[ad_1]
Get on the spot alerts when information breaks in your shares. Declare your 1-week free trial to StreetInsider Premium right here.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Funding Firm Act file quantity: 811-08194
FINANCIAL INVESTORS TRUST
(Actual title of Registrant as laid out in constitution)
1290 Broadway, Suite 1000, Denver, Colorado
80203
(Tackle of principal govt places of work) (Zip code)
Brendan Hamill, Esq., Secretary
Monetary Buyers Belief
1290 Broadway, Suite 1000
Denver, Colorado 80203
(Title and handle of agent for service)
Registrant’s phone quantity, together with space code: 303-623-2577
Date of fiscal yr finish: April 30
Date of reporting interval: April 30, 2021 – October 31, 2021
Explanatory be aware: The
Registrant is submitting this modification to its Kind N-CSRS for the interval ended October 31, 2021, initially filed with
the Securities and Trade Fee on January 7, 2022 (Accession Quantity 0001398344-22-000330)
(the “Authentic Submitting”). The aim of this modification is to replace Merchandise 1(a) to incorporate the semi-annual report of Disciplined
Progress Investor’s Fund, which was inadvertently omitted.
The rest
of Merchandise 1 and Gadgets 2 by way of Merchandise 12 of the Authentic Submitting are included herein by reference.
| Merchandise 1. | Reviews to Stockholders. |
| (a) | Report of Disciplined Progress Investor’s Fund |
| TABLE OF CONTENTS |  |
SEMI-ANNUAL REPORT
| SHAREHOLDER 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 |
| PRIVACY POLICY | 32 |
Disciplined Progress Buyers’ purpose is to
talk clearly and transparently with our shoppers and mutual fund shareholders. It’s mutually useful when our shareholders perceive
how we make investments, what we’re presently considering and forecasting, and the precise funding choices we have now made. Our views and opinions
relating to the funding prospects of our portfolio holdings and the Fund are “ahead wanting statements” which can or could
not be correct over the long run. Whereas we consider we have now an affordable foundation for these forecasts and believe in our funding
workforce’s views, precise outcomes could differ materially from these we anticipate. Data supplied on this report shouldn’t be thought-about
a suggestion to buy or promote any explicit safety.
You possibly can determine ahead wanting statements as these together with phrases
reminiscent of “consider”, “count on”, “anticipate”, “forecast”, and related assertion. We can not
guarantee future efficiency. These forward-looking statements are made solely as-of the date of this report. Following the publication of
this report, we is not going to replace any of the forward-looking statements included right here.
This materials should be preceded or accompanied by
a prospectus. Please learn the prospectus rigorously earlier than investing.
| OCTOBER 31, 2021 | DGINV.COM |
| The Disciplined Progress Buyers Fund | Shareholder Letter |
| October 31, 2021 (Unaudited) |
Fund Efficiency and Asset Combine:
For the primary six months of The DGI Fund’s
fiscal yr (5/1/21-10/31/21), The DGI Fund returned 2.02%. Shares within the Fund elevated by 3.18% and bonds elevated 0.70%. As of
10/31/21, the Fund’s asset combine was 68.8% shares and 31.2% bonds and money.
In these six months, The DGI Fund underperformed
the S&P 500 index (the Fund’s benchmark), which elevated 10.91%. Throughout this time, the DGI Fund held 25 shares that elevated
in worth and 24 shares that declined in worth. The ten largest fairness holdings in The DGI Fund mixed so as to add 1.65% to the Fund’s
whole efficiency.
The Fund’s bond portfolio underperformed the Barclays Authorities
& Company Credit score index, which elevated by 1.06%.1
It’s extra useful to supply context for the
calendar yr 2021 to-date than to narrowly recap the final six months. 2021 to-date continues to point out the results of indexing.
As extra money flows into index funds, in flip extra capital flows into the biggest names within the index. It seems to us that lots of the
largest positions within the S&P 500 have inventory costs effectively above their intrinsic worth. For a slim band of shares available in the market, this
is problematic. The primary and best funding determination is just to avoid these corporations, whatever the short-term
will increase in inventory value they could produce.
Extra encouragingly, we see a transparent funding
path for 2022 and past: select good corporations whose shares are well-priced. It takes a number of work to seek out one of these firm
and inventory, however we’re discovering them. When most of different buyers’ consideration goes to a slim group of corporations, we are sometimes in a position
to seek out promising funding alternatives. Market volatility will not be fulfilling, but it surely can provide us the present of enticing factors to
add to current shares positions within the Fund and discover new funding alternatives. Sticking to our funding self-discipline retains our focus
on strong long-term alternatives and away from overvalued shares.
The outlook for bonds may be very poor. Rates of interest
are low and inflation has reared its ugly head. Within the year-to-date, bondholders have misplaced actual buying energy as a result of results
of inflation. With low yields, bonds may nonetheless be thought-about a bastion of security or principal stability within the brief time period. Inflation
undercuts a key advantage of bonds: that your principal and buying energy are protected. Presently, lending cash to the US Authorities
for 30 years (a 30-year US Treasury Bond) would yield solely 2.06% per yr. Extra regular historic yields on long-term authorities
bonds can be 4-5%. Within the present atmosphere, authorities bond yields don’t outpace inflation, not to mention present a significant return.
The identical dynamic is true of company bonds despite the fact that they provide barely greater rates of interest. Due to these points within the bond
market, we have now saved the Fund’s bond portfolio short-term in period and have allotted minimal allowable quantity of the Fund
towards bonds.
Placing all that collectively, we consider we have now
your Fund positioned to harness the optimistic long-term progress potential in shares whereas sustaining a prudent allocation to bonds
to assist climate unavoidable volatility alongside the best way.
A abstract of the precise funding choices
in your Fund is under. You’ll find extra efficiency data and a full listing of the Fund’s holdings on this semi-annual
report and at www.dgifund.com.
| Semi-Annual Report | October 31, 2021 | 1 |
| The Disciplined Progress Buyers Fund | Shareholder Letter |
| October 31, 2021 (Unaudited) |
Portfolio Exercise
New Shares and additions to current holdings:
Since we wrote to you final (4/30/21), the funding workforce added two
new shares, LGI Properties and Take-Two Interactive Software program, to The DGI Fund.
