor			Recoupment of Past Waived Fees By Advisor		Total
Aspen Managed Futures Strategy Fund - Class A	$	–		$	–	$	–
Aspen Managed Futures Strategy Fund - Class I		–			–		–
Aspen Portfolio Strategy Fund - Class A		(1,770	)		–		(1,770	)
Aspen Portfolio Strategy Fund - Class I		(43,912	)		–		(43,912	)

As of October 31, 2017, the balances of recoupable expenses for each Fund were as follows:

Fund

Expires 2018

Expires 2019

Expires 2020

Total

Aspen Managed Futures Strategy Fund

Class A

–

Class I

–

Aspen Portfolio Strategy Fund

Class A

–

8,063

1,770

9,833

Class I

–

61,839

43,912

105,751

Fund Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with its administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assist in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statements of Operations.

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

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statements of Operations.

Compliance Services

ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statements of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statements of Operations.

Distributor

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

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

Semi-Annual Report | October 31, 2017

Aspen Funds

Notes to Consolidated
Financial Statements

October 31, 2017 (Unaudited)

daily net assets attributable to their Class A shares. The expenses of the plan are reflected as distribution and service fees in the Consolidated Statements of Operations.

The Funds have adopted a shareholder service plan (a “Shareholder Services Plan”) for Class A shares. Under the Shareholder Services Plan the Funds are authorized to compensate certain financial intermediaries, including broker-dealers and the Funds’ affiliates, which may include the Distributor, Adviser and/or the transfer agent (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% for Class A shares of the average daily net asset value of the Class A shares attributable to or held in the name of a Participating Organizations for its clients as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organizations. Any amount of such payment not paid to the Participating Organizations during the Funds’ fiscal year for such service activities shall be reimbursed to the Funds as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees on the Consolidated Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the six months ended October 31, 2017 are included as an offset to distribution and service fees as disclosed in the Consolidated Statements of Operations.

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation (“NSCC”) or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Funds may increase. Fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statements of Operations as Delegated Transfer Agent Equivalent Services.

Index Licensing Services

The Funds have adopted an Index Licensing Agreement and the Adviser pursuant to which the Fund pays the Adviser a monthly annualized licensing fee of 0.25%, based on the Funds’ average daily net assets for the right to use the Index in connection with the Fund. Fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Consolidated Statement of Operations as Licensing fees.

7. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of U.S. Government securities (excluding short-term securities) during the six months ended October 31, 2017 were as follows:

Aspen Managed Futures Strategy Fund
Cost of Investments Purchased	$	0
Proceeds from Investments Sold	$	0

Aspen Portfolio Strategy Fund
Cost of Investments Purchased	$	1,312,354
Proceeds from Investments Sold	$	0

8. INDEMNIFICATIONS

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

Aspen Funds

Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

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

Semi-Annual Report | October 31, 2017

(graphic)

This material must be accompanied or preceded by the prospectus.

(THE DISIPLINED GROWTH INVESTORS FUND LOGO)

TABLE OF CONTENTS

SEMI-ANNUAL REPORT

SHARE HOLDER LETTER	1
PERFORMANCE UPDATE	4
DISCLOSURE OF FUND EXPENSES	6
PORTFOLIO OF INVESTMENTS	7
STATEMENT OF ASSETS AND LIABILITIES	18
STATEMENT OF OPERATIONS	19
STATEMENTS OF CHANGES IN NET ASSETS	20
FINANCIAL HIGHLIGHTS	22
NOTES TO FINANCIAL STATEMENTS	24
ADDITIONAL INFORMATION	31
DISCLOSURE REGARDING APPROVAL OF FUND ADVISORY AGREEMENTS	32

Disciplined Growth Investors’ goal is to communicate clearly and transparently with our clients and mutual fund shareholders. It is mutually beneficial when our shareholders understand how we invest, what we are currently thinking and forecasting, and the specific investment decisions we have made. Our views and opinions regarding the investment prospects of our portfolio holdings and the Fund are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for these forecasts and have confidence in our investment team’s views, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.

You can identify forward looking statements as those including words such as “believe”, “expect”, “anticipate”, “forecast”, and similar statement. We cannot assure future performance. These forward-looking statements are made only as-of the date of this report. Following the publication of this report, we will not update any of the forward-looking statements included here.

This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

THE DISCIPLINED GROWTH INVESTORS FUND

OCTOBER 31, 2017

DGIFUND.COM

The Disciplined Growth Investors Fund

Shareholder Letter

October 31, 2017 (Unaudited)

The DGI Fund’s fiscal year starts on May 1^st each year. October 31^st marks the fiscal year’s midpoint. As of October 31, 2017, The Disciplined Growth Investors Fund (The DGI Fund) had total net assets of $186.2 million. In the past six months The DGI Fund appreciated by 5.22%. Equities have returned 7.37% in that time while fixed income holdings have returned 1.78%. The appreciation was again broadly-based. In the last six months, your Fund has owned 56 stocks. Thirty-three had a positive impact on performance while 22 detracted from the Fund’s total return.

Since inception, The DGI Fund has returned 12.30% on an annualized basis (6 years, 2 months). In this time, stocks in the Fund have grown at 17.37% and bonds at 3.26% (annualized).

Portfolio Asset Mix:

The portfolio currently holds 69.8% stocks and 30.2% bonds and cash. A list of holdings is included as part of this semi-annual report and is available on the Fund’s website at www.dgifund.com.

Portfolio Activity:

The DGI Fund’s turnover of stocks and bonds for the last six months was 11.87% (not annualized), a slight increase from the prior six months. The slightly increased turnover figure was driven by shorter term bonds maturing and being replaced. Turnover of stocks in the Fund was in-line with our long term average turnover.

In the past six months, our investment team added five new stocks to The DGI Fund. We sold one holding and two companies were acquired by or merged with competitors.

New investments

Nordstrom (NYSE: JWN) is a department store known for its customer service and prominent presence in malls across America. Department store retailers like Nordstrom are under an onslaught of competitive pressure from Amazon and a host of other online retailers, and thus the stock prices of Nordstrom and its peers have fallen precipitously. This disruption represents a potential opportunity. We believe that Nordstrom’s extensive investments in an omni-channel distribution model⁽¹⁾and the development of their off-price “The Rack” business will not only enable Nordstrom to weather the storm, but ultimately thrive in a transformed retail environment. And its history of being good stewards of capital bolsters our confidence.

Gigamon (NASD: GIMO) is a company you have probably never heard of but nevertheless affects you indirectly on the internet. Gigamon is a pioneer in an important new class of tools for network managers called Visibility Fabric (VF). These tools provide granular information about how networks operate and thus help network managers diagnose issues and find solutions. With the ever-increasing demand for data, we believe Gigamon is well positioned for the future.

Gentherm (NASD: THRM) is a company we have many years of investment experience with. It is the leading company in a technology called thermoelectric devices (TED). For many years, this technology was primarily used to heat and cool car seats, but the company had the potential to expand to new markets and find new avenues of growth. The technology can now be found in industrial and medical applications, as well as bedding and office chairs. We believe Gentherm is just getting started.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Shareholder Letter

October 31, 2017 (Unaudited)

Under Armour (NYSE: UAA) has become a leading brand in the ultra-competitive performance apparel industry. For years, our investment team has admired the company’s progress, but shied away from the premium price its stock commanded. That changed over the last few quarters. Excess inventory caused by multiple department and sporting goods store closings, and a poor reception of the Curry 3 shoe design, has caused Wall Street analysts to lower estimates and/or change ratings. We see a fundamentally great business with a transitory issue, so we made an initial investment.

Manhattan Associates (NASDAQ: MANH) is a warehouse management and supply chain software provider primarily for retailers. Its solution helps traditional retailers compete more effectively against Amazon by improving inventory management from the supply chain, through warehousing, to the point of sale. As a result of all the data it collects, the Manhattan Solution also helps forecast demand for retailers. And as the premier provider, it can command a premium price for its services. Our investment thesis is that the same competitive fears that have pressured stock prices for all retailers and related companies, including Manhattan Associates, will also escalate demand for their solution.

Sales & Acquisitions

E*Trade (NASD: EFTC) is a full service financial services company that operates primarily online. One of the reasons we first purchased E*Trade was because it was more than just a discount brokerage firm. Its burgeoning bank business helped leverage its low-cost delivery mechanism. But poor loan quality hurt E*Trade during the ’08 – ’09 recession. We believed the company had learned a lesson on credit quality, but apparently not. The company hasn’t made much meaningful progress upgrading the quality of its loan portfolio. Because of this, and an elevated stock price, we sold the entire position.

Corporate Executive Board (NYSE: CEB) was acquired by Gartner for cash and stock. The deal was announced in January and completed in April. The few shares we received of Gartner stock were sold to fund some of the aforementioned purchases of new stocks.

Cabela’s (NYSE: CAB) announced that it was selling the company to its chief rival, Bass Pro Shops, in October 2016. Since then the company’s stock has traded at a significant discount to the deal price much of the time. Once the company’s credit card division was sold the stock price rallied to only a slight discount, at which point we sold all shares.

Sincerely,

-s- Fred

Frederick K. Martin, CFA

Portfolio Manager

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

The Disciplined Growth Investors Fund

Shareholder Letter

October 31, 2017 (Unaudited)

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

The Fund is distributed by ALPS Distributors, Inc.

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

Diversification does not eliminate the risk of experiencing investment losses.

Fred Martin is a registered representative of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute.

Omni-channel is a cross-channel business model that companies use to improve their customer experience. The approach has applications in healthcare, government, financial services, retail and telecommunications industries, and includes channels such as physical locations, FAQ webpages, social media, live web chats, mobile applications and telephone communication. Companies that use omni-channel contend that a customer values the ability to be in constant contact with a company through multiple avenues at the same time.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance (for the period ended October 31, 2017)

	6 month	YTD	1 Year	3 Year	5 Year	Since Inception*
The Disciplined Growth Investors Fund	5.22%	10.36%	14.46%	7.44%	10.82%	12.30%
S&P 500^® Total Return Index⁽¹⁾	9.10%	16.91%	23.63%	10.77%	15.18%	15.83%

The table does not reflect the deductions of taxes a shareholder would pay on Fund distributions or redemptions of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

Fund Inception date of August 12, 2011.

⁽¹⁾

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

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

The Disciplined Growth Investors Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 Investment in the Fund (for the period ended October 31, 2017)

(LINE GRAPH)

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

Industry Sector Allocation
(as a % of Net Assets)*
Technology	30.80%
Consumer Discretionary	16.10%
Health Care	12.10%
Industrials	7.52%
Energy	2.41%
Financials	0.57%
Closed End Funds	1.51%
Corporate Bond	20.02%
Foreign Government Bonds	0.45%
Government & Agency Obligations	0.40%
Short Term Investments	8.24%
Other Assets in Excess of Liabilities	-0.12%

Top Ten Holdings
(as a % of Net Assets)*
Edwards Lifesciences Corp.	3.73%
Autodesk, Inc.	3.41%
Align Technology, Inc.	3.26%
United States Treasury Bill, 12/7/2017	3.22%
Intuit, Inc.	3.00%
TJX Cos., Inc.	2.90%
Intuitive Surgical, Inc.	2.82%
Middleby Corp.	2.71%
Open Text Corp.	2.68%
Plexus Corp.	2.67%
Top Ten Holdings	30.40%

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

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of May 1, 2017 through October 31, 2017.

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

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

Beginning Account

Value

5/1/2017

Ending Account

Value

10/31/2017

Expense Ratio^(a)

Expenses Paid

During period

5/1/2017 - 10/31/2017^(b)

Actual

$1,000.00

$1,052.20

0.78%

$ 4.03

Hypothetical (5% return before expenses)

$1,000.00

$1,021.27

0.78%

$ 3.97

^(a)

The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b⁾

Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184)/365 (to reflect the half-year period).

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

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
CLOSED END FUNDS (1.51%)
Altaba, Inc. ^(a)		40,000	$	2,804,800

TOTAL CLOSED END FUNDS (Cost $1,262,502)				2,804,800

COMMON STOCKS (69.50%)
CONSUMER DISCRETIONARY (16.10%)
Apparel & Textile Products (1.16%)
Ralph Lauren Corp.		13,043		1,166,436
Under Armour, Inc. , Class A^(a)		78,450		982,194
				2,148,630

Automotive (2.07%)
Gentex Corp.		139,300		2,703,813
Gentherm, Inc. ^(a)		34,525		1,156,588
				3,860,401

Gaming, Lodging & Restaurants (2.78%)
Cheesecake Factory, Inc.		21,487		961,328
Royal Caribbean Cruises, Ltd.		34,087		4,218,948
				5,180,276

Leisure (0.31%)
TripAdvisor, Inc. ^(a)		15,512		581,700

Passenger Transportation (1.50%)
JetBlue Airways Corp. ^(a)		145,700		2,790,155

Retail (1.43%)
Select Comfort Corp. ^(a)		81,748		2,656,810

Retail - Discretionary (6.85%)
Ethan Allen Interiors, Inc.		64,881		1,930,210
L Brands, Inc.		65,077		2,800,914
Nordstrom, Inc.		47,925		1,900,226
TJX Cos., Inc.		77,300		5,395,540
Urban Outfitters, Inc. ^(a)		29,250		717,210
				12,744,100

TOTAL CONSUMER DISCRETIONARY				29,962,072

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
ENERGY (2.41%)
Oil, Gas & Coal (2.41%)
Core Laboratories NV		10,762	$	1,075,124
Southwestern Energy Co. ^(a)		230,237		1,277,815
Ultra Petroleum Corp. ^(a)(b)(c)		19,213		137,296
Ultra Petroleum Corp. ^(a)		250,649		1,990,153
				4,480,388

TOTAL ENERGY				4,480,388

FINANCIALS (0.57%)
Banking (0.57%)
TCF Financial Corp.		58,712		1,069,733

TOTAL FINANCIALS				1,069,733

HEALTH CARE (12.10%)
Medical Equipment & Devices (12.10%)
Align Technology, Inc. ^(a)		25,400		6,070,092
Edwards Lifesciences Corp. ^(a)		67,825		6,933,750
Intuitive Surgical, Inc. ^(a)		13,968		5,243,028
Myriad Genetics, Inc. ^(a)		39,137		1,341,616
Varex Imaging Corp. ^(a)		9,975		342,841
Varian Medical Systems, Inc. ^(a)		24,925		2,596,936
				22,528,263

TOTAL HEALTH CARE				22,528,263

INDUSTRIALS (7.52%)
Electrical Equipment (0.93%)
Cognex Corp.		14,075		1,733,336

Machinery (3.72%)
Graco, Inc.		14,162		1,866,410
Middleby Corp. ^(a)		43,591		5,052,197
				6,918,607

Manufactured Goods (1.22%)
Proto Labs, Inc. ^(a)		26,175		2,283,769

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

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
INDUSTRIALS (continued)
Transportation & Logistics (1.65%)
Landstar System, Inc.		31,050	$	3,066,187

TOTAL INDUSTRIALS				14,001,899

TECHNOLOGY (30.80%)
Design, Manufacturing & Distribution (2.67%)
Plexus Corp. ^(a)		80,987		4,975,032

Hardware (9.03%)
Dolby Laboratories, Inc. , Class A		23,725		1,374,626
Garmin, Ltd.		48,350		2,737,094
Gigamon, Inc. ^(a)		35,750		1,376,375
Plantronics, Inc.		50,287		2,281,018
Seagate Technology PLC		70,917		2,621,801
Super Micro Computer, Inc. ^(a)		58,425		1,162,658
Ubiquiti Networks, Inc. ^(a)		51,737		3,217,007
ViaSat, Inc. ^(a)		31,131		2,026,628
				16,797,207

Semiconductors (3.22%)
Microchip Technology, Inc.		28,825		2,732,610
Power Integrations, Inc.		32,350		2,599,323
Synaptics, Inc. ^(a)		17,662		655,613
				5,987,546

Software (12.45%)
Akamai Technologies, Inc. ^(a)		52,262		2,730,689
Autodesk, Inc. ^(a)		50,837		6,352,592
Intuit, Inc.		37,012		5,589,552
Manhattan Associates, Inc. ^(a)		31,500		1,318,590
Open Text Corp.		142,799		4,995,109
RealPage, Inc. ^(a)		50,637		2,192,582
				23,179,114

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
TECHNOLOGY (continued)
Technology Services (3.43%)
FactSet Research Systems, Inc.		19,808	$	3,760,945
IHS Markit, Ltd. ^(a)		25,381		1,081,484
Medidata Solutions, Inc. ^(a)		4,337		326,273
Paychex, Inc.		19,137		1,220,749
				6,389,451

TOTAL TECHNOLOGY				57,328,350

TOTAL COMMON STOCKS (Cost $89,221,818)				129,370,705

	Principal Amount		Value (Note 2)
CORPORATE BONDS (20.02%)
COMMUNICATIONS (1.23%)
Media (0.31%)
Comcast Corp.
3.375% 08/15/2025	$	566,000		581,168

Publishing & Broadcasting (0.30%)
21st Century Fox America, Inc.
6.900% 03/01/2019		512,000		544,689

Wireless Telecommunications Services (0.62%)
AT&T, Inc.
4.450% 04/01/2024		549,000		584,135
AT&T, Inc.
5.500% 02/01/2018		7,000		7,066
Verizon Communications, Inc.
5.150% 09/15/2023		503,000		564,362
				1,155,563

TOTAL COMMUNICATIONS				2,281,420

CONSUMER DISCRETIONARY (1.57%)
Airlines (0.31%)
Southwest Airlines Co.
3.000% 11/15/2026		583,000		575,907

Automobiles Manufacturing (0.69%)
Ford Motor Co.
4.346% 12/08/2026		554,000		578,320

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

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Automobiles Manufacturing (continued)
General Motors Co.
4.875% 10/02/2023	$	650,000	$	709,485
				1,287,805
Restaurants (0.32%)
McDonald’s Corp.
6.300% 03/01/2038		450,000		591,098

Retail - Consumer Discretionary (0.25%)
Advance Auto Parts, Inc.
5.750% 05/01/2020		437,000		471,459

TOTAL CONSUMER DISCRETIONARY				2,926,269

CONSUMER STAPLES (1.00%)
Food & Beverage (0.30%)
Anheuser-Busch InBev Finance, Inc.
3.650% 02/01/2026		543,000		561,190

Mass Merchants (0.41%)
Costco Wholesale Corp.
2.750% 05/18/2024		760,000		766,240

Supermarkets & Pharmacies (0.29%)
CVS Health Corp.
5.000% 12/01/2024		487,000		534,368

TOTAL CONSUMER STAPLES				1,861,798

ENERGY (2.37%)
Exploration & Production (0.31%)
Conoco Funding Co.
7.250% 10/15/2031		421,000		575,359

Pipeline (2.06%)
Boardwalk Pipelines LP
5.950% 06/01/2026		485,000		547,677
Enbridge Energy Partners LP
4.200% 09/15/2021		484,000		508,827
Enterprise Products Operating LLC
3.350% 03/15/2023		548,000		565,141

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Pipeline (continued)
MarkWest Energy Partners LP / MarkWest Energy Finance Corp.
4.500% 07/15/2023	$	503,000	$	507,415
ONEOK Partners LP
3.375% 10/01/2022		554,000		562,448
TransCanada PipeLines, Ltd.
7.250% 08/15/2038		412,000		588,519
Williams Partners LP
3.900% 01/15/2025		545,000		560,425
				3,840,452

TOTAL ENERGY				4,415,811

FINANCIALS (3.97%)
Banks (0.30%)
US Bancorp
2.950% 07/15/2022		548,000		561,167

Consumer Finance (0.55%)
American Express Co.
3.625% 12/05/2024		529,000		546,884
Total System Services, Inc.
2.375% 06/01/2018		478,000		479,279
				1,026,163
Diversified Banks (1.22%)
Bank of America Corp.
3.875% 08/01/2025		544,000		570,987
Citigroup, Inc.
2.900% 12/08/2021		567,000		573,813
JPMorgan Chase & Co.
3.375% 05/01/2023		549,000		563,388
Royal Bank of Scotland Group PLC, Series 1
9.118% Perpetual Maturity ^(d)		3,000		3,010
Wells Fargo & Co., Series M
3.450% 02/13/2023		542,000		556,928
				2,268,126
Financial Services (1.28%)
Blackrock, Inc.
3.200% 03/15/2027		545,000		552,925
Morgan Stanley
2.750% 05/19/2022		695,000		696,733
National Rural Utilities Cooperative Finance Corp.
2.950% 02/07/2024		566,000		574,159

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

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Financial Services (continued)
Northern Trust Corp.
3.950% 10/30/2025	$	534,000	$	570,086
				2,393,903
Property & Casualty Insurance (0.31%)
American International Group, Inc.
3.750% 07/10/2025		556,000		575,739

Real Estate (0.31%)
Welltower, Inc.
4.250% 04/01/2026		545,000		573,441

TOTAL FINANCIALS				7,398,539

HEALTH CARE (0.90%)
Managed Care (0.29%)
UnitedHealth Group, Inc.
3.750% 07/15/2025		514,000		544,224

Pharmaceuticals (0.61%)
AbbVie, Inc.
2.500% 05/14/2020		557,000		561,750
Johnson & Johnson
5.850% 07/15/2038		433,000		578,206
				1,139,956

TOTAL HEALTH CARE				1,684,180

INDUSTRIALS (2.68%)
Aerospace & Defense (0.68%)
Lockheed Martin Corp.
3.100% 01/15/2023		680,000		698,744
Rockwell Collins, Inc.
3.700% 12/15/2023		538,000		562,371
				1,261,115
Electrical Equipment Manufacturing (0.85%)
Emerson Electric Co.
5.000% 04/15/2019		519,000		540,795
General Electric Co.
5.875% 01/14/2038		437,000		562,822
Tyco Electronics Group SA
3.500% 02/03/2022		460,000		477,753
				1,581,370

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Industrial Other (0.26%)
Fluor Corp.
3.375% 09/15/2021	$	466,000	$	480,978

Railroad (0.30%)
Burlington Northern Santa Fe LLC
3.000% 03/15/2023		543,000		556,733

Transportation & Logistics (0.31%)
United Parcel Service, Inc.
6.200% 01/15/2038		429,000		580,473

Waste & Environmental Services & Equipment (0.28%)
Republic Services, Inc.
5.500% 09/15/2019		492,000		523,635

TOTAL INDUSTRIALS				4,984,304

MATERIALS (0.25%)
Metals & Mining (0.25%)
Nucor Corp.
5.750% 12/01/2017		456,000		457,456

TOTAL MATERIALS				457,456

TECHNOLOGY (0.29%)
Hardware (0.29%)
Corning, Inc.
6.625% 05/15/2019		499,000		532,919

TOTAL TECHNOLOGY				532,919

UTILITIES (5.76%)
Utilities (5.76%)
Ameren Illinois Co.
9.750% 11/15/2018		409,000		440,955
Arizona Public Service Co.
8.750% 03/01/2019		412,000		447,636
Baltimore Gas & Electric Co.
3.350% 07/01/2023		553,000		572,361

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The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Utilities (continued)
CenterPoint Energy Resources Corp.
4.500% 01/15/2021	$	343,000	$	361,389
CMS Energy Corp.
5.050% 03/15/2022		414,000		454,757
Consolidated Edison Co. of New York, Inc.
7.125% 12/01/2018		513,000		541,543
Dominion Energy, Inc., Series B
2.750% 09/15/2022		695,000		697,659
Duke Energy Corp.
3.750% 04/15/2024		552,000		577,910
Edison International
2.400% 09/15/2022		561,000		556,338
Interstate Power & Light Co.
3.650% 09/01/2020		416,000		432,416
ITC Holdings Corp.
4.050% 07/01/2023		537,000		561,230
Jersey Central Power & Light Co.
7.350% 02/01/2019		518,000		550,058
Nevada Power Co.
7.125% 03/15/2019		354,000		378,398
Oncor Electric Delivery Co. LLC
7.000% 09/01/2022		458,000		548,024
PacifiCorp
5.650% 07/15/2018		17,000		17,476
PPL Capital Funding, Inc.
3.500% 12/01/2022		584,000		607,237
PSEG Power LLC
5.125% 04/15/2020		425,000		452,987
Puget Energy, Inc.
5.625% 07/15/2022		413,000		462,156
Sempra Energy
2.875% 10/01/2022		544,000		549,099
Southern Power Co., Series 15B
2.375% 06/01/2020		561,000		561,125
TECO Finance, Inc.
6.572% 11/01/2017		388,000		388,000

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Principal Amount		Value (Note 2)
Utilities (continued)
Wisconsin Electric Power Co.
3.100% 06/01/2025	$	554,000	$	556,445

TOTAL UTILITIES				10,715,199

TOTAL CORPORATE BONDS (Cost $36,877,889)				37,257,895

FOREIGN GOVERNMENT BONDS (0.45%)
Province of Quebec Canada, Series NN
7.125% 02/09/2024		349,000		434,872

Corp Andina de Fomento
8.125% 06/04/2019		372,000		407,392

TOTAL FOREIGN GOVERNMENT BONDS (Cost $832,358)				842,264

GOVERNMENT & AGENCY OBLIGATIONS (0.40%)
U.S. Treasury Bond
1.500% 08/15/2026		689,000		643,031
U.S. Treasury Bond
6.500% 11/15/2026		77,000		103,303

TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $743,932)				746,334

	Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (8.24%)
MONEY MARKET FUND (0.76%)
Fidelity Institutional Money Market
Government Portfolio - Class I		0.92	%^(e)		1,417,291		1,417,291

U.S. TREASURY BILLS (7.48%)
United States Treasury Bill, 12/07/2017		0.81	%^(f)		6,000,000		5,994,143
United States Treasury Bill, 07/19/2018		1.20	%^(f)		3,000,000		2,971,535
United States Treasury Bill, 08/16/2018		1.18	%^(f)		5,000,000		4,946,100
							13,911,778

TOTAL SHORT TERM INVESTMENTS (Cost $15,340,013)							15,329,069

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The Disciplined Growth Investors Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Value (Note 2)
TOTAL INVESTMENTS (100.12%) (Cost $144,278,512)	$	186,351,067

Liabilities In Excess Of Other Assets (-0.12%)		(220,874	)

NET ASSETS (100.00%)	$	186,130,193

^(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 percent of net assets.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Statement of Assets and Liabilities

October 31, 2017 (Unaudited)

ASSETS
Investments, at value	$	186,351,067
Receivable for shares sold		10,000
Dividends and interest receivable		444,458
Total assets		186,805,525

LIABILITIES
Payable for investments purchased		554,903
Payable to adviser		120,429
Total liabilities		675,332
NET ASSETS	$	186,130,193

NET ASSETS CONSIST OF
Paid-in capital (Note 5)	$	136,991,006
Accumulated net investment income		81,917
Accumulated net realized gain		6,984,715
Net unrealized appreciation		42,072,555
NET ASSETS	$	186,130,193

INVESTMENTS, AT COST	$	144,278,512

PRICING OF SHARES
Net Asset Value, offering and redemption price per share	$	19.10
Shares of beneficial interest outstanding		9,744,907

See Notes to Financial Statements.

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

The Disciplined Growth Investors Fund

Statement of Operations

	For the Six Months Ended October 31, 2017 (Unaudited)
INVESTMENT INCOME
Dividends	$	578,870
Foreign taxes withheld		(7,172	)
Interest		587,102
Total investment income		1,158,800

EXPENSES
Investment advisory fees (Note 6)		664,463
Total expenses		664,463
NET INVESTMENT INCOME		494,337

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments		5,078,355
Net change in unrealized appreciation on investments		3,225,983
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		8,304,338
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,798,675

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			For the Year Ended April 30, 2017
OPERATIONS
Net investment income	$	494,337		$	702,109
Net realized gain		5,078,355			3,378,091
Net change in unrealized appreciation		3,225,983			15,325,356
Net increase in net assets resulting from operations		8,798,675			19,405,556

DISTRIBUTIONS (Note 3)
From net investment income		(443,078	)		(707,562	)
From net realized gains on investments		–			(415,680	)
Net decrease in net assets from distributions		(443,078	)		(1,123,242	)

CAPITAL SHARE TRANSACTIONS (Note 5)
Proceeds from sales of shares		30,130,607			40,314,153
Issued to shareholders in reinvestment of distributions		440,075			1,115,854
Cost of shares redeemed, net of redemption fees		(12,570,218	)		(19,795,072	)
Net increase from capital share transactions		18,000,464			21,634,935

Net increase in net assets		26,356,061			39,917,249

NET ASSETS
Beginning of period		159,774,132			119,856,883
End of period*	$	186,130,193		$	159,774,132

*Including accumulated net investment income of:	$	81,917		$	30,658

OTHER INFORMATION
Share Transactions
Issued		1,625,093			2,352,037
Issued to shareholders in reinvestment of distributions		23,771			64,640
Redeemed		(681,148	)		(1,149,715	)
Net increase in share transactions		967,716			1,266,962

See Notes to Financial Statements.

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Intentionally Left Blank

The Disciplined Growth Investors Fund

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

DISTRIBUTIONS

From net investment income

From net realized gain on investments

Total distributions

REDEMPTION FEES ADDED TO PAID-IN CAPITAL

INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000's)

RATIOS TO AVERAGE NET ASSETS

Expenses

Net investment income

PORTFOLIO TURNOVER RATE

^(a)

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

^(b)

Not annualized.

^(c)

Annualized.

See Notes to Financial Statements.

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

Financial Highlights

For a share outstanding during the periods presented

For the Six Months Ended October 31, 2017 (Unaudited)			For the Year Ended April 30, 2017			For the Year Ended April 30, 2016			For the Year Ended April 30, 2015			For the Year Ended April 30, 2014			For the Year Ended April 30, 2013
$	18.20		$	15.96		$	16.75		$	15.02		$	13.17		$	12.13

	0.05			0.09			0.09			0.10			0.07			0.11
	0.90			2.29			(0.44	)		1.83			1.90			1.09
	0.95			2.38			(0.35	)		1.93			1.97			1.20

	(0.05	)		(0.09	)		(0.10	)		(0.09	)		(0.07	)		(0.11	)
	–			(0.05	)		(0.34	)		(0.11	)		(0.05	)		(0.05	)
	(0.05	)		(0.14	)		(0.44	)		(0.20	)		(0.12	)		(0.16	)

	–			–			–			–			–			–
	0.90			2.24			(0.79	)		1.73			1.85			1.04
$	19.10		$	18.20		$	15.96		$	16.75		$	15.02		$	13.17

	5.22	%^(b)		14.96	%		(2.05	%)		12.87	%		15.02	%		9.93	%

$	186,130		$	159,774		$	119,857		$	113,342		$	86,741		$	66,967

	0.78	%^(c)		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
	0.58	%^(c)		0.50	%		0.59	%		0.61	%		0.47	%		0.90	%

	12	%^(b)		16	%		13	%		14	%		10	%		10	%

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

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

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

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 –

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.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

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

Investments in Securities at Value	Level 1 -Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 -Significant Unobservable Inputs		Total
Closed End Funds	$	2,804,800	$	–	$	–	$	2,804,800
Common Stocks
Consumer Discretionary		29,962,072		–		–		29,962,072
Energy		4,343,092		–		137,296		4,480,388
Financials		1,069,733		–		–		1,069,733
Health Care		22,528,263		–		–		22,528,263
Industrials		14,001,899		–		–		14,001,899
Technology		57,328,350		–		–		57,328,350
Corporate Bonds^(a)		–		37,257,895		–		37,257,895
Foreign Government Bonds		–		842,264		–		842,264
Government & Agency Obligations		–		746,334		–		746,334
Short Term Investments
Money Market Fund		1,417,291		–		–		1,417,291
U.S. Treasury Bills		–		13,911,778		–		13,911,778
TOTAL	$	133,455,500	$	52,758,271	$	137,296	$	186,351,067

^(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 six months ended October 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:

Investments

in Securities

at Value

Balance

as of 04/30/2017

Return of Capital

Realized gain/(loss)

Change in unrealized appreciation/ (depreciation)

Purchases

Sales Proceeds

Transfer in and/or (out) of Level 3

10/31/2017

Net change

in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at 10/31/2017

Common Stock

193,667

–

(56,371

)

–

137,296

(56,371

)

Total

193,667

–

(56,371

)

–

137,296

(56,731

)

Net change in unrealized appreciation/depreciation on Level 3 securities is included on the Statement of Operations under Net change in unrealized appreciation on investments.

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

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Fund uses 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 Fund.

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

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

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

As of and during the six months ended October 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.

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

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 31, 2017, the aggregate cost of investments, gross unrealized appreciation/ (depreciation) and net unrealized appreciation for Federal tax purposes was as follows:

	Disciplined Growth Investors Fund
Gross appreciation (excess of value over tax cost)	$	48,741,144
Gross depreciation (excess of tax cost over value)		(6,668,649	)
Net unrealized appreciation	$	42,072,495
Cost of investments for income tax purposes	$	144,278,572

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

The tax character of distributions paid during the year ended April 30, 2017, were as follows:

		Ordinary Income			Long-Term Capital Gain
The Disciplined Growth Investors Fund		$	833,014		$	290,228

4. SECURITIES TRANSACTIONS

During the six months ended October 31, 2017, equity holdings, asset/mortgage backed securities, fixed income securities and U.S. Treasury Bonds were transferred in-kind into the Fund. The intent of the transfers was to save on equity transaction costs both for the new shareholders at the institution they transferred from and for the Fund on the addition of assets. The assets of four separate accounts were transferred-in-kind into the Fund in the amount of $17,809,759.

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

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

The cost of purchases and proceeds from sales of securities (excluding short-term securities, transfers-in-kind, and U.S. Government Obligations) during the six months ended October 31, 2017, were as follows:

Fund		Purchases of Securities				Proceeds From Sales of Securities
The Disciplined Growth Investors Fund		$	19,768,190			$	18,559,515

Investment transactions in U.S. Government Obligations (excluding transfers-in-kind) during the six months ended October 31, 2017 were as follows:

Fund		Purchases of Securities				Proceeds From Sales of Securities
The Disciplined Growth Investors Fund		$	233,923			$	–

5. SHARES OF BENEFICIAL INTEREST

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

Prior to September 1, 2015, shares redeemed within 90 days of purchase may have incurred a 2% short-term redemption fee deducted from the redemption amount. Effective September 1, 2015, the Fund no longer imposes redemption fees. For the year ended April 30, 2017, the Fund did not receive any redemption fees.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

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

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, bookkeeping and pricing services, legal, audit and other services, except for interest expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business. Also included are Trustee fees which were $1,661 for the six months ended October 31, 2017.

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Notes to Financial Statements

October 31, 2017 (Unaudited)

Fund Administrator Fees and Expenses

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

Transfer Agent

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

Compliance Services

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

Principal Financial Officer

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

Distributor

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

7. INDEMNIFICATIONS

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

The Disciplined Growth Investors Fund

Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

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

Semi-Annual Report | October 31, 2017

The Disciplined Growth Investors Fund

Disclosure Regarding Approval of Fund Advisory Agreements

October 31, 2017 (Unaudited)

On June 6-7, 2017, the Trustees met in person to discuss, among other things, the approval of the investment advisory agreement between Financial Investors Trust (the “Trust”), with respect to The Disciplined Growth Investors Fund (the “DGI Fund”), and Disciplined Growth Investors, Inc. (“DGI”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. In renewing and approving the Investment Advisory Agreement with the Adviser, the Trustees, including the Independent Trustees, considered the following factors:

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

The Board received and considered information including a comparison of the DGI Fund’s contractual advisory fee rate with those of funds in the expense group and universe of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the DGI Fund’s contractual advisory fee rate was above the Data Provider peer group median.

Total Expense Ratio: The Trustees further reviewed and considered that the DGI Fund’s total expense ratio of 0.78% was below the Data Provider peer group median.

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

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

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

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

Performance: The Trustees reviewed performance information for the DGI Fund for the 3-month, 1-year, 3-year, and 5-year periods ended December 31, 2016. That review included a comparison of the DGI Fund’s performance to the performance of the group of comparable funds selected by the Data Provider. The Trustees noted that the performance of the DGI Fund was below the Data Provider peer group median for the 3-month period but above the Data Provider peer group median for the 1-year, 3-year, and 5-year periods. The Trustees also considered DGI’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

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

The Disciplined Growth Investors Fund

Disclosure Regarding Approval of Fund Advisory Agreements

October 31, 2017 (Unaudited)

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

Profitability: The Trustees received and considered a retrospective and projected profitability analysis prepared by DGI based on the fees payable under the Investment Advisory Agreement with respect to the DGI Fund. The Trustees considered the profits, if any, anticipated to be realized by DGI in connection with the operation of the Fund. The Board then reviewed DGI’s audited financial statements for the year ended December 31, 2016 in order to analyze the financial condition and stability and profitability of DGI.

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

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

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

●

the DGI Fund’s contractual advisory fee rate was above the Data Provider peer group median;

●

the DGI Fund’s total expense ratio (after waivers) was below its Data Provider peer group median;

●

the nature, extent and quality of services rendered by DGI under the Investment Advisory Agreement with respect to the DGI Fund were adequate;

●

for the period ended December 31, 2016, the performance of the Fund was below the Data Provider peer group median for the 3-month period but above the Data Provider peer group median for the 1-year, 3-year, and 5-year periods;

●

bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to DGI’ other clients employing a comparable strategy to the DGI Fund was not indicative of any unreasonableness with respect to the advisory fee payable by the DGI Fund;

●

the profit, if any, realized by DGI in connection with the operation of the DGI Fund is not unreasonable to the Fund; and

●

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

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

Semi-Annual Report | October 31, 2017

(BACK COVER)

THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS.
THE DISCIPLINED GROWTH INVESTORS FUND IS DISTRIBUTED BY ALPS DISTRIBUTORS, INC.

DGI000282 / 1218

(FRONT COVER)

TABLE OF CONTENTS

Manager Commentary
Emerald Growth Fund	1
Emerald Small Cap Value Fund	6
Emerald Insights Fund	11
Emerald Banking and Finance Fund	15
Disclosure of Fund Expenses	21
Schedule of Investments
Emerald Growth Fund	23
Emerald Small Cap Value Fund	25
Emerald Insights Fund	27
Emerald Banking and Finance Fund	29
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes of Net Assets
Emerald Growth Fund	33
Emerald Small Cap Value Fund	34
Emerald Insights Fund	36
Emerald Banking and Finance Fund	37
Financial Highlights
Emerald Growth Fund	38
Emerald Small Cap Value Fund	42
Emerald Insights Fund	46
Emerald Banking and Finance Fund	50
Notes to Financial Statements	54
Additional Information	62

Emerald Growth Fund

Manager Commentary

October 31, 2017 (Unaudited)

October 31, 2017

Dear Shareholders:

Investment Results:

The performance of the Emerald Growth Fund’s Class A shares (without sales load), for the six months ended October 31, 2017, advanced by 14.25% outperforming the Russell 2000^®Growth Index⁽¹⁾ which appreciated by 10.56%.

The market looked through geopolitical tensions, a series of destructive domestic hurricanes, hawkish Federal Reserve commentary, the start of balance sheet normalization and the ongoing legislative stalemate choosing instead to focus on the stability of economic growth and upward trajectory earnings for the support of the market’s advance. Domestically, both the ISM (Institute For Supply Management) manufacturing and non-manufacturing remain expansionary, business confidence and capital spending intentions are improving, unemployment is low, consumer confidence is high, consumer net worth is expanding and inflation has remained subdued. On a more global basis there are similarly encouraging data points that continue to reinforce the theme of synchronous global growth.

Growth stocks have thrived in this environment, as the market has leaned into those companies that are showing the most attractive relative earnings growth. For the trailing six-month period ended October 31, 2017 growth stocks, as measured by the Russell 2000^® Growth Index gained 10.56%, meaningfully outpacing their value counterpart, as measured by the Russell 2000^® Value Index⁽²⁾, which gained 5.54%.

Investment Analysis:

On a relative basis, stock selection drove Emerald’s outperformance for the six-month period ended October 31, 2017. At the sector level, the most notable positive contributors to return included performance within the healthcare, financial services and technology sectors. These areas of positive contribution more than offset the relative underperformance within the consumer discretionary and producer durables sectors.

The healthcare sector was the largest source of relative outperformance for the trailing period driven by stock selection within the biotechnology, health care services and pharmaceutical industries. Stock selection was also the key driver of relative outperformance within the financial services sector with the portfolio achieving notable outperformance within the consumer lending industry. Holdings within the technology sector, specifically those holdings within the communications technology, electronics and telecommunications industries, contributed positively to the portfolio’s relative outperformance for the period.

Partially offsetting the strength experienced within the financial services, healthcare and technology sectors was stock selection driven relative underperformance within the producer durables and consumer discretionary sectors.

The producer durables sector was the most significant detractor to return for the trailing period. Stock selection within the air transport, engineering & contracting and industrial machinery industries offset relative outperformance within the aerospace and construction machinery industries. Performance within the consumer discretionary sector also detracted from returns for the reporting period as disappointing stock selection within the specialty retail and consumer services industries offset relative outperformance within the education and leisure industries.

Exiting October, the portfolio held the largest active exposures in the financial services, materials, and utilities sectors. Thoughts on those sectors are highlighted below.

The financial services sector represented the portfolio’s largest relative overweight position exiting October, with a notable overweight to the banking and consumer lending industries. Emerald believes that the bank industry will continue to outpace the broader market given the tailwinds of higher rates and a steepening of the yield curve⁽³⁾, tax reform and bank merger and acquisition activity. In regards to the yield curve, the benchmark 10-year Treasury yield is projected to rise from the current level of 2.33% to 2.49% by December 2017, according to a Wall Street Journal survey of more than 60 economists. The same group of economists expects the 10-year yield to reach 3% by December 2018. Emerald believes that expectations for higher interest rates and a steepening of the yield curve should provide a positive backdrop for bank stocks to move higher. Additionally the U.S. banking industry continues to amass deposits at a steady clip even as banks collectively forge ahead with branch closures, extending a long-running trend. The Federal Deposit Insurance Corporation’s (FDIC) annual Summary of Deposits, released Oct. 3 and spanning the 12 months that ended June 30, 2017, shows that the industry grew total deposits 5.20% over the latest reporting period. The growth came even as banks shuttered far more branches than they opened. The summary of deposits shows 89,857 U.S. branches at June 30, down from 91,838 a year earlier. This marks a continuation of an uninterrupted trend that dates to the aftermath of the 2008 financial crisis. Emerald also expects merger and acquisition activity will continue at a robust pace. Through Sept. 30, S&P Global Market Intelligence counted 183 deal announcements in the U.S. banking sector with an aggregate disclosed deal value of $22.18 billion

Semi-Annual Report | October 31, 2017

Emerald Growth Fund

Manager Commentary

October 31, 2017 (Unaudited)

and a median deal value-to-tangible common equity ratio of 162.17%. The comparable prior-year period saw 178 deal announcements with an aggregate disclosed deal value of $20.98 billion and a median deal value-to-tangible common equity ratio of 127.9%. All of these factors should provide a positive backdrop for the financial services sector.

The portfolio was also overweight the materials sector exiting the month of October. While Emerald continues to be confident regarding the durability of the recovery in the residential and commercial construction markets as has been the case for the better part of the last twelve months, the opportunity set within the materials sector has begun to broaden and now includes companies within the steel and chemicals industries positioned to benefit from a resurgent aerospace cycle and an improvement in the broader industrial end-market.

The portfolio also maintains an overweight position to the utilities sector. Within the utilities sector, Emerald continues to believe that adoption of unified communications among mid-market and enterprise customers is in the very early stages and that the segment will continue to expand, shifting market leadership from traditional telephony equipment providers to a new group of software/network centric companies.

Market Outlook:

Global growth has remained strong and broad based. According to an October 13, 2017 report from Joseph Lupton of JPMorgan “the rebound in global growth is clear, with Gross Domestic Product (GDP) expanding over the year at a pace on par with the strongest in over six years.” Notably, not only is real GDP growth running near a six year high, but global participation in this growth is similarly showing strength. According to the same report, nearly 75% of the 24 countries comprising JPMorgan’s global aggregate achieved above-potential growth in the year through the third quarter of 2017, a seven year high. Domestically growth has accelerated with third quarter preliminary GDP growth of 3.0% and the Atlanta Fed GDPNow forecasting model currently tracking fourth quarter GDP growth to an anticipated 3.3%. The Federal Reserve acknowledged the improving outlook by upgrading their assessment of US economic growth to “solid” for the first time since January 2015. Emerald continues to believe that the strong global economic backdrop will be supportive of further positive revisions in forward earnings growth and market returns as we move through the balance of 2017.

While confidence in the stability of economic growth has underpinned the market’s advance, policy issues ranging in scope from monetary to fiscal to foreign all remain sources of potential risk. Although the market has almost fully factored a December rate hike into expectations, there remains a wider range of expectations for 2018 which could be a source of volatility as the path of rate hikes becomes more visible. Further, while the market currently believes that Federal Reserve Chair Nominee Powell will not deviate meaningfully from the path defined under Chairwoman Yellen, the transition and the recalibration of the committee could add an additional layer of uncertainty to the future path of hikes. Geopolitical risk remains elevated in our view as is domestic political/policy risk, particularly as it relates to the outcome of the recently introduced tax plan.

Top Contributors:	Top Detractors:
LendingTree, Inc.	Spirit Airlines Inc.
Puma Biotechnology Inc.	Tile Shop Holdings Inc.
Chegg, Inc.	MicroStrategy Incorporated
Trex Company Inc.	Alder Biopharmaceuticals Inc.
IPG Photonics Corporation	Hostess Brands, Inc.

Kenneth G. Mertz II, CFA	Stacey L. Sears	Joseph W. Garner
Chief Investment Officer	Portfolio Manager	Portfolio Manager
Portfolio Manager

Emerald Mutual Fund Advisers Trust

Past performance does not guarantee future results. Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please visit www.emeraldmutualfunds.com to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

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

2	www.emeraldmutualfunds.com

Emerald Growth Fund

Manager Commentary

October 31, 2017 (Unaudited)

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

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

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

A yield curve is a line that plots the interest rates, at a set point in time, of bonds having equal credit quality but differing maturity dates. The most frequently reported yield curve compares the three-month, two-year, five-year and 30-year U.S. Treasury debt. This yield curve is used as a benchmark for other debt in the market, such as mortgage rates or bank lending rates, and it is also used to predict changes in economic output and growth.

Semi-Annual Report | October 31, 2017

Emerald Growth Fund

Manager Commentary

October 31, 2017 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*
LendingTree, Inc.	3.15%
Trex Co., Inc.	2.53%
Installed Building Products, Inc.	2.05%
Puma Biotechnology, Inc.	1.98%
Sarepta Therapeutics, Inc.	1.77%
Chegg, Inc.	1.75%
EPAM Systems, Inc.	1.73%
KLX, Inc.	1.52%
Vonage Holdings Corp.	1.52%
QTS Realty Trust, Inc., REIT	1.50%
Top Ten Holdings	19.50%

INDUSTRY SECTOR ALLOCATION
(as a % of Net Assets)
Technology	20.50%
Health Care	19.76%
Financial Services	15.22%
Consumer Discretionary	13.13%
Producer Durables	12.44%
Materials & Processing	12.04%
Utilities	3.82%
Energy	1.01%
Consumer Staples	1.01%
Cash, Cash Equivalents, & Other Net Assets	1.07%

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

ANNUALIZED TOTAL RETURN (for the period ended October 31, 2017)

	1 Year	3 Year	5 Year	10 Year	Since Inception⁽¹⁾	Expense Gross⁽²⁾	Ratio Net⁽²⁾
Class A (NAV)	34.52%	12.50%	17.17%	9.11%	11.45%	1.08%	1.08%
Class A (MOP)	28.16%	10.69%	16.04%	8.58%	11.23%	1.08%	1.08%
Russell 2000^® Growth Index^†	31.00%	10.51%	15.36%	8.16%	8.42%
Class C (NAV)	33.60%	11.77%	16.42%	8.41%	6.37%	1.73%	1.73%
Class C (CDSC)	32.60%	11.77%	16.42%	8.41%	6.37%	1.73%	1.73%
Russell 2000^® Growth Index^†	31.00%	10.51%	15.36%	8.16%	5.27%
Investor Class	34.42%	12.46%	17.13%	–	12.36%	1.13%	1.13%
Russell 2000^®
Growth Index^†	31.00%	10.51%	15.36%	–	10.94%
Institutional Class	34.92%	12.85%	17.54%	–	16.13%	0.77%	0.77%
Russell 2000^® Growth Index^†	31.00%	10.51%	15.36%	–	14.99%

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

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

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

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

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

⁽¹⁾

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

⁽²⁾

Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2018 in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.29%, 1.94%, 0.99% and 1.34% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2018, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^†

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

4	www.emeraldmutualfunds.com

Emerald Growth Fund

Manager Commentary

October 31, 2017 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2017)

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

(LINE GRAPH)

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

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

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Manager Commentary

October 31, 2017 (Unaudited)

October 31, 2017

Dear Shareholders:

Investment Results:

The performance of the Emerald Small Cap Value Fund Investor Class (without sales load), for the six months ended October 31, 2017, reflected a gain of 9.59%, outperforming the Russell 2000^® Value Index⁽¹⁾ which was up 5.54%.

So far this year small cap value companies lagged other US equity asset classes. While the major indices hit new all-time highs, the Russell 2000^® Value Index continued to exhibit lackluster returns year to date, despite impressive performance during the month of September. The continuation of inflows to passive and outflows from active strategies are still headwinds for small cap managers.

In addition, government policies that target domestic growth via deregulation, tax cuts, and infrastructure spending have been slow to materialize, as partisan politics stymied progress on these issues. Unfortunately, this has been another significant headwind to small cap value companies, whose business is mostly conducted domestically.

Investment Analysis:

As noted above, the Emerald Small Cap Value Fund (without sales load) outperformed its benchmark for the 6-month period ended October 31, 2017. At the sector level, relative outperformance was driven by stock selection within the consumer discretionary, financial services, materials & processing sectors, and a relative underweight to the benchmark’s consumer staples sector. Relative underperformance was attributed to the producer durables sector, and a relative underweight to the benchmark’s health care sector.

Negative stock selection in the producer durables sector weighed on relative performance as holdings within the construction industry were impacted by weather, cost over-runs, and delay of awards of large projects.

The Fund’s outperformance in the consumer discretionary sector was due to strong stock selection, as a number of our holdings made great strides in lowering their costs, introducing new products or services, and gaining market share.

In the past few months, the portfolio management team has increased the portfolio’s exposure to Real Estate Investment Trusts (REITs). We find opportunities across the industry, particularly in developers/operators of niche properties serving various end-markets such as retail, energy, healthcare, and technology.

Market Outlook:

So far his year, investors ignored political gridlock, monetary uncertainty, and geopolitical risk, as markets kept trending higher since last year’s presidential election. U.S. economic data continue to be strong, particularly in manufacturing, employment, consumer demand, and business confidence. Buying growth has been a winning strategy throughout 2017, however, we think value can stage a comeback. Despite another failure to repeal and replace Obamacare, the administration is pushing forward with tax reform, hoping to have it done by year end. In anticipation of these bottlenecks that hindered domestic growth policies to be in the rear view mirror, we believe small cap value companies should perform better. With lower corporate taxes, diminished regulations, higher infrastructure spending, and higher interest rates, financial services companies (over 42% of our benchmark) should benefit to a greater extent.

With most domestic indices at or close to their all-time highs, there is always the concern that markets might be over-valued. Jim Furey of Furey Research has addressed this worry in a recent report⁽²⁾ by looking at various factors (Economic, Policy, Technical, Earnings, Valuation, Sentiment, and Federal Reserve (FED)), concluding that traditional warnings signs of a market top are not present at this point in time. A few observations that support this conclusion are: an accommodative Fed, pockets of deflation (think Amazon), slow but steady economic growth in U.S. and abroad (mainly Europe), stocks cheap vs. bonds, improving corporate earnings, potential for lower taxes, and expectations for additional government spending supporting further economic growth.

However, given the continuous upward move in the stock prices, we believe that the upcoming earnings season will be a make or break situation for many companies, as valuations are highest for the S&P 500 in the past 15 years, and they won't be supported by weak fundamentals.

While we still don’t expect a significant market correction this year, we think that value strategies can do better in the current environment. Valuations of financial services companies are well below their peak as expectations for growth have been moderated. In addition, any benefits from lower taxes, reduced regulation, and infrastructure spending are not currently priced into these stocks.

6	www.emeraldmutualfunds.com

Emerald Small Cap Value Fund

Manager Commentary

October 31, 2017 (Unaudited)

We will continue to seek attractive investment opportunities for our clients by focusing on high-quality companies identified and evaluated by our fundamental research and active portfolio management.

Top Contributors:	Top Detractors:
Zagg Inc	Xperi Corp
Viad Corp	Mammoth Energy Services, Inc.
ILG, Inc.	Jones Energy, Inc.
MDC Partners Inc. Class A	CoreCivic, Inc.
Tower Semiconductor Ltd	GEO Group, Inc.

Sincerely,

Ori Elan	Steven E. Russell, Esq.
Vice President	Vice President
Portfolio Manager	Portfolio Manager

Emerald Mutual Fund Advisers Trust

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

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

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

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

⁽²⁾

Furey Research, What a Stock Market Top May Look Like, 12 July, 2017.

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Manager Commentary

October 31, 2017 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*

ZAGG, Inc.	3.84%
ILG, Inc.	2.54%
Viad Corp.	2.41%
Builders FirstSource, Inc.	2.22%
Cubic Corp.	2.05%
Gray Television, Inc.	2.04%
Microsemi Corp.	2.04%
Rudolph Technologies, Inc.	2.01%
CyrusOne, Inc., REIT	1.98%
CoreSite Realty Corp., REIT	1.96%
Top Ten Holdings	23.09%

INDUSTRY SECTOR ALLOCATION
(as a % of Net Assets)

Financial Services	45.28%
Technology	14.51%
Consumer Discretionary	13.89%
Materials & Processing	10.25%
Producer Durables	7.00%
Energy	2.79%
Utilities	2.33%
Health Care	1.32%
Cash, Cash Equivalents, & Other Net Assets	2.63%

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

ANNUALIZED TOTAL RETURN (for the period ended October 31, 2017)^(1),(2)

				Since	Expense Ratio
	1 Year	3 Years	5 Years	Inception⁽²⁾	Gross⁽³⁾	Net⁽³⁾
Class A (NAV)	32.81%	11.67%	14.40%	13.89%	2.27%	1.36%
Class A (MOP)	26.49%	9.87%	13.29%	12.80%	2.27%	1.36%
Russell 2000^® Value Index⁽⁴⁾	24.81%	9.67%	13.58%	13.36%
Class C (NAV)	32.03%	10.92%	13.64%	13.14%	2.71%	2.01%
Class C (CDSC)	31.03%	10.92%	13.64%	13.14%	2.71%	2.01%
Russell 2000^® Value Index⁽⁴⁾	24.81%	9.67%	13.58%	13.36%
Investor Class	33.08%	11.85%	14.54%	14.06%	1.84%	1.26%
Russell 2000^® Value Index⁽⁴⁾	24.81%	9.67%	13.58%	13.36%
Institutional Class	33.31%	12.04%	14.78%	14.28%	1.57%	1.01%
Russell 2000^® Value Index⁽⁴⁾	24.81%	9.67%	13.58%	13.36%

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

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

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2018 in amounts necessary to limit the Fund’s operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund’s average daily net assets) of 1.35%, 2.00%, 1.00% and 1.25% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2018, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

8	www.emeraldmutualfunds.com

Emerald Small Cap Value Fund

Manager Commentary

October 31, 2017 (Unaudited)

	⁽⁴⁾	The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into the Index.

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

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Manager Commentary

October 31, 2017 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2017)

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

(LINE GRAPH)

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

10	www.emeraldmutualfunds.com

Emerald Insights Fund

Manager Commentary

October 31, 2017 (Unaudited)

October 31, 2017

Dear Shareholder:

Investment Results:

The performance of the Emerald Insights Fund Class A shares (without sales load) for the six months ended October 31, 2017 reflected a return of 9.09%, trailing the Russell MidCap^® Growth Index⁽¹⁾ benchmark of 11.14%. Performance for the period was driven by outperformance in healthcare and technology, offset by underperformance in producer durables and financial services.

Investment Analysis:

Economic indicators continued to point to moderate economic expansion, with the civilian unemployment rate reaching a new cycle low in September and consumer confidence and ISM (Institute for Supply Management) manufacturing data maintaining their robust trend. Many other indicators also remained in stock-friendly territory; the US Treasury yield curve⁽²⁾ remains reasonably steep, calendar Q3 2017 estimated earnings growth, while down from initial estimates, remains healthy, high yield corporate spreads remained narrow and inflation remained low and stable. In short, it was no surprise to see the Russell MidCap^® Growth Index up strongly over the period. We believe that the market, however, continued to bifurcate, with investors willing to pay increasingly elevated multiples for core growth names perceived to have modest earnings variability regardless of the company’s growth rate.

The Insights portfolio was positioned for a continuation of the moderate economic growth seen in the prior period, with a mixture of holdings in high growth, high valuation names, countered by holdings in growth names that could be defined as inexpensive by most metrics. While the fundamental performance of the majority of our names was largely as expected, with only a handful of names missing quarterly results, the misses resulted in outsized moves to the downside. Companies that exceeded expectations did not see stock moves to the upside as much as the misses skewed performance to the downside.

Market Outlook:

The economic indicators described above lead us to continued optimism regarding the direction of the equity markets. This is not to say we have our eyes closed towards the potential for a short-term market pull back, the risks of extended valuations and a very uncertain political environment. We believe that valuations are not cheap, but they are also not too far stretched given the level of interest rates and inflation. The bigger issue could be some unforeseen geopolitical event stemming from an action or reaction by or from a volatile White House or an unfriendly government. The situations with North Korea and Iran have the ability to crimp global growth or worse should the Administration fail to achieve a diplomatic solution.

As a fundamental manager, we think earnings growth drives stock prices; and we believe earnings growth should remain moderately positive as we end 2017 and move into 2018. The portfolio continues to trade at a valuation discount to the Russell Mid Cap Growth index on virtually all traditional metrics such as Price/Earnings⁽³⁾, Price/Cashflow⁽⁴⁾, and Price/Book⁽⁵⁾and at the same time have an estimated 3-5 year earnings per share growth rate significantly higher than the benchmark at 16.68% vs. 14.82% for our index (as of 9/30/17). The valuation/growth disparity vs. the benchmark gives us reason to be optimistic that over time our portfolio should outperform. If markets react rationally and we do our job to identify high growth companies with exemplary management teams, competitive advantages and differentiated growth drivers, with think our portfolio will be amply rewarded over time. Emerald has now been managing equities for 25 years and our research process has withstood the test of time. We look forward to the next 25 years.

Top 5 Contributors:	Top 5 Detractors:
Alnylam Pharmaceuticals, Inc	Dycom Industries, Inc.
IPG Photonics Corporation	Acadia Healthcare Company, Inc.
NVIDIA Corporation	Foot Locker, Inc.
Puma Biotechnology, Inc.	Spirit Airlines, Inc.
Catalent Inc	Kroger Co.

David A. Volpe, CFA	Stephen L. Amsterdam	Joseph Hovorka
Deputy Chief Investment Officer	Associate Portfolio Manager	Associate Portfolio Manager
Portfolio Manager

Emerald Mutual Fund Advisers Trust

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Manager Commentary

October 31, 2017 (Unaudited)

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

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

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

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

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

⁽²⁾

⁽³⁾

The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

⁽⁴⁾

The price-to-cash-flow ratio is the ratio of a stock's price to its cash flow per share. The price-to-cash-flow ratio is an indicator of a stock's valuation. The ratio takes into consideration a stock's operating cash flow, which adds non-cash earnings such as depreciation and amortization to net income.

⁽⁵⁾

Price-to-book value (P/B) is the ratio of market price of a company's shares (share price) over its book value of equity. This number is defined as the difference between the book value of assets and the book value of liabilities.

12	www.emeraldmutualfunds.com

Emerald Insights Fund

Manager Commentary

October 31, 2017 (Unaudited)

TOP TEN HOLDINGS
(as a % of Net Assets)*

MGM Resorts International	2.23%
Diamondback Energy, Inc.	2.15%
Eagle Materials, Inc.	2.01%
Broadcom, Ltd.	1.99%
SBA Communications Corp., REIT	1.95%
Catalent, Inc.	1.93%
ServiceNow, Inc.	1.91%
Affiliated Managers Group, Inc.	1.79%
Royal Caribbean Cruises, Ltd.	1.76%
Berry Global Group, Inc.	1.70%
Top Ten Holdings	19.42%

INDUSTRY SECTOR ALLOCATION

(as a % of Net Assets)

Technology	24.69%
Consumer Discretionary	18.56%
Health Care	14.66%
Producer Durables	13.58%
Materials & Processing	10.43%
Financial Services	10.39%
Energy	4.37%
Consumer Staples	2.80%
Cash, Cash Equivalents, & Other Net Assets	0.52%

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

ANNUALIZED TOTAL RETURN (for the period ended October 31, 2017)

			Since	Expense Ratio
	1 Year	3 Year	Inception⁽¹⁾	Gross⁽²⁾	Net⁽²⁾
Class A (NAV)	23.60%	6.58%	6.74%	2.10%	1.35%
Class A (MOP)	17.71%	4.86%	5.15%	2.10%	1.35%
Russell MidCap^® Growth Index^†	26.25%	9.98%	10.93%
Class C (NAV)	22.76%	5.84%	5.99%	2.76%	2.00%
Class C (CDSC)	21.76%	5.84%	5.99%	2.76%	2.00%
Russell MidCap^® Growth Index^†	26.25%	9.98%	10.93%
Investor Class	23.45%	6.50%	6.63%	2.16%	1.40%
Russell MidCap^® Growth Index^†	26.25%	9.98%	10.93%
Institutional Class	23.96%	6.89%	7.03%	1.80%	1.05%
Russell MidCap^® Growth Index^†	26.25%	9.98%	10.93%

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

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

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

⁽¹⁾

Inception Date - August 1, 2014.

⁽²⁾

Emerald Mutual Fund Advisers Trust (“Emerald” or the “Adviser”) has agreed contractually to waive a portion of its fees and reimburse other expenses until August 31, 2018 in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.35%, 2.00%, 1.05% and 1.40% respectively. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the agreement described above to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2018, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^†

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

Important Risks

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

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Manager Commentary

October 31, 2017 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2017)

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

(LINE GRAPH)

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

14	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

October 31, 2017

Dear Shareholder:

Investment Results:

The Emerald Bank & Finance Fund Class A shares (without sales load) outperformed the Russell 2000^® Index⁽¹⁾ for the six months ended October 31, 2017, returning 9.03% vs. 8.01% for the Index. During the six months ended October 31, 2017, the Russell 2000^® Financial Services Index⁽²⁾returned 5.95%; the SNL Small Cap U.S. Bank & Thrift Index⁽³⁾gained 4.39% versus a 9.10% gain delivered by the Standard & Poor’s 500 Index⁽⁴⁾ and a gain of 5.54% for the Russell 2000^® Value Index⁽⁵⁾.

Since President Donald Trump’s election, bank investors have predicted that pro-business policies would lead to an increase in loan growth for the industry, thus leading to increased earnings growth for the bank sector. Instead, the growth of loans to companies has dropped precipitously from 8.1% last November to 2.1%, according to Federal Reserve data. Granted the data is heavily influenced by the money center and regional banks, we have witnessed a lower loan growth rate at the community bank level though not as drastic. Among banks with at least $50 billion in assets, the median year-over-year increase in total net loans and leases was just 1.3% in the third quarter, down from 2.7% in the second quarter and 7.3% a year ago. Smaller banks reported significantly higher loan growth; the median growth rate was 10.3% for banks with $1 billion to $9.99 billion of assets, according to SNL’s Data Dispatch dated October 30, 2017. The analysis only included banks with data available as of Oct. 27, so large banks U.S. Bancorp and Citigroup Inc. were excluded. Both reported soft loan growth for the quarter. Lenders attributed the slowdown to uncertainty around tax reform, an unexpected spike in payoffs and intense competition driving higher pricing and riskier structures. We believe that a lack of clarity on tax policy, health care and infrastructure spending has forced corporate borrowers into a wait-and-see mode, wary about expanding until they know what to expect.

The slowdown in commercial loan growth may just be the market’s way of reverting to the mean. Growth in commercial loans ran far above gross domestic product growth in the years following the financial crisis. Historically, bank investors have stated that such a streak has been difficult to maintain for any prolonged period. The degree to which bank investors need to rethink that premise may affect whether bank stocks continue to outperform.

Lending profits at community banks are largely dependent on the dynamic between loan growth and interest rates. While recent increases in short term interest rates have made floating rate commercial loans more lucrative, the benefit has been limited by increased deposit costs. According to a November 9, 2017 SNL Data Dispatch article, in the third-quarter, most community banks have reported improved net interest margins. Among publicly traded banks on major exchanges with less than $10 billion in assets and that had reported earnings up to Nov. 3, the median net interest margin was 3.62% in the third quarter, up 10 basis points⁽⁶⁾ from the year-ago quarter.

Based on our recent visits with community bankers, we do not see any significant slowdown in commercial lending at the community banks. Combine our observations with the facts that the U.S. economy appears to have strengthened, unemployment remains low, the broader stock market has reached records and metrics of small business confidence are up, leads us to remain confident that the path forward for community bank stocks look promising.

We continue to have an overweight in assets-sensitive banks, which is the result of being invested in banks that focus on commercial lending. Our position in these banks are not a play on trying to time interest rate increases, but instead our preference for banks that have more of a commercial loan focus as they tend to be more growth oriented.

Investment Analysis:

So let’s look to the data of the most recent quarter to take account of the health of community banks. We previously discussed the improved net interest margins for banks with less than $10 billion in assets in the third quarter, but the good news does not stop there. According to SNL Data Dispatch, the median return on average assets and efficiency ratio also improved year over year to 0.97% and 61.54%, from 0.90% and 63.42%, respectively, a year earlier.

More specifically, community banks with $1 billion to $5 billion in assets reported the highest median net interest margin at 3.65%, compared to 3.56% for the third quarter of 2016. The largest community banks, those with $5 billion to $10 billion in assets, reported a median net interest margin of 3.60%, up 9 basis points from the year-ago quarter. The group posted the highest median return on average assets at 1.10% and the lowest median efficiency ratio at 56.17%. The smallest community banks, those with less than $1 billion in assets, reported the lowest median net interest margin at 3.55%. However, this represents a 5-basis-point increase year over year. The group also posted the lowest median return on average assets at 0.78% and the highest median efficiency ratio at 69.79%.

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

While overall deposit expenses remained low for U.S. banks and thrifts relative to historic norms, the cost of savings and interest-bearing transaction accounts rose noticeably in the third quarter, an analysis by S&P Global Market Intelligence shows.

Following a Federal Reserve interest rate increase late in 2016 and two more hikes in the first half of this year, banks have started to experience upward pressure on funding costs, with some clients looking for higher rates on their deposits after the Fed moves.

The banking industry's total cost of funds was 0.54% in the third quarter, up from 0.47% the previous quarter and up from 0.39% a year earlier. Cost of funds is defined as total interest expense as a percent of the sum of average interest bearing liabilities and average noninterest bearing deposits.

The analysis of regulatory data also found that the industrywide cost of interest-bearing transaction accounts, including demand deposit accounts, rose to 67 basis points in the third quarter from 51 basis points the previous quarter and from 28 basis points a year earlier. The cost for these accounts was just 19 basis points in the first quarter of 2014. Further, the analysis shows that the cost of savings accounts, including money market demand accounts, rose to 25 basis points in the third quarter from 20 basis points the previous quarter and from 15 basis points a year earlier. In the first quarter of 2014, the cost of savings accounts was 14 basis points.

Recently a bipartisan group of senators announced a bill aimed to reduce regulatory oversight on banks which includes a number of provisions for regulatory relief including raising the Significantly Important Financial Institution (SIFI) buffer from $50b to $250b that could lead to larger M&A and simplifying capital rules for banks under $10b that would allow banks to avoid more complex risk-based capital requirements. We believe bank reform was a key catalyst that a lot of bank investors were looking for post the election so this should come as a relief. Until any regulatory relief is passed, we continue to see increased Merger & Acquisitions (M&A) activity amongst banks. According to SNL Data Dispatch, through the first 10 months of 2017, 206 deals have been announced in the U.S. banking sector for an aggregate disclosed deal value of $23.20 billion. By comparison, last year there were 202 deals announced through October worth an aggregate $23.3 billion. The median deal value-to-tangible common equity ratio has climbed significantly this year to 163.6%, compared to 128.7% over the same period in 2016.

Market Outlook:

We believe that interest rates drove bank stock returns over the last six months and we believe they are likely to be the dominant force for shares through the end of the year, despite investor optimism around a tax code overhaul. Bank stocks have outperformed the market since the election in November 2016 but have struggled at times this year to maintain their momentum.

In late August and early September, for example, bank stocks tumbled. The decline mirrored a drop in the yield of the 10-year Treasury, which fell to 2.04% from 2.39% in July, amid several natural disasters here in the U.S. and rising geopolitical tensions. However, as the hurricane damage proved to be less than the dire expectations, the 10-year yield reversed course and climbed to 2.33% in short order and bank stocks rose along with the yield. Moving forward in 2017, we believe that investors will continue to price in a greater chance of a Federal Reserve interest rate increase in December. We believe this will lead to a classic reflation trade. When investors bet on a stronger economy, they expect interest rates and bond yields to rise, which will improve the profitability of banks and the performance of their stocks.

We believe the Trump administration’s unveiling of a tax-overhaul plan recently will provide a tailwind to the bank stocks as the bank sector depends on economic growth, and to the extent we get tax reform that flows through to better growth, that will support the stocks. Immediately, a great deal of the community banks will see their earnings improve as a result of a lower tax rate as the community banks tend to be some of the highest taxed corporate entities. We believe that the banks will be influenced differently by the tax cut based on size, with the largest beneficiaries being the smaller community banks. We believe that generally for a full-tax-paying bank, a reduction in the corporate tax rates to 25% or 20% would add a median 12% and 18% to our 2018 earnings per share estimates, respectively, and potentially a path to further upside support in the shares, all else equal. Thus, we believe an official change in corporate tax rates would make community banks seemingly less expensive and more profitable with a return-on-equity at or possibly above long-term averages.

Our focus remains on seeking companies capable of producing above average organic growth, relatively stable net interest margins, and improving earnings power aided by lower efficiency ratios, with potential for accretive mergers & acquisitions activity, as we deploy Emerald’s 10-Step research process - including important steps such as meeting with management, interviewing customers, competitors, suppliers and distributors - to seek out companies in this market environment that is poised for the potential of higher short-term interest rates.

16	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

Top Five Contributors:	Top Five Detractors:
LendingTree, Inc.	TriState Capital Holdings, Inc.
SVB Financial Group	Customers Bancorp, Inc.
First Internet Bancorp	Gold Coast Bancorp, Inc.
First Foundation, Inc.	Franklin Financial Network, Inc.
Western Alliance Bancorporation	Home BancShares, Inc.

Kenneth G. Mertz II, CFA	Steven E. Russell, Esq.
Chief Investment Officer	Portfolio Manager
Portfolio Manager

Emerald Mutual Fund Advisers Trust

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

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

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

Diversification does not eliminate the risk of experiencing investment losses.

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

SNL Small Cap U.S. Bank & Thrift Index: Includes all publicly traded Banks and Thrifts in SNL's coverage universe with $250M to $1B Total Common Market Capitalization as of most recent pricing data. Source: SNL Financial, data as of April 30, 2017.

⁽⁴⁾

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

⁽⁵⁾

⁽⁶⁾

Basis point (BPS) refer to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01% (0.0001), and is used to denote the percentage change in a financial instrument.

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

TOP TEN HOLDINGS (as a % of Net Assets)*

LendingTree, Inc.	3.54%
Meta Financial Group, Inc.	2.23%
Eagle Bancorp, Inc.	2.23%
First Foundation, Inc.	2.13%
ServisFirst Bancshares, Inc.	2.09%
Western Alliance Bancorp	2.08%
Pacific Premier Bancorp, Inc.	2.04%
Ameris Bancorp	1.97%
CenterState Banks, Inc.	1.96%
National Commerce Corp.	1.94%
Top Ten Holdings	22.21%

INDUSTRY SECTOR ALLOCATION (as a % of Net Assets)

Banks: Diversified	79.75%
Banks: Savings Thrift & Mortgage Lending	7.88%
Consumer Lending	3.54%
Real Estate Investment Trusts (REITs)	1.96%
Insurance: Property-Casualty	1.55%
Commercial Banks	1.07%
Diversified Financial Services	1.06%
Computer Services Software & Systems	0.55%
Insurance: Multi Line	0.42%
Financial Data & Services	0.28%
Cash, Cash Equivalents, & Other Net Assets	1.94%

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

ANNUALIZED TOTAL RETURN (for the period ended October 31, 2017)

					Since	Expense Ratio
	1 Year	3 Year	5 Year	10 Year	Inception⁽¹⁾	Gross⁽²⁾	Net⁽²⁾
Class A (NAV)	40.15%	18.31%	20.09%	7.88%	9.75%	1.43%	1.43%
Class A (MOP)	33.51%	16.41%	18.92%	7.36%	9.49%	1.43%	1.43%
Russell 2000^® Index^†	27.85%	10.12%	14.49%	7.63%	8.43%
Russell 2000^® Financial Services TR Index^††	25.54%	12.32%	15.36%	6.87%	9.01%
Class C (NAV)	39.26%	17.56%	19.32%	7.19%	10.04%	2.08%	2.08%
Class C (CDSC)	38.26%	17.56%	19.32%	7.19%	10.04%	2.08%	2.08%
Russell 2000^® Index^†	27.85%	10.12%	14.49%	7.63%	7.78%
Russell 2000^® Financial Services TR Index^††	25.54%	12.32%	15.36%	6.87%	10.07%
Investor Class	40.23%	18.32%	20.10%	–	15.12%	1.48%	1.48%
Russell 2000^® Index^†	27.85%	10.12%	14.49%	–	12.48%
Russell 2000^® Financial Services TR Index^††	25.54%	12.32%	15.36%	–	13.11%
Institutional Class	40.63%	18.70%	20.48%	–	19.67%	1.14%	1.14%
Russell 2000^® Index^†	27.85%	10.12%	14.49%	–	12.51%
Russell 2000^® Financial Services TR Index^††	25.54%	12.32%	15.36%	–	14.63%

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

Returns for periods less than 1 year are cumulative.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

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

⁽¹⁾

Inception Dates - Class A: 02/18/1997, Class C: 07/01/2000, Class Institutional: 03/19/2012, Class Investor: 03/16/2010

⁽²⁾

18	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

that the Fund's expenses in later periods fall below the annual rates set forth in the relevant agreement. The Fund will not be obligated to pay any such deferred fees and expenses more than three years after the year(s) in which the fees and expense were incurred. The Adviser may not discontinue this waiver prior to August 31, 2018, without the approval by the Fund's Board of Trustees. Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^†

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® is a subset of the Russell 3000^®Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly into an index.

^††

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

Important Risks

A fund that concentrates in a particular industry will involve a greater degree of risk than a fund with a more diversified portfolio. Investing in smaller companies generally will present greater investment risks, including: greater price volatility, greater sensitivity to changing economic conditions and less liquidity than the securities of larger, more mature companies.

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Manager Commentary

October 31, 2017 (Unaudited)

GROWTH OF $10,000 INVESTMENT IN THE FUND (for the period ended October 31, 2017)

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

(LINE GRAPH)

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

20	www.emeraldmutualfunds.com

Emerald Funds

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder services fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the (six-month) period and held for the entire period May 1, 2017 through October 31, 2017.

Actual Expenses

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

Hypothetical Example For Comparison Purposes

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

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

	Beginning Account Value 05/01/17	Ending Account Value 10/31/17	Expense Ratio^(a)	Expense Paid During Period 5/01/17 - 10/31/17^(b)
Emerald Growth Fund
Class A
Actual	$1,000.00	$1,142.50	1.04%	$5.62
Hypothetical (5% return before expenses)	$1,000.00	$1,019.96	1.04%	$5.30
Class C
Actual	$1,000.00	$1,138.70	1.69%	$9.11
Hypothetical (5% return before expenses)	$1,000.00	$1,016.69	1.69%	$8.59
Institutional Class
Actual	$1,000.00	$1,144.10	0.74%	$4.00
Hypothetical (5% return before expenses)	$1,000.00	$1,021.48	0.74%	$3.77
Investor Class
Actual	$1,000.00	$1,142.10	1.09%	$5.89
Hypothetical (5% return before expenses)	$1,000.00	$1,019.71	1.09%	$5.55

Emerald Small Cap Value Fund
Class A
Actual	$1,000.00	$1,094.70	1.35%	$7.13
Hypothetical (5% return before expenses)	$1,000.00	$1,018.40	1.35%	$6.87
Class C
Actual	$1,000.00	$1,090.70	2.00%	$10.54
Hypothetical (5% return before expenses)	$1,000.00	$1,015.12	2.00%	$10.16
Institutional Class
Actual	$1,000.00	$1,096.60	1.00%	$5.28
Hypothetical (5% return before expenses)	$1,000.00	$1,020.16	1.00%	$5.09
Investor Class
Actual	$1,000.00	$1,095.90	1.25%	$6.60
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	1.25%	$6.36

Semi-Annual Report | October 31, 2017

Emerald Funds

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

	Beginning Account Value 05/01/17	Ending Account Value 10/31/17	Expense Ratio^(a)	Expense Paid During Period 5/01/17 - 10/31/17^(b)
Emerald Insights Fund
Class A
Actual	$1,000.00	$1,090.90	1.35%	$7.11
Hypothetical (5% return before expenses)	$1,000.00	$1,018.40	1.35%	$6.87
Class C
Actual	$1,000.00	$1,087.30	2.00%	$10.52
Hypothetical (5% return before expenses)	$1,000.00	$1,015.12	2.00%	$10.16
Institutional Class
Actual	$1,000.00	$1,092.90	1.05%	$5.54
Hypothetical (5% return before expenses)	$1,000.00	$1,019.91	1.05%	$5.35
Investor Class
Actual	$1,000.00	$1,091.20	1.40%	$7.38
Hypothetical (5% return before expenses)	$1,000.00	$1,018.15	1.40%	$7.12

Emerald Banking and Finance Fund
Class A
Actual	$1,000.00	$1,090.60	1.40%	$7.38
Hypothetical (5% return before expenses)	$1,000.00	$1,018.15	1.40%	$7.12
Class C
Actual	$1,000.00	$1,087.20	2.05%	$10.78
Hypothetical (5% return before expenses)	$1,000.00	$1,014.87	2.05%	$10.41
Institutional Class
Actual	$1,000.00	$1,092.40	1.10%	$5.80
Hypothetical (5% return before expenses)	$1,000.00	$1,019.66	1.10%	$5.60
Investor Class
Actual	$1,000.00	$1,090.60	1.45%	$7.64
Hypothetical (5% return before expenses)	$1,000.00	$1,017.90	1.45%	$7.38

^(a)

The Fund's expense ratios have been based on the Fund's most recent fiscal half-year expenses.

