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            <assetClassType>Equity-common</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Seafarer Overseas Value Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000053110</mgmtInvSeriesId>
        <mgmtInvLei>5493007GNLVHZIAL6N09</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000167154" sharesOutstandingTickerSymbol="SFVLX"/>
          <sharesOutstanding sharesOutstandingClassName="Retail Class" sharesOutstandingClassId="C000253516" sharesOutstandingTickerSymbol="SFVRX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000167155" sharesOutstandingTickerSymbol="SIVLX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Seafarer Capital Partners, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-72898</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000158671</investmentAdviserCrdNo>
            <investmentAdviserLei>254900DT53DWRS4BO726</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
            <transferAgentFileNo>84-05730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
            <custodianLei>5493006KMX1VFTPYPW14</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>UBS SECURITIES LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-CT" brokerCountry="US"/>
            <grossCommission>8790</grossCommission>
          </broker>
          <broker>
            <brokerName>HO CHI MINH SECURITIES</brokerName>
            <brokerFileNo>N/A</brokerFileNo>
            <brokerCrdNo>N/A</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerCountry>UA</brokerCountry>
            <grossCommission>2442</grossCommission>
          </broker>
          <broker>
            <brokerName>BTG PACTUAL US CAPITAL, INC</brokerName>
            <brokerFileNo>8-68148</brokerFileNo>
            <brokerCrdNo>000149486</brokerCrdNo>
            <brokerLei>549300EUEDL5GKQW8U35</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7898</grossCommission>
          </broker>
          <broker>
            <brokerName>JEFFERIES LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>39360</grossCommission>
          </broker>
          <broker>
            <brokerName>MACQUARIE CAPITAL (USA) INC.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6343</grossCommission>
          </broker>
          <broker>
            <brokerName>LIQUIDNET, INC.</brokerName>
            <brokerFileNo>8-52461</brokerFileNo>
            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1122</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA AMERICAS, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>10909</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>8-12900</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-UT" brokerCountry="US"/>
            <grossCommission>323</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMORGAN DISTRIBUTION SERVICES, INC.</brokerName>
            <brokerFileNo>8-52700</brokerFileNo>
            <brokerCrdNo>000104234</brokerCrdNo>
            <brokerLei>549300ZK53CNGEEI6A29</brokerLei>
            <brokerStateCountry brokerState="US-OH" brokerCountry="US"/>
            <grossCommission>4204</grossCommission>
          </broker>
          <broker>
            <brokerName>DEUTSCHE BANK SECURITIES INC.</brokerName>
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            <brokerCrdNo>000002525</brokerCrdNo>
            <brokerLei>9J6MBOOO7BECTDTUZW19</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1378</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>82768</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>129768446</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>50000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Brown Brothers Harriman &amp; Co."/>
              </lineOfCreditInstitutions>
              <sharedCreditType creditType="Shared">
                <creditUser fundName="Seafarer Overseas Growth and Income Fund" secFileNo="811-08194"/>
              </sharedCreditType>
              <isCreditLineUsed>N</isCreditLineUsed>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
          <liquidityClassificationService>
            <liquidityName>ICE Liquidity Risk Management</liquidityName>
            <liquidityLei>5493000F4ZO33MV32P92</liquidityLei>
            <liquidityStateCountry liquidityCountry="US" liquidityState="US-DE"/>
            <isAffiliatedPerson>N</isAffiliatedPerson>
            <assetClassType>Equity-common</assetClassType>
            <assetClassType>Equity-preferred</assetClassType>
          </liquidityClassificationService>
        </liquidityClassifications>
        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Emerald Banking and Finance Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000036389</mgmtInvSeriesId>
        <mgmtInvLei>5493002N765XOK5MEJ73</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>4</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000111284" sharesOutstandingTickerSymbol="HSSCX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class" sharesOutstandingClassId="C000111285" sharesOutstandingTickerSymbol="HSSIX"/>
          <sharesOutstanding sharesOutstandingClassName="Investor Class" sharesOutstandingClassId="C000111286" sharesOutstandingTickerSymbol="FFBFX"/>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000111283" sharesOutstandingTickerSymbol="HSSAX"/>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Emerald Mutual Fund Advisers Trust</investmentAdviserName>
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            <investmentAdviserCrdNo>000135130</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-PA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>ALPS Fund Services, Inc.</transferAgentName>
            <transferAgentFileNo>84-05730</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-CO" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
            <pricingServiceLei>254900X21QX3H0T4HC32</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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          <pricingService>
            <pricingServiceName>REFINITIV US LLC</pricingServiceName>
            <pricingServiceLei>213800HQORQAP68CJJ04</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
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            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>MUFG Union Bank</custodianName>
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            <custodianStateCountry custodianState="US-CA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-CO" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>BARCLAYS CAPITAL INC.</brokerName>
            <brokerFileNo>8-41342</brokerFileNo>