From the bottom up, LGI Properties is a totally
completely different type of homebuilder – they construct high-quality, reasonably priced properties and goal homebuyers who in any other case would solely be
capable of afford to hire. From its actual property technique to its advertising and marketing strategies, the corporate has constructed a really systematized, environment friendly enterprise
mannequin which has not been efficiently replicated by opponents, regardless of quite a few makes an attempt. We consider this underserved, entry-level
homebuyer market is an untapped alternative of which LGI is in an excellent place to handle.
Take-Two Interactive Software program is a online game
writer which owns a number of studios that produce well-known titles with an emphasis a sustaining high quality merchandise and long-term
franchises, as an alternative of the fast, lower-quality content material treadmill that many sport publishers pursue. The worldwide online game market is
in depth and increasing, with economics which are shifting in favor of content material builders like Take-Two. In our opinion, this provides
the corporate the flexibility to develop income at a fee effectively in extra of gross sales. We initiated a place as a result of we consider that Take-Two
has a novel, invaluable franchise with a powerful aggressive place.
Within the final six months, we additionally added to the present allocations of
4 shares: Proto Labs, Plexus Corp., Microchip Expertise, and Viasat.
Full Gross sales and Trims to Present Positions:
We offered the remaining place in FactSet Analysis Methods and Manhattan
Associates, whereas Stamps.com was acquired by a non-public fairness agency.
FactSet Analysis Methods offers funding professionals
with instruments, knowledge, and software program to facilitate decision-making. As passive investing continues to develop, the corporate has invested in
new areas to generate income. In our opinion, this has elevated the danger profile of an already costly inventory. That led us to promote
our place to spend money on different alternatives within the portfolio.
Manhattan Associates presents stock, warehouse,
and order administration companies that assist retailers defend in opposition to aggressive threats from Amazon. Regardless of strong progress on quite a few
company objectives and a premier place in business, the inventory value has far exceeded the intrinsic worth of the corporate, so we offered the
total place.
Stamps.com helps small companies, on-line retailers,
and residential workplace staff deal with their postage and supply companies. The service permits their shoppers to reduce their delivery prices
and higher accommodate prospects’ delivery preferences. Stamps.com inventory surged this summer season after the corporate introduced it had agreed
to be offered to the personal fairness agency Thoma Bravo.
On this time we additionally lowered the Fund’s allocation in direction of Middleby
Corp.
Sincerely,
Frederick Ok. Martin, CFA — Portfolio Supervisor
| 2 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Shareholder Letter |
| October 31, 2021 (Unaudited) |
| * | Asset class-specific efficiency is earlier than charges. The Fund’s single price – the administration price – is paid from the Fund’s holding of money. Whole Fund net-of-fees efficiency is offered on this letter, later on this annual report, and is up to date month-to-month on the Fund’s web site, www.dgifund.com. |
| 1 | The Barclay’s Authorities & Company Credit score index will not be a benchmark for the Fund. It’s referenced right here merely to check the Fastened Earnings holdings’ efficiency inside the Fund in opposition to a broad bond market index. |
The Barclay’s Authorities & Company
Credit score index consists of each company (publicly-issued, fixed-rate, nonconvertible, funding grade, dollar-denominated, SEC-registered,
company dept.) and authorities (Treasury Bond index, Company Bond index, 1-3 12 months Authorities index, and the 20+-12 months treasury) indexes,
together with bonds with maturities as much as ten years.
The S&P 500® Whole Return
Index is an unmanaged index of 500 widespread shares chosen for market measurement, liquidity and business group illustration. It’s a market-value
weighted index. The Index will not be actively managed and doesn’t mirror any deductions for charges, bills or taxes. An investor could not
make investments straight within the Index.
Asset class-specific efficiency is earlier than
charges. The Fund’s single price – the administration price – is paid from the Fund’s holding of money. Whole Fund net-of-fees
efficiency is offered on this letter, later on this annual report, and is up to date month-to-month on the Fund’s web site, www.dgifund.com.
The views of Disciplined Progress Buyers, Inc. and knowledge
mentioned on this commentary are as of the date of publication, are topic to vary, and will not mirror the writers’ present
views.
The views expressed are these of the Fund’s
adviser solely, and characterize an evaluation of market situations at a particular time limit, are opinions solely and shouldn’t be relied
upon as funding recommendation relating to a specific funding or markets typically. Such data doesn’t represent a suggestion
to purchase or promote particular securities or funding automobiles. It shouldn’t be assumed that any funding might be worthwhile or will equal
the efficiency of the portfolios or any securities or any sectors talked about on this letter. The subject material contained on this letter
has been derived from a number of sources believed to be dependable and correct on the time of compilation. Neither Disciplined Progress Buyers,
Inc. nor the Fund accepts any legal responsibility for losses both direct or consequential precipitated by means of this data.
The Fund is distributed by ALPS Distributors, Inc.
The Fund is topic to funding dangers, together with doable loss
of the principal quantity invested and subsequently will not be appropriate for all buyers. The Fund could not obtain its aims.
Diversification doesn’t get rid of the danger of experiencing funding
losses.
Fred Martin is a registered consultant of ALPS Distributors,
Inc. CFA Institute Marks are logos owned by the CFA Institute.
| Semi-Annual Report | October 31, 2021 | 3 |
| The Disciplined Progress Buyers Fund | Efficiency Replace |
| October 31, 2021 (Unaudited) |
Annualized Whole Return Efficiency (for the interval ended
October 31, 2021)
| 6 month | 1 12 months | 3 12 months | 5 12 months | 10 12 months | Since Inception* | |
| The Disciplined Progress Buyers Fund | 2.02% | 30.01% | 16.68% | 14.36% | 12.43% | 13.09% |
| S&P 500® Whole Return Index(1) |
10.91% | 42.91% | 21.48% | 18.93% | 16.21% | 16.59% |
Efficiency knowledge quoted represents previous
efficiency. Previous efficiency doesn’t assure future outcomes. Funding return and principal worth of an funding will fluctuate
in order that an investor’s shares, when offered or redeemed, could also be value roughly than the unique price. Present efficiency knowledge
could also be greater or decrease than precise knowledge quoted. For probably the most present month-end efficiency knowledge please name 1.855.DGI.FUND.
The desk doesn’t mirror the deductions of taxes a shareholder
would pay on Fund distributions or redemptions of Fund shares.
Topic to funding dangers, together with doable lack of the principal quantity
invested.