^(b)

22	www.emeraldmutualfunds.com

Emerald Growth Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 98.93%
Consumer Discretionary: 13.13%
	82,312	Burlington Stores, Inc.^(a)	$	7,728,274
	1,283,779	Chegg, Inc.^(a)		19,911,412
	17,073	Churchill Downs, Inc.		3,560,574
	170,299	Chuy’s Holdings, Inc.^(a)		3,831,728
	58,972	Dave & Buster’s Entertainment, Inc.^(a)		2,842,450
	272,512	Five Below, Inc.^(a)		15,056,288
	167,352	HealthStream, Inc.^(a)		4,093,430
	58,044	Jack in the Box, Inc.		6,008,134
	286,649	Leaf Group, Ltd.^(a)		2,020,876
	228,100	Lindblad Expeditions Holdings, Inc.^(a)		2,445,232
	249,690	Marcus Corp.		6,779,084
	65,364	Matthews International Corp., Class A		4,108,127
	216,696	Meritage Homes Corp.^(a)		10,553,095
	311,292	Nutrisystem, Inc.		15,549,035
	239,632	Ollie’s Bargain Outlet Holdings, Inc.^(a)		10,699,569
	141,833	Penn National Gaming, Inc.^(a)		3,700,423
	328,673	Planet Fitness, Inc., Class A		8,755,849
	91,851	Red Robin Gourmet Burgers, Inc.^(a)		6,282,608
	642,736	Sequential Brands Group, Inc.^(a)		1,671,114
	235,674	Steven Madden, Ltd.^(a)		9,191,286
	362,375	Tilly’s, Inc., Class A		4,315,886
				149,104,474

Consumer Staples: 1.01%
	383,978	Freshpet, Inc.^(a)		5,970,858
	471,773	Hostess Brands, Inc.^(a)		5,439,543
				11,410,401

Energy: 1.01%
	537,863	Callon Petroleum Co.^(a)		5,964,901
	268,600	Enphase Energy, Inc.^(a)		410,958
	99,650	PDC Energy, Inc.^(a)		5,075,174
				11,451,033

Financial Services: 15.22%
	267,721	Bank of the Ozarks, Inc.		12,481,153
	547,246	BofI Holding, Inc.^(a)		14,720,917
	499,417	CareTrust REIT, Inc.		9,438,981
	25,000	CNB Financial Corp.		718,750
	146,088	Customers Bancorp, Inc.^(a)		3,994,046
	300,082	FCB Financial Holdings, Inc., Class A^(a)		14,013,829
	122,502	First Choice Bank		2,940,048
	107,642	Health Insurance Innovations, Inc., Class A^(a)		2,314,303
	148,203	Howard Bancorp, Inc.^(a)		3,097,443
	133,495	LendingTree, Inc.^(a)		35,783,335
	187,963	Live Oak Bancshares, Inc.		4,454,723
	207,690	Merchants Bancorp^(a)		3,563,960

Shares			Value (Note 2)
Financial Services (continued)
	214,690	Moelis & Co., Class A	$	9,177,998
	295,654	Monmouth Real Estate Investment Corp., REIT		5,037,944
	209,926	National Commerce Corp.^(a)		8,554,485
	312,761	Opus Bank^(a)		8,100,510
	350,628	Pacific Premier Bancorp, Inc.^(a)		14,165,371
	294,128	QTS Realty Trust, Inc., REIT, Class A		17,015,305
	57,787	Walker & Dunlop, Inc.^(a)		3,171,928
				172,745,029

Health Care: 19.76%
	313,474	Adamas Pharmaceuticals, Inc.^(a)		7,730,269
	230,744	Aimmune Therapeutics, Inc.^(a)		6,707,728
	839,265	Alder Biopharmaceuticals, Inc.^(a)		9,441,731
	289,714	AtriCure, Inc.^(a)		6,211,468
	170,245	Biohaven Pharmaceutical Holding Co., Ltd.^(a)		5,117,565
	52,042	Bluebird Bio, Inc.^(a)		7,239,042
	490,000	Bovie Medical Corp.^(a)		1,911,000
	250,000	CareDx, Inc.^(a)		1,462,500
	325,867	Catalent, Inc.^(a)		13,878,676
	153,583	Clovis Oncology, Inc.^(a)		11,575,551
	179,844	Deciphera Pharmaceuticals, Inc.^(a)		3,451,206
	68,276	Exact Sciences Corp.^(a)		3,754,497
	337,573	G1 Therapeutics, Inc.^(a)		7,976,850
	660,626	Ignyta, Inc.^(a)		10,173,640
	415,004	Insmed, Inc.^(a)		11,209,258
	39,300	Intercept Pharmaceuticals, Inc.^(a)		2,422,059
	545,268	K2M Group Holdings, Inc.^(a)		10,736,327
	93,971	Merit Medical Systems, Inc.^(a)		3,575,597
	125,970	NantHealth, Inc.^(a)		459,790
	655,005	NeoGenomics, Inc.^(a)		5,678,893
	63,171	Obalon Therapeutics, Inc.^(a)		532,532
	218,686	Portola Pharmaceuticals, Inc.^(a)		10,805,275
	176,686	Puma Biotechnology, Inc.^(a)		22,492,128
	258,153	Reata Pharmaceuticals, Inc., Class A^(a)		7,816,873
	36,775	Sage Therapeutics, Inc.^(a)		2,327,122
	407,493	Sarepta Therapeutics, Inc.^(a)		20,093,480
	386,939	Savara, Inc.^(a)		3,602,402
	307,868	Supernus Pharmaceuticals, Inc.^(a)		12,807,309
	129,090	Tabula Rasa HealthCare, Inc.^(a)		3,728,119
	285,399	Teladoc, Inc.^(a)		9,432,437
				224,351,324

Materials & Processing: 12.04%
	114,409	Allegheny Technologies, Inc.^(a)		2,880,819
	304,808	Apogee Enterprises, Inc.		14,548,486
	234,508	Carpenter Technology Corp.		11,676,153
	917,830	Cliffs Natural Resources, Inc.^(a)		5,470,267
	381,350	GMS, Inc.^(a)		12,984,968
	70,919	Innospec, Inc.		4,386,340
	334,423	Installed Building Products, Inc.^(a)		23,309,283

Semi-Annual Report | October 31, 2017

Emerald Growth Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares			Value (Note 2)
Materials & Processing (continued)
	186,065	KapStone Paper and Packaging Corp.	$	4,179,020
	79,242	Masonite International Corp.^(a)		5,317,138
	512,140	PQ Group Holdings, Inc.^(a)		8,399,096
	81,058	TimkenSteel Corp.^(a)		1,134,812
	261,934	Trex Co., Inc.^(a)		28,668,676
	175,344	US Concrete, Inc.^(a)		13,711,901
				136,666,959

Producer Durables: 12.44%
	209,773	Air Transport Services Group, Inc.^(a)		5,076,507
	85,823	Atlas Air Worldwide Holdings, Inc.^(a)		5,265,241
	47,752	Blue Bird Corp.^(a)		986,079
	494,635	Daseke, Inc.^(a)		6,840,802
	126,019	Dycom Industries, Inc.^(a)		11,068,249
	211,804	H&E Equipment Services, Inc.		6,976,824
	386,824	Kennametal, Inc.		16,884,868
	315,506	KLX, Inc.^(a)		17,308,659
	1,113,506	Kratos Defense & Security Solutions, Inc.^(a)		13,406,612
	545,735	Manitowoc Co., Inc.^(a)		5,195,397
	42,418	NV5 Global, Inc.^(a)		2,464,486
	67,380	OSI Systems, Inc.^(a)		5,955,044
	261,977	Primoris Services Corp.		7,406,090
	264,370	REV Group, Inc.		6,820,746
	101,381	Tennant Co.		7,030,772
	211,574	Tetra Tech, Inc.		10,420,019
	427,612	Tutor Perini Corp.^(a)		12,058,658
				141,165,053

Technology: 20.50%
	230,141	Alarm.com Holdings, Inc.^(a)		10,742,982
	422,230	Box, Inc., Class A^(a)		9,267,948
	170,802	Cavium, Inc.^(a)		11,783,630
	256,359	ChannelAdvisor Corp.^(a)		2,884,039
	385,245	Ciena Corp.^(a)		8,194,161
	35,720	Cirrus Logic, Inc.^(a)		2,000,320
	167,922	Cloudera, Inc.^(a)		2,540,660
	215,379	EPAM Systems, Inc.^(a)		19,631,796
	99,090	ForeScout Technologies, Inc.^(a)		2,561,477
	48,300	GrubHub, Inc.^(a)		2,947,266
	446,638	GTT Communications, Inc.^(a)		16,279,955
	116,649	Guidewire Software, Inc.^(a)		9,329,587
	58,360	II-VI, Inc.^(a)		2,637,872
	166,930	Imperva, Inc.^(a)		7,127,911
	140,965	Inphi Corp.^(a)		5,776,746
	1,154,951	Internap Corp.^(a)		5,370,522
	75,635	IPG Photonics Corp.^(a)		16,103,448
	156,863	Lumentum Holdings, Inc.^(a)		9,905,898
	317,635	Mercury Systems, Inc.^(a)		16,031,038
	175,676	Microsemi Corp.^(a)		9,375,828
	311,360	Model N, Inc.^(a)		4,530,288
	15,000	MongoDB, Inc.^(a)		457,200

Shares			Value (Note 2)
Technology (continued)
	57,834	Monolithic Power Systems, Inc.	$	7,036,663
	336,494	Oclaro, Inc.^(a)		2,782,805
	160,820	Proofpoint, Inc.^(a)		14,861,376
	116,046	Q2 Holdings, Inc.^(a)		4,937,757
	101,080	Quantenna Communications, Inc.^(a)		1,565,729
	221,026	Reis, Inc.		4,033,725
	75,000	Switch, Inc., Class A^(a)		1,434,750
	32,861	Take-Two Interactive Software, Inc.^(a)		3,636,070
	180,863	USA Technologies, Inc.^(a)		1,148,480
	335,471	Varonis Systems, Inc.^(a)		14,626,536
	100,000	Yext, Inc.^(a)		1,148,000
				232,692,463

Utilities: 3.82%
	804,831	8x8, Inc.^(a)		10,744,494
	229,458	Cogent Communications Holdings, Inc.		12,367,786
	79,758	Shenandoah Telecommunications Co.		3,030,804
	2,124,695	Vonage Holdings Corp.^(a)		17,273,770
				43,416,854

		Total Common Stocks
		(Cost $799,067,606)		1,123,003,590

SHORT TERM INVESTMENTS: 1.76%
	20,018,391	Dreyfus Government Cash Management Fund - Institutional Class 0.937% (7-Day Yield)		20,018,391

		Total Short Term Investments
		(Cost $20,018,391)		20,018,391

Total Investments: 100.69%
(Cost $819,085,997)				1,143,021,981

Liabilities In Excess Of Other Assets: (0.69)%				(7,849,135	)
Net Assets: 100.00%			$	1,135,172,846

^(a)

Non-income producing security.

See Notes to Financial Statements.

24	www.emeraldmutualfunds.com

Emerald Small Cap Value Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares			Value (Note 2)
COMMON STOCKS: 97.36%
Consumer Discretionary: 13.89%
	11,127	Gray Television, Inc.^(a)	$	173,247
	7,261	ILG, Inc.		215,434
	13,711	MDC Partners, Inc., Class A^(a)		157,677
	2,165	Penske Automotive Group, Inc.		100,932
	3,527	Viad Corp.		204,742
	20,838	ZAGG, Inc.^(a)		326,115
				1,178,147

Energy: 2.79%
	6,651	Kosmos Energy, Ltd.^(a)		51,080
	1,730	PDC Energy, Inc.^(a)		88,109
	10,195	SRC Energy, Inc.^(a)		97,260
				236,449

Financial Services: 45.28%
	2,554	Bankwell Financial Group, Inc.		93,476
	5,030	Clifton Bancorp, Inc.		85,661
	3,400	CNB Financial Corp.		97,750
	4,176	Community Healthcare Trust, Inc., REIT		114,548
	1,697	CorEnergy Infrastructure Trust, Inc., REIT		61,228
	1,501	CoreSite Realty Corp., REIT		166,236
	2,736	CyrusOne, Inc., REIT		167,963
	2,255	eHealth, Inc.^(a)		57,232
	2,071	Employers Holdings, Inc.		98,787
	3,290	Entegra Financial Corp.^(a)		89,653
	3,897	ESSA Bancorp, Inc.		63,014
	9,904	Everi Holdings, Inc.^(a)		82,104
	2,898	First Financial Bancorp		79,115
	941	First Merchants Corp.		40,463
	800	First Savings Financial Group, Inc.		44,128
	3,269	Four Corners Property Trust, Inc., REIT		80,679
	3,168	Franklin Financial Network, Inc.^(a)		108,661
	1,892	FS Bancorp, Inc.		102,698
	1,468	Getty Realty Corp., REIT		41,706
	1,956	Great Western Bancorp, Inc.		79,394
	2,190	HomeStreet, Inc.^(a)		63,620
	3,654	InfraREIT, Inc., REIT		81,850
	3,670	Investar Holding Corp.		85,144
	2,311	JBG SMITH Properties, REIT^(a)		72,126
	3,638	Live Oak Bancshares, Inc.		86,221
	1,330	Meta Financial Group, Inc.		116,042
	1,825	Moelis & Co., Class A		78,019
	5,122	Monmouth Real Estate Investment Corp.		87,279
	3,107	Northeast Bancorp		80,005
	1,420	Northrim BanCorp, Inc.		46,150
	2,893	OceanFirst Financial Corp.		80,281
	2,324	PCSB Financial Corp.^(a)		43,505
	3,656	Pennsylvania Real Estate Investment Trust, REIT		35,536
	4,545	PennyMac Financial Services, Inc., Class A^(a)		86,355
	2,924	People's Utah Bancorp		90,936

Shares			Value (Note 2)
Financial Services (continued)
	4,638	Plymouth Industrial REIT, Inc., REIT	$	83,948
	1,457	Preferred Bank		89,941
	1,220	QTS Realty Trust, Inc., REIT, Class A		70,577
	3,600	Rexford Industrial Realty, Inc., REIT		106,884
	2,142	Standard AVB Financial Corp.		63,725
	3,010	State Bank Financial Corp.		87,019
	3,519	STORE Capital Corp., REIT		86,884
	3,650	Summit Financial Group, Inc.		99,280
	1,740	Timberland Bancorp, Inc.		52,739
	2,172	TriCo Bancshares		89,964
	1,501	Urban Edge Properties, REIT		35,213
	8,410	Western New England Bancorp, Inc.		88,726
				3,842,465

Health Care: 1.32%
	7,201	Invacare Corp.		111,616

Materials & Processing: 10.25%
	1,824	Apogee Enterprises, Inc.		87,060
	10,464	Builders FirstSource, Inc.^(a)		188,561
	3,131	Kirkland Lake Gold, Ltd.		36,852
	2,899	Koppers Holdings, Inc.^(a)		140,746
	4,415	Mercer International, Inc.		64,901
	3,249	PolyOne Corp.		149,681
	825	Universal Forest Products, Inc.		93,143
	1,386	US Concrete, Inc.^(a)		108,385
				869,329

Producer Durables: 7.00%
	3,486	Blue Bird Corp.^(a)		71,986
	3,195	Cubic Corp.		174,287
	1,117	Dycom Industries, Inc.^(a)		98,106
	2,560	ICF International, Inc.^(a)		137,472
	3,968	Tutor Perini Corp.^(a)		111,898
				593,749

Technology: 14.50%
	4,984	ARRIS International PLC^(a)		142,044
	3,242	Microsemi Corp.^(a)		173,025
	17,745	Mitel Networks Corp.^(a)		152,430
	7,197	Perficient, Inc.^(a)		139,982
	12,925	Photronics, Inc.^(a)		125,373
	5,000	Presidio, Inc.^(a)		74,000
	6,151	Rudolph Technologies, Inc.^(a)		170,689
	3,732	Tower Semiconductor, Ltd.^(a)		123,380
	5,674	Xperi Corp.		130,502
				1,231,425

Utilities: 2.33%
	1,510	Pattern Energy Group, Inc.		34,836

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares			Value (Note 2)
Utilities (continued)
	19,993	Vonage Holdings Corp.^(a)	$	162,543
				197,379

		Total Common Stocks
		(Cost $6,305,718)		8,260,559

SHORT TERM INVESTMENTS: 2.96%
	250,864	Dreyfus Government Cash Management Fund - Institutional Class 0.937% (7-Day Yield)		250,864

		Total Short Term Investments
		(Cost $250,864)		250,864

Total Investments: 100.32%
(Cost $6,556,582)				8,511,423

Liabilities In Excess Of Other Assets: (0.32)%				(27,488	)
Net Assets: 100.00%			$	8,483,935

^(a)

Non-income producing security.

See Notes to Financial Statements.

26	www.emeraldmutualfunds.com

Emerald Insights Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares		Value (Note 2)
COMMON STOCKS: 98.59%
Consumer Discretionary: 18.56%
2,185	BorgWarner, Inc.	$	115,193
1,473	Burlington Stores, Inc.^(a)		138,300
4,913	Cinemark Holdings, Inc.		178,538
1,098	Delphi Automotive PLC		109,119
381	Dollar General Corp.		30,800
2,238	Five Below, Inc.^(a)		123,650
771	Hasbro, Inc.		71,387
2,362	Match Group, Inc.^(a)		63,160
7,645	MGM Resorts International		239,671
10,147	Oasis Petroleum, Inc.^(a)		95,889
332	PVH Corp.		42,101
1,525	Royal Caribbean Cruises, Ltd.		188,749
5,424	Sinclair Broadcast Group, Inc., Class A		171,941
2,133	Six Flags Entertainment Corp.		133,931
3,409	Toll Brothers, Inc.		156,950
910	Wynn Resorts, Ltd.		134,216
			1,993,595

Consumer Staples: 2.80%
3,702	Energizer Holdings, Inc.		159,149
573	Monster Beverage Corp.^(a)		33,194
5,227	The Kroger Co.		108,199
			300,542

Energy: 4.37%
3,018	Cabot Oil & Gas Corp.		83,599
2,158	Diamondback Energy, Inc.^(a)		231,251
1,342	Parsley Energy, Inc., Class A^(a)		35,697
2,342	PDC Energy, Inc.^(a)		119,278
			469,825

Financial Services: 9.50%
1,031	Affiliated Managers Group, Inc.		192,281
470	Alliance Data Systems Corp.		105,153
2,428	Bank of the Ozarks, Inc.		113,193
2,541	CubeSmart, REIT		69,166
232	Equinix, Inc., REIT		107,532
9,589	First Data Corp., Class A^(a)		170,780
332	FleetCor Technologies, Inc.^(a)		54,870
848	S&P Global, Inc.		132,687
340	SVB Financial Group^(a)		74,555
			1,020,217

Health Care: 14.66%
1,253	Abbott Laboratories		67,950
4,888	Acadia Healthcare Co., Inc.^(a)		153,288
804	Alnylam Pharmaceuticals, Inc.^(a)		97,959
423	Bluebird Bio, Inc.^(a)		58,839
4,871	Catalent, Inc.^(a)		207,456
1,305	Clovis Oncology, Inc.^(a)		98,358
1,801	DENTSPLY SIRONA, Inc.		109,987
761	Edwards Lifesciences Corp.^(a)		77,797

Shares		Value (Note 2)
Health Care (continued)
395	Incyte Corp.^(a)	$	44,734
2,705	Intrexon Corp.^(a)		44,227
1,711	Ionis Pharmaceuticals, Inc.^(a)		97,715
875	Jazz Pharmaceuticals PLC^(a)		123,839
868	Puma Biotechnology, Inc.^(a)		110,496
2,353	Sarepta Therapeutics, Inc.^(a)		116,027
1,702	Veeva Systems, Inc., Class A^(a)		103,720
982	Zoetis, Inc.		62,671
			1,575,063

Materials & Processing: 10.43%
3,067	Berry Global Group, Inc.^(a)		182,333
2,647	Crown Holdings, Inc.^(a)		159,270
2,047	Eagle Materials, Inc.		216,102
2,788	International Paper Co.		159,669
3,312	Masco Corp.		131,884
2,949	Steel Dynamics, Inc.		109,732
1,250	Trinity Industries, Inc.		40,650
989	Vulcan Materials Co.		120,411
			1,120,051

Producer Durables: 13.58%
534	CoStar Group, Inc.^(a)		157,931
1,225	Dycom Industries, Inc.^(a)		107,592
2,225	Fortive Corp.		160,779
2,122	Kennametal, Inc.		92,625
2,115	Korn/Ferry International		88,470
482	Middleby Corp.^(a)		55,864
480	Old Dominion Freight Line, Inc.		58,142
618	Oshkosh Corp.		56,584
788	Parker-Hannifin Corp.		143,897
4,492	Quanta Services, Inc.^(a)		169,483
1,305	Southwest Airlines Co.		70,287
858	United Rentals, Inc.^(a)		121,390
2,633	Xylem, Inc.		175,173
			1,458,217

Technology: 24.69%
2,076	Activision Blizzard, Inc.		135,957
1,811	Analog Devices, Inc.		165,344
809	Broadcom, Ltd.		213,503
2,027	Cavium, Inc.^(a)		139,843
413	Coherent, Inc.^(a)		108,499
4,452	Fortinet, Inc.^(a)		175,453
458	IAC/InterActive Corp.^(a)		59,105
613	Intuit, Inc.		92,575
648	IPG Photonics Corp.^(a)		137,966
2,155	Micron Technology, Inc.^(a)		95,488
8,397	ON Semiconductor Corp.^(a)		179,024
1,149	Palo Alto Networks, Inc.^(a)		169,133
1,150	Proofpoint, Inc.^(a)		106,272
2,160	PTC, Inc.^(a)		143,532
1,335	SBA Communications Corp., REIT^(a)		209,835

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares		Value (Note 2)
Technology (continued)
1,626	ServiceNow, Inc.^(a)	$	205,478
1,142	Skyworks Solutions, Inc.		130,028
703	Tableau Software, Inc., Class A^(a)		57,006
513	Take-Two Interactive Software, Inc.^(a)		56,764
353	Ultimate Software Group, Inc.^(a)		71,514
			2,652,319

	Total Common Stocks
	(Cost $8,394,475)		10,589,829

MASTER LIMITED PARTNERSHIPS: 0.89%
Financial	Services: 0.89%
2,005	Lazard, Ltd., Class A		95,318

	Total Master Limited Partnerships
	(Cost $65,104)		95,318

SHORT TERM INVESTMENTS: 0.81%

87,206	Dreyfus Government Cash Management Fund - Institutional Class 0.937% (7-Day Yield)		87,206

	Total Short Term Investments
	(Cost $87,206)		87,206

Total Investments: 100.29%
(Cost $8,546,785)			10,772,353

Liabilities In Excess Of Other Assets: (0.29)%			(31,638	)
Net Assets: 100.00%		$	10,740,715

^(a)

Non-income producing security.

See Notes to Financial Statements.

28	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares		Value (Note 2)
COMMON STOCKS: 98.06%
Financial Services: 97.51%
Banks:	Diversified: 79.74%
100,000	1st Source Corp.	$	5,131,000
55,280	Access National Corp.		1,608,648
59,178	American Business Bank^(a)		2,358,243
80,000	American Riviera Bank^(a)		1,512,000
206,237	Ameris Bancorp		9,878,752
225,594	Atlantic Coast Financial Corp.^(a)		1,967,180
424,577	Bank of Commerce Holdings		5,094,924
100,000	Bank of Princeton^(a)		3,350,000
116,196	Bank of the Ozarks, Inc.		5,417,058
225,409	Bridge Bancorp, Inc.		8,002,019
238,282	Byline Bancorp, Inc.^(a)		4,777,554
207,990	Cadence BanCorp^(a)		5,066,636
145,214	Carolina Financial Corp.		5,351,136
370,213	CenterState Banks, Inc.		9,862,474
121,319	Civista Bancshares, Inc.		2,738,170
150,002	CNB Financial Corp.		4,312,557
17,052	Commerce Union Bancshares, Inc.		411,976
35,869	County Bancorp, Inc.		1,171,482
173,801	Customers Bancorp, Inc.^(a)		4,751,719
167,748	Eagle Bancorp, Inc.^(a)		11,180,404
162,663	East West Bancorp, Inc.		9,733,754
228,773	Equity Bancshares, Inc., Class A^(a)		7,798,872
325,700	Esquire Financial Holdings, Inc.^(a)		5,442,447
215	Farmers & Merchants Bank of Long Beach		1,692,050
86,853	Farmers National Banc Corp.		1,259,368
191,017	FCB Financial Holdings, Inc., Class A^(a)		8,920,494
65,000	First Bancshares, Inc.		2,073,500
588,963	First Bank		7,597,623
36,040	First Busey Corp.		1,121,565
163,498	First Choice Bank		3,923,952
20,280	First Financial Bankshares, Inc.		925,782
578,105	First Foundation, Inc.^(a)		10,700,724
190,000	First Internet Bancorp		7,163,000
41,281	First Merchants Corp.		1,775,083
58,449	First of Long Island Corp.		1,844,066
125,475	First Resource Bank^(a)		1,229,655
186,772	Franklin Financial Network, Inc.^(a)		6,406,280
258,714	Freedom Bank of Virginia^(a)		3,460,300
45,000	FS Bancorp, Inc.		2,442,600
92,837	FVCBankcorp, Inc.^(a)		1,740,694
169,868	Gold Coast Bank^(a)		2,170,064
61,496	Green Bancorp, Inc.^(a)		1,362,136
177,886	Guaranty Bancorp		5,060,857
200,000	Guaranty Bancshares, Inc.		5,736,000
138,670	Heritage Commerce Corp.		2,132,745
199,592	Home BancShares, Inc.		4,486,828
18,520	Home Federal Bancorp, Inc.		490,780
264,296	Howard Bancorp, Inc.^(a)		5,523,786
15,250	Independent Bank Corp.		1,099,525
50,000	Independent Bank Corporation		1,125,000

Shares		Value (Note 2)
Banks:	Diversified (continued)
15,731	Independent Bank Group, Inc.	$	989,480
254,042	Investar Holding Corp.		5,893,774
75,150	John Marshall Bancorp, Inc.^(a)		1,382,685
65,781	Lakeland Bancorp, Inc.		1,351,800
46,615	Lakeland Financial Corp.		2,250,572
269,682	Live Oak Bancshares, Inc.		6,391,463
259,003	Malvern Bancorp, Inc.^(a)		6,993,081
35	Mechanics Bank^(a)		1,067,500
87,881	Mercantile Bank Corp.		3,172,504
92,310	Merchants Bancorp^(a)		1,584,040
45,870	Meridian Bancorp, Inc.		903,639
51,013	Midland States Bancorp, Inc.		1,655,372
1,716	National Capital Bank of Washington		372,801
239,209	National Commerce Corp.^(a)		9,747,767
48,060	Nicolet Bankshares, Inc.^(a)		2,736,536
224	Oak Valley Bancorp		3,804
203,594	Old Line Bancshares, Inc.		6,138,359
599,284	Pacific Mercantile Bancorp^(a)		5,603,305
254,115	Pacific Premier Bancorp, Inc.^(a)		10,266,246
75,493	Paragon Commercial Corp.^(a)		4,346,132
212,884	People's Utah Bancorp		6,620,692
133,412	Pinnacle Financial Partners, Inc.		8,831,874
31,217	Porter Bancorp, Inc.^(a)		390,837
240,584	Professional Holding Corp.^(a)		3,344,118
114,430	Puget Sound Bancorp, Inc.^(a)		4,062,265
93,253	QCR Holdings, Inc.		4,452,831
150,000	RBB Bancorp		3,760,500
747,663	Republic First Bancorp, Inc.^(a)		6,915,883
163,413	Seacoast Commerce Banc Holdings		3,300,943
256,130	ServisFirst Bancshares, Inc.		10,503,891
200,000	SmartFinancial, Inc.^(a)		4,698,000
71,032	Southern First Bancshares, Inc.^(a)		2,738,284
20,598	Southern National Bancorp of Virginia, Inc.		336,365
300,000	Stewardship Financial Corp.		2,925,000
100,637	Sunshine Bancorp, Inc.^(a)		2,349,874
182,747	Sussex Bancorp		4,678,323
39,376	SVB Financial Group^(a)		8,634,369
105,959	Texas Capital Bancshares, Inc.^(a)		9,117,772
625,049	The Bancorp, Inc.^(a)		5,256,662
139,610	Triumph Bancorp, Inc.^(a)		4,327,910
168,750	Unity Bancorp, Inc.		3,332,813
135,517	Veritex Holdings, Inc.^(a)		3,572,228
109,942	West Town Bank & Trust^(a)		2,759,544
186,834	Western Alliance Bancorp^(a)		10,425,337
			400,570,637

Banks: Savings Thrift & Mortgage Lending: 7.88%
82,750	Flushing Financial Corp.		2,480,845
103,401	Heritage Financial Corp.		3,153,730
11,680	Home Bancorp, Inc.		500,371
67,200	LegacyTexas Financial Group, Inc.		2,680,608
128,396	Meta Financial Group, Inc.		11,202,551
182,919	OceanFirst Financial Corp.		5,076,002

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Schedule of Investments

October 31, 2017 (Unaudited)

Shares		Value (Note 2)
Banks: Savings Thrift & Mortgage Lending (continued)
211,713	Sterling Bancorp	$	5,303,411
40,000	Waterstone Financial, Inc.		768,000
169,608	WSFS Financial Corp.		8,429,518
			39,595,036

Commercial Banks: 1.07%
131,782	FB Financial Corp.^(a)		5,385,930

Consumer Lending: 3.54%
66,381	LendingTree, Inc.^(a)		17,793,427

Diversified Financial Services: 1.06%
150,908	MidWestOne Financial Group, Inc.		5,313,471

Financial Data & Services: 0.28%
16,995	Cass Information Systems, Inc.		1,096,177
37,906	Everi Holdings, Inc.^(a)		314,241
			1,410,418

Insurance: Multi Line: 0.42%
50,000	James River Group Holdings, Ltd.		2,116,000

Insurance: Property-Casualty: 1.56%
40,000	Federated National Holding Co.		613,600
48,211	Health Insurance Innovations, Inc., Class A^(a)		1,036,536
185,000	Kingstone Cos., Inc.		2,997,000
47,570	Kinsale Capital Group, Inc.		2,063,587
75,340	NMI Holdings, Inc., Class A^(a)		1,096,197
			7,806,920

Real Estate Investment Trusts (REITs): 1.96%
250,000	City Office REIT, Inc.		3,260,000
147,490	Community Healthcare Trust, Inc., REIT		4,045,651
92,800	Independence Realty Trust, Inc., REIT		941,920
138,936	MedEquities Realty Trust, Inc., REIT		1,614,436
			9,862,007

Technology: 0.55%
Computer Services Software & Systems: 0.55%
64,716	Q2 Holdings, Inc.^(a)		2,753,666

	Total Common Stocks
	(Cost $332,785,373)		492,607,512

Shares		Value (Note 2)
SHORT TERM INVESTMENTS: 1.40%
7,063,363	Dreyfus Government Cash Management Fund - Institutional Class 0.937% (7-Day Yield)	$	7,063,363

	Total Short Term Investments
	(Cost $7,063,363)		7,063,363

Total Investments: 99.46%
(Cost $339,848,736)			499,670,875

Other Assets In Excess Of Liabilities: 0.54%			2,690,595
Net Assets: 100.00%		$	502,361,470

^(a)

Non-income producing security.

See Notes to Financial Statements.

30	www.emeraldmutualfunds.com

Emerald Funds

Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

	Emerald Growth Fund			Emerald Small Cap Value Fund		Emerald Insights Fund			Emerald Banking and Finance Fund
ASSETS:
Investments, at value	$	1,143,021,981		$	8,511,423	$	10,772,353		$	499,670,875
Cash		–			–		–			5,019,686
Receivable for investments sold		16,137			97		59,709			–
Receivable for shares sold		510,343			67		–			387,246
Receivable due from advisor		–			2,247		222			–
Interest and dividends receivable		98,614			262		1,402			92,440
Other assets		25,414			11,269		7,804			31,937
Total Assets		1,143,672,489			8,525,365		10,841,490			505,202,184
LIABILITIES:
Payable for investments purchased		6,286,520			–		69,864			1,005,201
Payable for shares redeemed		1,015,161			14,991		–			1,016,152
Investment advisory fees payable		558,823			–		–			387,265
Payable to fund accounting and administration		78,621			1,709		2,751			36,369
Payable for distribution and service fees		371,461			1,048		3,602			306,569
Payable for trustee fees and expenses		13,264			104		150			4,024
Payable for transfer agency fees		62,558			5,770		6,480			33,418
Payable for chief compliance officer fee		7,240			60		87			3,125
Payable for principal financial officer fee		1,176			11		14			509
Payable for professional fees		23,584			12,148		12,060			17,930
Accrued expenses and other liabilities		81,235			5,589		5,767			30,152
Total Liabilities		8,499,643			41,430		100,775			2,840,714
NET ASSETS	$	1,135,172,846		$	8,483,935	$	10,740,715		$	502,361,470
NET ASSETS CONSIST OF:
Paid-in capital (Note 5)	$	822,717,980		$	3,104,279	$	8,913,805		$	330,462,524
Accumulated net investment income/(loss)		(4,125,771	)		13,163		(50,326	)		(2,239,702	)
Accumulated net realized gain/(loss)		(7,355,347	)		3,411,652		(348,332	)		14,316,509
Net unrealized appreciation		323,935,984			1,954,841		2,225,568			159,822,139
NET ASSETS	$	1,135,172,846		$	8,483,935	$	10,740,715		$	502,361,470
INVESTMENTS, AT COST	$	819,085,997		$	6,556,582	$	8,546,785		$	339,848,736
PRICING OF SHARES
Class A: ^(a)
Net Asset Value, offering and redemption price per share	$	24.94		$	17.81	$	12.36		$	45.38
Net Assets	$	271,916,567		$	2,752,635	$	9,377,639		$	176,464,166
Shares of beneficial interest outstanding		10,903,458			154,546		758,732			3,888,194
Maximum offering price per share (NAV/.9525, based on maximum sales charge of 4.75% of the offering price)	$	26.18		$	18.70	$	12.98		$	47.64
Class C: ^(a)
Net Asset Value, offering and redemption price per share	$	21.35		$	17.56	$	12.08		$	40.54
Net Assets	$	35,099,353		$	105,310	$	121,398		$	76,887,226
Shares of beneficial interest outstanding		1,643,953			5,997		10,048			1,896,751
Institutional Class:
Net Asset Value, offering and redemption price per share	$	25.81		$	17.93	$	12.47		$	46.21
Net Assets	$	722,879,268		$	4,931,704	$	1,139,744		$	185,716,090
Shares of beneficial interest outstanding		28,006,931			274,990		91,435			4,018,925
Investor Class:
Net Asset Value, offering and redemption price per share	$	24.84		$	17.82	$	12.32		$	43.47
Net Assets	$	105,277,658		$	694,286	$	101,934		$	63,293,988
Shares of beneficial interest outstanding		4,237,743			38,968		8,273			1,456,064

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Funds' Prospectus.

See Notes to Financial Statements

Semi-Annual Report | October 31, 2017

Emerald Funds

Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

	Emerald Growth Fund			Emerald Small Cap Value Fund			Emerald Insights Fund			Emerald Banking and Finance Fund
INVESTMENT INCOME:
Dividends	$	2,384,621		$	58,510		$	45,800		$	2,027,479
Foreign taxes withheld		–			(4	)		–			–
Total Investment Income		2,384,621			58,506			45,800			2,027,479

EXPENSES:
Investment advisory fee (Note 6)		3,204,652			29,829			41,739			2,213,251
Administration fee		225,426			3,010			4,279			101,836
Custodian fee		46,372			2,521			2,521			24,687
Professional fees		18,974			8,917			8,829			14,316
Transfer agent fee		137,727			14,901			16,450			91,801
Trustee fees and expenses		12,735			96			142			3,859
Registration/filing fees		37,382			22,085			18,564			34,620
Reports to shareholder and printing fees		55,313			817			1,033			21,646
Distribution and service fees
Class A		485,542			4,100			17,198			297,860
Class C		174,649			647			580			373,154
Institutional Class		167,685			–			273			39,595
Investor Class		210,187			800			188			154,827
Chief compliance officer fee		21,274			164			236			9,399
Principal financial officer fee		3,451			28			38			1,526
Other		12,043			3,540			3,526			6,900
Total expenses before waiver		4,813,412			91,455			115,596			3,389,277
Less fees waived/reimbursed by investment advisor (Note 6)		–			(46,112	)		(41,732	)		–
Total Net Expenses		4,813,412			45,343			73,864			3,389,277
NET INVESTMENT INCOME/(LOSS):		(2,428,791	)		13,163			(28,064	)		(1,361,798	)

REALIZED AND UNREALIZED GAIN/(LOSS)
Net realized gain		51,563,633			88,585			655,421			21,904,421
Net change in unrealized appreciation		95,121,277			629,233			320,492			20,935,491
NET REALIZED AND UNREALIZED GAIN		146,684,910			717,818			975,913			42,839,912
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	144,256,119		$	730,981		$	947,849		$	41,478,114

See Notes to Financial Statements.

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Emerald Growth Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
OPERATIONS:
Net investment loss	$	(2,428,791	)	$	(4,274,031	)
Net realized gain/(loss)		51,563,633			(12,296,303	)
Net change in unrealized appreciation		95,121,277			231,448,346
Net increase in net assets resulting from operations		144,256,119			214,878,012

SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		20,042,671			49,638,686
Cost of shares redeemed		(54,515,977	)		(171,619,113	)
Net decrease from share transactions		(34,473,306	)		(121,980,427	)
Class C
Proceeds from sale of shares		336,209			816,759
Cost of shares redeemed		(4,377,482	)		(16,701,281	)
Net decrease from share transactions		(4,041,273	)		(15,884,522	)
Institutional Class
Proceeds from sale of shares		95,793,848			156,854,187
Cost of shares redeemed		(59,003,709	)		(126,583,340	)
Net increase from share transactions		36,790,139			30,270,847
Investor Class
Proceeds from sale of shares		7,709,686			33,837,835
Cost of shares redeemed		(30,682,742	)		(56,901,183	)
Net decrease from share transactions		(22,973,056	)		(23,063,348	)
Net increase in net assets	$	119,558,623		$	84,220,562
NET ASSETS:
Beginning of period		1,015,614,223			931,393,661
End of period (including accumulated net investment loss of $(4,125,771) and $(1,696,980))	$	1,135,172,846		$	1,015,614,223

Other Information:
SHARE TRANSACTIONS:
Class A
Sold		870,475			2,527,651
Redeemed		(2,352,552	)		(8,617,707	)
Net decrease in shares outstanding		(1,482,077	)		(6,090,056	)
Class C
Sold		17,209			47,529
Redeemed		(220,696	)		(978,592	)
Net decrease in shares outstanding		(203,487	)		(931,063	)
Institutional Class
Sold		4,017,335			7,655,150
Redeemed		(2,452,993	)		(6,327,481	)
Net increase in shares outstanding		1,564,342			1,327,669
Investor Class
Sold		332,028			1,717,976
Redeemed		(1,336,691	)		(2,920,705	)
Net decrease in shares outstanding		(1,004,663	)		(1,202,729	)

See Notes to Financial Statements

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
OPERATIONS:
Net investment income	$	13,163		$	4,504
Net realized gain		88,585			4,115,975
Net change in unrealized appreciation/(depreciation)		629,233			(52,528	)
Net increase in net assets resulting from operations		730,981			4,067,951

SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		641,820			1,560,733
Cost of shares redeemed		(31,211	)		(134,941	)
Net increase from share transactions		610,609			1,425,792
Class C
Proceeds from sale of shares		9,102			45,700
Cost of shares redeemed		(123,065	)		(542,424	)
Net decrease from share transactions		(113,963	)		(496,724	)
Institutional Class
Proceeds from sale of shares		212,454			1,392,366
Cost of shares redeemed		(699,249	)		(13,535,683	)
Net decrease from share transactions		(486,795	)		(12,143,317	)
Investor Class
Proceeds from sale of shares		28,006			208,364
Cost of shares redeemed		(8,473	)		(1,881,505	)
Net increase/(decrease) from share transactions		19,533			(1,673,141	)
Net increase/(decrease) in net assets	$	760,365		$	(8,819,439	)
NET ASSETS:
Beginning of period		7,723,570			16,543,009
End of period (including accumulated net investment income of $13,163 and $–)	$	8,483,935		$	7,723,570

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Emerald Small Cap Value Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		39,024			100,045
Redeemed		(1,856	)		(8,816	)
Net increase in shares outstanding		37,168			91,229
Class C
Sold		565			3,424
Redeemed		(7,663	)		(34,059	)
Net decrease in shares outstanding		(7,098	)		(30,635	)
Institutional Class
Sold		12,748			93,538
Redeemed		(42,973	)		(839,700	)
Net decrease in shares outstanding		(30,225	)		(746,162	)
Investor Class
Sold		1,690			15,147
Redeemed		(490	)		(127,290	)
Net increase/(decrease) in shares outstanding		1,200			(112,143	)

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
OPERATIONS:
Net investment loss	$	(28,064	)	$	(67,028	)
Net realized gain		655,421			126,174
Net change in unrealized appreciation on investments		320,492			1,844,247
Net increase in net assets resulting from operations		947,849			1,903,393
SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		200,571			462,283
Cost of shares redeemed		(1,781,910	)		(3,391,810	)
Net decrease from share transactions		(1,581,339	)		(2,929,527	)
Class C
Proceeds from sale of shares		–			1,539
Cost of shares redeemed		–			(6,433	)
Net decrease from share transactions		–			(4,894	)
Institutional Class
Proceeds from sale of shares		37,066			155,403
Cost of shares redeemed		(42,443	)		(1,042,010	)
Net decrease from share transactions		(5,377	)		(886,607	)
Investor Class
Proceeds from sale of shares		6,000			20,000
Cost of shares redeemed		–			(31,991	)
Net increase/(decrease) from share transactions		6,000			(11,991	)
Net decrease in net assets	$	(632,867	)	$	(1,929,626	)
NET ASSETS:
Beginning of period		11,373,582			13,303,208
End of period (including accumulated net investment loss of $(50,326) and $(22,262))	$	10,740,715		$	11,373,582
Other Information:
SHARE TRANSACTIONS:
Class A
Sold		17,035			44,012
Redeemed		(152,441	)		(325,340	)
Net decrease in shares outstanding		(135,406	)		(281,328	)
Class C
Sold		–			156
Redeemed		–			(621	)
Net decrease in shares outstanding		–			(465	)
Institutional Class
Sold		3,175			14,591
Redeemed		(3,614	)		(100,431	)
Net decrease in shares outstanding		(439	)		(85,840	)
Investor Class
Sold		513			1,928
Redeemed		–			(3,068	)
Net increase/(decrease) in shares outstanding		513			(1,140	)

See Notes to Financial Statements.

36	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Statements of Changes in Net Assets

	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017
OPERATIONS:
Net investment loss	$	(1,361,798	)	$	(1,792,957	)
Net realized gain		21,904,421			4,322,806
Net change in unrealized appreciation		20,935,491			93,673,078
Net increase in net assets resulting from operations		41,478,114			96,202,927

SHARE TRANSACTIONS (NOTE 5):
Class A
Proceeds from sale of shares		30,504,720			82,950,236
Cost of shares redeemed		(40,811,202	)		(54,060,196	)
Net increase/(decrease) from share transactions		(10,306,482	)		28,890,040
Class C
Proceeds from sale of shares		4,808,183			19,290,062
Cost of shares redeemed		(10,139,408	)		(12,226,940	)
Net increase/(decrease) from share transactions		(5,331,225	)		7,063,122
Institutional Class
Proceeds from sale of shares		59,255,070			67,765,563
Cost of shares redeemed		(22,317,826	)		(15,914,560	)
Net increase from share transactions		36,937,244			51,851,003
Investor Class
Proceeds from sale of shares		22,592,965			70,741,101
Cost of shares redeemed		(50,771,388	)		(92,011,035	)
Net decrease from share transactions		(28,178,423	)		(21,269,934	)
Net increase in net assets	$	34,599,228		$	162,737,158
NET ASSETS:
Beginning of period		467,762,242			305,025,084
End of period (including accumulated net investment loss of $(2,239,702) and $(877,904))	$	502,361,470		$	467,762,242

Other Information:
SHARE TRANSACTIONS:
Class A
Sold		707,275			2,115,853
Redeemed		(955,042	)		(1,517,305	)
Net increase/(decrease) in shares outstanding		(247,767	)		598,548
Class C
Sold		125,419			562,255
Redeemed		(268,739	)		(378,982	)
Net increase/(decrease) in shares outstanding		(143,320	)		183,273
Institutional Class
Sold		1,363,225			1,678,568
Redeemed		(512,507	)		(456,066	)
Net increase in shares outstanding		850,718			1,222,502
Investor Class
Sold		549,574			1,995,462
Redeemed		(1,240,143	)		(2,533,701	)
Net decrease in shares outstanding		(690,569	)		(538,239	)

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS A
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	21.83		$	17.52		$	20.02		$	18.11		$	15.60		$	16.20
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.07	)		(0.11	)		(0.15	)		(0.18	)		(0.21	)		(0.15	)
Net realized and unrealized gain/(loss) on investments		3.18			4.42			(1.88	)		3.43			4.33			1.40
Total from Investment Operations		3.11			4.31			(2.03	)		3.25			4.12			1.25

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
Total Distributions		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.11			4.31			(2.50	)		1.91			2.51			(0.60	)
NET ASSET VALUE, END OF PERIOD	$	24.94		$	21.83		$	17.52		$	20.02		$	18.11		$	15.60

TOTAL RETURN^(b)		14.25	%^(c)		24.60	%		(10.28	)%		18.38	%		26.01	%		9.14	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	271,917		$	270,389		$	323,603		$	123,828		$	77,900		$	46,605
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.60	)%^(d)		(0.57	)%		(0.81	)%		(0.93	)%		(1.12	)%		(1.01	)%
Operating expenses excluding reimbursement/waiver		1.04	%^(d)		1.08	%		1.17	%		1.29	%		1.31	%		1.38	%
Operating expenses including reimbursement/waiver		1.04	%^(d)		1.08	%		1.17	%		1.29	%		1.29	%		1.29	%
PORTFOLIO TURNOVER RATE		31	%^(c)		54	%		45	%		68	%		70	%		78	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Total return does not reflect the effect of sales charges.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements.

38	www.emeraldmutualfunds.com

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS C
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	18.75		$	15.14		$	17.48		$	16.07		$	14.07		$	14.89
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.13	)		(0.21	)		(0.24	)		(0.27	)		(0.30	)		(0.23	)
Net realized and unrealized gain/(loss) on investments		2.73			3.82			(1.63	)		3.02			3.91			1.26
Total from Investment Operations		2.60			3.61			(1.87	)		2.75			3.61			1.03

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
Total Distributions		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		2.60			3.61			(2.34	)		1.41			2.00			(0.82	)
NET ASSET VALUE, END OF PERIOD	$	21.35		$	18.75		$	15.14		$	17.48		$	16.07		$	14.07

TOTAL RETURN^(b)		13.87	%^(c)		23.84	%		(10.87	)%		17.58	%		25.19	%		8.43	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	35,099		$	34,642		$	42,075		$	15,427		$	11,645		$	4,946
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.25	)%^(d)		(1.22	)%		(1.46	)%		(1.58	)%		(1.77	)%		(1.65	)%
Operating expenses excluding reimbursement/waiver		1.69	%^(d)		1.73	%		1.81	%		1.94	%		1.96	%		2.03	%
Operating expenses including reimbursement/waiver		1.69	%^(d)		1.73	%		1.81	%		1.94	%		1.94	%		1.94	%
PORTFOLIO TURNOVER RATE		31	%^(c)		54	%		45	%		68	%		70	%		78	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Total return does not reflect the effect of sales charges.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	22.56		$	18.04		$	20.54		$	18.49		$	15.86		$	16.39
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.04	)		(0.05	)		(0.10	)		(0.12	)		(0.16	)		(0.11	)
Net realized and unrealized gain/(loss) on investments		3.29			4.57			(1.93	)		3.51			4.40			1.43
Total from Investment Operations		3.25			4.52			(2.03	)		3.39			4.24			1.32

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
Total Distributions		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.25			4.52			(2.50	)		2.05			2.63			(0.53	)
NET ASSET VALUE, END OF PERIOD	$	25.81		$	22.56		$	18.04		$	20.54		$	18.49		$	15.86

TOTAL RETURN		14.41	%^(b)		25.06	%		(9.97	)%		18.77	%		26.35	%		9.47	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	722,879		$	596,550		$	453,190		$	174,107		$	134,440		$	86,238
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.31	)%^(c)		(0.26	)%		(0.51	)%		(0.63	)%		(0.82	)%		(0.71	)%
Operating expenses excluding reimbursement/waiver		0.74	%^(c)		0.77	%		0.87	%		0.99	%		1.00	%		1.08	%
Operating expenses including reimbursement/waiver		0.74	%^(c)		0.77	%		0.87	%		0.99	%		0.99	%		0.99	%
PORTFOLIO TURNOVER RATE		31	%^(b)		54	%		45	%		68	%		70	%		78	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

40	www.emeraldmutualfunds.com

Emerald Growth Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	21.75		$	17.46		$	19.97		$	18.06		$	15.57		$	16.18
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.08	)		(0.12	)		(0.16	)		(0.17	)		(0.23	)		(0.16	)
Net realized and unrealized gain/(loss) on investments		3.17			4.41			(1.88	)		3.42			4.33			1.40
Total from Investment Operations		3.09			4.29			(2.04	)		3.25			4.10			1.24

LESS DISTRIBUTIONS:
From capital gains		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
Total Distributions		–			–			(0.47	)		(1.34	)		(1.61	)		(1.85	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		3.09			4.29			(2.51	)		1.91			2.49			(0.61	)
NET ASSET VALUE, END OF PERIOD	$	24.84		$	21.75		$	17.46		$	19.97		$	18.06		$	15.57

TOTAL RETURN		14.21	%^(b)		24.57	%		(10.36	)%		18.44	%		25.93	%		9.08	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	105,278		$	114,033		$	112,526		$	23,517		$	15,870		$	1,842
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.65	)%^(c)		(0.61	)%		(0.84	)%		(0.91	)%		(1.18	)%		(1.05	)%
Operating expenses excluding reimbursement/waiver		1.09	%^(c)		1.12	%		1.19	%		1.27	%		1.34	%		1.43	%
Operating expenses including reimbursement/waiver		1.09	%^(c)		1.12	%		1.19	%		1.27	%		1.34	%		1.34	%
PORTFOLIO TURNOVER RATE		31	%^(b)		54	%		45	%		68	%		70	%		78	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS A
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			For the Period October 1, 2015 to April 30, 2016^(a)			Period Ended September 30, 2015^(b)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.27		$	13.00		$	12.70		$	14.12
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)^(c)		0.01			(0.07	)^(d)		(0.09	)		(0.01	)
Net realized and unrealized gain/(loss) on investments		1.53			3.34			0.44			(1.03	)
Total from Investment Operations		1.54			3.27			0.35			(1.04	)

LESS DISTRIBUTIONS:
From investment income		–			–			(0.05	)		–
From capital gains		–			–			–			(0.38	)
Total Distributions		–			–			(0.05	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.54			3.27			0.30			(1.42	)
NET ASSET VALUE, END OF PERIOD	$	17.81		$	16.27		$	13.00		$	12.70

TOTAL RETURN^(e)		9.47	%^(f)		25.15	%		2.77	%^(f)		(7.49	)%^(f)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	2,753		$	1,909		$	340		$	14
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		0.10	%^(g)		(0.46	)%		(1.13	)%^(g)		(0.24	)%^(g)
Operating expenses excluding reimbursement/waiver		2.50	%^(g)		2.26	%		2.69	%^(g)		2.16	%^(g)
Operating expenses including reimbursement/waiver		1.35	%^(g)		1.35	%		1.35	%^(g)		1.35	%^(g)
PORTFOLIO TURNOVER RATE		29	%^(f)		66	%		31	%^(f)		69	%^(f)(h)

^(a)

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

^(b)

Class A commenced operations on June 30, 2015.

^(c)

Per share amounts are based upon average shares outstanding.

^(d)

^(e)

Total return does not reflect the effect of sales charges.

^(f)

Not Annualized.

^(g)

Annualized.

^(h)

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

See Notes to Financial Statements.

42	www.emeraldmutualfunds.com

Emerald Small Cap Value Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS C
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			For the Period October 1, 2015 to April 30, 2016^(a)			Period Ended September 30, 2015^(b)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.10		$	12.94		$	12.68		$	14.12
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(c)		(0.04	)^(d)		(0.13	)^(d)		(0.14	)		(0.03	)
Net realized and unrealized gain/(loss) on investments		1.50			3.29			0.43			(1.03	)
Total from Investment Operations		1.46			3.16			0.29			(1.06	)

LESS DISTRIBUTIONS:
From investment income		–			–			(0.03	)		–
From capital gains		–			–			–			(0.38	)
Total Distributions		–			–			(0.03	)		(0.38	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.46			3.16			0.26			(1.44	)
NET ASSET VALUE, END OF PERIOD	$	17.56		$	16.10		$	12.94		$	12.68

TOTAL RETURN^(e)		9.07	%^(f)		24.42	%		2.28	%^(f)		(7.63	)%^(f)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	105		$	211		$	566		$	14
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.48	)%^(g)		(0.93	)%		(2.06	)%^(g)		(0.89	)%^(g)
Operating expenses excluding reimbursement/waiver		3.18	%^(g)		2.70	%		3.37	%^(g)		2.81	%^(g)
Operating expenses including reimbursement/waiver		2.00	%^(g)		2.00	%		2.00	%^(g)		2.00	%^(g)
PORTFOLIO TURNOVER RATE		29	%^(f)		66	%		31	%^(f)		69	%^(f)(h)

^(a)

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

^(b)

Class C commenced operations on June 30, 2015.

^(c)

Per share amounts are based upon average shares outstanding.

^(d)

^(e)

Total return does not reflect the effect of sales charges.

^(f)

Not Annualized.

^(g)

Annualized.

^(h)

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Small Cap Value Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			For the Period October 1, 2015 to April 30, 2016^(a)			Year Ended September 30, 2015^(b)			Year Ended September 30, 2014			Period Ended September 30, 2013^(c)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.35		$	13.02		$	12.71		$	12.76		$	12.56		$	10.00
INCOME FROM OPERATIONS:
Net investment income/(loss)^(d)		0.04			0.02			(0.01	)		0.06			0.09			0.05
Net realized and unrealized gain on investments		1.54			3.31			0.38			0.33			0.76			2.54
Total from Investment Operations		1.58			3.33			0.37			0.39			0.85			2.59

LESS DISTRIBUTIONS:
From investment income		–			–			(0.06	)		(0.06	)		(0.01	)		(0.03	)
From capital gains		–			–			–			(0.38	)		(0.64	)		–
Total Distributions		–			–			(0.06	)		(0.44	)		(0.65	)		(0.03	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.58			3.33			0.31			(0.05	)		0.20			2.56
NET ASSET VALUE, END OF PERIOD	$	17.93		$	16.35		$	13.02		$	12.71		$	12.76		$	12.56

TOTAL RETURN		9.66	%^(e)		25.58	%		2.94	%^(e)		2.93	%		6.64	%		25.99	%^(e)
SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	4,932		$	4,989		$	13,691		$	16,507		$	24,343		$	8,442
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		0.48	%^(f)		0.13	%		(0.07	)%^(f)		0.45	%		0.65	%		0.48	%^(f)
Operating expenses excluding reimbursement/waiver		2.16	%^(f)		1.56	%		1.75	%^(f)		1.43	%		1.29	%		1.95	%^(f)
Operating expenses including reimbursement/waiver		1.00	%^(f)		1.00	%		1.00	%^(f)		1.00	%		1.00	%		1.00	%^(f)
PORTFOLIO TURNOVER RATE		29	%^(e)		66	%		31	%^(e)		69	%		49	%		67	%^(e)

^(a)

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

^(b)

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

^(c)

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

^(d)

Per share amounts are based upon average shares outstanding.

^(e)

Not Annualized.

^(f)

Annualized.

See Notes to Financial Statements.

44	www.emeraldmutualfunds.com

Emerald Small Cap Value Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			For the Period October 1, 2015 to April 30, 2016^(a)			Year Ended September 30, 2015^(b)			Year Ended September 30, 2014			Period Ended September 30, 2013^(c)
NET ASSET VALUE, BEGINNING OF PERIOD	$	16.26		$	12.98		$	12.68		$	12.73		$	12.54		$	10.00
INCOME FROM OPERATIONS:
Net investment income/(loss)^(d)		0.02			(0.02	)^(e)		(0.02	)		0.03			0.07			0.02
Net realized and unrealized gain on investments		1.54			3.30			0.37			0.35			0.76			2.54
Total from Investment Operations		1.56			3.28			0.35			0.38			0.83			2.56

LESS DISTRIBUTIONS:
From investment income		–			–			(0.05	)		(0.05	)		–			(0.02	)
From capital gains		–			–			–			(0.38	)		(0.64	)		–
Total Distributions		–			–			(0.05	)		(0.43	)		(0.64	)		(0.02	)
NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.56			3.28			0.30			(0.05	)		0.19			2.54
NET ASSET VALUE, END OF PERIOD	$	17.82		$	16.26		$	12.98		$	12.68		$	12.73		$	12.54

TOTAL RETURN		9.59	%^(f)		25.27	%		2.80	%^(f)		2.82	%		6.46	%		25.69	%^(f)
SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	694		$	614		$	1,946		$	399		$	474		$	271
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		0.22	%^(g)		(0.11	)%		(0.25	)%^(g)		0.22	%		0.52	%		0.16	%^(g)
Operating expenses excluding reimbursement/waiver		2.41	%^(g)		1.83	%		2.14	%^(g)		1.67	%		1.56	%		2.49	%^(g)
Operating expenses including reimbursement/waiver		1.25	%^(g)		1.25	%		1.25	%^(g)		1.25	%		1.25	%		1.25	%^(g)
PORTFOLIO TURNOVER RATE		29	%^(f)		66	%		31	%^(f)		69	%		49	%		67	%^(f)

^(a)

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

^(b)

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

^(c)

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

^(d)

Per share amounts are based upon average shares outstanding.

^(e)

^(f)

Not Annualized.

^(g)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period presented

	CLASS A
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			For the Period August 1, 2014 (Inception) to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.33		$	9.69		$	10.98		$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.03	)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain/(loss) on investments		1.06			1.70			(1.24	)		1.03
Total from Investment Operations		1.03			1.64			(1.29	)		0.98

NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.03			1.64			(1.29	)		0.98
NET ASSET VALUE, END OF PERIOD	$	12.36		$	11.33		$	9.69		$	10.98

TOTAL RETURN^(b)		9.09	%^(c)		16.92	%		(11.75	%)		9.80	%^(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	9,378		$	10,127		$	11,388		$	6,493
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.53	%)^(d)		(0.57	%)		(0.54	%)		(0.66	%)^(d)
Operating expenses excluding reimbursement/waiver		2.10	%^(d)		2.10	%		2.01	%		2.57	%^(d)^(e)
Operating expenses including reimbursement/waiver		1.35	%^(d)		1.35	%		1.35	%		1.35	%^(d)^(e)
PORTFOLIO TURNOVER RATE		49	%^(c)		75	%		99	%		88	%^(c)

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Total return does not reflect the effect of sales charges.

^(c)

Not Annualized.

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

46	www.emeraldmutualfunds.com

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period presented

	CLASS C
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			For the Period August 1, 2014 (Inception) to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.11		$	9.56		$	10.92		$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.07	)		(0.13	)		(0.11	)		(0.10	)
Net realized and unrealized gain/(loss) on investments		1.04			1.68			(1.25	)		1.02
Total from Investment Operations		0.97			1.55			(1.36	)		0.92

NET INCREASE/(DECREASE) IN NET ASSET VALUE		0.97			1.55			(1.36	)		0.92
NET ASSET VALUE, END OF PERIOD	$	12.08		$	11.11		$	9.56		$	10.92

TOTAL RETURN^(b)		8.73	%^(c)		16.21	%		(12.45	%)		9.20	%^(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	121		$	112		$	101		$	27
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.18	%)^(d)		(1.22	%)		(1.17	%)		(1.34	%)^(d)
Operating expenses excluding reimbursement/waiver		2.75	%^(d)		2.76	%		2.70	%		7.25	%^(d)(e)
Operating expenses including reimbursement/waiver		2.00	%^(d)		2.00	%		2.00	%		2.00	%^(d)^(e)
PORTFOLIO TURNOVER RATE		49	%^(c)		75	%		99	%		88	%^(c)

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Total return does not reflect the effect of sales charges.

^(c)

Not Annualized.

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			For the Period August 1, 2014 (Inception) to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.41		$	9.73		$	10.99		$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.01	)		(0.03	)		(0.00	)^(b)		(0.03	)
Net realized and unrealized gain/(loss) on investments		1.07			1.71			(1.26	)		1.02
Total from Investment Operations		1.06			1.68			(1.26	)		0.99

NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.06			1.68			(1.26	)		0.99
NET ASSET VALUE, END OF PERIOD	$	12.47		$	11.41		$	9.73		$	10.99

TOTAL RETURN		9.29	%^(c)		17.27	%		(11.46	%)		9.90	%^(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	1,140		$	1,048		$	1,729		$	279
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.23	%)^(d)		(0.28	%)		(0.05	%)		(0.34	%)^(d)
Operating expenses excluding reimbursement/waiver		1.80	%^(d)		1.78	%		1.90	%		4.66	%^(d)(e)
Operating expenses including reimbursement/waiver		1.05	%^(d)		1.05	%		1.05	%		1.05	%^(d)^(e)
PORTFOLIO TURNOVER RATE		49	%^(c)		75	%		99	%		88	%^(c)

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Less than $0.005 per share.

^(c)

Not Annualized.

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

48	www.emeraldmutualfunds.com

Emerald Insights Fund

Financial Highlights

For a share outstanding throughout the period presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			For the Period August 1, 2014 (Inception) to April 30, 2015
NET ASSET VALUE, BEGINNING OF PERIOD	$	11.29		$	9.67		$	10.96		$	10.00
INCOME/(LOSS) FROM OPERATIONS:
Net investment loss^(a)		(0.03	)		(0.07	)		(0.08	)		(0.05	)
Net realized and unrealized gain/(loss) on investments		1.06			1.69			(1.21	)		1.01
Total from Investment Operations		1.03			1.62			(1.29	)		0.96

NET INCREASE/(DECREASE) IN NET ASSET VALUE		1.03			1.62			(1.29	)		0.96
NET ASSET VALUE, END OF PERIOD	$	12.32		$	11.29		$	9.67		$	10.96

TOTAL RETURN		9.12	%^(b)		16.75	%		(11.77	%)		9.60	%^(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	102		$	88		$	86		$	448
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.59	%)^(c)		(0.63	%)		(0.72	%)		(0.67	%)^(c)
Operating expenses excluding reimbursement/waiver		2.15	%^(c)		2.09	%		1.91	%		2.96	%^(c)^(d)
Operating expenses including reimbursement/waiver		1.40	%^(c)		1.40	%		1.40	%		1.40	%^(c)^(d)
PORTFOLIO TURNOVER RATE		49	%^(b)		75	%		99	%		88	%^(b)

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS A
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	41.61		$	31.27		$	28.85		$	26.11		$	20.08		$	16.96
INCOME/(LOSS) FROM OPERATIONS:^(a)
Net investment loss^(b)		(0.12	)		(0.17	)		(0.06	)		(0.16	)		(0.13	)		(0.01	)
Net realized and unrealized gain on investments		3.89			10.51			2.48			2.90			6.16			3.13
Total from Investment Operations		3.77			10.34			2.42			2.74			6.03			3.12

NET INCREASE IN NET ASSET VALUE		3.77			10.34			2.42			2.74			6.03			3.12
NET ASSET VALUE, END OF PERIOD	$	45.38		$	41.61		$	31.27		$	28.85		$	26.11		$	20.08

TOTAL RETURN^(c)		9.06	%^(d)		33.07	%		8.39	%		10.49	%		30.03	%		18.40	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	176,464		$	172,106		$	110,601		$	48,575		$	48,622		$	25,496
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.55	)%^(e)		(0.46	)%		(0.21	)%		(0.58	)%		(0.53	)%		(0.06	)%
Operating expenses excluding reimbursement/waiver		1.40	%^(e)		1.43	%		1.48	%		1.60	%		1.72	%		1.88	%
Operating expenses including reimbursement/waiver		1.40	%^(e)		1.43	%		1.48	%		1.60	%		1.72	%		1.84	%
PORTFOLIO TURNOVER RATE		21	%^(d)		36	%		30	%		33	%		34	%		53	%

^(a)

^(b)

Per share amounts are based upon average shares outstanding.

^(c)

Total return does not reflect the effect of sales charges.

^(d)

Not Annualized.

^(e)

Annualized.

See Notes to Financial Statements.

50	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Financial Highlights

For a share outstanding throughout the periods presented

	CLASS C
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	37.29		$	28.20		$	26.19		$	23.86		$	18.46		$	15.70
INCOME/(LOSS) FROM OPERATIONS:^(a)
Net investment loss^(b)		(0.23	)		(0.36	)		(0.24	)		(0.30	)		(0.26	)		(0.11	)
Net realized and unrealized gain on investments		3.48			9.45			2.25			2.63			5.66			2.87
Total from Investment Operations		3.25			9.09			2.01			2.33			5.40			2.76

NET INCREASE IN NET ASSET VALUE		3.25			9.09			2.01			2.33			5.40			2.76
NET ASSET VALUE, END OF PERIOD	$	40.54		$	37.29		$	28.20		$	26.19		$	23.86		$	18.46

TOTAL RETURN^(c)		8.72	%^(d)		32.23	%		7.67	%		9.77	%		29.25	%		17.58	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	76,887		$	76,072		$	52,366		$	31,862		$	28,222		$	17,705
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(1.20	)%^(e)		(1.11	)%		(0.87	)%		(1.23	)%		(1.18	)%		(0.68	)%
Operating expenses excluding reimbursement/waiver		2.05	%^(e)		2.08	%		2.13	%		2.25	%		2.38	%		2.54	%
Operating expenses including reimbursement/waiver		2.05	%^(e)		2.08	%		2.13	%		2.25	%		2.38	%		2.49	%
PORTFOLIO TURNOVER RATE		21	%^(d)		36	%		30	%		33	%		34	%		53	%

^(a)

^(b)

Per share amounts are based upon average shares outstanding.

^(c)

Total return does not reflect the effect of sales charges.

^(d)

Not Annualized.

^(e)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Banking and Finance Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INSTITUTIONAL CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	42.30		$	31.69		$	29.15		$	26.29		$	20.15		$	16.96
INCOME/(LOSS) FROM OPERATIONS:
Net investment income/(loss)^(a)		(0.06	)		(0.05	)		0.03			(0.07	)		(0.06	)		0.01
Net realized and unrealized gain on investments		3.97			10.66			2.51			2.93			6.20			3.18
Total from Investment Operations		3.91			10.61			2.54			2.86			6.14			3.19

NET INCREASE IN NET ASSET VALUE		3.91			10.61			2.54			2.86			6.14			3.19
NET ASSET VALUE, END OF PERIOD	$	46.21		$	42.30		$	31.69		$	29.15		$	26.29		$	20.15

TOTAL RETURN		9.24	%^(b)		33.48	%		8.71	%		10.88	%		30.47	%		18.81	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	185,716		$	134,027		$	61,654		$	23,730		$	22,062		$	4,321
RATIOS TO AVERAGE NET ASSETS:
Net Investment income/(loss)		(0.27	)%^(c)		(0.14	)%		0.11	%		(0.25	)%		(0.23	)%		0.06	%
Operating expenses excluding reimbursement/waiver		1.10	%^(c)		1.11	%		1.15	%		1.27	%		1.37	%		1.62	%
Operating expenses including reimbursement/waiver		1.10	%^(c)		1.11	%		1.15	%		1.27	%		1.37	%		1.54	%
PORTFOLIO TURNOVER RATE		21	%^(b)		36	%		30	%		33	%		34	%		53	%

^(a)

Per share amounts are based upon average shares outstanding.

^(b)

Not Annualized.

^(c)

Annualized.

See Notes to Financial Statements.

52	www.emeraldmutualfunds.com

Emerald Banking and Finance Fund

Financial Highlights

For a share outstanding throughout the periods presented

	INVESTOR CLASS
	For the Six Months Ended October 31, 2017 (Unaudited)			Year Ended April 30, 2017			Year Ended April 30, 2016			Year Ended April 30, 2015			Year Ended April 30, 2014			Year Ended April 30, 2013
NET ASSET VALUE, BEGINNING OF PERIOD	$	39.86		$	29.95		$	27.64		$	25.01		$	19.23		$	16.25
INCOME/(LOSS) FROM OPERATIONS:^(a)
Net investment loss^(b)		(0.12	)		(0.16	)		(0.07	)		(0.15	)		(0.12	)		(0.01	)
Net realized and unrealized gain on investments		3.73			10.07			2.38			2.78			5.90			2.99
Total from Investment Operations		3.61			9.91			2.31			2.63			5.78			2.98

NET INCREASE IN NET ASSET VALUE		3.61			9.91			2.31			2.63			5.78			2.98
NET ASSET VALUE, END OF PERIOD	$	43.47		$	39.86		$	29.95		$	27.64		$	25.01		$	19.23

TOTAL RETURN		9.06	%^(c)		33.09	%		8.36	%		10.52	%		30.06	%		18.34	%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (000s)	$	63,294		$	85,557		$	80,404		$	27,440		$	19,235		$	6,255
RATIOS TO AVERAGE NET ASSETS:
Net Investment loss		(0.59	)%^(d)		(0.46	)%		(0.23	)%		(0.56	)%		(0.53	)%		(0.08	)%
Operating expenses excluding reimbursement/waiver		1.45	%^(d)		1.43	%		1.48	%		1.58	%		1.69	%		1.94	%
Operating expenses including reimbursement/waiver		1.45	%^(d)		1.43	%		1.48	%		1.58	%		1.69	%		1.89	%
PORTFOLIO TURNOVER RATE		21	%^(c)		36	%		30	%		33	%		34	%		53	%

^(a)

^(b)

Per share amounts are based upon average shares outstanding.

^(c)

Not Annualized.

^(d)

Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Emerald Funds

Notes to Financial Statements

October 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 semi-annual report describes the Emerald Growth Fund, Emerald Small Cap Value Fund, Emerald Insights Fund, and Emerald Banking and Finance Fund (each a “Fund” and collectively, the “Funds”). 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

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

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

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

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

54	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements

October 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 –

Level 3 –

The following is a summary of each input used to value the Funds as of October 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)	$	1,123,003,590	$	–	$	–	$	1,123,003,590
Short Term Investments		20,018,391		–		–		20,018,391
TOTAL	$	1,143,021,981	$	–	$	–	$	1,143,021,981

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)	$	8,260,559	$	–	$	–	$	8,260,559
Short Term Investments		250,864		–		–		250,864
TOTAL	$	8,511,423	$	–	$	–	$	8,511,423

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)	$	10,589,829	$	–	$	–	$	10,589,829
Master Limited Partnerships^(a)		95,318		–		–		95,318
Short Term Investments		87,206		–		–		87,206
TOTAL	$	10,772,353	$	–	$	–	$	10,772,353

Investments in Securities at Value	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerald Banking and Finance Fund
Common Stocks
Banks: Diversified	$	397,226,519	$	3,344,118	$	–	$	400,570,637
Other^(a)		92,036,875		–		–		92,036,875
Short Term Investments		7,063,363		–		–		7,063,363
TOTAL	$	496,326,757	$	3,344,118	$	–	$	499,670,875

^(a)

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

Semi-Annual Report | October 31, 2017

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

The Funds recognize transfers between levels as of the end of the period. For the six months ended October 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	$	2,940,048	$	–	$	–	$	(2,940,048	)
Total	$	2,940,048	$	–	$	–	$	(2,940,048	)

	Level 1				Level 2
Emerald Banking and Finance Fund		Transfer In		Transfers (Out)		Transfer In		Transfers (Out)
Common Stocks	$	10,047,881	$	–	$	–	$	(10,047,881	)
Total	$	10,047,881	$	–	$	–	$	(10,047,881	)

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 six months ended October 31, 2017, the Emerald Small Cap Value Fund and Emerald Insights Fund did not have any transfers between Level 1 and Level 2 securities.

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

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

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

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

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

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

56	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

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

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 31, 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	$	350,959,721	$	(29,145,960	)	$	321,813,761	$	801,189,829
Emerald Small Cap Value Fund		2,055,711		(105,965	)		1,949,746		6,310,813
Emerald Insights Fund		2,295,515		(205,717	)		2,089,798		8,500,031
Emerald Banking and Finance Fund		159,940,392		(322,446	)		159,617,946		332,989,566

For the fiscal year ended April 30, 2017, the Funds did not pay any distributions.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six months ended October 31, 2017 was as follows:

Funds	Cost of Investments Purchased		Proceeds from Investments Sold
Emerald Growth Fund	$	328,951,947	$	353,100,706
Emerald Small Cap Value Fund		2,274,415		2,383,899
Emerald Insights Fund		5,406,738		6,999,296
Emerald Banking and Finance Fund		99,565,763		109,829,047

5. SHARES OF BENEFICIAL INTEREST

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

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

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

Semi-Annual Report | October 31, 2017

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

Emerald Growth Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%

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

Emerald Insights Fund
Average Total Net Assets	Contractual Fee
Up to and including $250M	0.75%
Over $250M and including $500M	0.65%
Over $500M and including $750M	0.55%
Over $750M	0.45%

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

The Adviser has contractually agreed to limit each Fund’s total annual operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) set forth in the preceding table for Class A, Class C, Institutional Class, and Investor Class shares to the annual rates (as percentages of a Fund’s average daily net assets). This agreement (the “Expense Agreement”) is in effect from September 1, 2017 through August 31, 2018. The prior Expense Agreement was in effect from September 1, 2016 through August 31, 2017 for all Funds except the Emerald Small Cap Value Fund. The Emerald Small Cap Value Fund’s prior agreement was in effect from June 26, 2015 through August 31, 2017. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the expense agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of the waiver or reimbursement. Notwithstanding the foregoing, the Funds will not be obligated to pay any such fees and expenses more than three years after the date of the waiver or reimbursement. The Adviser may not discontinue this waiver, prior to August 31, 2018, without the approval by the Fund’s Board. Fees waived/reimbursed by the Adviser for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

58	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

Emerald Growth Fund
Class A	Class C	Institutional Class	Investor Class
1.29%	1.94%	0.99%	1.34%

Emerald Small Cap Value Fund
Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.00%	1.25%

Emerald Insights Fund
Class A	Class C	Institutional Class	Investor Class
1.35%	2.00%	1.05%	1.40%

Emerald Banking and Finance Fund
Class A	Class C	Institutional Class	Investor Class
1.84%	2.49%	1.54%	1.89%

For the six months ended October 31, 2017, the fee waivers/reimbursements and recoupments of past waived fees were as follows:

Fund	Fees Waived/ Reimbursed By Adviser		Recoupment of Past Waived Fees By Adviser
Emerald Growth Fund
Class A	$	–	$	–
Class C		–		–
Institutional Class		–		–
Investor Class		–		–
Emerald Small Cap Value Fund
Class A	$	13,545	$	–
Class C		759		–
Institutional Class		28,100		–
Investor Class		3,708		–
Emerald Insights Fund
Class A	$	36,832	$	–
Class C		436		–
Institutional Class		4,110		–
Investor Class		354		–
Emerald Banking and Finance Fund
Class A	$	–	$	–
Class C		–		–
Institutional Class		–		–
Investor Class		–		–

Semi-Annual Report | October 31, 2017

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

As of October 31, 2017, the balances of recoupable expenses for each Fund were as follows:


Fund	Expires 2018		Expires 2019		Expires 2020		Expires 2021		Total
Emerald Growth Fund
Class A	$	–	$	–	$	–	$	–	$	–
Class C		–		–		–		–		–
Institutional Class		–		–		–		–		–
Investor Class		–		–		–		–		–
Emerald Small Cap Value Fund
Class A	$	30	$	256	$	6,552	$	13,545	$	20,383
Class C		30		617		4,441		759		5,847
Institutional Class		37,563		64,181		67,420		28,100		197,264
Investor Class		852		5,731		8,254		3,708		18,545
Emerald Insights Fund
Class A	$	25,475	$	67,047	$	80,509	$	36,832	$	209,863
Class C		115		467		792		436		1,810
Institutional Class		731		5,690		9,737		4,110		20,268
Investor Class		948		3,372		615		354		5,289
Emerald Banking and Finance Fund
Class A	$	–	$	–	$	–	$	–	$	–
Class C		–		–		–		–		–
Institutional Class		–		–		–		–		–
Investor Class		–		–		–		–		–

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assist in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Principal Financial Officer: ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

Each Fund has adopted a separate Distribution and Services Plan (each a “Plan” and collectively, the “Plans”) pursuant to Rule 12b-1 of the 1940 Act. The Plans allow each Fund, as applicable, to use each Fund’s assets to pay fees in connection with the distribution and marketing of the Funds’ shares and/or the provision of shareholder services to the Funds’ shareholders. The Plan permits payment for services in connection with the administration of plans or programs that use shares of each Fund as their funding medium and for related expenses. The recipients of such payments may include other affiliates of the Adviser, broker-dealers, financial institutions, plan sponsors and administrators and other financial intermediaries through which investors may purchase shares of the Fund. The Plans permit each Fund to make total payments at an annual rate of

60	www.emeraldmutualfunds.com

Emerald Funds

Notes to Financial Statements

October 31, 2017 (Unaudited)

up to 0.35%, 0.75% and 0.25% of the average daily net asset value of Class A, Class C and Investor Class, respectively. Because these fees are paid out of the Funds’ assets on an ongoing basis, over time they will increase the cost of an investment in the Funds, and Plan fees may cost an investor more than other types of sales charges.

Each Fund, except the Emerald Small Cap Value Fund, has adopted a Shareholder Services Plan (a “Shareholder Services Plan”) with respect to its Class C, Institutional Class and Investor Class shares. Under the Shareholder Services Plan, a Fund is authorized to compensate certain financial intermediaries, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (the “Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25%, 0.05% and 0.15% of the average daily net asset value of Class C, Institutional Class and Investor Class, respectively, of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with such Participating Organizations (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Shareholder Services Plan for the six months ended October 31, 2017 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

The Emerald Small Cap Value Fund has adopted a Shareholder Services Plan (the “Plan”) with respect to its Class C shares. Under the Plan, the Fund is authorized to pay banks and its affiliates and other institutions, including broker-dealers and Fund affiliates which may include the Distributor, Adviser and/or the transfer agent (“Class C Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25% of the average daily net asset value of Class C shares of the Fund attributable to or held in the name of the Participating Organizations for its clients as compensation for providing shareholder service activities, which do not include distribution services pursuant to an agreement with Participating Organizations. Any amount of such payment not paid to the Participating Organizations during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Plan fees are included with distribution and service fees in the Statements of Operations. Fees recaptured pursuant to the Plan for the six months ended October 31, 2017 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

7. INDEMNIFICATIONS

Semi-Annual Report | October 31, 2017

Emerald Funds

Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

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

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Intentionally Left Blank

(BACK COVER)

(GRANDEUR PEAK FUNDS LOGO)

(LOGO)

TABLE OF CONTENTS

Shareholder Letter	1
Performance Update	10
Disclosure of Fund Expenses	31
Portfolio of Investments
Grandeur Peak Emerging Markets Opportunities Fund	33
Grandeur Peak Global Micro Cap Fund	37
Grandeur Peak Global Opportunities Fund	41
Grandeur Peak Global Reach Fund	45
Grandeur Peak Global Stalwarts Fund	51
Grandeur Peak International Opportunities Fund	54
Grandeur Peak International Stalwarts Fund	58
Statements of Assets and Liabilities	61
Statements of Operations	63
Statements of Changes in Net Assets
Grandeur Peak Emerging Markets Opportunities Fund	65
Grandeur Peak Global Micro Cap Fund	66
Grandeur Peak Global Opportunities Fund	67
Grandeur Peak Global Reach Fund	68
Grandeur Peak Global Stalwarts Fund	69
Grandeur Peak International Opportunities Fund	70
Grandeur Peak International Stalwarts Fund	71
Financial Highlights
Grandeur Peak Emerging Markets Opportunities Fund	72
Grandeur Peak Global Micro Cap Fund	74
Grandeur Peak Global Opportunities Fund	75
Grandeur Peak Global Reach Fund	77
Grandeur Peak Global Stalwarts Fund	79
Grandeur Peak International Opportunities Fund	81
Grandeur Peak International Stalwarts Fund	83
Notes to Financial Statements	85
Disclosure Regarding Approval of Fund Advisory Agreement	96
Additional Information	98

Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Dear Fellow Shareholders,

We have previously expressed our opinion of passive investing. We want to carry on that thread to bring in a discussion on Exchange Traded Funds (ETFs)¹. Since the introduction of the very first ETF on January 1, 1993², ETFs have opened up an opportunity for investors to gain market exposure across a huge array of asset classes, geographies, sectors and investment strategies. BlackRock, the largest provider of ETFs in the world, now manages over $1 Trillion in 800 ETFs³. The growth of ETFs’ assets under management (AUM) has been impressive, and much has been written about this AUM growth coming at the expense of the traditional mutual fund industry. Indeed, as shown in the following chart by Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, it would seem that ETFs are “eating the US stock market” as reported by the Financial Times⁴.

Exhibit 1: Cumulative Flows into Equity ETFs and Equity Mutual Funds

Source: Charles Schwab, Bloomberg and Investment Company Institute (data from Jan 2013 – Aug 2017)
(https://www.schwab.com/resource-center/insights/content/what-are-fund-flows-telling-us-about-trends-and-risks-in-the-global-stock-market).

Past performance does not guarantee future results.

According to the January 4, 2017 Financial Times article cited above, outflows from actively-managed mutual funds have hit a cumulative $1.2 Trillion since 2007, while overall inflows into passive mutual funds and ETFs have topped $1.4 Trillion over the same period. ETFs now account for about 30% of all US trading by value and 23% by share volume.

In fact, over the 12 months from July 2016 – July 2017 assets in domestic and global equity ETFs increased by a combined $576.3 billion, almost double the rate from the previous period, according to the Investment Company Institute (ICI)⁵. That ETFs are gathering record-setting amounts of assets at the same time that the US stock market continues to reach new record highs has raised suspicion among market pundits that the two are somehow connected – that we are seeing an ETF bubble in the making. We’re not buying it. Sure, the US market has been driven to ever astonishing heights this year, and valuations are at record levels (google “Shiller CAPE”), but we’re not so sure it’s due to ETFs. For one thing, despite the huge growth in assets, ETFs are still only about 1/6th the size of traditional Equity mutual funds according to data from ICI.

An Exchange Traded Fund is a marketable security that owns the underlying assets and divides ownership of those assets into shares.

The SPDR S&P 500 trust (ticker: SPY)

Source: https://www.ishares.com/us

⁴

Source: https://www.ft.com/content/6dabad28-e19c-11e6-9645-c9357a75844a

⁵

Source: https://www.ici.org/research/stats/etf/etfs_07_17

Semi-Annual Report | October 31, 2017

Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Exhibit 2: AUM of ETFs and Mutual Funds

Source: www.ici.org (data as of 3/31/2017)

At some point, if current flow trends continue, ETFs will indeed eat the US equity market, but for now we think the real danger that ETFs pose is that they are turning investors into speculators. We hate to generalize, but looking at trading data, as depicted in Exhibit 3 below, there is compelling evidence that owners of ETFs are doing more speculating than investing.

Currently, the largest ETF by assets is the SPDR^® S&P 500^® ETF (SPY)⁶ which as of 9/30/2017 had 968.2 million shares outstanding and an average daily trading volume over the month of September of 62.9 million shares⁷. That is, about 6.1% of the outstanding shares of this ETF change hands every day. Put another way, on average, the entire fund changes owners every 16.4 days.

Exhibit 3: Trading Volume of SPY as a % of shares outstanding

Source: Bloomberg (data from Jan 2012 – Sep 2017)

Past performance does not guarantee future results.

⁶

The SPDR^® S&P 500^® ETF Trust seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500^® Index

⁷

Source: Bloomberg

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Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

The good news is that trading volumes as a percentage of shares outstanding having been declining over the past 5 years. But, the fact that SPY is trading hands every 16 days (currently) would indicate a whole lot of “short-termism” going on out there. And that’s bad, of course, because in the investment game, time is your friend.

Historically, SPY trading volumes have shot up when market volatility has spiked, as shown in Exhibit 4.

Exhibit 4: Trading Volumes vs. 12-month return for SPY

Source: Bloomberg (data from Dec 2006 – Sep 2017).

Past performance does not guarantee future results.

When volatility picks up, ETF speculators come out of the woodwork to trade. You can see at point A in the chart that volume spiked as speculators tried to get out of a falling market. At points B and C, volume spiked as speculators came back in chasing a rebound in returns. In all three cases, they were late; selling low and buying high. To quote a phrase that has been kicking around the internet since 2012:

“One of the consequences of such a short investment time horizon is that investors have begun to fear short-term market events and volatility as much or more than the factors that shape prospects for long-term economic and profit growth that drive stocks over the longer term.” ⁸

⁸

We’ll attribute this quote to Jeffrey Kleintop, who in 2012 was the Chief Market Strategist at LPL Financial.

Semi-Annual Report | October 31, 2017

Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

You’ve probably all heard the phrase “time in the market beats timing the market.” JPMorgan Asset Management has illustrated how much an investor gives up in return by missing even a few big up-market days. Rather than re-invent the wheel, we’ll present their chart, which was most recently published on Jan 27, 2017:

Exhibit 5: Returns of the S&P 500

Performance of a $10,000 investment between 1/1/1997 and 12/30/2016

(BAR CHART)

Source: JP Morgan Asset Management (https://am.jpmorgan.com/us/en/asset-management/gim/adv/insights/navigating-volatility).

Past performance does not guarantee future results.

In his June 2017 Insights, Richard Bernstein demonstrated that “it is painfully obvious that investors are very poor at timing investments regardless of whether they are active or passive” by publishing the following chart. He compared the 20-year performance of the “average investor” (as computed by DALBAR) to the returns of a broad range of asset and sub-asset class returns⁹.

⁹	Richard Bernstein, Active vs. Passive, Insights, http://www.rbadvisors.com/images/pdfs/Active_vs_Passive.pdf (June, 2017)

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Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Exhibit 6: 20 Year Annualized Return: The “Average Investor” vs. Various Asset Classes

Source: Richard Bernstein Advisors LLC., Bloomberg, MSCI, Standard & Poor’s, Russell, HFRI, BofA Merrill Lynch, DALBAR Inc., FHFA, FRB, FTSE. Total Returns in USD. *Avg Investor Asset Allocation returns are represented by the DALBAR Inc. Average Investor Asset Allocation Returns. (Data from 12/31/1996 – 12/31/2016).

Past performance does not guarantee future results.

The bottom line is that when it comes to investing: Patience truly is a Virtue. Hopefully we have communicated to you all that we are long-term, patient investors; and we hope that you are too. Investing with a long-term focus allows us to use market volatility to our advantage and to construct portfolios that we believe will deliver strong earnings growth, and thus eventually out-perform over the long term. Obviously we may not actually deliver on this goal, but this is what we come to work each day trying to accomplish.

Over short periods of time (i.e.: days, months or quarters), we absolutely don’t expect to be able to outperform “the market¹⁰,” and we hope that you don’t hold that expectation either. But when it comes to the long term (i.e. 5-10 years), we know that it is imperative that we outperform. The following charts plot the daily returns of our Global Opportunities Fund (GPGIX)¹¹against the daily returns of the MSCI All Country World Investible Market Index (ACWI IMI) since the Fund’s October 18, 2011 inception through September 29, 2017.

¹⁰

By “the market” we mean a broad global benchmark like the MSCI All Country World Index (ACWI) or the Russell Global Index.

¹¹

We used Global Opportunities because this is our longest tenured global fund.

Semi-Annual Report | October 31, 2017

Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Exhibit 7: Daily Returns: GPGIX vs. MSCI ACWI IMI

Source: ALPS Fund Services, MSCI (data from 10/18/2011 – 9/30/2017).

Past performance does not guarantee future results.

The way to read this chart is that each grey dot above the diagonal line represents a day when GPGIX had a higher return than the index (outperformance) and each dot below the line represents a day when GPGIX had a lower return than the index (underperformance). Visually you can see that on a daily basis GPGIX has about a 50/50 chance of outperforming¹².

Lengthening out the investment period to rolling 90-day returns (quarters), you can see below that our “batting average” goes up. That is, there are more grey dots above the line. Over this time period, GPGIX outperformed in 83.2% of the 90-day periods. The fat dotted line represents the average distance of the grey dots above the solid black line, or the average level of outperformance.

¹²

In actuality, over this period, GPGIX outperformed 52.8% of the time.

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Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Exhibit 8: Rolling 90-day Returns: GPGIX vs. MSCI ACWI IMI

Source: ALPS Fund Services, MSCI (data from 10/18/2011 – 9/30/2017).

Past performance does not guarantee future results.

Looking at longer and longer periods we see that as the investment horizon lengthens, not only does our batting average go way up, but the average level of outperformance goes up as well (distance between the line and the dots) as shown in Exhibits 9 and 10, which represent rolling 750-day (3 year) and 1,250-day (5 year) returns respectively.

Exhibit 9: Rolling 750-day Returns: GPGIX vs. MSCI ACWI IMI

Source: ALPS Fund Services, MSCI (data from 10/18/2011 – 9/30/2017).