            <brokerCrdNo>000019714</brokerCrdNo>
            <brokerLei>AC28XWWI3WIBK2824319</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>80</grossCommission>
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          <broker>
            <brokerName>Keefe Bruyette Woods</brokerName>
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            <brokerCrdNo>000000481</brokerCrdNo>
            <brokerLei>549300OM47DQV01G4854</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21103</grossCommission>
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          <broker>
            <brokerName>Piper Sandler</brokerName>
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            <brokerCrdNo>000000665</brokerCrdNo>
            <brokerLei>549300GRQCWQ3XGH0H10</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>11664</grossCommission>
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          <broker>
            <brokerName>Raymond James</brokerName>
            <brokerFileNo>8-17983</brokerFileNo>
            <brokerCrdNo>000006694</brokerCrdNo>
            <brokerLei>RGUZHJ05YTITL6D76949</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>17376</grossCommission>
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          <broker>
            <brokerName>Stephens</brokerName>
            <brokerFileNo>8-01927</brokerFileNo>
            <brokerCrdNo>000003496</brokerCrdNo>
            <brokerLei>213800LH6T9XDYZCA534</brokerLei>
            <brokerStateCountry brokerState="US-AR" brokerCountry="US"/>
            <grossCommission>11965</grossCommission>
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          <broker>
            <brokerName>BLOOMBERG TRADEBOOK LLC</brokerName>
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            <brokerCrdNo>000040881</brokerCrdNo>
            <brokerLei>549300P0PVQNO43T7K36</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>453</grossCommission>
          </broker>
          <broker>
            <brokerName>CRAIG-HALLUM CAPITAL GROUP LLC</brokerName>
            <brokerFileNo>8-65407</brokerFileNo>
            <brokerCrdNo>000121395</brokerCrdNo>
            <brokerLei>549300YWNPUXBR9XZW77</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>7879</grossCommission>
          </broker>
          <broker>
            <brokerName>JANNEY MONTGOMERY SCOTT LLC</brokerName>
            <brokerFileNo>8-462</brokerFileNo>
            <brokerCrdNo>000000463</brokerCrdNo>
            <brokerLei>549300QQRY1JCFQHYS08</brokerLei>
            <brokerStateCountry brokerState="US-PA" brokerCountry="US"/>
            <grossCommission>1713</grossCommission>
          </broker>
          <broker>
            <brokerName>Truist Securities Inc.</brokerName>
            <brokerFileNo>8-17212</brokerFileNo>
            <brokerCrdNo>000006271</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-GA" brokerCountry="US"/>
            <grossCommission>44</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS, LLC</brokerName>
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            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>78</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>72394</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MORGAN STANLEY</principalName>
            <principalFileNo>8-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>IGJSJL3JD5P30I6NJZ34</principalLei>
            <principalStateCountry principalState="US-MD" principalCountry="US"/>
            <principalTotalPurchaseSale>231388</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMORGAN DISTRIBUTION SERVICES, INC.</principalName>
            <principalFileNo>8-52700</principalFileNo>
            <principalCrdNo>000104234</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-OH" principalCountry="US"/>
            <principalTotalPurchaseSale>280744</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KEEFE, BRUYETTE &amp; WOODS, INC.</principalName>
            <principalFileNo>8-10888</principalFileNo>
            <principalCrdNo>000000481</principalCrdNo>
            <principalLei>549300OM47DQV01G4854</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>164480</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Piper Sandler</principalName>
            <principalFileNo>8-15204</principalFileNo>
            <principalCrdNo>000000665</principalCrdNo>
            <principalLei>549300GRQCWQ3XGH0H10</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>429375</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1105987</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>47084338</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
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        <didFundLendSecurities>N</didFundLendSecurities>
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        <netIncomeSecuritiesLending>0</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
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          <pricingService>
            <pricingServiceName>Bloomberg Global Markets Services LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>ICE DATA PRICING &amp; REFERENCE DATA, LLC</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
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            <custodianName>Brown Brothers Harriman &amp; Co.</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>ALPS Fund Services, Inc.</shareholderServiceAgentName>
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            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>N/A</adminLei>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
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          <broker>
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        <aggregateCommission>3516159</aggregateCommission>
        <principalAggregatePurchase>0</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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        <lineOfCredit hasLineOfCredit="Y">
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        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
        <liquidityClassifications>
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            <liquidityName>ICE Liquidity Risk Management</liquidityName>
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        <isLiquidityHiredTerminated>N</isLiquidityHiredTerminated>
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    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="Financial Investors Trust" signedDate="2026-07-13" signature="Paul Holland" title="Treasurer"/>
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</edgarSubmission>