Returns for intervals lower than 1 yr are cumulative.
| * | Fund Inception date of August 12, 2011. |
| (1) | The S&P 500® Whole Return Index is an unmanaged index of 500 widespread shares chosen for market measurement, liquidity and business group illustration. It’s a market-value weighted index. The Index will not be actively managed and doesn’t mirror any deductions for charges, bills or taxes. An investor could not make investments straight within the Index. |
| 4 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Efficiency Replace |
| October 31, 2021 (Unaudited) |
Progress of $10,000 Funding within the Fund (for the interval
ended October 31, 2021)
The chart above represents historic efficiency of a hypothetical
funding of $10,000 within the Fund since inception. Previous efficiency doesn’t assure future outcomes. This chart doesn’t mirror the
deduction of taxes {that a} shareholder would pay on Fund distributions or the redemption of Fund shares.
Investing within the Fund is topic
to funding dangers, together with doable lack of the principal quantity invested.
Business Sector Allocation
(as a % of Web Belongings)*
| Expertise | 34.77% |
| Client Discretionary | 12.95% |
| Well being Care | 5.99% |
| Vitality | 3.38% |
| Industrials | 11.06% |
| Financials | 0.26% |
| Communications | 0.42% |
| Company Bonds | 17.82% |
| International Company Bonds | 1.11% |
| International Authorities Bonds | 0.20% |
| Authorities & Company Obligations | 9.77% |
| Different Belongings in Extra of Liabilities | 2.27% |
High Ten Holdings
(as a % of Web Belongings)*
| U.S. Treasury Be aware | 5.57% |
| Intuit, Inc. | 3.05% |
| Align Expertise, Inc. | 2.98% |
| Gentex Corp. | 2.95% |
| Akamai Applied sciences, Inc. | 2.93% |
| Garmin, Ltd. | 2.92% |
| Plexus Corp. | 2.74% |
| Autodesk, Inc. | 2.66% |
| Energy Integrations, Inc. | 2.64% |
| Cognex Corp. | 2.49% |
| High Ten Holdings | 30.93% |
| * | Holdings are topic to vary, and will not mirror the present or future place of the portfolio. |
| Semi-Annual Report | October 31, 2021 | 5 |
| The Disciplined Progress Buyers Fund | Disclosure of Fund Bills |
| October 31, 2021 (Unaudited) |
As a shareholder of the Fund, you incur two varieties
of prices: (1) transaction prices, together with gross sales fees (hundreds) on buy funds, reinvested dividends, or different distributions; redemption
charges; and trade charges; and (2) ongoing prices, together with administration charges; distribution and/or service (12b-1) charges; and different fund
working bills. This instance is meant that will help you perceive your ongoing prices (in {dollars}), of investing within the Fund and to check
these prices with the continuing prices of investing in different mutual funds.
This instance is predicated on an funding of $1,000 invested initially
of the interval and held for your complete six-month interval of Might 1, 2021 by way of October 31, 2021.
Precise Bills The primary line of the desk
under offers details about precise account values and precise bills. It’s possible you’ll use the data on this line, along with the
quantity you invested, to estimate the bills that you simply paid over the interval. Merely divide your account worth by $1,000 (for instance,
an $8,600 account worth divided by $1,000 = 8.6), then multiply the outcome by the quantity within the first line underneath the heading “Bills
Paid Throughout Interval” to estimate the bills you paid in your account throughout this era.
Hypothetical Instance for Comparability Functions
The second line of the desk under offers details about hypothetical account values and hypothetical bills primarily based on the Fund’s
precise expense ratio and an assumed fee of return of 5% per yr earlier than bills, which isn’t the Fund’s precise return. The hypothetical
account values and bills will not be used to estimate the precise ending account stability or bills you paid for the interval. It’s possible you’ll
use this data to check the continuing prices of investing within the Fund and different mutual funds. To take action, evaluate this 5% hypothetical
instance with the 5% hypothetical examples that seem within the shareholder reviews of the opposite funds.
Please be aware that the bills proven within the desk
are supposed to spotlight your ongoing prices solely and don’t mirror transactional prices, reminiscent of gross sales fees (hundreds), redemption charges
or trade charges. Due to this fact, the second line of the desk is beneficial in evaluating ongoing prices solely and won’t assist you decide the
relative whole prices of proudly owning completely different funds. As well as, if these transactional prices had been included, your prices would have been greater.
| Starting Account Worth 5/1/2021 | Ending Account Worth 10/31/2021 | Expense Ratio(a) | Bills Paid Throughout interval 5/1/2021 – 10/31/2021(b) | |
| Precise | $1,000.00 | $1,020.20 | 0.78% | $ 3.97 |
| Hypothetical (5% return earlier than bills) | $1,000.00 | $1,021.27 | 0.78% | $ 3.97 |
| (a) | The Fund’s expense ratios have been annualized primarily based on the Fund’s most up-to-date fiscal half-year bills. |