Past performance does not guarantee future results.

Semi-Annual Report | October 31, 2017

Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

Exhibit 10: Rolling 1,250-day Returns: GPGIX vs. MSCI ACWI IMI

Source: ALPS Fund Services, MSCI (data from 10/18/2011 – 9/30/2017).

Past performance does not guarantee future results.

Markets generally feel expensive right now, and the world is filled with uncertainty, but we continue to see and believe that taking a long-term approach to investing pays off.

Funds Commentary

We’re pleased with the performance of many of our Funds this period but point out the “tough” job of keeping up with a benchmark in this late-stage bull market. Many of our portfolios have an overweight to Emerging Markets, which has seen a deceleration in earnings momentum. Developed Markets such as Europe and our broad overweight to India have helped across the board and have seen some acceleration in momentum. As we review our Quality-Value-Momentum (QVM) matrix, we are largely comfortable with the quality of our owned names but continue to see stretched valuations in many pockets of the market. We’re continually asking ourselves where things can go well and where things might go wrong as we work to understand the relative defensiveness of our portfolios. We hope to continue to identify those companies with strong long-term growth potential, which can perform well in any given market environment.

Notes from the Road

Ben Gardiner is a global Research Analyst on the Healthcare Team and is a key member of the team covering India. He shares his thoughts on a recent trip to India below:

I traveled to India this quarter with Liping Cai, our Healthcare Portfolio Manager (PM), and Amy Hu Sunderland, our Consumer PM. We had an absolutely ruthless schedule on this trip but we’re home and have a healthy list of action items from the trip. I’m hopeful that when all is said and done, we’ll look back on this as a trip that helped us add performance for our clients. The goal was to combine timely meetings in tier-1 cities (e.g. Mumbai) with first-time visits to our companies located off the beaten path (e.g. Coimbatore). This was difficult to accomplish logistically but our broker was able to make it work.

We visited five cities across India in seven days (Mumbai, Ahmedabad, Hyderabad, Coimbatore, and Goa), which ultimately led to five domestic flights and an eight-hour road trip (in addition to the brutal 20+ hour international flights to and from the country). This really should have been six domestic flights and zero road trips but we got hit by the monsoon season, which caused a large number of delays and cancellations at the airport in Mumbai. It was quite frustrating actually. Our departure time from Mumbai was 9pm and we sat around at the departure gate until the airline finally told us that our flight was officially cancelled at 3am! Until that point, they hadn’t disclosed any updates! So we then called our driver and he agreed to drive us through the night all the way out to Ahmedabad (300 miles away) so that we wouldn’t miss several high priority meetings.

With multiple meetings scheduled for each day and flights to the next city at night, the obvious sacrifice on this trip was sleep. At the conclusion of our meetings on the one day where we didn’t have to get on an airplane, we got stuck in traffic due to the weather conditions. Essentially, what is normally a quick, 30-minute drive to our hotel became an interesting two-hour adventure. It was dark and

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Grandeur Peak Funds^®

Shareholder Letter

October 31, 2017 (Unaudited)

the rain was heavy, making it very difficult to see the crowded roadway. From the safety of our backseat position, it appeared that we were driving up a small river as the local infrastructure rarely includes gutters and drainage systems. Even our broker commented that investors tend to avoid visiting during monsoon season. I think we understood why after our rain-soaked week. Fortunately, we arrived at our hotel safely that night, albeit much later than anticipated.

There was a silver lining to all of the logistical challenges we faced. Given the extreme weather conditions and, consequently, the various cancelled flights, it’s no surprise that we were forced to reschedule certain priority meetings. For one of the most important of these, we realized the only time left open on our trip was in the evening just hours before our return flight to Salt Lake City. The chairman of the company offered to have our team to his home and he and his wife treated us to an authentic Indian dinner. It was a nice way to end one of the more adventurous trips!

The Indian stock market does appear quite expensive. It’s hard to find a good Consumer, Industrial, or Materials name at a reasonable price and our Financials exposure feels fully valued. The two places that seem a bit unloved right now are Healthcare (mostly Pharmaceuticals) and Tech (mostly IT Services). Many of the pharmaceuticals stocks have been disrupted because of GST. We believe the issues caused by GST are transient and that companies should recover in the coming quarter or two. We believe the near-term challenges pale in comparison to the long-term opportunities for Indian healthcare as the population as a whole has underserved healthcare needs. The insights we gained by visiting numerous industry leaders have reaffirmed our decision to invest in companies in India.

Business Update

As we reflect on our first six years, we are pleased with the success of the portfolios and feel like we are on track with most of our original goals. We wanted to keep our assets nimble, to leverage our global perspective, and to fill out our industry teams to effectively cover the universe of investable stocks. Each of our industry teams is well staffed, three analysts deep. We’ve had several team members take the opportunity to live overseas for an extended period of time to provide “boots on the ground” research. We’ve just hired a new class of college interns, which has proven to be an effective recruiting tool for us to fill our long-term hiring needs. Our teams feel well-rounded and our research processes feels solid, although our never satisfied team always has an evolving list of improvements to make.

We appreciate our relationship with you and continue to work hard on your behalf.

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

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

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

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The Funds do not accept any liability for losses either direct or consequential caused by the use of this information.

Past performance does not guarantee future results.

A list of Fund holdings as of October 31, 2017 can be found within each Fund’s Portfolio of Investments.

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

ⁱ

The MSCI ACWI Investable Market Index (IMI) captures large, mid and small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 8,636 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set. You cannot invest directly in this or any index.

Semi-Annual Report | October 31, 2017

Grandeur Peak Emerging Markets Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

					Expense Ratio^(b)
	6 Months	1 Year	3 Year	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak Emerging Markets Opportunities Fund – Investor (GPEOX)	6.75%	14.40%	5.80%	7.31%	1.80%	1.80%
Grandeur Peak Emerging Markets Opportunities Fund – Institutional (GPEIX)	6.81%	14.62%	6.02%	7.53%	1.50%	1.50%
Russell Emerging Markets Small Cap Index^(d)	10.67%	20.36%	4.62%	5.22%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of December 16, 2013.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.95% and 1.70% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

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

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Grandeur Peak Emerging Markets Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

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

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Semi-Annual Report | October 31, 2017

Grandeur Peak Emerging Markets Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	71.7%
Africa/Middle East	9.7%
Europe	6.6%
Latin America	6.3%
North America	4.0%
Cash, Cash Equivalents, & Other Net Assets	1.7%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Consumer	25.0%
Financials	24.9%
Technology	18.4%
Industrials	12.5%
Health Care	11.6%
Energy & Materials	5.9%
Cash, Cash Equivalents, & Other Net Assets	1.7%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	2.2%
China Medical System Holdings, Ltd.	2.1%
Value Partners Group, Ltd.	2.1%
Security Bank Corp.	1.7%
Silergy Corp.	1.7%
FirstCash, Inc.	1.6%
Time Technoplast, Ltd.	1.6%
Yes Bank, Ltd.	1.5%
WNS Holdings, Ltd.	1.4%
BGEO Group PLC	1.3%
Total	17.2%

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

12	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

				Expense Ratio^(b)
	6 Months	1 Year	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak Global MicroCap – Institutional (GPMCX)	13.02%	23.90%	16.79%	2.08%	2.00%
Russell Global Small Cap Index^(d)	10.32%	25.02%	14.53%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of October 20, 2015.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 2.00% of the Fund’s average daily net assets for the Fund’s Institutional Class Shares. This agreement is in effect through August 31, 2018. The Adviser will be permitted to recover expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred . This agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Micro Cap Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Institutional Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

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

14	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	34.6%
Europe	26.7%
North America	13.3%
Japan	12.7%
Australia/New Zealand	7.8%
Africa/Middle East	2.1%
Latin America	1.5%
Cash, Cash Equivalents, & Other Net Assets	1.3%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Financials	26.4%
Consumer	20.1%
Technology	18.9%
Industrials	15.0%
Health Care	12.0%
Energy & Materials	6.3%
Cash, Cash Equivalents, & Other Net Assets	1.3%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
M&A Capital Partners Co., Ltd.	1.8%
Time Technoplast, Ltd.	1.6%
BBI Life Sciences Corp.	1.5%
Ananda Development PCL	1.5%
Skandiabanken ASA	1.4%
Pryce Corp.	1.4%
Hingham Institution for Savings	1.3%
Blue Sky Alternative Investments, Ltd.	1.3%
Syuppin Co., Ltd.	1.2%
Byke Hospitality, Ltd.	1.2%
Total	14.2%

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

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

						Expense Ratio^(b)
	6 Months	1 Year	3 Years	5 Years	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Opportunities Fund – Investor (GPGOX)	13.35%	26.82%	11.10%	15.34%	16.07%	1.62%	1.62%
Grandeur Peak Global Opportunities Fund – Institutional (GPGIX)	13.20%	27.07%	11.28%	15.62%	16.39%	1.37%	1.37%
Russell Global Small Cap Index^(d)	10.32%	25.02%	9.53%	11.55%	11.64%
Russell Global Index^(e)	10.45%	24.14%	8.71%	11.67%	11.94%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of October 17, 2011.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture . Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^(e)

The Russell Global Index seeks to measure the performance of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

16	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

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

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	27.4%
Europe	26.8%
Asia ex Japan	26.4%
Japan	8.3%
Australia/New Zealand	2.8%
Latin America	2.1%
Africa/Middle East	1.7%
Cash, Cash Equivalents, & Other Net Assets	4.5%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Financials	27.3%
Industrials	19.4%
Technology	19.2%
Consumer	18.0%
Health Care	9.7%
Energy & Materials	1.9%
Cash, Cash Equivalents, & Other Net Assets	4.5%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Power Integrations, Inc.	2.1%
Man Wah Holdings, Ltd.	1.9%
FirstCash, Inc.	1.5%
First Republic Bank	1.4%
Clinigen Group PLC	1.3%
Palfinger AG	1.2%
Alkem Laboratories, Ltd.	1.0%
Skandiabanken ASA	1.0%
Silergy Corp.	1.0%
Value Partners Group, Ltd.	1.0%
Total	13.4%

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

18	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

					Expense Ratio^(b)
	6 Months	1 Year	3 Years	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Reach Fund – Investor (GPROX)	11.09%	24.72%	10.01%	13.05%	1.54%	1.54%
Grandeur Peak Global Reach Fund – Institutional (GPRIX)	11.20%	25.02%	10.28%	13.31%	1.29%	1.29%
Russell Global Small Cap Index^(d)	10.32%	25.02%	9.53%	9.77%
Russell Global Index^(e)	10.45%	24.14%	8.71%	10.20%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of June 19, 2013.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1. 60% and 1.35% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture . Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

The Russell Global Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^(e)

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Reach Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

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

20	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	29.6%
Europe	27.4%
North America	24.2%
Japan	6.7%
Africa/Middle East	5.0%
Australia/New Zealand	3.3%
Latin America	2.7%
Cash, Cash Equivalents, & Other Net Assets	1.1%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Financials	23.8%
Consumer	21.9%
Technology	19.5%
Industrials	18.1%
Health Care	11.2%
Energy & Materials	4.4%
Cash, Cash Equivalents, & Other Net Assets	1.1%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	1.7%
First Republic Bank	1.5%
Wix.com, Ltd.	1.1%
China Medical System Holdings, Ltd.	1.0%
WNS Holdings, Ltd.	0.8%
SVB Financial Group	0.8%
Wirecard AG	0.8%
Selamat Sempurna Tbk PT	0.8%
Power Integrations, Inc.	0.8%
Clinigen Group PLC	0.8%
Total	10.1%

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

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

				Expense Ratio^(b)
	6 Months	1 Year	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak Global Stalwarts – Investor (GGSOX)	11.60%	25.79%	17.81%	1.39%	1.35%
Grandeur Peak Global Stalwarts – Institutional (GGSYX)	11.72%^(d)	26.05%	18.12%	1.14%	1.10%
Russell Global SMID Cap Index^(e)	10.02%	23.61%	15.03%
Russell Global Index^(f)	10.45%	24.14%	15.31%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of September 1, 2015.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture . Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. This agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(e)

The Russell Global SMid Cap Index is designed to measure the performance of small- and mid-cap (SMid) securities and all capitalization securities respectively of issuers located in countries throughout the world representing developed and emerging markets. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

^(f)

The Russell Global Index seeks to measure the performance of the global equity universe. The index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

22	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

The graphs shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

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

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
North America	32.3%
Europe	26.1%
Asia ex Japan	23.5%
Japan	7.6%
Latin America	3.2%
Africa/Middle East	1.5%
Australia/New Zealand	1.2%
Cash, Cash Equivalents, & Other Net Assets	4.6%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Financials	24.6%
Consumer	23.1%
Industrials	20.7%
Technology	16.7%
Health Care	8.1%
Energy & Materials	2.2%
Cash, Cash Equivalents, & Other Net Assets	4.6%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
First Republic Bank	2.5%
Nihon M&A Center, Inc.	2.5%
Power Integrations, Inc.	2.1%
Stantec, Inc.	2.1%
B&M European Value Retail SA	1.9%
Value Partners Group, Ltd.	1.8%
FirstCash, Inc.	1.5%
Brembo SpA	1.5%
Man Wah Holdings, Ltd.	1.5%
Aalberts Industries NV	1.4%
Total	18.8%

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

24	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

						Expense Ratio^(b)
	6 Months	1 Year	3 Years	5 Years	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak International Opportunities Fund –Investor (GPIOX)	13.80%	26.36%	10.55%	14.85%	15.66%	1.62%	1.62%
Grandeur Peak International Opportunities Fund –Institutional (GPIIX)	13.73%	26.80%	10.80%	15.03%	15.90%	1.37%	1.37%
Russell Global ex-U.S. Small Cap Index^(d)	11.98%	23.00%	9.10%	9.71%	9.43%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of October 17, 2011.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.75% and 1.50% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class- by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture . Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred. The Expense Agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

The Russell Global ex-U.S. Small Cap Index seeks to measure the performance of the small-cap segment of the global equity universe, excluding companies assigned to the United States. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

Semi-Annual Report | October 31, 2017

Grandeur Peak International Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

(LINE GRAPH)

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

26	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Asia ex Japan	33.7%
Europe	33.4%
North America	6.9%
Japan	10.8%
Australia/New Zealand	3.7%
Africa/Middle East	2.8%
Latin America	2.7%
Cash, Cash Equivalents, & Other Net Assets	6.0%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Financials	25.5%
Industrials	19.3%
Technology	17.9%
Consumer	17.9%
Health Care	10.4%
Energy & Materials	3.0%
Cash, Cash Equivalents, & Other Net Assets	6.0%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Man Wah Holdings, Ltd.	1.9%
FirstCash, Inc.	1.5%
Clinigen Group PLC	1.3%
Wirecard AG	1.2%
Alkem Laboratories, Ltd.	1.2%
Irish Residential Properties REIT PLC	1.2%
Silergy Corp.	1.1%
China Medical System Holdings, Ltd.	1.1%
Palfinger AG	1.1%
Skandiabanken ASA	1.1%
Total	12.7%

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

Semi-Annual Report | October 31, 2017

Grandeur Peak International Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

				Expense Ratio^(b)
	6 Months	1 Year	Since Inception^(a)	Gross	Net^(c)
Grandeur Peak International Stalwarts – Investor	12.58%	26.05%	19.57%	1.27%	1.27%
Grandeur Peak International Stalwarts – Institutional	12.71%	26.40%	19.84%	1.02%	1.02%
Russell Global ex-U.S. SMID Cap Index^(d)	11.69%	23.47%	15.35%
Russell Global ex-U.S. Small Cap Index^(e)	11.98%	23.00%	15.76%

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

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a)

Fund inception date of September 1, 2015.

^(b)

Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c)

Grandeur Peak Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursements (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this agreement to the extent that a Fund’s expenses in later periods fall below annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date on which the fee and expenses was deferred This agreement may not be terminated or modified prior to August 31, 2018 except with the approval of the Fund’s Board of Trustees.

^(d)

The Russell Global ex-US SMid Cap Index is constructed to provide a comprehensive and unbiased barometer for the small- and mid-cap (SMid) segments excluding companies assigned to the United States. The Russell Global ex-US SMid Cap Index is reconstituted annually to accurately reflect the changes in the market over time. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

^(e)

The Russell Global ex-U.S. Small Cap Index is designed to measure the performance of small capitalization securities outside of the U.S. The Index is not actively managed and does not reflect any deductions for fees, expenses, or taxes. An investor may not invest directly in the Index.

28	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

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

Semi-Annual Report | October 31, 2017

Grandeur Peak International Stalwarts Fund

Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*
Europe	35.4%
Asia ex Japan	30.5%
North America	11.0%
Japan	9.4%
Latin America	4.2%
Africa/Middle East	2.0%
Australia/New Zealand	1.4%
Cash, Cash Equivalents, & Other Net Assets	6.1%
Total	100.0%

Industry Sector Allocation (as a % of Net Assets)*
Consumer	25.6%
Financials	22.6%
Industrials	21.8%
Technology	14.6%
Health Care	7.4%
Energy & Materials	1.9%
Cash, Cash Equivalents, & Other Net Assets	6.1%
Total	100.0%

Top 10 Holdings (as a % of Net Assets)*
Nihon M&A Center, Inc.	2.8%
Stantec, Inc.	2.6%
Value Partners Group, Ltd.	2.2%
B&M European Value Retail SA	2.2%
Brembo SpA	2.1%
Aalberts Industries NV	2.0%
Man Wah Holdings, Ltd.	1.9%
FirstCash, Inc.	1.7%
China Medical System Holdings, Ltd.	1.7%
MISUMI Group, Inc.	1.6%
Total	20.8%

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

30	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Funds^®

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of May 1, 2017 through of October 31, 2017.

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

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

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

Semi-Annual Report | October 31, 2017

Grandeur Peak Funds^®

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

	Beginning Account Value May 1, 2017	Ending Account Value October 31, 2017	Expense Ratio^(a)	Expenses Paid During period May 1, 2017 - October 31, 2017^(b)
Grandeur Peak Emerging Markets Opportunities Fund
Investor Class
Actual	$1,000.00	$1,067.50	1.79%	$9.33
Hypothetical (5% return before expenses)	$1,000.00	$1,016.18	1.79%	$9.10
Institutional Class
Actual	$1,000.00	$1,068.10	1.55%	$8.08
Hypothetical (5% return before expenses)	$1,000.00	$1,017.39	1.55%	$7.88
Grandeur Peak Global Micro Cap Fund
Institutional Class
Actual	$1,000.00	$1,130.20	2.00%	$10.74
Hypothetical (5% return before expenses)	$1,000.00	$1,015.12	2.00%	$10.16
Grandeur Peak Global Opportunities Fund
Investor Class
Actual	$1,000.00	$1,133.50	1.56%	$8.39
Hypothetical (5% return before expenses)	$1,000.00	$1,017.34	1.56%	$7.93
Institutional Class
Actual	$1,000.00	$1,132.00	1.31%	$7.04
Hypothetical (5% return before expenses)	$1,000.00	$1,018.60	1.31%	$6.67
Grandeur Peak Global Reach Fund
Investor Class
Actual	$1,000.00	$1,110.90	1.52%	$8.09
Hypothetical (5% return before expenses)	$1,000.00	$1,017.54	1.52%	$7.73
Institutional Class
Actual	$1,000.00	$1,112.00	1.28%	$6.81
Hypothetical (5% return before expenses)	$1,000.00	$1,018.75	1.28%	$6.51
Grandeur Peak Global Stalwarts Fund
Investor Class
Actual	$1,000.00	$1,116.00	1.35%	$7.20
Hypothetical (5% return before expenses)	$1,000.00	$1,018.40	1.35%	$6.87
Institutional Class
Actual	$1,000.00	$1,118.10	1.10%	$5.87
Hypothetical (5% return before expenses)	$1,000.00	$1,019.66	1.10%	$5.60
Grandeur Peak International Opportunities Fund
Investor Class
Actual	$1,000.00	$1,138.00	1.55%	$8.35
Hypothetical (5% return before expenses)	$1,000.00	$1,017.39	1.55%	$7.88
Institutional Class
Actual	$1,000.00	$1,137.30	1.30%	$7.00
Hypothetical (5% return before expenses)	$1,000.00	$1,018.65	1.30%	$6.61
Grandeur Peak International Stalwarts Fund
Investor Class
Actual	$1,000.00	$1,125.80	1.18%	$6.32
Hypothetical (5% return before expenses)	$1,000.00	$1,019.26	1.18%	$6.01
Institutional Class
Actual	$1,000.00	$1,127.10	0.93%	$4.99
Hypothetical (5% return before expenses)	$1,000.00	$1,020.52	0.93%	$4.74

^(a)

The Fund's expense ratios have been annualized based on the Fund's most recent fiscal half-year expenses.

^(b)

32	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.16%)
Argentina (0.56%)
Despegar.com Corp.^(a)		950	$	29,260
Globant SA^(a)		64,562		2,435,279
				2,464,539

Bangladesh (1.01%)
Olympic Industries, Ltd.		272,639		841,696
Square Pharmaceuticals, Ltd.		1,002,442		3,593,831
				4,435,527

Brazil (1.68%)
M Dias Branco SA		199,200		2,946,014
Raia Drogasil SA		128,800		3,099,421
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		234,400		1,311,975
				7,357,410

China (12.82%)
51job, Inc., ADR^(a)		3,125		193,437
BBI Life Sciences Corp.^(b)		9,968,500		3,986,684
BrightKing Holdings, Ltd.		833,721		1,824,486
China Medical System Holdings, Ltd.		5,082,000		9,393,499
CSPC Pharmaceutical Group, Ltd.		2,500,000		4,345,374
Ctrip.com International, Ltd., ADR^(a)		60,175		2,881,781
Lida Holdings, Ltd.		446,000		1,500,986
Man Wah Holdings, Ltd.		10,834,800		9,777,347
O2Micro International, Ltd., ADR^(a)		462,244		919,866
On-Bright Electronics, Inc.		577,941		4,129,587
Shanghai Haohai Biological Technology Co., Ltd., Class H^(b)(c)		484,800		2,370,744
Silergy Corp.		342,422		7,391,261
Xiabuxiabu Catering Management China Holdings Co., Ltd.^(b)(c)		3,586,500		5,231,672
Yum China Holdings, Inc.^(a)		54,375		2,194,031
				56,140,755

Colombia (2.38%)
Amerisur Resources PLC^(a)		5,811,200		1,505,039
Bolsa de Valores de Colombia		214,691,892		1,722,024
Gran Tierra Energy, Inc.^(a)		1,124,500		2,440,165
Parex Resources, Inc.^(a)		356,831		4,746,314
				10,413,542

Egypt (2.05%)
African Export-Import Bank^(a)		500,000		2,150,000
Commercial International Bank Egypt SAE		330,121		1,475,523

	Shares		Value (Note 2)
Egypt (continued)
Integrated Diagnostics Holdings PLC^(b)(c)		371,100	$	1,447,290
Juhayna Food Industries		3,399,871		1,761,936
Obour Land For Food Industries		2,116,943		2,135,338
				8,970,087

Georgia (2.70%)
BGEO Group PLC		118,812		5,617,689
Georgia Healthcare Group PLC^(a)(b)(c)		319,225		1,483,927
TBC Bank Group PLC		207,206		4,711,438
				11,813,054

Greece (0.74%)
Sarantis SA		223,934		3,221,492

Hong Kong (6.16%)
Essex Bio-technology, Ltd.		6,022,000		3,882,721
International Housewares Retail Co., Ltd.		9,274,000		1,747,479
Jacobson Pharma Corp., Ltd.^(b)		5,020,000		1,299,818
Plover Bay Technologies, Ltd.^(b)		8,615,000		1,744,776
Samsonite International SA		753,900		3,145,518
TK Group Holdings, Ltd.		5,467,000		2,697,971
Value Partners Group, Ltd.		9,225,800		9,141,364
Vitasoy International Holdings, Ltd.		1,428,900		3,304,196
				26,963,843

India (15.63%)
Alkem Laboratories, Ltd.		191,673		5,545,004
Bajaj Finance, Ltd.		166,000		4,614,696
Byke Hospitality, Ltd.		981,000		2,381,647
City Union Bank, Ltd.		1,295,250		3,230,563
Control Print, Ltd.		332,504		2,048,015
Cyient, Ltd.		537,595		4,486,512
Dilip Buildcon, Ltd.^(b)(c)		30,000		395,129
Eros International Media, Ltd.^(a)		164,198		529,697
Essel Propack, Ltd.		455,500		2,006,004
Glenmark Pharmaceuticals, Ltd.		153,500		1,463,874
Hinduja Global Solutions, Ltd.		121,684		1,084,558
Indiabulls Housing Finance, Ltd.		179,500		3,447,625
Kellton Tech Solutions, Ltd.^(a)		576,175		871,763
Kovai Medical Center and Hospital		75,083		1,313,840
Kwality, Ltd.		985,200		1,530,932
L&T Finance Holdings, Ltd.		672,500		2,088,479
L&T Technology Services, Ltd.^(b)(c)		187,964		2,417,338

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Grandeur Peak Emerging Markets Opportunities Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
India (continued)
SBI Life Insurance Co., Ltd.^(a)(b)(c)		32,443	$	331,636
Somany Ceramics, Ltd.		132,000		1,730,416
Time Technoplast, Ltd.		2,417,221		6,960,059
Vaibhav Global, Ltd.^(a)		200,319		2,028,202
Vakrangee, Ltd.		460,000		3,993,408
Vesuvius India, Ltd.		70,827		1,471,351
WNS Holdings, Ltd., ADR^(a)		160,186		6,074,253
Yes Bank, Ltd.		1,325,000		6,428,489
				68,473,490

Indonesia (5.73%)
Ace Hardware Indonesia Tbk PT		10,593,500		980,265
Arwana Citramulia Tbk PT		58,293,000		1,650,471
Astra Graphia Tbk PT		6,590,300		646,275
Bank Rakyat Indonesia Persero Tbk PT		1,872,600		2,153,921
Bekasi Fajar Industrial Estate Tbk PT		56,350,600		1,179,987
Delfi, Ltd.		866,400		940,703
Hexindo Adiperkasa Tbk PT		3,557,100		910,093
Indonesia Pondasi Raya Tbk PT		15,681,200		1,245,824
Link Net Tbk PT		7,350,500		2,704,442
Lippo Cikarang Tbk PT^(a)		3,005,000		841,954
Panin Sekuritas Tbk PT		7,155,500		1,081,569
Sarana Menara Nusantara Tbk Pt		7,658,500		2,315,196
Selamat Sempurna Tbk PT		42,617,900		4,053,610
Tempo Scan Pacific Tbk PT		17,950,700		2,448,575
Ultrajaya Milk Industry & Trading Co. Tbk PT		20,171,600		1,940,935
				25,093,820

Jordan (0.21%)
Hikma Pharmaceuticals PLC		60,400		933,764

Kenya (0.62%)
Safaricom, Ltd.		11,093,200		2,726,521

Malaysia (2.37%)
AEON Credit Service M Bhd		1,130,400		3,711,482
Berjaya Food Bhd		1,400,284		492,836
Bison Consolidated Bhd		740,500		423,293
CB Industrial Product Holding Bhd		3,616,200		1,648,580
My EG Services Bhd		5,214,900		2,697,681
Scicom MSC Bhd		3,146,500		1,404,721
				10,378,593

Mexico (2.40%)
Banregio Grupo Financiero SAB de CV		649,900		3,466,495

	Shares		Value (Note 2)
Mexico (continued)
Credito Real SAB de CV SOFOM ER		2,044,271	$	3,284,184
Grupo Herdez SAB de CV		715,400		1,529,928
Unifin Financiera SAB de CV SOFOM ENR		663,600		2,249,873
				10,530,480

Oman (0.70%)
Tethys Oil AB		416,623		3,073,047

Pakistan (1.99%)
Abbott Laboratories Pakistan, Ltd.		132,850		933,929
Akzo Nobel Pakistan, Ltd.		852,800		1,700,580
Bank Al Habib, Ltd.		1,609,000		841,198
Bata Pakistan, Ltd.		5,960		148,526
Kohinoor Textile Mills, Ltd.		1,426,178		901,863
Meezan Bank, Ltd.		2,408,320		1,498,012
Pak Elektron, Ltd.		2,219,500		1,242,971
Systems, Ltd.		2,181,500		1,440,596
				8,707,675

Peru (1.68%)
Alicorp SAA		1,049,255		3,276,400
Credicorp, Ltd.		19,475		4,078,844
				7,355,244

Philippines (5.35%)
Concepcion Industrial Corp.		3,282,792		4,133,297
Holcim Philippines, Inc.		3,694,500		858,770
Pepsi-Cola Products Philippines, Inc.		23,627,000		1,318,078
Puregold Price Club, Inc.		3,372,100		3,331,276
Robinsons Land Corp.		6,379,600		3,114,110
Robinsons Retail Holdings, Inc.		1,675,000		3,147,215
Security Bank Corp.		1,580,600		7,531,769
				23,434,515

Poland (2.56%)
Dino Polska SA^(a)(b)(c)		241,300		4,542,336
LiveChat Software SA		208,859		2,768,567
Medicalgorithmics SA		27,700		1,534,175
PGS Software SA		426,467		1,609,818
Wawel SA		2,814		746,300
				11,201,196

Russia (0.67%)
MD Medical Group Investments PLC, GDR^(b)		117,400		1,220,960
Moscow Exchange MICEX-RTS PJSC		838,410		1,692,017
				2,912,977

See Notes to Financial Statements.

34	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
South Africa (3.83%)
ARB Holdings, Ltd.		1,134,108	$	481,277
Blue Label Telecoms, Ltd.		1,363,023		1,662,958
Capitec Bank Holdings, Ltd.		23,200		1,542,165
Cartrack Holdings, Ltd.		2,096,700		2,224,419
Clicks Group, Ltd.		113,000		1,266,207
EOH Holdings, Ltd.		396,824		2,958,481
Interwaste Holdings, Ltd.^(a)		15,918,682		1,047,078
Italtile, Ltd.		1,502,579		1,467,641
Transaction Capital, Ltd.		3,877,628		4,111,088
				16,761,314

South Korea (8.49%)
BGF retail Co., Ltd.		43,500		3,071,228
Daebongls Co., Ltd.		197,000		1,709,145
Daewon Pharmaceutical Co., Ltd.		37,324		594,665
Hanssem Co., Ltd.		11,000		1,674,030
Hy-Lok Corp.		127,297		2,806,477
Interpark Holdings Corp.		265,500		991,759
ISC Co., Ltd.		161,999		3,065,452
i-SENS, Inc.		86,500		1,822,109
Koh Young Technology, Inc.		32,744		2,244,601
Korea Kolmar Co., Ltd.		14,500		1,071,629
LEENO Industrial, Inc.		55,500		2,536,350
LG Household & Health Care, Ltd.		3,700		3,887,089
Loen Entertainment, Inc.		55,000		5,228,277
Mando Corp.		8,000		2,331,414
Medy-Tox, Inc.		3,000		1,134,021
Vitzrocell Co., Ltd.^(a)(d)		444,769		3,022,095
				37,190,341

Sri Lanka (2.12%)
Hatton National Bank PLC		1,185,402		2,081,832
Hemas Holdings PLC		3,255,526		2,754,880
Royal Ceramics Lanka PLC		3,593,775		2,760,393
Sampath Bank PLC		773,791		1,711,029
				9,308,134

Switzerland (0.64%)
Wizz Air Holdings PLC^(a)(b)(c)		64,800		2,818,602

Taiwan (6.78%)
ASPEED Technology, Inc.		74,929		1,731,644
Cub Elecparts, Inc.		152,980		1,509,029
Dr. Wu Skincare Co., Ltd.		217,000		971,336
I Yuan Precision Ind Co., Ltd.		507,000		1,975,248
Materials Analysis Technology, Inc.		501,000		1,448,539
Rafael Microelectronics, Inc.		227,000		1,546,727
Sinmag Equipment Corp.		1,039,133		5,271,551
Sitronix Technology Corp.		942,000		2,667,378
Sporton International, Inc.		1,044,317		5,297,850
Tehmag Foods Corp.		145,200		1,076,019
Test Research, Inc.		1,950,000		2,715,562

	Shares		Value (Note 2)
Taiwan (continued)
TSC Auto ID Technology Co., Ltd.		171,000	$	1,250,203
TTFB Co., Ltd.		179,000		1,326,497
Voltronic Power Technology Corp.		49,000		922,827
				29,710,410

Thailand (1.88%)
Ananda Development PCL		25,461,800		4,560,437
Srisawad Power Corp. PCL		1,750,240		3,661,700
				8,222,137

Turkey (0.69%)
Anadolu Hayat Emeklilik AS		577,500		1,027,567
Aselsan Elektronik Sanayi Ve Ticaret AS		144,900		1,296,386
AvivaSA Emeklilik ve Hayat AS		140,700		695,053
				3,019,006

United Arab Emirates (0.32%)
Aramex PJSC		1,018,125		1,419,357

United States (1.63%)
FirstCash, Inc.		111,970		7,149,285

Vietnam (1.77%)
DHG Pharmaceutical JSC		52,215		230,585
FPT Corp.		713,527		1,583,347
Lix Detergent JSC		437,310		866,437
Nui Nho Stone JSC		275,493		658,636
Vietnam Dairy Products JSC		666,076		4,428,287
				7,767,292

TOTAL COMMON STOCKS
(Cost $354,645,762)				429,967,449

	Principal Amount		Value (Note 2)
CORPORATE BONDS (0.15%)
Malaysia (0.15%)
AEON Credit Service M Bhd 3.50%, 09/15/2020	$	2,260,800	$	667,533

TOTAL CORPORATE BONDS
(Cost $537,071)				667,533

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Grandeur Peak Emerging Markets Opportunities Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
RIGHTS AND WARRANTS (0.02%)
Sri Lanka (0.02%)
Sampath Bank Plc, strike price 245.00 LKR, expires 11/15/2017		128,965	$	79,498

Taiwan (0.00%)^(e)
Materials Analysis Technology, strike price 82.00 TWD, expires 12/11/2017		67,660		11,666

TOTAL RIGHTS AND WARRANTS
(Cost $0)				91,164

TOTAL INVESTMENTS (98.33%)
(Cost $355,182,833)			$	430,726,146

Other Assets In Excess Of Liabilities (1.67%)				7,306,008

NET ASSETS (100.00%)			$	438,032,154

^(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 October 31, 2017, the aggregate market value of those securities was $29,290,913, representing 6.69% 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 October 31, 2017, these securities had a total aggregate market value of $21,038,674 representing 4.80% of net assets.

^(d)

Fair valued security under the procedures approved by the Fund's Board of Trustees.

^(e)

Less than 0.005%.

Currency Abbreviations:

LKR - Sri Lankan Rupee

TWD - Taiwan Dollar

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

See Notes to Financial Statements.

36	1.855.377.7325 \| www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.12%)
Australia (5.63%)
Australian Ethical Investment, Ltd.		415	$	40,020
Beacon Lighting Group, Ltd.		79,100		88,387
Blue Sky Alternative Investments, Ltd.		48,300		520,487
CTI Logistics, Ltd.		158,141		135,557
Fiducian Group, Ltd.		106,428		443,928
Greencross, Ltd.		46,500		188,977
Lycopodium, Ltd.		94,426		306,782
Medical Developments International, Ltd.		15,057		72,601
Mitula Group, Ltd.^(a)		387,052		164,408
Monash IVF Group, Ltd.		79,900		95,396
National Storage REIT		158,694		179,149
National Veterinary Care, Ltd.		2,300		4,647
Netwealth Group, Ltd.^(a)		200		566
Reject Shop, Ltd.		21,835		77,875
				2,318,780

Bangladesh (0.32%)
Berger Paints Bangladesh, Ltd.		5,281		132,899

Britain (9.14%)
AB Dynamics PLC		12,432		106,500
Arrow Global Group PLC		37,119		208,661
City of London Investment Group PLC		36,977		199,759
dotdigital group PLC		187,400		222,761
Horizon Discovery Group PLC^(a)		42,400		144,163
IDOX PLC		92,000		76,216
LoopUp Group PLC^(a)		103,800		403,247
Morses Club PLC		78,838		137,823
Motorpoint group PLC^(b)		36,651		74,234
On the Beach Group PLC^(b)(c)		51,200		280,505
Oxford Immunotec Global PLC^(a)		22,794		301,337
Premier Asset Management Group PLC		121,300		325,431
Premier Technical Services Group PLC		83,600		185,981
River & Mercantile Group PLC		61,300		286,176
S&U PLC		3,000		79,490
Sanne Group PLC		42,937		456,214
Softcat PLC		21,500		153,199
Tracsis PLC		19,300		124,962
				3,766,659

Canada (1.33%)
Biosyent, Inc.^(a)		41,993		345,032
Cipher Pharmaceuticals, Inc.^(a)		31,300		105,053

	Shares		Value (Note 2)
Canada (continued)
DIRTT Environmental Solutions^(a)		20,200	$	99,740
				549,825

China (5.56%)
BBI Life Sciences Corp.^(b)		1,555,000		621,888
BrightKing Holdings, Ltd.		165,332		361,807
Hop Hing Group Holdings, Ltd.		3,397,000		101,456
O2Micro International, Ltd., ADR^(a)		226,900		451,531
On-Bright Electronics, Inc.		49,572		354,209
Xiabuxiabu Catering
Management China Holdings Co., Ltd.^(b)(c)		274,500		400,417
				2,291,308

Colombia (1.55%)
Amerisur Resources PLC^(a)		1,326,900		343,653
Bolsa de Valores de Colombia		20,370,422		163,389
Gran Tierra Energy, Inc.^(a)		59,850		129,875
				636,917

Egypt (0.36%)
Obour Land For Food Industries		149,039		150,334

France (2.51%)
Esker SA		3,500		216,487
Infotel SA		1,340		79,606
Medicrea International^(a)		16,100		73,891
Neurones		4,800		160,190
Tessi SA		850		171,767
Thermador Groupe		2,721		332,582
				1,034,523

Georgia (1.10%)
Georgia Healthcare Group PLC^(a)(b)(c)		34,700		161,304
TBC Bank Group PLC		12,822		291,546
				452,850

Germany (1.19%)
Nexus AG		6,200		188,171
publity AG		6,900		303,857
				492,028

Greece (0.93%)
Sarantis SA		26,700		384,104

Greenland (0.38%)
Gronlandsbanken A/S		1,552		155,485

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017

Grandeur Peak Global Micro Cap Fund

Portfolio of Investments

October 31, 2017 (Unaudited)

	Shares		Value (Note 2)
Hong Kong (3.10%)
Essex Bio-technology, Ltd.		519,000	$	334,628
International Housewares Retail Co., Ltd.		1,210,000		227,998
Jacobson Pharma Corp., Ltd.^(b)		775,000		200,669
Plover Bay Technologies, Ltd.^(b)		1,096,000		221,971
TK Group Holdings, Ltd.		591,000		291,659
				1,276,925

India (7.30%)
Byke Hospitality, Ltd.		196,779		477,735
Control Print, Ltd.		23,500		144,745
Cyient, Ltd.		23,640		197,288
Essel Propack, Ltd.		31,522		138,822
Igarashi Motors India, Ltd.		17,000		238,959
Kellton Tech Solutions, Ltd.^(a)		49,232		74,489
Kovai Medical Center and Hospital		21,967		384,390
Kwality, Ltd.		107,500		167,047
Somany Ceramics, Ltd.		13,033		170,852
Thyrocare Technologies, Ltd.^(a)		14,000		149,572
Time Technoplast, Ltd.		232,015		668,056
Vaibhav Global, Ltd.^(a)		1,792		18,144
Vesuvius India, Ltd.		8,570		178,032
				3,008,131

Indonesia (3.09%)
Arwana Citramulia Tbk PT		7,920,100		224,245
Astra Graphia Tbk PT		1,179,700		115,687
BFI Finance Indonesia Tbk PT		6,449,300		332,867
Hexindo Adiperkasa Tbk PT		634,500		162,338
Lippo Cikarang Tbk PT^(a)		102,300		28,663
Panin Sekuritas Tbk PT		272,700		41,219
Selamat Sempurna Tbk PT		3,863,900		367,516
				1,272,535

Ireland (1.63%)
Hostelworld Group PLC^(b)(c)		43,487		197,386
Irish Residential Properties REIT PLC		275,700		473,695
				671,081

Japan (12.66%)
Abist Co., Ltd.		4,400		175,683
AIT Corp.		19,600		228,053
Amiyaki Tei Co., Ltd.		4,800		224,581
Anshin Guarantor Service Co., Ltd.		19,200		82,403
Arcland Service Holdings Co., Ltd.		8,000		176,175
Atrae, Inc.^(a)		3,400		201,240
Central Automotive Products, Ltd.		16,500		267,442
eGuarantee, Inc.		5,500		154,303

	Shares		Value (Note 2)
Japan (continued)
Encourage Technologies Co., Ltd.		4,000	$	76,092
Future Corp.		22,700		227,988
GCA Corp.		23,200		211,178
Hard Off Corp. Co., Ltd.		44,400		454,133
Interworks, Inc.		13,400		134,230
Komehyo Co., Ltd.		7,000		110,813
M&A Capital Partners Co., Ltd.^(a)		14,200		740,565
Marklines Co, Ltd.		20,500		197,960
Naigai Trans Line, Ltd.		10,800		160,711
Prestige International, Inc.		16,900		181,775
Qol Co., Ltd.		11,400		208,840
Quick Co., Ltd.		12,900		222,024
Synchro Food Co., Ltd.^(a)		6,800		104,657
Syuppin Co., Ltd.		22,500		510,532
Trancom Co., Ltd.		2,700		163,845
				5,215,223

Malaysia (1.58%)
AEON Credit Service M Bhd		64,950		213,253
Bison Consolidated Bhd		571,000		326,401
Scicom MSC Bhd		251,600		112,324
				651,978

Mexico (0.37%)
Credito Real SAB de CV SOFOM ER		95,430		153,311

Netherlands (0.77%)
Shop Apotheke Europe NV^(a)(c)		4,267		315,522

New Zealand (2.19%)
CBL Corp., Ltd.		159,993		321,880
Restaurant Brands New Zealand, Ltd.		54,264		251,761
Trilogy International, Ltd.		204,522		328,893
				902,534

Norway (4.37%)
Infront ASA^(a)		65,100		195,268
Medistim ASA		25,862		221,638
Multiconsult ASA^(b)(c)		22,900		242,513
Nordic Semiconductor ASA^(a)		14,700		73,608
Self Storage Group ASA^(a)		82,800		141,920
Skandiabanken ASA^(b)(c)		57,900		586,585
Webstep ASA^(a)		106,700		338,336
				1,799,868

Oman (0.35%)
Tethys Oil AB		19,300		142,358

Pakistan (0.59%)
Akzo Nobel Pakistan, Ltd.		71,300		142,180

See Notes to Financial Statements.

38 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Pakistan (continued)

Kohinoor Textile Mills, Ltd. 159,000 $ 100,546

242,726

Philippines (1.98%)

Concepcion Industrial Corp. 169,770 213,754

Pepsi-Cola Products Philippines, Inc. 371,000 20,697

Pryce Corp.^(a) 4,586,500 579,254

813,705

Poland (1.26%)

LiveChat Software SA 13,800 182,928

Medicalgorithmics SA 2,600 144,002

PGS Software SA 51,047 192,691

519,621

Singapore (0.79%)

Riverstone Holdings, Ltd. 419,800 324,913

South Africa (0.75%)

ARB Holdings, Ltd. 400,143 169,807

Cartrack Holdings, Ltd. 132,200 140,253

310,060

South Korea (2.80%)

Daebongls Co., Ltd. 19,226 166,802

Daewon Pharmaceutical Co., Ltd. 8,250 131,443

Hy-Lok Corp. 8,412 185,457

ISC Co., Ltd. 12,447 235,530

Koh Young Technology, Inc. 2,010 137,786

LEENO Industrial, Inc. 4,800 219,360

Vitzrocell Co., Ltd.^(a)(d) 11,180 75,965

1,152,343

Sri Lanka (0.95%)

Royal Ceramics Lanka PLC 267,000 205,084

Sampath Bank PLC 84,605 187,081

392,165

Sweden (3.02%)

Absolent Group AB 8,029 114,369

Bufab AB 10,821 129,257

HIQ International AB 26,600 190,643

Moberg Pharma AB^(a) 20,900 94,868

Odd Molly International AB 28,046 77,723

Swedencare AB^(a) 50,955 146,079

TF Bank AB^(b) 11,400 129,025

Vitec Software Group AB, Class B 35,500 360,443

1,242,407

Taiwan (3.82%)

Dr. Wu Skincare Co., Ltd. 26,100 116,829

Shares Value
(Note 2)

Taiwan (continued)

I Yuan Precision Ind Co., Ltd. 35,000 $ 136,358

Materials Analysis Technology, Inc. 48,045 138,912

Rafael Microelectronics, Inc. 20,000 136,276

Sinmag Equipment Corp. 34,000 172,483

Sitronix Technology Corp. 66,000 186,886

Sporton International, Inc. 24,481 124,193

Tehmag Foods Corp. 25,300 187,488

TSC Auto ID Technology Co., Ltd. 27,000 197,401

TTFB Co., Ltd. 24,000 177,854

1,574,680

Thailand (1.50%)

Ananda Development PCL 3,447,000 617,389

United States (11.64%)

Aratana Therapeutics, Inc.^(a) 19,400 111,162

Bank of Marin Bancorp 2,975 201,556

BioDelivery Sciences International, Inc.^(a) 42,375 121,828

Diamond Hill Investment Group, Inc. 800 169,544

Esquire Financial Holdings, Inc.^(a) 5,075 84,803

First of Long Island Corp. 13,150 414,882

GBGI, Ltd.^(a) 192,500 444,864

Hackett Group, Inc. 12,350 190,684

Hennessy Advisors, Inc. 2,328 38,459

Hingham Institution for Savings 2,715 528,610

Inphi Corp.^(a) 3,600 147,528

K2M Group Holdings, Inc.^(a) 5,450 107,311

Kinsale Capital Group, Inc. 5,100 221,238

LGI Homes, Inc.^(a) 2,900 174,957

Malibu Boats, Inc., Class A^(a) 4,686 146,203

NV5 Global, Inc.^(a) 4,350 252,735

OrthoPediatrics Corp.^(a) 2,000 36,520

Reis, Inc. 4,375 79,844

Seacoast Commerce Banc Holdings 15,325 309,565

STAAR Surgical Co.^(a) 15,175 201,069

Transcat, Inc.^(a) 15,166 192,608

Trecora Resources^(a) 13,258 161,085

TriMas Corp.^(a) 5,900 156,645

Veracyte, Inc.^(a) 19,333 165,297

Zix Corp.^(a) 27,775 134,709

4,793,706

Vietnam (1.61%)

DHG Pharmaceutical JSC 59,780 263,993

Lix Detergent JSC 107,410 212,810

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 39

Grandeur Peak Global Micro Cap Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Vietnam (continued)

Taisun Int'l Holding Corp. 46,000 $ 188,365

665,168

TOTAL COMMON STOCKS

(Cost $32,353,895) 40,424,061

Principal Amount Value
(Note 2)

CORPORATE BONDS (0.52%)

Germany (0.42%)

publity AG

3.50%, 11/17/2020 $ 150,000 $ 174,028

Malaysia (0.10%)

AEON Credit Service M Bhd

3.50%, 09/15/2020 $ 129,900 38,355

TOTAL CORPORATE BONDS

(Cost $195,634) 212,383

Shares Value
(Note 2)

RIGHTS AND WARRANTS (0.02%)

Sri Lanka (0.02%)

Sampath Bank Plc, strike price 245.00 LKR, expires 11/15/2017 14,100 8,692

Taiwan (0.00%)^(e)

Materials Analysis Technology, strike price 82.00 TWD, expires 12/11/2017 6,488 1,118

TOTAL RIGHTS AND WARRANTS

(Cost $0) 9,810

TOTAL INVESTMENTS (98.66%)

(Cost $32,549,529) $ 40,646,254

Other Assets In Excess Of Liabilities (1.34%) 552,838

NET ASSETS (100.00%) $ 41,199,092

^(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 October 31, 2017, the aggregate market value of those securities was $3,116,497, representing 7.56% 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 October 31, 2017, these securities had a total aggregate market value of $2,184,232 representing 5.30% of net assets.

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

^(e) Less than 0.005%.

Currency Abbreviations:

LKR - Sri Lankan Rupee

TWD - Taiwan Dollar

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

See Notes to Financial Statements.

40 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (95.47%)

Argentina (0.42%)

Globant SA^(a) 87,275 $ 3,292,013

Australia (1.57%)

Blue Sky Alternative Investments, Ltd. 291,700 3,143,398

Greencross, Ltd. 544,716 2,213,732

Magellan Financial Group, Ltd. 193,064 3,586,175

National Storage REIT 1,609,090 1,816,489

National Veterinary Care, Ltd. 280,456 566,668

Netwealth Group, Ltd.^(a) 4,600 13,026

Reject Shop, Ltd. 276,478 986,068

12,325,556

Austria (1.20%)

Palfinger AG 213,105 9,432,945

Belgium (0.82%)

Melexis NV 64,493 6,461,474

Britain (9.62%)

Abcam PLC 139,253 1,840,243

Arrow Global Group PLC 765,039 4,300,589

Ascential PLC 471,400 2,109,298

B&M European Value Retail SA 1,065,300 5,621,315

Clinigen Group PLC 645,076 10,084,045

Close Brothers Group PLC 128,900 2,377,949

Diploma PLC 175,800 2,519,346

Domino's Pizza Group PLC 624,200 2,783,060

EMIS Group PLC 371,617 4,748,080

Intertek Group PLC 39,800 2,867,677

Metro Bank PLC^(a) 75,800 3,580,968

Motorpoint group PLC^(b) 747,358 1,513,721

On the Beach Group PLC^(b)(c) 608,300 3,332,646

Oxford Immunotec Global PLC^(a) 246,554 3,259,444

Premier Asset Management Group PLC 248,700 667,228

River & Mercantile Group PLC 477,200 2,227,785

RPS Group PLC 1,508,839 5,896,670

Sanne Group PLC 618,914 6,576,089

Secure Trust Bank PLC 110,600 2,710,185

Ted Baker PLC 75,000 2,759,233

Ultra Electronics Holdings PLC 150,750 3,651,990

75,427,561

Canada (2.05%)

Biosyent, Inc.^(a) 238,700 1,961,259

Cipher Pharmaceuticals, Inc.^(a) 588,400 1,974,864

Richelieu Hardware, Ltd. 173,865 4,553,832

Spartan Energy Corp.^(a) 30,134 159,534

Shares Value (Note 2)

Canada (continued)

Stantec, Inc. 259,512 $ 7,414,628

16,064,117

China (6.78%)

BBI Life Sciences Corp.^(b) 12,969,000 5,186,669

BrightKing Holdings, Ltd. 342,000 748,421

China Medical System Holdings, Ltd. 3,354,000 6,199,487

CSPC Pharmaceutical Group, Ltd. 2,960,000 5,144,922

Man Wah Holdings, Ltd. 16,275,000 14,686,595

O2Micro International, Ltd., ADR^(a) 870,186 1,731,670

On-Bright Electronics, Inc. 831,181 5,939,074

Silergy Corp. 353,852 7,637,980

Xiabuxiabu Catering

Management China

Holdings Co., Ltd.^(b)(c) 4,005,000 5,842,144

53,116,962

Colombia (0.81%)

Amerisur Resources PLC^(a) 3,109,700 805,379

Gran Tierra Energy, Inc.^(a) 775,950 1,683,812

Parex Resources, Inc.^(a) 288,300 3,834,763

6,323,954

Egypt (0.07%)

Integrated Diagnostics

Holdings PLC^(b)(c) 131,600 513,240

Finland (0.38%)

Metso OYJ 81,000 2,944,753

France (1.66%)

Alten SA 17,853 1,562,825

Bureau Veritas SA 81,100 2,172,323

Esker SA 30,047 1,858,513

Infotel SA 12,620 749,721

Medicrea International^(a) 150,185 689,275

Neurones 39,608 1,321,836

Tessi SA 8,710 1,760,101

Thermador Groupe 23,869 2,917,454

13,032,048

Georgia (0.98%)

BGEO Group PLC 111,900 5,290,875

TBC Bank Group PLC 105,500 2,398,853

7,689,728

Germany (3.79%)

Aroundtown SA 734,200 5,157,055

GRENKE AG 20,700 2,025,683

Nexus AG 127,175 3,859,783

Norma Group SE 76,768 5,223,210

PATRIZIA Immobilien AG^(a) 187,213 3,949,340

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 41

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Germany (continued)

publity AG 83,400 $ 3,672,699

Wirecard AG 58,785 5,789,622

29,677,392

Hong Kong (2.05%)

International Housewares Retail Co., Ltd. 12,296,000 2,316,907

Samsonite International SA 845,000 3,525,617

Value Partners Group, Ltd. 7,635,000 7,565,123

Vitasoy International Holdings, Ltd. 1,135,483 2,625,697

16,033,344

India (7.31%)

Alkem Laboratories, Ltd. 270,131 7,814,755

Bajaj Finance, Ltd. 203,250 5,650,222

Byke Hospitality, Ltd. 869,500 2,110,950

City Union Bank, Ltd. 616,593 1,537,883

Cyient, Ltd. 532,616 4,444,959

Essel Propack, Ltd. 186,695 822,197

Genpact, Ltd. 52,450 1,597,103

Glenmark Pharmaceuticals, Ltd. 193,500 1,845,340

Hinduja Global Solutions, Ltd. 212,100 1,890,427

Indiabulls Housing Finance, Ltd. 143,500 2,756,179

Kellton Tech Solutions, Ltd.^(a) 593,000 897,219

Kovai Medical Center and Hospital 25,501 446,229

L&T Finance Holdings, Ltd. 673,000 2,090,032

L&T Technology Services, Ltd.^(b)(c) 29,848 383,865

SBI Life Insurance Co., Ltd.^(a)(b)(c) 57,297 585,697

Tata Investment Corp., Ltd. 41,672 559,122

Time Technoplast, Ltd. 1,450,205 4,175,668

Vakrangee, Ltd. 650,000 5,642,859

Vesuvius India, Ltd. 37,365 776,216

WNS Holdings, Ltd., ADR^(a) 158,125 5,996,100

Yes Bank, Ltd. 1,081,000 5,244,677

57,267,699

Indonesia (2.25%)

Arwana Citramulia Tbk PT 59,516,800 1,685,121

Astra Graphia Tbk PT 7,655,400 750,723

Bank Rakyat Indonesia Persero Tbk PT 1,973,500 2,269,980

Delfi, Ltd. 1,572,400 1,707,250

Link Net Tbk PT 3,945,800 1,451,763

Panin Sekuritas Tbk PT 4,960,800 749,835

Selamat Sempurna Tbk PT 59,713,000 5,679,614

Tempo Scan Pacific Tbk PT 15,553,000 2,121,515

Shares Value
(Note 2)

Indonesia (continued)

Ultrajaya Milk Industry & Trading Co. Tbk PT 13,018,000 $ 1,252,608

17,668,409

Ireland (0.34%)

Irish Residential Properties REIT PLC 1,553,046 2,668,372

Israel (0.45%)

Wix.com, Ltd.^(a) 50,750 3,542,350

Italy (0.38%)

Brembo SpA 182,700 3,017,761

Japan (8.29%)

AIT Corp. 365,500 4,252,729

Amiyaki Tei Co., Ltd. 69,200 3,237,712

Arcland Service Holdings Co., Ltd. 148,800 3,276,858

Create SD Holdings Co., Ltd. 146,700 3,669,274

CyberAgent, Inc. 68,200 2,099,292

Dip Corp. 123,300 2,995,071

Future Corp. 220,300 2,212,590

GCA Corp. 389,000 3,540,873

Hard Off Corp. Co., Ltd. 250,700 2,564,215

Japan Lifeline Co., Ltd. 52,400 2,506,979

M&A Capital Partners Co., Ltd.^(a) 84,700 4,417,317

Macromill, Inc. 96,100 2,882,028

MISUMI Group, Inc. 136,600 3,724,199

Naigai Trans Line, Ltd. 55,300 822,898

Nihon M&A Center, Inc. 111,000 5,281,298

Prestige International, Inc. 219,000 2,355,543

SK Kaken Co., Ltd. 11,000 912,757

Suruga Bank, Ltd. 67,500 1,524,471

Synchro Food Co., Ltd.^(a) 102,900 1,583,703

Syuppin Co., Ltd. 141,400 3,208,408

Tokyo Century Corp. 42,100 1,823,513

Trancom Co., Ltd. 100,470 6,096,856

64,988,584

Luxembourg (0.70%)

Grand City Properties SA 116,300 2,492,686

L'Occitane International SA 1,596,753 3,033,287

5,525,973

Malaysia (0.72%)

AEON Credit Service M Bhd 880,220 2,890,057

My EG Services Bhd 5,261,600 2,721,839

5,611,896

Mexico (0.61%)

Banregio Grupo Financiero

SAB de CV 383,034 2,043,061

See Notes to Financial Statements.

42 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Mexico (continued)

Credito Real SAB de CV SOFOM ER 1,688,349 $ 2,712,384

4,755,445

Netherlands (0.55%)

Aalberts Industries NV 87,822 4,331,871

New Zealand (1.18%)

CBL Corp., Ltd. 1,107,672 2,228,462

Restaurant Brands New Zealand, Ltd. 1,021,020 4,737,078

Trilogy International, Ltd. 1,411,798 2,270,320

9,235,860

Norway (1.90%)

Medistim ASA 152,700 1,308,643

Multiconsult ASA^(b)(c) 156,000 1,652,057

Nordic Semiconductor ASA^(a) 350,111 1,753,127

Norwegian Finans Holding ASA^(a) 195,467 2,440,944

Skandiabanken ASA^(b)(c) 761,300 7,712,730

14,867,501

Oman (0.20%)

Tethys Oil AB 218,000 1,607,987

Peru (0.82%)

Alicorp SAA 1,359,162 4,244,115

Credicorp, Ltd. 10,625 2,225,300

6,469,415

Philippines (2.08%)

Concepcion Industrial Corp. 1,390,152 1,750,313

Pepsi-Cola Products Philippines, Inc. 25,795,900 1,439,074

Puregold Price Club, Inc. 5,230,000 5,166,683

Robinsons Retail Holdings, Inc. 1,096,000 2,059,312

Security Bank Corp. 1,244,640 5,930,875

16,346,257

Poland (0.54%)

Dino Polska SA^(a)(b)(c) 146,023 2,748,800

PGS Software SA 120,487 454,812

Wawel SA 3,856 1,022,649

4,226,261

Singapore (0.45%)

CSE Global, Ltd. 1,720,750 473,392

Riverstone Holdings, Ltd. 3,984,200 3,083,656

3,557,048

South Africa (0.74%)

Cartrack Holdings, Ltd. 3,204,086 3,399,260

Shares Value
(Note 2)

South Africa (continued)

EOH Holdings, Ltd. 167,000 $ 1,245,051

Italtile, Ltd. 1,177,166 1,149,795

5,794,106

South Korea (1.92%)

Hy-Lok Corp. 208,907 4,605,706

ISC Co., Ltd. 138,308 2,617,155

Koh Young Technology, Inc. 39,781 2,726,988

LEENO Industrial, Inc. 46,500 2,125,050

Loen Entertainment, Inc. 31,500 2,994,377

15,069,276

Sweden (2.99%)

AddTech AB, Class B 182,127 4,035,591

Beijer Alma AB 85,931 2,771,422

Bufab AB 252,708 3,018,616

HIQ International AB 203,792 1,460,587

Hoist Finance AB^(b)(c) 247,700 2,603,740

Indutrade AB 154,800 4,293,605

Moberg Pharma AB^(a) 255,657 1,160,460

Nibe Industrier AB, Class B 308,400 3,085,234

TF Bank AB^(b) 86,200 975,608

23,404,863

Switzerland (1.03%)

Luxoft Holding, Inc.^(a) 44,200 2,057,510

VZ Holding AG 11,875 4,103,550

Wizz Air Holdings PLC^(a)(b)(c) 43,700 1,900,816

8,061,876

Taiwan (1.18%)

ASPEED Technology, Inc. 66,237 1,530,768

Cub Elecparts, Inc. 44,295 436,936

Sinmag Equipment Corp. 330,842 1,678,371

Sporton International, Inc. 773,249 3,922,714

Test Research, Inc. 554,000 771,498

TSC Auto ID Technology Co., Ltd. 125,000 913,891

9,254,178

Thailand (1.24%)

Ananda Development PCL 23,099,000 4,137,238

Premier Marketing PCL 5,382,700 2,365,666

Srisawad Power Corp. PCL 1,532,000 3,205,117

9,708,021

United Arab Emirates (0.21%)

Aramex PJSC 1,162,100 1,620,071

United States (24.81%)

Aratana Therapeutics, Inc.^(a) 282,375 1,618,009

Bank of the Ozarks, Inc. 109,475 5,103,724

BioDelivery Sciences International, Inc.^(a) 543,200 1,561,700

Blackline, Inc.^(a) 29,150 1,035,408

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 43

Grandeur Peak Global Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

United States (continued)

Diamond Hill Investment Group, Inc. 19,425 $ 4,116,740

Dril-Quip, Inc.^(a) 26,450 1,113,545

EPAM Systems, Inc.^(a) 75,850 6,913,727

ExlService Holdings, Inc.^(a) 52,700 3,289,534

Fastenal Co. 127,325 5,980,455

First of Long Island Corp. 25,425 802,159

First Republic Bank 111,975 10,906,365

FirstCash, Inc. 185,813 11,864,160

Gentex Corp. 220,250 4,275,052

Grand Canyon Education, Inc.^(a) 18,475 1,653,697

Hackett Group, Inc. 136,025 2,100,226

Hamilton Lane, Inc., Class A 142,093 3,906,137

Hibbett Sports, Inc.^(a) 74,683 955,942

Hingham Institution for Savings 20,000 3,894,000

Home BancShares, Inc. 186,775 4,198,702

IDEX Corp. 40,600 5,205,326

Inphi Corp.^(a) 123,600 5,065,128

Kinsale Capital Group, Inc. 70,550 3,060,459

Knight Transportation, Inc. 163,570 6,779,977

LGI Homes, Inc.^(a) 64,651 3,900,395

Littelfuse, Inc. 11,900 2,487,100

LKQ Corp.^(a) 79,900 3,011,431

MarketAxess Holdings, Inc. 39,900 6,942,600

MEDNAX, Inc.^(a) 100,975 4,421,695

Microchip Technology, Inc. 60,045 5,692,266

MongoDB, Inc.^(a) 275 8,382

Monro Muffler Brake, Inc. 79,975 3,946,766

MSC Industrial Direct Co., Inc., Class A 86,350 7,158,415

NV5 Global, Inc.^(a) 57,800 3,358,180

Paycom Software, Inc.^(a) 57,375 4,716,225

Power Integrations, Inc. 208,475 16,750,966

PRA Group, Inc.^(a) 149,525 4,171,748

Resources Connection, Inc. 155,850 2,454,638

ServisFirst Bancshares, Inc. 66,875 2,742,544

Signature Bank^(a) 26,900 3,497,269

Silicon Laboratories, Inc.^(a) 75,140 7,130,786

Sportsman's Warehouse Holdings, Inc.^(a) 600,975 2,463,998

STAAR Surgical Co.^(a) 270,895 3,589,359

SVB Financial Group^(a) 25,250 5,536,820

TriMas Corp.^(a) 145,225 3,855,724

Veracyte, Inc.^(a) 147,402 1,260,287

194,497,766

Vietnam (0.38%)

DHG Pharmaceutical JSC 128,530 567,597

Shares Value
(Note 2)

Vietnam (continued)

Vietnam Dairy Products JSC 358,800 $ 2,385,418

2,953,015

TOTAL COMMON STOCKS

(Cost $521,293,953)
748,386,948

Principal Amount Value
(Note 2)

CORPORATE BONDS (0.06%)

Malaysia (0.06%)

AEON Credit Service M Bhd

3.50%, 09/15/2020 $ 1,678,440 $ 495,583

TOTAL CORPORATE BONDS

(Cost $398,726)
495,583

TOTAL INVESTMENTS (95.53%)

(Cost $521,692,679)
$ 748,882,531

Other Assets In Excess Of Liabilities (4.47%) 35,034,349

NET ASSETS (100.00%) $ 783,916,880

^(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 October 31, 2017, the aggregate market value of those securities was $34,951,733, representing 4.46% 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 October 31, 2017, these securities had a total aggregate market value of $27,275,735 representing 3.48% of net assets.

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

See Notes to Financial Statements.

44 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (98.45%)

Argentina (0.31%)

Globant SA^(a) 29,213 $ 1,101,914

Australia (1.66%)

Australian Ethical Investment, Ltd. 4,878 470,406

Beacon Lighting Group, Ltd. 477,900 534,011

Blue Sky Alternative Investments, Ltd. 132,202 1,424,627

CTI Logistics, Ltd. 323,146 276,998

Fiducian Group, Ltd. 61,644 257,127

Greencross, Ltd. 196,400 798,172

Mitula Group, Ltd.^(a) 1,381,173 586,680

Monash IVF Group, Ltd. 206,100 246,072

National Storage REIT 433,616 489,506

National Veterinary Care, Ltd. 19,503 39,406

Netwealth Group, Ltd.^(a) 2,014 5,703

Reject Shop, Ltd. 204,953 730,972

5,859,680

Austria (0.48%)

Palfinger AG 38,148 1,688,595

Bangladesh (0.20%)

Square Pharmaceuticals, Ltd. 195,018 699,154

Belgium (0.30%)

Melexis NV 10,597 1,061,700

Bermuda (0.10%)

Bank of NT Butterfield & Son, Ltd. 9,000 336,150

Brazil (0.38%)

M Dias Branco SA 78,500 1,160,954

Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 33,110 185,322

1,346,276

Britain (9.45%)

AB Dynamics PLC 95,393 817,191

Abcam PLC 35,989 475,598

Arrow Global Group PLC 207,251 1,165,041

Ascential PLC 404,702 1,810,855

B&M European Value Retail SA 241,600 1,274,861

Burford Capital, Ltd. 51,500 848,157

Clinigen Group PLC 177,730 2,778,335

Close Brothers Group PLC 52,019 959,647

Diploma PLC 68,800 985,956

Domino's Pizza Group PLC 278,400 1,241,275

dotdigital group PLC 1,266,456 1,505,430

EMIS Group PLC 53,596 684,786

Shares Value
(Note 2)

Britain (continued)

Horizon Discovery Group PLC^(a) 212,900 $ 723,874

IDOX PLC 550,000 455,639

Intertek Group PLC 17,100 1,232,092

LoopUp Group PLC^(a) 218,949 850,582

Metro Bank PLC^(a) 38,000 1,795,208

Morses Club PLC 475,200 830,735

Mortgage Advice Bureau Holdings, Ltd. 109,500 738,070

Motorpoint group PLC^(b) 172,653 349,697

On the Beach Group PLC^(b)(c) 327,200 1,792,605

Oxford Immunotec Global PLC^(a) 68,850 910,197

Premier Asset Management Group PLC 231,500 621,083

Premier Technical Services Group PLC 423,700 942,585

Purplebricks Group PLC^(a) 160,000 772,984

RPS Group PLC 195,399 763,636

S&U PLC 18,000 476,939

Sanne Group PLC 164,073 1,743,310

Secure Trust Bank PLC 24,000 588,105

Softcat PLC 129,138 920,177

Ted Baker PLC 18,379 676,159

Ultra Electronics Holdings PLC 34,450 834,568

WANdisco PLC^(a) 66,045 710,514

33,275,891

Canada (2.33%)

Biosyent, Inc.^(a) 113,100 929,277

Birchcliff Energy, Ltd. 193,000 785,404

Cipher Pharmaceuticals, Inc.^(a) 160,200 537,684

DIRTT Environmental Solutions^(a) 248,900 1,228,969

Ritchie Bros Auctioneers, Inc. 37,025 1,037,811

Spartan Energy Corp.^(a) 227,700 1,205,481

Stantec, Inc. 62,520 1,786,285

TFI International, Inc. 29,396 709,551

8,220,462

China (6.99%)

BBI Life Sciences Corp.^(b) 6,405,500 2,561,740

BrightKing Holdings, Ltd. 424,312 928,550

China Medical System Holdings, Ltd. 1,860,000 3,437,998

CSPC Pharmaceutical Group, Ltd. 1,014,000 1,762,484

Hop Hing Group Holdings, Ltd. 27,291,000 815,085

Lida Holdings, Ltd. 220,000 740,397

Man Wah Holdings, Ltd. 6,571,400 5,930,045

O2Micro International, Ltd., ADR^(a) 292,039 581,157

On-Bright Electronics, Inc. 210,528 1,504,295

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 45

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

China (continued)

Shanghai Haohai Biological Technology Co., Ltd., Class H^(b)(c) 217,700 $ 1,064,585

Silergy Corp. 120,925 2,610,195

Xiabuxiabu Catering Management China Holdings Co., Ltd.^(b)(c) 1,831,000 2,670,903

24,607,434

Colombia (1.22%)

Amerisur Resources PLC^(a) 5,262,400 1,362,906

Gran Tierra Energy, Inc.^(a) 386,195 838,043

Parex Resources, Inc.^(a) 158,361 2,106,406

4,307,355

Egypt (0.65%)

African Export-Import Bank^(a) 200,000 860,000

Commercial International Bank Egypt SAE 147,762 660,444

Integrated Diagnostics Holdings PLC^(b)(c) 201,400 785,460

2,305,904

Finland (0.67%)

Ferratum OYJ^(b) 30,300 952,788

Metso OYJ 24,600 894,332

Terveystalo Oyj^(a) 43,700 524,311

2,371,431

France (1.50%)

Alten SA 10,400 910,400

Esker SA 23,409 1,447,930

Infotel SA 14,560 864,971

Medicrea International^(a) 68,768 315,611

Neurones 17,282 576,752

Thermador Groupe 9,404 1,149,430

5,265,094

Georgia (0.94%)

BGEO Group PLC 28,700 1,356,998

Georgia Healthcare Group PLC^(a)(b)(c) 102,948 478,557

TBC Bank Group PLC 65,290 1,484,560

3,320,115

Germany (3.62%)

Aroundtown SA 198,277 1,392,707

CANCOM SE 9,800 722,831

GRENKE AG 17,800 1,741,891

Hypoport AG^(a) 6,070 878,527

Nexus AG 32,485 985,925

Norma Group SE 36,160 2,460,287

PATRIZIA Immobilien AG^(a) 49,904 1,052,747

publity AG 15,300 673,769

Shares Value
(Note 2)

Germany (continued)

Wirecard AG 28,696 $ 2,826,214

12,734,898

Greece (0.49%)

Sarantis SA 119,670 1,721,561

Hong Kong (2.82%)

Essex Bio-technology, Ltd. 2,168,000 1,397,831

International Housewares Retail Co., Ltd. 8,915,000 1,679,833

Jacobson Pharma Corp., Ltd.^(b) 3,565,000 923,078

Plover Bay Technologies,Ltd.^(b) 2,065,000 418,220

Samsonite International SA 361,800 1,509,548

TK Group Holdings, Ltd. 2,778,000 1,370,946

Value Partners Group, Ltd. 696,000 689,630

Vitasoy International Holdings, Ltd. 847,000 1,958,608

9,947,694

India (6.99%)

Alkem Laboratories, Ltd. 50,482 1,460,419

Bajaj Finance, Ltd. 25,000 694,984

Byke Hospitality, Ltd. 756,500 1,836,611

Control Print, Ltd. 146,500 902,347

Cyient, Ltd. 181,100 1,511,374

Essel Propack, Ltd. 212,042 933,824

Genpact, Ltd. 12,100 368,445

Glenmark Pharmaceuticals, Ltd. 130,000 1,239,763

Hinduja Global Solutions, Ltd. 40,789 363,548

Igarashi Motors India, Ltd. 66,087 928,945

Kellton Tech Solutions, Ltd.^(a) 269,512 407,776

Kovai Medical Center and Hospital 18,322 320,608

Kwality, Ltd. 575,814 894,775

L&T Finance Holdings, Ltd. 119,500 371,113

L&T Technology Services, Ltd.^(b)(c) 78,000 1,003,130

Natco Pharma, Ltd. 28,500 425,996

Poly Medicure, Ltd. 190,208 781,139

SBI Life Insurance Co., Ltd.^(a)(b)(c) 48,754 498,370

Somany Ceramics, Ltd. 104,500 1,369,913

Thyrocare Technologies, Ltd.^(a) 33,000 352,564

Time Technoplast, Ltd. 572,285 1,647,817

Vaibhav Global, Ltd.^(a) 102,142 1,034,174

Vakrangee, Ltd. 116,000 1,007,033

Vesuvius India, Ltd. 34,043 707,205

WNS Holdings, Ltd., ADR^(a) 77,225 2,928,372

Yes Bank, Ltd. 127,500 618,590

24,608,835

See Notes to Financial Statements.

46 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Indonesia (2.52%)

Arwana Citramulia Tbk PT 26,137,200 $ 740,032

Astra Graphia Tbk PT 1,409,100 138,183

Bank Rakyat Indonesia Persero Tbk PT 345,000 396,830

Delfi, Ltd. 1,017,500 1,104,761

Hexindo Adiperkasa Tbk PT 1,636,900 418,805

Indonesia Pondasi Raya Tbk PT 4,178,000 331,930

Link Net Tbk PT 1,814,400 667,565

Sarana Menara Nusantara Tbk Pt 2,740,000 828,313

Selamat Sempurna Tbk PT 29,693,300 2,824,284

Tempo Scan Pacific Tbk PT 6,515,800 888,791

Ultrajaya Milk Industry & Trading Co. Tbk PT 5,474,800 526,792

8,866,286

Ireland (0.97%)

Hostelworld Group PLC^(b)(c) 371,708 1,687,166

Irish Residential Properties REIT PLC 997,777 1,714,335

3,401,501

Israel (1.71%)

IDI Insurance Co., Ltd. 13,409 898,693

Kornit Digital, Ltd.^(a) 89,560 1,392,658

Wix.com, Ltd.^(a) 53,375 3,725,575

6,016,926

Italy (0.60%)

Brembo SpA 108,750 1,796,286

Telit Communications PLC 138,900 316,845

2,113,131

Japan (6.69%)

Abist Co., Ltd. 12,500 499,099

AIT Corp. 70,200 816,803

Amiyaki Tei Co., Ltd. 28,800 1,347,487

Anshin Guarantor Service Co., Ltd. 101,000 433,473

Arcland Service Holdings Co., Ltd. 45,600 1,004,199

Create SD Holdings Co., Ltd. 47,300 1,183,072

CyberAgent, Inc. 17,000 523,284

Dip Corp. 14,800 359,506

Encourage Technologies Co., Ltd. 23,400 445,136

Future Corp. 77,800 781,387

Hard Off Corp. Co., Ltd. 213,000 2,178,611

Interworks, Inc. 32,200 322,552

Japan Lifeline Co., Ltd. 11,800 564,549

M&A Capital Partners Co., Ltd.^(a) 26,500 1,382,041

Macromill, Inc. 24,600 737,751

MISUMI Group, Inc. 67,800 1,848,467

Shares Value
(Note 2)

Japan (continued)

MonotaRO Co., Ltd. 25,500 $ 697,463

Nihon M&A Center, Inc. 35,100 1,670,032

Prestige International, Inc. 32,200 346,340

Qol Co., Ltd. 68,300 1,251,211

Quick Co., Ltd. 39,000 671,237

SK Kaken Co., Ltd. 2,000 165,956

Synchro Food Co., Ltd.^(a) 42,500 654,105

Syuppin Co., Ltd. 92,300 2,094,314

Trancom Co., Ltd. 9,300 564,355

Trust Tech, Inc. 12,000 347,214

Zenkoku Hosho Co., Ltd. 16,500 674,772

23,564,416

Jordan (0.19%)

Hikma Pharmaceuticals PLC 43,400 670,950

Kenya (0.24%)

Safaricom, Ltd. 3,427,700 842,471

Luxembourg (0.21%)

Grand City Properties SA 34,400 737,304

Malaysia (0.64%)

AEON Credit Service M Bhd 222,900 731,855

Berjaya Food Bhd 485,400 170,839

Bison Consolidated Bhd 909,000 519,613

CB Industrial Product Holding Bhd 876,633 399,646

Scicom MSC Bhd 934,000 416,974

2,238,927

Mexico (0.53%)

Banregio Grupo Financiero SAB de CV 219,657 1,171,626

Unifin Financiera SAB de CV SOFOM ENR 202,450 686,388

1,858,014

Netherlands (1.31%)

Aalberts Industries NV 53,682 2,647,896

Shop Apotheke Europe NV^(a)(c) 26,570 1,964,710

4,612,606

New Zealand (1.60%)

CBL Corp., Ltd. 819,006 1,647,711

Fisher & Paykel Healthcare Corp., Ltd. 47,428 430,029

Restaurant Brands New Zealand, Ltd. 367,658 1,705,769

Trilogy International, Ltd. 1,145,563 1,842,186

5,625,695

Norway (1.67%)

Infront ASA^(a) 156,700 470,023

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 47

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Norway (continued)

Medistim ASA 75,150 $ 644,038

Multiconsult ASA^(b)(c) 63,000 667,177

Nordic Semiconductor ASA^(a) 99,900 500,234

Norwegian Finans Holding ASA^(a) 56,100 700,563

Self Storage Group ASA^(a) 304,900 522,600

Skandiabanken ASA^(b)(c) 164,200 1,663,510

Webstep ASA^(a) 228,300 723,919

5,892,064

Oman (0.29%)

Tethys Oil AB 137,900 1,017,162

Pakistan (0.19%)

Akzo Nobel Pakistan, Ltd. 187,900 374,694

Meezan Bank, Ltd. 493,960 307,251

681,945

Peru (0.77%)

Alicorp SAA 620,299 1,936,943

Credicorp, Ltd. 3,700 774,928

2,711,871

Philippines (1.73%)

Concepcion Industrial Corp. 1,147,920 1,445,323

Holcim Philippines, Inc. 2,549,400 592,597

Pepsi-Cola Products Philippines, Inc. 13,292,100 741,525

Pryce Corp.^(a) 5,447,000 687,931

Puregold Price Club, Inc. 860,700 850,280

Security Bank Corp. 369,700 1,761,670

6,079,326

Poland (1.27%)

Dino Polska SA^(a)(b)(c) 145,618 2,741,177

LiveChat Software SA 91,450 1,212,232

PGS Software SA 138,887 524,267

4,477,676

Russia (0.27%)

MD Medical Group Investments PLC, GDR^(b) 14,755 153,452

TCS Group Holding PLC, GDR^(b) 44,300 808,475

961,927

Singapore (0.27%)

CSE Global, Ltd. 774,500 213,071

Riverstone Holdings, Ltd. 947,800 733,570

946,641

South Africa (1.74%)

ARB Holdings, Ltd. 2,093,266 888,310

Blue Label Telecoms, Ltd. 564,502 688,721

Shares Value
(Note 2)

South Africa (continued)

Capitec Bank Holdings, Ltd. 4,800 $ 319,069

Cartrack Holdings, Ltd. 1,471,000 1,560,605

Clicks Group, Ltd. 81,600 914,359

EOH Holdings, Ltd. 68,600 511,440

Interwaste Holdings, Ltd.^(a) 5,043,434 331,740

Italtile, Ltd. 921,472 900,046

6,114,290

South Korea (2.34%)

Daebongls Co., Ltd. 62,400 541,374

Hanssem Co., Ltd. 3,300 502,209

Hy-Lok Corp. 36,240 798,972

Interpark Holdings Corp. 96,500 360,470

ISC Co., Ltd. 58,330 1,103,758

Koh Young Technology, Inc. 14,143 969,503

Loen Entertainment, Inc. 16,000 1,520,953

Mando Corp. 3,700 1,078,279

Medy-Tox, Inc. 2,004 757,526

Vitzrocell Co., Ltd.^(a)(d) 88,536 601,580

8,234,624

Spain (0.00%)^(e)

Let's GOWEX SA^(a)(d)(f) 10,700 12

Sri Lanka (0.54%)

Hemas Holdings PLC 1,037,261 877,748

Royal Ceramics Lanka PLC 1,352,145 1,038,588

1,916,336

Sweden (2.49%)

Avanza Bank Holding Ab 15,800 595,450

Bufab AB 74,698 892,273

HIQ International AB 90,026 645,221

Hoist Finance AB^(b)(c) 103,900 1,092,162

Indutrade AB 36,300 1,006,834

Moberg Pharma AB^(a) 111,100 504,297

Nibe Industrier AB, Class B 35,700 357,143

Sweco AB, Class B 54,500 1,165,953

Swedencare AB^(a) 172,900 495,673

TF Bank AB^(b) 116,700 1,320,806

Vitec Software Group AB, Class B 67,500 685,349

8,761,161

Switzerland (0.94%)

Luxoft Holding, Inc.^(a) 21,100 982,205

Wizz Air Holdings PLC^(a)(b)(c) 53,400 2,322,737

3,304,942

Taiwan (2.32%)

ASPEED Technology, Inc. 37,771 872,905

Bioteque Corp. 134,000 397,653

Cub Elecparts, Inc. 6,994 68,990

Dr. Wu Skincare Co., Ltd. 190,000 850,478

I Yuan Precision Ind Co., Ltd. 132,000 514,266

See Notes to Financial Statements.

48 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Taiwan (continued)

Sinmag Equipment Corp. 169,371 $ 859,224

Sitronix Technology Corp. 267,000 756,040

Sporton International, Inc. 277,089 1,405,680

Test Research, Inc. 409,440 570,185

TSC Auto ID Technology Co., Ltd. 57,600 421,121

TTFB Co., Ltd. 148,000 1,096,769

Voltronic Power Technology Corp. 19,000 357,831

8,171,142

Thailand (0.74%)

Ananda Development PCL 6,517,100 1,167,271

Srisawad Power Corp. PCL 679,960 1,422,553

2,589,824

Turkey (0.18%)

Anadolu Hayat Emeklilik AS 213,300 379,532

AvivaSA Emeklilik ve Hayat AS 53,534 264,456

643,988

United States (21.24%)

Acacia Communications, Inc.^(a) 8,475 358,577

Aratana Therapeutics, Inc.^(a) 134,150 768,679

Axalta Coating Systems, Ltd.^(a) 31,375 1,043,219

Bank of the Ozarks, Inc. 53,175 2,479,018

BG Staffing, Inc. 38,025 641,862

BioDelivery Sciences International, Inc.^(a) 363,775 1,045,853

Blackline, Inc.^(a) 22,650 804,528

BofI Holding, Inc.^(a) 46,275 1,244,797

CoBiz Financial, Inc. 44,762 914,935

Dril-Quip, Inc.^(a) 9,225 388,372

Edwards Lifesciences Corp.^(a) 6,825 697,720

EPAM Systems, Inc.^(a) 24,650 2,246,847

ePlus, Inc.^(a) 7,717 737,745

Esquire Financial Holdings, Inc.^(a) 14,692 245,503

Evolent Health, Inc., Class A^(a) 19,625 318,906

ExlService Holdings, Inc.^(a) 17,325 1,081,426

Fastenal Co. 39,225 1,842,398

FCB Financial Holdings, Inc.^(a) 14,350 670,145

First of Long Island Corp. 45,475 1,434,736

First Republic Bank 53,900 5,249,860

FirstCash, Inc. 29,050 1,854,843

GBGI, Ltd.^(a) 692,460 1,600,263

German American Bancorp, Inc. 27,625 993,948

Hackett Group, Inc. 43,575 672,798

Hamilton Lane, Inc., Class A 67,350 1,851,452

Hingham Institution for Savings 7,500 1,460,250

Home BancShares, Inc. 37,250 837,380

Innospec, Inc. 9,150 565,928

Inphi Corp.^(a) 64,700 2,651,406

Shares Value
(Note 2)

United States (continued)

K2M Group Holdings, Inc.^(a) 21,800 $ 429,242

Kinsale Capital Group, Inc. 40,775 1,768,820

Knight Transportation, Inc. 21,025 871,486

Lakeland Financial Corp. 21,550 1,040,434

LGI Homes, Inc.^(a) 21,025 1,268,438

Littelfuse, Inc. 3,700 773,300

MarketAxess Holdings, Inc. 8,655 1,505,970

MEDNAX, Inc.^(a) 43,400 1,900,486

Microchip Technology, Inc. 14,250 1,350,900

MongoDB, Inc.^(a) 125 3,810

Monro Muffler Brake, Inc. 27,600 1,362,060

MSC Industrial Direct Co., Inc., Class A 18,750 1,554,375

NV5 Global, Inc.^(a) 22,650 1,315,965

Palo Alto Networks, Inc.^(a) 4,175 614,560

Patrick Industries, Inc.^(a) 7,625 709,125

Paycom Software, Inc.^(a) 22,750 1,870,050

Power Integrations, Inc. 34,590 2,779,307

Proto Labs, Inc.^(a) 19,950 1,740,638

Qualys, Inc.^(a) 23,825 1,260,343

Seacoast Commerce Banc Holdings 44,700 902,940

ServisFirst Bancshares, Inc. 35,500 1,455,855

Signature Bank^(a) 6,850 890,569

Silicon Laboratories, Inc.^(a) 20,175 1,914,608

STAAR Surgical Co.^(a) 53,279 705,947

SVB Financial Group^(a) 13,250 2,905,460

Synaptics, Inc.^(a) 8,325 309,024

Transcat, Inc.^(a) 119,952 1,523,390

Trecora Resources^(a) 43,561 529,266

TriMas Corp.^(a) 50,425 1,338,784

Veracyte, Inc.^(a) 92,504 790,909

Webster Financial Corp. 13,025 716,245

74,805,700

Vietnam (1.15%)

DHG Pharmaceutical JSC 65,119 287,570

Lix Detergent JSC 577,800 1,144,788

Taisun Int'l Holding Corp. 274,000 1,122,002

Vietnam Dairy Products JSC 222,291 1,477,862

4,032,222

TOTAL COMMON STOCKS

(Cost $265,329,861) 346,671,223

PREFERRED STOCKS (0.20%)

Germany (0.20%)

FUCHS PETROLUB SE 12,600 707,364

TOTAL PREFERRED STOCKS

(Cost $656,398) 707,364

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 49

Grandeur Peak Global Reach Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Principal Amount Value
(Note 2)

CORPORATE BONDS (0.30%)

Germany (0.26%)

publity AG

3.50%, 11/17/2020 $ 800,000 $ 928,152

Malaysia (0.04%)

AEON Credit Service M Bhd

3.50%, 09/15/2020 $ 445,800 131,629

TOTAL CORPORATE BONDS

(Cost $984,704) 1,059,781

TOTAL INVESTMENTS (98.95%)

(Cost $266,970,963) $ 348,438,368

Other Assets In Excess Of Liabilities (1.05%) 3,710,709

NET ASSETS (100.00%) $ 352,149,077

^(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 October 31, 2017, the aggregate market value of those securities was $25,955,795, representing 7.37% 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 October 31, 2017, these securities had a total aggregate market value of $20,432,249 representing 5.80% 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 Financial Statements.

50 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (94.98%)

Argentina (0.40%)

Globant SA^(a) 15,050 $ 567,686

Australia (0.87%)

carsales.com, Ltd. 65,500 687,288

Magellan Financial Group, Ltd. 29,785 553,258

1,240,546

Bangladesh (0.36%)

Square Pharmaceuticals, Ltd. 144,203 516,979

Belgium (0.73%)

Melexis NV 10,384 1,040,360

Brazil (0.94%)

M Dias Branco SA 37,900 560,511

Raia Drogasil SA 32,600 784,481

1,344,992

Britain (8.44%)

Abcam PLC 52,725 696,766

Ascential PLC 153,206 685,526

B&M European Value Retail SA 505,300 2,666,339

Burford Capital, Ltd. 24,500 403,492

Clinigen Group PLC 25,244 394,623

Close Brothers Group PLC 33,980 626,864

Diploma PLC 128,050 1,835,052

Domino’s Pizza Group PLC 159,500 711,147

Intertek Group PLC 16,900 1,217,682

Metro Bank PLC^(a) 20,100 949,571

Sanne Group PLC 46,100 489,822

Ultra Electronics Holdings PLC 55,075 1,334,218

12,011,102

Canada (5.05%)

Birchcliff Energy, Ltd. 51,049 207,742

Gildan Activewear, Inc. 31,059 950,476

Ritchie Bros Auctioneers, Inc. 70,700 1,981,721

Spartan Energy Corp.^(a) 89,831 475,580

Stantec, Inc. 103,142 2,946,914

TFI International, Inc. 25,809 622,969

7,185,402

China (6.24%)

China Medical System Holdings, Ltd. 1,013,000 1,872,415

CSPC Pharmaceutical Group, Ltd. 548,000 952,506

Ctrip.com International, Ltd., ADR^(a) 13,975 669,263

Man Wah Holdings, Ltd. 2,328,000 2,100,792

Silergy Corp. 83,000 1,791,575

Tencent Holdings, Ltd. 11,100 497,703

Shares Value
(Note 2)

China (continued)

Yum China Holdings, Inc.^(a) 24,825 $ 1,001,689

8,885,943

Colombia (0.70%)

Parex Resources, Inc.^(a) 74,695 993,540

Egypt (0.24%)

Commercial International Bank Egypt SAE 76,062 339,970

Finland (0.51%)

Metso OYJ 19,786 719,319

France (1.87%)

Alten SA 17,732 1,552,232

BioMerieux 6,450 505,945

Bureau Veritas SA 22,550 604,018

2,662,195

Georgia (0.73%)

BGEO Group PLC 22,100 1,044,936

Germany (5.16%)

Aroundtown SA 139,108 977,101

CTS Eventim AG & Co. KGaA 10,500 433,709

GRENKE AG 17,400 1,702,748

Norma Group SE 23,790 1,618,645

PATRIZIA Immobilien AG^(a) 64,584 1,362,428

Wirecard AG 12,750 1,255,723

7,350,354

Hong Kong (3.89%)

Samsonite International SA 327,500 1,366,438

Value Partners Group, Ltd. 2,606,900 2,583,041

Vitasoy International Holdings, Ltd. 688,500 1,592,091

5,541,570

India (5.02%)

Alkem Laboratories, Ltd. 34,524 998,762

Bajaj Finance, Ltd. 31,200 867,340

Glenmark Pharmaceuticals, Ltd. 48,500 462,527

Indiabulls Housing Finance, Ltd. 28,200 541,633

L&T Finance Holdings, Ltd. 184,500 572,973

SBI Life Insurance Co., Ltd.^(a)(b)(c) 45,318 463,246

Vakrangee, Ltd. 102,000 885,495

WNS Holdings, Ltd., ADR^(a) 33,275 1,261,788

Yes Bank, Ltd. 224,500 1,089,204

7,142,968

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 51

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Indonesia (0.46%)

Bank Rakyat Indonesia Persero Tbk PT 402,100 $ 462,508

Delfi, Ltd. 173,300 188,162

650,670

Israel (0.62%)

Wix.com, Ltd.^(a) 12,550 875,990

Italy (1.93%)

Brembo SpA 127,908 2,112,730

DiaSorin SpA 6,948 632,093

2,744,823

Japan (7.65%)

Create SD Holdings Co., Ltd. 39,300 982,975

CyberAgent, Inc. 12,200 375,533

Dip Corp. 44,600 1,083,375

Ezaki Glico Co., Ltd. 16,000 885,098

MISUMI Group, Inc. 66,700 1,818,478

MonotaRO Co., Ltd. 25,000 683,787

Nihon M&A Center, Inc. 73,700 3,506,592

Seria Co., Ltd. 19,300 1,096,504

Tokyo Century Corp. 10,500 454,795

10,887,137

Jordan (0.28%)

Hikma Pharmaceuticals PLC 25,900 400,406

Luxembourg (0.66%)

Grand City Properties SA 43,600 934,489

Mexico (0.58%)

Banregio Grupo Financiero SAB de CV 155,400 828,886

Netherlands (1.41%)

Aalberts Industries NV 40,563 2,000,794

New Zealand (0.36%)

Fisher & Paykel Healthcare Corp., Ltd. 56,237 509,900

Norway (0.44%)

Norwegian Finans Holding  ASA^(a) 49,600 619,393

Peru (1.11%)

Alicorp SAA 264,620 826,301

Credicorp, Ltd. 3,625 759,220

1,585,521

Philippines (2.66%)

Puregold Price Club, Inc. 924,000 912,813

Robinsons Land Corp. 633,000 308,990

Shares Value
(Note 2)

Philippines (continued)

Robinsons Retail Holdings, Inc. 449,900 $ 845,333

Security Bank Corp. 362,300 1,726,408

3,793,544

Poland (0.79%)

AmRest Holdings SE^(a) 5,500 533,538

Dino Polska SA^(a)(b)(c) 31,434 591,727

1,125,265

South Africa (0.36%)

EOH Holdings, Ltd. 69,650 519,268

South Korea (3.13%)

BGF retail Co., Ltd. 10,800 762,512

Hanssem Co., Ltd. 4,050 616,348

LG Household & Health Care, Ltd. 1,175 1,234,413

Loen Entertainment, Inc. 6,401 608,476

Mando Corp. 1,850 539,140

Medy-Tox, Inc. 1,820 687,972

4,448,861

Sweden (1.66%)

Indutrade AB 44,325 1,229,419

Nibe Industrier AB, Class B 50,308 503,281

Sweco AB, Class B 29,500 631,112

2,363,812

Switzerland (1.36%)

Luxoft Holding, Inc.^(a) 10,300 479,465

VZ Holding AG 1,540 532,166

Wizz Air Holdings PLC^(a)(b)(c) 21,200 922,135

1,933,766

Taiwan (0.40%)

Largan Precision Co., Ltd. 3,000 568,478

Thailand (0.51%)

Srisawad Power Corp. PCL 346,320 724,541

United States (26.68%)

Amazon.com, Inc.^(a) 700 773,696

Axalta Coating Systems, Ltd.^(a) 26,450 879,463

Bank of the Ozarks, Inc. 16,800 783,216

Blackline, Inc.^(a) 11,331 402,477

BofI Holding, Inc.^(a) 19,075 513,117

Dollar Tree, Inc.^(a) 14,075 1,284,344

Edwards Lifesciences Corp.^(a) 7,825 799,950

EPAM Systems, Inc.^(a) 17,850 1,627,027

Fastenal Co. 22,700 1,066,219

First Republic Bank 36,325 3,538,055

FirstCash, Inc. 33,853 2,161,514

Hamilton Lane, Inc., Class A 17,750 487,947

See Notes to Financial Statements.

52 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

United States (continued)

HealthEquity, Inc.^(a) 19,075 $ 957,946

Home BancShares, Inc. 16,187 363,884

IDEX Corp. 6,675 855,802

Inphi Corp.^(a) 17,150 702,807

Knight Transportation, Inc. 27,350 1,133,657

Littelfuse, Inc. 4,675 977,075

LKQ Corp.^(a) 34,050 1,283,344

Lululemon Athletica, Inc.^(a) 10,375 638,166

MarketAxess Holdings, Inc. 9,550 1,661,700

MEDNAX, Inc.^(a) 27,500 1,204,225

Microchip Technology, Inc. 12,775 1,211,070

Monro Muffler Brake, Inc. 24,000 1,184,400

MSC Industrial Direct Co., Inc., Class A 13,175 1,092,207

Palo Alto Networks, Inc.^(a) 3,800 559,360

Paycom Software, Inc.^(a) 8,800 723,360

Power Integrations, Inc. 37,450 3,009,108

PRA Group, Inc.^(a) 25,200 703,080

Proto Labs, Inc.^(a) 12,850 1,121,163

SEI Investments Co. 9,000 580,590

ServisFirst Bancshares, Inc. 11,900 488,019

Signature Bank^(a) 5,050 656,551

Silicon Laboratories, Inc.^(a) 11,675 1,107,958

SVB Financial Group^(a) 5,025 1,101,882

Tyler Technologies, Inc.^(a) 1,950 345,716

37,980,095

Vietnam (0.78%)

Vietnam Dairy Products JSC 167,864 1,116,014

TOTAL COMMON STOCKS

(Cost $108,100,688) 135,199,515

PREFERRED STOCKS (0.45%)

Germany (0.45%)

FUCHS PETROLUB SE 11,500 645,609

TOTAL PREFERRED STOCKS

(Cost $598,204) 645,609

TOTAL INVESTMENTS (95.43%)

(Cost $108,698,892) $ 135,845,124

Other Assets In Excess Of Liabilities (4.57%) 6,500,978

NET ASSETS (100.00%) $ 142,346,102

^(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 October 31, 2017, these securities had a total aggregate market value of $1,977,108 representing 1.39% 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 October 31, 2017, the aggregate market value of those securities was $1,977,108, representing 1.39% of net assets.

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 53

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (93.97%)

Argentina (0.43%)

Globant SA^(a) 98,475 $ 3,714,477

Australia (2.36%)

Blue Sky Alternative Investments, Ltd. 446,139 4,807,654

Greencross, Ltd. 983,600 3,997,361

Magellan Financial Group, Ltd. 219,500 4,077,224

Medical Developments International, Ltd. 520,709 2,510,707

National Storage REIT 3,541,439 3,997,902

National Veterinary Care, Ltd. 343,422 693,893

Netwealth Group, Ltd.^(a) 5,100 14,442

Reject Shop, Ltd. 159,931 570,399

20,669,582

Austria (1.10%)

Palfinger AG 218,040 9,651,389

Bangladesh (0.32%)

Square Pharmaceuticals, Ltd. 777,000 2,785,604

Belgium (0.85%)

Melexis NV 74,492 7,463,261

Brazil (0.19%)

M Dias Branco SA 92,400 1,366,525

Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 53,770 300,959

1,667,484

Britain (11.58%)

Abcam PLC 187,866 2,482,668

Alliance Pharma PLC 3,193,134 2,533,976

Arrow Global Group PLC 1,086,141 6,105,632

Ascential PLC 745,100 3,333,980

B&M European Value Retail SA 1,374,500 7,252,884

Clinigen Group PLC 725,073 11,334,585

Close Brothers Group PLC 207,200 3,822,429

Diploma PLC 224,500 3,217,253

Domino’s Pizza Group PLC 699,900 3,120,576

EMIS Group PLC 404,800 5,172,053

Intertek Group PLC 59,600 4,294,310

LoopUp Group PLC^(a) 332,200 1,290,544

Metro Bank PLC^(a) 108,800 5,139,965

Motorpoint group PLC^(b) 850,495 1,722,618

On the Beach Group PLC^(b)(c) 958,750 5,252,629

Oxford Immunotec Global PLC^(a) 271,830 3,593,593

Premier Asset Management Group PLC 404,400 1,084,950

Shares Value
(Note 2)

Britain (continued)

Purplebricks Group PLC^(a) 575,900 $ 2,782,259

River & Mercantile Group PLC 625,400 2,919,649

RPS Group PLC 1,528,911 5,975,113

Sanne Group PLC 697,166 7,407,533

Secure Trust Bank PLC 122,300 2,996,886

Ted Baker PLC 84,300 3,101,378

Tracsis PLC 190,900 1,236,027

Ultra Electronics Holdings PLC 169,700 4,111,063

101,284,553

Canada (2.96%)

Biosyent, Inc.^(a) 374,000 3,072,940

Cipher Pharmaceuticals, Inc.^(a) 742,300 2,491,403

DIRTT Environmental Solutions^(a) 552,900 2,730,000

Richelieu Hardware, Ltd. 211,550 5,540,869

Spartan Energy Corp.^(a) 37,134 196,593

Stantec, Inc. 291,710 8,334,571

TFI International, Inc. 145,200 3,504,789

25,871,165

China (7.35%)

BBI Life Sciences Corp.^(b) 14,481,500 5,791,560

BrightKing Holdings, Ltd. 723,291 1,582,825

China Medical System Holdings, Ltd. 5,319,000 9,831,566

CSPC Pharmaceutical Group, Ltd. 3,206,000 5,572,507

Man Wah Holdings, Ltd. 18,185,000 16,410,183

O2Micro International, Ltd., ADR^(a) 950,233 1,890,964

On-Bright Electronics, Inc. 922,780 6,593,580

Silergy Corp. 463,199 9,998,261

Xiabuxiabu Catering Management China Holdings Co., Ltd.^(b)(c) 4,534,000 6,613,803

64,285,249

Colombia (0.95%)

Gran Tierra Energy, Inc.^(a) 1,178,037 2,556,340

Parex Resources, Inc.^(a) 429,375 5,711,244

8,267,584

Denmark (0.36%)

Ringkjoebing Landbobank A/S 63,320 3,161,911

Egypt (0.07%)

Integrated Diagnostics Holdings PLC^(b)(c) 154,200 601,380

Finland (0.58%)

Ferratum OYJ^(b) 56,200 1,767,216

Metso OYJ 91,400 3,322,845

5,090,061

See Notes to Financial Statements.

54 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

France (2.69%)

Alten SA 51,300 $ 4,490,725

Bureau Veritas SA 124,800 3,342,859

Esker SA 97,543 6,033,380

Infotel SA 16,113 957,231

Medicrea International^(a) 162,535 745,956

Neurones 50,872 1,697,749

Tessi SA 12,400 2,505,770

Thermador Groupe 30,729 3,755,936

23,529,606

Georgia (1.10%)

BGEO Group PLC 149,511 7,069,205

TBC Bank Group PLC 113,800 2,587,578

9,656,783

Germany (5.16%)

Aroundtown SA 805,600 5,658,572

CANCOM SE 42,100 3,105,225

GRENKE AG 28,800 2,818,341

Nexus AG 238,855 7,249,290

Norma Group SE 93,303 6,348,233

PATRIZIA Immobilien AG^(a) 186,894 3,942,611

publity AG 115,200 5,073,081

Wirecard AG 110,611 10,893,865

45,089,218

Hong Kong (2.74%)

International Housewares

Retail Co., Ltd. 13,906,000 2,620,276

Samsonite International SA 1,179,500 4,921,261

TK Group Holdings, Ltd. 5,555,000 2,741,399

Value Partners Group, Ltd. 9,567,000 9,479,441

Vitasoy International Holdings, Ltd. 1,797,338 4,156,174

23,918,551

India (8.38%)

Alkem Laboratories, Ltd. 350,113 10,128,595

Bajaj Finance, Ltd. 228,260 6,345,484

Byke Hospitality, Ltd. 959,500 2,329,450

City Union Bank, Ltd. 1,038,821 2,590,988

Cyient, Ltd. 598,912 4,998,234

Essel Propack, Ltd. 729,500 3,212,689

Glenmark Pharmaceuticals, Ltd. 306,000 2,918,211

Hinduja Global Solutions, Ltd. 303,026 2,700,842

Indiabulls Housing Finance, Ltd. 161,500 3,101,902

Kellton Tech Solutions, Ltd.^(a) 668,779 1,011,874

L&T Finance Holdings, Ltd. 1,072,000 3,329,144

L&T Technology Services, Ltd.^(b)(c) 38,311 492,704

SBI Life Insurance Co., Ltd.^(a)(b)(c) 64,385 658,152

Time Technoplast, Ltd. 3,121,234 8,987,169

Shares Value
(Note 2)

India (continued)

Vakrangee, Ltd. 928,000 $ 8,056,266

WNS Holdings, Ltd., ADR^(a) 188,200 7,136,544

Yes Bank, Ltd. 1,087,500 5,276,212

73,274,460

Indonesia (2.79%)

Arwana Citramulia Tbk PT 75,956,500 2,150,584

Astra Graphia Tbk PT 10,792,000 1,058,312

Bekasi Fajar Industrial Estate Tbk PT 68,518,500 1,434,784

Delfi, Ltd. 1,445,600 1,569,575

Indonesia Pondasi Raya Tbk  PT 19,298,200 1,533,184

Link Net Tbk PT 8,897,400 3,273,587

Lippo Cikarang Tbk PT^(a) 2,189,000 613,324

Panin Sekuritas Tbk PT 8,494,000 1,283,886

Selamat Sempurna Tbk PT 69,686,300 6,628,227

Tempo Scan Pacific Tbk PT 19,383,500 2,644,017

Ultrajaya Milk Industry & Trading Co. Tbk PT 22,958,000 2,209,046

24,398,526

Ireland (1.15%)

Irish Residential Properties REIT PLC 5,867,176 10,080,712

Israel (0.61%)

Sarine Technologies, Ltd. 1,358,600 971,781

Wix.com, Ltd.^(a) 62,825 4,385,185

5,356,966

Italy (0.43%)

Brembo SpA 227,675 3,760,639

Japan (10.81%)

AIT Corp. 500,200 5,820,013

Amiyaki Tei Co., Ltd. 88,800 4,154,751

Anshin Guarantor Service Co., Ltd. 375,000 1,609,428

Arcland Service Holdings Co., Ltd. 158,800 3,497,078

Create SD Holdings Co., Ltd. 216,200 5,407,614

CyberAgent, Inc. 108,900 3,352,095

Dip Corp. 200,100 4,860,615

Future Corp. 389,600 3,912,961

GCA Corp. 616,400 5,610,782

Hard Off Corp. Co., Ltd. 279,800 2,861,857

Japan Lifeline Co., Ltd. 59,400 2,841,880

M&A Capital Partners Co., Ltd.^(a) 139,800 7,290,920

Macromill, Inc. 106,200 3,184,926

MISUMI Group, Inc. 223,700 6,098,852

Nihon M&A Center, Inc. 126,300 6,009,261

Prestige International, Inc. 325,000 3,495,669

Quick Co., Ltd. 209,400 3,604,026

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 55

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Japan (continued)

SK Kaken Co., Ltd. 14,000 $ 1,161,690

Synchro Food Co., Ltd.^(a) 115,800 1,782,244

Syuppin Co., Ltd. 178,400 4,047,949

Tokyo Century Corp. 104,500 4,526,296

Trancom Co., Ltd. 104,590 6,346,871

Trust Tech, Inc. 105,700 3,058,379

94,536,157

Luxembourg (0.73%)

Grand City Properties SA 187,800 4,025,163

L’Occitane International SA 1,238,712 2,353,131

6,378,294

Malaysia (1.35%)

AEON Credit Service M Bhd 1,130,560 3,712,007

Berjaya Food Bhd 1,652,216 581,505

CB Industrial Product Holding Bhd 3,120,200 1,422,460

My EG Services Bhd 8,532,400 4,413,832

Scicom MSC Bhd 3,754,500 1,676,156

11,805,960

Mexico (1.16%)

Banregio Grupo Financiero SAB de CV 560,065 2,987,325

Credito Real SAB de CV SOFOM ER 3,075,340 4,940,627

Unifin Financiera SAB de CV SOFOM ENR 650,400 2,205,120

10,133,072

Netherlands (0.71%)

Aalberts Industries NV 125,297 6,180,347

New Zealand (1.30%)

CBL Corp., Ltd. 1,542,256 3,102,776

Restaurant Brands New Zealand, Ltd. 1,240,800 5,756,760

Trilogy International, Ltd. 1,571,085 2,526,470

11,386,006

Norway (2.46%)

Medistim ASA 420,559 3,604,203

Multiconsult ASA^(b)(c) 176,700 1,871,272

Nordic Semiconductor ASA^(a) 531,024 2,659,021

Norwegian Finans Holding ASA^(a) 305,700 3,817,507

Skandiabanken ASA^(b)(c) 945,100 9,574,807

21,526,810

Oman (0.42%)

Tethys Oil AB 496,508 3,662,285

Shares Value
(Note 2)

Peru (1.10%)

Alicorp SAA 1,952,297 $ 6,096,236

Credicorp, Ltd. 16,850 3,529,064

9,625,300

Philippines (2.89%)

Concepcion Industrial Corp. 3,236,800 4,075,390

Holcim Philippines, Inc. 2,303,300 535,392

Pepsi-Cola Products Philippines, Inc. 30,387,500 1,695,225

Puregold Price Club, Inc. 6,696,000 6,614,934

Robinsons Retail Holdings, Inc. 1,696,000 3,186,673

Security Bank Corp. 1,931,760 9,205,094

25,312,708

Poland (0.53%)

Dino Polska SA^(a)(b)(c) 221,200 4,163,965

PGS Software SA 130,778 493,658

4,657,623

Singapore (0.56%)

CSE Global, Ltd. 1,924,755 529,516

Riverstone Holdings, Ltd. 5,677,000 4,393,834

4,923,350

South Africa (1.39%)

Blue Label Telecoms, Ltd. 1,526,900 1,862,896

Cartrack Holdings, Ltd. 3,576,400 3,794,253

EOH Holdings, Ltd. 349,156 2,603,097

Italtile, Ltd. 3,988,625 3,895,883

12,156,129

South Korea (2.80%)

Hy-Lok Corp. 258,001 5,688,066

ISC Co., Ltd. 259,949 4,918,926

Koh Young Technology, Inc. 44,883 3,076,730

LEENO Industrial, Inc. 73,500 3,358,950

Loen Entertainment, Inc. 49,909 4,744,329

Vitzrocell Co., Ltd.^(a)(d) 390,884 2,655,960

24,442,961

Sweden (3.16%)

AddTech AB, Class B 343,608 7,613,706

Bufab AB 429,694 5,132,728

HIQ International AB 227,896 1,633,341

Hoist Finance AB^(b)(c) 414,200 4,353,933

Indutrade AB 173,750 4,819,211

Moberg Pharma AB^(a) 334,194 1,516,950

Nibe Industrier AB, Class B 82,700 827,331

Odd Molly International AB 72,938 202,130

TF Bank AB^(b) 132,700 1,501,893

27,601,223

See Notes to Financial Statements.

56 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Switzerland (0.80%)

Luxoft Holding, Inc.^(a) 50,225 $ 2,337,974

VZ Holding AG 13,480 4,658,177

6,996,151

Taiwan (2.77%)

ASPEED Technology, Inc. 121,958 2,818,506

Cub Elecparts, Inc. 31,205 307,813

Materials Analysis Technology, Inc. 748,000 2,162,688

Sinmag Equipment Corp. 952,810 4,833,632

Sitronix Technology Corp. 841,000 2,381,385

Sporton International, Inc. 1,424,756 7,227,828

Test Research, Inc. 2,513,252 3,499,945

TSC Auto ID Technology Co., Ltd. 138,000 1,008,936

24,240,733

Thailand (1.30%)

Ananda Development PCL 26,514,800 4,749,039

Premier Marketing PCL 6,922,400 3,042,355

Srisawad Power Corp. PCL 1,722,000 3,602,619

11,394,013

United Arab Emirates (0.30%)

Aramex PJSC 1,855,000 2,586,035

United States (2.78%)

EPAM Systems, Inc.^(a) 83,750 7,633,813

FirstCash, Inc. 209,798 13,395,602

GBGI, Ltd.^(a) 1,426,215 3,295,958

24,325,373

Vietnam (0.50%)

DHG Pharmaceutical JSC 97,210 429,286

Vietnam Dairy Products JSC 592,330 3,938,000

4,367,286

TOTAL COMMON STOCKS

(Cost $573,129,352) 821,816,977

Principal Amount Value
(Note 2)

CORPORATE BONDS (0.08%)

Malaysia (0.08%)

AEON Credit Service M Bhd

3.50%, 09/15/2020 $ 2,235,120 $ 659,950

TOTAL CORPORATE BONDS

(Cost $530,971) 659,950

Shares Value
(Note 2)

RIGHTS AND WARRANTS (0.00%)^(e)

Taiwan (0.00%)^(e)

Materials Analysis Technology, strike price 82.00 TWD, expires 12/11/2017 101,018 $ 17,417

TOTAL RIGHTS AND WARRANTS

(Cost $0) 17,417

TOTAL INVESTMENTS (94.05%)

(Cost $573,660,323) $ 822,494,344

Other Assets In Excess Of Liabilities (5.95%) 52,080,855

NET ASSETS (100.00%) $ 874,575,199

^(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 October 31, 2017, the aggregate market value of those securities was $44,365,932, representing 5.07% 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 October 31, 2017, these securities had a total aggregate market value of $33,582,645 representing 3.84% of net assets.

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

^(e) Less than 0.005%.

Currency Abbreviations:

TWD - Taiwan Dollar

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 57

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (93.43%)

Argentina (0.60%)

Globant SA^(a) 69,050 $ 2,604,566

Australia (0.98%)

carsales.com, Ltd. 201,600 2,115,380

Magellan Financial Group, Ltd. 113,709 2,112,151

4,227,531

Bangladesh (0.46%)

Square Pharmaceuticals, Ltd. 558,179 2,001,114

Belgium (1.16%)

Melexis NV 50,139 5,023,364

Brazil (1.25%)

M Dias Branco SA 157,200 2,324,867

Raia Drogasil SA 129,100 3,106,640

5,431,507

Britain (10.92%)

Abcam PLC 232,250 3,069,207

Ascential PLC 562,600 2,517,377

B&M European Value Retail SA 1,824,700 9,628,474

Burford Capital, Ltd. 85,600 1,409,753

Clinigen Group PLC 110,000 1,719,557

Close Brothers Group PLC 135,005 2,490,574

Diploma PLC 457,717 6,559,427

Domino's Pizza Group PLC 494,200 2,203,441

Intertek Group PLC 81,100 5,843,432

Metro Bank PLC^(a) 93,100 4,398,261

Sanne Group PLC 203,400 2,161,167

Ultra Electronics Holdings PLC 220,450 5,340,505

47,341,175

Canada (6.24%)

Birchcliff Energy, Ltd. 179,108 728,871

Gildan Activewear, Inc. 132,029 4,040,388

Ritchie Bros Auctioneers, Inc. 235,750 6,608,073

Spartan Energy Corp.^(a) 304,711 1,613,190

Stantec, Inc. 401,539 11,472,543

TFI International, Inc. 107,299 2,589,947

27,053,012

China (7.91%)

China Medical System

Holdings, Ltd. 3,943,600 7,289,296

CSPC Pharmaceutical Group, Ltd. 1,937,000 3,366,796

Ctrip.com International, Ltd., ADR^(a) 54,800 2,624,372

Man Wah Holdings, Ltd. 9,229,800 8,328,991

Silergy Corp. 325,000 7,015,202

Tencent Holdings, Ltd. 48,000 2,152,229

Shares Value
(Note 2)

China (continued)

Yum China Holdings, Inc.^(a) 87,525 $ 3,531,634

34,308,520

Colombia (0.81%)

Parex Resources, Inc.^(a) 265,519 3,531,746

Egypt (0.33%)

Commercial International Bank Egypt SAE 320,752 1,433,647

Finland (0.67%)

Metso OYJ 79,926 2,905,708

France (2.48%)

Alten SA 74,014 6,479,074

BioMerieux 26,250 2,059,076

Bureau Veritas SA 82,200 2,201,787

10,739,937

Georgia (0.90%)

BGEO Group PLC 82,400 3,896,051

Germany (6.93%)

Aroundtown SA 671,764 4,718,502

CTS Eventim AG & Co. KGaA 45,650 1,885,600

GRENKE AG 62,450 6,111,299

Norma Group SE 88,050 5,990,825

PATRIZIA Immobilien AG^(a) 227,580 4,800,899

Wirecard AG 66,550 6,554,382

30,061,507

Hong Kong (4.81%)

Samsonite International SA 1,216,760 5,076,722

Value Partners Group, Ltd. 9,790,000 9,700,400

Vitasoy International Holdings, Ltd. 2,622,000 6,063,127

20,840,249

India (7.19%)

Alkem Laboratories, Ltd. 111,174 3,216,208

Bajaj Finance, Ltd. 128,250 3,565,269

Genpact, Ltd. 53,850 1,639,733

Glenmark Pharmaceuticals,Ltd. 150,000 1,430,496

Indiabulls Housing Finance,Ltd. 109,000 2,093,544

L&T Finance Holdings, Ltd. 761,000 2,363,319

SBI Life Insurance Co., Ltd.^(a)(b)(c) 243,705 2,491,184

Vakrangee, Ltd. 441,000 3,828,463

WNS Holdings, Ltd., ADR^(a) 160,045 6,068,906

Yes Bank, Ltd. 917,250 4,450,212

31,147,334

See Notes to Financial Statements.

58 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Indonesia (0.74%)

Bank Rakyat Indonesia Persero Tbk PT 1,932,000 $ 2,222,245

Delfi, Ltd. 893,700 970,344

3,192,589

Israel (0.78%)

Wix.com, Ltd.^(a) 48,300 3,371,340

Italy (2.66%)

Brembo SpA 553,046 9,134,979

DiaSorin SpA 26,480 2,409,013

11,543,992

Japan (9.45%)

Create SD Holdings Co., Ltd. 158,400 3,961,916

CyberAgent, Inc. 54,100 1,665,274

Dip Corp. 153,000 3,716,512

Ezaki Glico Co., Ltd. 62,000 3,429,752

MISUMI Group, Inc. 262,000 7,143,046

MonotaRO Co., Ltd. 94,000 2,571,039

Nihon M&A Center, Inc. 255,900 12,175,533

Seria Co., Ltd. 75,500 4,289,433

Tokyo Century Corp. 46,100 1,996,768

40,949,273

Jordan (0.31%)

Hikma Pharmaceuticals PLC 87,100 1,346,538

Luxembourg (1.08%)

Grand City Properties SA 218,100 4,674,590

Mexico (0.94%)

Banregio Grupo Financiero SAB de CV 764,550 4,078,025

Netherlands (2.00%)

Aalberts Industries NV 175,971 8,679,872

New Zealand (0.47%)

Fisher & Paykel Healthcare Corp., Ltd. 226,967 2,057,905

Norway (0.67%)

Norwegian Finans Holding ASA^(a) 231,238 2,887,644

Peru (1.48%)

Alicorp SAA 1,022,439 3,192,665

Credicorp, Ltd. 15,475 3,241,084

6,433,749

Philippines (3.50%)

Puregold Price Club, Inc. 3,898,200 3,851,006

Robinsons Land Corp. 2,912,000 1,421,451

Shares Value
(Note 2)

Philippines (continued)

Robinsons Retail Holdings, Inc. 1,811,320 $ 3,403,352

Security Bank Corp. 1,361,200 6,486,299

15,162,108

Poland (1.07%)

AmRest Holdings SE^(a) 23,400 2,269,960

Dino Polska SA^(a)(b)(c) 126,072 2,373,234

4,643,194

South Africa (0.55%)

EOH Holdings, Ltd. 317,100 2,364,107

South Korea (3.79%)

BGF retail Co., Ltd. 37,900 2,675,851

Hanssem Co., Ltd. 14,900 2,267,551

LG Household & Health Care, Ltd. 3,900 4,097,202

Loen Entertainment, Inc. 28,000 2,661,668

Mando Corp. 8,250 2,404,271

Medy-Tox, Inc. 6,150 2,324,742

16,431,285

Sweden (2.61%)

Indutrade AB 209,550 5,812,177

Nibe Industrier AB, Class B 279,000 2,791,116

Sweco AB, Class B 127,700 2,731,967

11,335,260

Switzerland (1.74%)

Luxoft Holding, Inc.^(a) 43,900 2,043,545

VZ Holding AG 6,689 2,311,465

Wizz Air Holdings PLC^(a)(b)(c) 73,500 3,197,025

7,552,035

Taiwan (0.44%)

Largan Precision Co., Ltd. 10,000 1,894,925

Thailand (0.69%)

Srisawad Power Corp. PCL 1,427,920 2,987,370

United States (3.83%)

EPAM Systems, Inc.^(a) 71,650 6,530,898

FirstCash, Inc. 114,187 7,290,840

Lululemon Athletica, Inc.^(a) 45,075 2,772,563

16,594,301

Vietnam (0.99%)

Vietnam Dairy Products JSC 642,964 4,274,631

TOTAL COMMON STOCKS

(Cost $321,472,424) 405,001,701

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 59

Grandeur Peak International Stalwarts Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

PREFERRED STOCKS (0.51%)

Germany (0.51%)

FUCHS PETROLUB SE 39,500 $ 2,217,528

TOTAL PREFERRED STOCKS

(Cost $2,089,789) 2,217,528

TOTAL INVESTMENTS (93.94%)

(Cost $323,562,213) $ 407,219,229

Other Assets In Excess Of Liabilities (6.06%) 26,278,407

NET ASSETS (100.00%) $ 433,497,636

^(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 October 31, 2017, these securities had a total aggregate market value of $8,061,443 representing 1.86% 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 October 31, 2017, the aggregate market value of those securities was $8,061,443, representing 1.86% of net assets.

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

See Notes to Financial Statements.

60 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

Grandeur Peak Emerging Markets Opportunities Fund Grandeur Peak Global Micro Cap Fund Grandeur Peak Global Opportunities Fund Grandeur Peak Global Reach Fund

ASSETS

Investments, at value (Cost - see below) $ 430,726,146 $ 40,646,254 $ 748,882,531 $ 348,438,368

Cash 9,143,440 396,299 34,267,490 3,975,922

Foreign cash, at value (Cost $1,773,462, $127,498, $705,916 and $29,677, respectively) 1,773,495 127,501 706,044 29,696

Dividends and interest receivable 171,851 50,007 908,659 316,115

Receivable for investments sold 7,481,608 255,003 1,725,812 2,457,041

Receivable for fund shares subscribed 5,166 60 305,012 76,286

Prepaid and other assets 9,263 12,808 28,813 21,978

Total assets 449,310,969 41,487,932 786,824,361 355,315,406

LIABILITIES

Payable for investments purchased 9,719,838 186,596 1,229,211 2,464,523

Foreign capital gains tax 802,754 – 73,765 130,418

Payable for fund shares redeemed – – 571,249 75,266

Advisory fees payable 500,284 48,277 790,624 327,088

Administration fees payable 21,635 7,386 29,830 20,568

Custodian fees payable 197,272 29,090 120,838 93,832

Payable for trustee fees and expenses 4,555 406 7,737 3,562

Payable for chief compliance officer fee 861 74 1,396 648

Payable for principal financial officer fees 153 13 247 115

Distribution and service fees payable 3,832 – 40,336 13,662

Payable for transfer agency fees 4,160 4,174 9,611 7,496

Accrued expenses and other liabilities 23,471 12,824 32,637 29,151

Total liabilities 11,278,815 288,840 2,907,481 3,166,329

NET ASSETS $ 438,032,154 $ 41,199,092 $ 783,916,880 $ 352,149,077

NET ASSETS CONSISTS OF

Paid-in capital (Note 5) $ 370,538,492 $ 30,290,213 $ 514,435,290 $ 265,701,854

Accumulated net investment income 1,136,613 77,941 315,128 669,983

Accumulated net realized gain/(loss) (8,386,735 ) 2,733,475 42,053,410 4,437,701

Net unrealized appreciation 74,743,784 8,097,463 227,113,052 81,339,539

NET ASSETS $ 438,032,154 $ 41,199,092 $ 783,916,880 $ 352,149,077

INVESTMENTS, AT COST $ 355,182,833 $ 32,549,529 $ 521,692,679 $ 266,970,963

PRICING OF SHARES

Investor Class

Net Assets $ 17,953,640 $ – $ 192,226,029 $ 64,535,220

Net Asset Value, offering and redemption price per share $ 12.33 $ – $ 3.99 $ 16.13

Shares of beneficial interest outstanding 1,456,344 – 48,203,714 4,001,657

Institutional Class

Net Assets $ 420,078,514 $ 41,199,092 $ 591,690,851 $ 287,613,857

Net Asset Value, offering and redemption price per share $ 12.39 $ 13.54 $ 4.03 $ 16.18

Shares of beneficial interest outstanding 33,897,614 3,043,318 146,736,863 17,779,384

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 61

Grandeur Peak Funds^® Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

Grandeur Peak Global Stalwarts Fund Grandeur Peak International Opportunities Fund Grandeur Peak International Stalwarts Fund

ASSETS

Investments, at value (Cost - see below) $ 135,845,124 $ 822,494,344 $ 407,219,229

Cash 5,370,122 50,701,181 25,563,295

Foreign cash, at value (Cost $50,218, $579,820 and $393,288, respectively) 50,239 580,130 393,430

Dividends and interest receivable 98,131 1,164,035 343,749

Receivable for investments sold 568,140 2,989,486 1,623,624

Receivable for fund shares subscribed 1,014,241 89,143 62,138

Prepaid and other assets 25,857 27,247 31,696

Total assets 142,971,854 878,045,566 435,237,161

LIABILITIES

Payable for investments purchased 293,708 2,125,505 754,861

Foreign capital gains tax 133,872 88,146 468,378

Payable for fund shares redeemed 14,153 115,170 94,157

Advisory fees payable 104,258 879,707 292,429

Administration fees payable 7,288 33,107 15,470

Custodian fees payable 32,744 160,968 70,233

Payable for trustee fees and expenses 1,242 8,613 3,396

Payable for chief compliance officer fee 171 1,472 323

Payable for principal financial officer fees 30 258 57

Distribution and service fees payable 16,399 17,419 9,010

Payable for transfer agency fees 6,182 7,236 9,105

Accrued expenses and other liabilities 15,705 32,766 22,106

Total liabilities 625,752 3,470,367 1,739,525

NET ASSETS $ 142,346,102 $ 874,575,199 $ 433,497,636

NET ASSETS CONSISTS OF

Paid-in capital (Note 5) $ 113,259,222 $ 595,495,829 $ 344,837,693

Accumulated net investment income/(loss) (37,825 ) 2,464,018 580,315

Accumulated net realized gain 2,111,679 27,876,801 4,887,549

Net unrealized appreciation 27,013,026 248,738,551 83,192,079

NET ASSETS $ 142,346,102 $ 874,575,199 $ 433,497,636

INVESTMENTS, AT COST $ 108,698,892 $ 573,660,323 $ 323,562,213

PRICING OF SHARES

Investor Class

Net Assets $ 80,427,748 $ 82,430,601 $ 42,659,119

Net Asset Value, offering and redemption price per share $ 14.24 $ 4.04 $ 14.68

Shares of beneficial interest outstanding 5,646,106 20,393,587 2,905,904

Institutional Class

Net Assets $ 61,918,354 $ 792,144,598 $ 390,838,517

Net Asset Value, offering and redemption price per share $ 14.30 $ 4.06 $ 14.72

Shares of beneficial interest outstanding 4,328,550 194,949,210 26,552,770

See Notes to Financial Statements.

62 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

Grandeur Peak Emerging Markets Opportunities Fund Grandeur Peak Global Micro Cap Fund Grandeur Peak Global Opportunities Fund Grandeur Peak Global Reach Fund

INVESTMENT INCOME

Dividends $ 5,877,736 $ 508,303 $ 6,572,963 $ 3,403,563

Interest 43,785 5,374 50,222 34,501

Foreign taxes withheld (544,226 ) (38,539 ) (450,298 ) (285,446 )

Total investment income 5,377,295 475,138 6,172,887 3,152,618

EXPENSES

Investment advisor fees (Note 6) 2,919,750 295,773 4,668,231 1,882,957

Administrative fees 79,622 12,998 130,049 67,236

Distribution and service fees - Investor Class 21,273 – 218,163 81,193

Transfer agent fees 18,837 19,263 37,274 30,530

Professional fees 30,471 16,109 26,566 21,161

Printing fees 7,119 1,124 16,708 8,586

Registration fees 16,242 9,342 17,575 18,300

Custodian fees 269,102 47,633 172,597 140,764

Trustee fees and expenses 4,576 408 7,783 3,587

Chief compliance officer fees 4,408 395 7,467 3,446

Principal financial officer fees 780 70 1,321 610

Other expenses 6,960 2,733 10,307 6,171

Total expenses 3,379,140 405,848 5,314,041 2,264,541

Waiver of investment advisory fees – – (182,105 ) –

Less fees waived/reimbursed by investment advisor (Note 6) – (11,245 ) – –

Total net expenses 3,379,140 394,603 5,131,936 2,264,541

NET INVESTMENT INCOME 1,998,155 80,535 1,040,951 888,077

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS

Net realized gain on investments 3,087,154 1,964,444 30,282,718 10,427,711

Net realized loss on foreign currency transactions (111,349 ) (1,563 ) (83,322 ) (47,385 )

Net realized gain 2,975,805 1,962,881 30,199,396 10,380,326

Net change in unrealized appreciation on investments (net of change in foreign capital gains tax of $(1,083,141), $(39,816),$(454,178) and $(181,318), respectively) 23,372,776 2,713,195 60,760,842 24,693,746

Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies 2,270 729 6,297 2,239

Net change in unrealized appreciation 23,375,046 2,713,924 60,767,139 24,695,985

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS 26,350,851 4,676,805 90,966,535 35,076,311

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 28,349,006 $ 4,757,340 $ 92,007,486 $ 35,964,388

See Notes to Financial Statements.

Semi-Annual Report | October 31, 201 63

Grandeur Peak Funds^® Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

Grandeur Peak Global Stalwarts Fund Grandeur Peak International Opportunities Fund Grandeur Peak International Stalwarts Fund

INVESTMENT INCOME

Dividends $ 791,303 $ 9,433,496 $ 2,622,034

Interest 14,092 91,095 59,204

Foreign taxes withheld (49,318 ) (862,706 ) (190,064 )

Total investment income 756,077 8,661,885 2,491,174

EXPENSES

Investment advisor fees (Note 6) 510,870 5,252,550 1,483,085

Recoupment of previously waived fees (Note 6) 50,698 – –

Administrative fees 24,477 145,745 64,021

Distribution and service fees - Investor Class 87,953 98,892 46,870

Transfer agent fees 26,990 28,857 40,164

Professional fees 17,318 25,391 17,282

Printing fees 3,614 11,728 5,627

Registration fees 11,980 16,513 15,171

Custodian fees 51,391 225,923 91,602

Trustee fees and expenses 1,279 8,714 3,472

Chief compliance officer fees 1,201 8,316 3,269

Principal financial officer fees 213 1,468 579

Other expenses 4,112 11,271 5,625

Total expenses 792,096 5,835,368 1,776,767

Waiver of investment advisory fees – (252,224 ) –

Total net expenses 792,096 5,583,144 1,776,767

NET INVESTMENT INCOME/(LOSS) (36,019 ) 3,078,741 714,407

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS

Net realized gain on investments 1,656,922 27,534,051 4,603,414

Net realized loss on foreign currency transactions (42,291 ) (198,309 ) (137,941 )

Net realized gain 1,614,631 27,335,742 4,465,473

Net change in unrealized appreciation on investments (net of change in foreign capital gains tax of $24,239, $(1,021,439) and $227,370, respectively) 12,411,618 76,586,830 38,810,527

Net change in unrealized appreciation on translation of assets and liabilities in foreign currencies 31 40,930 2,416

Net change in unrealized appreciation 12,411,649 76,627,760 38,812,943

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS 14,026,280 103,963,502 43,278,416

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 13,990,261 $ 107,042,243 $ 43,992,823

See Notes to Financial Statements.

64 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 1,998,155 $ 1,312,958

Net realized gain 2,975,805 1,045,085

Net change in unrealized appreciation 23,375,046 63,061,781

Net increase in net assets resulting from operations 28,349,006 65,419,824

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – (66,810 )

Institutional Class – (1,961,876 )

Net decrease in net assets from distributions – (2,028,686 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 257,705 490,678

Distributions reinvested – 65,088

Cost of shares redeemed (1,547,617 ) (6,113,284 )

Redemption fees – 130

Net decrease from capital shares transactions (1,289,912 ) (5,557,388 )

Institutional Class

Proceeds from sales of shares 3,694,147 15,112,959

Distributions reinvested – 1,775,141

Cost of shares redeemed (9,686,603 ) (27,797,275 )

Redemption fees 81 110

Net decrease from capital shares transactions (5,992,375 ) (10,909,065 )

Net increase in net assets 21,066,719 46,924,685

NET ASSETS

Beginning of period 416,965,434 370,040,749

End of period* $ 438,032,153 $ 416,965,434

*Including accumulated net investment income/(loss) of: $ 1,136,613 $ (861,542 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 21,566 46,050

Issued to shareholders in reinvestment of distributions – 6,419

Redeemed (130,111 ) (580,153 )

Net decrease in share transactions (108,545 ) (527,684 )

Institutional Class

Issued 308,759 1,431,423

Issued to shareholders in reinvestment of distributions – 174,375

Redeemed (808,169 ) (2,673,849 )

Net decrease in share transactions (499,410 ) (1,068,051 )

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 65

Grandeur Peak Global Micro Cap Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 80,535 $ 36,054

Net realized gain 1,962,881 1,195,943

Net change in unrealized appreciation 2,713,924 3,987,884

Net increase in net assets resulting from operations 4,757,340 5,219,881

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Institutional Class – (72,387 )

Net realized gains on investments

Institutional Class – (318,826 )

Net decrease in net assets from distributions – (391,213 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Institutional Class

Proceeds from sales of shares 774,460 2,802,634

Distributions reinvested – 378,056

Cost of shares redeemed (952,353 ) (2,125,169 )

Redemption fees – 2

Net increase/(decrease) from capital shares transactions (177,893 ) 1,055,523

Net increase in net assets 4,579,447 5,884,191

NET ASSETS

Beginning of period 36,619,645 30,735,454

End of period* $ 41,199,092 $ 36,619,645

*Including accumulated net investment income/(loss) of: $ 77,941 $ (2,594 )

OTHER INFORMATION

Shares Transactions

Institutional Class

Issued 60,816 257,322

Issued to shareholders in reinvestment of distributions – 34,940

Redeemed (75,020 ) (194,608 )

Net increase/(decrease) in share transactions (14,204 ) 97,654

See Notes to Financial Statements.

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Grandeur Peak Global Opportunities Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 1,040,951 $ 752,205

Net realized gain 30,199,396 13,115,814

Net change in unrealized appreciation 60,767,139 91,442,710

Net increase in net assets resulting from operations 92,007,486 105,310,729

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – –

Institutional Class – (682,795 )

Net realized gains on investments

Investor Class – (208,741 )

Institutional Class – (563,234 )

Net decrease in net assets from distributions – (1,454,770 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 15,192,061 16,005,788

Distributions reinvested – 199,029

Cost of shares redeemed (11,194,452 ) (50,076,349 )

Redemption fees 9 1,088

Net increase/(decrease) from capital shares transactions 3,997,618 (33,870,444 )

Institutional Class

Proceeds from sales of shares 12,925,573 55,465,734

Distributions reinvested – 1,194,887

Cost of shares redeemed (24,243,337 ) (52,607,866 )

Redemption fees 263 4,876

Net increase/(decrease) from capital shares transactions (11,317,501 ) 4,057,631

Net increase in net assets 84,687,603 74,043,146

NET ASSETS

Beginning of period 699,229,277 625,186,131

End of period* $ 783,916,880 $ 699,229,277

*Including accumulated net investment income/(loss) of: $ 315,128 $ (725,823 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 4,030,575 4,969,762

Issued to shareholders in reinvestment of distributions – 62,984

Redeemed (3,010,367 ) (15,424,679 )

Net increase/(decrease) in share transactions 1,020,208 (10,391,933 )

Institutional Class

Issued 3,428,024 16,979,178

Issued to shareholders in reinvestment of distributions – 374,573

Redeemed (6,425,689 ) (16,596,520 )

Net increase/(decrease) in share transactions (2,997,665 ) 757,231

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 67

Grandeur Peak Global Reach Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 888,077 $ 697,491

Net realized gain 10,380,326 7,092,527

Net change in unrealized appreciation 24,695,985 42,795,408

Net increase in net assets resulting from operations 35,964,388 50,585,426

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – (84,133 )

Institutional Class – (681,502 )

Net decrease in net assets from distributions – (765,635 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 2,321,417 4,112,844

Distributions reinvested – 81,122

Cost of shares redeemed (12,331,422 ) (14,422,937 )

Redemption fees 51 426

Net decrease from capital shares transactions (10,009,954 ) (10,228,545 )

Institutional Class

Proceeds from sales of shares 7,976,940 24,646,538

Distributions reinvested – 642,714

Cost of shares redeemed (8,038,715 ) (27,368,439 )

Redemption fees – 1,027

Net decrease from capital shares transactions (61,775 ) (2,078,160 )

Net increase in net assets 25,892,659 37,513,086

NET ASSETS

Beginning of period 326,256,419 288,743,333

End of period* $ 352,149,078 $ 326,256,419

*Including accumulated net investment income/(loss) of: $ 669,983 $ (218,094 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 153,725 318,050

Issued to shareholders in reinvestment of distributions – 6,264

Redeemed (805,755 ) (1,110,221 )

Net decrease in share transactions (652,030 ) (785,907 )

Institutional Class

Issued 522,730 1,860,022

Issued to shareholders in reinvestment of distributions – 49,592

Redeemed (525,565 ) (2,115,611 )

Net decrease in share transactions (2,835 ) (205,997 )

See Notes to Financial Statements.

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Grandeur Peak Global Stalwarts Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment loss $ (36,019 ) $ (76,695 )

Net realized gain 1,614,631 937,782

Net change in unrealized appreciation 12,411,649 12,316,556

Net increase in net assets resulting from operations 13,990,261 13,177,643

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – (38,237 )

Institutional Class – (70,513 )

Net decrease in net assets from distributions – (108,750 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 16,327,962 40,939,429

Distributions reinvested – 37,612

Cost of shares redeemed (4,834,810 ) (6,232,494 )

Redemption fees 779 1,969

Net increase from capital shares transactions 11,493,931 34,746,516

Institutional Class

Proceeds from sales of shares 11,825,585 27,023,764

Distributions reinvested – 66,016

Cost of shares redeemed (3,985,853 ) (2,576,566 )

Redemption fees – 216

Net increase from capital shares transactions 7,839,732 24,513,430

Net increase in net assets 33,323,924 72,328,839

NET ASSETS

Beginning of period 109,022,177 36,693,338

End of period* $ 142,346,101 $ 109,022,177

*Including accumulated net investment loss of: $ (37,825 ) $ (1,806 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 1,209,185 3,565,906

Issued to shareholders in reinvestment of distributions – 3,323

Redeemed (361,217 ) (533,831 )

Net increase in share transactions 847,968 3,035,398

Institutional Class

Issued 880,097 2,334,427

Issued to shareholders in reinvestment of distributions – 5,816

Redeemed (288,267 ) (218,942 )

Net increase in share transactions 591,830 2,121,301

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 69

Grandeur Peak International Opportunities Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 3,078,741 $ 2,817,200

Net realized gain 27,335,742 15,154,690

Net change in unrealized appreciation 76,627,760 101,628,897

Net increase in net assets resulting from operations 107,042,243 119,600,787

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – (373,708 )

Institutional Class – (4,194,578 )

Net realized gains on investments

Investor Class – (1,243,840 )

Institutional Class – (10,524,647 )

Net decrease in net assets from distributions – (16,336,773 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 5,274,635 16,040,116

Distributions reinvested – 1,519,011

Cost of shares redeemed (11,543,404 ) (73,177,961 )

Redemption fees – 346

Net decrease from capital shares transactions (6,268,769 ) (55,618,488 )

Institutional Class

Proceeds from sales of shares 15,408,116 82,878,502

Distributions reinvested – 13,246,236

Cost of shares redeemed (18,513,784 ) (70,160,974 )

Redemption fees 36 5,235

Net increase/(decrease) from capital shares transactions (3,105,632 ) 25,968,999

Net increase in net assets 97,667,842 73,614,525

NET ASSETS

Beginning of period 776,907,357 703,292,832

End of period* $ 874,575,199 $ 776,907,357

*Including accumulated net investment income/(loss) of: $ 2,464,018 $ (614,723 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 1,376,804 5,029,639

Issued to shareholders in reinvestment of distributions – 494,792

Redeemed (3,040,736 ) (23,531,613 )

Net decrease in share transactions (1,663,932 ) (18,007,182 )

Institutional Class

Issued 4,006,294 26,474,706

Issued to shareholders in reinvestment of distributions – 4,300,726

Redeemed (4,774,610 ) (21,629,721 )

Net increase/(decrease) in share transactions (768,316 ) 9,145,711

See Notes to Financial Statements.

70 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Stalwarts Fund Statements of Changes in Net Assets

For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

OPERATIONS

Net investment income $ 714,407 $ 707,009

Net realized gain 4,465,473 1,792,829

Net change in unrealized appreciation 38,812,943 37,615,840

Net increase in net assets resulting from operations 43,992,823 40,115,678

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3)

Net investment income

Investor Class – (73,124 )

Institutional Class – (929,880 )

Net decrease in net assets from distributions – (1,003,004 )

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Investor Class

Proceeds from sales of shares 9,070,464 8,549,781

Distributions reinvested – 22,941

Cost of shares redeemed (1,817,364 ) (4,109,607 )

Redemption fees 340 308

Net increase from capital shares transactions 7,253,440 4,463,423

Institutional Class

Proceeds from sales of shares 110,250,796 143,867,333

Distributions reinvested – 913,917

Cost of shares redeemed (24,442,340 ) (33,019,442 )

Redemption fees 4,040 3,133

Net increase from capital shares transactions 85,812,496 111,764,941

Net increase in net assets 137,058,759 155,341,038

NET ASSETS

Beginning of period 296,438,877 141,097,839

End of period* $ 433,497,636 $ 296,438,877

*Including accumulated net investment income/(loss) of: $ 580,315 $ (134,092 )

OTHER INFORMATION

Shares Transactions

Investor Class

Issued 654,917 728,649

Issued to shareholders in reinvestment of distributions – 2,054

Redeemed (129,191 ) (349,537 )

Net increase in share transactions 525,726 381,166

Institutional Class

Issued 7,993,326 12,243,757

Issued to shareholders in reinvestment of distributions – 81,746

Redeemed (1,759,832 ) (2,803,836 )

Net increase in share transactions 6,233,494 9,521,667

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 71

Grandeur Peak Emerging Markets Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 For the Period December 16, 2013 (Inception) to April 30, 2014

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.55 $ 9.82 $ 11.51 $ 10.53 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) 0.04 0.02 0.07 0.02 (0.05 )

Net realized and unrealized gain/(loss) on investments 0.74 1.75 (1.41 ) 1.22 0.58

Total income/(loss) from investment operations 0.78 1.77 (1.34 ) 1.24 0.53

DISTRIBUTIONS

From net investment income – (0.04 ) – (0.01 ) –

From net realized gain on investments – – (0.35 ) (0.25 ) –

Total distributions – (0.04 ) (0.35 ) (0.26 ) –

REDEMPTION FEES ADDED TO PAID-IN CAPITAL – 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.78 1.73 (1.69 ) 0.98 0.53

NET ASSET VALUE, END OF PERIOD $ 12.33 $ 11.55 $ 9.82 $ 11.51 $ 10.53

TOTAL RETURN 6.75 %^(c) 18.08 % (11.62 )% 12.06 % 5.30 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 17,954 $ 18,074 $ 20,548 $ 39,896 $ 27,952

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/reimbursed by investment advisor) 1.79 %^(d) 1.76 % 1.77 % 1.82 % 2.01 %^(d)(e)

Expenses (including fees waived/reimbursed by investment advisor) 1.79 %^(d) 1.76 % 1.77 % 1.82 % 1.95 %^(d)(e)

Net investment income/(loss) 0.70 %^(d) 0.21 % 0.69 % 0.22 % (0.55 )%^(d)

PORTFOLIO TURNOVER RATE 16 %^(c) 42 % 40 % 53 % 26 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

72 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Emerging Markets Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 For the Period December 16, 2013 (Inception) to April 30, 2014

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.60 $ 9.85 $ 11.52 $ 10.54 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) 0.06 0.04 0.08 0.05 (0.03 )

Net realized and unrealized gain/(loss) on investments 0.73 1.77 (1.40 ) 1.21 0.57

Total income/(loss) from investment operations 0.79 1.81 (1.32 ) 1.26 0.54

DISTRIBUTIONS

From net investment income – (0.06 ) – (0.03 ) –

From net realized gain on investments – – (0.35 ) (0.25 ) –

Total distributions – (0.06 ) (0.35 ) (0.28 ) –

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.79 1.75 (1.67 ) 0.98 0.54

NET ASSET VALUE, END OF PERIOD $ 12.39 $ 11.60 $ 9.85 $ 11.52 $ 10.54

TOTAL RETURN 6.81 %^(c) 18.42 % (11.44 )% 12.22 % 5.40 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 420,079 $ 398,891 $ 349,493 $ 428,048 $ 255,819

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/reimbursed by investment advisor) 1.55 %^(d) 1.55 % 1.55 % 1.58 % 1.76 %^(d)(e)

Expenses (including fees waived/reimbursed by investment advisor) 1.55 %^(d) 1.55 % 1.55 % 1.58 % 1.70 %^(d)(e)

Net investment income/(loss) 0.93 %^(d) 0.35 % 0.75 % 0.43 % (0.37 )%^(d)

PORTFOLIO TURNOVER RATE 16 %^(c) 42 % 40 % 53 % 26 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 73

Grandeur Peak Global Micro Cap Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 For the Period October 21, 2015 (Commencement of Operations) to April 30, 2016

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.98 $ 10.38 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) 0.03 0.01 (0.02 )

Net realized and unrealized gain on investments 1.53 1.72 0.40

Total income from investment operations 1.56 1.73 0.38

DISTRIBUTIONS

From net investment income – (0.02 ) –

From net realized gain on investments – (0.11 ) –

Total distributions – (0.13 ) –

REDEMPTION FEES ADDED TO PAID-IN CAPITAL – 0.00 ^(b) 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.56 1.60 0.38

NET ASSET VALUE, END OF PERIOD $ 13.54 $ 11.98 $ 10.38

TOTAL RETURN 13.02 %^(c) 16.81 % 3.80 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 41,199 $ 36,620 $ 30,735

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 2.06 %^(d) 2.17 % 2.30 %^(d)(e)

Expenses (including fees waived/ reimbursed by investment advisor) 2.00 %^(d) 2.00 % 2.00 %^(d)(e)

Net investment income/(loss) 0.41 %^(d) 0.11 % (0.41 )%^(d)

PORTFOLIO TURNOVER RATE 22 %^(c) 37 % 8 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

74 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 Year Ended April 30, 2014 Year Ended April 30, 2013

NET ASSET VALUE, BEGINNING OF PERIOD $ 3.52 $ 3.01 $ 3.43 $ 3.31 $ 2.77 $ 2.31

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) 0.00 ^(b) (0.00 )^(b)(c) 0.00 ^(b) 0.00 ^(b) (0.00 )^(b) 0.00 ^(b)

Net realized and unrealized gain/(loss) on investments 0.47 0.51 (0.18 ) 0.35 0.67 0.51

Total income/(loss) from investment operations 0.47 0.51 (0.18 ) 0.35 0.67 0.51

DISTRIBUTIONS

From net investment income – – (0.00 )^(b) (0.01 ) – (0.01 )

From net realized gain on investments – (0.00 )^(b) (0.24 ) (0.22 ) (0.13 ) (0.04 )

Total distributions – (0.00 )^(b) (0.24 ) (0.23 ) (0.13 ) (0.05 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.47 0.51 (0.42 ) 0.12 0.54 0.46

NET ASSET VALUE, END OF PERIOD $ 3.99 $ 3.52 $ 3.01 $ 3.43 $ 3.31 $ 2.77

TOTAL RETURN 13.35 %^(d) 17.09 % (5.03 )% 11.09 % 24.31 % 22.34 %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 192,226 $ 166,284 $ 173,156 $ 201,462 $ 216,247 $ 132,384

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.61 %^(e) 1.61 % 1.62 % 1.62 % 1.68 % 1.76 %

Expenses (including fees waived/ reimbursed by investment advisor) 1.56 %^(e) 1.59 % 1.62 % 1.62 % 1.68 % 1.75 %

Net investment income/(loss) 0.09 %^(e) (0.06 )% 0.06 % 0.12 % (0.15 )% 0.19 %

PORTFOLIO TURNOVER RATE 12 %^(d) 30 % 32 % 37 % 38 % 35 %

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(d) Not Annualized.

^(e) Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 75

Grandeur Peak Global Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 Year Ended April 30, 2014 Year Ended April 30, 2013

NET ASSET VALUE, BEGINNING OF PERIOD $ 3.56 $ 3.03 $ 3.46 $ 3.34 $ 2.79 $ 2.32

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.01 0.01 0.01 0.01 0.00 ^(b) 0.01

Net realized and unrealized gain/(loss) on investments 0.46 0.52 (0.19 ) 0.34 0.68 0.52

Total income/(loss) from investment operations 0.47 0.53 (0.18 ) 0.35 0.68 0.53

DISTRIBUTIONS

From net investment income – (0.00 )^(b) (0.01 ) (0.01 ) (0.00 )^(b) (0.02 )

From net realized gain on investments – (0.00 )^(b) (0.24 ) (0.22 ) (0.13 ) (0.04 )

Total distributions – (0.00 )^(b) (0.25 ) (0.23 ) (0.13 ) (0.06 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.47 0.53 (0.43 ) 0.12 0.55 0.47

NET ASSET VALUE, END OF PERIOD $ 4.03 $ 3.56 $ 3.03 $ 3.46 $ 3.34 $ 2.79

TOTAL RETURN 13.20 %^(c) 17.81 % (5.12 )% 11.20 % 24.67 % 22.86 %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 591,691 $ 532,946 $ 452,030 $ 526,394 $ 492,869 $ 217,953

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.36 %^(d) 1.37 % 1.38 % 1.38 % 1.44 % 1.51 %

Expenses (including fees waived/ reimbursed by investment advisor) 1.31 %^(d) 1.35 % 1.38 % 1.38 % 1.44 % 1.50 %

Net investment income 0.34 %^(d) 0.18 % 0.30 % 0.35 % 0.08 % 0.37 %

PORTFOLIO TURNOVER RATE 12 %^(c) 30 % 32 % 37 % 38 % 35 %

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

76 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 For the Period June 19, 2013 (Inception) to April 30, 2014

NET ASSET VALUE, BEGINNING OF PERIOD $ 14.52 $ 12.31 $ 13.65 $ 12.43 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) 0.03 0.01 0.01 0.00 ^(b) (0.02 )

Net realized and unrealized gain/(loss) on investments 1.58 2.22 (0.89 ) 1.37 2.54

Total income/(loss) from investment operations 1.61 2.23 (0.88 ) 1.37 2.52

DISTRIBUTIONS

From net investment income – (0.02 ) (0.01 ) (0.01 ) (0.02 )

From net realized gain on investments – – (0.45 ) (0.14 ) (0.08 )

Total distributions – (0.02 ) (0.46 ) (0.15 ) (0.10 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.01

INCREASE/DECREASE IN NET ASSET VALUE 1.61 2.21 (1.34 ) 1.22 2.43

NET ASSET VALUE, END OF PERIOD $ 16.13 $ 14.52 $ 12.31 $ 13.65 $ 12.43

TOTAL RETURN 11.09 %^(c) 18.11 % (6.45 )% 11.09 % 25.31 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 64,535 $ 67,574 $ 66,984 $ 87,354 $ 46,163

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/reimbursed by investment advisor) 1.52 %^(d) 1.52 % 1.60 % 1.60 % 1.91 %^(d)(e)

Expenses (including fees waived/reimbursed by investment advisor) 1.52 %^(d) 1.52 % 1.60 % 1.60 % 1.60 %^(d)(e)

Net investment income/(loss) 0.34 %^(d) 0.07 % 0.10 % 0.03 % (0.17 )%^(d)

PORTFOLIO TURNOVER RATE 20 %^(c) 42 % 46 % 46 % 39 %^(c)



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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 77

Grandeur Peak Global Reach Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 For the Period June 19, 2013 (Inception) to April 30, 2014

NET ASSET VALUE, BEGINNING OF PERIOD $ 14.55 $ 12.33 $ 13.66 $ 12.42 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.04 0.04 0.04 0.03 0.02

Net realized and unrealized gain/(loss) on investments 1.59 2.22 (0.89 ) 1.37 2.52

Total income/(loss) from investment operations 1.63 2.26 (0.85 ) 1.40 2.54

DISTRIBUTIONS

From net investment income – (0.04 ) (0.03 ) (0.02 ) (0.04 )

From net realized gain on investments – – (0.45 ) (0.14 ) (0.08 )

Total distributions – (0.04 ) (0.48 ) (0.16 ) (0.12 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL – 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 1.63 2.22 (1.33 ) 1.24 2.42

NET ASSET VALUE, END OF PERIOD $ 16.18 $ 14.55 $ 12.33 $ 13.66 $ 12.42

TOTAL RETURN 11.20 %^(c) 18.36 % (6.18 )% 11.41 % 25.45 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 287,614 $ 258,683 $ 221,759 $ 260,239 $ 88,311

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/reimbursed by investment advisor) 1.28 %^(d) 1.29 % 1.35 % 1.35 % 1.75 %^(d)(e)

Expenses (including fees waived/reimbursed by investment advisor) 1.28 %^(d) 1.29 % 1.35 % 1.35 % 1.35 %^(d)(e)

Net investment income 0.56 %^(d) 0.28 % 0.34 % 0.23 % 0.21 %^(d)

PORTFOLIO TURNOVER RATE 20 %^(c) 42 % 46 % 46 % 39 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

78 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended
April 30, 2017 For the Period September 2, 2015 (Commencement of Operations) to April 30, 2016

NET ASSET VALUE, BEGINNING OF PERIOD $ 12.76 $ 10.85 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income/(loss)^(a) (0.01 ) (0.03 ) 0.00 ^(b)

Net realized and unrealized gain on investments 1.49 1.95 0.85

Total income from investment operations 1.48 1.92 0.85

DISTRIBUTIONS

From net investment income – (0.01 ) (0.00 )^(b)

From net realized gain on investments – – (0.00 )^(b)

Total distributions – (0.01 ) (0.00 )^(b)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.48 1.91 0.85

NET ASSET VALUE, END OF PERIOD $ 14.24 $ 12.76 $ 10.85

TOTAL RETURN 11.60 %^(c) 17.70 % 8.55 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 80,428 $ 61,212 $ 19,131

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.35 %^(d) 1.41 % 2.06 %^(d)(e)

Expenses (including fees waived/ reimbursed by investment advisor) 1.35 %^(d) 1.35 % 1.35 %^(d)(e)

Net investment loss (0.17 )%^(d) (0.23 )% 0.00 %^(d)(f)

PORTFOLIO TURNOVER RATE 15 %^(c) 32 % 24 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

^(f) Less than 0.005% of average net assets.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 79

Grandeur Peak Global Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended
April 30, 2017 For the Period September 2, 2015 (Commencement of Operations) to
April 30, 2016

NET ASSET VALUE, BEGINNING OF PERIOD $ 12.79 $ 10.87 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.01 0.01 ^(b) 0.02

Net realized and unrealized gain on investments 1.50 1.93 0.85

Total income from investment operations 1.51 1.94 0.87

DISTRIBUTIONS

From net investment income – (0.02 ) (0.00 )^(c)

From net realized gain on investments – – (0.00 )^(c)

Total distributions – (0.02 ) (0.00 )^(c)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL – 0.00 ^(c) 0.00 ^(c)

INCREASE IN NET ASSET VALUE 1.51 1.92 0.87

NET ASSET VALUE, END OF PERIOD $ 14.30 $ 12.79 $ 10.87

TOTAL RETURN 11.81 %^(d) 17.92 % 8.76 %^(d)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 61,918 $ 47,811 $ 17,562

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.10 %^(e) 1.17 % 1.86 %^(e)(f)

Expenses (including fees waived/ reimbursed by investment advisor) 1.10 %^(e) 1.10 % 1.10 %^(e)(f)

Net investment income 0.08 %^(e) 0.05 % 0.22 %^(e)

PORTFOLIO TURNOVER RATE 15 %^(d) 32 % 24 %^(d)

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

^(b) The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(c) Less than $0.005 or ($0.005) per share.

^(d) Not Annualized.

^(e) Annualized.

^(f) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

80 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 Year Ended April 30, 2014 Year Ended April 30, 2013

NET ASSET VALUE, BEGINNING OF PERIOD $ 3.55 $ 3.09 $ 3.42 $ 3.41 $ 2.83 $ 2.29

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.01 0.01 0.01 0.01 0.01 0.01

Net realized and unrealized gain/(loss) on investments 0.48 0.52 (0.20 ) 0.21 0.68 0.55

Total income/(loss) from investment operations 0.49 0.53 (0.19 ) 0.22 0.69 0.56

DISTRIBUTIONS

From net investment income – (0.02 ) (0.01 ) (0.01 ) (0.02 ) (0.01 )

From net realized gain on investments – (0.05 ) (0.13 ) (0.20 ) (0.09 ) (0.01 )

Total distributions – (0.07 ) (0.14 ) (0.21 ) (0.11 ) (0.02 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL – 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.49 0.46 (0.33 ) 0.01 0.58 0.54

NET ASSET VALUE, END OF PERIOD $ 4.04 $ 3.55 $ 3.09 $ 3.42 $ 3.41 $ 2.83

TOTAL RETURN 13.80 %^(c) 17.50 % (5.53 )% 7.25 % 24.59 % 24.57 %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 82,431 $ 78,403 $ 123,922 $ 173,842 $ 153,296 $ 96,550

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.61 %^(d) 1.61 % 1.62 % 1.62 % 1.73 % 1.88 %

Expenses (including fees waived/reimbursed by investment advisor) 1.55 %^(d) 1.58 % 1.62 % 1.62 % 1.73 % 1.75 %

Net investment income 0.53 %^(d) 0.16 % 0.45 % 0.37 % 0.20 % 0.26 %

PORTFOLIO TURNOVER RATE 10 %^(c) 30 % 34 % 36 % 37 % 52 %

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 81

Grandeur Peak International Opportunities Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 Year Ended April 30, 2016 Year Ended April 30, 2015 Year Ended April 30, 2014 Year Ended April 30, 2013

NET ASSET VALUE, BEGINNING OF PERIOD $ 3.57 $ 3.11 $ 3.43 $ 3.42 $ 2.84 $ 2.29

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.01 0.01 0.02 0.02 0.01 0.01

Net realized and unrealized gain/(loss) on investments 0.48 0.52 (0.20 ) 0.21 0.69 0.57

Total income/(loss) from investment operations 0.49 0.53 (0.18 ) 0.23 0.70 0.58

DISTRIBUTIONS

From net investment income – (0.02 ) (0.01 ) (0.02 ) (0.03 ) (0.02 )

From net realized gain on investments – (0.05 ) (0.13 ) (0.20 ) (0.09 ) (0.01 )

Total distributions – (0.07 ) (0.14 ) (0.22 ) (0.12 ) (0.03 )

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE/DECREASE IN NET ASSET VALUE 0.49 0.46 (0.32 ) 0.01 0.58 0.55

NET ASSET VALUE, END OF PERIOD $ 4.06 $ 3.57 $ 3.11 $ 3.43 $ 3.42 $ 2.84

TOTAL RETURN 13.73 %^(c) 17.59 % (5.02 )% 7.41 % 24.70 % 25.11 %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 792,145 $ 698,504 $ 579,371 $ 682,364 $ 658,127 $ 250,962

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/reimbursed by investment advisor) 1.36 %^(d) 1.37 % 1.38 % 1.38 % 1.46 % 1.59 %

Expenses (including fees waived/ reimbursed by investment advisor) 1.30 %^(d) 1.34 % 1.38 % 1.38 % 1.46 % 1.50 %

Net investment income 0.75 %^(d) 0.42 % 0.65 % 0.61 % 0.42 % 0.51 %

PORTFOLIO TURNOVER RATE 10 %^(c) 30 % 34 % 36 % 37 % 52 %

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

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Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 For the Period September 2, 2015 (Commencement of Operations) to April 30, 2016

NET ASSET VALUE, BEGINNING OF PERIOD $ 13.04 $ 11.02 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.01 0.02 0.03

Net realized and unrealized gain on investments 1.63 2.03 0.99

Total income from investment operations 1.64 2.05 1.02

DISTRIBUTIONS

From net investment income – (0.03 ) –

Total distributions – (0.03 ) –

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.64 2.02 1.02

NET ASSET VALUE, END OF PERIOD $ 14.68 $ 13.04 $ 11.02

TOTAL RETURN 12.58 %^(c) 18.68 % 10.20 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 42,659 $ 31,045 $ 22,028

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.18 %^(d) 1.27 % 1.45 %^(d)(e)

Expenses (including fees waived/ reimbursed by investment advisor) 1.18 %^(d) 1.27 % 1.35 %^(d)(e)

Net investment income 0.19 %^(d) 0.19 % 0.44 %^(d)

PORTFOLIO TURNOVER RATE 10 %^(c) 37 % 59 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 83

Grandeur Peak International Stalwarts Fund Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Six Months Ended October 31, 2017 (Unaudited) Year Ended April 30, 2017 For the Period September 2, 2015 (Commencement of Operations) to April 30, 2016

NET ASSET VALUE, BEGINNING OF PERIOD $ 13.06 $ 11.03 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.03 0.04 0.04

Net realized and unrealized gain on investments 1.63 2.04 0.99

Total income from investment operations 1.66 2.08 1.03

DISTRIBUTIONS

From net investment income – (0.05 ) (0.00 )^(b)

Total distributions – (0.05 ) (0.00 )^(b)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.66 2.03 1.03

NET ASSET VALUE, END OF PERIOD $ 14.72 $ 13.06 $ 11.03

TOTAL RETURN 12.71 %^(c) 18.96 % 10.34 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 390,839 $ 265,393 $ 119,070

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 0.93 %^(d) 1.02 % 1.20 %^(d)(e)

Expenses (including fees waived/ reimbursed by investment advisor) 0.93 %^(d) 1.02 % 1.10 %^(d)(e)

Net investment income 0.41 %^(d) 0.37 % 0.60 %^(d)

PORTFOLIO TURNOVER RATE 10 %^(c) 37 % 59 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

^(e) Expense ratios during startup periods may not be representative of longer term operating periods.

See Notes to Financial Statements.

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Grandeur Peak Funds^® Notes to Financial Statements

October 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 October 31, 2017, the Trust consists of multiple separate portfolios or series. This semi-annual report describes the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, Grandeur Peak Global Stalwarts Fund, Grandeur Peak International Opportunities Fund, and Grandeur Peak International Stalwarts Fund (individually a “Fund” and collectively, the “Funds”). The Funds seek long-term growth of capital. The Funds offer Investor Class (except the Grandeur Peak Global Micro Cap Fund) and Institutional Class shares.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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:

Semi-Annual Report | October 31, 2017 85

Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

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 October 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 Emerging Markets Opportunities Fund

Common Stocks

South Korea $ 31,097,018 $ 3,071,228 $ 3,022,095 $ 37,190,341

Other^* 392,777,108 – – 392,777,108

Corporate Bonds^* $ – $ 667,533 $ – $ 667,533

Rights and Warrants^* – 91,164 – 91,164

Total $ 423,874,126 $ 3,829,925 $ 3,022,095 $ 430,726,146

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 $ 1,076,378 $ – $ 75,965 $ 1,152,343

Other^* 39,271,718 – – 39,271,718

Corporate Bonds^* $ – $ 212,383 $ – $ 212,383

Rights and Warrants^* – 9,810 – 9,810

Total $ 40,348,096 $ 222,193 $ 75,965 $ 40,646,254

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^* $ 748,386,948 $ – $ – $ 748,386,948

Corporate Bonds^* – 495,583 – 495,583

Total $ 748,386,948 $ 495,583 $ – $ 748,882,531

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 $ 7,633,044 $ – $ 601,580 $ 8,234,624

Spain – – 12 12

Other^* 338,436,587 – – 338,436,587

Preferred Stocks^* $ 707,364 $ – $ – $ 707,364

Corporate Bonds^* – 1,059,781 – 1,059,781

Total $ 346,776,995 $ 1,059,781 $ 601,592 $ 348,438,368

86 1.855.377.7325 | www.GrandeurPeakGlobal.com

Grandeur Peak Funds^® Notes to Financial Statements

October 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 Stalwarts Fund

Common Stocks

South Korea $ 3,686,349 $ 762,512 $ – $ 4,448,861

Other^* 130,750,654 – – 130,750,654

Preferred Stocks^* $ 645,609 $ – $ – $ 645,609

Total $ 135,082,612 $ 762,512 $ – $ 135,845,124

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 $ 21,787,001 $ – $ 2,655,960 $ 24,442,961

Other^* 797,374,016 – – 797,374,016

Corporate Bonds^* $ – $ 659,950 $ – $ 659,950

Rights and Warrants^* – 17,417 – 17,417

Total $ 819,161,017 $ 677,367 $ 2,655,960 $ 822,494,344

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

South Korea $ 13,755,434 $ 2,675,851 $ – $ 16,431,285

Other^* 388,570,416 – – 388,570,416

Preferred Stocks^* $ 2,217,528 $ – $ – $ 2,217,528

Total $ 404,543,378 $ 2,675,851 $ – $ 407,219,229

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

The Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Fund’s net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. When the trigger is not met at a period end, it could result in securities transferring from a Level 2 to a Level 1 classification. The transfer amount disclosed in the table below represents the value of the securities as of October 31, 2017 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held as of April 30, 2017. The below 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.

The Funds had the following transfers between levels 1 and 2 during the six months ended October 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

Common Stocks $ 1,394,350 $ – $ – $ (1,394,350 )

Total $ 1,394,350 $ – $ – $ (1,394,350 )

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

Common Stocks $ 445,122 $ – $ – $ (445,122 )

Total $ 445,122 $ – $ – $ (445,122 )

Semi-Annual Report | October 31, 2017 87

Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

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

Common Stocks $ 1,511,868 $ – $ – $ (1,511,868 )

Total $ 1,511,868 $ – $ – $ (1,511,868 )

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

Common Stocks $ 1,533,184 $ – $ – $ (1,533,184 )

Total $ 1,533,184 $ – $ – $ (1,833,184 )

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) (1 ) (1 )

Change in Unrealized Appreciation/(Depreciation) (283,999 ) (283,999 )

Purchases – –

Sales Proceeds – –

Transfer into Level 3 – –

Transfer out of Level 3 – –

Balance as of October 31, 2017 $ 3,022,095 $ 3,022,095

Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2017 $ (283,999 ) $ (283,999 )

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) (7,139 ) (7,139 )

Purchases – –

Sales Proceeds – –

Transfer into Level 3 – –

Transfer out of Level 3 – –

Balance as of October 31, 2017 $ 75,965 $ 75,965

Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2017 $ (7,139 ) $ (7,139 )

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) (56,533 ) (56,533 )

Purchases – –

Sales Proceeds – –

Transfer into Level 3 – –

Transfer out of Level 3 – –

Balance as of October 31, 2017 $ 601,592 $ 601,592

Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2017 $ (56,533 ) $ (56,533 )

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Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

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) (3 ) (3 )

Change in Unrealized Appreciation/(Depreciation) (249,592 ) (249,592 )

Purchases – –

Sales Proceeds – –

Transfer into Level 3 – –

Transfer out of Level 3 – –

Balance as of October 31, 2017 $ 2,655,960 $ 2,655,960

Net change in unrealized appreciation/(depreciation) included in the Statements of Operations attributable to Level 3 investments held at October 31, 2017 $ (249,592 ) $ (249,592 )

Change in unrealized appreciation/depreciation on Level 3 securities is included on the Statements of Operations under Net change in unrealized appreciation/ (depreciation) on investments. Realized gain (loss) on Level 3 securities is included on the Statements of Operations under Net realized gain/(loss) on investments.

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

Quantitative Information about Level 3 Fair Value Measurements

Grandeur Peak Emerging Markets Opportunities Fund

Asset Class Fair Value (USD) at 10/31/17 Valuation Technique Unobservable Inputs^(a) Value

Foreign Common Stock $ 3,022,095 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 10/31/17 Valuation Technique Unobservable Inputs^(a) Value

Foreign Common Stock $ 75,965 Discount on last quoted exchange price due to factory production halt Discount 37%

Grandeur Peak Global Reach Fund

Asset Class Fair Value (USD) at 10/31/17 Valuation Technique Unobservable Inputs^(a) Value

Foreign Common Stock $ 601,592 Discount on last quoted exchange price due to factory production halt Discount 37%

Grandeur Peak International Opportunities Fund

Asset Class Fair Value (USD) at 10/31/17 Valuation Technique Unobservable Inputs^(a) Value

Foreign Common Stock $ 2,655,960 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

Semi-Annual Report | October 31, 2017 89

Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost 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.

Cash Management Transactions: The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of October 31, 2017, the Funds had the following cash balances participating in the BBH CMS:

Fund

Grandeur Peak Emerging Markets Opportunities Fund $ 9,143,440

Grandeur Peak Global Micro Cap Fund 396,299

Grandeur Peak Global Opportunities Fund 34,267,491

Grandeur Peak Global Reach Fund 3,975,924

Grandeur Peak Global Stalwarts Fund 5,370,122

Grandeur Peak International Opportunities Fund 50,685,301

Grandeur Peak International Stalwarts Fund 25,563,295

As of October 31, 2017, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund

Grandeur Peak Emerging Markets Opportunities Fund $ 0

Grandeur Peak Global Micro Cap Fund 8,349

Grandeur Peak Global Opportunities Fund 0

Grandeur Peak Global Reach Fund 0

Grandeur Peak Global Stalwarts Fund 0

Grandeur Peak International Opportunities Fund 0

Grandeur Peak International Stalwarts Fund 0

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.