| (b) | Bills are equal to the Fund’s annualized expense ratio, multiplied by the common account worth over the interval, multiplied by the variety of days in the latest fiscal half-year (184)/365 (to mirror the half-year interval). |
| 6 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Shares | Worth (Be aware 2) | |||||||
| COMMON STOCKS (68.83%) | ||||||||
| COMMUNICATIONS (0.42%) | ||||||||
| Media (0.42%) | ||||||||
| Take-Two Interactive Software program, Inc. (a) | 8,409 | $ | 1,522,029 | |||||
| TOTAL COMMUNICATIONS | 1,522,029 | |||||||
| CONSUMER DISCRETIONARY (12.95%) | ||||||||
| Client Discretionary Merchandise (5.88%) |
||||||||
| Gentex Corp. | 298,676 | 10,570,144 | ||||||
| Gentherm, Inc. (a) | 35,826 | 2,637,868 | ||||||
| LGI Properties, Inc. (a) | 17,005 | 2,538,847 | ||||||
| Underneath Armour, Inc. , Class A(a) | 244,444 | 5,367,990 | ||||||
| 21,114,849 | ||||||||
| Client Discretionary Providers (2.04%) | ||||||||
| Royal Caribbean Cruises, Ltd. (a) | 58,077 | 4,903,441 | ||||||
| Strategic Training, Inc. | 35,214 | 2,401,947 | ||||||
| 7,305,388 | ||||||||
| Retail & Whsle – Discretionary (5.03%) | ||||||||
| Nordstrom, Inc. (a) | 71,346 | 2,049,771 | ||||||
| Sleep Quantity Corp. (a) | 72,325 | 6,389,190 | ||||||
| Sew Repair, Inc. , Class A(a) | 100,309 | 3,470,691 | ||||||
| TJX Cos., Inc. | 93,742 | 6,139,164 | ||||||
| 18,048,816 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 46,469,053 | |||||||
| ENERGY (3.38%) | ||||||||
| Oil & Fuel (3.38%) | ||||||||
| Core Laboratories NV | 28,475 | 740,635 | ||||||
| Coterra Vitality, Inc. | 322,602 | 6,877,875 | ||||||
| Southwestern Vitality Co. (a) | 924,720 | 4,512,633 | ||||||
| 12,131,143 | ||||||||
| TOTAL ENERGY | 12,131,143 | |||||||
| Semi-Annual Report | October 31, 2021 | 7 |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Shares | Worth (Be aware 2) | |||||||
| FINANCIALS (0.26%) | ||||||||
| Banking (0.26%) | ||||||||
| Cullen/Frost Bankers, Inc. | 7,215 | $ | 934,343 | |||||
| TOTAL FINANCIALS | 934,343 | |||||||
| HEALTH CARE (5.99%) | ||||||||
| Well being Care (5.99%) | ||||||||
| Align Expertise, Inc. (a) | 17,156 | 10,711,692 | ||||||
| Intuitive Surgical, Inc. (a) | 21,111 | 7,623,816 | ||||||
| Myriad Genetics, Inc. (a) | 102,968 | 3,168,325 | ||||||
| 21,503,833 | ||||||||
| TOTAL HEALTH CARE | 21,503,833 | |||||||
| INDUSTRIALS (11.06%) | ||||||||
| Industrial Merchandise (6.40%) | ||||||||
| Cognex Corp. | 101,947 | 8,929,538 | ||||||
| Graco, Inc. | 43,386 | 3,261,759 | ||||||
| Middleby Corp. (a) | 15,159 | 2,765,608 | ||||||
| Proto Labs, Inc. (a) | 91,613 | 5,479,374 | ||||||
| Snap-on, Inc. | 12,480 | 2,536,310 | ||||||
| 22,972,589 | ||||||||
| Industrial Providers (4.66%) | ||||||||
| Alarm.com Holdings, Inc. (a) | 64,433 | 5,429,124 | ||||||
| Deluxe Corp. | 44,206 | 1,576,828 | ||||||
| JetBlue Airways Corp. (a) | 180,992 | 2,539,318 | ||||||
| Landstar System, Inc. | 30,964 | 5,443,781 | ||||||
| MSC Industrial Direct Co., Inc. , Class A | 20,443 | 1,718,643 | ||||||
| 16,707,694 | ||||||||
| TOTAL INDUSTRIALS | 39,680,283 | |||||||
| TECHNOLOGY (34.77%) | ||||||||
| Software program & Tech Providers (12.41%) | ||||||||
| Akamai Applied sciences, Inc. (a) | 99,689 | 10,513,202 | ||||||
| Autodesk, Inc. (a) | 30,105 | 9,561,649 | ||||||
| IHS Markit, Ltd. | 27,705 | 3,621,598 | ||||||
| Intuit, Inc. | 17,496 | 10,952,321 | ||||||
| Open Textual content Corp. | 92,927 | 4,678,874 | ||||||
| Paychex, Inc. | 42,125 | 5,193,170 | ||||||
| 44,520,814 | ||||||||
| 8 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Shares | Worth (Be aware 2) | |||||||
| TECHNOLOGY (continued) | ||||||||
| Tech {Hardware} & Semiconductors (22.36%) | ||||||||
| Arista Networks, Inc. (a) | 12,584 | $ | 5,155,539 | |||||
| Dolby Laboratories, Inc. , Class A | 93,629 | 8,272,122 | ||||||
| Garmin, Ltd. | 72,972 | 10,478,779 | ||||||
| InterDigital, Inc. | 37,608 | 2,517,855 | ||||||
| IPG Photonics Corp. (a) | 12,927 | 2,055,522 | ||||||
| Microchip Expertise, Inc. | 106,774 | 7,910,886 | ||||||
| Plantronics, Inc. (a) | 114,633 | 3,067,579 | ||||||
| Plexus Corp. (a) | 112,755 | 9,845,767 | ||||||
| Energy Integrations, Inc. | 91,650 | 9,459,196 | ||||||
| Pure Storage, Inc. , Class A(a) | 228,017 | 6,124,537 | ||||||
| Tremendous Micro Pc, Inc. (a) | 209,943 | 7,429,883 | ||||||
| Viasat, Inc. (a) | 133,100 | 7,944,739 | ||||||
| 80,262,404 | ||||||||
| TOTAL TECHNOLOGY | 124,783,218 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Value $147,713,029) | $ | 247,023,902 | ||||||
| Principal Quantity | Worth (Be aware 2) | |||||||
| CORPORATE BONDS (17.82%) | ||||||||
| COMMUNICATIONS (1.11%) | ||||||||
| Cable & Satellite tv for pc (0.27%) | ||||||||
| Comcast Corp. | ||||||||
| 4.150% 10/15/2028 | $ | 860,000 | $ | 981,901 | ||||
| Leisure Content material (0.28%) | ||||||||
| ViacomCBS, Inc. | ||||||||
| 3.700% 06/01/2028 | 910,000 | 999,609 | ||||||
| Wi-fi Telecommunications Providers (0.56%) | ||||||||
| AT&T, Inc. | ||||||||
| 4.350% 03/01/2029 | 890,000 | 1,010,993 | ||||||
| 4.450% 04/01/2024 | 4,000 | 4,305 | ||||||
| Verizon Communications, Inc. | ||||||||
| 4.329% 09/21/2028 | 860,000 | 982,134 | ||||||