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Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

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

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

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

As of and during the six months ended October 31, 2017, the Funds had a liability for unrecognized capital gains tax. These amounts are disclosed as Foreign Capital Gains Tax on the Statements of Assets and Liabilities. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 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 $ 101,914,651 $ (26,761,891 ) $ 75,152,760 $ 355,573,386

Grandeur Peak Global Micro Cap Fund 9,939,694 (1,842,970 ) 8,096,724 32,549,530

Grandeur Peak Global Opportunities Fund 265,934,510 (38,915,814 ) 227,018,696 521,863,835

Grandeur Peak Global Reach Fund 98,739,734 (17,506,811 ) 81,232,923 267,205,445

Grandeur Peak Global Stalwarts Fund 29,771,334 (2,693,089 ) 27,078,245 108,766,879

Grandeur Peak International Opportunities Fund 282,673,007 (33,930,080 ) 248,742,927 573,751,417

Grandeur Peak International Stalwarts Fund 90,143,893 (6,939,324 ) 83,204,569 324,014,660

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

The tax character of distributions paid by the Funds for the fiscal year and or period ended April 30, 2017 were as follows:

Fund Ordinary Income Long-Term Capital Gain

Grandeur Peak Emerging Markets Opportunities Fund $ 2,028,686 $ –

Grandeur Peak Global Micro Cap Fund 380,816 10,397

Grandeur Peak Global Opportunities Fund 682,795 771,975

Grandeur Peak Global Reach Fund 765,635 –

Grandeur Peak Global Stalwarts Fund 108,750 –

Grandeur Peak International Opportunities Fund 4,568,286 11,768,487

Grandeur Peak International Stalwarts Fund 1,003,004 –

Semi-Annual Report | October 31, 2017 91

Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2017.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the six months ended October 31, 2017 were as follows:

Fund Purchases of Securities Proceeds From Sales of Securities

Grandeur Peak Emerging Markets Opportunities Fund $ 79,065,805 $ 67,978,565

Grandeur Peak Global Micro Cap Fund 8,513,517 8,260,282

Grandeur Peak Global Opportunities Fund 86,941,413 125,855,802

Grandeur Peak Global Reach Fund 68,040,798 70,478,947

Grandeur Peak Global Stalwarts Fund 32,413,815 17,811,619

Grandeur Peak International Opportunities Fund 82,530,364 122,645,086

Grandeur Peak International Stalwarts Fund 106,792,646 35,820,614

5. SHARES OF BENEFICIAL INTEREST

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

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the six months ended October 31, 2017 and the year ended April 30, 2017, the redemption fees charged by the Funds are presented in the Statements of Changes in Net Assets.

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, (the “Advisory Agreement”), each Fund pays the Adviser an annual management fee based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ advisory fee rates.

Fund Advisory Fee

Grandeur Peak Emerging Markets Opportunities Fund 1.35%

Grandeur Peak Global Micro Cap Fund 1.50%

Grandeur Peak Global Opportunities Fund 1.25%

Grandeur Peak Global Reach Fund 1.10%

Grandeur Peak Global Stalwarts Fund 0.80%

Grandeur Peak International Opportunities Fund 1.25%

Grandeur Peak International Stalwarts Fund 0.80%

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Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

The Adviser has contractually agreed to limit certain of each Fund’s expenses. The following table reflects the Funds’ expense cap.

Fund Expense Cap Term of Expense Limit Agreements

Grandeur Peak Emerging Markets Opportunities Fund

Investor Class 1.95% September 1, 2016 – August 31, 2017 /

Institutional Class 1.70% September 1, 2017 – August 31, 2018

Grandeur Peak Global Micro Cap Fund

Institutional Class 2.00% September 1, 2016 – August 31, 2017 /

September 1, 2017 – August 31, 2018

Grandeur Peak Global Opportunities Fund

Investor Class 1.75% September 1, 2016 – August 31, 2017 /

Institutional Class 1.50% September 1, 2017 – August 31, 2018

Grandeur Peak Global Reach Fund

Investor Class 1.60% September 1, 2016 – August 31, 2017 /

Institutional Class 1.35% September 1, 2017 – August 31, 2018

Grandeur Peak Global Stalwarts Fund

Investor Class 1.35% September 1, 2016 – August 31, 2017 /

Institutional Class 1.10% September 1, 2017 – August 31, 2018

Grandeur Peak International Opportunities Fund

Investor Class 1.75% September 1, 2016 – August 31, 2017 /

Institutional Class 1.50% September 1, 2017 – August 31, 2018

Grandeur Peak International Stalwarts Fund

Investor Class 1.35% September 1, 2016 – August 31, 2017 /

Institutional Class 1.10% September 1, 2017 – August 31, 2018

Pursuant to these agreements, each Fund will reimburse the Adviser for any previous fee waivers and expense reimbursements made by the Adviser, provided that any such reimbursements made by the Funds to the Adviser will not cause the Funds’ expense limitation to exceed expense limitations in existence at the time the expense was incurred, or at the time of the reimbursement, whichever is lower, and the reimbursement is made within three years after the expenses were incurred. Fees waived/reimbursed by adviser for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

In addition to the foregoing contractual arrangements, the Adviser has voluntarily agreed, effective September 1, 2016, to waive, with respect to the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund only, annual management fees to the extent such fees exceed 1.10% on assets above $500 million in such Fund. This voluntary arrangement is not entitled to recoupment and may be terminated at any time by the Adviser.

Semi-Annual Report | October 31, 2017 93

Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

For the six months ended October 31, 2017, the fee waivers/reimbursements and/or recoupments were as follows:

Fund Fees Waived/Reimbursed By Adviser Recoupment of Previously Waived Fees By Adviser

Grandeur Peak Emerging Markets Opportunities Fund

Investor Class $ – $ –

Institutional Class – –

Grandeur Peak Global Micro Cap Fund

Institutional Class 11,245 –

Grandeur Peak Global Opportunities Fund

Investor Class $ – $ –

Institutional Class – –

Grandeur Peak Global Reach Fund

Investor Class $ – $ –

Institutional Class – –

Grandeur Peak Global Stalwarts Fund

Investor Class $ – $ 28,442

Institutional Class – 22,256

Grandeur Peak International Opportunities Fund

Investor Class $ – $ –

Institutional Class – –

Grandeur Peak International Stalwarts Fund

Investor Class $ – $ –

Institutional Class – –

As of October 31, 2017, the balances of recoupable expenses for each Fund were as follows:

Fund Expires 2019 Expires 2020 Expires 2021 Total

Grandeur Peak Emerging Markets Opportunities Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

Grandeur Peak Global Micro Cap Fund

Institutional Class $ 44,561 $ 54,685 $ 11,245 $ 110,491

Grandeur Peak Global Opportunities Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

Grandeur Peak Global Reach Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

Grandeur Peak Global Stalwarts Fund

Investor Class $ 28,320 $ 23,105 $ – $ 51,425

Institutional Class 33,133 22,190 – 55,323

Grandeur Peak International Opportunities Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

Grandeur Peak International Stalwarts Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

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Grandeur Peak Funds^® Notes to Financial Statements

October 31, 2017 (Unaudited)

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Compliance Services

ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

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

7. INDEMNIFICATIONS

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

Semi-Annual Report | October 31, 2017 95

Grandeur Peak Funds^® Disclosure Regarding Approval of Fund Advisory Agreement

On September 12, 2017, the Trustees met in person to discuss, among other things, the renewal of the investment advisory agreement between the Trust, with respect to the Grandeur Peak Global Opportunities Fund (“Global Opportunities Fund”), Grandeur Peak International Opportunities Fund (“Global International Fund”), Grandeur Peak Global Reach Fund (“Global Reach Fund”), Grandeur Peak Emerging Markets Opportunities Fund (“Emerging Markets Opportunities Fund”), Grandeur Peak Global Stalwarts Fund (“Global Stalwart Fund”), Grandeur Peak International Stalwarts Fund (“International Stalwart Fund”), and Grandeur Peak Global Micro Cap Fund (“Micro Cap Fund”) (collectively, the “Grandeur Peak Funds”), and Grandeur Peak Global Advisors, LLC (“Grandeur Peak”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fees paid by the Trust, on behalf of the Grandeur Peak Funds, to Grandeur Peak, of 1.25% of the Grandeur Peak Global Opportunities Fund’s and Grandeur Peak International Opportunities Fund’s daily net assets, 1.10% of the Grandeur Peak Global Reach Fund’s daily net assets, 1.35% of the Grandeur Peak Emerging Markets Opportunities Fund’s daily net assets, 0.80% of the Grandeur Peak Global Stalwarts Fund’s and Grandeur Peak International Stalwarts Fund’s daily net assets, and 1.50% of the Grandeur Peak Global Micro Cap Fund’s daily net assets, in light of the extent and quality of the advisory services provided by Grandeur Peak to each of the Grandeur Peak Funds.

The Board received and considered information including a comparison of each Grandeur Peak Fund’s contractual advisory fee rate with those of funds in the expense group and universe of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of each class of each of the Grandeur Peak Funds was above the Data Provider peer group median, except for each class of the Grandeur Peak Global Stalwarts Fund and each class of the Grandeur Peak International Stalwarts Fund.

Total Expense Ratios: The Trustees further reviewed and considered that the total expense ratio (after waivers) of each class of each of the Grandeur Peak Funds was above the Data Provider peer group median, except for the Investor Class of the Grandeur Peak Emerging Markets Opportunities Fund and both classes of the Grandeur Peak Global Stalwarts Fund and Grandeur Peak International Stalwarts Fund.

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

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

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

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

Performance: The Trustees reviewed performance information for the Grandeur Peak Funds for the 3-month, 1-year, 3-year, and 5-year periods, as applicable, ended June 30, 2017. That review included a comparison of each Grandeur Peak Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the performance of both classes of the Grandeur Peak Emerging Markets Opportunities Fund was below the Data Provider peer group median for the 3-month and 1-year periods and above the Data Provider peer group median for the 3-year period, the performance of the Institutional Class of the Grandeur Peak Global Micro Cap Fund was above the Data Provider peer group median for the 3-month and 1-year periods, the performance of both classes of the Grandeur Peak Global Opportunities Fund was above the Data Provider peer group median for the 3-month, 1-year, 3-year, and 5-year periods, the performance of both classes of the Grandeur Peak Global Reach Fund was above the Data Provider peer group median for the 3-month, 1-year, and 3-year periods, the performance of both classes of the Grandeur Peak Global Stalwarts Fund was above the Data Provider peer group median for the 3-month period and below the Data Provider peer group median for the 1-year period, the performance of both classes of the Grandeur Peak International Opportunities Fund was below the Data Provider peer group median for the 3-month period and above the Data Provider peer group median for the 1-year, 3-year and 5-year periods, and the performance of both classes of the Grandeur Peak International Stalwarts Fund was below the Data Provider peer group median for the 3-month and 1-year periods. The Trustees also considered Grandeur Peak’s discussion of its reputation generally and its investment techniques, risk management controls, and decision-making processes.

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Grandeur Peak Funds^® Disclosure Regarding Approval of Fund Advisory Agreement

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

Profitability: The Trustees received and considered a retrospective and projected profitability analysis prepared by Grandeur Peak based on the fees payable under the Investment Advisory Agreement with respect to the Grandeur Peak Funds. The Trustees considered the profits, if any, anticipated to be realized by Grandeur Peak in connection with the operation of the Grandeur Peak Funds. The Board then reviewed Grandeur Peak’s income statement and balance sheet for the years ended December 31, 2011 through December 31, 2016 in order to analyze the financial condition, stability, and profitability of Grandeur Peak.

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

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

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

• the contractual advisory fee rate of each class of each of the Grandeur Peak Funds was above the Data Provider peer group median, except for each class of the Grandeur Peak Global Stalwarts Fund and each class of the Grandeur Peak International Stalwarts Fund;

• the total expense ratio (after waivers) of each class of each of the Grandeur Peak Funds was above the Data Provider peer group median, except for the Investor Class of Grandeur Peak Emerging Markets Opportunities Fund and both classes of Grandeur Peak Global Stalwarts Fund and Grandeur Peak International Stalwarts Fund;

• the nature, extent and quality of services rendered by Grandeur Peak under the Investment Advisory Agreement with respect to each Grandeur Peak Fund were adequate;

• for the period ended June 30, 2017, the performance of both classes of the Grandeur Peak Emerging Markets Opportunities Fund was below the Data Provider peer group median for the 3-month and 1-year periods and above the Data Provider peer group median for the 3-year period, the performance of the Institutional Class of the Grandeur Peak Global Micro Cap Fund was above the Data Provider peer group median for the 3-month and 1-year periods, the performance of both classes of the Grandeur Peak Global Opportunities Fund was above the Data Provider peer group median for the 3-month, 1-year, 3-year, and 5-year periods, the performance of both classes of the Grandeur Peak Global Reach Fund was above the Data Provider peer group median for the 3-month, 1-year, and 3-year periods, the performance of both classes of the Grandeur Peak Global Stalwarts Fund was above the Data Provider peer group median for the 3- month period and below the Data Provider peer group median for the 1-year period, the performance of both classes of the Grandeur Peak International Opportunities Fund was below the Data Provider peer group median for the 3-month period and above the Data Provider peer group median for the 1-year, 3-year and 5-year periods, and the performance of both classes of the Grandeur Peak International Stalwarts Fund was below the Data Provider peer group median for the 3-month and 1-year periods;

• bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Grandeur Peak’s other clients employing a comparable strategy to any of the Grandeur Peak Funds was not indicative of any unreasonableness with respect to the advisory fee payable by the Grandeur Peak Funds;

• the profit, if any, realized by Grandeur Peak in connection with the operation of any of the Grandeur Peak Funds is not unreasonable to such Fund; and

• there were no material economies of scale or other incidental benefits accruing to Grandeur Peak in connection with its relationship with any of the Grandeur Peak Funds.

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

Semi-Annual Report | October 31, 2017 97

Grandeur Peak Funds^® Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 855-377-PEAK(7325) and (2) on the SEC’s website at http://www.sec.gov.

98 1.855.377.7325 | www.GrandeurPeakGlobal.com

Intentionally Left Blank.

Contact Us

Mail: Grandeur Peak Funds, P.O. Box 13664, Denver, CO 80201 E-Mail: grandeurpeakglobal@alpsinc.com

Phone: 1.855.377.PEAK (7325) Web: www.GrandeurPeakGlobal.com

SEMI-ANNUAL October 31, 2017

Highland Resolute Fund

Class I RMRGX

Highland Resolute Fund Table of Contents

PAGE

Shareholder Letter 2

Performance Update 7

Consolidated Disclosure of Fund Expenses 9

Consolidated Schedule of Investments 10

Consolidated Statement of Assets and Liabilities 37

Consolidated Statement of Operations 38

Consolidated Statements of Changes in Net Assets 39

Consolidated Financial Highlights 40

Notes to Consolidated Financial Statements 41

Additional Information 51

|     1

Highland Resolute Fund Shareholder Letter

October 31, 2017 (Unaudited)

PERFORMANCE:

October 31, 2017

The Highland Resolute Fund outperformed the HFRX Global Index⁽¹⁾ by approximately 50 basis points⁽²⁾ over the twelve months ending October 31, 2017. The Fund historically has strong up market capture with down market capture in line with the index. Since inception, the Fund has outperformed the HFRX Global Index by over 200 basis points annualized. This is due primarily to a higher level of net equity exposure than the benchmark to be able to keep up with strong equity markets.

When compared to the peer group (Morningstar Multi-Alternative Universe⁽³⁾), the Fund has outperformed the Universe over all time periods – by about 190 basis points during the past twelve months and 230 basis points annualized since inception. As with the HFRX Global Index, the Universe is very diverse and contains a number of market-neutral and other low net equity strategies that cause the average net equity exposure for the Universe to be considerably less than our Fund. So, we anticipate outperforming the Universe in up markets and underperforming in down markets - recent performance has been consistent with our expectations.

Long/Short Managers – Long/Short equity managers outperformed the HFRX Equity Hedge Index⁽⁴⁾ in a period of steady growth and low volatility in global equities. Impala and Incline performed the best in the Long/Short book having significantly outperformed the index. Boston Partners slightly outperformed the index while Dalton posted negative absolute returns for the period.

Macro – The sole Macro manager, Brevan Howard, has slightly outperformed the HFRX Macro Index⁽⁵⁾ over the last 12 months. Long positions in consumer and financial sectors were accretive from a sector perspective. However, the lack of meaningful participation in European equity markets slightly offset the outperformance. The systematic macro fund strives to take advantage of relative value differentials globally. This sector is a small allocation and is held as a risk-off return contributor.

Credit/GTAA – Chatham materially outperformed the HFRX Fixed Income – Credit Index⁽⁶⁾ over the past 12 months. Long positions in special situations have largely driven performance, as well as select media positions.

Relative Value – The Relative Value sleeve underperformed the HFRX Relative Value Arbitrage Index⁽⁷⁾ over the past 12 months. Slight outperformance from Weiss Alpha Balanced was largely due to the equity and bond sleeves of the fund. However, negative absolute returns from Clinton offset outperformance.

Event Driven – The absolute return oriented manager AQR Multi-Strategy performed roughly in-line with the HFRX Absolute Return Index⁽⁸⁾ over the past 12 months with mixed returns from the nine different strategy groups. The event driven manager outperformed its index largely due to special situations and merger arbitrage positions.

2

Highland Resolute Fund Shareholder Letter

October 31, 2017 (Unaudited)

HIGHLAND RESOLUTE FUND

Table 1 notes the performance for the Fund as of quarter end under standard reporting (since inception) as well as of October 31^st.

Table 1 ^{(1)(2)(3)(9)(10)}

Performance (amounts greater than one year are annualized)

Standardized Performance Data

as of September 30, 2017

Non-Standardized Performance Data

as of October 31, 2017

YTD 1-Year 3-Year 5-Year Since Inception (12/30/11) YTD 1-Year 3-Year 5-Year Since Inception (12/30/11)

Highland Resolute Fund - Class I NAV 5.60% 6.20% 3.00% 3.90% 4.20% 6.43% 7.52% 3.44% 4.30% 4.25%

Morningstar Multi- Alternative Universe 3.87% 3.95% 0.81% 1.40% 1.77% 4.76% 5.61% 1.22% 1.69% 1.90%

HFRX Global Index 4.43% 5.64% 0.45% 0.40% 2.19% 5.15% 6.98% 1.13% 2.20% 2.28%

S&P 500 Index 14.24% 18.61% 10.81% 14.22% 15.27% 16.91% 23.63% 10.77% 15.20% 15.49%

Gross Expense Ratio Less Expense Waivers Net Expense Ratio Net Ratio ex Dividend & Short Expense

Highland Resolute Fund - Class I NAV 2.33% -1.25% 1.08% 0.98%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-268-2242.

The Fund has a redemption fee of 2.00% for shares redeemed within the first 90 days of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

The Adviser has agreed to waive the portion of its 1.50% Management Fee in excess of any sub-advisory fees paid by the Adviser to sub-advisors in connection with the Fund (“Sub-Advisory Fees”). This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2018 without the approval by the Fund’s Board of Trustees.

Net Ratio ex Dividend & Short Expense is the Net Expense Ratio less any Dividend and Interest Expense on Securities Sold Short

Portfolio Changes:

There were a few manager changes during the period in the Credit/GTAA bucket. FPA Crescent Fund was liquidated to reduce the GTAA exposure, and Pinebridge GDAA was terminated as of July 31. Chatham was added as a new Credit strategy.

Closing:

We continue to add value both in our allocation and manager selection decisions. The changes outlined above should continue to provide additional value going forward. We appreciate your investment in our Highland Resolute Fund, please feel free to contact us with any questions.

Sincerely,

R. Scott Graham, CFA & Michael T. Lytle, CFA

Portfolio Managers⁽¹¹⁾



Semi-Annual Report | October 31, 2017 3

Highland Resolute Fund Shareholder Letter

October 31, 2017 (Unaudited)

Underlying Allocation Weights:

Figure 1 lists the long-term target asset allocation for the Fund as well as the allocation as of October 31, 2017.

Target Asset Allocation October 31, 2017 Allocation



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

4

Highland Resolute Fund Shareholder Letter

October 31, 2017 (Unaudited)

IMPORTANT NOTES AND DISCLOSURES

Past performance does not guarantee future results.

Fund prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Fund’s prospectus. Please call 1-855-268-2242 to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

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

The Highland Resolute Fund is distributed by ALPS Distributors, Inc.

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

Diversification does not eliminate the risk of experiencing investment losses.

RISKS:

The Fund’s strategy may expose it to the risks of investments in Swap Contracts and Other Investment Companies. These risks include, but are not limited to higher expenses, allocation risk, underlying fund risk, transparency risk, and underlying fund managed portfolio risk. Investments which focus on alternative strategies are subject to increased risk and loss of principal and are not suitable for all investors. Swap Risk involves swap agreements and are subject to counterparty default risk and may not perform as intended. Derivatives Risk involves the exercise of skill and judgment. Derivatives may expire worthless or not perform as expected. Equity risk may cause the value of the securities held by the Fund to fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invest.

The Fund’s investments in non-U.S. issuers may be even more volatile and may present more risks than investments in U.S. issuers.

Commodity Risk may subject the Funds to greater volatility than traditional investments because of global supply and demand, changes in interest rates, commodity index volatility, and factors affecting a particular industry or commodity. Commodity-linked investments may not move in the same direction and to the same extent as the underlying commodities.

⁽¹⁾ The HFRX Global Index is designed to be representative of the overall composition of the hedge fund universe, and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. Investors cannot invest directly in an index.

⁽²⁾ Basis point is a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1% or 0.01%(.0001).

⁽³⁾ The Morningstar Multi-Alternative Universe is designed to represent the exposure to alternative investment tactics. Funds in this category have the majority of their assets exposed to alternative strategies. An investor’s exposure to different tactics may change slightly over time in response to market movements. Funds in this category include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes. The gross short exposure is greater than 20%.

⁽⁴⁾ The HFRX Equity Hedge Index is designed to be representative of a subset of the overall composition of the hedge fund universe. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index figures do not reflect any fees, expense, or taxes. Investors cannot invest directly in an index.

⁽⁵⁾ The HFRX Macro Index is designed to be representative of a subset of the overall composition of the hedge fund universe. Macro strategy managers trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long and short term holding periods. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index figures do not reflect any fees, expense, or taxes. Investors cannot invest directly in an index.

⁽⁶⁾ The HFRX Fixed Income - Credit Index is designed to be representative of a subset of the overall composition of the hedge fund universe. It includes strategies with exposure to credit across a broad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed,

Semi-Annual Report | October 31, 2017 5

Highland Resolute Fund Shareholder Letter

October 31, 2017 (Unaudited)



Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index figures do not reflect any fees, expense, or taxes. Investors cannot invest directly in an index.

⁽⁷⁾ The HFRX Relative Value Arbitrage Index is designed to be representative of a subset of the overall composition of the hedge fund universe. Relative Value investment managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index figures do not reflect any fees, expense, or taxes. Investors cannot invest directly in an index.

⁽⁸⁾ The HFRX Absolute Return Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index figures do not reflect any fees, expense, or taxes. Investors cannot invest directly in an index.

⁽⁹⁾ The S&P 500^® Index is an unmanaged index of 500 common stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index. The S&P 500^® Index figures do not reflect any fees, expenses, or taxes. Investors cannot invest directly in this index.

⁽¹⁰⁾ Highland Associates, Inc. has agreed to waive the portion of its 1.50% Management Fee in excess of any sub-advisory fees paid by the Adviser to sub-advisors in connection with the Redmont Resolute Fund. This agreement is in effect through August 31, 2018. The Adviser may not discontinue this agreement to waive fees without the approval by the Fund’s Board of Trustees.

⁽¹¹⁾ R. Scott Graham and Michael T. Lytle are registered representatives of ALPS Distributors, Inc. CFA Institute Marks are trademarks owned by the CFA Institute.

6

Highland Resolute Fund Performance Update

October 31, 2017 (Unaudited)

Performance (for the period ended October 31, 2017)

Highland Resolute Fund

Cumulative Total Return

(for the period ended October 31, 2017)
Year-to-Date 1 Year 3 Year 5 Year Since
Inception* Gross Ratio^(a) Net Ratio^(a)

Highland Resolute Fund - Class I - NAV 6.43% 7.49% 3.24% 4.27% 4.26% 2.33% 1.08%

S&P 500^® Total Return Index 16.91% 23.63% 10.77% 15.18% 15.48%

Dow Jones U.S. Select Dividend Index 10.06% 16.82% 10.59% 14.47% 14.27%

HFRX Global Hedge Fund Index 5.15% 6.98% 1.13% 2.23% 2.28%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call 1-855-268-2242.

The Fund has a redemption fee of 2.00% for shares redeemed within the first 90 days of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

The Adviser has agreed to waive the portion of its 1.50% Management Fee in excess of any sub-advisory fees paid by the Adviser to sub-advisors in connection with the Fund (“Sub-Advisory Fees”). This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2018 without the approval by the Fund’s Board of Trustees.

* Fund inception date of 12/30/11.

^(a) Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(b) The S&P 500^® Index is the Standard & Poor’s composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.

^(c) The Dow Jones U.S. Select Dividend Index represents the country’s top stocks by dividend yield, selected annually and subject to screening and buffering criteria. The index is not actively managed and does not reflect any deductions of fees, expenses or taxes. An investor may not invest directly in an index.

^(d) The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage and relative value strategies. The index returns are updated periodically and are subject to change. The returns were accurate as of the date of this publication. The index is not actively managed and does not reflect any deduction of fees, expenses or taxes. An investor may not invest directly in an index.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Top Ten Holdings**
(for the period ended October 31, 2017)

As a percentage of Net Assets

PIMCO Short-Term Fund, Institutional Class 24.74%

AQR Multi Strategy Alternative Fund, Class I 14.85%

American Media, Inc. 2.55%

Harland Clarke Holdings Corp. 2.50%

Resolute Forest Products, Inc. 2.32%

RR Donnelley & Sons Co. 1.72%

Everi Payments, Inc. 1.39%

Opal Acquisition, Inc. 1.56%

iPayment, Inc. 0.75%

Time, Inc. 0.74%

Top Ten Holdings

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

Semi-Annual Report | October 31, 2017 7

Highland Resolute Fund Performance Update

October 31, 2017 (Unaudited)

Performance of $10,000 Initial Investment (for the period ended October 31, 2017)
Comparison of change in value of a $10,000 investment

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

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

8

Highland Resolute Fund Consolidated Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period of May 1, 2017 to October 31, 2017.

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

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

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

Highland Resolute Fund
BEGINNING ACCOUNT VALUE
05/01/17

ENDING ACCOUNT VALUE
10/31/17

EXPENSE RATIO^(a)

EXPENSES PAID,
and DURING PERIOD
05/01/17-

10/31/17^(b)

Class I

Actual $ 1,000.00 $ 1,039.50 0.86% $4.42

Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.87 0.86% $4.38

^(a) Annualized, based on the Fund’s most recent fiscal half year expenses.

^(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

Semi-Annual Report | October 31, 2017 9

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

CLOSED END FUNDS (0.43%)

Altaba, Inc.^(a) 23,538 $ 1,650,485

TOTAL CLOSED END FUNDS

(Cost $1,386,291) 1,650,485

COMMON STOCKS (18.12%)

ADVERTISING (0.05%)

Omnicom Group, Inc. 1,500 100,785

The Interpublic Group of Cos., Inc. 5,295 101,929

202,714

AEROSPACE & DEFENSE (0.64%)

General Dynamics Corp.^(b) 1,839 373,280

Harris Corp.^(b) 3,867 538,751

L3 Technologies, Inc. 829 155,172

Lockheed Martin Corp.^(b) 1,124 346,372

Northrop Grumman Corp.^(b) 804 237,606

Raytheon Co.^(b) 2,142 385,988

Spirit AeroSystems Holdings, Inc., Class A 1,797 143,940

United Technologies Corp.^(b) 2,136 255,807

2,436,916

AGRICULTURE (0.06%)

Altria Group, Inc.^(b) 3,763 241,660

AIRLINES (0.05%)

Delta Air Lines, Inc.^(b) 2,566 128,377

United Continental Holdings, Inc.^(a)(b) 926 54,152

182,529

AUTO MANUFACTURERS (0.04%)

PACCAR, Inc. 1,908 136,861

AUTO PARTS & EQUIPMENT (0.11%)

BorgWarner, Inc.^(b) 5,044 265,920

Lear Corp. 824 144,686

410,606

BANKS (1.13%)

Bank of America Corp.^(b) 21,683 593,897

BB&T Corp.^(b) 2,761 135,952

Capital One Financial Corp.^(b) 1,518 139,929

Citigroup, Inc.^(b) 7,765 570,728

Citizens Financial Group, Inc. 5,427 206,280

East West Bancorp, Inc. 2,732 163,484

Fifth Third Bancorp^(b) 5,379 155,455

Huntington Bancshares, Inc.^(b) 16,747 231,109

JPMorgan Chase & Co.^(b) 5,017 504,760

KeyCorp 12,240 223,380

Lloyds Banking Group PLC, ADR 38,680 142,729

See Notes to Financial Statements.

10

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

BANKS (1.13%) (continued)

Morgan Stanley 1,298 $ 64,900

Regions Financial Corp. 13,532 209,475

State Street Corp.^(b) 1,528 140,576

SunTrust Banks, Inc.^(b) 2,771 166,842

The Goldman Sachs Group, Inc.^(b) 642 155,672

U.S. Bancorp 2,484 135,080

Wells Fargo & Co.^(b) 7,177 402,917

4,343,165

BEVERAGES (0.13%)

Coca-Cola European Partners PLC^(b) 6,490 265,182

PepsiCo, Inc. 2,031 223,877

489,059

BIOTECHNOLOGY (0.05%)

Celgene Corp.^(a) 817 82,492

Gilead Sciences, Inc. 1,457 109,217

191,709

BUILDING MATERIALS (0.18%)

Cemex SAB de CV, Sponsored ADR^(a) 24,384 197,754

Masco Corp.^(b) 5,703 227,094

Owens Corning^(b) 3,129 258,737

683,585

CHEMICALS (0.59%)

Celanese Corp., Series A^(b) 2,075 216,443

FMC Corp. 1,450 134,647

PPG Industries, Inc.^(b) 1,087 126,353

PQ Group Holdings, Inc.^(a) 6,582 107,945

The Sherwin-Williams Co.^(b) 3,831 1,513,820

Versum Materials, Inc. 3,902 164,196

2,263,404

COAL (0.02%)

SunCoke Energy, Inc.^(a) 6,619 73,405

COMMERCIAL SERVICES (1.55%)

EVERTEC, Inc. 5,515 82,725

IHS Markit, Ltd.^(a) 8,675 369,642

KAR Auction Services, Inc.^(b) 50,046 2,368,677

PayPal Holdings, Inc.^(a) 1,432 103,906

Robert Half International, Inc.^(b) 4,108 212,671

S&P Global, Inc.^(b) 11,001 1,721,326

Vantiv, Inc., Class A^(a) 15,505 1,085,350

5,944,297

COMPUTERS (0.43%)

Amdocs, Ltd.^(b) 4,220 274,722

Apple, Inc. 1,382 233,613

Dell Technologies, Inc., Class V^(a) 517 42,792

DXC Technology Co.^(b) 5,617 514,068

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 11

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

COMPUTERS (0.43%) (continued)

Hewlett Packard Enterprise Co.^(b) 18,328 $ 255,126

NetApp, Inc. 7,260 322,489

1,642,810

CONTAINERS & PACKAGING (0.08%)

WestRock Co.^(b) 4,855 297,757

DISTRIBUTION & WHOLESALE (0.72%)

Arrow Electronics, Inc.^(a)(b) 3,545 296,326

LKQ Corp.^(a)(b) 65,701 2,476,271

2,772,597

DIVERSIFIED FINANCIAL SERVICES (0.68%)

Air Lease Corp. 1,665 72,344

Alliance Data Systems Corp. 923 206,503

Discover Financial Services^(b) 4,813 320,209

Intercontinental Exchange, Inc.^(b) 13,252 875,957

Navient Corp.^(b) 11,012 137,209

Raymond James Financial, Inc.^(b) 2,205 186,940

SLM Corp.^(a)(b) 20,954 221,903

Synchrony Financial^(b) 7,772 253,523

TD Ameritrade Holding Corp.^(b) 3,218 160,868

The Charles Schwab Corp. 3,433 153,936

2,589,392

ELECTRIC (0.04%)

AES Corp. 16,257 172,812

ELECTRICAL COMPONENTS & EQUIPMENT (0.10%)

AMETEK, Inc.^(b) 3,780 255,112

Belden, Inc. 1,090 87,102

EnerSys 815 56,537

398,751

ELECTRONICS (0.30%)

Flex, Ltd.^(a)(b) 23,544 419,083

Honeywell International, Inc.^(b) 1,732 249,685

Jabil, Inc.^(b) 2,300 65,044

TE Connectivity, Ltd.^(b) 3,302 300,383

Waters Corp.^(a) 600 117,630

1,151,825

ENGINEERING & CONSTRUCTION (0.03%)

Tutor Perini Corp.^(a) 4,696 132,427

ENTERTAINMENT (0.06%)

Six Flags Entertainment Corp.^(b) 3,879 243,562

See Notes to Financial Statements.

12

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

FOOD (0.09%)

Nomad Foods, Ltd.^(a)(b) 21,875 $ 330,313

HAND & MACHINE TOOLS (0.04%)

Snap-on, Inc. 960 151,469

HEALTHCARE - SERVICES (0.26%)

Anthem, Inc.^(b) 1,149 240,382

Cigna Corp. 905 178,484

Laboratory Corp. of America Holdings^(a)(b) 1,369 210,429

UnitedHealth Group, Inc.^(b) 873 183,522

Universal Health Services, Inc., Class B 1,634 167,812

980,629

HOUSEWARES (0.47%)

Newell Brands, Inc.^(b) 44,216 1,803,128

INSURANCE (0.56%)

Alleghany Corp.^(a) 289 163,638

American International Group, Inc. 3,624 234,147

Aon PLC^(b) 1,244 178,427

Berkshire Hathaway, Inc., Class B^(a)(b) 1,347 251,808

Chubb, Ltd.^(b) 1,770 266,951

Marsh & McLennan Cos., Inc. 2,241 181,364

MetLife, Inc.^(b) 3,561 190,798

The Allstate Corp.^(b) 2,379 223,293

The Travelers Cos., Inc. 1,084 143,576

Validus Holdings, Ltd. 3,145 163,792

XL Group, Ltd. 3,918 158,561

2,156,355

INTERNET (1.91%)

Alibaba Group Holding, Ltd., Sponsored ADR^(a)(b) 4,511 834,039

Alphabet, Inc., Class A^(a)(b) 3,250 3,357,380

Alphabet, Inc., Class C^(a) 220 223,661

Baidu, Inc., Sponsored ADR^(a)(b) 1,125 274,432

CDW Corp.^(b) 2,294 160,580

eBay, Inc.^(a)(b) 11,476 431,957

The Priceline Group, Inc.^(a)(b) 856 1,636,638

Yandex NV, Class A^(a) 2,645 89,480

YY, Inc., ADR^(a)(b) 3,439 310,851

7,319,018

IRON & STEEL (0.05%)

Steel Dynamics, Inc. 5,245 195,166

IT SERVICES (0.06%)

Leidos Holdings, Inc.^(b) 3,509 219,384

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 13

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

LEISURE TIME (0.03%)

Brunswick Corp.^(b) 2,303 $ 116,647

MACHINERY - DIVERSIFIED (0.04%)

Cummins, Inc. 840 148,579

MEDIA (0.49%)

CBS Corp., Class B^(b) 4,984 279,702

Comcast Corp., Class A^(b) 11,648 419,677

Liberty Global PLC, Class C^(a)(b) 11,675 348,966

Liberty Global PLC LiLAC, Class C^(a) 3,577 78,694

Time Warner, Inc.^(b) 4,482 440,536

Twenty-First Century Fox, Inc., Class A^(b) 12,098 316,363

1,883,938

MISCELLANEOUS MANUFACTURING (0.30%)

Eaton Corp. PLC^(b) 3,440 275,268

General Electric Co. 7,074 142,612

Illinois Tool Works, Inc. 1,271 198,937

Textron, Inc.^(b) 7,039 371,237

Trinseo SA 2,062 146,402

1,134,456

OIL & GAS (0.85%)

Anadarko Petroleum Corp. 4,537 223,992

Cabot Oil & Gas Corp. 7,340 203,318

Chevron Corp.^(b) 1,404 162,710

Cimarex Energy Co.^(b) 1,092 127,687

ConocoPhillips 4,151 212,324

Diamondback Energy, Inc.^(a) 3,256 348,913

Energen Corp.^(a)(b) 2,521 130,336

Enerplus Corp. 10,382 95,203

EQT Corp.^(b) 3,398 212,511

Jagged Peak Energy, Inc.^(a) 10,843 150,609

Kosmos Energy, Ltd.^(a) 7,508 57,661

Marathon Petroleum Corp.^(b) 4,049 241,887

Parsley Energy, Inc., Class A^(a)(b) 11,858 315,423

Pioneer Natural Resources Co. 1,508 225,702

RSP Permian, Inc.^(a)(b) 8,771 301,810

WildHorse Resource Development Corp.^(a) 5,391 70,137

YPF SA, Sponsored ADR 7,812 191,863

3,272,086

OIL & GAS SERVICES (0.02%)

NCS Multistage Holdings, Inc.^(a) 4,129 89,930

OIL, GAS & CONSUMABLE FUELS (0.07%)

Andeavor^(b) 2,512 266,875

See Notes to Financial Statements.

14

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

PACKAGING & CONTAINERS (0.17%)

Berry Global Group, Inc.^(a)(b) 2,802 $ 166,579

Crown Holdings, Inc.^(a)(b) 2,823 169,860

Graphic Packaging Holding Co.^(b) 19,722 305,494

641,933

PHARMACEUTICALS (0.30%)

Cardinal Health, Inc.^(b) 2,368 146,579

Express Scripts Holding Co.^(a) 2,227 136,493

Johnson & Johnson 1,409 196,429

Merck & Co., Inc.^(b) 6,628 365,137

Pfizer, Inc. 5,190 181,961

Sanofi, ADR 2,878 136,072

1,162,671

PIPELINES (0.05%)

Targa Resources Corp. 4,472 185,588

RETAIL (1.72%)

Alimentation Couche-Tard, Inc., Class B 32,833 1,539,468

CVS Health Corp.^(b) 2,949 202,095

Liberty Interactive Corp. QVC Group, Class A^(a)(b) 10,867 246,898

Lowe's Cos., Inc.^(b) 26,440 2,113,878

The Home Depot, Inc. 1,060 175,727

The TJX Cos., Inc. 2,169 151,396

Yum! Brands, Inc.^(b) 28,975 2,157,189

6,586,651

SEMICONDUCTORS (0.38%)

Broadcom, Ltd.^(b) 1,620 427,534

KLA-Tencor Corp.^(b) 1,879 204,605

Marvell Technology Group, Ltd.^(b) 15,481 285,934

ON Semiconductor Corp.^(a)(b) 12,429 264,986

Qorvo, Inc.^(a) 874 66,258

Texas Instruments, Inc.^(b) 2,219 214,555

1,463,872

SHIPBUILDING (0.06%)

Huntington Ingalls Industries, Inc. 908 211,410

SOFTWARE (2.25%)

Activision Blizzard, Inc. 2,083 136,415

Broadridge Financial Solutions, Inc. 4,701 403,910

CDK Global, Inc. 35,475 2,254,791

Electronic Arts, Inc.^(a)(b) 1,340 160,264

Fidelity National Information Services, Inc. 21,126 1,959,648

Micro Focus International PLC, Sponsored ADR^(a)(b) 2,517 87,919

Microsoft Corp.^(b) 5,545 461,233

NetEase, Inc., ADR^(b) 1,584 446,561

Oracle Corp.^(b) 10,152 516,737

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 15

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

SOFTWARE (2.25%) (continued)

SS&C Technologies Holdings, Inc.^(b) 54,614 $ 2,195,483

8,622,961

SPECIAL CHEMICALS (0.04%)

Valvoline, Inc. 6,874 165,113

TECHNOLOGY HARDWARE STORAGE & EQUIPMENT (0.06%)

HP, Inc.^(b) 10,895 234,787

TELECOMMUNICATIONS (0.14%)

Cisco Systems, Inc.^(b) 8,635 294,885

CommScope Holding Co., Inc.^(a) 2,535 81,475

Verizon Communications, Inc. 3,725 178,316

554,676

TEXTILES (0.60%)

Mohawk Industries, Inc.^(a)(b) 8,840 2,313,958

TOYS, GAMES & HOBBIES (0.07%)

Hasbro, Inc. 2,825 261,567

TOTAL COMMON STOCKS

(Cost $56,288,249)
69,475,003

LIMITED PARTNERSHIPS (0.62%)

OIL & GAS (0.05%)

Viper Energy Partners LP^(b) 9,825 192,570

OIL, GAS & CONSUMABLE FUELS (0.53%)

Andeavor Logistics LP 44,848 2,026,233

PIPELINES (0.04%)

Boardwalk Pipeline Partners LP 11,255 157,795

TOTAL LIMITED PARTNERSHIPS

(Cost $2,767,128)
2,376,598

OPEN-END MUTUAL FUNDS (39.59%)

AQR Multi Strategy Alternative Fund, Class I 5,797,509 56,931,538

PIMCO Short-Term Fund, Institutional Class 9,601,157 94,859,434

151,790,972

TOTAL OPEN-END MUTUAL FUNDS

(Cost $149,192,404)
151,790,972

See Notes to Financial Statements.

16

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Exercise Date Exercise Price Contracts
Value

(Note 2)

PURCHASED PUT OPTIONS (0.04%)

S&P 500^® Index 11/30/2017 $ 2,475 69 $ 42,918

S&P 500^® Index 11/30/2017 2,450 222 111,000

153,918

TOTAL PURCHASED PUT OPTIONS

(Cost $207,933) 153,918

Description Principal Amount
Value

(Note 2)

CORPORATE BONDS (17.24%)

BEVERAGES (0.02%)

Beverages & More, Inc.

11.50%, 06/15/2022^(c) $ 97,000 87,543

CASINOS & GAMING (0.61%)

Jack Ohio Finance LLC

10.25%, 11/15/2022^(b)(c) 2,124,000 2,341,710

COMMERCIAL SERVICES (2.51%)

Great Lakes Dredge & Dock Corp.

8.00%, 05/15/2022 100,000 105,500

iPayment, Inc.

10.75%, 04/15/2024^(c) 2,563,000 2,889,782

RR Donnelley & Sons Co.

6.00%, 04/01/2024 1,222,000 1,145,625

6.50%, 11/15/2023 5,656,000 5,458,040

9,598,947

COMPUTERS (3.89%)

Everi Payments, Inc.

10.00%, 01/15/2022 4,878,000 5,329,215

Harland Clarke Holdings Corp.

9.25%, 03/01/2021^(b)(c) 9,374,000 9,584,915

14,914,130

CONTAINERS & PACKAGING (0.25%)

Coveris Holdings SA

7.88%, 11/01/2019^(c) 979,000 959,420

COSMETICS/PERSONAL CARE (0.33%)

Avon International Operations, Inc.

7.88%, 08/15/2022^(c) 1,237,000 1,264,833

ENTERTAINMENT (0.56%)

Mohegan Tribal Gaming

7.88%, 10/15/2024^(c) 2,002,000 2,139,637

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 17

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Principal Amount
Value

(Note 2)

FOREST PRODUCTS & PAPER (2.32%)

Resolute Forest Products, Inc.

5.88%, 05/15/2023^(b) $ 8,787,000 $ 8,907,821

HEALTH CARE FACILITIES & SERVICES (0.24%)

Kindred Healthcare, Inc.

8.75%, 01/15/2023 929,000 910,420

HEALTHCARE-SERVICES (1.83%)

Opal Acquisition, Inc.

7.50%, 07/01/2024^(c) 2,903,000 2,815,910

10.00%, 10/01/2024^(c) 3,652,000 3,149,850

SP Finco LLC

6.75%, 07/01/2025^(c) 1,153,000 1,054,995

7,020,755

MEDIA (1.16%)

Lee Enterprises, Inc.

9.50%, 03/15/2022^(c) 1,531,000 1,588,412

Time, Inc.

5.75%, 04/15/2022^(b)(c) 2,808,000 2,846,610

4,435,022

PIPELINES (0.05%)

Cheniere Corpus Christi Holdings LLC

5.13%, 06/30/2027^(c) 198,000 204,683

PUBLISHING & BROADCASTING (3.17%)

American Media, Inc.

0.00%, 03/01/2022^(c)(d) 11,007,000 9,782,471

McClatchy Co.

6.88%, 03/15/2029 2,107,000 1,848,893

7.15%, 11/01/2027 71,000 71,355

9.00%, 12/15/2022 419,000 437,855

12,140,574

RETAIL (0.30%)

Golden Nugget, Inc.

8.75%, 10/01/2025^(c) 1,120,000 1,153,600

TOTAL CORPORATE BONDS

(Cost $63,043,728) 66,079,095

See Notes to Financial Statements.

18

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Principal Amount/ Shares Value
(Note 2)

SHORT TERM INVESTMENTS (10.95%)

MONEY MARKET FUNDS (10.95%)

Dreyfus Treasury Cash Management Fund, Institutional Class, 7-day yield, 0.930%^(b) 41,968,897 $ 41,968,897

TOTAL SHORT TERM INVESTMENTS

(Cost $41,968,897) 41,968,897

TOTAL INVESTMENTS (86.99%)

(Cost $314,854,630) $ 333,494,968

SEGREGATED CASH WITH BROKERS (29.16%)^(e) 111,788,091

SECURITIES SOLD SHORT (-10.85%)

(Proceeds $39,886,701) $ (41,587,260)

LIABILITIES IN EXCESS OF OTHER ASSETS (-5.30%) (20,340,564)

NET ASSETS (100.00%) $ 383,355,235

SCHEDULE OF SECURITIES SOLD SHORT

Description Shares Value
(Note 2)

COMMON STOCKS (-5.13%)

APPAREL (-0.07%)

Gildan Activewear, Inc. (3,760 ) $ (115,056 )

NIKE, Inc., Class B (1,722 ) (94,693 )

Under Armour, Inc., Class A (5,792 ) (72,516 )

(282,265 )

AUTO MANUFACTURERS (-0.03%)

Tesla Motors, Inc. (328 ) (108,742 )

AUTO PARTS & EQUIPMENT (-0.05%)

Autoliv, Inc. (1,501 ) (187,415 )

BANKS (-0.44%)

BancorpSouth, Inc (1,692 ) (53,467 )

Community Bank System, Inc. (2,545 ) (140,713 )

Cullen/Frost Bankers, Inc. (960 ) (94,560 )

CVB Financial Corp. (5,605 ) (133,735 )

First Financial Bankshares, Inc. (6,010 ) (274,356 )

Glacier Bancorp, Inc. (3,162 ) (120,030 )

Independent Bank Corp. (1,256 ) (90,558 )

M&T Bank Corp. (534 ) (89,055 )

Prosperity Bancshares, Inc. (1,790 ) (117,746 )

Trustmark Corp. (3,552 ) (117,003 )

UMB Financial Corp. (1,351 ) (99,339 )

United Bankshares, Inc. (2,602 ) (93,542 )

Valley National Bancorp (7,337 ) (84,375 )

Westamerica Bancorporation (3,664 ) (213,355 )

(1,721,834 )

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 19

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

BEVERAGES (-0.02%)

The Boston Beer Co., Inc., Class A (385 ) $ (68,549 )

BIOTECHNOLOGY (-0.10%)

BioMarin Pharmaceutical, Inc. (845 ) (69,366 )

Juno Therapeutics, Inc. (4,125 ) (185,254 )

Medicines Co. (3,657 ) (105,102 )

(359,722 )

BUILDING MATERIALS (-0.04%)

Cree, Inc. (4,472 ) (159,650 )

CHEMICALS (-0.15%)

Balchem Corp. (1,528 ) (128,795 )

HB Fuller Co. (2,693 ) (153,151 )

International Flavors & Fragrances, Inc. (980 ) (144,472 )

NewMarket Corp. (423 ) (169,365 )

(595,783 )

COMMERCIAL SERVICES (-0.25%)

Cimpress NV (2,085 ) (227,557 )

Multi-Color Corp. (1,624 ) (134,305 )

Ritchie Bros Auctioneers, Inc. (6,169 ) (172,917 )

Rollins, Inc. (2,186 ) (95,987 )

Verisk Analytics, Inc. (1,490 ) (126,724 )

WEX, Inc. (1,351 ) (166,970 )

(924,460 )

COMPUTERS (-0.09%)

Infosys, Ltd., Sponsored ADR (8,271 ) (122,824 )

VeriFone Systems, Inc. (5,733 ) (109,386 )

Wipro, Ltd., ADR (18,436 ) (98,817 )

(331,027 )

COSMETICS & PERSONAL CARE (-0.04%)

Coty, Inc., Class A (10,323 ) (158,974 )

DIVERSIFIED FINANCIAL SERVICES (-0.21%)

Credit Acceptance Corp. (317 ) (90,893 )

Eaton Vance Corp. (4,382 ) (221,160 )

Ellie Mae, Inc. (1,465 ) (131,777 )

Financial Engines, Inc. (4,179 ) (150,862 )

LendingClub Corp. (14,220 ) (80,912 )

WageWorks, Inc. (300 ) (19,125 )

WisdomTree Investments, Inc. (11,563 ) (128,234 )

(822,963 )

ELECTRONICS (-0.09%)

Knowles Corp. (9,390 ) (155,498 )

National Instruments Corp. (3,965 ) (178,425 )

(333,923 )

ENVIRONMENTAL CONTROL (-0.04%)

Stericycle, Inc. (2,198 ) (155,728 )

FOOD (-0.14%)

McCormick & Co., Inc. (1,199 ) (119,336 )

Snyder’s-Lance, Inc. (4,080 ) (153,530 )

The Hain Celestial Group, Inc. (3,201 ) (115,300 )

See Notes to Financial Statements.

20

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

FOOD (-0.14%) (continued)

TreeHouse Foods, Inc. (2,133 ) $ (141,589 )

(529,755 )

HEALTHCARE - PRODUCTS (-0.17%)

Insulet Corp. (1,711 ) (100,624 )

Nevro Corp. (1,046 ) (91,609 )

NuVasive, Inc. (2,022 ) (114,708 )

Penumbra, Inc. (865 ) (86,976 )

West Pharmaceutical Services, Inc. (1,390 ) (140,946 )

Wright Medical Group NV (3,928 ) (102,953 )

(637,816 )

HEALTHCARE-SERVICES (-0.02%)

Teladoc, Inc. (2,626 ) (86,789 )

HOME BUILDERS (-0.03%)

Thor Industries, Inc. (788 ) (107,341 )

INSURANCE (-0.22%)

Arch Capital Group, Ltd. (1,069 ) (106,515 )

Cincinnati Financial Corp. (1,728 ) (121,254 )

Kemper Corp. (1,771 ) (113,521 )

Markel Corp. (122 ) (132,285 )

Mercury General Corp. (2,253 ) (126,100 )

RLI Corp. (2,737 ) (161,729 )

Voya Financial, Inc. (2,853 ) (114,576 )

(875,980 )

INTERNET (-0.36%)

58.com, Inc., ADR (4,086 ) (274,457 )

Bitauto Holdings, Ltd., ADR (5,201 ) (234,929 )

Cogent Communications Holdings, Inc. (5,131 ) (276,561 )

F5 Networks, Inc. (559 ) (67,790 )

Palo Alto Networks, Inc. (559 ) (82,285 )

Proofpoint, Inc. (1,536 ) (141,942 )

Wayfair, Inc., Class A (1,921 ) (134,278 )

Zendesk, Inc. (5,529 ) (171,399 )

(1,383,641 )

LEISURE TIME (-0.04%)

Norwegian Cruise Line Holdings, Ltd. (2,641 ) (147,236 )

MACHINERY - DIVERSIFIED (-0.09%)

Cognex Corp. (950 ) (116,992 )

The Middleby Corp. (1,199 ) (138,964 )

Wabtec Corp. (1,003 ) (76,729 )

(332,685 )

MEDIA (-0.08%)

FactSet Research Systems, Inc. (625 ) (118,669 )

Houghton Mifflin Harcourt Co. (12,150 ) (120,285 )

Viacom, Inc., Class B (2,529 ) (60,772 )

(299,726 )

METAL FABRICATE & HARDWARE (-0.04%)

Sun Hydraulics Corp. (2,368 ) (136,231 )

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 21

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)



Description Shares
Value

(Note 2)

MINING (-0.03%)

Cameco Corp. (13,270 ) $ (108,018 )

MISCELLANEOUS MANUFACTURING (-0.13%)

Actuant Corp., Class A (4,711 ) (120,130 )

AptarGroup, Inc. (2,473 ) (215,324 )

John Bean Technologies Corp. (1,328 ) (141,963 )

(477,417 )

OIL & GAS (-0.42%)

Antero Resources Corp. (7,581 ) (147,071 )

Apache Corp. (5,935 ) (245,531 )

Centennial Resource Development, Inc., Class A (4,948 ) (96,140 )

Ecopetrol SA, Sponsored ADR (12,701 ) (140,854 )

Hess Corp. (4,418 ) (195,099 )

Laredo Petroleum, Inc. (12,246 ) (145,972 )

Murphy Oil Corp. (9,433 ) (252,333 )

Murphy USA, Inc. (1,629 ) (121,132 )

RPC, Inc. (5,115 ) (124,346 )

Ultra Petroleum Corp. (14,817 ) (117,647 )

(1,586,125 )

OIL & GAS SERVICES (-0.09%)

Core Laboratories NV (1,414 ) (141,259 )

National Oilwell Varco, Inc. (5,513 ) (188,489 )

(329,748 )

PACKAGING & CONTAINERS (-0.11%)

Ball Corp. (5,062 ) (217,312 )

Greif, Inc., Class A (1,627 ) (90,347 )

Sonoco Products Co. (2,540 ) (131,547 )

(439,206 )

PHARMACEUTICALS (-0.14%)

Alkermes PLC (1,932 ) (94,204 )

Diplomat Pharmacy, Inc. (4,759 ) (100,177 )

Eli Lilly & Co. (1,212 ) (99,311 )

Perrigo Co. PLC (2,043 ) (165,463 )

TESARO, Inc. (536 ) (62,053 )

(521,208 )

PIPELINES (-0.10%)

Tallgrass Energy GP LP (2,224 ) (55,600 )

Tallgrass Energy Partners LP (2,434 ) (106,220 )

TransCanada Corp. (5,060 ) (240,249 )

(402,069 )

REAL ESTATE INVESTMENT TRUSTS (-0.14%)

Equinix, Inc. (545 ) (252,607 )

Lamar Advertising Co., Class A (1,797 ) (126,581 )

Washington Prime Group, Inc. (20,069 ) (157,140 )

(536,328 )

RETAIL (-0.22%)

CarMax, Inc. (2,683 ) (201,493 )

Casey’s General Stores, Inc. (1,432 ) (164,064 )

Costco Wholesale Corp. (673 ) (108,407 )

Dollar General Corp. (1,270 ) (102,667 )

Domino’s Pizza, Inc. (483 ) (88,389 )

PriceSmart, Inc. (974 ) (81,621 )

See Notes to Financial Statements.

22

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares
Value

(Note 2)

RETAIL (-0.22%) (continued)

Texas Roadhouse, Inc. (2,457 ) $ (122,875 )

(869,516 )

SAVINGS & LOANS (-0.07%)

Investors Bancorp, Inc. (6,577 ) (90,434 )

New York Community Bancorp, Inc. (6,781 ) (85,169 )

People's United Financial, Inc. (6,157 ) (114,890 )

(290,493 )

SEMICONDUCTORS (-0.04%)

Impinj, Inc. (1,201 ) (41,002 )

United Microelectronics Corp., Sponsored ADR (47,356 ) (123,126 )

(164,128 )

SOFTWARE (-0.60%)

2U, Inc. (2,834 ) (180,327 )

ACI Worldwide, Inc. (11,783 ) (283,735 )

Acxiom Corp. (8,335 ) (209,709 )

Blackbaud, Inc. (1,855 ) (187,911 )

Guidewire Software, Inc. (1,618 ) (129,408 )

HubSpot, Inc. (1,772 ) (153,367 )

Manhattan Associates, Inc. (3,794 ) (158,817 )

Medidata Solutions, Inc. (2,133 ) (160,466 )

MINDBODY, Inc., Class A (4,538 ) (146,351 )

salesforce.com, Inc. (1,780 ) (182,165 )

The Ultimate Software Group, Inc. (894 ) (181,115 )

Veeva Systems, Inc., Class A (2,168 ) (132,118 )

Workday, Inc., Class A (1,963 ) (217,873 )

(2,323,362 )

STORAGE & WAREHOUSING (-0.04%)

Mobile Mini, Inc. (4,901 ) (162,223 )

TELECOMMUNICATIONS (-0.13%)

Arista Networks, Inc. (762 ) (152,316 )

Frontier Communications Corp. (3,735 ) (45,231 )

Sprint Corp. (16,660 ) (108,956 )

Telefonica SA, Sponsored ADR (7,355 ) (76,566 )

ViaSat, Inc. (1,580 ) (102,858 )

(485,927 )

TOYS, GAMES & HOBBIES (-0.02%)

Mattel, Inc. (4,946 ) (69,838 )

TRANSPORTATION (-0.04%)

Heartland Express, Inc. (4,045 ) (86,280 )

JB Hunt Transport Services, Inc. (761 ) (80,963 )

(167,243 )

TOTAL COMMON STOCKS

(Proceeds $18,412,414)
(19,681,084 )

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 23

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Principal Value (Note 2)

CORPORATE BONDS (-3.68%)

AUTO MANUFACTURERS (-0.32%)

Tesla, Inc.

5.30%, 8/15/2025^(c) $ (1,255,000 ) $ (1,212,644 )

CASINO & GAMBLING (-0.38%)

CRC Escrow Issuer LLC / CRC Finco, Inc.

5.25%, 10/15/2025^(c) (1,456,000 ) (1,469,104 )

CHEMICALS (-0.47%)

CVR Partners LP / CVR Nitrogen Finance Corp.

9.25%, 6/15/2023^(c) (1,691,000 ) (1,807,256 )

COMPUTERS (-0.38%)

West Corp.

8.50%, 10/15/2025^(c) (1,481,000 ) (1,456,008 )

HEALTHCARE-SERVICES (-0.23%)

West Street Merger Sub, Inc.

6.38%, 9/1/2025^(c) (858,000 ) (874,087 )

PHARMACEUTICALS (-1.27%)

Mylan NV

3.95%, 6/15/2026 (122,000 ) (122,069 )

Teva Pharmaceutical Finance Netherlands III BV

3.15%, 10/1/2026 (3,552,000 ) (3,153,466 )

Valeant Pharmaceuticals International, Inc.

6.13%, 4/15/2025^(c) (1,893,000 ) (1,597,219 )

(4,872,754 )

SOFTWARE (-0.24%)

Rackspace Hosting, Inc.

8.63%, 11/15/2024^(c) (863,000 ) (911,004 )

TELECOMMUNICATIONS (-0.39%)

T-Mobile USA, Inc.

6.50%, 1/15/2026 (1,357,000 ) (1,504,737 )

TOTAL CORPORATE BONDS

(Proceeds $14,163,278)
(14,107,594 )

Description Shares Value (Note 2)

EXCHANGE TRADED FUNDS (-2.03%)

Consumer Discretionary Select Sector SPDR^® Fund (17,838 ) (1,640,918 )

Consumer Staples Select Sector SPDR^® Fund (15,570 ) (826,611 )

Health Care Select Sector SPDR^® Fund (12,939 ) (1,049,482 )

iShares^®20+ Year Treasury Bond ETF (11,401 ) (1,418,969 )

iShares^®7-10 Year Treasury Bond ETF (6,430 ) (682,609 )

iShares^®Euro Government 7-10 Year ETF (6,076 ) (1,500,528 )

Vanguard REIT ETF (8,266 ) (679,465 )

(7,798,582 )

TOTAL EXCHANGE TRADED FUNDS (-2.03%)

(Proceeds $7,311,009)
(7,798,582 )

See Notes to Financial Statements.

24

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

TOTAL SECURITIES SOLD SHORT

(Proceeds $39,886,701) $ (41,587,260 )

^(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 $50,003,922.

^(c) 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 $41,864,371 and the value of the securities held in short positions was $(9,327,322). This totals $32,537,049, which represents 8.49% of the Fund's net assets.

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

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

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 25

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^*

Counterparty Reference Obligation Notional Amount Market Value Rate Paid by the Fund Termination Date Unrealized Appreciation/(Depreciation)

Morgan Stanley BHDG Systematic Trading Segregated Portfolio^(a) $ 16,755,539 $ 16,755,543 1-Month LIBOR BBA 09/13/2018 $ 4

Morgan Stanley Clinton Segregated Portfolio^(b) 14,087,295 $ 14,087,297 1-Month LIBOR BBA 09/13/2018 2

Morgan Stanley Iboxx HY Index (13,027,000 ) $ (13,197,493 ) 3-Month LIBOR BBA 12/20/2017 (170,493 )

Morgan Stanley Impala Segregated Portfolio^(c) 30,650,773 $ 30,650,766 1-Month LIBOR BBA 03/20/2019 (7 )

Morgan Stanley Melchior Segregated Portfolio^(d) 29,596,562 $ 29,596,554 1-Month LIBOR BBA 03/20/2019 (8 )

Morgan Stanley PSAM Highland^(e) 34,652,596 $ 34,792,530 1-Month EURIBOR 06/03/2021 139,934

Morgan Stanley WABR Cayman Company Limited^(f) 48,587,975 $ 48,587,976 1-Month LIBOR BBA 09/01/2020 1

$ 161,303,740 $ 161,273,173 $ (30,567 )

* 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%.

See Notes to Financial Statements.

26

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

BHDG SYSTEMATIC TRADING SEGREGATED PORTFOLIO

Description Shares Market Value Percentage of Market Value

LONG SECURITIES

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

AUD TO JPY FORWARD SD : 20-Dec-2017 3,879,692 2,967,772 17.71 %

AUD TO USD FORWARD SD : 20-Dec-2017 4,150,931 3,175,257 18.95 %

BRL TO USD FORWARD SD : 20-Dec-2017 6,836,685 2,076,318 12.39 %

CAD TO USD FORWARD SD : 20-Dec-2017 4,170,305 3,234,883 19.31 %

CHF TO USD FORWARD SD : 20-Dec-2017 1,651,654 1,660,968 9.91 %

EUR TO USD FORWARD SD : 20-Dec-2017 5,696,026 6,652,678 39.70 %

GBP TO USD FORWARD SD : 20-Dec-2017 2,494,433 3,318,042 19.80 %

INR TO USD FORWARD SD : 20-Dec-2017 185,208,045 2,843,317 16.97 %

JPY TO AUD FORWARD SD : 20-Dec-2017 303,583,773 2,676,125 15.97 %

JPY TO USD FORWARD SD : 20-Dec-2017 238,569,545 2,103,017 12.55 %

MXN TO USD FORWARD SD : 20-Dec-2017 40,889,333 2,115,591 12.63 %

NOK TO USD FORWARD SD : 20-Dec-2017 13,692,744 1,678,306 10.02 %

SGD TO USD FORWARD SD : 20-Dec-2017 5,715,401 4,194,492 25.03 %

USD TO AUD FORWARD SD : 20-Dec-2017 3,857,612 3,857,612 23.02 %

USD TO BRL FORWARD SD : 20-Dec-2017 2,294,856 2,294,856 13.70 %

USD TO CAD FORWARD SD : 20-Dec-2017 2,561,389 2,561,389 15.29 %

USD TO CHF FORWARD SD : 20-Dec-2017 3,361,484 3,361,484 20.06 %

USD TO EUR FORWARD SD : 20-Dec-2017 6,357,733 6,357,733 37.94 %

USD TO GBP FORWARD SD : 20-Dec-2017 1,982,253 1,982,253 11.83 %

USD TO INR FORWARD SD : 20-Dec-2017 1,973,219 1,973,219 11.78 %

USD TO JPY FORWARD SD : 20-Dec-2017 5,508,320 5,508,320 32.87 %

USD TO MXN FORWARD SD : 20-Dec-2017 2,778,431 2,778,431 16.58 %

USD TO NZD FORWARD SD : 20-Dec-2017 1,649,077 1,649,077 9.84 %

USD TO PHP FORWARD SD : 20-Dec-2017 1,652,924 1,652,924 9.86 %

USD TO SGD FORWARD SD : 20-Dec-2017 3,621,295 3,621,295 21.61 %

76,295,359 455.34 %

CASH AND CASH EQUIVALENTS

U.S. DOLLAR 5,087,652 5,087,652 30.36 %

5,087,652 30.36 %

TOTAL LONG 81,383,011 485.71 %

SECURITIES SOLD SHORT

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

AUD TO JPY FORWARD SD : 20-Dec-2017 3,467,989 2,652,840 15.83 %

AUD TO USD FORWARD SD : 20-Dec-2017 4,935,588 3,775,481 22.53 %

BRL TO USD FORWARD SD : 20-Dec-2017 7,420,334 2,253,573 13.45 %

CAD TO USD FORWARD SD : 20-Dec-2017 3,240,342 2,513,516 15.00 %

CHF TO USD FORWARD SD : 20-Dec-2017 3,274,247 3,292,710 19.65 %

EUR TO USD FORWARD SD : 20-Dec-2017 5,390,882 6,296,284 37.58 %

GBP TO USD FORWARD SD : 20-Dec-2017 1,496,660 1,990,825 11.88 %

INR TO USD FORWARD SD : 20-Dec-2017 129,497,419 1,988,047 11.87 %

JPY TO AUD FORWARD SD : 20-Dec-2017 341,629,817 3,011,505 17.97 %

JPY TO USD FORWARD SD : 20-Dec-2017 617,631,390 5,444,489 32.49 %

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 27

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of Market Value

SECURITIES SOLD SHORT

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS (CONTINUED)

MXN TO USD FORWARD SD : 20-Dec-2017 52,223,263 2,702,002 16.13 %

PHP TO USD FORWARD SD : 20-Dec-2017 84,989,946 1,647,554 9.83 %

SGD TO USD FORWARD SD : 20-Dec-2017 4,921,057 3,611,529 21.55 %

USD TO AUD FORWARD SD : 20-Dec-2017 3,305,393 3,305,393 19.73 %

USD TO BRL FORWARD SD : 20-Dec-2017 2,157,384 2,157,384 12.88 %

USD TO CAD FORWARD SD : 20-Dec-2017 3,379,245 3,379,245 20.17 %

USD TO CHF FORWARD SD : 20-Dec-2017 1,718,004 1,718,004 10.25 %

USD TO EUR FORWARD SD : 20-Dec-2017 6,796,104 6,796,104 40.56 %

USD TO GBP FORWARD SD : 20-Dec-2017 3,332,651 3,332,651 19.89 %

USD TO INR FORWARD SD : 20-Dec-2017 2,849,076 2,849,076 17.00 %

USD TO JPY FORWARD SD : 20-Dec-2017 2,146,271 2,146,271 12.81 %

USD TO MXN FORWARD SD : 20-Dec-2017 2,259,032 2,259,032 13.48 %

USD TO NOK FORWARD SD : 20-Dec-2017 1,742,931 1,742,931 10.40 %

USD TO SGD FORWARD SD : 20-Dec-2017 4,233,241 4,233,241 25.26 %

75,099,687 448.21 %

TOTAL SHORT 75,099,687 448.21 %

CLINTON SEGREGATED PORTFOLIO

Description Shares Market Value Percentage of Market Value

LONG SECURITIES

EQUITY SWAPS

Covestro AG 1,187 17,561 0.12 %

Country Garden Holdings Co. 115,758 16,358 0.12 %

Guangzhou Automobile Group - Class H 38,275 12,559 0.09 %

SMC Corp 228 15,548 0.11 %

Hitachi LTD 25,624 41,063 0.29 %

Suzuki Motor Corp 1,582 12,763 0.09 %

Aristocrat Leisure LTD 9,914 16,490 0.12 %

Fibria Celulose SA 10,456 23,607 0.17 %

Fleury SA 17,079 11,432 0.08 %

Grupo Financiero Banorte - Class O 49,688 15,038 0.11 %

Magazine Luiza SA 8,145 23,993 0.17 %

Orion OYJ - Class B 2,559 11,871 0.08 %

Localiza Rent A Car 7,987 12,153 0.09 %

Wellcare Health Plans Inc 467 12,199 0.09 %

242,634 1.72 %

CASH AND CASH EQUIVALENTS

AUSTRALIAN DOLLAR 36,137 27,663 0.20 %

DANISH KRONE 176,847 27,677 0.20 %

EURO 127,335 148,294 1.05 %

EURO 13,465 15,681 0.11 %

BRITISH POUND 183,078 243,182 1.73 %

HONG KONG DOLLAR 268,647 34,438 0.24 %

JAPANESE YEN 1,416,023 12,461 0.09 %

See Notes to Financial Statements.

28

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of Market Value

CASH AND CASH EQUIVALENTS (CONTINUED)

NORWEGIAN KRONE 394,104 48,238 0.34 %

POLISH ZLOTY 89,169 24,495 0.17 %

SOUTH AFRICAN RAND 711,204 50,344 0.36 %

SWEDISH KRONA 195,750 23,346 0.17 %

SWISS FRANC 135,042 135,380 0.96 %

TURKISH LIRA 177,021 46,709 0.33 %

U.S. DOLLAR 13,758,210 13,758,210 97.66 %

U.S. DOLLAR 239,626 239,626 1.70 %

U.S. DOLLAR 72,976 72,976 0.52 %

14,908,720 105.83 %

TOTAL LONG 15,151,354 107.55 %

SECURITIES SOLD SHORT

EQUITY SWAPS

Mediatek Inc. 12,131 22,521 0.16 %

Dentsu Inc. 2,442 13,671 0.10 %

Semiconductor Manufacturing 58,923 24,767 0.18 %

Acadia Healthcare Co Inc. 1,896 14,372 0.10 %

Gentera SAB DE CV 53,950 16,863 0.12 %

GrubHub Inc. 1,489 11,891 0.08 %

JBS SA 40,833 15,648 0.11 %

Santos Ltd. 38,016 23,368 0.17 %

143,100 1.02 %

CASH AND CASH EQUIVALENTS

AUSTRALIAN DOLLAR 17,586 13,462 0.10 %

DANISH KRONE 208,318 32,602 0.23 %

EURO 116,503 135,680 0.96 %

BRITISH POUND 154,408 205,101 1.46 %

MEXICAN PESO 567,344 29,618 0.21 %

NORWEGIAN KRONE 446,955 54,707 0.39 %

POLISH ZLOTY 93,529 25,693 0.18 %

SOUTH AFRICAN RAND 770,339 54,530 0.39 %

SWEDISH KRONA 246,487 29,398 0.21 %

SWISS FRANC 148,455 148,826 1.06 %

TURKISH LIRA 91,716 24,200 0.17 %

U.S. DOLLAR 78,900 78,900 0.56 %

832,716 5.91 %

TOTAL SHORT 975,816 6.93 %

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 29

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

IMPALA SEGREGATED PORTFOLIO

Description Shares Market Value Percentage of Market Value

LONG SECURITIES

COMMON STOCKS

Canfor Corp. 52,216 1,039,056 3.39 %

Constellation Brands Inc. - Class A 2,231 488,790 1.59 %

Dr Horton Inc. 9,628 425,654 1.39 %

Deere & Co. 2,747 365,021 1.19 %

Dowdupont Inc. 9,566 691,717 2.26 %

Extended Stay America Inc. 30,661 607,701 1.98 %

Fedex Corp. 2,864 646,720 2.11 %

First Quantum Minerals Ltd. 93,529 1,046,625 3.41 %

Harley-Davidson Inc. 10,705 506,775 1.65 %

Hess Corp. 17,795 785,827 2.56 %

Kansas City Southern 8,716 908,382 2.96 %

Laredo Petroleum Inc. 35,966 428,715 1.40 %

Marinemax Inc. 27,398 508,233 1.66 %

Microsoft Corp. 5,362 446,011 1.46 %

Navistar International Corp. 20,446 865,070 2.82 %

Nintendo Co Ltd. 777 299,359 0.98 %

Norwegian Cruise Line Holdings 22,733 1,267,365 4.13 %

Nvidia Corp. 1,381 285,605 0.93 %

Olin Corp. 13,017 475,511 1.55 %

Philip Morris International 5,374 562,335 1.83 %

Summit Materials Inc. - Class A 13,703 430,274 1.40 %

Teck Resources Ltd. - Class B 95,849 1,959,154 6.39 %

Priceline Group Inc. 165 315,473 1.03 %

Trinity Industries Inc. 17,213 559,767 1.83 %

Voestalpine AG 8,465 465,699 1.52 %

West Fraser Timber Co. Ltd. 10,387 632,081 2.06 %

17,012,919 55.51 %

EQUITY SWAPS

Accelerated Pharma Inc. 8,634 430,750 1.41 %

Alphabet Inc. - Class A 676 698,335 2.28 %

Carnival Corp. 13,468 894,141 2.92 %

Caterpillar Inc. 6,767 918,959 3.00 %

Delta Air Lines Inc. 12,683 634,530 2.07 %

Freeport-Mcmoran Inc. 32,533 454,811 1.48 %

Knight-Swift Transportation 17,101 708,836 2.31 %

Las Vegas Sands Corp. 11,609 735,778 2.40 %

Monster Beverage Corp. 7,910 458,226 1.49 %

NVR Inc. 738 2,421,651 7.90 %

Plastic Omnium 8,903 371,222 1.21 %

Rio Tinto Plc - Sponsored ADR 27,227 1,304,990 4.26 %

Rio Tinto Plc - Sponsored ADR 6,287 296,113 0.97 %

See Notes to Financial Statements.

30

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of
Market Value

EQUITY SWAPS (CONTINUED)

Smurfit Kappa Group Plc 13,250 394,646 1.29 %

Take-Two Interactive Software 17,122 1,894,549 6.18 %

12,617,538 41.17 %

CASH AND CASH EQUIVALENTS

SWEDISH KRONA 3,042,142 364,563 1.19 %

364,563 1.19 %

TOTAL LONG 29,995,020 97.86 %

SECURITIES SOLD SHORT

COMMON STOCKS

Regal Beloit 5,334 432,854 1.41 %

Wyndham Worldwide 4,550 486,168 1.59 %

919,022 3.00 %

EXCHANGE TRADED FUNDS

Consumer Discretionary SPDR ETF 3,064 281,857 0.92 %

iShares Stoxx 600 Ucits ETF 8,367 380,057 1.24 %

Powershares QQQ Trust Series 1 ETF 3,104 472,274 1.54 %

1,134,188 3.70 %

EQUITY SWAPS

SPDR S&P 500 ETF 8,490 2,183,204 7.12 %

2,183,204 7.12 %

CASH AND CASH EQUIVALENTS

CANADIAN DOLLAR 3,504,554 2,718,739 8.87 %

EURO 525,663 614,200 2.00 %

3,332,940 10.87 %

TOTAL SHORT 7,569,352 24.70 %

MELCHIOR SEGREGATED PORTFOLIO

Description Shares Market Value Percentage of
Market Value

LONG SECURITIES

COMMON STOCKS

Asr Nederland 23,934 175,290 0.59 %

Fluidra SA 62,633 162,287 0.55 %

Inmobiliaria Colonial Socimi 106,007 141,314 0.48 %

Prosegur Cash SA 207,541 109,289 0.37 %

Jungheinrich - Preferred Stock 15,162 107,639 0.36 %

Associated British Foods Plc 21,501 101,518 0.34 %

Barclays Plc 427,981 92,720 0.31 %

Abn Amro Group 21,597 85,858 0.29 %

Saxton Products Inc. 1,651 82,635 0.28 %

Prudential Plc 38,267 82,492 0.28 %

Moncler SPA 19,735 61,620 0.21 %

Prosegur Comp Seguridad 64,129 60,180 0.20 %

Maisons Du Monde SA 10,923 59,005 0.20 %

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 31

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of
Market Value

LONG SECURITIES

COMMON STOCKS (CONTINUED)

Shire Plc 10,526 57,265 0.19 %

Finecobank SPA 58,570 56,687 0.19 %

Erste Group Bank AG 17,852 45,202 0.15 %

Engie 52,200 44,158 0.15 %

Ceconomy AG 52,004 44,129 0.15 %

Altran Technologies SA 41,647 40,188 0.14 %

Unicredit SPA 59,375 32,338 0.11 %

Gima TT SPA 5,722 30,191 0.10 %

Crh Plc 18,332 29,755 0.10 %

Compass Group Plc 39,224 26,940 0.09 %

Ryanair Holdings Plc 40,115 26,706 0.09 %

Howden Joinery Group Plc 152,392 23,482 0.08 %

Sonae 253,151 23,139 0.08 %

France Telecom SA 58,105 21,802 0.07 %

Total SA 17,691 21,646 0.07 %

Bayer AG 10,427 20,911 0.07 %

Nestle SA 9,948 20,698 0.07 %

1,887,083 6.38 %

INDEX OPTIONS

Dax Index Put @ 12000.0 Dec 17 129 18,651 0.06 %

18,651 0.06 %

CASH AND CASH EQUIVALENTS

U.S. DOLLAR 4,870,192 4,870,192 16.46 %

EURO 749,768 873,330 2.95 %

BRITISH POUND 74,335 98,732 0.33 %

5,842,254 19.74 %

TOTAL LONG 7,747,987 26.18 %

SECURITIES SOLD SHORT

COMMON STOCKS

Wirecard AG 13,344 199,569 0.67 %

Airbus Se 9,486 105,865 0.36 %

Intesa Sanpaolo 202,553 101,297 0.34 %

Neste OYJ 7,367 87,600 0.30 %

Glencore Plc 151,114 83,609 0.28 %

FTSE Mid 250 Index 52 72,279 0.24 %

Daimler AG 6,703 71,648 0.24 %

Pets At Home Group Plc 123,620 49,700 0.17 %

Intertek Group Plc 4,129 44,618 0.15 %

Dksh Holding Ltd. 7,115 40,189 0.14 %

Zalando Se 13,908 39,562 0.13 %

Ald SA 15,257 26,225 0.09 %

Mitie Group Plc 86,235 21,767 0.07 %

943,930 3.19 %

See Notes to Financial Statements.

32

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Percentage of

Description Shares Market Value Market Value

FUTURES

Dax Mini Future Dec17 73 177,269 0.60 %

Euro Stoxx 50 Dec17 123 84,259 0.28 %

Ftse 100 Idx Future Dec17 13 16,950 0.06 %

278,479 0.94 %

TOTAL SHORTS 1,222,408 4.13 %

PSAM HIGHLAND

Description Shares Market Value Percentage of
Market Value

LONG SECURITIES

COMMON STOCKS

Aecon Group Inc. 19,010 245,861 0.71 %

Altaba Inc. 4,891 294,447 0.85 %

Altagas Ltd. 8,150 158,730 0.46 %

Calatlantic Group Inc. 11,732 496,959 1.43 %

Calpine Corp. 56,299 722,140 2.08 %

Conduent Inc. 32,403 430,644 1.24 %

Dell Technologies Inc. - Class V 10,027 712,564 2.05 %

Dowdupont Inc. 8,696 539,890 1.55 %

Firstenergy Corp. 14,464 409,174 1.18 %

Global Logistic Properties 80,450 168,224 0.48 %

Grupo Televisa SA - Sponsored ADR 17,144 322,195 0.93 %

Liberty Interactive Corp 40,050 781,223 2.25 %

Linn Energy Inc. 52,788 1,747,122 5.02 %

Mangna Dem Npv Preferred Shares 1,679 157,405 0.45 %

Mckesson Europe AG 49,287 1,286,631 3.70 %

Monsanto Co. 14,052 1,460,957 4.20 %

Nxp Semiconductors N 26,692 2,682,403 7.71 %

Ocelot Partners Ltd. 25,714 216,350 0.62 %

Orbital Atk Inc. 4,154 474,141 1.36 %

Rockwell Collins Inc. 5,162 600,956 1.73 %

Telecom Italia R 529,222 323,090 0.93 %

Time Warner Inc. 25,498 2,151,738 6.18 %

Trinity Industries Inc. 25,126 701,526 2.02 %

Vivendi 59,417 1,267,075 3.64 %

18,351,443 52.75 %

CORPORATE BONDS

EXELA INTERMEDIATE LLC, 10%, 07/15/2023 625,136 514,094 1.48 %

BRUCE MANSFIELD, 6.85%, 06/01/2034 1,563,688 387,031 1.11 %

GENON ESCROW, 7.875%, 06/15/2018 419,714 256,974 0.74 %

GENON ESCROW, 9.125%, 05/01/2031 331,415 260,494 0.75 %

GENON ESCROW, 9.500%, 10/15/2018 805,386 487,920 1.40 %

GENON ESCROW, 9.875%, 10/15/2020 758,106 459,277 1.32 %

GUITAR CENTER, 6.50%, 04/15/2019 301,547 241,120 0.69 %

INTELSAT HOLDINGS LTD., 7.25%, 10/15/2020 686,045 565,448 1.63 %

INTELSAT HOLDINGS LTD., 8.125%, 06/01/2023 421,148 220,514 0.63 %

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 33

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of
Market Value

CORPORATE BONDS (CONTINUED)

INTELSAT HOLDINGS LTD., 9.75%, 07/15/2025 384,629 332,288 0.96 %

WHOLE FOODS MARKET INC., 5.2%, 12/03/2025 798,930 787,193 2.26 %

4,512,353 12.97 %

EQUITY SWAPS

Altaba Inc. 32,034 866,238 2.49 %

866,238 2.49 %

Description Shares Market Value Percentage of
Market Value

CASH AND CASH EQUIVALENTS

EURO 30,966,739 30,966,739 89.00 %

30,966,739 89.00 %

TOTAL LONG 54,696,773 157.21 %

SECURITIES SOLD SHORT

COMMON STOCKS

Akorn Inc. 12,576 351,661 1.01 %

Alibaba Group Holding Ltd. 1,967 312,284 0.90 %

AT&T Inc. 30,448 879,653 2.53 %

Lennar Corp. - Class A 8,836 422,333 1.21 %

Spdr S&P Oil & Gas Exploration 17,985 529,329 1.52 %

Utilities Select Sector SPDR 6,805 322,031 0.93 %

Vmware Inc. - Class A 7,960 817,967 2.35 %

3,635,258 10.45 %

EQUITY SWAPS

Alibaba Group Holding Ltd. 8,451 508,109 1.46 %

508,109 1.46 %

CORPORATE/GOVERNMENT BONDS

US TREASURY NOTE, 2.00%, 08/15/2025 798,930 671,830 1.93 %

PACIFIC GAS & ELECTRIC CO., 6.05%, 03/01/2034 234,247 250,432 0.72 %

922,263 2.65 %

CASH AND CASH EQUIVALENTS

CANADIAN DOLLAR 614,265 408,885 1.18 %

U.S. DOLLAR 18,333,402 15,740,205 45.24 %

SINGAPORE DOLLAR 280,160 176,453 0.51 %

16,325,542 46.92 %

TOTAL SHORT 21,391,172 61.48 %

See Notes to Financial Statements.