| 1,997,432 | ||||||||
| TOTAL COMMUNICATIONS | 3,978,942 | |||||||
| Semi-Annual Report | October 31, 2021 | 9 |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| CONSUMER DISCRETIONARY (1.99%) | ||||||||
| Airways (0.27%) | ||||||||
| Southwest Airways Co. | ||||||||
| 3.450percent11/16/2027 | $ | 920,000 | $ | 983,442 | ||||
| Cars Manufacturing (0.31%) | ||||||||
| Basic Motors Co. | ||||||||
| 5.000percent10/01/2028 | 960,000 | 1,103,556 | ||||||
| Client Providers (0.28%) | ||||||||
| Cintas Corp. No 2 | ||||||||
| 3.700percent04/01/2027 | 900,000 | 992,450 | ||||||
| Eating places (0.29%) | ||||||||
| McDonald’s Corp., Collection MTN | ||||||||
| 6.300percent03/01/2038 | 715,000 | 1,022,193 | ||||||
| Retail – Client Discretionary (0.84%) | ||||||||
| Advance Auto Components, Inc. | ||||||||
| 1.750percent10/01/2027 | 1,010,000 | 993,436 | ||||||
| Amazon.com, Inc. | ||||||||
| 5.200percent12/03/2025 | 885,000 | 1,015,458 | ||||||
| Lowe’s Cos., Inc. | ||||||||
| 3.650percent04/05/2029 | 925,000 | 1,022,002 | ||||||
| 3,030,896 | ||||||||
| TOTAL CONSUMER DISCRETIONARY | 7,132,537 | |||||||
| CONSUMER STAPLES (0.50%) | ||||||||
| Meals & Beverage (0.28%) | ||||||||
| Anheuser-Busch InBev Worldwide, Inc. | ||||||||
| 4.000percent04/13/2028 | 900,000 | 1,012,502 | ||||||
| Mass Retailers ( 0.22%) | ||||||||
| Costco Wholesale Corp. | ||||||||
| 2.750percent05/18/2024 | 760,000 | 796,116 | ||||||
| TOTAL CONSUMER STAPLES | 1,808,618 | |||||||
| ENERGY (1.96%) | ||||||||
| Built-in Oils (0.27%) | ||||||||
| BP Capital Markets America, Inc. | ||||||||
| 4.234percent11/06/2028 | 860,000 | 981,477 | ||||||
| 10 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| ENERGY (continued) | ||||||||
| Pipeline (1.11%) | ||||||||
| Vitality Switch LP | ||||||||
| 5.250percent04/15/2029 | $ | 850,000 | $ | 987,765 | ||||
| Enterprise Merchandise Working LLC | ||||||||
| 3.125percent07/31/2029 | 955,000 | 1,018,987 | ||||||
| MPLX LP | ||||||||
| 2.650percent08/15/2030 | 985,000 | 981,183 | ||||||
| ONEOK, Inc. | ||||||||
| 4.550percent07/15/2028 | 870,000 | 980,231 | ||||||
| 3,968,166 | ||||||||
| Refining & Advertising (0.58%) | ||||||||
| Phillips 66 | ||||||||
| 2.150percent12/15/2030 | 1,025,000 | 991,256 | ||||||
| Valero Vitality Corp. | ||||||||
| 4.000percent04/01/2029 | 1,010,000 | 1,108,778 | ||||||
| 2,100,034 | ||||||||
| TOTAL ENERGY | 7,049,677 | |||||||
| FINANCIALS (3.82%) | ||||||||
| Banks (1.11%) | ||||||||
| Areas Monetary Corp. | ||||||||
| 1.800percent08/12/2028 | 1,000,000 | 978,900 | ||||||
| Truist Monetary Corp., Collection MTN | ||||||||
| 3.875percent03/19/2029 | 895,000 | 1,006,223 | ||||||
| US Bancorp, Collection DMTN | ||||||||
| 3.000percent07/30/2029 | 950,000 | 1,010,603 | ||||||
| Wells Fargo & Co., Collection GMTN | ||||||||
| 4.300percent07/22/2027 | 885,000 | 991,794 | ||||||
| 3,987,520 | ||||||||
| Business Finance (0.28%) | ||||||||
| GATX Corp. | ||||||||
| 4.700percent04/01/2029 | 862,000 | 995,694 | ||||||
| Diversified Banks (0.76%) | ||||||||
| Financial institution of America Corp., Collection L | ||||||||
| 4.183percent11/25/2027 | 715,000 | 788,120 | ||||||
| Citigroup, Inc. | ||||||||
| 4.125percent07/25/2028 | 885,000 | 984,629 | ||||||
| Semi-Annual Report | October 31, 2021 | 11 |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| FINANCIALS (continued) | ||||||||
| Diversified Banks (continued) | ||||||||
| JPMorgan Chase & Co. | ||||||||
| 4.125percent12/15/2026 | $ | 860,000 | $ | 953,363 | ||||
| 2,726,112 | ||||||||
| Monetary Providers (0.55%) | ||||||||
| Morgan Stanley, Collection GMTN | ||||||||
| 3.700percent10/23/2024 | 900,000 | 965,486 | ||||||
| Northern Belief Corp. | ||||||||
| 3M US L + 1.131% 05/08/2032 (b) | 930,000 | 989,883 | ||||||
| 1,955,369 | ||||||||
| Life Insurance coverage (0.27%) | ||||||||
| Principal Monetary Group, Inc. | ||||||||
| 3.100percent11/15/2026 | 920,000 | 980,582 | ||||||
| Property & Casualty Insurance coverage (0.28%) | ||||||||
| American Worldwide Group, Inc. | ||||||||
| 4.250percent03/15/2029 | 890,000 | 1,013,548 | ||||||
| Actual Property (0.57%) | ||||||||
| Simon Property Group LP | ||||||||
| 2.450percent09/13/2029 | 1,010,000 | 1,027,667 | ||||||
| Welltower, Inc. | ||||||||
| 4.125percent03/15/2029 | 905,000 | 1,014,496 | ||||||
| 2,042,163 | ||||||||
| TOTAL FINANCIALS | 13,700,988 | |||||||
| HEALTH CARE (1.11%) | ||||||||
| Well being Care Amenities & Providers (0.27%) | ||||||||
| CVS Well being Corp. | ||||||||
| 3.250percent08/15/2029 | 922,000 | 986,030 | ||||||
| Managed Care (0.28%) | ||||||||
| Anthem, Inc. | ||||||||
| 3.650percent12/01/2027 | 900,000 | 988,256 | ||||||
| Prescription drugs ( 0.56%) | ||||||||
| AbbVie, Inc. | ||||||||
| 4.250percent11/14/2028 | 880,000 | 999,976 | ||||||
| 12 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| HEALTH CARE (continued) | ||||||||
| Prescription drugs (continued) | ||||||||
| Astrazeneca Finance LLC | ||||||||
| 1.750percent05/28/2028 | $ | 1,000,000 | $ | 996,551 | ||||
| 1,996,527 | ||||||||
| TOTAL HEALTH CARE | 3,970,813 | |||||||
| INDUSTRIALS (2.33%) | ||||||||
| Aerospace & Protection (0.47%) | ||||||||
| Lockheed Martin Corp. | ||||||||
| 3.100percent01/15/2023 | 680,000 | 698,466 | ||||||
| Raytheon Applied sciences Corp. | ||||||||
| 4.125percent11/16/2028 | 885,000 | 1,003,449 | ||||||
| 1,701,915 | ||||||||
| Engineering & Building (0.21%) | ||||||||
| Fluor Corp. | ||||||||
| 4.250percent09/15/2028 | 725,000 | 754,881 | ||||||
| Railroad (0.53%) | ||||||||
| Burlington Northern Santa Fe LLC | ||||||||
| 3.000percent03/15/2023 | 2,000 | 2,057 | ||||||
| 3.400percent09/01/2024 | 875,000 | 932,112 | ||||||
| Union Pacific Corp. | ||||||||
| 3.950percent09/10/2028 | 865,000 | 976,200 | ||||||
| 1,910,369 | ||||||||
| Transportation & Logistics (0.57%) | ||||||||
| FedEx Corp. | ||||||||
| 2.400percent05/15/2031 | 985,000 | 987,685 | ||||||
| United Parcel Service, Inc. | ||||||||
| 6.200percent01/15/2038 | 715,000 | 1,048,384 | ||||||
| 2,036,069 | ||||||||
| Waste & Setting Providers & Tools (0.55%) | ||||||||
| Republic Providers, Inc. | ||||||||
| 3.375percent11/15/2027 | 910,000 | 981,343 | ||||||
| Waste Administration, Inc. | ||||||||
| 3.150percent11/15/2027 | 915,000 | 982,436 | ||||||
| 1,963,779 | ||||||||
| TOTAL INDUSTRIALS | 8,367,013 | |||||||
| Semi-Annual Report | October 31, 2021 | 13 |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| MATERIALS (0.28%) | ||||||||
| Chemical compounds (0.28%) | ||||||||
| DuPont de Nemours, Inc. | ||||||||
| 4.725percent11/15/2028 | $ | 860,000 | $ | 1,006,233 | ||||
| TOTAL MATERIALS | 1,006,233 | |||||||
| UTILITIES (4.72%) | ||||||||
| Utilities (4.72%) | ||||||||
| Ameren Corp. | ||||||||
| 1.750percent03/15/2028 | 1,020,000 | 999,352 | ||||||
| American Electrical Energy Co., Inc. | ||||||||
| 3.200percent11/13/2027 | 931,000 | 996,234 | ||||||
| Arizona Public Service Co. | ||||||||
| 2.600percent08/15/2029 | 960,000 | 989,365 | ||||||
| Black Hills Corp. | ||||||||
| 3.150percent01/15/2027 | 930,000 | 975,768 | ||||||
| CenterPoint Vitality, Inc. | ||||||||
| 4.250percent11/01/2028 | 895,000 | 1,013,074 | ||||||
| CMS Vitality Corp. | ||||||||
| 3.450percent08/15/2027 | 910,000 | 985,219 | ||||||
| DTE Vitality Co. | ||||||||
| 2.950percent03/01/2030 | 940,000 | 977,241 | ||||||
| Duke Vitality Corp. | ||||||||
| 3.400percent06/15/2029 | 940,000 | 1,012,834 | ||||||
| Jap Vitality Fuel Holdings LLC, Collection B | ||||||||
| 3.000percent11/15/2029 | 915,000 | 950,493 | ||||||
| ITC Holdings Corp. | ||||||||
| 4.050percent07/01/2023 | 540,000 | 563,850 | ||||||
| Nationwide Rural Utilities Cooperative Finance Corp. | ||||||||
| 3.400percent02/07/2028 | 930,000 | 1,010,426 | ||||||
| NiSource, Inc. | ||||||||
| 2.950percent09/01/2029 | 960,000 | 1,000,274 | ||||||
| PacifiCorp | ||||||||
| 5.250percent06/15/2035 | 762,000 | 976,023 | ||||||
| Public Service Electrical and Fuel Co. | ||||||||
| 3.200percent05/15/2029 | 905,000 | 982,072 | ||||||
| Puget Vitality, Inc. | ||||||||
| 3.650percent05/15/2025 | 725,000 | 771,453 | ||||||
| Sempra Vitality | ||||||||
| 3.750percent11/15/2025 | 699,000 | 757,468 | ||||||
| Southern Co., Collection 21-B | ||||||||
| 1.750percent03/15/2028 | 1,010,000 | 987,735 | ||||||
| 14 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| UTILITIES (continued) | ||||||||
| Utilities (continued) | ||||||||
| WEC Vitality Group, Inc. | ||||||||
| 1.375percent10/15/2027 | $ | 1,030,000 | $ | 1,002,801 | ||||
| 16,951,682 | ||||||||
| TOTAL UTILITIES | 16,951,682 | |||||||
| TOTAL CORPORATE BONDS | ||||||||
| (Value $62,498,999) | $ | 63,966,503 | ||||||
| FOREIGN CORPORATE BONDS (1.11%) | ||||||||
| ENERGY (0.85%) | ||||||||
| Exploration & Manufacturing (0.28%) | ||||||||
| Canadian Pure Assets, Ltd. | ||||||||
| 3.850percent06/01/2027 | 925,000 | 1,003,294 | ||||||
| Pipeline (0.57%) | ||||||||
| Enbridge, Inc. | ||||||||
| 3.700percent07/15/2027 | 915,000 | 999,303 | ||||||
| TransCanada PipeLines, Ltd. | ||||||||
| 7.250percent08/15/2038 | 695,000 | 1,037,262 | ||||||
| 2,036,565 | ||||||||
| TOTAL ENERGY | 3,039,859 | |||||||
| FINANCIALS (0.26%) | ||||||||
| Diversified Banks (0.26%) | ||||||||
| Royal Financial institution of Canada, Collection GMTN | ||||||||
| 4.650percent01/27/2026 | 850,000 | 953,942 | ||||||
| TOTAL FINANCIALS | 953,942 | |||||||
| TOTAL FOREIGN CORPORATE BONDS | ||||||||
| (Value $3,878,556) | $ | 3,993,801 | ||||||
| FOREIGN GOVERNMENT BONDS (0.20%) | ||||||||
| Corp Andina de Fomento | ||||||||
| 4.375percent06/15/2022 | 712,000 | 727,429 | ||||||
| TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
| (Value $719,515) | $ | 727,429 | ||||||
| Semi-Annual Report | October 31, 2021 | 15 |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
| Principal Quantity | Worth (Be aware 2) | |||||||
| GOVERNMENT & AGENCY OBLIGATIONS (9.77%) | ||||||||
| U.S. Treasury Notes | ||||||||
| 0.125percent04/30/2022 | $ | 6,000,000 | $ | 6,001,087 | ||||
| 0.125percent12/31/2022 | 20,000,000 | 19,978,906 | ||||||
| 1.375percent10/15/2022 | 4,500,000 | 4,552,950 | ||||||
| 2.000percent12/31/2021 | 4,500,000 | 4,514,000 | ||||||
| 35,046,943 | ||||||||
| TOTAL GOVERNMENT & AGENCY OBLIGATIONS | ||||||||
| (Value $35,079,694) | $ | 35,046,943 | ||||||