34

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

WABR CAYMAN COMPANY LIMITED

Description Shares Market Value Percentage of
Market Value

LONG SECURITIES

COMMON STOCKS

Equity Residential, REIT 6,148 413,514 0.85 %

HCP Inc, REIT 17,250 445,740 0.92 %

Liberty Property, REIT 12,056 516,961 1.06 %

American Homes 4 Rent - Class A, REIT 25,080 533,702 1.10 %

Hudson Pacific Properties, REIT 20,948 708,461 1.46 %

Boston Properties Inc, REIT 5,880 712,538 1.47 %

3,330,918 6.86 %

EXCHANGE TRADED-FUNDS

Guggenheim S&P 500 Equal Weight ETF 36,992 3,572,687 7.35 %

Ishares 7-10 Year Trsury Bond ETF 43,126 4,578,256 9.42 %

Ishares Iboxx Invt Grade Bond ETF 37,859 4,586,239 9.44 %

Ishares Iboxx High Yield Bond ETF 51,858 4,587,877 9.44 %

17,325,060 35.66 %

CORPORATE BONDS

MET LIFE INC, Floating Rate, 12/15/2036 355,000 409,684 0.84 %

HONGKONG&SHANG BK PRIM CAP, Floating Rate, 4/27/2049 510,000 441,150 0.91 %

TERRAFORM POWER OPERATOR LLC, Floating Rate, 2/1/2023 455,000 478,137 0.98 %

RITE AID CORP, 6.13%, 4/1/2023 561,000 520,328 1.07 %

CITGO HOLDING INC, 10.75%, 2/15/2020 485,000 524,532 1.08 %

HOVNANIAN K ENTERPRISES INC, 10.50%, 7/15/2024 495,000 551,084 1.13 %

NATURAL RESOURCE PTNRS, 10.50%, 3/15/2022 545,000 581,406 1.20 %

ALGECO SCOTSMAN GLOBAL, 8.50%, 10/15/2018 600,000 587,652 1.21 %

KRATON POLYMERS LLC, 10.50%, 4/15/2023 550,000 626,120 1.29 %

ALERIS INTL INC, 9.50%, 4/1/2021 600,000 640,170 1.32 %

PRIME SEC SVCS BORROWER LLC, 9.25%, 5/15/2023 623,000 685,300 1.41 %

COBALT INTL ENERGY INC, 10.75%, 12/1/2021 760,000 769,500 1.58 %

CAESARS GROWTH PROP HOLDINGS, 9.38%, 5/1/2022 784,000 842,024 1.73 %

TEEKAY OFFSHORE PARTNERS, 6.00%, 7/30/2019 866,000 861,670 1.77 %

HC2 HLDGS INC, 11.00%, 12/1/2019 1,079,000 1,111,370 2.29 %

NEPTUNE FINCO CORP, 10.88%, 10/15/2025 995,000 1,217,631 2.51 %

ALERIS INTL INC, 7.88%, 11/1/2020 1,480,000 1,478,505 3.04 %

12,326,263 25.37 %

GOVERNMENT BONDS

US Treasury Note, 1.6250%, 05/15/2026 1,281,000 1,211,140 2.49 %

US Treasury Note, 1.5000%, 10/31/2019 7,770,000 7,756,101 15.96 %

8,967,242 18.46 %

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 35

Highland Resolute Fund Consolidated Schedule of Investments

October 31, 2017 (Unaudited)

Description Shares Market Value Percentage of
Market Value

FUTURES

E-Mini S&P 500 Stock Index Dec '17 CME 28 3,601,780 7.41 %

E-Mini S&P Midcap 400 Dec-17 20 3,667,800 7.55 %

US Long Bond Dec '17 Cbt 3 457,406 0.94 %

Ultra Long Term US Treasury Bond Dec-17 25 4,119,531 8.48 %

11,846,518 24.38 %

TOTAL LONG 53,796,000 110.72 %

SHORT SECURITIES

COMMON STOCKS

Duke Realty Corporation, REIT (15,827 ) 450,753 0.93 %

Vornado Realty, REIT (6,349 ) 475,286 0.98 %

Essex Property Trust Inc., REIT (1,911 ) 501,504 1.03 %

DCT Industrials Trust Inc., REIT (8,820 ) 511,736 1.05 %

Ventas Inc., REIT (8,159 ) 511,977 1.05 %

2,451,256 5.04 %

EXCHANGE TRADED-FUNDS

SPDR Bloomberg Barclay High Yield Bond ETF (13,253 ) 493,542 1.02 %

Ishares Iboxx High Yield Bond ETF (9,875 ) 873,641 1.80 %

1,367,183 2.81 %

CORPORATE BONDS

ALLY FINANCIAL INC, 5.7500%,11/20/2025 (365,000 ) 404,716 0.83 %

MARATHON PETROLEUM CORP, 3.6250%,09/15/2024 (400,000 ) 410,300 0.84 %

LIFEPOINT HEALTH INC, 5.3750%, 05/01/2024 (420,000 ) 423,020 0.87 %

GAMESTOP CORP, 6.7500%, 03/15/2021 (403,000 ) 423,307 0.87 %

VERIZON COMMUNICATIONS INC, 2.4500%, 11/01/2022 (446,000 ) 442,283 0.91 %

FORD MOTOR CO, 4.3460%, 12/08/2026 (455,000 ) 474,335 0.98 %

INEOS GROUP HOLDINGS PLC, 5.6250%, 08/01/2024 (500,000 ) 522,830 1.08 %

EMERA INC, 6.7500%, 06/15/2076 (585,000 ) 669,702 1.38 %

3,770,493 7.76 %

GOVERNMENT BONDS

US Treasury Note, 2.25%, 10/31/2024 (491,000 ) 491,575 1.01 %

US Treasury Note, 2.00%, 10/31/2022 (3,213,000 ) 3,211,623 6.61 %

3,703,198 7.62 %

TOTAL SHORTS 11,292,131 23.24 %

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 Financial Statements.

36

Highland Resolute Fund Consolidated Statement of Assets and Liabilities

October 31, 2017 (Unaudited)

Highland Resolute Fund

ASSETS

Investments, at value $ 333,494,968

Unrealized appreciation on total return swap contracts 139,941

Deposits with brokers for securities sold short 36,021,881

Deposits with brokers for total return swap contracts 75,766,210

Cash 15,216

Foreign currency, at value (Cost 1,661,489) 1,822,335

Receivable for investments sold 933,047

Dividends receivable 207,166

Interest receivable 1,211,343

Receivable for total return swap reset 160,645

Other assets 396,949

Total assets 450,169,701

LIABILITIES

Securities sold short (Proceeds $39,886,701) 41,587,260

Unrealized depreciation on total return swap contracts 170,508

Payable to custodian due to overdraft on foreign currency (Cost $1,608,432) 1,521,851

Investment advisory fees payable 402,715

Payable for dividend expense on securities sold short 185,090

Payable for interest expense on total return swap contracts 25,554

Payable for investments purchased 2,698,209

Payable for shares redeemed 19,500,000

Trustee fees and expenses payable 10,565

Chief compliance officer fee payable 3,620

Principal financial officer fees payable 875

Administration fees payable 127,768

Transfer agent fees payable 10,976

Professional fees payable 39,818

Custody fees payable 42,309

Accrued expenses and other liabilities 487,348

Total liabilities 66,814,466

NET ASSETS $ 383,355,235

NET ASSETS CONSIST OF

Paid-in capital (Note 6) $ 340,372,655

Accumulated net income 13,816,930

Accumulated net realized gain 12,008,054

Net unrealized appreciation 17,157,596

NET ASSETS $ 383,355,235

INVESTMENTS, AT COST $ 314,854,630

PRICING OF SHARES

Class I:

Net Asset Value, offering and redemption price per share $ 11.58

Net Assets $ 383,355,235

Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) 33,111,150

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 37

Highland Resolute Fund Consolidated Statement of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

Highland Resolute Fund^(a)

INVESTMENT INCOME

Dividends $ 1,582,196

Interest 3,192,964

Foreign taxes withheld (4,753 )

Total investment income 4,770,407

EXPENSES

Investment advisory fees (Note 7) 3,396,007

Investment sub-advisory fee 166,256

Broker fees and charges on securities sold short 49,496

Administration fees 216,976

Transfer agency fees 30,866

Professional fees 44,046

Custody fees 58,934

Reports to shareholders and printing fees 4,676

Trustee fees and expenses 9,618

Registration/filing fees 4,268

Chief compliance officer fees 25,261

Principal financial officer fees 5,042

Offering costs 14,866

Dividend expense on securities sold short 247,318

Interest expense on securities sold short 279,228

Other 23,175

Total expenses before waivers 4,576,033

Less fees waived/reimbursed by investment adviser (Note 7)

Class I (2,504,141 )

Waiver of investment advisory fees - subsidiary (Note 7) (166,256 )

Total net expenses 1,905,636

NET INVESTMENT INCOME 2,864,771

Net realized gain on investments 1,900,378

Net realized loss on securities sold short (1,859,868 )

Net realized gain on total return swap contracts 7,771,898

Net realized loss on foreign currency transactions (22,721 )

Total net realized gain 7,789,687

Net change in unrealized appreciation on investments 5,636,078

Net change in unrealized depreciation on securities sold short (119,690 )

Net change in unrealized appreciation on total return swap contracts 573,535

Net change in unrealized appreciation on translation of assets and liabilities in foreign currency transactions 245,800

Total net change in unrealized appreciation 6,335,723

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 14,125,410

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,990,181

^(a) Prior to August 31, 2017 the Highland Resolute Fund was known as the Redmont Resolute Fund.

See Notes to Financial Statements.

38

Highland Resolute Fund Consolidated Statements of Changes in Net Assets

Highland Resolute Fund

Six Months Ended October 31, 2017^(a)(Unaudited) For the Year Ended April 30, 2017^(b)

OPERATIONS

Net investment income $ 2,864,771 $ 5,052,253

Net realized gain 7,789,687 16,865,746

Net realized gain distributions from other investment companies - 2,574,206

Net change in unrealized appreciation 6,335,723 4,159,454

Net increase in net assets resulting from operations 16,990,181 28,651,659

DISTRIBUTIONS (NOTE 4)

Net investment income

Class I - (6,470,084 )

Net realized gains on investments

Class I - (778,253 )

Net decrease in net assets from distributions - (7,248,337 )

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)

Shares sold

Class I 10,972,445 139,235,368

Dividends reinvested

Class I - 7,248,336

Shares redeemed, net of redemption fees

Class I (136,418,741 ) (362,734,552 )

Net decrease in net assets derived from beneficial interest transactions (125,446,296 ) (216,250,848 )

Net decrease in Net Assets (108,456,115 ) (194,847,526 )

NET ASSETS:

Beginning of period 491,811,350 686,658,876

End of period* $ 383,355,235 $ 491,811,350

* Includes accumulated net investment income of: $ 13,816,930 $ 10,952,159

^(a) Prior to August 31, 2017 the Highland Resolute Fund was known as the Redmont Resolute Fund.

^(b) Prior to August 31, 2016 the Highland Resolute Fund was known as the Redmont Resolute Fund II.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 39

Highland Resolute Fund Consolidated Financial Highlights

For a share outstanding throughout the periods presented

Class I

For the Six Months Ended October 31, 2017^(a)(Unaudited) For the Year Ended April 30, 2017^(b) For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 For the Year Ended April 30, 2014 For the Year Ended April 30, 2013

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.14 $ 10.75 $ 11.32 $ 11.18 $ 11.05 $ 10.34

INCOME/(LOSS) FROM OPERATIONS

Net investment income^(c) 0.07 0.09 0.16 0.20 0.13 0.11

Net realized and unrealized gain/(loss) on investments 0.37 0.45 (0.39 ) 0.26 0.19 0.68

Total from Investment Operations 0.44 0.54 (0.23 ) 0.46 0.32 0.79

LESS DISTRIBUTIONS

Net investment income - (0.13 ) (0.18 ) (0.24 ) (0.11 ) (0.08 )

Net realized gain on investments - (0.02 ) (0.16 ) (0.08 ) (0.08 ) -

Total Distributions - (0.15 ) (0.34 ) (0.32 ) (0.19 ) (0.08 )

NET INCREASE/(DECREASE) IN NET ASSET VALUE 0.44 0.39 (0.57 ) 0.14 0.13 0.71

NET ASSET VALUE, END OF PERIOD $ 11.58 $ 11.14 $ 10.75 $ 11.32 $ 11.18 $ 11.05

TOTAL RETURN^(d) 3.95 % 5.04 % (2.02 )% 4.16 % 2.85 % 7.65 %

RATIOS/SUPPLEMENTAL DATA

Net assets, End of Period (000s) $ 383,355 $ 491,811 $ 686,659 $ 689,266 $ 604,949 $ 446,319

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver^(e) 1.97 %^(f)(g)(h) 1.77 %^(g)(h) 1.69 %^(g) 1.68 %^(g) 1.69 %^(g) 1.32 %

Operating expenses including reimbursement/waiver^(e) 0.86 %^(f)(g) 0.52 %^(g) 0.35 %^(g) 0.33 %^(g) 0.29 %^(g) 0.22 %

Net investment income including reimbursement/waiver^(e) 1.25 %^(f) 0.86 % 1.49 % 1.79 % 1.19 % 1.08 %

PORTFOLIO TURNOVER RATE 37 %⁽ⁱ⁾ 94 % 27 % 54 % 114 % 51 %

^(a) Prior to August 31, 2017 the Highland Resolute Fund was known as the Redmont Resolute Fund.

^(b) Prior to August 31, 2016 the Highland Resolute Fund was known as the Redmont Resolute Fund II.

^(c) Calculated using the average shares method.

^(d) Total investment return is calculated assuming a purchase of a common share at the opening of the first day and a sale at closing on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total returns would have been lower had certain expenses not been waived during the period. Total investment returns do not reflect brokerage commissions, if any, and are not annualized.

^(e) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(f) Annualized.

^(g) Dividend and interest expense on securities sold short totaled 0.10%, 0.10%, 0.08%, 0.10%, and 0.08% of average net assets for the six months ended October 31, 2017 and for the years ended April 30, 2017, 2016, 2015, and 2014, respectively.

^(h) The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (See Note 7 for additional detail). The ratio inclusive of that fee would be 2.04% and 1.81% for the six months ended October 31, 2017 and for the year ended April 30, 2017, respectively.

⁽ⁱ⁾ Not Annualized.

See Notes to Financial Statements.

40

Highland Resolute Fund Notes to Consolidated Financial Statements

October 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 semi-annual 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 financial statements and financial highlights of the Fund. All investments held by the Subsidiary are disclosed in the accounts of the Fund. As of October 31, 2017, net assets of the Fund were $491,811,350, of which $24,342,904 or 4.95%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Semi-Annual Report | October 31, 2017 41

Highland Resolute Fund Notes to Consolidated Financial Statements

October 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 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.

42

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of October 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 $ 1,650,485 $ - $ - $ 1,650,485

Common Stocks^(*) 69,475,003 - - 69,475,003

Limited Partnerships^(*) 2,376,598 - - 2,376,598

Open-End Mutual Funds 151,790,972 - - 151,790,972

Purchased Put Options 153,918 - - 153,918

Corporate Bonds^(*) - 66,079,095 - 66,079,095

Short Term Investments

Money Market Funds 41,968,897 - - 41,968,897

Total $ 267,415,873 $ 66,079,095 $ - $ 333,494,968

Other Financial Instruments^**

Assets:

Total Return Swap Contracts $ - $ 174,470,665 $ - $ 174,470,665

Liabilities:

Common Stocks Sold Short^(*) (19,681,084 ) - - (19,681,084 )

Corporate Bonds - Sold Short - (14,107,594 ) - (14,107,594 )

Exchange Traded Funds Sold Short (7,798,582 ) - - (7,798,582 )

Total Return Swap Contracts - (13,197,493 ) - (13,197,493 )

Total $ (27,479,666 ) $ 147,165,578 $ - $ 119,685,912

* 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.

For liabilities arising from overdrafts in the custody account, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. As of October 31, 2017, the liabilities related to custody overdrafts used level 2 inputs.

The Fund recognizes transfers between levels as of the end of the period. For the six months ended October 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 10/31/2017 Net change in unrealized appreciation/ (depreciation) attributable to Level 3 investments held at 10/31/2017

Common Stock $ 107,200 $ - $ (60,947 ) $ (130,306 ) $ - $ 84,053 $ - $ - $ -

Total $ 107,200 $ - $ (60,947 ) $ (130,306 ) $ - $ 84,053 $ - $ - $ -

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

Offering Costs: Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the date the Subsidiary was established. Amounts amortized during the period ended October 31, 2017 for the Fund are shown on the Statements of Operations. As of October 31, 2017, $14,865, of offering costs remain to be amortized for the Fund.

Semi-Annual Report | October 31, 2017 43

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 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 six months ended October 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.

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

3. DERIVATIVE INSTRUMENTS

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

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

The Fund invests in total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return

44

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Fund are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statement of Operations. Swap agreements held at October 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 financial statements.

Option Contracts: The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by 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 a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Statement of Operations.

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 in the Statements of Assets and Liabilities. The predominant risk is that the movement of a futures contract’s price may result in a loss, which could render 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.

Semi-Annual Report | October 31, 2017 45

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

Risk Exposure: The following tables disclose the amounts related to the Fund’s use of derivative instruments.

The effect of derivatives instruments on the Statements of Assets and Liabilities as of October 31, 2017 was as follows:

Risk Exposure Asset Derivatives Statements of Assets and Liabilities Location Fair Value Liability Derivatives Statements of Assets and Liabilities Location Fair Value

Highland Resolute Fund

Equity Contracts
(Total Return Swap Contracts) Unrealized appreciation on total return swap contracts $ 139,941 Unrealized depreciation on total return swap contracts $ 15

Interest Rate Contracts
(Total Return Swap Contracts) Unrealized appreciation on total return swap contracts - Unrealized depreciation on total return swap contracts 170,493

Equity Contracts
(Purchased Options) Investments, at value 153,918 N/A N/A

Total $ 293,859 $ 170,508

The effect of derivatives instruments on the Statements of Operations for the year ended October 31, 2017 was as follows:

Risk Exposure Statement of Operations Location Realized Gain/(Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income

Highland Resolute Fund

Equity Contracts
(Total Return Swap Contracts) Net realized gain on total return swap contracts/Net change in unrealized appreciation on total return swap contracts $ 7,341,002 $ 544,956

Interest Rate Contracts
(Total Return Swap Contracts) Net realized gain on total return swap contracts/Net change in unrealized appreciation on total return swap contracts $ 430,896 $ 28,579

Equity Contracts
(Purchased Options) Net realized loss on investments/Net change in unrealized depreciation on investments (1,555,382 ) 24,965

Total $ 6,216,516 $ 598,500

46

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

Volume of Derivative Instruments for the Fund during the year ended October 31, 2017 was as follows:

Derivative Type Unit of Measurement Monthly Average

Highland Resolute Fund

Total Return Swap Contracts Notional Quantity 188,033,752

Purchased Options Contracts Contracts 649

Certain derivative contracts and repurchase agreements are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of October 31, 2017:

Highland Resolute Fund

Offsetting of Derivatives Assets

Gross Amounts Not Offset in the Statement of Assets and Liabilities

Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Assets and Liabilities Net Amounts Presented in the Statement of Assets and Liabilities Financial Instruments Available for Offset ^(a) Cash Collateral Received^(a) Net Receivable Amount

Total Return Swap Contracts $ 139,941 $ - $ 139,941 $ (139,941 ) $ - $ -

Total $ 139,941 $ - $ 139,941 $ (139,941 ) $ - $ -



Highland Resolute Fund

Offsetting of Derivatives Liabilities

Gross Amounts Not Offset in the Statement of Assets and Liabilities

Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Financial Instruments Available for Offset ^(a) Cash Collateral Pledged^(a) Net Payable Amount

Total Return Swap Contracts $ 170,508 $ - $ 170,508 $ (139,941 ) $ (30,567 ) $ -

Total $ 170,508 $ - $ 170,508 $ (139,941 ) $ (30,567 ) $ -

^(a) These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Semi-Annual Report | October 31, 2017 47

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

4. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 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 $ 212,750,789 $ (197,964,259 ) $ 14,786,530 $ 302,399,325



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

The tax character of distributions paid by the Fund for the fiscal year ended April 30, 2017, were as follows:

Ordinary Income Long-Term Capital Gains

Highland Resolute Fund $ 6,470,084 $ 778,253

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the six months ended October 31, 2017 were as follows:

Fund Purchases of Securities Proceeds From Sales of Securities

Highland Resolute Fund $ 119,336,512 $ 156,026,255

6. BENEFICIAL SHARE TRANSACTIONS

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

Transactions in common shares were as follows:

Highland Resolute Fund

Class I: For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

Common Shares Outstanding - Beginning of Period 44,145,034 63,881,394

Common Shares Sold 976,952 12,752,236

Common Shares Issued as Reinvestment of Dividends - 666,208

Common Shares Redeemed (12,010,836 ) (33,154,804 )

Common Shares Outstanding - End of Period 33,111,150 44,145,034

48

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

Shares redeemed within 30 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. Redemption fees are reflected in the “Shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets. For the six months ended October 31, 2017 and the year ended April 30, 2017, the Fund retained fees as follows:

Fund For the Six Months Ended October 31, 2017 (Unaudited) For the Year Ended April 30, 2017

Highland Resolute Fund $ - $ -

7. MANAGEMENT AND RELATED PARTY TRANSACTIONS

Investment Advisory

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Fund’s business affairs. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Adviser is entitled to an investment advisory fee, computed daily and payable monthly of 1.50% of the average daily net assets for the Fund. The management fee is paid on a monthly basis.

The Subsidiary has entered into a separate advisory agreement (the “Subsidiary Advisory Agreement”) with the Adviser for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary is obligated to pay the Adviser a management fee at the same rate that the Fund pays the Adviser for investment advisory services provided to the Fund. The Adviser has agreed to waive the advisory fee it receives from the Fund in an amount equal to the management fee paid by the Subsidiary. This waiver may not be terminated or modified without the consent of the Board. This agreement may not be terminated or modified prior to this date except with the approval of the Board. For the six months ended October 31, 2017, this amount equaled $166,256 and is disclosed in the Consolidated Statement of Operations.

The Adviser entered into an Investment Sub-Advisory Agreement with Boston Partners, Pinebridge Investments LLC (“Pinebridge”), Incline Global Management, LLC. (“Incline”) . The Investment Sub-Advisory Agreements are in accordance with the Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. The Adviser determines the allocation of the Fund’s assets among Boston Partners, Pinebridge, and Incline (collectively the “Sub-Advisers”) and other open-end investment companies. The Fund is not required to invest with any minimum number of sub-advisers or open-end investment companies, and does not have minimum or maximum limitations with respect to allocations of assets to the Sub-Advisers, investment strategy or market sector. Highland may change the allocation of the Fund’s assets among the available investment options, and may add or remove sub-advisers, at any time. Each Sub-Adviser is responsible for the day-to-day management of its allocated portion of Fund assets. Highland has ultimate responsibility, subject to the oversight of the Board of the Fund, to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement.

Pursuant to each Investment Sub-Advisory Agreement, the Adviser pays the Sub-Advisers an annual sub-advisory management fee which is based on the Fund’s average quarterly market value of the assets managed by the Sub-Advisers. The Adviser is required to pay all fees due to Sub-Advisers out of the management fee the Adviser receives from the Fund. The following table reflects the Fund’s contractual sub-advisory fee rates.

Sub-Advisers Average Daily Market Value of the Fund Contractual Sub-Advisory Fee

First $50 Million 1.25%

Boston Partners Over $50 Million 1.00%

Incline Global Management, LLC 1.25%

Chatham Asset Management, LLC 1.00%

The Adviser has agreed, with respect to the Fund’s Class I shares, to waive the portion of its 1.50% management fee in excess of any sub-advisory fees paid by the Adviser to Sub-Adviser in connection with the Fund. This agreement is in effect August 31, 2013 through August 31, 2017. The Adviser may not discontinue this agreement to waive fees prior to August 31, 2017 without the approval of the Fund’s Board of Trustees. The Adviser is not permitted to recoup any amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than the expense limitation cap. Fees waived/reimbursed by adviser for the six months ended October 31, 2017 are disclosed in the Consolidated Statement of Operations.

Semi-Annual Report | October 31, 2017 49

Highland Resolute Fund Notes to Consolidated Financial Statements

October 31, 2017 (Unaudited)

For the six months ended October 31, 2017, the fee waivers and/or reimbursements were as follows:

Fees Waived/ Reimbursed By Adviser

Highland Resolute Fund - Class I $ (2,504,141 )

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Fund, and the Fund has agreed to pay expenses incurred in connection with its administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Fund including, but not limited to, fund accounting and fund administration and generally assists in the Fund’s operations. Officers of the Trust are employees of ALPS. The Fund’s administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Fund for the six years ended October 31, 2017 are disclosed in the Consolidated Statement of Operations.

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

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Fund. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts and is also reimbursed by the Fund for certain out-of-pocket expenses. Transfer agent fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Consolidated Statement of Operations.

Compliance Services

ALPS provides services that assist the Fund’s chief compliance officer in monitoring and testing the policies and procedures of the Fund in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Fund. Compliance service fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Consolidated Statement of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Fund. Principal financial officer fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Consolidated Statement of Operations.

Distributor

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

8. INDEMNIFICATIONS

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

50

Highland Resolute Fund Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866) 759-5679 and (2) on the SEC’s website at http://www.sec.gov.

Semi-Annual Report | October 31, 2017 51

TABLE OF CONTENTS

Shareholder Letter 1

Performance Update 7

Disclosure of Fund Expenses 13

Portfolio of Investments

Rondure New World Fund 14

Rondure Overseas Fund 17

Statements of Assets and Liabilities 20

Statements of Operations 21

Statement of Changes in Net Assets

Rondure New World Fund 22

Rondure Overseas Fund 23

Financial Highlights

Rondure New World Fund 24

Rondure Overseas Fund 26

Notes to Financial Statements 28

Disclosure Regarding Approval of Fund Advisory Agreement 34

Additional Information 36

Rondure Funds Shareholder Letter

October 31, 2017 (Unaudited)

Dear Fellow Shareholder,

You may or may not know this, but I am an avid reader. My husband would quip it is my best quality—it enables him to watch baseball in peace while I spend my weekends and evenings with my nose in a book or two. I have developed several reading habits through the years. The first is to read two or three books for every region or country I visit. I like to mix it up with history, fiction, economics, or literature, and I believe it serves several purposes. First, I believe studying history improves our ability to maneuver through stock market cycles—it leads to good pattern recognition and improves our ability to learn from our past mistakes. In addition, I believe books about places help set the cultural, political, and economic stage for our portfolio companies. My second reading habit is setting a topic or two at the start of each year that I would like to master. This year I selected two topics—science and Russia. For anyone who has read War and Peace, you will quickly recognize I bit off far more than I could chew this year. I’m learning. However, the classic piece has provided an interesting backdrop to my Russian travel this year. I don’t know exactly how to factor my reading habit into an alpha or return generation metric, but I know that accumulating knowledge in a competitive space is an advantage. It’s an integral part of investing. It’s like developing a stage for your actors—stocks. It’s hard work, and it’s underappreciated, because it cannot be captured in an attribution. But it matters.

I can’t help but connect my experience in market cycles and my latest science read, Elizabeth Kolbert’s Pulitzer Prize winning “The Sixth Extinction: An Unnatural History,” to the current state of the global markets—a state that the recent issue of The Economist called “The Bull Market in Everything.” This run in the markets is different from Japan’s deflationary tailspin, the DotCom Bubble, Peak Oil, the US Real Estate Bubble, and the ensuing global financial crisis. However, borrowing from the reputed words of Mark Twain, while “history doesn’t repeat itself…it sure does ‘rhyme’.” I see an increasing number of similarities between those market events and the market environment today, including the call of death of active management and death of value. I’m not going to rehash that cycle right now. Instead, I will focus on my experience and our process and how we, as active managers at Rondure Global, can adapt to avoid extinction.

During the tech bubble, I was a novice investment team member on the American Century Ultra strategy and spent a lot of time speaking with our clients. There was no way a risk-mitigated, diversified fund—active investors—could keep up with the concentrated tech rally capping off the 20^th century. Some clients were frustrated with the lag versus the index, but fund leadership stuck to its discipline buying good businesses for the long haul. They focused on balance sheets, cash flows, persistent growth, dividends and valuation—all elements noted in my favorite investment book, “The Intelligent Investor,” by Benjamin Graham. Then, in a swift few days, valuations popped. Markets fell apart, and the fund held its ground. American Century’s absolute return strategy may have lagged for a period preceding the bubble, but in the end it saved disciplined investors a lot of money by performing through the cycle. This approach has stuck with me ever since. I think you are permanently colored by the timing of your start in the market, and mine came just as the tech bubble was building.

One element that is different this time, and that helped active investors during the Dot com cycle, was the 1999 asset bubble’s concentration in a few sectors. There were lots of basic, slower growth businesses left in the dust—a fundamental investor’s paradise if they were willing to go against the momentum grain. Today, thanks to extremely generous central banks around the globe, everything is pricey. There are bargains hidden out there, but there aren’t as many pockets of the market left behind as there were in 1999. Arguably only emerging and international markets have lagged in the recovery.

Another possible similarity is that we are just now entering the blow off stage where the overheated components of the market will be propelled by momentum, leaving behind less exciting businesses. This would benefit passive management in the short run, and cause more pain to fundamental, value-focused active managers as pressure continues to build. But in the long run, it could be great for active managers. The logic is simple: The snowballing of passive management has coincided with one of the greatest bull markets in history. The big passive strategies are momentum vehicles where position sizes in the indices they mimic are determined by market capitalization, not fundamentals. In this low volatility, low interest rate environment, momentum is simply trumping fundamentals. But it won’t last forever. And when the tide changes, I think we will see a shift back to fundamentals.

What is fabulous is that the proliferation of ETFs (Exchange Traded Funds) and index funds forced a complacent industry to bring down fees, which enhances returns for investors—adaptation at its very best. The flip side of that coin is that passive portfolios merely imitate the market, so passive investors could and should mimic the decline of potentially overvalued markets if they correct. And a correction is plausible if central banks start to ease off the gas pedal due to everything becoming too expensive. Low returns on cash have pushed momentum and pushed investors to take risks—that’s the blow off stage where everyone fears missing the rally and greed takes over. Eventually, it will go too far.

So how can active managers combat this and how can we serve you better? There are several things Rondure Global can do:

First, if our mandate is to be less risky than the market, and thus mitigate downside risk, then I should not be chasing momentum here—higher relative valuations are inherently more risky. I have a history of reasonable upside capture and typically very good downside capture on my past strategies. It is a hallmark of how we are different than passive strategies, which again tend to be liquidity driven vehicles. The notion of delivering

Semi-Annual Report | October 31, 2017 1

Rondure Funds Shareholder Letter

October 31, 2017 (Unaudited)

alpha against a momentum vehicle, especially as we get later and later in the market cycle, is incongruous with the notion of mitigating downside risk. Simply put, I just don’t think I can get out of the way when/if a correction comes, and my discipline of owning high quality companies means I shouldn’t have to do this.

Second, we can partner with a seasoned team that has seen cycles. This was a critical reason I was so excited to partner with Grandeur Peak. How often do you get to have a working relationship with a 30+ year veteran like Robert Gardiner who has seen multiple cycles? In addition to Robert, I am partnered with his world-class team at Grandeur Peak, many of whom I have worked with during past cycles at our previous firm on both the research and business sides of the equation. This partnership with the seasoned Grandeur team, and the focused, process-driven Rondure team continues to deliver far beyond my initial expectations of what we would and could accomplish this early in our journey as a new firm. We have great institutional tools, proprietary processes, and a discipline in place that hasn’t changed in my nearly 20 years of investing. Our focus is really not participating in huge bull markets, but rather finding investments that can protect and compound your capital for the long-term. I believe I have surrounded myself with incredibly talented and seasoned people who can help me do just that, and I hope this means good things for you—our Rondure clients—through thick and thin.

Third, we can appropriately manage risk. Many argue that active managers should have “high conviction” or highly concentrated portfolios in order to be good at what they do, but my personal opinion is that this is better applied to US focused portfolios. Country risk is too unpredictable in international investing, particularly in Emerging and Frontier Markets, so in my book you need to own enough stocks to diversify that risk while still having strong conviction in your ideas. For me, that number has always been around 100, but I’m not afraid to concentrate at the top when we have strong conviction. I am also very comfortable having sector concentration—focusing on the Rondure process of finding quality, value, and sustainable growth, and looking markedly different from the indices on a sector basis. The smaller the country or the more nascent the economy, the bigger impact country weight has on performance. We also aren’t afraid to go all over the cap spectrum for great companies at good prices or good companies at great prices. I see very little relationship between market capitalization and quality. It’s a total misconception in international investing. In small population countries or nascent economies, micro caps and small caps can be 800-pound gorillas. In big population countries, bigger caps tend to have dominance. We like dominant businesses or very good businesses with a margin of safety.¹ It’s placed us in a median capitalization range that looks very similar to where I’ve been in the past. We have a strong quality bias for fundamentally sound companies with great risk/reward profiles. We seek to avoid having our tail composed of high risk, high return companies. We are simply waiting for better price tags to add to high-quality companies that already fit our process. The process and criteria for each portfolio company is exactly the same. And when we feel strongly, we aren’t afraid to increase position size, but with both risk and return in mind.

At the end of the day, we stick to our process. We emphasize bottom up, fundamental investing in high quality companies, agnostic of indices. We don’t ignore sectors. We don’t ignore countries. We simply let our bottom-up perspective color our top down view, so we start with bottom up screening for quality. Our process ends with company visits and calls, extensive travel, and detailed models to ensure our portfolio positions meet our rigorous criteria centered on sustainable growth, not heroic growth.

If you want to compare us to indices, we should generally tilt to higher ROE (Return on Equity), higher ROA (Return on Assets), lower debt levels, slightly higher multiples (for tax reasons—if the returns are better than cash), and lower but more sustainable and growing dividend yields funded by cash. I believe the sell side consistently understates the long-term earnings growth rates or dividend yields for our companies, because they have no idea how to deploy the excess cash on the corporate balance sheets or the free cash flow. Fortunately when we assess governance, we believe our companies know exactly what to do with that cash—deploy it into higher returning ventures or give it back to us in the form of dividends or share buybacks. Hence, our companies positively surprise on a durable basis due to the optionality of cash.

Fund Details

We completed our first full quarter at Rondure Global with two strategies—Rondure Overseas (a developed markets ex-US strategy) and Rondure New World (an emerging and frontier markets strategy) Our portfolios are now fully deployed, and we continue to seek new ideas that are either accretive to our long-term sustainable returns or lower our risk profile. We seek to rarely make thesis errors. We are more likely to sell for relative opportunity or to mitigate tax liabilities. We also realize short-term losses can be valuable to our clients. We harvest those when we think it makes sense for you.

Rondure Overseas

The story year to date has been good stock selection, with only financials and materials underperforming the index. However asset allocation has been difficult for us on a sector basis. Incoming cash creates a drag on performance in bull markets. And that drag has been approximately 2-3% for us since inception. Another factor that has impacted performance is simply that cyclical sectors have been strong. Energy, materials, information technology, consumer discretionary, and industrials have all outperformed the aggregate index, while the more defensive consumer staples and healthcare sectors barely participated. We do not own real estate stocks, energy stocks, utilities stocks, or telecommunications stocks. We are active. Our bottom up funnel is not leading to companies in these sectors—we either see too much debt or a lack of value. We have traditionally used consumer staples to mitigate downside risk. We love the cash flow characteristics of the businesses, and the persistency of their

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growth. Their balance sheets also provide a margin of safety, and we believe if high ROE can’t be redeployed to organic growth, the companies are keen to pay us through mergers & acquisitions, growing dividends, or share buybacks. You win from a variety of angles. The cyclical component of the portfolio at present, where we capture upside and where we see quality and value from the bottom up, is in the consumer discretionary space and in high quality industrials--later stage cyclicals.

On a country basis, I believe we set ourselves apart with a big Japan weight. I’ve been a Japan analyst for over a decade, and I have lived there off and on since my college years. I am currently a member of the Grandeur Peak Japan team, where we leverage the knowledge of several people who have lived in the country and speak the language. When I screen bottom up, Japan has very attractive balance sheets, the most stocks hitting our radar where high quality meets cheap valuations (below 12x ev/ebit²), and perhaps the best governance and ROE/ROA improvement stories. The kicker has been upside surprises to growth. We believe a heavy period of rain is having a temporary detrimental impact on some of our stocks. We will look for opportunities to capitalize on this. We own virtually all the drug stores in Japan. There, drug stores function like convenience stores, and you don’t have to hop in a car to visit them like you do in most US cities. Rain keeps people away, but people will return when the rain stops.

We’ve been adding to Australia. It has been accretive to our portfolios with regard to ROE, ROA, valuation and growth. It’s been a laggard market, even though it is up a lot. The one drawback is Australian balance sheets aren’t the best. I believe a steady, stable climb in the economy compounded with very low interest rates has led to a level of comfort with debt that I don’t see as healthy—and it’s not just Australia. We have seen this in Europe as well, where debt is cheap. We do not see as much of this in Japan—a country that prides itself on sustainable, long-term results and margins of safety. If the interest rates go up and the cost of capital rises, our higher quality balance sheet companies should really shine. The portfolio holdings in Australia are mainly names I have held at some point in my history. One notable holding is DuluxGroup, a decorative paints company which has a global industry pedigree of compounding returns. Another is REA Group, what we believe to be a world-class leader in online advertising for real estate. Both of these companies are deceptively sticky businesses through economic cycles with a tendency toward consolidation as well.

When I look at the health of the Rondure Overseas portfolio, I’m very happy with our holdings. We have delivered both good absolute and relative returns with better balance sheets, better ROE and ROA than the index, and hence what we believe will be more durable and persistent earnings per share and dividend growth. We buy companies we believe will redeploy capital well—do the heavy lifting for us—and we believe the sell side almost always understates the optionality of cash on the balance sheet. Index companies can rarely self-fund forecasted growth. The index with lower quality companies needs booming global economies or generous capital markets to deliver on expectations. For now, the acceleration in global growth and the generosity of investors is providing the help they need. However, that help can be pulled quickly. We love companies that don’t need our money—companies with sustainable growth (self-funding growth). That’s why I’m generally not a fan of IPOs (Initial Public Offerings) or secondary offerings. In fact I can’t remember the last time I have participated in or taken a call, though they can be a fantastic opportunity to learn about the companies, as you get access to the best management teams. We strive to be active and index agnostic in our stock selection, but we believe these higher quality companies have the potential to outperform a lower quality index through cycles.

Rondure New World

Emerging markets indices pose a more challenging hurdle for us on a relative basis. If I stare at the MSCI Emerging Markets Index versus the developed markets, it has higher ROE and ROA than the MSCI EAFE Index. It also has lower debt levels (the MSCI EAFE has a lot of debt and you have to question if this is the cost of capital being too cheap, not dear enough, in the developed world) and lower multiples. Hence, it is able to self-fund higher growth and dividends at a cheaper valuation than the developed world index. If you look at the MSCI Emerging Markets Index on a PEGY (P/E to Growth + Dividend Yield) basis in aggregate, it’s actually pretty reasonable. I also believe there are a lot of countries and companies in the Emerging Markets and Frontier universe that are suffering from depressed earnings. The commodity crash hit the companies and the countries hard (currencies too), and if a global synchronized recovery continues then the MSCI Emerging Markets Index will look even cheaper as earnings rebound.

The problem, or arguably the opportunity, might be that the aggregate index doesn’t do a great job of reflecting valuations at the company level. There are a lot of low-quality, deep value companies in the index that are truly cheap. We won’t participate there, as the balance sheet, governance, or accounting quality of these companies simply doesn’t fit our process. For example, we have been fighting against some really strong value bounces in real estate and commodity stocks, driven by stimulus in China. We won’t capture this in our portfolio because the balance sheets of these companies are low-quality, and many of the high-quality companies in the space are expensive. There are also some expensive consumer staples stocks—some of my favorites in Southeast Asia look expensive. However, we are careful when assessing consumer staples stocks in emerging and frontier markets because they don’t always perform like consumer staples in the developed world. Their purchasing power gets hit when currencies drop, which lifts consumer prices due to imported inputs. In addition, many purchases we see as everyday, affordable items in the USA (e.g. candy bars or soda) become unobtainable in these countries when developing economies drop. Consumer staples can become discretionary. The consumer may stop buying or trade down to lower cost items. Hence, some of the expense of these companies is probably optics—depressed earnings. If the global economy continues to bounce upward, I think the effects will eventually spill over into emerging markets

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earnings, particularly in the hard hit commodity countries. Growth is being revised up for this very reason, and we saw solid “signs of life” in same store sales in a number of our emerging markets in the last month. The consumer might be perking up.

While very few companies in the world are cheap by historical standards right now, I see some very good pockets of value in China and South America. In fact, I like China so much better today than I did when it was deemed the highest growth country in the world in the mid-2000s. In the mid-2000s there was a boom in global Chinese IPOs and secondary offerings, so although you had strong top line growth, the arguably more important profitability and cash flow, were being diluted by more competition and cheap capital. This led to a land grab mentality—increased fragmentation, and lots of capital expenditures that couldn’t be deployed for higher returns due to excess capacity. The focus wasn’t on profit. Now, industries are consolidating. The weak are failing. Balance sheets and governance are improving. The general focus is on profitability and dividends, and I can find market leaders at very good valuations—usually in the small to mid-cap segment of the market. It is simply a better stock pickers market for the long-term investor.

South America has similar dynamics. The emerging markets boom led to bad capital allocation policies—capital wasn’t dear. If I stare at developed world balance sheets, you might argue the shoe is on the other foot now. The emerging world is repairing or has repaired its balance sheets on a relative basis. It has survived a pretty rough period, and while some people point to a less exciting growth story than during the BRIC’s³ heyday, the most robust period of stock market performance for the US has come during a period of slow growth—much of it driven by rising dividends and share buybacks. Emerging markets, frontier markets, and Japan all look well positioned to improve capital allocation, cut costs, and deliver dividends. If you believe this will drive a re-rating, this asset class has more flexibility for improvement the more stock markets boom and global growth improves. It may not be the sleek top line story it was 10 years ago, but it could be a much better profit driven cycle—profitable prosperity!

It has been a similar story for us in New World as in Overseas. We have a higher quality portfolio. We invest across the capitalization spectrum. We are broadly diversified on a country basis, and more narrowly focused on a sector basis—tilted to quality and domestic demand. Asset allocation has hurt the portfolio to date, while our stock picking against the respective segments of the indices has been reasonably good, as we have outperformed. The less cyclical components of the market have lagged, and we are overweight these spaces. Cash inflows also hurt the portfolio, as inflows into a strategy will typically drag against an index that is fully invested when markets are rising. In addition, smaller caps—where we love to hunt—have not participated as much in this emerging markets rally. I believe ETF/Index flows are fueling the bigger cap companies, and I believe if the rally continues it will eventually push out to small caps, small countries, and frontier markets. This would benefit us. Smaller countries and smaller caps tend to tilt more to domestic demand—local economies—and we believe the global recovery is just now starting to spill over into better results into a broader set of countries, particularly the hard hit commodity countries. If the global synchronized growth doesn’t continue, there should be less capital flowing out of these markets. We are active. We are differentiated. We are fully deployed now, but we own companies that have long-term sustainable competitive advantages and which have the potential to compound returns over time. We don’t chase short-term capital gains and momentum.

As with Overseas, we believe analysts consistently underestimate the power of cash on the balance sheets in emerging markets. We select companies that we think will reward us with that cash when they can’t reward us with growth. We believe we will participate nicely if the rally continues. However, our portfolio is constructed with a nice barbell of defensive growth companies in the consumer staples sector, where I see a lot of value, and more industrial and consumer cyclical participants, where I also see quality and value. We own one financial stock. Financials was our best performing relative sector in the quarter due to our position in Sberbank of Russia. It has one of the highest ROE profiles in the banking sector including Europe, and that ROE has been durable. It is a cost leader due to its scale. The weak banks are failing in Russia, so it is gathering steam. The stock is cheap, and the economy is recovering. They are also quite innovative—embracing technology. The icing on the cake is that Russia has an election coming and this will likely lead to continued stimulus. Politicians love a robust economy in an election year, and Russia has a lot of room to maneuver. Discount rates should fall. It is the perfect “process” stock.

Conclusion

A potential client asked me earlier this year if there is ever such a thing as too much travel for deep due diligence. I stuttered in answering—this client by the way is one of the best deep due diligence travelers I know. It’s a hard question to answer because, just like my reading habit, it’s a tough thing to measure in traditional attribution terms. However, I believe it is integral to setting the stage for our portfolios and selecting the best performers. In the words of Howard Marks, it leads to second level outside the box thinking and creativity as well, which is a critical differentiator. The Rondure and Grandeur teams have traveled a lot this year, and I was still pondering this question during a trip to Russia in the Spring.

A good friend of mine from the Soviet Union had been pushing me to visit the countryside to get a better understanding of the country. I’ve only visited Moscow in the past, and I tend to look at Russia from a stilted cold war perspective—an admittedly naïve view. When I visited Russia this year, I landed in the country on a stereotypical cold, snowy day. Our taxi driver chatted politics in stilted English. I asked what he thought of Putin. He said yap, yap, yap, yap, yap. He asked what I thought of US politics. I said the same thing. Square, cement Soviet era block buildings jutted out from the snowy landscape. A young woman in high fashion pulled a toddler in clear defiance. He was bundled up in Christmas Story fashion. An

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old man with cloudy blue eyes and a limp, drug a cane through the snow. I couldn't help but think of all the cycles he had seen and wished we could have stopped to gather his insight. Language would have been a barrier. The spirit was communal and happy—the landscape was straight out of Dr. Zhivago. The whimsical Kremlin completed the stage. I read Colin Thubron's wonderful books on Russia, "Among the Russians and In Siberia," as we met multiple companies and toured the city's stores. Then I hit the train and saw the countryside. I will save that for another time.

Russia has one of the world’s highest literacy rates. It mints great authors, scientists, and business people. Its citizens are incredibly friendly. Its corporate governance is improving, and you can see it bottom up in the form of improved board structures, balance sheets, a focus on core assets, and weak companies failing. Plus, the market was and is cheap. While people say investors are overweight Russia, this is only part of the story. Russia has fallen to a tiny component of the index. In my mind, it’s silly to think relative here, as the index again reflects the fact that this fell out of favor. Russia lost momentum and became a value country. Now, the quality is improving, and the growth is as well. We are thinking about the stocks and country in terms of the total potential risk and return for the portfolio, and from that perspective, it seems like a reasonable investment here.

I had one of the most pleasant evenings at the Bolshoi Ballet with a group of Russian and international investors. During the performance of Faust, the beautiful ballerinas slowly spun out of an egg-shaped prop in a haze of colorful smoke—an allegory for nesting dolls and arguably an allegory for how much travel matters to investing. I feel like after all of these years of travel and reading, I am only one layer deep in my understanding of Russia. It may take years or perhaps a new generation of team members to get to the final nesting doll here. The world is complex, but travel is instrumental in solving its many puzzles.

While I see similarities emerging between the tech bubble and today, the markets aren’t as frothy yet, in aggregate. The negative is that there are also fewer pockets of the market that have been left behind--the rally has benefitted almost everything. The tech bubble was just that—a tech bubble. Arguably, maybe international and emerging markets in general are laggards, which would be a case for asset diversification and increasing exposure. Time will tell. I truly believe this or I wouldn’t have started the firm with these two asset classes, where I have placed significant personal wealth. Regardless, we believe our bottom up process will guide us to good long-term investments, agnostic of this macro landscape. We focus on fundamental investing—compounders with competitive advantages—and our reading, travel, and experiences help set the stage for our stocks. As active managers, our discipline, hard work, and process focus sets us apart in the long run as we move further and further into the recovery. I don’t see extinction, but I do see an active industry that needed to adapt. We owe our clients the utmost transparency, side-by-side investment (skin in the game), cost discipline, and a focus on mitigating risk to produce a solid upside capture. We owe you discipline and hard work and differentiation. I believe this is what you will get when you invest with us.

Thank you for investing side-by-side with me.

Sincerely,

Laura

¹ A margin of safety exists when we believe there is a significant discount to intrinsic value at the time of purchase.

² EV/EBIT is Economic Value to Earnings before Interest and Taxes. It is a financial ratio used to measure a company’s return on investment.

³ BRICs is an acronym for Brazil, Russia, India, and China.

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

RISKS: Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging and frontier markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets. Diversification does not eliminate the risk of experiencing investment loses.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a Rondure Funds prospectus, containing this and other information, visit www.rondureglobal.com or call 1-855-775-3337. Please read it carefully before investing.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the Funds or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. The Funds do not accept any liability for losses either direct or consequential caused by the use of this information.

Past performance does not guarantee future results.

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A list of Fund holdings as of October 31, 2017 can be found within each Fund’s Portfolio of Investments.

The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. The MSCI EM (Emerging Markets) Index is designed to represent the performance of large and mid-cap securities across 24 Emerging Markets (EM) countries. The MSCI EM Small Cap Index is designed to represent the performance of small-cap securities across 24 Emerging Markets (EM) countries. You cannot invest directly in these or any index.

Alpha is considered the active return on an investment. It gauges the performance of an investment against a market index used as a benchmark, since they are often considered to represent the market’s movement as a whole. The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.

Upside Capture is the ratio of the fund’s return relative to the benchmark’s index during periods when the market (index) is going up. An upside capture of greater than 1 implies that the fund does better than the benchmark index during up markets.

Downside Capture is the ratio of the fund’s return relative to the benchmark’s index during periods when the market (index) is going down. A downside capture of less than 1 implies that the fund does better than the benchmark index during down markets.

Passive Investing is an investment strategy where the investor buys a basket of securities without regard to the individual securities in the basket (e.g. buying an index fund).

Active Investing is an investment strategy involving ongoing buying and selling of individual securities based on perceived opportunities in individual securities.

ROE is Returns of Equity. This is the amount of net income returned as a percentage of shareholders equity.

ROA is Return on Assets. This is the amount of net income returned as a percentage of assets.

Dividend Yield is the company’s annual cash dividend divided by the current stock price.

P/E is the stock’s current Price divided by its Earnings (usually the earnings over the last twelve months).

ALPS Distributors, Inc. is the Distributor for the Rondure Funds.

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Rondure New World Fund Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

Expense Ratio^(b)

6 Months Since Inception^(a) Gross Net^(c)

Rondure New World Fund - Institutional - NAV 7.90% 7.90% 2.38% 1.10%

MSCI EM (Emerging Markets) TR USD Index^(d) 16.19% 16.19%

Rondure New World Fund - Investor – NAV 7.70%^(e) 7.70%^(e) 2.63% 1.35%

MSCI EM (Emerging Markets) TR USD Index^(d) 16.19% 16.19%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-775-3337.

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of May 1, 2017.

^(b) Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c) Rondure Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.35% and 1.10% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. However, such recapture payments may not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date of the waiver or reimbursement. The Expense Agreement may not be terminated or modified by the Adviser prior to August 31, 2018, except with the approval of the Fund’s Board of Trustees.

^(d) The MSCI Emerging Markets Total Return USD Index is an unmanaged total return index, reported in U.S. Dollars, based on share prices and reinvested dividends of approximately 800 companies from 24 emerging market countries. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

^(e) Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

Semi-Annual Report | October 31, 2017 7

Rondure New World Fund Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

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

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

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Rondure New World Fund Performance Update

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Regional Allocation (as a % of Net Assets)*

Asia ex Japan 60.8%

North America 11.8%

Latin America 9.9%

Africa/Middle East 6.9%

Europe 6.7%

Cash, Cash Equivalents, & Other Net Assets 3.9%

Total 100.0%

Industry Sector Allocation (as a % of Net Assets)*

Consumer 59.3%

Technology 15.0%

Industrials 13.3%

Health Care 4.2%

Financials 2.3%

Energy & Materials 2.0%

Cash, Cash Equivalents, & Other Net Assets 3.9%

Total 100.0%

Top 10 Holdings (as a % of Net Assets)*

Samsung Electronics Co., Ltd. 3.8%

Alibaba Group Holding, Ltd. 3.6%

Yum China Holdings, Inc. 3.4%

Carnival Corp. 3.3%

Bharat Electronics, Ltd. 3.2%

Royal Caribbean Cruises, Ltd. 2.7%

Hypermarcas SA 2.7%

President Chain Store Corp. 2.6%

Vietnam Dairy Products JSC 2.6%

Aselsan Elektronik Sanayi Ve Ticaret AS 2.6%

Total 30.5%

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

Semi-Annual Report | October 31, 2017 9

Rondure Overseas Fund Performance Update

October 31, 2017 (Unaudited)

Annualized Total Return Performance for the periods ended October 31, 2017

Expense Ratio^(b)

6 Months Since Inception^(a) Gross Net^(c)

Rondure Overseas Fund - Institutional - NAV 11.60%^(d) 11.60%^(d) 2.25% 0.85%

MSCI EAFE TR USD Index^(e) 10.68% 10.68%

Rondure Overseas Fund - Investor - NAV 11.50% 11.50% 2.50% 1.10%

MSCI EAFE TR USD Index^(e) 10.68% 10.68%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 60 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-855-775-3337.

The table does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

^(a) Fund inception date of May 1, 2017.

^(b) Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

^(c) Rondure Global Advisors, LLC (the “Adviser”), has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/ Expense Reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.10% and 0.85% of the Fund’s average daily net assets for the Fund’s Investor Class Shares and Institutional Class Shares, respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. However, such recapture payments may not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the date of the waiver or reimbursement. The Expense Agreement may not be terminated or modified by the Adviser prior to August 31, 2018, except with the approval of the Fund’s Board of Trustees.

^(d) Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

^(e) The MSCI EAFE Total Return USD Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 developed market countries excluding the US and Canada. The Index is not actively managed and does not reflect any deductions for fees, expense, or taxes. An investor may not invest directly in the Index.

10 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund Performance Update

October 31, 2017 (Unaudited)

Growth of $10,000 for the period ended October 31, 2017

The chart shown above represent a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

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

The Fund also offers Institutional Class shares, performance for which is not reflected in the graphs above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown in the graphs above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Semi-Annual Report | October 31, 2017 11

Rondure Overseas Fund Performance Update

October 31, 2017 (Unaudited)

Regional Allocation (as a % of Net Assets)*

Europe 35.1%

Japan 28.2%

North America 5.6%

Australia/New Zealand 8.4%

Asia ex Japan 6.5%

Africa/Middle East 0.4%

Cash, Cash Equivalents, & Other Net Assets 15.8%

Total 100.0%

Industry Sector Allocation (as a % of Net Assets)*

Consumer 50.2%

Industrials 15.6%

Technology 8.1%

Energy & Materials 4.9%

Financials 3.3%

Health Care 2.1%

Cash, Cash Equivalents, & Other Net Assets 15.8%

Total 100.0%

Top 10 Holdings (as a % of Net Assets)*

WH Smith PLC 2.7%

J D Wetherspoon PLC 2.6%

Yaskawa Electric Corp. 2.4%

Create SD Holdings Co., Ltd. 2.3%

Amadeus IT Group SA 2.1%

DuluxGroup, Ltd. 2.1%

Ezaki Glico Co., Ltd. 2.1%

Carnival Corp. 2.1%

Seria Co., Ltd. 2.0%

Cosmos Pharmaceutical Corp. 1.9%

Total 22.3%

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

12 1.855.775.3337 | www.rondureglobal.com

Rondure Funds Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period of May 1, 2017 through of October 31, 2017.

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

Hypothetical Example for Comparison Purposes The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning Account

Value

May 1, 2017

Ending Account

Value

October 31, 2017
Expense Ratio^(a)
Expenses Paid

During period

May 1, 2017 (Inception) - October 31, 2017^(b)

Rondure New World Fund

Institutional Class

Actual $1,000.00 $1,079.00 1.10% $5.73

Hypothetical (5% return before expenses) $1,000.00 $1,019.55 1.10% $5.57

Investor Class

Actual $1,000.00 $1,078.00 1.35% $7.03

Hypothetical (5% return before expenses) $1,000.00 $1,018.30 1.35% $6.83

Rondure Overseas Fund

Institutional Class

Actual $1,000.00 $1,117.00 0.85% $4.51

Hypothetical (5% return before expenses) $1,000.00 $1,020.81 0.85% $4.31

Investor Class

Actual $1,000.00 $1,115.00 1.10% $5.83

Hypothetical (5% return before expenses) $1,000.00 $1,019.55 1.10% $5.57

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

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year 183/365 (to reflect the half-year period).

Semi-Annual Report | October 31, 2017 13

Rondure New World Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (96.09%)

Argentina (0.42%)

MercadoLibre, Inc. 1,500 $ 360,465

Bangladesh (0.55%)

GrameenPhone, Ltd. 21,919 115,811

Square Pharmaceuticals, Ltd. 100,333 359,701

475,512

Brazil (6.00%)

Ambev SA 38,700 247,014

Hypermarcas SA 216,900 2,274,887

M Dias Branco SA 114,700 1,696,324

Raia Drogasil SA 33,300 801,326

TOTVS SA 12,700 126,173

5,145,724

China (21.27%)

Alibaba Group Holding, Ltd., Sponsored ADR^(a) 16,650 3,078,418

Anta Sports Products, Ltd. 291,000 1,301,805

Baidu, Inc., Sponsored ADR^(a) 4,675 1,140,420

China Machinery Engineering Corp.,

Class H 1,141,000 699,103

China Resources Beer Holdings Co., Ltd. 560,000 1,615,095

Ctrip.com International, Ltd., ADR^(a) 1,300 62,257

Haier Electronics Group Co., Ltd. 637,000 1,677,949

Haitian International Holdings, Ltd. 272,000 814,110

Hengan International Group Co., Ltd. 149,000 1,468,724

JD.com, Inc., ADR^(a) 27,650 1,037,428

Sinotrans, Ltd., Class H 803,000 385,988

TravelSky Technology, Ltd.,

Class H 326,000 844,105

Tsingtao Brewery Co., Ltd.,

Class H 172,000 719,845

Want Want China Holdings, Ltd. 590,000 482,503

Shares Value
(Note 2)

China (continued)

Yum China Holdings, Inc.^(a) 72,400 $ 2,921,340

18,249,090

Colombia (0.07%)

Grupo Nutresa SA 6,962 61,838

Germany (0.54%)

KUKA AG 2,100 459,883

Greece (1.72%)

JUMBO SA 91,856 1,476,579

Hong Kong (1.96%)

Vitasoy International Holdings, Ltd. 729,000 1,685,744

India (7.72%)

Asian Paints, Ltd. 4,244 77,373

Bharat Electronics, Ltd. 969,100 2,761,964

Britannia Industries, Ltd. 7,311 523,680

Castrol India, Ltd. 60,500 373,529

Colgate-Palmolive India, Ltd. 4,704 77,320

Dabur India, Ltd. 83,000 426,525

Eicher Motors, Ltd. 1,400 696,710

Godrej Consumer Products, Ltd. 5,302 76,447

Hindustan Unilever, Ltd. 4,635 88,551

Marico, Ltd. 14,900 72,520

Maruti Suzuki India, Ltd. 6,070 769,512

Nestle India, Ltd. 718 80,245

Pidilite Industries, Ltd. 6,385 77,068

Tata Global Beverages, Ltd. 120,500 422,216

Vakrangee, Ltd. 11,480 99,662

6,623,322

Indonesia (1.69%)

Indofood CBP Sukses Makmur Tbk PT 2,049,500 1,329,814

Kalbe Farma Tbk PT 1,014,000 119,624

1,449,438

Kenya (1.78%)

East African Breweries, Ltd. 318,200 748,345

See Notes to Financial Statements.

14 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Kenya (continued)

Safaricom, Ltd. 3,166,100 $ 778,174

1,526,519

Malaysia (0.49%)

Heineken Malaysia Bhd 94,000 421,429

Mexico (3.11%)

Alsea SAB de CV 16,300 49,329

Arca Continental Sab De CV 16,200 103,098

Becle SAB de CV^(a) 398,300 636,141

Corp Moctezuma SAB de CV 90,700 360,496

Gruma SAB de CV, Class B 47,600 624,752

Grupo Bimbo SAB de CV, Series A 102,500 237,327

Wal-Mart de Mexico SAB de CV 293,500 657,062

2,668,205

Pakistan (0.60%)

Nestle Pakistan, Ltd. 4,578 517,190

Peru (2.47%)

Alicorp SAA 550,225 1,718,131

InRetail Peru Corp.^(b)(c) 20,196 400,890

2,119,021

Philippines (3.59%)

International Container Termin 448,000 918,997

Jollibee Foods Corp. 26,000 125,404

Philippine Seven Corp. 352,000 1,201,402

Puregold Price Club, Inc. 756,000 746,848

Universal Robina Corp. 33,000 91,409

3,084,060

Poland (0.27%)

AmRest Holdings SE^(a) 2,400 232,816

Russia (4.19%)

Alrosa PJSC 495,500 637,168

LUKOIL PJSC, Sponsored ADR 3,100 164,610

Mail.Ru Group, Ltd., GDR^(a)(c) 12,500 406,250

Sberbank of Russia PJSC, Sponsored ADR 138,100 1,981,735

Shares Value
(Note 2)

Russia (continued)

Yandex NV, Class A^(a) 11,925 $ 403,423

3,593,186

South Africa (3.19%)

Clicks Group, Ltd. 115,400 1,293,100

Distell Group, Ltd. 40,100 368,420

Shoprite Holdings, Ltd. 55,300 791,478

Tiger Brands, Ltd. 10,400 283,929

2,736,927

South Korea (8.01%)

Amorepacific Corp. 800 224,215

BGF retail Co., Ltd. 21,879 1,544,722

LG Household & Health Care, Ltd. 650 682,867

Medy-Tox, Inc. 2,146 811,203

NAVER Corp. 437 348,711

Samsung Electronics Co., Ltd. 1,325 3,257,062

6,868,780

Sri Lanka (0.44%)

Lion Brewery Ceylon PLC^(a) 106,656 380,803

Taiwan (6.16%)

Eclat Textile Co., Ltd. 49,980 597,417

Giant Manufacturing Co., Ltd. 44,000 226,131

Merida Industry Co., Ltd. 48,000 223,611

President Chain Store Corp. 245,000 2,201,462

Standard Foods Corp. 49,920 123,643

Taiwan Semiconductor Manufacturing Co., Ltd. 237,000 1,909,548

5,281,812

Thailand (0.47%)

CP ALL PCL 129,000 271,824

Thai Beverage PCL 179,000 128,692

400,516

Turkey (5.29%)

Aselsan Elektronik Sanayi Ve Ticaret AS 244,800 2,190,168

BIM Birlesik Magazalar AS 94,000 1,916,648

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 15

Rondure New World Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Turkey (continued)

Ulker Biskuvi Sanayi AS 81,200 $ 433,232

4,540,048

United Arab Emirates (1.90%)

Aramex PJSC 711,000 991,197

DP World, Ltd. 26,720 634,600

1,625,797

United States (8.73%)

Carnival Corp. 43,250 2,871,367

Kansas City Southern 8,325 867,632

PriceSmart, Inc. 2,125 178,075

Royal Caribbean Cruises, Ltd. 18,825 2,329,970

Starbucks Corp. 22,700 1,244,868

7,491,912

Uruguay (0.90%)

Arcos Dorados Holdings, Inc., Class A^(a) 77,600 776,000

Vietnam (2.56%)

Vietnam Dairy Products JSC 330,760 2,198,999

TOTAL COMMON STOCKS

(Cost $77,601,337) 82,451,615

TOTAL INVESTMENTS (96.09%)

(Cost $77,601,337) $ 82,451,615

Other Assets In Excess Of Liabilities (3.91%) 3,356,719

NET ASSETS (100.00%) $ 85,808,334

^(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 October 31, 2017, these securities had a total aggregate market value of $400,890 representing 0.47% 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 October 31, 2017, the aggregate market value of those securities was $807,140, representing 0.94% of net assets.

See Notes to Financial Statements.

16 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

COMMON STOCKS (83.71%)

Australia (5.44%)

carsales.com, Ltd. 5,700 $ 59,810

Coca-Cola Amatil, Ltd. 18,900 117,890

Domino’s Pizza Enterprises, Ltd. 3,059 109,077

DuluxGroup, Ltd. 53,608 302,383

REA Group, Ltd. 2,376 131,439

SEEK, Ltd. 4,300 60,456

781,055

Belgium (1.89%)

Anheuser-Busch InBev SA 865 105,848

Lotus Bakeries 22 55,866

Ontex Group NV 3,100 109,035

270,749

Britain (11.32%)

Abcam PLC 1,200 15,858

B&M European Value Retail SA 22,000 116,088

BAE Systems PLC 17,900 141,098

Compass Group PLC 4,696 103,098

Dechra Pharmaceuticals PLC 2,100 57,344

Domino’s Pizza Group PLC 40,900 182,357

easyJet PLC 5,700 101,369

J D Wetherspoon PLC 22,588 373,503

Rightmove PLC 700 38,620

Unilever NV 1,950 113,357

WH Smith PLC 14,047 381,899

1,624,591

Canada (0.54%)

Dollarama, Inc. 700 77,922

Denmark (1.82%)

Novo Nordisk A/S, Class B 1,301 64,721

Novozymes A/S, Class B 1,025 56,607

Royal Unibrew A/S 2,440 140,482

261,810

Finland (1.30%)

Olvi OYJ, Class A 5,735 187,386

France (0.74%)

Laurent-Perrier 550 51,580

Shares Value
(Note 2)

France (continued)

Sodexo SA 430 $ 54,722

106,302

Germany (5.96%)

CTS Eventim AG & Co. KGaA 1,645 67,948

Deutsche Lufthansa AG 4,377 139,700

Deutsche Post AG 5,280 241,834

Fresenius Medical Care AG & Co. KGaA 544 52,608

Krones AG 1,565 197,886

KUKA AG 299 65,479

Rational AG 30 19,674

XING SE 235 69,831

854,960

Hong Kong (0.97%)

Vitasoy International Holdings, Ltd. 60,000 138,744

Ireland (0.41%)

Glanbia PLC 3,075 59,173

Israel (0.42%)

Elbit Systems, Ltd. 404 59,890

Italy (2.49%)

Brembo SpA 3,903 64,468

Davide Campari-Milano SpA 4,498 36,048

De’ Longhi SpA 447 14,657

DiaSorin SpA 383 34,843

Moncler SpA 7,304 207,427

357,443

Japan (28.24%)

Aeon Delight Co., Ltd. 7,000 260,411

Calbee, Inc. 6,000 201,310

Cosmos Pharmaceutical Corp. 1,300 269,707

Create SD Holdings Co., Ltd. 13,000 325,157

Ezaki Glico Co., Ltd. 5,400 298,720

Kirin Holdings Co., Ltd. 5,100 121,305

Kusuri no Aoki Holdings Co., Ltd. 2,500 138,516

Kyushu Railway Co. 6,400 204,037

Lintec Corp. 9,700 267,869

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 17

Rondure Overseas Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Shares Value
(Note 2)

Japan (continued)

Matsumotokiyoshi Holdings Co., Ltd. 3,300 $ 236,243

MEIJI Holdings Co., Ltd. 400 32,576

MonotaRO Co., Ltd. 4,400 120,346

Morinaga & Co., Ltd. 1,800 102,423

Pigeon Corp. 1,800 63,401

Ryohin Keikaku Co., Ltd. 500 146,871

Seria Co., Ltd. 5,100 289,750

Seven & i Holdings Co., Ltd. 4,400 176,921

Sundrug Co., Ltd. 2,500 108,504

Suzuki Motor Corp. 3,600 195,506

TOTO, Ltd. 800 38,908

Tsuruha Holdings, Inc. 900 111,051

Yaskawa Electric Corp. 9,700 344,646

4,054,178

Netherlands (1.96%)

Euronext NV^(a)(b) 4,250 252,531

Hunter Douglas NV 350 28,339

280,870

New Zealand (3.74%)

Air New Zealand, Ltd. 107,302 242,308

Mainfreight, Ltd. 11,070 185,290

Trade Me Group, Ltd. 35,498 109,554

537,152

South Korea (1.51%)

Samsung Electronics Co., Ltd. 88 216,318

Spain (2.34%)

Amadeus IT Group SA 4,540 308,051

Industria de Diseno Textil SA 747 27,927

335,978

Sweden (1.10%)

Axfood AB 4,544 82,178

Indutrade AB 1,260 34,948

Loomis AB, Class B 1,032 41,407

158,533

Switzerland (3.19%)

ABB, Ltd. 3,000 78,424

Nestle SA 1,800 151,376

Shares Value
(Note 2)

Switzerland (continued)

UBS Group AG 13,400 $ 228,068

457,868

Taiwan (3.27%)

Eclat Textile Co., Ltd. 13,260 158,498

President Chain Store Corp. 28,000 251,596

Standard Foods Corp. 23,920 59,246

469,340

United States (5.06%)

Carnival Corp. 4,450 295,435

Johnson & Johnson 500 69,705

Royal Caribbean Cruises, Ltd. 1,700 210,409

Starbucks Corp. 2,475 135,729

The Walt Disney Co. 150 14,672

725,950

TOTAL COMMON STOCKS

(Cost $11,203,965) 12,016,212

PREFERRED STOCKS (0.53%)

Germany (0.53%)

FUCHS PETROLUB SE 1,351 75,845

TOTAL PREFERRED STOCKS

(Cost $73,716) 75,845

TOTAL INVESTMENTS (84.24%)

(Cost $11,277,681) $ 12,092,057

Other Assets In Excess Of Liabilities (15.76%) 2,262,056

NET ASSETS (100.00%) $ 14,354,113

^(a) 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 October 31, 2017, these securities had a total aggregate market value of $252,531 representing 1.76% of net assets.

See Notes to Financial Statements.

18 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund Portfolio of Investments

October 31, 2017 (Unaudited)

^(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 October 31, 2017, the aggregate market value of those securities was $252,531, representing 1.76% of net assets.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 19

Rondure Funds Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

Rondure New World Fund Rondure Overseas Fund

ASSETS

Investments, at value (Cost - see below) $ 82,451,615 $ 12,092,057

Foreign cash, at value (Cost $19,352 and $–, respectively) 19,357 –

Cash 4,017,539 2,143,371

Dividends and interest receivable 8,843 18,866

Receivable for fund shares subscribed 402,863 313,743

Receivable due from advisor – 15,652

Prepaid and other assets 47,122 37,724

Total assets 86,947,339 14,621,413

LIABILITIES

Payable for investments purchased 824,778 192,830

Foreign capital gains tax 161,976 –

Payable for fund shares redeemed 2,150 –

Advisory fees payable 13,542 –

Administration fees payable 26,758 16,501

Custodian fees payable 56,287 33,915

Payable for trustee fees and expenses 511 141

Payable for chief compliance officer fee 854 2,156

Payable for principal financial officer fees 160 719

Distribution and service fees payable 3,233 299

Payable for transfer agency fees 40,079 10,763

Accrued expenses and other liabilities 8,677 9,976

Total liabilities 1,139,005 267,300

NET ASSETS $ 85,808,334 $ 14,354,113

NET ASSETS CONSISTS OF

Paid-in capital (Note 5) $ 80,924,052 $ 13,390,264

Accumulated net investment income 229,862 31,889

Accumulated net realized gain/(loss) (33,804 ) 117,981

Net unrealized appreciation 4,688,224 813,979

NET ASSETS $ 85,808,334 $ 14,354,113

INVESTMENTS, AT COST $ 77,601,337 $ 11,277,681

PRICING OF SHARES

Institutional Class

Net Assets $ 69,334,042 $ 12,009,774

Net Asset Value, offering and redemption price per share $ 10.79 $ 11.17

Shares of beneficial interest outstanding 6,426,054 1,075,648

Investor Class

Net Assets $ 16,474,292 $ 2,344,339

Net Asset Value, offering and redemption price per share $ 10.78 $ 11.15

Shares of beneficial interest outstanding 1,528,853 210,182

See Notes to Financial Statements.

20 1.855.775.3337 | www.rondureglobal.com

Rondure Funds Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

Rondure New World Fund^(a) Rondure Overseas Fund^(a)

INVESTMENT INCOME

Dividends $ 646,194 $ 78,018

Foreign taxes withheld (63,844 ) (7,375 )

Other Income 8,421 2,162

Total investment income 590,771 72,805

EXPENSES

Investment advisor fees (Note 6) 266,067 32,497

Administrative fees 112,366 30,572

Distribution and service fees - Investor Class 14,497 1,224

Transfer agent fees 57,939 26,874

Professional fees 9,249 9,021

Printing fees 2,254 377

Registration fees 3,791 2,570

Custodian fees 70,635 40,912

Trustee fees and expenses 511 141

Chief compliance officer fees 11,606 3,823

Principal financial officer fees 3,744 1,275

Offering costs 36,047 31,495

Other expenses 5,393 3,956

Total expenses 594,099 184,737

Less fees waived/reimbursed by investment advisor (Note 6) (233,190 ) (143,821 )

Total net expenses 360,909 40,916

NET INVESTMENT INCOME 229,862 31,889

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS

Net realized gain on investments 11,470 117,473

Net realized gain/(loss) on foreign currency transactions (45,274 ) 508

Net realized gain/(loss) (33,804 ) 117,981

Net change in unrealized appreciation on investments (net of change in foreign capital gains tax of $161,976 and $0, respectively) 4,688,302 814,376

Net change in unrealized depreciation on translation of assets and liabilities in foreign currencies (78 ) (397 )

Net change in unrealized appreciation 4,688,224 813,979

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS 4,654,420 931,960

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,884,282 $ 963,849

^(a) Represents the period May 1, 2017 (Inception) to October 31, 2017.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 21

Rondure New World Fund Statement of Changes in Net Assets

For the Period May 1, 2017 (Inception) to October 31, 2017

OPERATIONS

Net investment income $ 229,862

Net realized loss (33,804 )

Net change in unrealized appreciation 4,688,224

Net increase in net assets resulting from operations 4,884,282

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Institutional Class

Proceeds from sales of shares 67,337,451

Cost of shares redeemed (1,979,505 )

Redemption fees 686

Net increase from capital shares transactions 65,358,632

Investor Class

Proceeds from sales of shares 16,136,824

Cost of shares redeemed (572,357 )

Redemption fees 953

Net increase from capital shares transactions 15,565,420

Net increase in net assets 85,808,334

NET ASSETS

Beginning of period –

End of period* $ 85,808,334

*Including accumulated net investment income of: $ 229,862

OTHER INFORMATION

Shares Transactions

Institutional Class

Issued 6,616,699

Redeemed (190,645 )

Net increase in share transactions 6,426,054

Investor Class

Issued 1,584,001

Redeemed (55,148 )

Net increase in share transactions 1,528,853

See Notes to Financial Statements.

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Rondure Overseas Fund Statement of Changes in Net Assets

For the Period May 1, 2017 (Inception) to October 31, 2017

OPERATIONS

Net investment income $ 31,889

Net realized gain 117,981

Net change in unrealized appreciation 813,979

Net increase in net assets resulting from operations 963,849

CAPITAL SHARE TRANSACTIONS (NOTE 5)

Institutional Class

Proceeds from sales of shares 11,638,591

Cost of shares redeemed (502,341 )

Redemption fees 42

Net increase from capital shares transactions 11,136,292

Investor Class

Proceeds from sales of shares 2,526,392

Cost of shares redeemed (272,466 )

Redemption fees 46

Net increase from capital shares transactions 2,253,972

Net increase in net assets 14,354,113

NET ASSETS

Beginning of period –

End of period* $ 14,354,113

*Including accumulated net investment income of: $ 31,889

OTHER INFORMATION

Shares Transactions

Institutional Class

Issued 1,122,485

Redeemed (46,837 )

Net increase in share transactions 1,075,648

Investor Class

Issued 235,110

Redeemed (24,928 )

Net increase in share transactions 210,182

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 23

Rondure New World Fund – Institutional Class Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Period May 1, 2017 (Inception) to October 31, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.04

Net realized and unrealized gain on investments 0.75

Total income from investment operations 0.79

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b)

INCREASE IN NET ASSET VALUE 0.79

NET ASSET VALUE, END OF PERIOD $ 10.79

TOTAL RETURN 7.90 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 69,334

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 1.85 %^(d)

Expenses (including fees waived/ reimbursed by investment advisor) 1.10 %^(d)

Net investment income 0.75 %^(d)

PORTFOLIO TURNOVER RATE 7 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

24 1.855.775.3337 | www.rondureglobal.com

Rondure New World Fund – Investor Class Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Period May 1, 2017 (Inception) to October 31, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.03

Net realized and unrealized gain on investments 0.75

Total income from investment operations 0.78

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b)

INCREASE IN NET ASSET VALUE 0.78

NET ASSET VALUE, END OF PERIOD $ 10.78

TOTAL RETURN 7.80 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 16,474

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 2.06 %^(d)

Expenses (including fees waived/ reimbursed by investment advisor) 1.35 %^(d)

Net investment income 0.63 %^(d)

PORTFOLIO TURNOVER RATE 7 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 25

Rondure Overseas Fund – Institutional Class Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Institutional Class For the Period May 1, 2017 (Inception) to October 31, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.04

Net realized and unrealized gain on investments 1.13

Total income from investment operations 1.17

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.17

NET ASSET VALUE, END OF PERIOD $ 11.17

TOTAL RETURN 11.70 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 12,010

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 3.95 %^(d)

Expenses (including fees waived/ reimbursed by investment advisor) 0.85 %^(d)

Net investment income 0.71 %^(d)

PORTFOLIO TURNOVER RATE 15 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

26 1.855.775.3337 | www.rondureglobal.com

Rondure Overseas Fund – Investor Class Financial Highlights

For a Share Outstanding Throughout the Periods Presented

Investor Class For the Period May 1, 2017 (Inception) to October 31, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00

INCOME FROM INVESTMENT OPERATIONS

Net investment income^(a) 0.03

Net realized and unrealized gain on investments 1.12

Total income from investment operations 1.15

REDEMPTION FEES ADDED TO PAID-IN CAPITAL 0.00 ^(b)

INCREASE IN NET ASSET VALUE 1.15

NET ASSET VALUE, END OF PERIOD $ 11.15

TOTAL RETURN 11.50 %^(c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (in 000s) $ 2,344

RATIOS TO AVERAGE NET ASSETS

Expenses (excluding fees waived/ reimbursed by investment advisor) 4.00 %^(d)

Expenses (including fees waived/ reimbursed by investment advisor) 1.10 %^(d)

Net investment income 0.47 %^(d)

PORTFOLIO TURNOVER RATE 15 %^(c)

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

^(b) Less than $0.005 or ($0.005) per share.

^(c) Not Annualized.

^(d) Annualized.

See Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 27

Rondure Funds Notes to Financial Statements

October 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 October 31, 2017, the Trust consists of multiple separate Portfolios or series. This semi-annual 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.

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;

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Rondure Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

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 October 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

South Korea $ 5,324,058 $ 1,544,722 $ – $ 6,868,780

Other^* 75,582,835 – – 75,582,835

Total $ 80,906,893 $ 1,544,722 $ – $ 82,451,615

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^* $ 12,016,212 $ – $ – $ 12,016,212

Preferred Stocks^* 75,845 – – 75,845

Total $ 12,092,057 $ – $ – $ 12,092,057

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

For the six months ended October 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 six months ended October 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.

Cash Management Transactions: The Funds subscribe to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Cash, at Value. As of October 31, 2017, the Funds had the following cash balances participating in the BBH CMS:

Fund

Rondure New World Fund $ 4,017,539

Rondure Overseas Fund 2,143,371

Semi-Annual Report | October 31, 2017 29

Rondure Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

As of October 31, 2017, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund

Rondure New World Fund $ –

Rondure Overseas Fund –

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

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

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

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

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

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

Offering Costs: Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the inception date of the Funds. Amounts amortized during the six months ended October 31, 2017 for Funds are shown on the Statements of Operations.

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

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

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Rondure Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 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

Rondure New World Fund $ 7,274,765 $ (2,424,487 ) $ 4,850,278 $ 77,601,337

Rondure Overseas Fund 999,396 (185,023 ) 814,373 11,277,684

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

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2017.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short term securities) during the six months ended October 31, 2017 were as follows:

Fund Purchases of Securities Proceeds From Sales of Securities

Rondure New World Fund $ 81,342,429 $ 3,751,403

Rondure Overseas Fund 12,336,159 1,175,782

5. SHARES OF BENEFICIAL INTEREST

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

Shares redeemed within 60 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. For the six months ended October 31, 2017, the redemption fees charged by the Funds are presented in the Statements of Changes in Net Assets.

Fund Redemption Fee Retained

Rondure New World Fund - Institutional $ 686

Rondure New World Fund - Investor 953

Rondure Overseas Fund - Institutional 42

Rondure Overseas Fund - Investor 46

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the Advisory Agreement, (the “Advisory Agreement”), each Fund pays

Semi-Annual Report | October 31, 2017 31

Rondure Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

the Adviser an annual management fee based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ advisory fee rates.

Fund Advisory Fee

Rondure New World Fund 0.85%

Rondure Overseas Fund 0.70%

The Adviser has contractually agreed to limit certain of each Funds’ expenses. The following table reflects the Funds’ expense cap.

Fund Expense Cap Term of Expense Limit Agreements

Rondure New World Fund

Institutional Class 1.10%

Investor Class 1.35% March 23, 2017 – August 31, 2018

Rondure Overseas Fund

Institutional Class 0.85%

Investor Class 1.10% March 23, 2017 – August 31, 2018

Pursuant to these agreements, each Fund will reimburse the Adviser for any fee waivers and expense reimbursements made by the Adviser, provided that any such reimbursements made by the Funds to the Adviser will not cause the Funds’ expense limitation to exceed expense limitations in existence at the time the expense was incurred, or at the time of the reimbursement, whichever is lower, and the reimbursement is made within three years after the expenses were incurred. Fees waived/reimbursed by adviser for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

For the six months ended October 31, 2017, the fee waivers/reimbursements and/or recoupments were as follows:

Fund Fees Waived/Reimbursed By Adviser

Rondure New World Fund

Institutional Class $ 191,786

Investor Class 41,404

Rondure Overseas Fund

Institutional Class $ 129,426

Investor Class 14,395

Fund Expires 2021 Total

Rondure New World Fund

Institutional Class $ 191,786 $ 191,786

Investor Class 41,404 41,404

Rondure Overseas Fund

Institutional Class $ 129,426 $ 129,426

Investor Class 14,395 14,395

Administrator Fees and Expenses

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

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Rondure Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Compliance Services

ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Compliance service fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Principal Financial Officer

ALPS receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

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

7. INDEMNIFICATIONS

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

Semi-Annual Report | October 31, 2017 33

Rondure Funds Disclosure Regarding Approval of
Fund Advisory Agreement

October 31, 2017 (Unaudited)

On March 14, 2017, the Trustees met in person to discuss, among other things, the renewal of the investment advisory agreement between the Trust, with respect to the Rondure Overseas Fund and the Rondure New World Fund (collectively, the “Rondure Funds”), and Rondure Global Advisors, LLC (“Rondure”) (the “Investment Advisory Agreement”), in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors:

Investment Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee to be paid by the Trust, on behalf of the Rondure Funds, to Rondure of 0.85% of the Rondure New World Fund’s daily average net assets and 0.70% of the Rondure Overseas Fund’s daily average net assets, in light of the extent and quality of the advisory services to be provided by Rondure to the Rondure Funds.

The Board received and considered information including a comparison of each of the Rondure Funds’ contractual and actual management fees and overall expenses with those of funds in the expense group and universes of funds provided by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate for each of the Rondure Funds was below the respective median contractual advisory fee rate of its Data Provider peer group.

Total Expense Ratios: The Trustees further reviewed and considered the projected total expense ratios (after waivers) of 1.10% for the Rondure New World Fund’s Institutional Class shares, 1.35% for the Rondure New World Fund’s Investor Class shares, 0.85% of the Rondure Overseas Fund’s Institutional Class shares, and 1.10% of the Rondure Overseas Fund’s Investor Class shares. The Trustees noted that the total expense ratios (after waivers) for each class of both of the Rondure Funds were below the median total expense ratio (after waivers) for its applicable Data Provider expense group.

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

The Trustees considered the background and experience of Rondure’s management in connection with the Rondure Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Rondure Funds and the extent of the resources devoted to research and analysis of actual and potential investments. The Trustees also reviewed the research and decision-making processes utilized by Rondure, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Rondure Funds.

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

Performance: The Trustees noted that since the Rondure Funds have not yet begun operations, there is no performance to be reviewed or analyzed at this time. The Trustees further considered the reputation of Rondure’s personnel generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted that Rondure had no other clients at this time.

Profitability: The Trustees noted that given the start-up nature of Rondure, there were no financial statements to review. It was noted that Rondure had been capitalized with $500,000 and had access to a $1 million line of credit. The Trustees considered the projected profitability analysis prepared by Rondure based on the fees to be payable under the Investment Advisory Agreement with respect to the Rondure Funds.

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

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

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Rondure Funds Disclosure Regarding Approval of
Fund Advisory Agreement

October 31, 2017 (Unaudited)

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

● each of the Rondure Funds’ contractual advisory fee rates was below its Data Provider peer group median contractual advisory fee rate;

● the anticipated total expense ratio (after waivers) for each class of the Rondure Funds was below its respective Data Provider peer group median total expense ratio (after waivers);

● the nature, extent, and quality of services to be rendered by Rondure under the Investment Advisory Agreement with respect to the Rondure Funds were adequate;

● since the Rondure Funds had not yet begun operations, there was no performance to be reviewed or analyzed at this time;

● there were no directly comparable accounts managed by Rondure for the Board to consider;

● the profit, if any, to be realized by Rondure in connection with the operation of the Rondure Funds was not unreasonable to the Funds; and

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

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

Semi-Annual Report | October 31, 2017 35

Rondure Funds Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) 1-855-775-3337 and (2) on the SEC’s website at http://www.sec.gov.

36 1.855.775.3337 | www.rondureglobal.com

RON000168/1218

TABLE OF CONTENTS

Letter to Shareholders 1

Performance Review

Seafarer Overseas Growth and Income Fund 5

Seafarer Overseas Value Fund 9

Disclosure of Fund Expenses 14

Portfolio of Investments 16

Statements of Assets and Liabilities 25

Statements of Operations 26

Statements of Changes in Net Assets 27

Financial Highlights 30

Notes to Financial Statements 36

Additional Information 45

Seafarer Funds Letter to Shareholders

October 31, 2017

LETTER TO SHAREHOLDERS

November 13, 2017

Dear Fellow Shareholders,

I am pleased to address you again on behalf of the Seafarer Funds. This report covers the first half of the 2017-18 fiscal year (May 1, 2017 to October 31, 2017).

It is not an accident that you hear so much about China in the news these days. Within the developing world, it is situated at the very center: it has the largest population; it possesses the largest economy, and the largest accompanying financial markets; it enjoys the greatest absolute store of wealth and power. Its influence dominates the rest – politically, economically and, increasingly, culturally. In many ways, for better or for worse, China serves as a model for development for many other emerging nations.

A great deal of change is taking place in China now, so I will use this letter to offer my perspective on the evolution of the place known as the “Middle Kingdom.”

My China Dream

Throughout my adult life, I have been an interested observer of China. I studied economic development in school, and was in awe of how a nominally communist country had harnessed market forces to lift hundreds of millions of people out of desperate poverty. When I graduated from college in 1996, I sought work in Asia. I wanted a job where I could study China’s evolution and emergence firsthand. I worked in Southeast Asia for two years, and the closest I came to the mainland was through several extended trips to Hong Kong for business.

In 1998, I returned to the U.S., and I sought a career in investment management. I was determined to work for an investment management firm focused on Asia. I was convinced that China was both the most important and the most under-appreciated and misunderstood market in the world. I thought China’s rise as an economic power would dramatically re-shape the world during my lifetime. I hoped then – as I hope now – for peace, progress and prosperity in the Middle Kingdom.

Over a decade later, in 2010, my work took me to Shanghai when the city was hosting the World Expo. The Expo featured pavilions representing nations from around the world. I toured the host’s pavilion and viewed a special exhibition dedicated to “The Chinese Dream.” One portion of the exhibit offered an animated glimpse of the future. It depicted gleaming, orderly, highly developed cities. They were free of pollution, and resplendent in greenery and blue skies. The society seemed too controlled and orderly for my taste; nevertheless, it was a powerful and inspiring vision, even if it seemed far-fetched at the time, given that China was choked with pollution, and its development was far from complete.

Still, the Expo had demonstrated that the Chinese people had made a great deal of progress over the preceding three decades. Through hard work, competition and economic liberalization, millions had earned better lives and livelihoods. The communist party had undertaken small-scale experiments with modes of governance that allowed for greater openness. I felt as though a realistic hope hung in the air, penetrating the smog.

At the time, I had only a passing knowledge of Xi Jinping, the man who would become China’s next President in 2012. I later learned that Xi had adopted “The Chinese Dream” as his slogan to guide the nation’s development. I suspect he had a substantial hand in the exhibit I saw in Shanghai in 2010: it was his Dream, and it was on display at the Expo.

When Xi assumed the Presidency in the autumn of 2012, I wrote a letter to the shareholders of the Growth and Income Fund, in which I discussed China’s “bright prospects” and its “dark clouds.”1 I saw several looming problems for the country. However, my hope rested on a simple idea: Deng Xiaoping started China on a path toward greater social and economic freedom. As long as China remained on that path, growth would continue, and prosperity would ensue.

Semi-annual Report – October 31, 2017 1

Seafarer Funds Letter to Shareholders

October 31, 2017

The Right Plan

My optimism stemmed from the fact that China had publicly expressed an intent to pursue a more “balanced” economic model – a model that placed greater emphasis on the domestic consumption of goods and services, rather than an economy dependent on manufactured exports and the construction of large-scale infrastructure (e.g., roads, bridges, ports, cities).

I was convinced that if the country pursued re-balancing, it would unlock additional potential to grow, and help the country avoid the “middle income trap.” The “trap” refers to a typical feature of many emerging markets. Such countries initially manage to improve the average income per capita, but due to declining returns to scale, development is often arrested at a middling level, before incomes reach thresholds associated with richer, developed nations.

At that time, my analysis suggested that China had the right development plan – a plan to undertake economic reform, unlock new growth potential, and avoid the “trap.” The more I understood of China’s plan, the more impressed I grew. The plan was comprehensive; it was clearly the product of careful deliberation, designed to address many of the concerns raised by external critics; and it seemed to represent the consensus view among China’s leadership about how to move forward. I knew the underlying reforms would be difficult to implement, but I thought they were exactly what was required to sustain the country’s long-term growth and development.

In the spring of 2014, I wrote a letter to shareholders in which I spelled out those reforms underway in China.2 This is a reproduction of the list of the reforms from that letter:

● A substantial (but unfortunately not exhaustive) anti-corruption drive.

● Liberalization of the local currency and of interest rates within the banking system. Both are “backdoor” reforms of the domestic banking sector.

● Recapitalization of the domestic banking system to address financial weaknesses.

● Major stock market reforms, including: enhanced access for foreign investors via the “through train” policy, new mechanisms for companies to issue capital, and a liberalized market for initial public offerings (IPOs).

● Major reforms to reduce excess capacities within state-owned enterprises.

● Modernization of provincial governments’ finances, possibly culminating in the authority to levy local taxes (i.e. property and sales taxes), and the authority to issue municipal-style bonds.

● Liberalization of most key input prices, especially energy and natural resources.

● Environmental regulation, targeting sharp reduction in carbon emissions, with severe penalties for polluters.

● Reformed property and land use rights.

● Reform of the hukou (“household registration”) system. Hukou is a set of identification documents, somewhat like a domestic passport. The hukou system defines a household’s civil, economic and legal rights within a given municipality, broadly analogous to a locally-based entitlement scheme.

● A major overhaul of the national healthcare delivery system.

● Relaxation of the “one child” policy.

At the time – and unlike today, apparently – there was a great deal of skepticism regarding China’s economic and financial stability. However, I was reasonably confident that China would implement most of the reforms above, and confident in China’s future, I encouraged investors to peer over “China’s Great Wall of Worry.”

A Different Path

During his first five-year term, Xi led China on a path quite different from the one that I described in the 2014 letter to shareholders. His agenda had only a passing resemblance to the plan that I thought reflected the consensus of China’s leadership, and which I believed to be essential to the country’s future. Despite rhetoric to the contrary, economic and political reform largely stalled during Xi’s term. Some modest reforms were activated, but with little vigor; the plan I thought so critical for China went mostly un-implemented.

2 (855) 732-9220 seafarerfunds.com

Seafarer Funds Letter to Shareholders

October 31, 2017

Instead, Xi placed a clear emphasis on three main objectives: purging corruption from the communist party; launching “Belt and Road,” a vast international program to spur investment and trade links between China, central Asia and Europe; and a major effort to reinvigorate of China’s military. The first project tackled the endemic corruption at every level of the communist party; however, it also appeared to permit Xi to remove his political enemies. The second program gave China a means to build economic, strategic and military ties with nations on its southern and western borders, while stimulating infrastructure construction, lending and investment. The third project sought to cut corruption in the military, while new investments in armaments and fleets allowed China to project newfound strength and power in the South China seas. This in turn has fomented conflict with other nations, including Japan and the U.S.

At the same time, Xi took steps to consolidate his personal power and control over the party in a manner not seen since Mao Zedong. This was visible when the National People’s Congress convened in 2017 to nominate Xi for a second term as president, as expected. Rather unexpectedly, Xi had his name and his personal doctrine codified in the communist party’s constitution. His doctrine is known as “Socialism with Chinese Characteristics for a New Era.”

A New Era

Apparently, such codification has occurred only twice before in modern China: for Mao (during his life) and Deng (posthumously). The act was more than symbolic: it conveyed a degree of elevated personal power and authority to Xi that no ruler has enjoyed since Mao. It appears that Xi no longer serves the communist party within China; rather, it seems he has the power to define it, and his leadership over the party is absolute.

Xi’s New Era doctrine is only a vague vision at this time, but it is sweeping in its scope, and its main thrust is to install China as a global superpower alongside the United States. Xi has announced goals to reform the economy and the country’s governance, but the New Era’s main ambition is to cultivate influence and project power around the world. Gone are the days of Deng’s policy, which was to remain independent, peaceful, inward-looking, and to keep a low profile. Xi is prepared to lead the nation in a “tireless struggle” to stand “tall and firm in the east.”³

To underscore the extent of his newly accumulated power, Xi again broke with precedent, and did not name a successor during the recent congressional convention. His apparent aim was to enjoy greater freedom to advance his “New Era” agenda, as any successor would inevitably detract from Xi as his second term drew to a close. Xi went unchallenged in public.

Xi may yet name a successor, at a time and place of his choosing. However, many suspect he will not do so, preferring to seek a third term. If so, Xi will break a third precedent meant to check the abuse of power. In post-revolutionary China, only Mao formally ruled beyond one decade.

Requiem for My Dream

To be candid, this was not what I had dreamt for China. I had hoped the country would rigorously implement the original package of reforms, thereby sustaining its growth. I had hoped the country would move slowly toward an open system of government – perhaps one that offered greater personal liberties, basic self-expression, and possibly even a limited form of representation.

Instead, Xi has pursued reforms half-heartedly, preferring to focus on the accumulation of political power, while shielding domestic industries from competition. His administration has made limited progress toward a number of elements within the original plan, but that progress has fallen well short of my expectation. He has invoked China’s security apparatus to silence anyone that dares critique his administration openly. Meanwhile, the economy has remained dangerously reliant on excessive credit expansion to stimulate growth. In summary, the past five years fell far short of what I had hoped for China, and I am concerned as to whether the country will ever reach its potential.

Not all the news is bad, though. Happily, Xi has brought a needed dose of stability to international affairs, wisely seeking to expand China’s influence by remaining open to foreign alliances and trading partners. As the U.S. has receded from the international arena, China has advanced. Even as I write

Semi-annual Report – October 31, 2017 3

Seafarer Funds Letter to Shareholders

October 31, 2017

now, China has announced a sweeping set of reforms tied to foreign participation within the domestic banking system, lifting previous restrictions on ownership. The reforms may bring much needed change and foreign competition to the financial system. While I have not yet had time to review the details, the announcement cements Xi as a bold and thoughtful leader, if not a zealous reformer. While Xi’s first term left much to be desired with respect to the pace and quality of reform, perhaps there is room for hope.

Still, I worry about Xi’s pursuit of absolute power, and the instability it might invoke. I never suffered from any illusion that China might adopt a Western-style democracy. At the same time, I never thought the country would vest such immense power in one person. Though Xi’s political ascent has gone unchallenged in public, I suspect a great deal of strife simmers below the surface. Furthermore, such centralized decision-making might detract from long-term economic efficiency. As a consequence, I worry the “New Era” is more susceptible to large-scale economic or political crisis.

China’s rise is nearly inevitable in my view. I remain convinced its ascent will shape the course of world events for the next two decades, for better or worse. Xi’s will to determine China’s future is absolute and unshakeable. Thus far, he has exhibited a stable and carefully calculated mode of leadership. Yet by accumulating such personal power, he has definitively broken with China’s past, and initiated a third era in China’s modern history.

China is not the country I dreamt it might become. China’s economic rise was the product of policies that began under Deng in the late 1970s; but a new era has arisen, and any assumptions we might hold about the Middle Kingdom must be revisited, if not cast aside. We must all watch carefully what happens next, and take nothing for granted, as the country’s past is not necessarily a reliable guide to its future.

We thank you for the trust you have afforded us, and we appreciate the opportunity to serve as your investment adviser in the emerging markets.

Andrew Foster

Chief Investment Officer

Seafarer Capital Partners, LLC

Information on the Seafarer website is provided for textual reference only, and is not incorporated by reference into this report.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

¹ The Letter to Shareholders for the period ended October 31, 2012 is available at: www.seafarerfunds.com/letters-to-shareholders/2012/10/semi-annual

² The Letter to Shareholders for the period ended April 30, 2014 is available at: www.seafarerfunds.com/letters-to-shareholders/2014/04/annual#great-wall

³ Tom Phillips, “Xi Jinping Heralds 'New Era' of Chinese Power at Communist Party Congress,” The Guardian, 18 October 2017. The article is available at: www.theguardian.com/world/2017/oct/18/xi-jinping-speech-new-era-chinese-power-party-congress

4 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Performance Review

October 31, 2017

SEAFARER OVERSEAS GROWTH AND INCOME FUND

PERFORMANCE REVIEW

November 14, 2017

This report addresses the first half of the Seafarer Overseas Growth and Income Fund’s 2017-18 fiscal year (May 1, 2017 to October 31, 2017).

During the semi-annual period, the Fund returned 6.80%, while the Fund’s benchmark, the MSCI Emerging Markets Total Return Index, rose 16.40%.¹ By way of broader comparison, the S&P 500 Index gained 9.10%.

The Fund began the fiscal year with a net asset value of $12.54 per share. In June, the Fund paid a semi-annual distribution of $0.107 per share. That payment brought the cumulative distribution per share, as measured from the Fund’s inception, to $1.478.² The Fund finished the semi-annual period with a value of $13.28 per share.³

* * * * *

As is evident from the performance of the Fund’s benchmark, equities in the emerging markets rose sharply during the first half of the fiscal year.

All sectors contributed positively to the benchmark’s performance during the past six months. However, consistent with trends in global markets, technology shares were dominant, accounting for nearly half of the index’s gains. Semiconductor stocks and computer hardware makers boosted returns within the tech sector, but Chinese internet stocks led the way, singlehandedly contributing nearly 30% of the index’s return (or nearly 60% of the return attributable to the tech sector). Please see the Fund’s second quarter 2017 portfolio review for an in-depth discussion of the Chinese internet industry.⁴

Importantly, China’s contribution to the index’s gains went beyond internet stocks, encompassing a wide number of sectors, such that the Middle Kingdom accounted for nearly half of the index’s performance. Chinese bank, insurance, real estate and auto stocks made notable contributions to the benchmark’s performance. Nearly every other constituent country within the index also generated gains, but China’s performance held sway.

Against this strong backdrop, the Fund performed well in absolute terms, but lagged considerably in relative terms. Nearly three-quarters of the Fund’s relative gap in performance stemmed from its lack of exposure to higher risk sectors within China (i.e., internet, financial services and residential real estate). I question whether these three industries offer sustainable growth prospects (see the portfolio reviews for the second and third quarters of 2017 for further discussion), and as such I do not believe most of the stocks in these sectors are applicable to the Fund’s strategy.^4,5 I am therefore comfortable with their omission for the foreseeable future, even as their absence represented a forgone opportunity in the last six months.

Though most of the gap in performance was due to the Fund’s omission of certain sectors, one Fund holding exacerbated the gap: the common stock of Hang Lung Properties (HLP). HLP is a Hong Kong-based developer; it enjoys a balance sheet in excellent health, and a superior portfolio of commercial properties scattered throughout China. Strangely, and for no obvious reason, the stock declined moderately during the six-month period, even as the shares of a number of highly speculative China-based residential property developers surged higher. Perhaps the decline was due to the fact that HLP is engaged in the development of commercial properties (shopping centers, malls) rather than residential units. Whatever the case, HLP’s shares currently trade well below book value, and it has executed on its development portfolio quite well, despite difficult conditions within China. I remain convinced of HLP’s merits, even as speculative stocks ruled the quarter.

When the market surges, as it did in the semi-annual period, I do not expect the Fund to keep up. I wish it were otherwise. However, the “growth and income” strategy necessarily places the Fund on a conservative path. The strategy pursues growth and income as a means to balance risk and reward, and when all goes well, it can realize a portion of the gains produced by the developing world. If

Semi-annual Report – October 31, 2017 5

Seafarer Overseas Growth and Income Fund Performance Review

October 31, 2017

successful, it does so with volatility lower than that of the benchmark index. Yet these same characteristics mean the Fund is not poised to capture maximum growth, and therefore it is not primed for gains amid a sharp upswing. I believe the Fund’s strategy works well for shareholders over long horizons, but its shortcomings are apparent in the short term.

We appreciate your patience and willingness to invest for the long term, and we thank you for the opportunity to serve as your investment adviser in the emerging markets.

Andrew Foster

Lead Portfolio Manager

Seafarer Overseas Growth and Income Fund

The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF.

The S&P 500 Total Return Index is a stock market index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ.

It is not possible to invest directly in an index.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives. Diversification does not ensure a profit or guarantee against loss.

Information on the Seafarer website is provided for textual reference only, and is not incorporated by reference into this report.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

¹ References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIGIX). The Investor share class (ticker: SFGIX) gained 6.80% during the semi-annual period. Includes adjustments in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return decreased from 6.88% to 6.80%.

² The Fund’s inception date is February 15, 2012.

³ The Fund’s Investor share class began the fiscal year with a net asset value of $12.51 per share (adjustments in accordance with U.S. GAAP were applied during the financial statement preparation and increased the net asset value from $12.50 to $12.51); it paid a semi-annual distribution of $0.105 per share in June; and it finished the semi-annual period with a value of $13.25 per share.

⁴ The Fund’s second quarter 2017 portfolio review is available at: www.seafarerfunds.com/funds/ogi/portfolio-review/2017/06/Q2

⁵ The Fund’s third quarter 2017 portfolio review is available at: www.seafarerfunds.com/funds/ogi/portfolio-review/2017/09/Q3

6 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Performance Review

October 31, 2017

Total Returns

As of October 31, 2017

6 Months

1 Year

3 Years

5 Years

Since Inception

Annualized⁽¹⁾

Gross Expense

Ratio⁽²⁾

Investor Class (SFGIX) 6.80%⁽³⁾ 13.23% 6.19% 6.62% 7.39% 1.02%

Institutional Class (SIGIX) 6.80% 13.28% 6.29% 6.75% 7.52% 0.92%

MSCI Emerging Markets Total Return Index⁽⁴⁾

16.40%

26.91%

6.08%

5.21%

3.89%

All performance is in U.S. dollars with gross (pre-tax) dividends and/or distributions reinvested. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Prior to August 31, 2016, shares of the Fund redeemed or exchanged within 90 days of purchase were subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain the Fund’s most recent month-end performance, visit seafarerfunds.com or call (855) 732-9220.

¹ Inception Date: February 15, 2012.

² Ratios as of Prospectus dated August 31, 2017. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes, respectively. This agreement is in effect through August 31, 2018.

³ Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return decreased from 6.88% to 6.80%.

⁴ The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

Semi-annual Report – October 31, 2017 7

Seafarer Overseas Growth and Income Fund Performance Review

October 31, 2017

Performance of a $10,000 Investment Since Inception

^* Inception Date: February 15, 2012.

The chart shown above represents historical performance of a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends and/or distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the chart above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Investment Objective

The Fund seeks to provide long-term capital appreciation along with some current income. The Fund seeks to mitigate adverse volatility in returns as a secondary objective.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including dividend-paying common stocks, preferred stocks, convertible bonds, and fixed-income securities.

The Fund seeks to offer investors a relatively stable means of participating in a portion of developing countries’ growth prospects, while providing some downside protection compared to a portfolio that invests only in the common stocks of those countries.

8 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

October 31, 2017

SEAFARER OVERSEAS VALUE FUND

PERFORMANCE REVIEW

November 10, 2017

This report addresses the first half of the Seafarer Overseas Value Fund’s 2017-18 fiscal year (May 1, 2017 to October 31, 2017).

During the semi-annual period, the Fund gained 8.51%, while the Fund’s benchmark, the MSCI Emerging Markets Total Return Index, rose 16.40%.¹ By way of broader comparison, the S&P 500 Index gained 9.10%.

The Fund began the fiscal year with a net asset value of $11.28 per share.² The Fund paid no distributions during the first half of the fiscal year, and it finished the period with a value of $12.24 per share.³

This performance review examines the Fund within the context of what is by now a confirmed rally in emerging market equities, which have appreciated consistently since the beginning of 2016. In the Annual Report for the period ended April 30, 2017, I concluded my review of the Fund’s first year of performance by stating that “it has truly been a year in which earnings momentum and nothing else seemed to drive stock price performance.”⁴ The first half of the current fiscal year represents a continuation of this condition.

An examination of the top five contributors to the Fund’s 8.51% total return during the semi-annual period reveals earnings growth as a common driver across the names in the portfolio. However, this observation requires qualification. The first qualification is that at the time of initial purchase, the motivation for including these securities in the portfolio was not earnings momentum, but other considerations. In fact, at the time of first purchase, these stocks suffered from declining earnings. Thus, the reason for initiating a position in the top contributor to performance, China Foods, was the expectation of the company selling non-core assets (Structural Shift category of value, as defined in the white paper On Value in the Emerging Markets), and the low utilization of what I expected to eventually constitute the company’s core asset (Asset Productivity category of value).⁵ The company also happens to have started reporting earnings growth since I introduced it in the Fund.

Similarly, the original reason for investing in the second-best performer during this period, Melco International Development, a Hong Kong-based casino developer, owner and operator, was the undervaluation of the company’s balance sheet (Breakup Value category of value). However, over a year ago Macau’s gross gaming revenue began to grow once again after several years of contraction, and the company’s earnings have begun to reflect that fact. The same argument applies to the other top contributors to portfolio performance: Qualicorp, a Brazilian insurance broker that falls under the Structural Shift category of value; Samsung SDI, a Korean battery manufacturer (Breakup Value); and Shangri-La, a pan-Asian hospitality company (Breakup Value).

The second qualification required by the above observation that earnings growth constitutes the common thread among the Value Fund’s top contributors to total return is that this factor is not the sole explanatory variable. Particularly in the case of China Foods, the company’s announcement of the sale of two non-core subsidiaries holds greater explanatory power over its stock price appreciation than earnings momentum, in my opinion. Similarly, management and operational changes at Shangri-La better explain the rise in the company’s share price than earnings growth to date.

The reason I make these nuanced distinctions is because they aid in the understanding of the Value Fund’s performance relative to the benchmark, and they address the broader question of the role of the Fund within the context of what appears to be a growth-driven market. In essence, one should not conclude based on the foregoing that only value names that begin to grow earnings again will drive portfolio returns. Even within the context of a rising market that seems driven by growth-oriented names, value-driven stocks have performed well for the right reasons. Based on the evidence thus far, I conclude that there is still room for a value-oriented strategy within the present growth-driven market.

I am satisfied with the Fund’s absolute performance of 8.51% over the past six months; however, this figure significantly underperforms the benchmark’s total return of 16.40% over the same period. The above discussion of the portfolio’s top contributors should illustrate the heterogeneous nature of the portfolio’s drivers. In contrast, the primary contributors to the benchmark’s total return over the past six

Semi-annual Report – October 31, 2017 9

Seafarer Overseas Value Fund Performance Review

October 31, 2017

months are a narrow group of technology and internet firms: Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics, Alibaba, Naspers (owner of one third of Tencent), and Tencent.

More broadly, the Value Fund consists of a collection of investment ideas, each one having its own relatively idiosyncratic driver for value realization. While I classify these drivers into broad categories – the seven sources of value defined in the white paper On Value in the Emerging Markets – each investment holding has its own individual set of characteristics.⁵ More importantly, from the perspective of portfolio performance relative to the benchmark, the timing of value realization for each individual investment is unpredictable. To illustrate the point, consider this period’s top contributor to the portfolio’s total return: China Foods. The company had no compulsion to sell two of its subsidiaries this past quarter, apart from state-owned enterprise reform within the company and its parent COFCO (China National Cereals, Oils and Foodstuffs Corporation, a relatively opaque company). This restructuring process could have taken another year to complete.

Thus, given that the timing of value realization is unpredictable, together with the idiosyncratic nature of the portfolio’s holdings, the Value Fund’s performance relative to the benchmark will probably be a circumstantial question most of the time. Indeed, the Value Fund’s active share throughout the period under review was slightly above 93%.⁶

Within the context of strongly rising emerging market equities seemingly driven by an inflection point in earnings growth (please refer to Seafarer’s Emerging Markets Briefing7), the Value Fund is likely to trail the benchmark. In my opinion, this performance lag is not due to the Fund having lower return potential than the market, but due to the timing difference between strongly growing and appreciating equities in the benchmark and still gestating value in the Value Fund.

Furthermore, not only does the portfolio include investment ideas that are still maturing, but it also owns companies that continue to report declining earnings. Given the market environment, it should not come as a surprise that this period’s top detractors to portfolio performance share negative earnings momentum as a common characteristic. Qatar Gas (Deleveraging category of value), Asia Satellite (Deleveraging), Amvig Holdings (Balance Sheet Liquidity), Xtep International Holdings (Balance Sheet Liquidity), and Petrovietnam Technical Services (Management Change and Balance Sheet Liquidity) have all continued to report declining earnings and their respective share prices have continued to decline.

As was the case with the top contributors to performance, the above comment on negative earnings growth needs qualification. Qatar Gas also suffered from an embargo imposed by other members of the Gulf Cooperation Council (GCC) in June of this year. The continued pressure on the share prices of Asia Satellite and Amvig Holdings may not be surprising from the perspective of earnings momentum, but is surprising from the perspective that the former re-started dividend payments, and the latter increased the dividend in its most recent payment, despite an accounting earnings decline.

Switching to the performance of the portfolio as a whole, it has proven steady over the first half of the fiscal year. Indeed, while the benchmark has appreciated more than the portfolio, the Value Fund has proven remarkably consistent in its appreciation. During two episodes of performance retracement for the benchmark in early August and late September, the Value Fund’s net asset value (NAV) proved quite stable in relative terms. The steady appreciation of the portfolio since May of this year continued uninterrupted until mid-September when the Fund’s NAV stabilized and declined a modest amount, while the benchmark continued to appreciate.

Focusing on this period from September 20 to October 31 reveals a confluence of diverse factors that explain the portfolio’s performance. First, the Brazilian real and the Mexican peso both depreciated meaningfully, making Qualicorp, a Brazilian insurance broker (Structural Shift), and Credito Real, a Mexican financial company (Asset Productivity), rank among the top detractors to performance during the period. Global Ports, a Russian port company (Asset Productivity), suffered from indications that Russian authorities would force the company to price its services in Russian rubles instead of U.S. dollars. Pegas Nonwovens, a Czech manufacturer of nonwoven, absorbent textiles (Segregated Market), experienced a decline in its share price after the conclusion of a tender offer for the shares by a Czech industrialist. Lastly, Samsung SDI, a Korean battery manufacturer (Breakup Value), suffered a meaningful stock price decline related to iPhone X production delays. Of course, there were other portfolio holdings that appreciated during this short time frame, but the severity of these price declines dominated the portfolio’s performance.

10 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

October 31, 2017

It’s important to note that the Value Fund’s NAV also proved quite stable during its first year of performance, specifically during the emerging market sell-off after the election of President Trump. At that time, I attributed the Fund’s relative NAV stability to the low valuation of its holdings. One year hence, it remains difficult to explain the portfolio’s relative stability during two subsequent episodes of benchmark retracement in August and September 2017, as many of the Fund’s holdings have appreciated significantly. Furthermore, the period discussed above from late September to the end of October 2017 – when the Fund’s NAV declined modestly while the benchmark appreciated – also defies an easy, all-encompassing explanation. My conclusion is that the Seafarer Overseas Value Fund has been dancing to its own tune.

Paul Espinosa

Lead Portfolio Manager

Seafarer Overseas Value Fund



The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF.

The S&P 500 Total Return Index is a stock market index based on the market capitalizations of 500 large companies with common stock listed on the NYSE or NASDAQ.

It is not possible to invest directly in an index.

The Fund is subject to investment risks, including possible loss of the principal amount invested and therefore is not suitable for all investors. The Fund may not achieve its objectives. Diversification does not ensure a profit or guarantee against loss.

Information on the Seafarer website is provided for textual reference only, and is not incorporated by reference into this report.

The views and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

As of October 31, 2017 the Fund had no economic interest in Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics, Alibaba, Naspers (owner of one third of Tencent), Tencent, and COFCO.

¹ References to the “Fund” pertain to the Fund’s Institutional share class (ticker: SIVLX). Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return for the Institutional share class increased from 8.41% to 8.51%. The Investor share class (ticker: SFVLX) gained 8.41% during the semi-annual period.

² Adjustments in accordance with the U.S. GAAP were applied during the financial statement preparation and decreased the net asset value from $11.29 to $11.28.

³ The Fund’s Investor share class began the fiscal year with a net asset value of $11.30 per share. It finished the period with a value of $12.25 per share.

⁴ The Seafarer Funds’ Annual Report for the period ended April 30, 2017 is available at: www.seafarerfunds.com/reports/2017/annual

⁵ The white paper On Value in the Emerging Markets is available at: www.seafarerfunds.com/value-white-paper

⁶ Active Share is a measure of a portfolio’s deviation from a benchmark index, where a value of 0% indicates that a portfolio is a perfect replica of the index, and a value of 100% indicates that a portfolio is entirely different than the index.

⁷ The Emerging Markets Briefing as of September 30, 2017 is available at: www.seafarerfunds.com/em-briefing/2017/09

Semi-annual Report – October 31, 2017 11

Seafarer Overseas Value Fund Performance Review

October 31, 2017

Total Returns

As of October 31, 2017 6 Months 1 Year Since Inception Annualized⁽¹⁾ Net Expense
Ratio⁽²⁾

Investor Class (SFVLX) 8.41% 20.61% 16.20% 1.15%

Institutional Class (SIVLX) 8.51%⁽³⁾ 20.64% 16.30% 1.05%

MSCI Emerging Markets Total Return Index⁽⁴⁾ 16.40% 26.91% 29.65%



Gross expense ratio: 3.71% for Investor Class; 3.63% for Institutional Class. Ratios as of Prospectus dated August 31, 2017²

All performance is in U.S. dollars with gross (pre-tax) dividends and/or distributions reinvested. The performance data quoted represents past performance and does not guarantee future results. Future returns may be lower or higher. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Prior to August 31, 2016, shares of the Fund redeemed or exchanged within 90 days of purchase were subject to a 2% redemption fee. Performance does not reflect this fee, which if deducted would reduce an individual's return. To obtain the Fund’s most recent month-end performance, visit seafarerfunds.com or call (855) 732-9220.

¹ Inception Date: May 31, 2016.

² Ratios as of Prospectus dated August 31, 2017. Seafarer Capital Partners, LLC has agreed contractually to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Fund’s average daily net assets for the Investor and Institutional share classes, respectively. This agreement is in effect through August 31, 2018.

³ Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return increased from 8.41% to 8.51%.

⁴ The MSCI Emerging Markets Total Return Index, Standard (Large+Mid Cap) Core, Gross (dividends reinvested), USD is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. Index code: GDUEEGF. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

12 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Performance Review

October 31, 2017

Performance of a $10,000 Investment Since Inception

* Inception Date: May 31, 2016.

The chart shown above represents historical performance of a hypothetical investment of $10,000 in the Fund’s Investor Class shares for the period from inception to October 31, 2017. All returns reflect reinvested dividends and/or distributions, but do not reflect the deduction of taxes that an investor would pay on distributions or redemptions.

The Fund also offers Institutional Class shares, performance for which is not reflected in the chart above. The performance of Institutional Class shares may be higher or lower than the performance of the Investor Class shares shown above based upon differences in fees paid by shareholders investing in the Investor Class shares and Institutional Class shares.

Investment Objective

The Fund seeks to provide long-term capital appreciation.

Strategy

The Fund invests primarily in the securities of companies located in developing countries. The Fund invests in several asset classes including common stocks, preferred stocks, and fixed-income securities.

The Fund’s portfolio is comprised of securities identified through a bottom-up security selection process based on fundamental research. The Fund seeks to produce a minimum long-term rate of return by investing in securities priced at a discount to their intrinsic value.

Semi-annual Report – October 31, 2017 13

Seafarer Funds Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

DISCLOSURE OF FUND EXPENSES

As a shareholder of a Fund you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2017 and held until October 31, 2017.

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

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

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

14 (855) 732-9220 seafarerfunds.com

Seafarer Funds Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

Beginning

Account Value 05/01/17

Ending

Account Value 10/31/17

Expense

Ratio^(a)

Expenses Paid

During Period 05/01/17 - 10/31/17^(b)

SEAFARER OVERSEAS GROWTH AND INCOME FUND

Investor Class

Actual $ 1,000.00 $ 1,068.00 0.97% $ 5.06

Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.32 0.97% $ 4.94

Institutional Class

Actual $ 1,000.00 $ 1,068.00 0.87% $ 4.53

Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.82 0.87% $ 4.43

SEAFARER OVERSEAS VALUE FUND

Investor Class

Actual $ 1,000.00 $ 1,084.10 1.15% $ 6.04

Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.41 1.15% $ 5.85

Institutional Class

Actual $ 1,000.00 $ 1,085.10 1.05% $ 5.52

Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.91 1.05% $ 5.35



^(a) Annualized, based on the Fund's most recent fiscal half year expenses.

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184)/365 (to reflect the half-year period).

Semi-annual Report – October 31, 2017 15

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Shares Value

COMMON STOCKS (81.9%)

Brazil (5.2%)

TOTVS SA BRL 7,657,600 $ 76,077,400

Odontoprev SA BRL 15,500,000 74,389,387

Total Brazil 150,466,787

China / Hong Kong (18.6%)

Hang Lung Properties, Ltd. HKD 43,500,000 99,920,527

China Yangtze Power Co., Ltd. CNY 34,099,321 81,860,186

Hengan International Group Co., Ltd. HKD 7,650,500 75,412,548

China Telecom Corp., Ltd. HKD 129,001,200 64,654,382

Fuyao Glass Industry Group Co., Ltd., Class H HKD 16,490,000 62,777,578

Shandong Weigao Group Medical Polymer Co., Ltd., Class H HKD 70,606,000 50,682,390

Texwinca Holdings, Ltd. HKD 56,500,000 34,111,185

Xinhua Winshare Publishing and Media Co., Ltd., Class H HKD 31,500,000 27,335,478

Greatview Aseptic Packaging Co., Ltd. HKD 35,004,000 21,896,009

Pico Far East Holdings, Ltd. HKD 47,888,000 20,256,672

Total China / Hong Kong 538,906,955

Hungary (3.3%)

Richter Gedeon Nyrt HUF 3,800,000 94,534,754

Total Hungary 94,534,754

India (9.6%)

Infosys, Ltd., Sponsored ADR USD 9,675,000 143,673,750

Sun Pharma Advanced Research Co., Ltd.^(a) INR 8,100,000 52,504,545

Balkrishna Industries, Ltd. INR 1,421,239 37,410,756

Cyient, Ltd. INR 3,250,000 27,122,952

Infosys, Ltd. INR 1,092,821 15,553,460

Total India 276,265,463

Indonesia (3.7%)

Astra International Tbk PT IDR 181,000,000 106,764,977

Total Indonesia 106,764,977

16 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)



Currency Shares Value

Japan (1.3%)

Hisamitsu Pharmaceutical Co., Inc. JPY 675,000 $ 36,983,862

Total Japan 36,983,862

Malaysia (0.7%)

Hartalega Holdings Bhd MYR 12,000,000 21,599,149

Total Malaysia 21,599,149

Mexico (1.3%)

Bolsa Mexicana de Valores SAB de CV MXN 22,000,000 36,709,220

Total Mexico 36,709,220

Poland (2.9%)

Bank Pekao SA PLN 1,500,000 48,997,926

Asseco Poland SA PLN 2,636,648 34,552,153

Total Poland 83,550,079

Singapore (7.2%)

Singapore Telecommunications, Ltd. SGD 45,000,000 123,798,694

Venture Corp., Ltd. SGD 3,650,000 52,188,761

SIA Engineering Co., Ltd. SGD 13,000,000 31,090,896

Total Singapore 207,078,351

South Africa (4.2%)

Sanlam, Ltd. ZAR 24,125,000 120,635,664

Total South Africa 120,635,664

South Korea (12.3%)

Hyundai Mobis Co., Ltd. KRW 740,147 176,060,317

Coway Co., Ltd. KRW 1,247,500 108,342,705

Dongsuh Cos., Inc. KRW 2,075,000 50,932,744

Sindoh Co., Ltd. KRW 355,185 19,972,915

Total South Korea 355,308,681

Taiwan (11.1%)

Delta Electronics, Inc. TWD 19,800,000 95,193,886

Pou Chen Corp. TWD 66,289,000 83,522,008

Taiwan Semiconductor Manufacturing Co., Ltd. TWD 9,000,000 72,514,465

Vanguard International Semiconductor Corp. TWD 26,350,000 49,974,966

Semi-annual Report – October 31, 2017
17

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Shares Value

Taiwan (continued)

Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR USD 476,739 $ 20,180,362

Total Taiwan 321,385,687

Vietnam (0.5%)

Bao Viet Holdings VND 4,450,000 9,796,368

Nam Long Investment Corp. VND 4,200,000 4,946,615

Total Vietnam 14,742,983

TOTAL COMMON STOCKS

(Cost $2,156,206,901) 2,364,932,612

PREFERRED STOCKS (7.0%)

Brazil (2.7%)

Banco Bradesco SA, ADR USD 7,325,000 77,425,250

Total Brazil 77,425,250

South Korea (4.3%)

Samsung Electronics Co., Ltd. KRW 62,500 124,960,950

Total South Korea 124,960,950

TOTAL PREFERRED STOCKS

(Cost $105,890,889) 202,386,200



Currency Rate Maturity Date Principal Amount Value

CORPORATE BOND - FOREIGN CURRENCY (1.2%)

Mexico (1.2%)

America Movil SAB de CV MXN 7.13 % 12/09/24 140,290,000 7,005,152

America Movil SAB de CV MXN 7.13 % 12/09/24 209,710,000 10,471,526

America Movil SAB de CV MXN 6.45 % 12/05/22 350,000,000 17,258,336

Total Mexico 34,735,014

TOTAL CORPORATE BOND - FOREIGN CURRENCY

(Cost $36,639,549) 34,735,014

18 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Rate Maturity Date Principal Amount Value

CORPORATE BOND - USD (0.7%)

Brazil (0.7%)

Cielo SA / Cielo USA, Inc. USD 3.75 % 11/16/22 20,000,000 $ 20,008,000

Total Brazil 20,008,000

TOTAL CORPORATE BOND - USD

(Cost $18,232,632) 20,008,000

GOVERNMENT BOND, MEDIUM/LONG-TERM-FOREIGN CURRENCY (2.0%)

Brazil (1.5%)

Brazilian Government International Bond BRL 10.25 % 01/10/28 60,000,000 20,049,644

Brazil Notas do Tesouro Nacional Serie F, Series NTNF BRL 10.00 % 01/01/25 70,000,000 22,375,756

Total Brazil 42,425,400

Indonesia (0.5%)

Indonesia Treasury Bond, Series FR70 IDR 8.38 % 03/15/24 200,000,000,000 16,002,020

Total Indonesia 16,002,020

TOTAL GOVERNMENT BOND, MEDIUM/LONG-TERM - FOREIGN CURRENCY

(Cost $50,463,722) 58,427,420

GOVERNMENT BOND, SHORT-TERM - USD AND FOREIGN CURRENCY (2.8%)

Hungary (0.2%)

Hungary Government International Bond USD 4.13 % 02/19/18 6,000,000 6,045,642

Total Hungary 6,045,642

Israel (0.3%)

Israel Government International Bond USD 5.13 % 03/26/19 9,000,000 9,418,014

Total Israel 9,418,014

Semi-annual Report – October 31, 2017
19

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Rate Maturity Date Principal Amount Value

Poland (0.3%)

Republic of Poland

Government International Bond USD 6.38 % 07/15/19 9,000,000 $ 9,691,038

Total Poland 9,691,038

Singapore (0.6%)

Singapore Government Bond SGD 4.00 % 09/01/18 11,000,000 8,248,991

Singapore Government Bond SGD 0.50 % 04/01/18 12,000,000 8,777,052

Total Singapore 17,026,043

South Africa (0.2%)

Republic of South Africa

Government International Bond USD 6.88 % 05/27/19 5,000,000 5,324,100

Total South Africa 5,324,100

South Korea (1.2%)

The Korea Development Bank USD 1.38 % 09/12/19 5,000,000 4,905,842

The Korea Development Bank USD 2.88 % 08/22/18 5,000,000 5,028,200

Korea Treasury Bond, Series 1812 KRW 1.75 % 12/10/18 6,000,000,000 5,348,903

Korea Treasury Bond, Series 1806 KRW 1.63 % 06/10/18 6,000,000,000 5,356,487

Korea International Bond USD 7.13 % 04/16/19 5,000,000 5,357,300

Korea Treasury Bond, Series 1712 KRW 2.00 % 12/10/17 9,000,000,000 8,037,984

Total South Korea 34,034,716

TOTAL GOVERNMENT BOND, SHORT-TERM - USD AND FOREIGN CURRENCY

(Cost $81,211,552) 81,539,553

TOTAL INVESTMENTS

(Cost $2,448,645,245) (95.6%) $ 2,762,028,799

Cash and Other Assets, Less Liabilities (4.4%) 126,286,741

NET ASSETS (100.0%) $ 2,888,315,540

20 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Portfolio of Investments

October 31, 2017 (Unaudited)

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 - Hungary 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 accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2017
21

Seafarer Overseas Value Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Shares Value

COMMON STOCKS (88.3%)

Brazil (1.8%)

Qualicorp SA BRL 31,000 $ 331,483

Total Brazil 331,483

China / Hong Kong (44.6%)

China Foods, Ltd. HKD 1,318,000 832,894

First Pacific Co., Ltd. HKD 924,000 703,535

China Resources Beer Holdings Co., Ltd. HKD 224,000 646,038

Melco International Development, Ltd. HKD 234,000 640,384

Xtep International Holdings, Ltd. HKD 1,924,000 636,286

AMVIG Holdings, Ltd. HKD 2,148,000 608,491

WH Group, Ltd. HKD 580,000 587,330

Shangri-La Asia, Ltd. HKD 280,000 557,028

Asia Satellite Telecommunications Holdings, Ltd. HKD 583,000 538,057

Texwinca Holdings, Ltd. HKD 874,000 527,667

China Yangtze Power Co., Ltd. CNY 196,990 472,902

Giordano International, Ltd. HKD 748,000 422,832

Greatview Aseptic Packaging Co., Ltd. HKD 520,000 325,275

Hang Lung Properties, Ltd. HKD 132,000 303,207

Pacific Basin Shipping, Ltd.^(a) HKD 1,130,000 257,826

Pico Far East Holdings, Ltd. HKD 538,000 227,575

Total China / Hong Kong 8,287,327

Czech Republic (4.0%)

Pegas Nonwovens SA CZK 11,000 431,630

Philip Morris CR AS CZK 430 318,171

Total Czech Republic 749,801

Mexico (2.8%)

Credito Real SAB de CV SOFOM ER MXN 321,000 515,696

Total Mexico 515,696

Philippines (2.9%)

Del Monte Pacific, Ltd. SGD 2,350,000 534,444

Total Philippines 534,444

22 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Shares Value

Qatar (3.6%)

Qatar Gas Transport Co., Ltd. QAR 163,000 $ 678,187

Total Qatar 678,187

Russia (4.8%)

Global Ports Investments PLC, GDR^(a) USD 127,000 482,600

Cherkizovo Group PJSC, GDR USD 29,000 413,250

Total Russia 895,850

Singapore (10.4%)

Wilmar International, Ltd. SGD 296,000 736,145

SIA Engineering Co., Ltd. SGD 273,000 652,909

Genting Singapore Plc SGD 616,000 551,332

Total Singapore 1,940,386

South Korea (2.8%)

Samsung SDI Co., Ltd. KRW 2,700 521,275

Total South Korea 521,275

Taiwan (2.5%)

Pou Chen Corp. TWD 362,000 456,108

Total Taiwan 456,108

United Arab Emirates (2.9%)

National Central Cooling Co. PJSC AED 954,000 545,492

Total United Arab Emirates 545,492

Vietnam (5.2%)

PetroVietnam Technical Services Corp. VND 724,000 484,527

Petrovietnam Fertilizer & Chemicals JSC VND 507,000 475,469

Total Vietnam 959,996

TOTAL COMMON STOCKS

(Cost $14,887,475) 16,416,045

Semi-annual Report – October 31, 2017
23

Seafarer Overseas Value Fund Portfolio of Investments

October 31, 2017 (Unaudited)

Currency Shares Value

TOTAL INVESTMENTS

(Cost $14,887,475) (88.3%) $ 16,416,045

Cash and Other Assets, Less Liabilities (11.7%) 2,184,484

NET ASSETS (100.0%) $ 18,600,529

^(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 accompanying Notes to Financial Statements.

24 (855) 732-9220 seafarerfunds.com

Seafarer Funds Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

Seafarer Overseas Growth and Income Fund Seafarer Overseas Value Fund

ASSETS:

Investments, at value $ 2,762,028,799 $ 16,416,045

Cash 119,804,056 2,270,600

Foreign currency, at value (Cost $1,267,947 and $22,135) 1,264,539 22,141

Receivable for investments sold 1,538,287 94,730

Receivable for shares sold 2,073,121 61,435

Interest and dividends receivable 7,525,067 28,111

Prepaid expenses and other assets 35,068 17,300

Total Assets 2,894,268,937 18,910,362

LIABILITIES:

Payable for investments purchased 1,353,415 274,411

Foreign capital gains tax 590,983 –

Administrative fees payable 54,888 2,383

Shareholder service plan fees payable 224,764 1,506

Payable for shares redeemed 1,513,256 –

Investment advisory fees payable 1,767,530 955

Payable for chief compliance officer fee 1,877 1,873

Trustee fees and expenses payable 28,119 116

Payable for principal financial officer fees 438 437

Audit and tax fees payable 10,266 16,029

Accrued expenses and other liabilities 407,861 12,123

Total Liabilities 5,953,397 309,833

NET ASSETS $ 2,888,315,540 $ 18,600,529

NET ASSETS CONSIST OF:

Paid-in capital (Note 5) $ 2,540,888,550 $ 16,853,917

Accumulated net investment income 29,684,570 216,589

Accumulated net realized gain 5,062,986 1,265

Net unrealized appreciation 312,679,434 1,528,758

NET ASSETS $ 2,888,315,540 $ 18,600,529

INVESTMENTS, AT COST $ 2,448,645,245 $ 14,887,475

PRICING OF SHARES

Investor Class:

Net Asset Value, offering and redemption price per share $ 13.25 $ 12.25

Net Assets $ 936,345,998 $ 308,496

Shares of beneficial interest outstanding 70,685,116 25,177

Institutional Class:

Net Asset Value, offering and redemption price per share $ 13.28 $ 12.24

Net Assets $ 1,951,969,542 $ 18,292,033

Shares of beneficial interest outstanding 146,935,026 1,493,846

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2017 25

Seafarer Funds Statements of Operations

Six Months Ended October 31, 2017 (Unaudited)

Seafarer

Overseas Growth

and Income Fund

Seafarer

Overseas

Value Fund

INVESTMENT INCOME:

Dividends $ 56,248,805 $ 265,548

Foreign taxes withheld (4,831,934 ) (7,319 )

Interest and other income 5,337,618 5,574

Total investment income 56,754,489 263,803

EXPENSES:

Investment advisory fees (Note 6) 9,731,533 48,697

Administrative and transfer agency fees 401,184 18,510

Trustee fees and expenses 28,011 122

Registration/filing fees 48,953 16,288

Shareholder service plan fees

Investor Class 695,146 22

Institutional Class 409,770 2,242

Legal fees 12,536 50

Audit fees 15,872 8,527

Reports to shareholders and printing fees 53,518 262

Custody fees 718,760 18,589

Offering costs (Note 2) – 5,362

Chief compliance officer fees 10,806 10,806

Principal financial officer fees 2,521 2,521

Miscellaneous 14,346 2,069

Total expenses 12,142,956 134,067

Less fees waived/reimbursed by investment adviser (Note 6)

Investor Class – (1,323 )

Institutional Class – (62,111 )

Total net expenses 12,142,956 70,633

NET INVESTMENT INCOME: 44,611,533 193,170

Net realized gain on investments 25,034,352 0

Net realized gain/(loss) on foreign currency transactions (261,936 ) 1,269

Net realized gain 24,772,416 1,269

Net change in unrealized appreciation on investments (net of foreign capital gains tax of ($59,047) and $–) 103,958,146 753,729

Net change in unrealized depreciation on translation of assets and liabilities in foreign currency transactions (169,854 ) (58 )

Net unrealized appreciation 103,788,292 753,671

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATIONS 128,560,708 754,940

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 173,172,241 $ 948,110

See accompanying Notes to Financial Statements.

26 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

Six Months

Ended

October 31, 2017

(Unaudited)

Year Ended

April 30, 2017

OPERATIONS:

Net investment income $ 44,611,533 $ 32,247,036

Net realized gain/(loss) 24,772,416 (10,282,431 )

Net change in unrealized appreciation 103,788,292 174,008,053

Net increase in net assets resulting from operations 173,172,241 195,972,658

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):

From net investment income

Investor Class $ (7,523,047 ) $ (11,816,708 )

Institutional Class (13,702,836 ) (15,268,463 )

Net decrease in net assets from distributions (21,225,883 ) (27,085,171 )

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):

Shares sold

Investor Class $ 97,691,487 $ 323,883,071

Institutional Class 445,429,655 987,397,573

Dividends reinvested

Investor Class 7,441,371 11,687,348

Institutional Class 9,597,875 10,058,555

Shares Redeemed, net of redemption fees

Investor Class (98,822,985 ) (141,954,140 )

Institutional Class (102,662,041 ) (201,239,879 )

Net increase in net assets derived from beneficial interest transactions 358,675,362 989,832,528

Net increase in net assets $ 510,621,720 $ 1,158,720,015

NET ASSETS:

Beginning of period $ 2,377,693,820 $ 1,218,973,805

End of period (including accumulated net investment income of $29,684,570 and $6,298,920, respectively) $ 2,888,315,540 $ 2,377,693,820

Semi-annual Report – October 31, 2017 27

Seafarer Overseas Growth and Income Fund Statements of Changes in Net Assets

Six Months

Ended

October 31, 2017 (Unaudited)

Year Ended

April 30, 2017

Other Information:

SHARE TRANSACTIONS:

Investor Class

Sold 7,590,625 27,609,055

Distributions reinvested 588,716 1,045,402

Redeemed (7,645,776 ) (12,161,311 )

Net increase in shares outstanding 533,565 16,493,146

Institutional Class

Sold 34,427,140 83,448,584

Distributions reinvested 757,528 900,914

Redeemed (7,910,536 ) (17,485,012 )

Net increase in shares outstanding 27,274,132 66,864,486

See accompanying Notes to Financial Statements.

28 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Value Fund Statements of Changes in Net Assets

Six Months

Ended

October 31, 2017

(Unaudited)

May 31, 2016 (Inception) to

April 30, 2017

OPERATIONS:

Net investment income $ 193,170 $ 68,088

Net realized gain/(loss) 1,269 (2,768 )

Net change in unrealized appreciation 753,671 775,087

Net increase in net assets resulting from operations 948,110 840,407

DISTRIBUTIONS TO SHAREHOLDERS (NOTE 3):

From net investment income

Investor Class $ – $ (2,017 )

Institutional Class – (60,374 )

Net decrease in net assets from distributions – (62,391 )

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5):

Shares sold

Investor Class $ 69,477 $ 253,053

Institutional Class 8,178,078 11,072,675

Dividends reinvested

Investor Class – 2,017

Institutional Class – 60,374

Shares Redeemed

Investor Class (65,522 ) –

Institutional Class (655,164 ) (2,040,585 )

Net increase in net assets derived from beneficial interest transactions 7,526,869 9,347,534

Net increase in net assets $ 8,474,979 $ 10,125,550

NET ASSETS:

Beginning of period $ 10,125,550 $ –

End of period (including accumulated net investment income of $216,589 and $23,419) $ 18,600,529 $ 10,125,550

Other Information:

SHARE TRANSACTIONS:

Investor Class

Sold 5,748 24,578

Distributions reinvested – 198

Redeemed (5,347 ) –

Net increase in shares outstanding 401 24,776

Institutional Class

Sold 676,426 1,062,151

Distributions reinvested – 5,925

Redeemed (55,040 ) (195,616 )

Net increase in shares outstanding 621,386 872,460

See accompanying Notes to Financial Statements

Semi-annual Report – October 31, 2017 29

Financial Highlights

For a share outstanding through the periods presented

Investor Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

REDEMPTION FEES ADDED TO PAID IN CAPITAL

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(e)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(j)

^(a) Calculated using the average shares method.

^(b) Less than $(0.005) per share.

^(c) Less than $0.005 per share.

^(d) In preparing the financial statements in accordance with U.S. GAAP, management made certain adjustments as required by U.S. GAAP which caused the net asset value for purposes of these financial statements to differ from the net asset value used to process shareholder transactions as of the date of these financial statements. As a result, the NAV increased by $0.01 from $12.50 to $12.51.

^(e) Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(f) Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return decreased from 6.88% to 6.80%.

^(g) Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return increased from 11.13% to 11.22%.

^(h) Annualized.

⁽ⁱ⁾ Effective September 1, 2015, the Adviser agreed to limit expenses to 1.15%. The Adviser agreed to limit expenses to 1.25% for the period September 1, 2014 through August 31, 2015. Prior to September 1, 2014, the Adviser agreed to limit expenses to 1.40%. (See Note 6).

^(j) Portfolio turnover rate for periods less than one full year have not been annualized.

30 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund

Six Months

Ended

October 31, 2017

(Unaudited)

Year Ended

April 30, 2017

Year Ended

April 30, 2016

Year Ended

April 30, 2015

Year Ended

April 30, 2014

Year Ended

April 30, 2013

$ 12.51 $ 11.44 $ 12.64 $ 11.58 $ 11.91 $ 10.18

0.22 0.22 0.16 0.14 0.19 0.10

0.63 1.04 (1.23 ) 1.26 0.02 1.74

0.85 1.26 (1.07 ) 1.40 0.21 1.84

(0.11 ) (0.19 ) (0.11 ) (0.19 ) (0.26 ) (0.11 )

– – (0.02 ) (0.15 ) (0.28 ) (0.00 )^(b)

(0.11 ) (0.19 ) (0.13 ) (0.34 ) (0.54 ) (0.11 )

– 0.00 ^(c) 0.00 ^(c) 0.00 ^(c) 0.00 ^(c) 0.00 ^(c)

0.74 1.07 (1.20 ) 1.06 (0.33 ) 1.73

$ 13.25 $ 12.51 ^(d) $ 11.44 $ 12.64 $ 11.58 $ 11.91

6.80 %^(f) 11.22 %^(g) (8.39 %) 12.55 % 1.93 % 18.24 %

$ 936,346 $ 877,384 $ 613,795 $ 53,543 $ 27,181 $ 26,348

0.97 %^(h) 1.02 % 1.14 % 1.30 % 1.78 % 2.82 %

0.97 %^(h) 1.02 % 1.14 %⁽ⁱ⁾ 1.30 %⁽ⁱ⁾ 1.40 % 1.49 %

3.33 %^(h) 1.88 % 1.50 % 1.19 % 1.66 % 0.90 %

9 % 14 % 7 % 28 % 51 % 39 %

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2017 31

Financial Highlights

For a share outstanding through the periods presented

Institutional Class

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS:

From net investment income

From net realized gains on investments

Total distributions

REDEMPTION FEES ADDED TO PAID IN CAPITAL

NET INCREASE/(DECREASE) IN NET ASSET VALUE

NET ASSET VALUE, END OF PERIOD

TOTAL RETURN^(d)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s)

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver

Operating expenses including reimbursement/waiver

Net investment income including reimbursement/waiver

PORTFOLIO TURNOVER RATE^(g)

^(a) Calculated using the average shares method.

^(b) Less than $(0.005) per share.

^(c) Less than $0.005 per share.

^(d) Total returns are for the periods indicated and have not been annualized. In some periods, total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(e) Annualized.

^(f) Effective September 1, 2014, the Adviser agreed to limit expenses to 1.05%. Prior to September 1, 2014, the Adviser agreed to limit expenses to 1.25%. (See Note 6).

^(g) Portfolio turnover rate for periods less than one full year have not been annualized.

32 (855) 732-9220 seafarerfunds.com

Seafarer Overseas Growth and Income Fund

Six Months

Ended

October 31, 2017 (Unaudited)

Year Ended

April 30, 2017

Year Ended

April 30, 2016

Year Ended

April 30, 2015

Year Ended

April 30, 2014

Year Ended

April 30, 2013

$ 12.54 $ 11.46 $ 12.66 $ 11.59 $ 11.91 $ 10.18

0.22 0.21 0.19 0.15 0.21 0.14

0.63 1.07 (1.26 ) 1.28 0.02 1.71

0.85 1.28 (1.07 ) 1.43 0.23 1.85

(0.11 ) (0.20 ) (0.12 ) (0.21 ) (0.27 ) (0.12 )

– – (0.02 ) (0.15 ) (0.28 ) (0.00 )^(b)

(0.11 ) (0.20 ) (0.14 ) (0.36 ) (0.55 ) (0.12 )

– 0.00 ^(c) 0.01 0.00 ^(c) 0.00 ^(c) 0.00 ^(c)

0.74 1.08 (1.20 ) 1.07 (0.32 ) 1.73

$ 13.28 $ 12.54 $ 11.46 $ 12.66 $ 11.59 $ 11.91

6.80 % 11.37 % (8.32 %) 12.76 % 2.12 % 18.33 %

$ 1,951,970 $ 1,500,310 $ 605,178 $ 129,714 $ 46,624 $ 11,486

0.87 %^(e) 0.92 % 1.03 % 1.18 % 1.61 % 2.88 %

0.87 %^(e) 0.92 % 1.03 % 1.10 %^(f) 1.25 % 1.35 %

3.34 %^(e) 1.82 % 1.72 % 1.30 % 1.89 % 1.28 %

9 % 14 % 7 % 28 % 51 % 39 %

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2017 33

Financial Highlights Seafarer Overseas Value Fund

For a share outstanding through the period presented

Investor Class Six Months Ended October 31, 2017 (Unaudited)
May 31, 2016

(Inception) to April

30, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.30 $ 10.00

INCOME FROM OPERATIONS:

Net investment income^(a) 0.18 0.12

Net realized and unrealized gain on investments 0.77 1.28

Total from investment operations 0.95 1.40

LESS DISTRIBUTIONS:

From net investment income – (0.10 )

Total distributions – (0.10 )

NET INCREASE IN NET ASSET VALUE 0.95 1.30

NET ASSET VALUE, END OF PERIOD $ 12.25 $ 11.30

TOTAL RETURN^(b) 8.41 % 14.15 %

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s) $ 308 $ 280

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver 2.00 %^(c) 3.71 %^(c)

Operating expenses including reimbursement/waiver 1.15 %^(c) 1.15 %^(c)

Net investment income including reimbursement/waiver 2.90 %^(c) 1.24 %^(c)

PORTFOLIO TURNOVER RATE^(d) 0 % 0 %

^(a) Calculated using the average shares method.

^(b) Total returns are for the periods indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(c) Annualized.

^(d) Portfolio turnover rate for periods less than one full year have not been annualized.

See accompanying Notes to Financial Statements.

34 (855) 732-9220 seafarerfunds.com

Financial Highlights Seafarer Overseas Value Fund

For a share outstanding through the period presented

Institutional Class Six Months Ended October 31, 2017 (Unaudited)
May 31, 2016

(Inception) to April

30, 2017

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.28 $ 10.00

INCOME FROM OPERATIONS:

Net investment income^(a) 0.17 0.13

Net realized and unrealized gain on investments 0.79 1.28

Total from investment operations 0.96 1.41

LESS DISTRIBUTIONS:

From net investment income – (0.13 )

Total distributions – (0.13 )

NET INCREASE IN NET ASSET VALUE 0.96 1.28

NET ASSET VALUE, END OF PERIOD $ 12.24 $ 11.28 ^(b)

TOTAL RETURN^(c) 8.51 %^(d) 14.18 %^(e)

SUPPLEMENTAL DATA:

Net assets, end of period (in 000s) $ 18,292 $ 9,846

RATIOS TO AVERAGE NET ASSETS:

Operating expenses excluding reimbursement/waiver 2.00 %^(f) 3.63 %^(f)

Operating expenses including reimbursement/waiver 1.05 %^(f) 1.05 %^(f)

Net investment income including reimbursement/waiver 2.88 %^(f) 1.36 %^(f)

PORTFOLIO TURNOVER RATE^(g) 0 % 0 %

^(a) Calculated using the average shares method.

^(b) In preparing the financial statements in accordance with U.S. GAAP, management made certain adjustments as required by U.S. GAAP which caused the net asset value for purposes of these financial statements to differ from the net asset value used to process shareholder transactions as of the date of these financial statements. As a result, the net asset value decreased by $0.01 from $11.29 to $11.28.

^(c) Total returns are for the periods indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the periods. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(d) Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return increased from 8.41% to 8.51%.

^(e) Includes adjustments in accordance with U.S. GAAP and as such, the total return for shareholder transactions reported to the market may differ from the total return for financial reporting purposes. As a result, the total return decreased from 14.29% to 14.18%.

^(f) Annualized.

^(g) Portfolio turnover rate for periods less than one full year have not been annualized.

See accompanying Notes to Financial Statements.

Semi-annual Report – October 31, 2017 35

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

NOTES TO FINANCIAL STATEMENTS

1. Organization

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

2. Significant Accounting Policies

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

Investment Valuation

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

36 (855) 732-9220 seafarerfunds.com

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

security specific information. Publicly traded foreign government debt securities and foreign corporate bonds are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

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

When such prices or quotations are not available, or when the 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.

Semi-annual Report – October 31, 2017 37

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

The following is a summary of the inputs used to value each Fund as of October 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 $ 2,364,932,612 $ – $ – $ 2,364,932,612

Preferred Stocks 202,386,200 – – 202,386,200

Corporate Bond - Foreign Currency – 34,735,014 – 34,735,014

Corporate Bond - USD – 20,008,000 – 20,008,000

Government Bond, Medium/Long-term - Foreign Currency – 58,427,420 – 58,427,420

Government Bond, Short-term - USD and Foreign Currency – 81,539,553 – 81,539,553

Total $ 2,567,318,812 $ 194,709,987 $ – $ 2,762,028,799



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

South Korea $ – $ 521,275 $ – $ 521,275

Other $ 15,894,770 $ – $ – $ 15,894,770

Total $ 15,894,770 $ 521,275 $ – $ 16,416,045

^(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 six months ended October 31, 2017, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

Level 1 - Quoted and

Unadjusted Prices

Level 2 - Other Significant

Observable Inputs

Seafarer Overseas Value Fund Transfer In
Transfers (Out)

Transfer In
Transfers (Out)

Common Stocks $ – $ (521,275 ) $ 521,275 $ –

Total $ – $ (521,275 ) $ 521,275 $ –

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. The transfer amounts disclosed in the table above represent the value of the securities as of October 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 1 to Level 2 were due to the

38 (855) 732-9220 seafarerfunds.com

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

inability to obtain a closing market price due to an inactive market to trade. For the six months ended October 31, 2017, the Seafarer Overseas Growth and Income Fund did not have any transfers in/(out) of 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 share class in proportion to its average daily net assets.

Cash Management Transactions

Each of the Funds subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Funds to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statements of Assets and Liabilities under Cash and Foreign Currency, at value. As of October 31, 2017, the Funds had the following cash balances participating in the BBH CMS:

Fund

Seafarer Overseas Growth and Income Fund $ 119,804,056

Seafarer Overseas Value Fund 2,270,600

As of October 31, 2017, the Funds had the following foreign cash balances participating in the BBH CMS (cost and value of foreign cash balances are equal):

Fund

Seafarer Overseas Growth and Income Fund $ –

Seafarer Overseas Value Fund –

Foreign Securities

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

Foreign Currency Translation

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 a contract is determined using current

Semi-annual Report – October 31, 2017 39

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

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

Trust Expenses

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

Fund and Class Expenses

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

Offering Costs

Offering costs, including costs of printing initial prospectuses, legal and registration fees, are being amortized over twelve months from the inception date of the Seafarer Overseas Value Fund. Amounts amortized during the six months ended October 31, 2017 for the Seafarer Overseas Value Fund are shown on the Statements of Operations. As of October 31, 2017, all offering costs have been amortized for the Seafarer Overseas Value Fund.

Federal Income Taxes

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

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

Distributions to Shareholders

In general, the Seafarer Overseas Growth and Income Fund’s policy is to distribute to its shareholders substantially all net investment income, paid out via two semi-annual dividends, in June and December. The Seafarer Overseas Value Fund’s policy is to distribute to its shareholders substantially all net investment income via one annual dividend in December. It is also each Fund’s policy to distribute annually all net realized short-term and long-term capital gains, if any, after offsetting any capital loss carryovers. Income dividend distributions are derived from dividends and other income each Fund receives from its investments, including short-term capital gains. Long-term capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than one year. Each Fund may make additional distributions if Seafarer Capital Partners, LLC (the “Adviser”) believes doing so may be necessary for the Fund to avoid or reduce taxes.

40 (855) 732-9220 seafarerfunds.com

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

3. Tax Basis Information

Tax Basis of Investments

As of October 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 $ 2,475,728,126 $ 368,234,933 $ (81,934,260 ) $ 286,300,673

Seafarer Overseas Value Fund 15,130,816 2,095,954 (810,725 ) 1,285,229

Tax Basis of Distributions to Shareholders

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

The tax character of distributions paid by the Funds for the fiscal year or period ended April 30, 2017 was as follows:

Ordinary Income Long-Term Capital Gain

Seafarer Overseas Growth and Income Fund $ 27,085,171 $ –

Seafarer Overseas Value Fund 62,391 –



The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2017.

4. Securities Transactions

The cost of purchases and proceeds from sales of securities excluding short-term securities during the six months ended October 31, 2017 were as follows:

Purchases of Securities
Proceeds From Sales of Securities

Seafarer Overseas Growth and Income Fund $ 537,064,309 $ 224,080,489

Seafarer Overseas Value Fund 7,440,120 –

5. Shares of Beneficial Interest

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

Semi-annual Report – October 31, 2017 41

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

Prior to August, 31, 2016, shares redeemed within 90 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The redemption fee is reflected in the “Shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets. Effective August 31, 2016, the Funds no longer impose a redemption fee.

During the year or period ended April 30, 2017, the Funds retained the following redemption fees:



Fund For the Year ended April 30, 2017

Seafarer Overseas Growth and Income Fund

Investor Class $ 40,363

Institutional Class $ 49,013

Seafarer Overseas Value Fund

Investor Class $ –

Institutional Class $ –

6. Management and Related Party Transactions

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with the Funds’ investment objectives, policies, limitations and investment guidelines established jointly by the Adviser and the Trustees. Pursuant to the investment advisory agreement, the Funds, in the aggregate, pay the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds up to $1.5 billion and 0.70% of the aggregate average daily net assets of the Funds over $1.5 billion. Each Fund pays the Adviser a monthly fee at the annual rate using the applicable management fee calculated based on the Fund’s pro rata share of the Funds’ combined average daily net assets. Prior to August 31, 2016, the Funds paid the Adviser an annual management fee of 0.75% of the aggregate average daily net assets of the Funds. The management fee is paid on a monthly basis.

Effective September 1, 2014, the Adviser contractually agreed to limit certain Fund expenses (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.25% and 1.05% of the Funds’ average daily net assets in the Investor and Institutional share classes, respectively, through August 31, 2015. Effective September 1, 2015, the Adviser contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver / Expense Reimbursements (excluding brokerage expenses, interest expenses, taxes and extraordinary expenses) to 1.15% and 1.05% of the Funds’ average daily net assets for the Investor and Institutional share classes respectively. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Funds’ expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. The Funds will not be obligated to pay any such deferred fees and expenses more than three years after the date of the waiver. This agreement may not be terminated or modified prior to August 31, 2018, except with the approval of the Funds’ Board. During the six months ended October 31, 2017, the Adviser agreed that it will only seek to recoup waived management fees and will not recoup any reimbursed expenses. As of October 31, 2017, the Adviser has recouped all available waived management fees from the Seafarer Overseas Growth and Income Fund.

42 (855) 732-9220 seafarerfunds.com

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

For the six months ended October 31, 2017, the fee waivers and/or reimbursements were as follows for the Seafarer Overseas Value Fund:

Fund Fees Waived/ Reimbursed By Adviser

Seafarer Overseas Value Fund

Investor Class $ 1,323

Institutional Class 62,111

As of October 31, 2017, the balances of recoupable expenses for each class were as follows for the Funds:

Fund Expires 2020 Expires 2021 Expires 2022 Total

Seafarer Overseas Growth and Income Fund

Investor Class $ – $ – $ – $ –

Institutional Class – – – –

Seafarer Overseas Value Fund

Investor Class $ 1,168 1,027 $ – $ 2,195

Institutional Class 34,396 46,716 – 81,112



Fund Administrator

ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) (an affiliate of ALPS Distributors, Inc.) provides administrative, fund accounting and other services to the Funds under the Administration, Bookkeeping and Pricing Services Agreement with the Trust.

The Funds’ administrative fee is accrued on a daily basis and paid monthly. The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds (“Transfer Agent”). ALPS is paid an annual base fee per Fund and a fee based on the number of shareholder accounts. The Transfer Agent is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Compliance Services

ALPS provides compliance services to the Funds under the Chief Compliance Officer Services Agreement with the Trust. ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in accordance with the requirements of Rule 38a-1 under the 1940 Act. ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Compliance service fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Semi-annual Report – October 31, 2017 43

Seafarer Funds Notes to Financial Statements

October 31, 2017 (Unaudited)

Principal Financial Officer

ALPS provides principal financial officer services to the Funds under the Principal Financial Officer Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee and is reimbursed for certain out-of-pocket expenses. Principal financial officer fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Distributor

ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS) acts as the distributor of the Funds’ shares pursuant to the Distribution Agreement with the Trust. Under a side letter agreement, the Adviser pays ADI an annual base fee of $12,000 per Fund for the distribution services. The Adviser also reimburses ADI for certain out-of-pocket expenses. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of the Funds’ shares, although it is not obliged to sell any particular amount of shares. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission.

Shareholder Service Plan for Investor Class and Institutional Class Shares

Each Fund has adopted a Shareholder Services Plan (a “Services Plan”) for each of its share classes. Under the Services Plan, each Fund is authorized to enter into shareholder service agreements with investment advisers, financial institutions and other service providers (“Participating Organizations”) to maintain and provide certain administrative and servicing functions in relation to the accounts of shareholders. Shareholder service arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, and disbursing cash dividends as well as other investment or administrative services required for the particular Participating Organizations’ products, programs, platform and accounts. The Services Plan will cause each Fund to pay an aggregate fee, not to exceed on an annual basis 0.15% and 0.05% of the average daily net asset value of the Investor and Institutional share classes, respectively. Such payments will be made on assets attributable to or held in the name of a Participating Organization, on behalf of its clients as compensation for providing service activities pursuant to an agreement with the Participating Organization. Any amount of such payment not paid to a Participating Organization during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable, after the end of the fiscal year. Shareholder service plan fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

7. Indemnifications

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

44 (855) 732-9220 seafarerfunds.com

Seafarer Funds Additional Information

October 31, 2017 (Unaudited)

ADDITIONAL INFORMATION

1. Fund Holdings

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

2. Fund Proxy Voting Policies, Procedures and Summaries

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling toll-free (855) 732-9220 and (2) on the SEC’s website at http://www.sec.gov.

Semi-annual Report – October 31, 2017 45

Table of Contents



CONTENTS PAGE

Shareholder Letter 1

Fund Overview

Vulcan Value Partners Fund 4

Vulcan Value Partners Small Cap Fund 7

Disclosure of Fund Expenses

Vulcan Value Partners Fund 6

Vulcan Value Partners Small Cap Fund 9

Statements of Investments

Vulcan Value Partners Fund 10

Vulcan Value Partners Small Cap Fund 13

Statements of Assets and Liabilities 17

Statements of Operations 18

Statements of Changes in Net Assets

Vulcan Value Partners Fund 19

Vulcan Value Partners Small Cap Fund 20

Financial Highlights

Vulcan Value Partners Fund 22

Vulcan Value Partners Small Cap Fund 24

Notes to Financial Statements 26

Additional Information 35

www.vulcanvaluepartners.com

Shareholder Letter

October 31, 2017 (Unaudited)

PORTFOLIO REVIEW

General

For the six months ended October 31, 2017, Vulcan Value Partners Fund returned 4.66% and the Vulcan Value Partners Small Cap Fund returned 1.74%. As you know, we place no weight on short-term results, good or bad, and neither should you. In fact, we have and will continue to willingly make decisions that negatively impact short-term performance when we think we can mitigate risk and improve our long-term returns. We encourage you to place more weight on our longer term historical results and a great deal of weight on our long-term prospects.

Vulcan Value Partners Large Cap Fund Review

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Fund.



Oracle was the largest contributor over the period and continues to be our biggest position in the fund. We remain very pleased with our stake in this company and its transition to the Cloud continues to be on track. We believe that Oracle has many ways to win. Data is growing rapidly, applications that capture this data and make it usable are proliferating, and they have a full suite of applications to serve this demand across all industry verticals both for on-premise and in the Cloud. Their value proposition to customers is very strong: moving to the Cloud can lower IT costs up to 50%, and this resonates with customers and the market.

The transition to the Cloud is still in the early innings. Oracle generates $30B of software revenue and $7B from hardware and services. Of the $30B in software revenue, $5B is already represented in the Cloud, which leaves $25B in revenue with the potential to convert to the Cloud. Their revenue lift is about 3X greater in the Cloud than on-premise, so if you flipped a switch today and all customers were in the Cloud, that would be $75B in additional software-related revenue. We obviously do not know what percentage of on-premise users will convert nor over what time period, but this simple example illustrates why we believe we are still in the early innings.

WPP was a new purchase for the period. It is based in London and is the world’s largest multinational advertising company. The company was formed in 1985 when founder Sir Martin Sorrell took control of a shell company, Wire & Plastic Products, and established it as a marketing services group in 1986. As a parent company of 160 unique marketing companies, WPP has extreme scale and cost advantages. The advertising industry as a whole has consolidated, but the need for creative content remains and this is where WPP excels. It owns four of the top seven creative agencies in the world, and is able to deliver a comprehensive and integrated range of communications services to national, multinational and global clients. Advertising growth continues to be in-line with global Gross Domestic Product and we believe WPP provides great value to their clients.

We sold our position in Time Warner this quarter as its stock price approached our estimate of intrinsic value. Time Warner was purchased in the second quarter of 2011. It was a large position for many years, but was trimmed over time. The company contributed greatly to our portfolio. While we admired Time Warner’s media assets for a long time, we were never comfortable with owning the company until Jeffrey Bewkes proved himself as CEO. We thank him and the management team for being shareholder oriented and creating value while we owned it.



Semi-Annual Report | October 31, 2017 1

Shareholder Letter

October 31, 2017 (Unaudited)



Vulcan Value Partners Small Cap Fund Review

In the discussion that follows, we highlight a few holdings in the Vulcan Value Partners Small Cap Fund.

Credit Acceptance Corporation has been on our MVP list for some time, and with a recent deep dive into the business, we were excited to purchase it during the period. The company provides auto loans to borrowers at the lower end of the credit spectrum distributed through a network of 10,000 dealers in the U.S. Over the past fifteen years, the company has grown earnings per share(1) at a rate of 26% and achieved an average return on equity(2) of 28%, demonstrating its strong economics and competitive advantages. The company’s biggest competitive advantage is the unique way in which it structures loans. The structure aligns incentives with their dealer network by providing the dealers the opportunity to earn back end payments dependent on loan performance. This opportunity for future payments allows Credit Acceptance Corporation to achieve a greater margin of safety as the dealer is only advanced enough of the loan to earn a small profit at the time of sale. Credit Acceptance Corporation’s approach has led to strong underwriting results and stable performance during difficult periods in the cycle.



We sold Ashmore Group during the period. It is an emerging markets debt manager. In recent years, the emerging markets debt asset class has been facing some headwinds, and Ashmore was not immune. Through 2017, good performance in this asset class led to an improvement in Ashmore’s stock price. The value had begun to decline. Following our discipline, we exited the position.



Closing

The current environment is challenging for us. Volatility is at record lows, stock prices are rising steadily, and valuation levels are not attractive for the vast majority of the market. We would benefit greatly from increased volatility. In the meantime, we will continue to execute our investment process with discipline. We appreciate the confidence you have placed in us. Your stable capital, invested alongside our own stable capital provides a foundation that allows us to make sound, long-term investment decisions that mitigate risk and provide the opportunity to achieve attractive long-term results. You, our client-partners, are one of our most important competitive advantages.



C.T. Fitzpatrick

Chief Executive Officer

Vulcan Value Partners, LLC

2 www.vulcanvaluepartners.com

Shareholder Letter

October 31, 2017 (Unaudited)

Past performance does not guarantee future results. The Fund’s prices fluctuate as the underlying assets have exposure to market fluctuations and other risks, as described in the Funds’ prospectus. Please call 877.421.5078 to obtain current performance information and for the current prospectus and statement of additional information. This material must be preceded or accompanied by a prospectus. Please read the prospectus carefully before investing.

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

The Funds are distributed by ALPS Distributors, Inc.

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

Diversification does not eliminate the risk of experiencing investment losses.



⁽¹⁾ Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability.

⁽²⁾ Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.



Semi-Annual Report | October 31, 2017 3

Fund Overview

October 31, 2017 (Unaudited)

VULCAN VALUE PARTNERS FUND

Annualized Total Returns (as of 10/31/17)

6 Month 1 Year 3 Year 5 Year Since Inception* Expense Ratios⁽¹⁾

Total Net⁽²⁾

Vulcan Value Partners Fund 4.66% 13.17% 20.78% 5.94% 12.98% 1.07% 1.07%

S&P 500^® Total Return Index⁽³⁾ 9.10% 16.91% 23.63% 10.77% 15.18%

Russell 1000^® Value Index⁽⁴⁾ 5.46% 8.70% 17.78% 7.99% 13.48%



Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.



Returns for periods less than 1 year are cumulative.

* Fund inception date of 12/30/09.

⁽¹⁾ Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

⁽²⁾ Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the end of the fiscal year in which the fees or expenses were foregone or reimbursed. The Adviser may not discontinue or modify this waiver prior to August 31, 2018 without the approval by the Fund’s Board of Trustees.

⁽³⁾ The S&P 500^® Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The Index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in the Index.

⁽⁴⁾ The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.



4 www.vulcanvaluepartners.com

Fund Overview

October 31, 2017 (Unaudited)

Performance of $10,000 Initial Investment (for the period ended October 31, 2017)

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

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

Industry Allocation (as a % of Net Assets)*

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

Oracle Corp. 7.96%

National Oilwell Varco, Inc. 5.98%

CVS Health Corp. 4.87%

Qorvo, Inc. 4.52%

Swiss Re AG 4.40%

Visa, Inc., Class A 4.26%

Mastercard, Inc., Class A 4.11%

McKesson Corp. 4.06%

Alphabet, Inc. 3.99%

AmerisourceBergen Corp. 3.84%

Top Ten Holdings 47.99%

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

Semi-Annual Report | October 31, 2017 5

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

As a shareholder of the Vulcan Value Partners Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2017 and held until October 31, 2017.

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

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

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

Vulcan Value Partners Fund

Beginning Account Value 5/1/17 Ending Account Value 10/31/17 Expense Ratio^(a) Expenses Paid During period 5/1/17 - 10/31/17^(b)

Actual $1,000.00 $1,046.60 1.08% $ 5.57

Hypothetical (5% return before expenses) $1,000.00 $1,019.76 1.08% $ 5.50

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

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184)/365 (to reflect the half-year period).



6 www.vulcanvaluepartners.com

Fund Overview

October 31, 2017 (Unaudited)

VULCAN VALUE PARTNERS SMALL CAP FUND

Annualized Total Returns (as of 10/31/17)

Expense Ratios⁽¹⁾

6 Month 1 Year 3 Year 5 Year Since Inception* Total Net⁽²⁾

Vulcan Value Partners Small Cap Fund 1.74% 9.39% 20.04% 7.73% 12.92% 1.27% 1.27%

Russell 2000^® Value Index⁽³⁾ 5.54% 5.82% 24.81% 9.67% 13.58%

Russell 2000^® Index⁽⁴⁾ 8.01% 11.89% 27.85% 10.12% 14.49%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. The Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-877-421-5078.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Subject to investment risks, including possible loss of the principal amount invested.

Returns for periods less than 1 year are cumulative.

* Fund inception date of 12/30/09.

⁽¹⁾ Ratios as of the Prospectus dated August 31, 2017 and may differ from the ratios presented in the Financial Highlights.

⁽²⁾ Vulcan Value Partners, LLC (“Vulcan” or the “Adviser”) has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of the Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect through August 31, 2018. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Fund will not be obligated to pay any such fees and expenses more than three years after the end of the fiscal year in which the fees or expenses were foregone or reimbursed. The Adviser may not discontinue or modify this waiver prior to August 31, 2018 without the approval by the Fund’s Board of Trustees.

⁽³⁾ The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S.equity universe. It includes those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

⁽⁴⁾ The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index is not actively managed and does not reflect any deductions for fees, expense or taxes. An investor may not invest directly in an index.

Semi-Annual Report | October 31, 2017 7

Fund Overview

October 31, 2017 (Unaudited)

Performance of $10,000 Initial Investment (for the period ended October 31, 2017)

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

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

Industry Allocation (as a % of Net Assets)*

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

Jones Lang LaSalle, Inc. 5.69%

Select Comfort Corp. 5.22%

Sabre Corp. 4.79%

ACI Worldwide, Inc. 4.73%

Axis Capital Holdings, Ltd. 4.35%

Ituran Location and Control, Ltd. 3.81%

Aspen Insurance Holdings, Ltd. 3.43%

Howden Joinery Group PLC 3.00%

MSC Industrial Direct Co., Inc., Class A 2.94%

Credit Acceptance Corp. 2.75%

Top Ten Holdings 40.71%

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

8 www.vulcanvaluepartners.com

Disclosure of Fund Expenses

October 31, 2017 (Unaudited)

As a shareholder of the Vulcan Value Partners Small Cap Fund (the “Fund”), you will incur two types of costs: (1) transaction costs, including applicable redemption fees; and (2) ongoing costs, including management fees and other fund operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2017 and held until October 31, 2017.

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

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

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

Vulcan Value Partners Small Cap Fund

Beginning Account Value 5/1/17 Ending Account Value 10/31/17 Expense Ratio^(a) Expenses Paid During period 5/1/17 - 10/31/17^(b)

Actual $1,000.00 $1,017.40 1.25% $ 6.36

Hypothetical (5% return before expenses) $1,000.00 $1,018.90 1.25% $ 6.36

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

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184)/365 (to reflect the half-year period).