| Yield | Shares | Worth (Be aware 2) | ||||||||||
| SHORT TERM INVESTMENTS (2.14%) | ||||||||||||
| MONEY MARKET FUND (2.14%) | ||||||||||||
| First American Treasury Obligations | ||||||||||||
| Fund, 12/31/2049 | 0.010 | %(c) | 7,658,449 | 7,658,449 | ||||||||
| TOTAL SHORT TERM INVESTMENTS | ||||||||||||
| (Value $7,658,449) | $ | 7,658,449 | ||||||||||
| TOTAL INVESTMENTS (99.87%) | ||||||||||||
| (Value $257,548,242) | $ | 358,417,027 | ||||||||||
| Different Belongings In Extra Of Liabilities (0.13%) | 482,769 | |||||||||||
| NET ASSETS (100.00%) | $ | 358,899,796 | ||||||||||
| (a) | Non-Earnings Producing Safety. |
| (b) | Floating or variable fee safety. The reference fee is described under. The speed in impact as of October 31, 2021 is predicated on the reference fee plus the displayed unfold as of the securities final reset date. |
| (c) | Represents the 7-day yield. |
Frequent Abbreviations:
LIBOR – London Interbank Provided Fee
LLC – Restricted Legal responsibility Firm
LP – Restricted Partnership
Ltd. – Restricted
Libor Charges:
3M US L – 3 Month LIBOR as of October 31, 2021 was 0.13%
For Fund compliance functions, the Fund’s business
classifications consult with any a number of of the business sub-classifications utilized by a number of widely known market indexes or scores
group indexes, and/or as outlined by Fund administration. This definition could not apply for functions of this
| 16 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Portfolio of Investments |
| October 31, 2021 (Unaudited) |
report, which can mix business sub-classifications for reporting
ease. Industries are proven as a % of web belongings.
See Notes to Monetary Statements.
| Semi-Annual Report | October 31, 2021 | 17 |
| The Disciplined Progress Buyers Fund |
Assertion of Belongings and Liabilities |
| October 31, 2021 (Unaudited) |
| ASSETS | ||||
| Investments, at worth | $ | 358,417,027 | ||
| Money | 3,852 | |||
| Receivable for shares offered | 12,080 | |||
| Dividends and curiosity receivable | 709,186 | |||
| Whole belongings | 359,142,145 | |||
| LIABILITIES | ||||
| Payable for shares redeemed | 6,100 | |||
| Payable to adviser | 236,249 | |||
| Whole liabilities | 242,349 | |||
| NET ASSETS | $ | 358,899,796 | ||
| NET ASSETS CONSIST OF | ||||
| Paid-in capital (Be aware 5) | $ | 222,202,146 | ||
| Distributable Earnings | 136,697,650 | |||
| NET ASSETS | $ | 358,899,796 | ||
| INVESTMENTS, AT COST | $ | 257,548,242 | ||
| PRICING OF SHARES | ||||
| Web Asset Worth, providing and redemption value per share | $ | 26.44 | ||
| Shares of useful curiosity excellent | 13,573,912 | |||
See Notes to Monetary Statements.
| 18 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund |
Assertion of Operations |
| For the Six Months Ended October 31, 2021 (Unaudited) | ||||
| INVESTMENT INCOME | ||||
| Dividends | $ | 966,453 | ||
| International taxes withheld | (7,974 | ) | ||
| Curiosity | 884,509 | |||
| Whole funding revenue | 1,842,988 | |||
| EXPENSES | ||||
| Funding advisory charges (Be aware 6) | 1,384,860 | |||
| Whole bills | 1,384,860 | |||
| NET INVESTMENT INCOME | 458,128 | |||
| REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS | ||||
| Web realized achieve on investments | 13,770,462 | |||
| Web change in unrealized depreciation on investments | (7,259,430 | ) | ||
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 6,511,032 | |||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,969,160 | ||
See Notes to Monetary Statements.
| Semi-Annual Report | October 31, 2021 | 19 |
| The Disciplined Progress Buyers Fund |
Statements of Modifications in Web Belongings |
| For the Six Months Ended October 31, 2021 (Unaudited) | For the 12 months Ended April 30, 2021 | |||||||
| OPERATIONS | ||||||||
| Web funding revenue | $ | 458,128 | $ | 1,099,538 | ||||
| Web realized achieve | 13,770,462 | 33,593,363 | ||||||
| Web change in unrealized appreciation/(depreciation) | (7,259,430 | ) | 69,698,127 | |||||
| Web enhance in web belongings ensuing from operations | 6,969,160 | 104,391,028 | ||||||
| DISTRIBUTIONS (Be aware 3) | ||||||||
| From distributable earnings | (315,381 | ) | (27,178,282 | ) | ||||
| Web lower in web belongings from distributions | (315,381 | ) | (27,178,282 | ) | ||||
| CAPITAL SHARE TRANSACTIONS (Be aware 5) | ||||||||
| Proceeds from gross sales of shares | 11,869,706 | 40,251,816 | ||||||
| Issued to shareholders in reinvestment of distributions | 307,624 | 26,486,925 | ||||||
| Value of shares redeemed | (5,381,070 | ) | (25,092,730 | ) | ||||
| Web enhance from capital share transactions | 6,796,260 | 41,646,011 | ||||||
| Web enhance in web belongings | 13,450,039 | 118,858,757 | ||||||
| NET ASSETS | ||||||||
| Starting of interval | 345,449,757 | 226,591,000 | ||||||
| Finish of interval | $ | 358,899,796 | $ | 345,449,757 | ||||
| OTHER INFORMATION | ||||||||
| Share Transactions | ||||||||
| Issued | 451,124 | 1,671,944 | ||||||
| Issued to shareholders in reinvestment of distributions | 11,628 | 1,105,859 | ||||||
| Redeemed | (205,376 | ) | (1,129,855 | ) | ||||
| Web enhance in share transactions | 257,376 | 1,647,948 | ||||||
See Notes to Monetary Statements.