Semi-Annual Report | October 31, 2017 9

Statement of Investments Vulcan Value Partners Fund

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

COMMON STOCKS (97.38%)

Communications (5.95%)

Advertising (1.96%)

WPP PLC 1,435,083 $ 25,426,130

Internet (3.99%)

Alphabet, Inc., Class C^(a) 50,916 51,763,242

TOTAL COMMUNICATIONS 77,189,372

Consumer, Cyclical (16.85%)

Auto Parts & Equipment (3.07%)

GKN PLC 9,458,737 39,823,537

Lodging (3.52%)

Hilton Worldwide Holdings, Inc. 332,536 24,035,702

InterContinental Hotels Group PLC, ADR 390,817 21,725,517

45,761,219

Retail (10.26%)

AutoZone, Inc.^(a) 57,950 34,161,525

CVS Health Corp. 921,173 63,127,986

O'Reilly Automotive, Inc.^(a) 169,702 35,798,637

133,088,148

TOTAL CONSUMER, CYCLICAL 218,672,904

Consumer, Non-cyclical (17.51%)

Commercial Services (3.86%)

Moody's Corp. 141,525 20,154,575

S&P Global, Inc. 115,936 18,140,506

Sabre Corp. 605,748 11,848,431

50,143,512

Healthcare-Services (3.17%)

Aetna, Inc. 129,100 21,950,873

Anthem, Inc. 91,811 19,207,779

41,158,652

Pharmaceuticals (10.48%)

AmerisourceBergen Corp. 648,071 49,869,063

Cardinal Health, Inc. 540,273 33,442,899

McKesson Corp. 381,778 52,639,551

135,951,513

TOTAL CONSUMER, NON-CYCLICAL 227,253,677

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Vulcan Value Partners Fund Statement of Investments

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

Energy (5.98%)

Oil & Gas Services (5.98%)

National Oilwell Varco, Inc. 2,268,978 $ 77,576,358

TOTAL ENERGY 77,576,358

Financial (28.69%)

Banks (8.17%)

Bank of New York Mellon Corp. 605,004 31,127,456

Northern Trust Corp. 290,410 27,159,143

State Street Corp. 518,136 47,668,512

105,955,111

Diversified Financial Services (8.37%)

Mastercard, Inc., Class A 358,685 53,361,568

Visa, Inc., Class A 502,049 55,215,349

108,576,917

Insurance (9.34%)

Axis Capital Holdings, Ltd. 607,162 33,023,541

Everest Re Group, Ltd. 130,619 31,015,482

Swiss Re AG 607,249 57,124,561

121,163,584

Real Estate (2.81%)

CBRE Group, Inc., Class A^(a) 928,619 36,513,299

TOTAL FINANCIAL 372,208,911

Industrial (5.57%)

Aerospace & Defense (4.24%)

Airbus SE 425,912 43,534,852

United Technologies Corp. 95,319 11,415,404

54,950,256

Miscellaneous Manufacturing (1.33%)

Parker-Hannifin Corp. 94,645 17,283,123

TOTAL INDUSTRIAL 72,233,379

Technology (16.83%)

Semiconductors (7.51%)

Qorvo, Inc.^(a) 772,721 58,579,979

Skyworks Solutions, Inc. 340,723 38,794,720

97,374,699

Semi-Annual Report | October 31, 2017 11

Statement of Investments Vulcan Value Partners Fund

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

Technology (continued)

Software (9.32%)

Oracle Corp. 2,028,682 $ 103,259,914

SS&C Technologies Holdings, Inc. 440,430 17,705,286

120,965,200

TOTAL TECHNOLOGY 218,339,899

TOTAL COMMON STOCKS

(Cost $1,053,310,655) 1,263,474,500



7-Day Yield Shares
Value

(Note 2)

SHORT TERM INVESTMENTS (0.98%)

Money Market Fund (0.98%)

Dreyfus Treasury Prime Cash Management Fund, Institutional Shares 0.930 % 12,675,228 12,675,228

TOTAL SHORT TERM INVESTMENTS

(Cost $12,675,228) 12,675,228

TOTAL INVESTMENTS (98.36%)

(Cost $1,065,985,883) $ 1,276,149,728

Other Assets In Excess Of Liabilities (1.64%) 21,235,511

NET ASSETS (100.00%) $ 1,297,385,239

^(a) Non-Income Producing Security.

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

See Accompanying Notes to Financial Statements.

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Vulcan Value Partners Small Cap Fund Statement of Investments

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

COMMON STOCKS (80.80%)

Communications (2.35%)

Internet (2.35%)

Criteo SA, Sponsored ADR^(a) 675,225 $ 28,204,148

TOTAL COMMUNICATIONS 28,204,148

Consumer, Cyclical (17.27%)

Distribution/Wholesale (1.57%)

WESCO International, Inc.^(a) 298,523 18,851,727

Home Furnishings (8.22%)

Howden Joinery Group PLC 6,613,864 36,024,043

Select Comfort Corp.^(a) 1,930,230 62,732,475

98,756,518

Housewares (1.27%)

Tupperware Brands Corp. 259,547 15,248,386

Lodging (3.33%)

Choice Hotels International, Inc. 284,663 19,855,244

La Quinta Holdings Inc^(a) 1,141,054 20,105,372

39,960,616

Office Furnishings (1.51%)

Herman Miller, Inc. 538,992 18,110,131

Retail (1.37%)

Halfords Group PLC 3,747,622 16,450,332

TOTAL CONSUMER, CYCLICAL 207,377,710

Consumer, Non-cyclical (11.07%)

Commercial Services (8.81%)

Sabre Corp. 2,937,857 57,464,483

Savills PLC 1,740,360 21,565,928

Sotheby's^(a) 515,876 26,732,694

105,763,105

Food (2.26%)

Ebro Foods SA, ADR 1,126,443 27,062,793

TOTAL CONSUMER, NON-CYCLICAL 132,825,898

Semi-Annual Report | October 31, 2017 13

Statement of Investments Vulcan Value Partners Small Cap Fund

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

Energy (0.68%)

Oil & Gas Services (0.68%)

Thermon Group Holdings, Inc.^(a) 379,164 $ 8,155,818

TOTAL ENERGY 8,155,818

Financial (24.12%)

Diversified Financial Services (4.20%)

Credit Acceptance Corp.^(a) 114,958 32,961,907

Virtus Investment Partners, Inc. 149,889 17,447,080

50,408,987

Insurance (13.14%)

Aspen Insurance Holdings, Ltd. 960,485 41,204,807

Axis Capital Holdings, Ltd. 961,011 52,269,388

Everest Re Group, Ltd. 136,405 32,389,367

Navigators Group, Inc. 550,857 31,949,706

157,813,268

Real Estate (5.69%)

Jones Lang LaSalle, Inc. 527,129 68,257,934

REITS (1.09%)

Outfront Media, Inc. 559,755 13,126,255

TOTAL FINANCIAL 289,606,444

Industrial (20.58%)

Building Materials (2.60%)

Ibstock PLC^(b)(c) 9,473,089 31,215,177

Electronics (5.95%)

Ituran Location and Control, Ltd. 1,288,897 45,755,844

Woodward, Inc. 331,816 25,659,331

71,415,175

Industrial Services (2.94%)

MSC Industrial Direct Co., Inc., Class A 426,386 35,347,399

Machinery-Diversified (3.00%)

Concentric AB 898,259 15,075,330

Lindsay Corp. 229,318 20,996,356

36,071,686

Miscellaneous Manufacturing (5.04%)

Actuant Corp., Class A 515,923 13,156,036

Carlisle Cos., Inc. 249,713 27,425,979

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Vulcan Value Partners Small Cap Fund Statement of Investments

October 31, 2017 (Unaudited)

Shares
Value

(Note 2)

Industrial (continued)

Miscellaneous Manufacturing (continued)

Crane Co. 239,430 $ 19,901,422

60,483,437

Transportation (1.05%)

Forward Air Corp. 218,556 12,553,857

TOTAL INDUSTRIAL 247,086,731

Technology (4.73%)

Software (4.73%)

ACI Worldwide, Inc.^(a) 2,359,079 56,806,622

TOTAL TECHNOLOGY 56,806,622

TOTAL COMMON STOCKS

(Cost $769,881,448) 970,063,371

7-Day Yield Shares
Value

(Note 2)

SHORT TERM INVESTMENTS (20.16%)

Money Market Fund (20.16%)

Dreyfus Treasury Prime Cash Management Fund, Institutional Shares 0.930 % 241,996,715 241,996,715

TOTAL SHORT TERM INVESTMENTS

(Cost $241,996,715) 241,996,715

TOTAL INVESTMENTS (100.96%)

(Cost $1,011,878,163) $ 1,212,060,086

Liabilities In Excess Of Other Assets (-0.96%) (11,480,579 )

NET ASSETS (100.00%) $ 1,200,579,507

^(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 October 31, 2017, these securities had a total aggregate market value of $31,215,177 representing 2.60% of net assets.

Semi-Annual Report | October 31, 2017 15

Statement of Investments Vulcan Value Partners Small Cap Fund

October 31, 2017 (Unaudited)

^(c) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such securities cannot be sold by the issuer 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. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Trustees, unless otherwise noted below. As of October 31, 2017, these securities had a total aggregate market value of $31,215,177, representing 2.60% of net assets.

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

See Accompanying Notes to Financial Statements.

16 www.vulcanvaluepartners.com

Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

Vulcan Value Partners Fund
Vulcan Value Partners

Small Cap Fund

ASSETS:

Investments, at value $ 1,276,149,728 $ 1,212,060,086

Cash – 12,639,709

Receivable for investments sold 26,483,655 7,349,799

Receivable for shares sold 55,376 834,961

Dividends receivable 2,355,922 531,842

Other assets 15,057 13,848

Total assets 1,305,059,738 1,233,430,245

LIABILITIES:

Payable for investments purchased 5,986,632 30,697,226

Payable for shares redeemed 340,140 827,683

Payable to adviser 1,139,672 1,173,248

Payable for administration fees 32,511 29,472

Payable for transfer agency fees 17,758 15,804

Payable for delegated transfer agent equivalent services fees 9,469 39,482

Payable for professional fees 17,845 16,972

Payable for trustee fees and expenses 6,422 6,176

Payable for principal financial officer fees 429 446

Payable to ReFlow (Note 2) 77,082 –

Accrued expenses and other liabilities 46,539 44,229

Total liabilities 7,674,499 32,850,738

NET ASSETS $ 1,297,385,239 $ 1,200,579,507

NET ASSETS CONSIST OF:

Paid-in capital (Note 5) $ 1,085,408,088 $ 955,988,407

Accumulated net investment income 7,699,145 1,035,769

Accumulated net realized gain/(loss) (5,875,449 ) 43,371,166

Net unrealized appreciation 210,153,455 200,184,165

NET ASSETS $ 1,297,385,239 $ 1,200,579,507

INVESTMENTS, AT COST $ 1,065,985,883 $ 1,011,878,163

PRICING OF SHARES:

Net Asset Value, offering and redemption price per share $ 20.20 $ 20.51

Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) 64,217,762 58,536,305

See Accompanying Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 17

Statements of Operations

For the Six Months Ended October 31, 2017 (Unaudited)

Vulcan Value Partners Fund
Vulcan Value Partners

Small Cap Fund

INVESTMENT INCOME:

Dividends $ 9,765,207 $ 7,680,219

Foreign taxes withheld (12,159 ) (193,499 )

Total investment income 9,753,048 7,486,720

EXPENSES:

Investment advisory fees (Note 6) 6,654,859 6,899,458

Administrative fees 187,123 169,309

Transfer agency fees 64,649 55,737

Delegated transfer agent equivalent services fees 68,052 140,191

Professional fees 22,275 21,387

Custodian fees 89,577 80,519

Principal financial officer fees 2,618 2,423

Trustee fees and expenses 14,387 13,307

Recoupment of previously waived fees – 59,895

ReFlow Fees (Note 2) 77,082 –

Other 37,938 37,736

Total net expenses 7,218,560 7,479,962

NET INVESTMENT INCOME 2,534,488 6,758

Net realized loss on investments (5,809,954 )^(a) (26,400,797 )

Net realized gain on foreign currency transactions 49,102 13,948

Net realized loss (5,760,852 ) (26,386,849 )

Net change in unrealized appreciation of investments 63,581,538 46,025,020

Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies (35,458 ) (28,226 )

Net change in unrealized appreciation 63,546,080 45,996,794

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 57,785,228 19,609,945

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 60,319,716 $ 19,616,703

^(a) See Note 2 for gain/(loss) on In-Kind transactions.

See Accompanying Notes to Financial Statements.

18 www.vulcanvaluepartners.com

Vulcan Value Partners Fund Statements of Changes in Net Assets

For the Six

Months Ended October 31, 2017 (Unaudited)

For the

Year Ended

April 30, 2017

OPERATIONS:

Net investment income $ 2,534,488 $ 13,943,068

Net realized gain/(loss) (5,760,852 ) 89,567,315

Net change in unrealized appreciation 63,546,080 69,313,571

Net increase in net assets resulting from operations 60,319,716 172,823,954

DISTRIBUTIONS TO SHAREHOLDERS (Note 3):

From net investment income – (17,969,116 )

Net decrease in net assets from distributions – (17,969,116 )

SHARE TRANSACTIONS (Note 5):

Proceeds from sales of shares 106,483,250 162,065,966

Issued to shareholders in reinvestment of distributions – 13,362,586

Cost of shares redeemed, net of redemption fees (154,086,383 ) (573,695,164 )

Net decrease from share transactions (47,603,133 ) (398,266,612 )

Net increase/(decrease) in net assets 12,716,583 (243,411,774 )

NET ASSETS:

Beginning of year 1,284,668,656 1,528,080,430

End of period* $ 1,297,385,239 $ 1,284,668,656

*Includes accumulated net investment income of: $ 7,699,145 $ 5,164,657

See Accompanying Notes to Financial Statements.

Semi-Annual Report | October 31, 2017 19

Statements of Changes in Net Assets Vulcan Value Partners Small Cap Fund

For the Six

Months Ended October 31, 2017 (Unaudited)

For the

Year Ended

April 30, 2017

OPERATIONS:

Net investment income $ 6,758 $ 2,130,748

Net realized gain/(loss) (26,386,849 ) 114,144,015

Net change in unrealized appreciation 45,996,794 123,772,371

Net increase in net assets resulting from operations 19,616,703 240,047,134

DISTRIBUTIONS TO SHAREHOLDERS (Note 3):

From net investment income – (3,924,578 )

Net decrease in net assets from distributions – (3,924,578 )

SHARE TRANSACTIONS (Note 5):

Proceeds from sales of shares 119,632,280 274,573,708

Issued to shareholders in reinvestment of distributions – 2,400,082

Cost of shares redeemed, net of redemption fees (194,275,306 ) (404,497,434 )

Net decrease from share transactions (74,643,026 ) (127,523,644 )

Net increase/(decrease) in net assets (55,026,323 ) 108,598,912

NET ASSETS:

Beginning of year 1,255,605,830 1,147,006,918

End of period* $ 1,200,579,507 $ 1,255,605,830

*Includes accumulated net investment income of: $ 1,035,769 $ 1,029,011

See Accompanying Notes to Financial Statements.

20 www.vulcanvaluepartners.com

Intentionally Left Blank

Financial Highlights

For a share outstanding throughout the years presented.

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

Total distributions

Redemption fees added to paid-in capital

Increase/(decrease) in net asset value

NET ASSET VALUE, END OF PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income to average net assets including fee waivers/reimbursements

Portfolio turnover rate

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

^(b) Less than $0.005 per share.

^(c) Not annualized.

^(d) Annualized.

See Accompanying Notes to Financial Statements.

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Vulcan Value Partners Fund



For the Six

Months Ended October 31, 2017 (Unaudited)
For the Year Ended April 30, 2017 For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 For the Year Ended April 30, 2014 For the Year Ended April 30, 2013

$ 19.30 $ 17.17 $ 19.97 $ 18.20 $ 15.28 $ 13.03

0.04 0.18 0.20 0.22 0.14 0.15

0.86 2.18 (1.51 ) 2.77 3.33 2.35

0.90 2.36 (1.31 ) 2.99 3.47 2.50

– (0.23 ) (0.13 ) (0.17 ) (0.11 ) (0.12 )

– – (1.36 ) (1.05 ) (0.44 ) (0.13 )

– (0.23 ) (1.49 ) (1.22 ) (0.55 ) (0.25 )

0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

0.90 2.13 (2.80 ) 1.77 2.92 2.25

$ 20.20 $ 19.30 $ 17.17 $ 19.97 $ 18.20 $ 15.28

4.66 %^(c) 13.85 % (6.49 %) 16.61 % 22.84 % 19.33 %

$ 1,297,385 $ 1,284,669 $ 1,528,080 $ 1,770,104 $ 929,829 $ 447,297

1.08 %^(d) 1.07 % 1.08 % 1.08 % 1.09 % 1.18 %

1.08 %^(d) 1.07 % 1.08 % 1.08 % 1.09 % 1.18 %

0.38 %^(d) 1.01 % 1.10 % 1.12 % 0.80 % 1.06 %

25 %^(c) 49 % 85 % 64 % 56 % 24 %



Semi-Annual Report | October 31, 2017 23

Financial Highlights

For a share outstanding throughout the years presented.

NET ASSET VALUE, BEGINNING OF PERIOD

INCOME/(LOSS) FROM OPERATIONS:

Net investment income/(loss)^(a)

Net realized and unrealized gain/(loss) on investments

Total from investment operations

LESS DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains on investments

Total distributions

Redemption fees added to paid-in capital

Increase/(decrease) in net asset value

NET ASSET VALUE, END OF PERIOD

Total return

RATIOS AND SUPPLEMENTAL DATA:

Net assets, end of period (000's)

Ratio of expenses to average net assets without fee waivers/reimbursements

Ratio of expenses to average net assets including fee waivers/reimbursements

Net investment income/(loss) to average net assets including fee waivers/reimbursements

Portfolio turnover rate

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

^(b) Less than $0.005 per share.

^(c) Not annualized.

^(d) Annualized.

^(e) Less than 0.005%

See Accompanying Notes to Financial Statements.

24 www.vulcanvaluepartners.com

Vulcan Value Partners Small Cap Fund



For the Six

Months Ended October 31, 2017 (Unaudited)
For the Year Ended April 30, 2017 For the Year Ended April 30, 2016 For the Year Ended April 30, 2015 For the Year Ended April 30, 2014 For the Year Ended April 30, 2013

$ 20.16 $ 16.58 $ 18.61 $ 18.74 $ 16.97 $ 13.18

0.00 ^(b) 0.03 0.10 0.10 (0.01 ) 0.03

0.35 3.61 (1.05 ) 1.77 2.76 3.91

0.35 3.64 (0.95 ) 1.87 2.75 3.94

– (0.06 ) (0.06 ) (0.11 ) – (0.06 )

– – (1.02 ) (1.89 ) (0.98 ) (0.09 )

– (0.06 ) (1.08 ) (2.00 ) (0.98 ) (0.15 )

0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b) 0.00 ^(b)

0.35 3.58 (2.03 ) (0.13 ) 1.77 3.79

$ 20.51 $ 20.16 $ 16.58 $ 18.61 $ 18.74 $ 16.97

1.74 %^(c) 21.97 % (5.04 %) 10.74 % 16.11 % 30.07 %

$ 1,200,580 $ 1,255,606 $ 1,147,007 $ 1,133,122 $ 1,066,246 $ 425,152

1.25 %^(d) 1.25 % 1.25 % 1.26 % 1.30 % 1.38 %

1.25 %^(d) 1.25 % 1.25 % 1.25 % 1.25 % 1.28 %

0.00 %^(d)(e) 0.18 % 0.61 % 0.56 % (0.05 %) 0.21 %

32 %^(c) 52 % 80 % 73 % 70 % 57 %

Semi-Annual Report | October 31, 2017 25

Notes to Financial Statements

October 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 semi-annual report describes the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (each a “Fund” and collectively, the “Funds”). The Funds seek to achieve long-term capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

The market price for debt obligations is generally the 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.

26 www.vulcanvaluepartners.com

Notes to Financial Statements

October 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 October 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) $ 1,263,474,500 $ – $ – $ 1,263,474,500

Short Term Investments 12,675,228 – – 12,675,228

TOTAL $ 1,276,149,728 $ – $ – $ 1,276,149,728

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) $ 970,063,371 $ – $ – $ 970,063,371

Short Term Investments 241,996,715 – – 241,996,715

TOTAL $ 1,212,060,086 $ – $ – $ 1,212,060,086

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

Semi-Annual Report | October 31, 2017 27

Notes to Financial Statements

October 31, 2017 (Unaudited)

The Funds recognize transfers between levels as of the end of period. For the six months ended October 31, 2017, the Funds did not have any transfers between Level 1 and Level 2. For the six months ended October 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.

ReFlow Liquidity Program: Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC (“ReFlow”) provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. ReFlow will purchase shares of the Fund at net asset value and will not be subject to any investment minimums. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net subscriptions, at the end of a maximum holding period determined by ReFlow (currently 28 days), or at other times as the Fund may request. ReFlow may choose to redeem its position in the Fund with an in-kind transfer of securities, instead of cash, enabling the Fund to avoid a realization of capital gains on the securities it transfers. ReFlow will not be subject to any short-term redemption fees. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.20% of the value of the Fund shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Funds’ liquidity needs on a particular day. During the six months ended October 31, 2017, the Funds participated in ReFlow. Fees associated with ReFlow are disclosed in the Statements of Operations.

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

28 www.vulcanvaluepartners.com

Notes to Financial Statements

October 31, 2017 (Unaudited)

Fund’s receipt of cash in excess of the REITs’ earnings. If the Fund receives such distributions all or a portion of these distributions will constitute a return of capital to such Fund. Receiving a return of capital distribution from REITs will reduce the amount of income available to be distributed to Fund shareholders. Income from REITs generally will not be eligible for treatment as qualified dividend income. As the final character of the distributions is not known until reported by the REITs on their 1099s, the Funds utilize an average of the prior year’s reallocation information as an estimate for the current year character of distributions.

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

Foreign Currency Translation: 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.

In-Kind Redemptions: On October 30, 2017, the Vulcan Value Partners Fund distributed portfolio securities rather than cash as payment for certain redemptions of fund shares (in-kind redemptions). The proceeds for the in-kind redemptions, which are included in Redemption of shares in the Statements of Changes in Net Assets, were $37,345,537 and represented 2.88% of the Fund’s net assets on October 30, 2017. For financial reporting purposes, the Fund recognized gains on the in-kind redemptions in the amount of $18,903,352. For tax purposes, the gains are not recognized.

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

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

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

As of and during the six months ended October 31, 2017, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the

Semi-Annual Report | October 31, 2017 29

Notes to Financial Statements

October 31, 2017 (Unaudited)

applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

3. TAX BASIS INFORMATION

Tax Basis of Investments: As of October 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) $ 243,130,474 $ 209,829,435

Gross depreciation (excess of tax cost over value) (42,702,855 ) (10,273,119 )

Net unrealized appreciation $ 200,427,619 $ 199,556,316

Cost of investments for income tax purposes $ 1,063,046,881 $ 770,507,055

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

The tax character of distributions paid by the Funds for the fiscal year ended April 30, 2017 were as follows:

Ordinary Income Long-Term Capital Gain

2017

Vulcan Value Partners Fund $ 17,969,116 $ –

Vulcan Value Partners Small Cap Fund 3,924,578 –

30 www.vulcanvaluepartners.com

Notes to Financial Statements

October 31, 2017 (Unaudited)

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of October 31, 2017.

4. SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of securities (excluding short-term securities) during the six months ended October 31, 2017 were as follows:

Fund Purchases of Securities Proceeds From Sales of Securities

Vulcan Value Partners Fund $ 307,490,557 $ 347,414,476

Vulcan Value Partners Small Cap Fund 313,128,206 418,751,719

5. SHARES OF BENEFICIAL INTEREST

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

Shares redeemed within 90 days of purchase may incur a 2% short-term redemption fee deducted from the redemption amount. The Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund retained $1,881 and $5,900, respectively, for the six months ended October 31, 2017, and $34,938 and $32,740, respectively, for the year ended April 30, 2017, which is reflected in the “Cost of shares redeemed, net of redemption fees” in the Statements of Changes in Net Assets.

Transactions in shares of capital stock for the dates listed below were as follows:

Vulcan Value Partners Fund

For the Six

Months Ended October 31, 2017 (Unaudited)
For the Year Ended April 30, 2017

Shares Sold 5,350,046 9,220,974

Shares Issued in Reinvestment of Dividends – 737,043

Less Shares Redeemed (7,704,737 ) (32,359,605 )

Net Decrease (2,354,691 ) (22,401,588 )

Semi-Annual Report | October 31, 2017 31

Notes to Financial Statements

October 31, 2017 (Unaudited)

Vulcan Value Partners Small Cap Fund

For the Six
Months Ended
October 31, 2017
(Unaudited) For the Year Ended
April 30, 2017

Shares Sold 6,007,076 15,271,480

Shares Issued in Reinvestment of Dividends – 125,989

Less Shares Redeemed (9,758,714 ) (22,299,640 )

Net Decrease (3,751,638 ) (6,902,171 )

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser, subject to the authority of the Board, is responsible for the overall management and administration of the Funds’ business affairs. The Adviser manages the investments of the Funds in accordance with each Fund’s investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board. Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Funds pay the Adviser an annual management fee of 1.00% and 1.15% for Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, respectively, based on each Fund’s average daily net assets. The management fee is paid on a monthly basis.

The Adviser has contractually agreed to limit the Fund’s total annual fund operating expenses (exclusive of acquired fund fees and expenses, brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% of each Fund’s average daily net assets. This agreement (the “Expense Agreement”) is in effect from September 1, 2017 through August 31, 2018. The prior Expense Agreement was in effect from September 1, 2016 through August 31, 2017. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that a Fund’s expenses in later periods fall below the expense cap in effect at the time of waiver or reimbursement. Notwithstanding the foregoing, the Funds will not be obligated to pay any such fees and expenses more than three years after the date of the waiver or reimbursement. The Adviser may not discontinue or modify this waiver prior to August 31, 2018 without the approval by the Funds’ Board.

For the six months ended October 31, 2017, the fee waivers and/or reimbursements and recoupment amounts were as follows:

Fund Fees Waived/Reimbursed By Adviser Recoupment of Previously
Waived Fees by Adviser

Vulcan Value Partners Fund $ – $ –

Vulcan Value Partners Small Cap Fund – 59,895

As of October 31, 2017, the Funds do not have any balances of recoupable expenses.

32 www.vulcanvaluepartners.com

Notes to Financial Statements

October 31, 2017 (Unaudited)

Fund Administrator Fees and Expenses: ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administration Agreement, ALPS provides operational services to the Funds including, but not limited to fund accounting and fund administration and generally assist in each Fund’s operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

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

Transfer Agent: ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Compliance Services: ALPS provides services that assist the Trust’s chief compliance officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 under the 1940 Act and receives an annual base fee. ALPS is reimbursed for certain out-of-pocket expenses by the Funds. Vulcan pays this fee on behalf of the Funds.

Principal Financial Officer: ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) (an affiliate of ADI) receives an annual fee for providing principal financial officer services to the Funds. Principal financial officer fees paid by the Fund for the six months ended October 31, 2017 are disclosed in the Statements of Operations.

Distributor: ALPS Distributors, Inc. (“ADI” or the “Distributor”) (an affiliate of ALPS Fund Services, Inc.) acts as the distributor of each Fund’s shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by ADI as agent for the Funds, and ADI has agreed to use its best efforts to solicit orders for the sale of each Fund’s shares, although it is not obliged to sell any particular amount of shares. ADI is not entitled to any compensation for its services as Distributor. ADI is registered as a broker-dealer with the U.S. Securities and Exchange Commission. Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of the Funds. Transactions may be processed through the National Securities Clearing Corporation (“NSCC”) or similar systems or processed on a manual basis. These fees are paid by the Funds to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Funds converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Funds may increase. Fees are disclosed on the Statements of Operations as “Delegated transfer agent equivalent services fees”.

Semi-Annual Report | October 31, 2017 33

Notes to Financial Statements

October 31, 2017 (Unaudited)

7. INDEMNIFICATIONS

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

34 www.vulcanvaluepartners.com

Additional Information

October 31, 2017 (Unaudited)

1. FUND HOLDINGS

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

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

The Funds’ policies and procedures used in determining how to vote proxies and information regarding how the Fund voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866)-759-5679 and (2) on the SEC’s website at http://www.sec.gov.

Semi-Annual Report | October 31, 2017 35

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Item 2. Code of Ethics.

Not applicable to this Report.

Item 3. Audit Committee Financial Expert.

Not applicable to this Report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this Report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Reports to Stockholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1) Not applicable to this Report.

(a)(2) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) The certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.

SIGNATURES

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

FINANCIAL INVESTORS TRUST

By: /s/ Edmund J. Burke

Edmund J. Burke (Principal Executive Officer)

President

Date: January 8, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

By: /s/ Edmund J. Burke

Edmund J. Burke (Principal Executive Officer)

President

Date: January 8, 2018

By: /s/ Kimberly R. Storms

Kimberly R. Storms (Principal Financial Officer)

Treasurer

Date: January 8, 2018

	Shares		Value (Note 2)
Pakistan (continued)
Kohinoor Textile Mills, Ltd.		159,000	$	100,546
				242,726

Philippines (1.98%)
Concepcion Industrial Corp.		169,770		213,754
Pepsi-Cola Products Philippines, Inc.		371,000		20,697
Pryce Corp.^(a)		4,586,500		579,254
				813,705

Poland (1.26%)
LiveChat Software SA		13,800		182,928
Medicalgorithmics SA		2,600		144,002
PGS Software SA		51,047		192,691
				519,621

Singapore (0.79%)
Riverstone Holdings, Ltd.		419,800		324,913

South Africa (0.75%)
ARB Holdings, Ltd.		400,143		169,807
Cartrack Holdings, Ltd.		132,200		140,253
				310,060

South Korea (2.80%)
Daebongls Co., Ltd.		19,226		166,802
Daewon Pharmaceutical Co., Ltd.		8,250		131,443
Hy-Lok Corp.		8,412		185,457
ISC Co., Ltd.		12,447		235,530
Koh Young Technology, Inc.		2,010		137,786
LEENO Industrial, Inc.		4,800		219,360
Vitzrocell Co., Ltd.^(a)(d)		11,180		75,965
				1,152,343

Sri Lanka (0.95%)
Royal Ceramics Lanka PLC		267,000		205,084
Sampath Bank PLC		84,605		187,081
				392,165

Sweden (3.02%)
Absolent Group AB		8,029		114,369
Bufab AB		10,821		129,257
HIQ International AB		26,600		190,643
Moberg Pharma AB^(a)		20,900		94,868
Odd Molly International AB		28,046		77,723
Swedencare AB^(a)		50,955		146,079
TF Bank AB^(b)		11,400		129,025
Vitec Software Group AB, Class B		35,500		360,443
				1,242,407

Taiwan (3.82%)
Dr. Wu Skincare Co., Ltd.		26,100		116,829

	Shares		Value (Note 2)
Vietnam (continued)
Taisun Int'l Holding Corp.		46,000	$	188,365
				665,168

TOTAL COMMON STOCKS
(Cost $32,353,895)				40,424,061

		Principal Amount		Value (Note 2)
CORPORATE BONDS (0.52%)
Germany (0.42%)
publity AG
3.50%, 11/17/2020	$	150,000	$	174,028

Malaysia (0.10%)
AEON Credit Service M Bhd
3.50%, 09/15/2020	$	129,900		38,355

TOTAL CORPORATE BONDS
(Cost $195,634)				212,383

	Shares		Value (Note 2)
COMMON STOCKS (95.47%)
Argentina (0.42%)
Globant SA^(a)		87,275	$	3,292,013

Australia (1.57%)
Blue Sky Alternative Investments, Ltd.		291,700		3,143,398
Greencross, Ltd.		544,716		2,213,732
Magellan Financial Group, Ltd.		193,064		3,586,175
National Storage REIT		1,609,090		1,816,489
National Veterinary Care, Ltd.		280,456		566,668
Netwealth Group, Ltd.^(a)		4,600		13,026
Reject Shop, Ltd.		276,478		986,068
				12,325,556

Austria (1.20%)
Palfinger AG		213,105		9,432,945

Belgium (0.82%)
Melexis NV		64,493		6,461,474

Britain (9.62%)
Abcam PLC		139,253		1,840,243
Arrow Global Group PLC		765,039		4,300,589
Ascential PLC		471,400		2,109,298
B&M European Value Retail SA		1,065,300		5,621,315
Clinigen Group PLC		645,076		10,084,045
Close Brothers Group PLC		128,900		2,377,949
Diploma PLC		175,800		2,519,346
Domino's Pizza Group PLC		624,200		2,783,060
EMIS Group PLC		371,617		4,748,080
Intertek Group PLC		39,800		2,867,677
Metro Bank PLC^(a)		75,800		3,580,968
Motorpoint group PLC^(b)		747,358		1,513,721
On the Beach Group PLC^(b)(c)		608,300		3,332,646
Oxford Immunotec Global PLC^(a)		246,554		3,259,444
Premier Asset Management Group PLC		248,700		667,228
River & Mercantile Group PLC		477,200		2,227,785
RPS Group PLC		1,508,839		5,896,670
Sanne Group PLC		618,914		6,576,089
Secure Trust Bank PLC		110,600		2,710,185
Ted Baker PLC		75,000		2,759,233
Ultra Electronics Holdings PLC		150,750		3,651,990
				75,427,561

Canada (2.05%)
Biosyent, Inc.^(a)		238,700		1,961,259
Cipher Pharmaceuticals, Inc.^(a)		588,400		1,974,864
Richelieu Hardware, Ltd.		173,865		4,553,832
Spartan Energy Corp.^(a)		30,134		159,534

	Shares		Value (Note 2)
Canada (continued)
Stantec, Inc.		259,512	$	7,414,628
				16,064,117

China (6.78%)
BBI Life Sciences Corp.^(b)		12,969,000		5,186,669
BrightKing Holdings, Ltd.		342,000		748,421
China Medical System Holdings, Ltd.		3,354,000		6,199,487
CSPC Pharmaceutical Group, Ltd.		2,960,000		5,144,922
Man Wah Holdings, Ltd.		16,275,000		14,686,595
O2Micro International, Ltd., ADR^(a)		870,186		1,731,670
On-Bright Electronics, Inc.		831,181		5,939,074
Silergy Corp.		353,852		7,637,980
Xiabuxiabu Catering
Management China
Holdings Co., Ltd.^(b)(c)		4,005,000		5,842,144
				53,116,962

Colombia (0.81%)
Amerisur Resources PLC^(a)		3,109,700		805,379
Gran Tierra Energy, Inc.^(a)		775,950		1,683,812
Parex Resources, Inc.^(a)		288,300		3,834,763
				6,323,954

Egypt (0.07%)
Integrated Diagnostics
Holdings PLC^(b)(c)		131,600		513,240

Finland (0.38%)
Metso OYJ		81,000		2,944,753

France (1.66%)
Alten SA		17,853		1,562,825
Bureau Veritas SA		81,100		2,172,323
Esker SA		30,047		1,858,513
Infotel SA		12,620		749,721
Medicrea International^(a)		150,185		689,275
Neurones		39,608		1,321,836
Tessi SA		8,710		1,760,101
Thermador Groupe		23,869		2,917,454
				13,032,048

Georgia (0.98%)
BGEO Group PLC		111,900		5,290,875
TBC Bank Group PLC		105,500		2,398,853
				7,689,728

Germany (3.79%)
Aroundtown SA		734,200		5,157,055
GRENKE AG		20,700		2,025,683
Nexus AG		127,175		3,859,783
Norma Group SE		76,768		5,223,210
PATRIZIA Immobilien AG^(a)		187,213		3,949,340

	Shares		Value (Note 2)
Germany (continued)
publity AG		83,400	$	3,672,699
Wirecard AG		58,785		5,789,622
				29,677,392

Hong Kong (2.05%)
International Housewares Retail Co., Ltd.		12,296,000		2,316,907
Samsonite International SA		845,000		3,525,617
Value Partners Group, Ltd.		7,635,000		7,565,123
Vitasoy International Holdings, Ltd.		1,135,483		2,625,697
				16,033,344

India (7.31%)
Alkem Laboratories, Ltd.		270,131		7,814,755
Bajaj Finance, Ltd.		203,250		5,650,222
Byke Hospitality, Ltd.		869,500		2,110,950
City Union Bank, Ltd.		616,593		1,537,883
Cyient, Ltd.		532,616		4,444,959
Essel Propack, Ltd.		186,695		822,197
Genpact, Ltd.		52,450		1,597,103
Glenmark Pharmaceuticals, Ltd.		193,500		1,845,340
Hinduja Global Solutions, Ltd.		212,100		1,890,427
Indiabulls Housing Finance, Ltd.		143,500		2,756,179
Kellton Tech Solutions, Ltd.^(a)		593,000		897,219
Kovai Medical Center and Hospital		25,501		446,229
L&T Finance Holdings, Ltd.		673,000		2,090,032
L&T Technology Services, Ltd.^(b)(c)		29,848		383,865
SBI Life Insurance Co., Ltd.^(a)(b)(c)		57,297		585,697
Tata Investment Corp., Ltd.		41,672		559,122
Time Technoplast, Ltd.		1,450,205		4,175,668
Vakrangee, Ltd.		650,000		5,642,859
Vesuvius India, Ltd.		37,365		776,216
WNS Holdings, Ltd., ADR^(a)		158,125		5,996,100
Yes Bank, Ltd.		1,081,000		5,244,677
				57,267,699

Indonesia (2.25%)
Arwana Citramulia Tbk PT		59,516,800		1,685,121
Astra Graphia Tbk PT		7,655,400		750,723
Bank Rakyat Indonesia Persero Tbk PT		1,973,500		2,269,980
Delfi, Ltd.		1,572,400		1,707,250
Link Net Tbk PT		3,945,800		1,451,763
Panin Sekuritas Tbk PT		4,960,800		749,835
Selamat Sempurna Tbk PT		59,713,000		5,679,614
Tempo Scan Pacific Tbk PT		15,553,000		2,121,515

	Shares		Value (Note 2)
Indonesia (continued)
Ultrajaya Milk Industry & Trading Co. Tbk PT		13,018,000	$	1,252,608
				17,668,409

Ireland (0.34%)
Irish Residential Properties REIT PLC		1,553,046		2,668,372

Israel (0.45%)
Wix.com, Ltd.^(a)		50,750		3,542,350

Italy (0.38%)
Brembo SpA		182,700		3,017,761

Japan (8.29%)
AIT Corp.		365,500		4,252,729
Amiyaki Tei Co., Ltd.		69,200		3,237,712
Arcland Service Holdings Co., Ltd.		148,800		3,276,858
Create SD Holdings Co., Ltd.		146,700		3,669,274
CyberAgent, Inc.		68,200		2,099,292
Dip Corp.		123,300		2,995,071
Future Corp.		220,300		2,212,590
GCA Corp.		389,000		3,540,873
Hard Off Corp. Co., Ltd.		250,700		2,564,215
Japan Lifeline Co., Ltd.		52,400		2,506,979
M&A Capital Partners Co., Ltd.^(a)		84,700		4,417,317
Macromill, Inc.		96,100		2,882,028
MISUMI Group, Inc.		136,600		3,724,199
Naigai Trans Line, Ltd.		55,300		822,898
Nihon M&A Center, Inc.		111,000		5,281,298
Prestige International, Inc.		219,000		2,355,543
SK Kaken Co., Ltd.		11,000		912,757
Suruga Bank, Ltd.		67,500		1,524,471
Synchro Food Co., Ltd.^(a)		102,900		1,583,703
Syuppin Co., Ltd.		141,400		3,208,408
Tokyo Century Corp.		42,100		1,823,513
Trancom Co., Ltd.		100,470		6,096,856
				64,988,584

Luxembourg (0.70%)
Grand City Properties SA		116,300		2,492,686
L'Occitane International SA		1,596,753		3,033,287
				5,525,973

Malaysia (0.72%)
AEON Credit Service M Bhd		880,220		2,890,057
My EG Services Bhd		5,261,600		2,721,839
				5,611,896

Mexico (0.61%)
Banregio Grupo Financiero
SAB de CV		383,034		2,043,061

	Shares		Value (Note 2)
South Africa (continued)
EOH Holdings, Ltd.		167,000	$	1,245,051
Italtile, Ltd.		1,177,166		1,149,795
				5,794,106

South Korea (1.92%)
Hy-Lok Corp.		208,907		4,605,706
ISC Co., Ltd.		138,308		2,617,155
Koh Young Technology, Inc.		39,781		2,726,988
LEENO Industrial, Inc.		46,500		2,125,050
Loen Entertainment, Inc.		31,500		2,994,377
				15,069,276

Sweden (2.99%)
AddTech AB, Class B		182,127		4,035,591
Beijer Alma AB		85,931		2,771,422
Bufab AB		252,708		3,018,616
HIQ International AB		203,792		1,460,587
Hoist Finance AB^(b)(c)		247,700		2,603,740
Indutrade AB		154,800		4,293,605
Moberg Pharma AB^(a)		255,657		1,160,460
Nibe Industrier AB, Class B		308,400		3,085,234
TF Bank AB^(b)		86,200		975,608
				23,404,863

Switzerland (1.03%)
Luxoft Holding, Inc.^(a)		44,200		2,057,510
VZ Holding AG		11,875		4,103,550
Wizz Air Holdings PLC^(a)(b)(c)		43,700		1,900,816
				8,061,876

Taiwan (1.18%)
ASPEED Technology, Inc.		66,237		1,530,768
Cub Elecparts, Inc.		44,295		436,936
Sinmag Equipment Corp.		330,842		1,678,371
Sporton International, Inc.		773,249		3,922,714
Test Research, Inc.		554,000		771,498
TSC Auto ID Technology Co., Ltd.		125,000		913,891
				9,254,178

Thailand (1.24%)
Ananda Development PCL		23,099,000		4,137,238
Premier Marketing PCL		5,382,700		2,365,666
Srisawad Power Corp. PCL		1,532,000		3,205,117
				9,708,021

United Arab Emirates (0.21%)
Aramex PJSC		1,162,100		1,620,071

United States (24.81%)
Aratana Therapeutics, Inc.^(a)		282,375		1,618,009
Bank of the Ozarks, Inc.		109,475		5,103,724
BioDelivery Sciences International, Inc.^(a)		543,200		1,561,700
Blackline, Inc.^(a)		29,150		1,035,408

	Shares		Value (Note 2)
United States (continued)
Diamond Hill Investment Group, Inc.		19,425	$	4,116,740
Dril-Quip, Inc.^(a)		26,450		1,113,545
EPAM Systems, Inc.^(a)		75,850		6,913,727
ExlService Holdings, Inc.^(a)		52,700		3,289,534
Fastenal Co.		127,325		5,980,455
First of Long Island Corp.		25,425		802,159
First Republic Bank		111,975		10,906,365
FirstCash, Inc.		185,813		11,864,160
Gentex Corp.		220,250		4,275,052
Grand Canyon Education, Inc.^(a)		18,475		1,653,697
Hackett Group, Inc.		136,025		2,100,226
Hamilton Lane, Inc., Class A		142,093		3,906,137
Hibbett Sports, Inc.^(a)		74,683		955,942
Hingham Institution for Savings		20,000		3,894,000
Home BancShares, Inc.		186,775		4,198,702
IDEX Corp.		40,600		5,205,326
Inphi Corp.^(a)		123,600		5,065,128
Kinsale Capital Group, Inc.		70,550		3,060,459
Knight Transportation, Inc.		163,570		6,779,977
LGI Homes, Inc.^(a)		64,651		3,900,395
Littelfuse, Inc.		11,900		2,487,100
LKQ Corp.^(a)		79,900		3,011,431
MarketAxess Holdings, Inc.		39,900		6,942,600
MEDNAX, Inc.^(a)		100,975		4,421,695
Microchip Technology, Inc.		60,045		5,692,266
MongoDB, Inc.^(a)		275		8,382
Monro Muffler Brake, Inc.		79,975		3,946,766
MSC Industrial Direct Co., Inc., Class A		86,350		7,158,415
NV5 Global, Inc.^(a)		57,800		3,358,180
Paycom Software, Inc.^(a)		57,375		4,716,225
Power Integrations, Inc.		208,475		16,750,966
PRA Group, Inc.^(a)		149,525		4,171,748
Resources Connection, Inc.		155,850		2,454,638
ServisFirst Bancshares, Inc.		66,875		2,742,544
Signature Bank^(a)		26,900		3,497,269
Silicon Laboratories, Inc.^(a)		75,140		7,130,786
Sportsman's Warehouse Holdings, Inc.^(a)		600,975		2,463,998
STAAR Surgical Co.^(a)		270,895		3,589,359
SVB Financial Group^(a)		25,250		5,536,820
TriMas Corp.^(a)		145,225		3,855,724
Veracyte, Inc.^(a)		147,402		1,260,287
				194,497,766

Vietnam (0.38%)
DHG Pharmaceutical JSC		128,530		567,597

	Principal Amount		Value (Note 2)
CORPORATE BONDS (0.06%)
Malaysia (0.06%)
AEON Credit Service M Bhd
3.50%, 09/15/2020	$	1,678,440	$	495,583

TOTAL CORPORATE BONDS
(Cost $398,726)				495,583

TOTAL INVESTMENTS (95.53%)
(Cost $521,692,679)			$	748,882,531

Other Assets In Excess Of Liabilities (4.47%)				35,034,349

NET ASSETS (100.00%)			$	783,916,880

	Shares		Value (Note 2)
COMMON STOCKS (98.45%)
Argentina (0.31%)
Globant SA^(a)		29,213	$	1,101,914

Australia (1.66%)
Australian Ethical Investment, Ltd.		4,878		470,406
Beacon Lighting Group, Ltd.		477,900		534,011
Blue Sky Alternative Investments, Ltd.		132,202		1,424,627
CTI Logistics, Ltd.		323,146		276,998
Fiducian Group, Ltd.		61,644		257,127
Greencross, Ltd.		196,400		798,172
Mitula Group, Ltd.^(a)		1,381,173		586,680
Monash IVF Group, Ltd.		206,100		246,072
National Storage REIT		433,616		489,506
National Veterinary Care, Ltd.		19,503		39,406
Netwealth Group, Ltd.^(a)		2,014		5,703
Reject Shop, Ltd.		204,953		730,972
				5,859,680

Austria (0.48%)
Palfinger AG		38,148		1,688,595

Bangladesh (0.20%)
Square Pharmaceuticals, Ltd.		195,018		699,154

Belgium (0.30%)
Melexis NV		10,597		1,061,700

Bermuda (0.10%)
Bank of NT Butterfield & Son, Ltd.		9,000		336,150

Brazil (0.38%)
M Dias Branco SA		78,500		1,160,954
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		33,110		185,322
				1,346,276

Britain (9.45%)
AB Dynamics PLC		95,393		817,191
Abcam PLC		35,989		475,598
Arrow Global Group PLC		207,251		1,165,041
Ascential PLC		404,702		1,810,855
B&M European Value Retail SA		241,600		1,274,861
Burford Capital, Ltd.		51,500		848,157
Clinigen Group PLC		177,730		2,778,335
Close Brothers Group PLC		52,019		959,647
Diploma PLC		68,800		985,956
Domino's Pizza Group PLC		278,400		1,241,275
dotdigital group PLC		1,266,456		1,505,430
EMIS Group PLC		53,596		684,786

	Shares		Value (Note 2)
Britain (continued)
Horizon Discovery Group PLC^(a)		212,900	$	723,874
IDOX PLC		550,000		455,639
Intertek Group PLC		17,100		1,232,092
LoopUp Group PLC^(a)		218,949		850,582
Metro Bank PLC^(a)		38,000		1,795,208
Morses Club PLC		475,200		830,735
Mortgage Advice Bureau Holdings, Ltd.		109,500		738,070
Motorpoint group PLC^(b)		172,653		349,697
On the Beach Group PLC^(b)(c)		327,200		1,792,605
Oxford Immunotec Global PLC^(a)		68,850		910,197
Premier Asset Management Group PLC		231,500		621,083
Premier Technical Services Group PLC		423,700		942,585
Purplebricks Group PLC^(a)		160,000		772,984
RPS Group PLC		195,399		763,636
S&U PLC		18,000		476,939
Sanne Group PLC		164,073		1,743,310
Secure Trust Bank PLC		24,000		588,105
Softcat PLC		129,138		920,177
Ted Baker PLC		18,379		676,159
Ultra Electronics Holdings PLC		34,450		834,568
WANdisco PLC^(a)		66,045		710,514
				33,275,891

Canada (2.33%)
Biosyent, Inc.^(a)		113,100		929,277
Birchcliff Energy, Ltd.		193,000		785,404
Cipher Pharmaceuticals, Inc.^(a)		160,200		537,684
DIRTT Environmental Solutions^(a)		248,900		1,228,969
Ritchie Bros Auctioneers, Inc.		37,025		1,037,811
Spartan Energy Corp.^(a)		227,700		1,205,481
Stantec, Inc.		62,520		1,786,285
TFI International, Inc.		29,396		709,551
				8,220,462

China (6.99%)
BBI Life Sciences Corp.^(b)		6,405,500		2,561,740
BrightKing Holdings, Ltd.		424,312		928,550
China Medical System Holdings, Ltd.		1,860,000		3,437,998
CSPC Pharmaceutical Group, Ltd.		1,014,000		1,762,484
Hop Hing Group Holdings, Ltd.		27,291,000		815,085
Lida Holdings, Ltd.		220,000		740,397
Man Wah Holdings, Ltd.		6,571,400		5,930,045
O2Micro International, Ltd., ADR^(a)		292,039		581,157
On-Bright Electronics, Inc.		210,528		1,504,295

	Shares		Value (Note 2)
China (continued)
Shanghai Haohai Biological Technology Co., Ltd., Class H^(b)(c)		217,700	$	1,064,585
Silergy Corp.		120,925		2,610,195
Xiabuxiabu Catering Management China Holdings Co., Ltd.^(b)(c)		1,831,000		2,670,903
				24,607,434

Colombia (1.22%)
Amerisur Resources PLC^(a)		5,262,400		1,362,906
Gran Tierra Energy, Inc.^(a)		386,195		838,043
Parex Resources, Inc.^(a)		158,361		2,106,406
				4,307,355

Egypt (0.65%)
African Export-Import Bank^(a)		200,000		860,000
Commercial International Bank Egypt SAE		147,762		660,444
Integrated Diagnostics Holdings PLC^(b)(c)		201,400		785,460
				2,305,904

Finland (0.67%)
Ferratum OYJ^(b)		30,300		952,788
Metso OYJ		24,600		894,332
Terveystalo Oyj^(a)		43,700		524,311
				2,371,431

France (1.50%)
Alten SA		10,400		910,400
Esker SA		23,409		1,447,930
Infotel SA		14,560		864,971
Medicrea International^(a)		68,768		315,611
Neurones		17,282		576,752
Thermador Groupe		9,404		1,149,430
				5,265,094

Georgia (0.94%)
BGEO Group PLC		28,700		1,356,998
Georgia Healthcare Group PLC^(a)(b)(c)		102,948		478,557
TBC Bank Group PLC		65,290		1,484,560
				3,320,115

Germany (3.62%)
Aroundtown SA		198,277		1,392,707
CANCOM SE		9,800		722,831
GRENKE AG		17,800		1,741,891
Hypoport AG^(a)		6,070		878,527
Nexus AG		32,485		985,925
Norma Group SE		36,160		2,460,287
PATRIZIA Immobilien AG^(a)		49,904		1,052,747
publity AG		15,300		673,769

	Shares		Value (Note 2)
Germany (continued)
Wirecard AG		28,696	$	2,826,214
				12,734,898

Greece (0.49%)
Sarantis SA		119,670		1,721,561

Hong Kong (2.82%)
Essex Bio-technology, Ltd.		2,168,000		1,397,831
International Housewares Retail Co., Ltd.		8,915,000		1,679,833
Jacobson Pharma Corp., Ltd.^(b)		3,565,000		923,078
Plover Bay Technologies,Ltd.^(b)		2,065,000		418,220
Samsonite International SA		361,800		1,509,548
TK Group Holdings, Ltd.		2,778,000		1,370,946
Value Partners Group, Ltd.		696,000		689,630
Vitasoy International Holdings, Ltd.		847,000		1,958,608
				9,947,694

India (6.99%)
Alkem Laboratories, Ltd.		50,482		1,460,419
Bajaj Finance, Ltd.		25,000		694,984
Byke Hospitality, Ltd.		756,500		1,836,611
Control Print, Ltd.		146,500		902,347
Cyient, Ltd.		181,100		1,511,374
Essel Propack, Ltd.		212,042		933,824
Genpact, Ltd.		12,100		368,445
Glenmark Pharmaceuticals, Ltd.		130,000		1,239,763
Hinduja Global Solutions, Ltd.		40,789		363,548
Igarashi Motors India, Ltd.		66,087		928,945
Kellton Tech Solutions, Ltd.^(a)		269,512		407,776
Kovai Medical Center and Hospital		18,322		320,608
Kwality, Ltd.		575,814		894,775
L&T Finance Holdings, Ltd.		119,500		371,113
L&T Technology Services, Ltd.^(b)(c)		78,000		1,003,130
Natco Pharma, Ltd.		28,500		425,996
Poly Medicure, Ltd.		190,208		781,139
SBI Life Insurance Co., Ltd.^(a)(b)(c)		48,754		498,370
Somany Ceramics, Ltd.		104,500		1,369,913
Thyrocare Technologies, Ltd.^(a)		33,000		352,564
Time Technoplast, Ltd.		572,285		1,647,817
Vaibhav Global, Ltd.^(a)		102,142		1,034,174
Vakrangee, Ltd.		116,000		1,007,033
Vesuvius India, Ltd.		34,043		707,205
WNS Holdings, Ltd., ADR^(a)		77,225		2,928,372
Yes Bank, Ltd.		127,500		618,590
				24,608,835

	Shares		Value (Note 2)
Indonesia (2.52%)
Arwana Citramulia Tbk PT		26,137,200	$	740,032
Astra Graphia Tbk PT		1,409,100		138,183
Bank Rakyat Indonesia Persero Tbk PT		345,000		396,830
Delfi, Ltd.		1,017,500		1,104,761
Hexindo Adiperkasa Tbk PT		1,636,900		418,805
Indonesia Pondasi Raya Tbk PT		4,178,000		331,930
Link Net Tbk PT		1,814,400		667,565
Sarana Menara Nusantara Tbk Pt		2,740,000		828,313
Selamat Sempurna Tbk PT		29,693,300		2,824,284
Tempo Scan Pacific Tbk PT		6,515,800		888,791
Ultrajaya Milk Industry & Trading Co. Tbk PT		5,474,800		526,792
				8,866,286

Ireland (0.97%)
Hostelworld Group PLC^(b)(c)		371,708		1,687,166
Irish Residential Properties REIT PLC		997,777		1,714,335
				3,401,501

Israel (1.71%)
IDI Insurance Co., Ltd.		13,409		898,693
Kornit Digital, Ltd.^(a)		89,560		1,392,658
Wix.com, Ltd.^(a)		53,375		3,725,575
				6,016,926

Italy (0.60%)
Brembo SpA		108,750		1,796,286
Telit Communications PLC		138,900		316,845
				2,113,131

Japan (6.69%)
Abist Co., Ltd.		12,500		499,099
AIT Corp.		70,200		816,803
Amiyaki Tei Co., Ltd.		28,800		1,347,487
Anshin Guarantor Service Co., Ltd.		101,000		433,473
Arcland Service Holdings Co., Ltd.		45,600		1,004,199
Create SD Holdings Co., Ltd.		47,300		1,183,072
CyberAgent, Inc.		17,000		523,284
Dip Corp.		14,800		359,506
Encourage Technologies Co., Ltd.		23,400		445,136
Future Corp.		77,800		781,387
Hard Off Corp. Co., Ltd.		213,000		2,178,611
Interworks, Inc.		32,200		322,552
Japan Lifeline Co., Ltd.		11,800		564,549
M&A Capital Partners Co., Ltd.^(a)		26,500		1,382,041
Macromill, Inc.		24,600		737,751
MISUMI Group, Inc.		67,800		1,848,467

	Shares		Value (Note 2)
Japan (continued)
MonotaRO Co., Ltd.		25,500	$	697,463
Nihon M&A Center, Inc.		35,100		1,670,032
Prestige International, Inc.		32,200		346,340
Qol Co., Ltd.		68,300		1,251,211
Quick Co., Ltd.		39,000		671,237
SK Kaken Co., Ltd.		2,000		165,956
Synchro Food Co., Ltd.^(a)		42,500		654,105
Syuppin Co., Ltd.		92,300		2,094,314
Trancom Co., Ltd.		9,300		564,355
Trust Tech, Inc.		12,000		347,214
Zenkoku Hosho Co., Ltd.		16,500		674,772
				23,564,416

Jordan (0.19%)
Hikma Pharmaceuticals PLC		43,400		670,950

Kenya (0.24%)
Safaricom, Ltd.		3,427,700		842,471

Luxembourg (0.21%)
Grand City Properties SA		34,400		737,304

Malaysia (0.64%)
AEON Credit Service M Bhd		222,900		731,855
Berjaya Food Bhd		485,400		170,839
Bison Consolidated Bhd		909,000		519,613
CB Industrial Product Holding Bhd		876,633		399,646
Scicom MSC Bhd		934,000		416,974
				2,238,927

Mexico (0.53%)
Banregio Grupo Financiero SAB de CV		219,657		1,171,626
Unifin Financiera SAB de CV SOFOM ENR		202,450		686,388
				1,858,014

Netherlands (1.31%)
Aalberts Industries NV		53,682		2,647,896
Shop Apotheke Europe NV^(a)(c)		26,570		1,964,710
				4,612,606

New Zealand (1.60%)
CBL Corp., Ltd.		819,006		1,647,711
Fisher & Paykel Healthcare Corp., Ltd.		47,428		430,029
Restaurant Brands New Zealand, Ltd.		367,658		1,705,769
Trilogy International, Ltd.		1,145,563		1,842,186
				5,625,695

Norway (1.67%)
Infront ASA^(a)		156,700		470,023

	Shares		Value (Note 2)
Norway (continued)
Medistim ASA		75,150	$	644,038
Multiconsult ASA^(b)(c)		63,000		667,177
Nordic Semiconductor ASA^(a)		99,900		500,234
Norwegian Finans Holding ASA^(a)		56,100		700,563
Self Storage Group ASA^(a)		304,900		522,600
Skandiabanken ASA^(b)(c)		164,200		1,663,510
Webstep ASA^(a)		228,300		723,919
				5,892,064

Oman (0.29%)
Tethys Oil AB		137,900		1,017,162

Pakistan (0.19%)
Akzo Nobel Pakistan, Ltd.		187,900		374,694
Meezan Bank, Ltd.		493,960		307,251
				681,945

Peru (0.77%)
Alicorp SAA		620,299		1,936,943
Credicorp, Ltd.		3,700		774,928
				2,711,871

Philippines (1.73%)
Concepcion Industrial Corp.		1,147,920		1,445,323
Holcim Philippines, Inc.		2,549,400		592,597
Pepsi-Cola Products Philippines, Inc.		13,292,100		741,525
Pryce Corp.^(a)		5,447,000		687,931
Puregold Price Club, Inc.		860,700		850,280
Security Bank Corp.		369,700		1,761,670
				6,079,326

Poland (1.27%)
Dino Polska SA^(a)(b)(c)		145,618		2,741,177
LiveChat Software SA		91,450		1,212,232
PGS Software SA		138,887		524,267
				4,477,676

Russia (0.27%)
MD Medical Group Investments PLC, GDR^(b)		14,755		153,452
TCS Group Holding PLC, GDR^(b)		44,300		808,475
				961,927

Singapore (0.27%)
CSE Global, Ltd.		774,500		213,071
Riverstone Holdings, Ltd.		947,800		733,570
				946,641

South Africa (1.74%)
ARB Holdings, Ltd.		2,093,266		888,310
Blue Label Telecoms, Ltd.		564,502		688,721

	Shares		Value (Note 2)
South Africa (continued)
Capitec Bank Holdings, Ltd.		4,800	$	319,069
Cartrack Holdings, Ltd.		1,471,000		1,560,605
Clicks Group, Ltd.		81,600		914,359
EOH Holdings, Ltd.		68,600		511,440
Interwaste Holdings, Ltd.^(a)		5,043,434		331,740
Italtile, Ltd.		921,472		900,046
				6,114,290

South Korea (2.34%)
Daebongls Co., Ltd.		62,400		541,374
Hanssem Co., Ltd.		3,300		502,209
Hy-Lok Corp.		36,240		798,972
Interpark Holdings Corp.		96,500		360,470
ISC Co., Ltd.		58,330		1,103,758
Koh Young Technology, Inc.		14,143		969,503
Loen Entertainment, Inc.		16,000		1,520,953
Mando Corp.		3,700		1,078,279
Medy-Tox, Inc.		2,004		757,526
Vitzrocell Co., Ltd.^(a)(d)		88,536		601,580
				8,234,624

Spain (0.00%)^(e)
Let's GOWEX SA^(a)(d)(f)		10,700		12

Sri Lanka (0.54%)
Hemas Holdings PLC		1,037,261		877,748
Royal Ceramics Lanka PLC		1,352,145		1,038,588
				1,916,336

Sweden (2.49%)
Avanza Bank Holding Ab		15,800		595,450
Bufab AB		74,698		892,273
HIQ International AB		90,026		645,221
Hoist Finance AB^(b)(c)		103,900		1,092,162
Indutrade AB		36,300		1,006,834
Moberg Pharma AB^(a)		111,100		504,297
Nibe Industrier AB, Class B		35,700		357,143
Sweco AB, Class B		54,500		1,165,953
Swedencare AB^(a)		172,900		495,673
TF Bank AB^(b)		116,700		1,320,806
Vitec Software Group AB, Class B		67,500		685,349
				8,761,161

Switzerland (0.94%)
Luxoft Holding, Inc.^(a)		21,100		982,205
Wizz Air Holdings PLC^(a)(b)(c)		53,400		2,322,737
				3,304,942

Taiwan (2.32%)
ASPEED Technology, Inc.		37,771		872,905
Bioteque Corp.		134,000		397,653
Cub Elecparts, Inc.		6,994		68,990
Dr. Wu Skincare Co., Ltd.		190,000		850,478
I Yuan Precision Ind Co., Ltd.		132,000		514,266

	Shares		Value (Note 2)
Taiwan (continued)
Sinmag Equipment Corp.		169,371	$	859,224
Sitronix Technology Corp.		267,000		756,040
Sporton International, Inc.		277,089		1,405,680
Test Research, Inc.		409,440		570,185
TSC Auto ID Technology Co., Ltd.		57,600		421,121
TTFB Co., Ltd.		148,000		1,096,769
Voltronic Power Technology Corp.		19,000		357,831
				8,171,142

Thailand (0.74%)
Ananda Development PCL		6,517,100		1,167,271
Srisawad Power Corp. PCL		679,960		1,422,553
				2,589,824

Turkey (0.18%)
Anadolu Hayat Emeklilik AS		213,300		379,532
AvivaSA Emeklilik ve Hayat AS		53,534		264,456
				643,988

United States (21.24%)
Acacia Communications, Inc.^(a)		8,475		358,577
Aratana Therapeutics, Inc.^(a)		134,150		768,679
Axalta Coating Systems, Ltd.^(a)		31,375		1,043,219
Bank of the Ozarks, Inc.		53,175		2,479,018
BG Staffing, Inc.		38,025		641,862
BioDelivery Sciences International, Inc.^(a)		363,775		1,045,853
Blackline, Inc.^(a)		22,650		804,528
BofI Holding, Inc.^(a)		46,275		1,244,797
CoBiz Financial, Inc.		44,762		914,935
Dril-Quip, Inc.^(a)		9,225		388,372
Edwards Lifesciences Corp.^(a)		6,825		697,720
EPAM Systems, Inc.^(a)		24,650		2,246,847
ePlus, Inc.^(a)		7,717		737,745
Esquire Financial Holdings, Inc.^(a)		14,692		245,503
Evolent Health, Inc., Class A^(a)		19,625		318,906
ExlService Holdings, Inc.^(a)		17,325		1,081,426
Fastenal Co.		39,225		1,842,398
FCB Financial Holdings, Inc.^(a)		14,350		670,145
First of Long Island Corp.		45,475		1,434,736
First Republic Bank		53,900		5,249,860
FirstCash, Inc.		29,050		1,854,843
GBGI, Ltd.^(a)		692,460		1,600,263
German American Bancorp, Inc.		27,625		993,948
Hackett Group, Inc.		43,575		672,798
Hamilton Lane, Inc., Class A		67,350		1,851,452
Hingham Institution for Savings		7,500		1,460,250
Home BancShares, Inc.		37,250		837,380
Innospec, Inc.		9,150		565,928
Inphi Corp.^(a)		64,700		2,651,406

	Shares		Value (Note 2)
United States (continued)
K2M Group Holdings, Inc.^(a)		21,800	$	429,242
Kinsale Capital Group, Inc.		40,775		1,768,820
Knight Transportation, Inc.		21,025		871,486
Lakeland Financial Corp.		21,550		1,040,434
LGI Homes, Inc.^(a)		21,025		1,268,438
Littelfuse, Inc.		3,700		773,300
MarketAxess Holdings, Inc.		8,655		1,505,970
MEDNAX, Inc.^(a)		43,400		1,900,486
Microchip Technology, Inc.		14,250		1,350,900
MongoDB, Inc.^(a)		125		3,810
Monro Muffler Brake, Inc.		27,600		1,362,060
MSC Industrial Direct Co., Inc., Class A		18,750		1,554,375
NV5 Global, Inc.^(a)		22,650		1,315,965
Palo Alto Networks, Inc.^(a)		4,175		614,560
Patrick Industries, Inc.^(a)		7,625		709,125
Paycom Software, Inc.^(a)		22,750		1,870,050
Power Integrations, Inc.		34,590		2,779,307
Proto Labs, Inc.^(a)		19,950		1,740,638
Qualys, Inc.^(a)		23,825		1,260,343
Seacoast Commerce Banc Holdings		44,700		902,940
ServisFirst Bancshares, Inc.		35,500		1,455,855
Signature Bank^(a)		6,850		890,569
Silicon Laboratories, Inc.^(a)		20,175		1,914,608
STAAR Surgical Co.^(a)		53,279		705,947
SVB Financial Group^(a)		13,250		2,905,460
Synaptics, Inc.^(a)		8,325		309,024
Transcat, Inc.^(a)		119,952		1,523,390
Trecora Resources^(a)		43,561		529,266
TriMas Corp.^(a)		50,425		1,338,784
Veracyte, Inc.^(a)		92,504		790,909
Webster Financial Corp.		13,025		716,245
				74,805,700

Vietnam (1.15%)
DHG Pharmaceutical JSC		65,119		287,570
Lix Detergent JSC		577,800		1,144,788
Taisun Int'l Holding Corp.		274,000		1,122,002
Vietnam Dairy Products JSC		222,291		1,477,862
				4,032,222

TOTAL COMMON STOCKS
(Cost $265,329,861)				346,671,223

PREFERRED STOCKS (0.20%)
Germany (0.20%)
FUCHS PETROLUB SE		12,600		707,364

TOTAL PREFERRED STOCKS
(Cost $656,398)				707,364

	Principal Amount		Value (Note 2)
CORPORATE BONDS (0.30%)
Germany (0.26%)
publity AG
3.50%, 11/17/2020	$	800,000	$	928,152

Malaysia (0.04%)
AEON Credit Service M Bhd
3.50%, 09/15/2020	$	445,800		131,629

TOTAL CORPORATE BONDS
(Cost $984,704)				1,059,781

TOTAL INVESTMENTS (98.95%)
(Cost $266,970,963)			$	348,438,368

Other Assets In Excess Of Liabilities (1.05%)				3,710,709

NET ASSETS (100.00%)			$	352,149,077

	Shares		Value (Note 2)
COMMON STOCKS (94.98%)
Argentina (0.40%)
Globant SA^(a)		15,050	$	567,686

Australia (0.87%)
carsales.com, Ltd.		65,500		687,288
Magellan Financial Group, Ltd.		29,785		553,258
				1,240,546

Bangladesh (0.36%)
Square Pharmaceuticals, Ltd.		144,203		516,979

Belgium (0.73%)
Melexis NV		10,384		1,040,360

Brazil (0.94%)
M Dias Branco SA		37,900		560,511
Raia Drogasil SA		32,600		784,481
				1,344,992

Britain (8.44%)
Abcam PLC		52,725		696,766
Ascential PLC		153,206		685,526
B&M European Value Retail SA		505,300		2,666,339
Burford Capital, Ltd.		24,500		403,492
Clinigen Group PLC		25,244		394,623
Close Brothers Group PLC		33,980		626,864
Diploma PLC		128,050		1,835,052
Domino’s Pizza Group PLC		159,500		711,147
Intertek Group PLC		16,900		1,217,682
Metro Bank PLC^(a)		20,100		949,571
Sanne Group PLC		46,100		489,822
Ultra Electronics Holdings PLC		55,075		1,334,218
				12,011,102

Canada (5.05%)
Birchcliff Energy, Ltd.		51,049		207,742
Gildan Activewear, Inc.		31,059		950,476
Ritchie Bros Auctioneers, Inc.		70,700		1,981,721
Spartan Energy Corp.^(a)		89,831		475,580
Stantec, Inc.		103,142		2,946,914
TFI International, Inc.		25,809		622,969
				7,185,402

China (6.24%)
China Medical System Holdings, Ltd.		1,013,000		1,872,415
CSPC Pharmaceutical Group, Ltd.		548,000		952,506
Ctrip.com International, Ltd., ADR^(a)		13,975		669,263
Man Wah Holdings, Ltd.		2,328,000		2,100,792
Silergy Corp.		83,000		1,791,575
Tencent Holdings, Ltd.		11,100		497,703

	Shares		Value (Note 2)
China (continued)
Yum China Holdings, Inc.^(a)		24,825	$	1,001,689
				8,885,943

Colombia (0.70%)
Parex Resources, Inc.^(a)		74,695		993,540

Egypt (0.24%)
Commercial International Bank Egypt SAE		76,062		339,970

Finland (0.51%)
Metso OYJ		19,786		719,319

France (1.87%)
Alten SA		17,732		1,552,232
BioMerieux		6,450		505,945
Bureau Veritas SA		22,550		604,018
				2,662,195

Georgia (0.73%)
BGEO Group PLC		22,100		1,044,936

Germany (5.16%)
Aroundtown SA		139,108		977,101
CTS Eventim AG & Co. KGaA		10,500		433,709
GRENKE AG		17,400		1,702,748
Norma Group SE		23,790		1,618,645
PATRIZIA Immobilien AG^(a)		64,584		1,362,428
Wirecard AG		12,750		1,255,723
				7,350,354

Hong Kong (3.89%)
Samsonite International SA		327,500		1,366,438
Value Partners Group, Ltd.		2,606,900		2,583,041
Vitasoy International Holdings, Ltd.		688,500		1,592,091
				5,541,570

India (5.02%)
Alkem Laboratories, Ltd.		34,524		998,762
Bajaj Finance, Ltd.		31,200		867,340
Glenmark Pharmaceuticals, Ltd.		48,500		462,527
Indiabulls Housing Finance, Ltd.		28,200		541,633
L&T Finance Holdings, Ltd.		184,500		572,973
SBI Life Insurance Co., Ltd.^(a)(b)(c)		45,318		463,246
Vakrangee, Ltd.		102,000		885,495
WNS Holdings, Ltd., ADR^(a)		33,275		1,261,788
Yes Bank, Ltd.		224,500		1,089,204
				7,142,968

	Shares		Value (Note 2)
Indonesia (0.46%)
Bank Rakyat Indonesia Persero Tbk PT		402,100	$	462,508
Delfi, Ltd.		173,300		188,162
				650,670

Israel (0.62%)
Wix.com, Ltd.^(a)		12,550		875,990

Italy (1.93%)
Brembo SpA		127,908		2,112,730
DiaSorin SpA		6,948		632,093
				2,744,823

Japan (7.65%)
Create SD Holdings Co., Ltd.		39,300		982,975
CyberAgent, Inc.		12,200		375,533
Dip Corp.		44,600		1,083,375
Ezaki Glico Co., Ltd.		16,000		885,098
MISUMI Group, Inc.		66,700		1,818,478
MonotaRO Co., Ltd.		25,000		683,787
Nihon M&A Center, Inc.		73,700		3,506,592
Seria Co., Ltd.		19,300		1,096,504
Tokyo Century Corp.		10,500		454,795
				10,887,137

Jordan (0.28%)
Hikma Pharmaceuticals PLC		25,900		400,406

Luxembourg (0.66%)
Grand City Properties SA		43,600		934,489

Mexico (0.58%)
Banregio Grupo Financiero SAB de CV		155,400		828,886

Netherlands (1.41%)
Aalberts Industries NV		40,563		2,000,794

New Zealand (0.36%)
Fisher & Paykel Healthcare Corp., Ltd.		56,237		509,900

Norway (0.44%)
Norwegian Finans Holding ASA^(a)		49,600		619,393

Peru (1.11%)
Alicorp SAA		264,620		826,301
Credicorp, Ltd.		3,625		759,220
				1,585,521

Philippines (2.66%)
Puregold Price Club, Inc.		924,000		912,813
Robinsons Land Corp.		633,000		308,990

	Shares		Value (Note 2)
Philippines (continued)
Robinsons Retail Holdings, Inc.		449,900	$	845,333
Security Bank Corp.		362,300		1,726,408
				3,793,544

Poland (0.79%)
AmRest Holdings SE^(a)		5,500		533,538
Dino Polska SA^(a)(b)(c)		31,434		591,727
				1,125,265

South Africa (0.36%)
EOH Holdings, Ltd.		69,650		519,268

South Korea (3.13%)
BGF retail Co., Ltd.		10,800		762,512
Hanssem Co., Ltd.		4,050		616,348
LG Household & Health Care, Ltd.		1,175		1,234,413
Loen Entertainment, Inc.		6,401		608,476
Mando Corp.		1,850		539,140
Medy-Tox, Inc.		1,820		687,972
				4,448,861

Sweden (1.66%)
Indutrade AB		44,325		1,229,419
Nibe Industrier AB, Class B		50,308		503,281
Sweco AB, Class B		29,500		631,112
				2,363,812

Switzerland (1.36%)
Luxoft Holding, Inc.^(a)		10,300		479,465
VZ Holding AG		1,540		532,166
Wizz Air Holdings PLC^(a)(b)(c)		21,200		922,135
				1,933,766

Taiwan (0.40%)
Largan Precision Co., Ltd.		3,000		568,478

Thailand (0.51%)
Srisawad Power Corp. PCL		346,320		724,541

United States (26.68%)
Amazon.com, Inc.^(a)		700		773,696
Axalta Coating Systems, Ltd.^(a)		26,450		879,463
Bank of the Ozarks, Inc.		16,800		783,216
Blackline, Inc.^(a)		11,331		402,477
BofI Holding, Inc.^(a)		19,075		513,117
Dollar Tree, Inc.^(a)		14,075		1,284,344
Edwards Lifesciences Corp.^(a)		7,825		799,950
EPAM Systems, Inc.^(a)		17,850		1,627,027
Fastenal Co.		22,700		1,066,219
First Republic Bank		36,325		3,538,055
FirstCash, Inc.		33,853		2,161,514
Hamilton Lane, Inc., Class A		17,750		487,947

	Shares		Value (Note 2)
COMMON STOCKS (93.97%)
Argentina (0.43%)
Globant SA^(a)		98,475	$	3,714,477

Australia (2.36%)
Blue Sky Alternative Investments, Ltd.		446,139		4,807,654
Greencross, Ltd.		983,600		3,997,361
Magellan Financial Group, Ltd.		219,500		4,077,224
Medical Developments International, Ltd.		520,709		2,510,707
National Storage REIT		3,541,439		3,997,902
National Veterinary Care, Ltd.		343,422		693,893
Netwealth Group, Ltd.^(a)		5,100		14,442
Reject Shop, Ltd.		159,931		570,399
				20,669,582

Austria (1.10%)
Palfinger AG		218,040		9,651,389

Bangladesh (0.32%)
Square Pharmaceuticals, Ltd.		777,000		2,785,604

Belgium (0.85%)
Melexis NV		74,492		7,463,261

Brazil (0.19%)
M Dias Branco SA		92,400		1,366,525
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		53,770		300,959
				1,667,484

Britain (11.58%)
Abcam PLC		187,866		2,482,668
Alliance Pharma PLC		3,193,134		2,533,976
Arrow Global Group PLC		1,086,141		6,105,632
Ascential PLC		745,100		3,333,980
B&M European Value Retail SA		1,374,500		7,252,884
Clinigen Group PLC		725,073		11,334,585
Close Brothers Group PLC		207,200		3,822,429
Diploma PLC		224,500		3,217,253
Domino’s Pizza Group PLC		699,900		3,120,576
EMIS Group PLC		404,800		5,172,053
Intertek Group PLC		59,600		4,294,310
LoopUp Group PLC^(a)		332,200		1,290,544
Metro Bank PLC^(a)		108,800		5,139,965
Motorpoint group PLC^(b)		850,495		1,722,618
On the Beach Group PLC^(b)(c)		958,750		5,252,629
Oxford Immunotec Global PLC^(a)		271,830		3,593,593
Premier Asset Management Group PLC		404,400		1,084,950

	Shares		Value (Note 2)
Britain (continued)
Purplebricks Group PLC^(a)		575,900	$	2,782,259
River & Mercantile Group PLC		625,400		2,919,649
RPS Group PLC		1,528,911		5,975,113
Sanne Group PLC		697,166		7,407,533
Secure Trust Bank PLC		122,300		2,996,886
Ted Baker PLC		84,300		3,101,378
Tracsis PLC		190,900		1,236,027
Ultra Electronics Holdings PLC		169,700		4,111,063
				101,284,553

Canada (2.96%)
Biosyent, Inc.^(a)		374,000		3,072,940
Cipher Pharmaceuticals, Inc.^(a)		742,300		2,491,403
DIRTT Environmental Solutions^(a)		552,900		2,730,000
Richelieu Hardware, Ltd.		211,550		5,540,869
Spartan Energy Corp.^(a)		37,134		196,593
Stantec, Inc.		291,710		8,334,571
TFI International, Inc.		145,200		3,504,789
				25,871,165

China (7.35%)
BBI Life Sciences Corp.^(b)		14,481,500		5,791,560
BrightKing Holdings, Ltd.		723,291		1,582,825
China Medical System Holdings, Ltd.		5,319,000		9,831,566
CSPC Pharmaceutical Group, Ltd.		3,206,000		5,572,507
Man Wah Holdings, Ltd.		18,185,000		16,410,183
O2Micro International, Ltd., ADR^(a)		950,233		1,890,964
On-Bright Electronics, Inc.		922,780		6,593,580
Silergy Corp.		463,199		9,998,261
Xiabuxiabu Catering Management China Holdings Co., Ltd.^(b)(c)		4,534,000		6,613,803
				64,285,249

Colombia (0.95%)
Gran Tierra Energy, Inc.^(a)		1,178,037		2,556,340
Parex Resources, Inc.^(a)		429,375		5,711,244
				8,267,584

Denmark (0.36%)
Ringkjoebing Landbobank A/S		63,320		3,161,911

Egypt (0.07%)
Integrated Diagnostics Holdings PLC^(b)(c)		154,200		601,380

Finland (0.58%)
Ferratum OYJ^(b)		56,200		1,767,216
Metso OYJ		91,400		3,322,845
				5,090,061

	Shares		Value (Note 2)
France (2.69%)
Alten SA		51,300	$	4,490,725
Bureau Veritas SA		124,800		3,342,859
Esker SA		97,543		6,033,380
Infotel SA		16,113		957,231
Medicrea International^(a)		162,535		745,956
Neurones		50,872		1,697,749
Tessi SA		12,400		2,505,770
Thermador Groupe		30,729		3,755,936
				23,529,606

Georgia (1.10%)
BGEO Group PLC		149,511		7,069,205
TBC Bank Group PLC		113,800		2,587,578
				9,656,783

Germany (5.16%)
Aroundtown SA		805,600		5,658,572
CANCOM SE		42,100		3,105,225
GRENKE AG		28,800		2,818,341
Nexus AG		238,855		7,249,290
Norma Group SE		93,303		6,348,233
PATRIZIA Immobilien AG^(a)		186,894		3,942,611
publity AG		115,200		5,073,081
Wirecard AG		110,611		10,893,865
				45,089,218

Hong Kong (2.74%)
International Housewares
Retail Co., Ltd.		13,906,000		2,620,276
Samsonite International SA		1,179,500		4,921,261
TK Group Holdings, Ltd.		5,555,000		2,741,399
Value Partners Group, Ltd.		9,567,000		9,479,441
Vitasoy International Holdings, Ltd.		1,797,338		4,156,174
				23,918,551

India (8.38%)
Alkem Laboratories, Ltd.		350,113		10,128,595
Bajaj Finance, Ltd.		228,260		6,345,484
Byke Hospitality, Ltd.		959,500		2,329,450
City Union Bank, Ltd.		1,038,821		2,590,988
Cyient, Ltd.		598,912		4,998,234
Essel Propack, Ltd.		729,500		3,212,689
Glenmark Pharmaceuticals, Ltd.		306,000		2,918,211
Hinduja Global Solutions, Ltd.		303,026		2,700,842
Indiabulls Housing Finance, Ltd.		161,500		3,101,902
Kellton Tech Solutions, Ltd.^(a)		668,779		1,011,874
L&T Finance Holdings, Ltd.		1,072,000		3,329,144
L&T Technology Services, Ltd.^(b)(c)		38,311		492,704
SBI Life Insurance Co., Ltd.^(a)(b)(c)		64,385		658,152
Time Technoplast, Ltd.		3,121,234		8,987,169

	Shares		Value (Note 2)
Peru (1.10%)
Alicorp SAA		1,952,297	$	6,096,236
Credicorp, Ltd.		16,850		3,529,064
				9,625,300

Philippines (2.89%)
Concepcion Industrial Corp.		3,236,800		4,075,390
Holcim Philippines, Inc.		2,303,300		535,392
Pepsi-Cola Products Philippines, Inc.		30,387,500		1,695,225
Puregold Price Club, Inc.		6,696,000		6,614,934
Robinsons Retail Holdings, Inc.		1,696,000		3,186,673
Security Bank Corp.		1,931,760		9,205,094
				25,312,708

Poland (0.53%)
Dino Polska SA^(a)(b)(c)		221,200		4,163,965
PGS Software SA		130,778		493,658
				4,657,623

Singapore (0.56%)
CSE Global, Ltd.		1,924,755		529,516
Riverstone Holdings, Ltd.		5,677,000		4,393,834
				4,923,350

South Africa (1.39%)
Blue Label Telecoms, Ltd.		1,526,900		1,862,896
Cartrack Holdings, Ltd.		3,576,400		3,794,253
EOH Holdings, Ltd.		349,156		2,603,097
Italtile, Ltd.		3,988,625		3,895,883
				12,156,129

South Korea (2.80%)
Hy-Lok Corp.		258,001		5,688,066
ISC Co., Ltd.		259,949		4,918,926
Koh Young Technology, Inc.		44,883		3,076,730
LEENO Industrial, Inc.		73,500		3,358,950
Loen Entertainment, Inc.		49,909		4,744,329
Vitzrocell Co., Ltd.^(a)(d)		390,884		2,655,960
				24,442,961

Sweden (3.16%)
AddTech AB, Class B		343,608		7,613,706
Bufab AB		429,694		5,132,728
HIQ International AB		227,896		1,633,341
Hoist Finance AB^(b)(c)		414,200		4,353,933
Indutrade AB		173,750		4,819,211
Moberg Pharma AB^(a)		334,194		1,516,950
Nibe Industrier AB, Class B		82,700		827,331
Odd Molly International AB		72,938		202,130
TF Bank AB^(b)		132,700		1,501,893
				27,601,223

	Shares		Value (Note 2)
Switzerland (0.80%)
Luxoft Holding, Inc.^(a)		50,225	$	2,337,974
VZ Holding AG		13,480		4,658,177
				6,996,151

Taiwan (2.77%)
ASPEED Technology, Inc.		121,958		2,818,506
Cub Elecparts, Inc.		31,205		307,813
Materials Analysis Technology, Inc.		748,000		2,162,688
Sinmag Equipment Corp.		952,810		4,833,632
Sitronix Technology Corp.		841,000		2,381,385
Sporton International, Inc.		1,424,756		7,227,828
Test Research, Inc.		2,513,252		3,499,945
TSC Auto ID Technology Co., Ltd.		138,000		1,008,936
				24,240,733

Thailand (1.30%)
Ananda Development PCL		26,514,800		4,749,039
Premier Marketing PCL		6,922,400		3,042,355
Srisawad Power Corp. PCL		1,722,000		3,602,619
				11,394,013

United Arab Emirates (0.30%)
Aramex PJSC		1,855,000		2,586,035

United States (2.78%)
EPAM Systems, Inc.^(a)		83,750		7,633,813
FirstCash, Inc.		209,798		13,395,602
GBGI, Ltd.^(a)		1,426,215		3,295,958
				24,325,373

Vietnam (0.50%)
DHG Pharmaceutical JSC		97,210		429,286
Vietnam Dairy Products JSC		592,330		3,938,000
				4,367,286

TOTAL COMMON STOCKS
(Cost $573,129,352)				821,816,977