| 20 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
Web page Deliberately Left
Clean
| The Disciplined Progress Buyers Fund |
| NET ASSET VALUE, BEGINNING OF PERIOD | |||
| INCOME FROM OPERATIONS | |||
| Web funding revenue(a) | |||
| Web realized and unrealized achieve/(loss) on investments | |||
| Whole from funding operations | |||
| DISTRIBUTIONS | |||
| From web funding revenue | |||
| From web realized achieve on investments | |||
| Whole distributions | |||
| INCREASE/(DECREASE) IN NET ASSET VALUE | |||
| NET ASSET VALUE, END OF PERIOD | |||
| TOTAL RETURN | |||
| RATIOS AND SUPPLEMENTAL DATA | |||
| Web belongings, finish of interval (000’s) | |||
| RATIOS TO AVERAGE NET ASSETS | |||
| Bills | |||
| Web funding revenue | |||
| PORTFOLIO TURNOVER RATE |
| (a) | Per share numbers have been calculated utilizing the common shares methodology. |
| (c) | In 2018 the Fund’s whole return consists of a voluntary reimbursement by the advisor for a realized funding loss. Excluding this merchandise, whole return wouldn’t have been impacted. |
See Notes to Monetary Statements.
| 22 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| Monetary Highlights |
| For a share excellent through the years offered |
| For the Six Months Ended October 31, 2021 (Unaudited) | For the 12 months Ended April 30, 2021 | For the 12 months Ended April 30, 2020 | For the 12 months Ended April 30, 2019 | For the 12 months Ended April 30, 2018 | For the 12 months Ended April 30, 2017 | |||||||||||||||||
| $ | 25.94 | $ | 19.42 | $ | 21.15 | $ | 19.12 | $ | 18.20 | $ | 15.96 | |||||||||||
| 0.03 | 0.09 | 0.18 | 0.16 | 0.12 | 0.09 | |||||||||||||||||
| 0.49 | 8.83 | (1.14 | ) | 2.55 | 1.64 | 2.29 | ||||||||||||||||
| 0.52 | 8.92 | (0.96 | ) | 2.71 | 1.76 | 2.38 | ||||||||||||||||
| (0.02 | ) | (0.10 | ) | (0.17 | ) | (0.12 | ) | (0.12 | ) | (0.09 | ) | |||||||||||
| – | (2.30 | ) | (0.60 | ) | (0.56 | ) | (0.72 | ) | (0.05 | ) | ||||||||||||
| (0.02 | ) | (2.40 | ) | (0.77 | ) | (0.68 | ) | (0.84 | ) | (0.14 | ) | |||||||||||
| 0.50 | 6.52 | (1.73 | ) | 2.03 | 0.92 | 2.24 | ||||||||||||||||
| $ | 26.44 | $ | 25.94 | $ | 19.42 | $ | 21.15 | $ | 19.12 | $ | 18.20 | |||||||||||
| 2.02 | %(b) | 47.00 | % | (4.79 | %) | 14.74 | % | 9.75 | %(c) | 14.96 | % | |||||||||||
| $ | 358,900 | $ | 345,450 | $ | 226,591 | $ | 240,172 | $ | 204,068 | $ | 159,774 | |||||||||||
| 0.78 | %(d) | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | |||||||||||
| 0.26 | %(d) | 0.39 | % | 0.86 | % | 0.80 | % | 0.64 | % | 0.50 | % | |||||||||||
| 11 | %(b) | 31 | % | 29 | % | 22 | % | 18 | % | 16 | % | |||||||||||
| Semi-Annual Report | October 31, 2021 | 23 |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
1. ORGANIZATION
Monetary Buyers
Belief (the “Belief”), a Delaware statutory belief, is an open-end administration funding firm registered underneath
the Funding Firm Act of 1940, as amended (“1940 Act”). The Belief consists of a number of separate portfolios or
collection. This semi-annual report describes The Disciplined Progress Buyers Fund (the “Fund”). The Fund seeks long-term
capital progress and as a secondary goal, modest revenue with cheap danger.
2. SIGNIFICANT ACCOUNTING POLICIES
The accompanying monetary statements had been
ready in accordance with accounting rules usually accepted in the USA of America (“U.S. GAAP”).
The preparation of monetary statements in conformity with U.S. GAAP requires administration to make sure estimates and assumptions
that have an effect on the reported quantities of belongings and liabilities and disclosures of contingent belongings and liabilities on the date of
the monetary statements and the reported quantities of income and bills through the interval. Precise outcomes may differ from these
estimates. The Fund is taken into account an funding firm for monetary reporting functions underneath U.S. GAAP and follows the accounting
and reporting steerage relevant to funding corporations within the Monetary Accounting Requirements Board Accounting Requirements Codification
Subject 946. The next is a abstract of serious accounting insurance policies persistently adopted by the Fund in preparation of its
monetary statements.
Funding Valuation: The Fund usually
values its securities primarily based on market costs decided on the shut of standard buying and selling on the New York Inventory Trade (“NYSE”),
usually 4:00 p.m. Jap Time, on every day the NYSE is open for buying and selling.
For fairness securities and mutual funds
which are traded on an trade, the market value is often the closing sale or official closing value on that trade. Within the
case of fairness securities not traded on an trade, or if such closing costs should not in any other case accessible, the securities are
valued on the imply of the latest bid and ask costs on such day. Redeemable securities issued by open-end registered funding
corporations are valued on the funding firm’s relevant web asset worth, except for exchange-traded open-end
funding corporations, that are priced as fairness securities.
The market value for debt obligations is
usually the worth provided by an unbiased third-party pricing service authorised by the Board of Trustees of the Belief (the
“Board” or the “Trustees”), which can use a matrix, components or different goal methodology that takes into consideration
quotations from sellers, market transactions in comparable investments, market indices and yield curves. If distributors are unable
to produce a value, or if the worth provided is deemed to be unreliable, the market value could also be decided utilizing quotations obtained
from a number of dealer–sellers that make a market within the safety. Fastened-income obligations, excluding municipal securities,
having a remaining maturity of higher than 60 days, are sometimes valued on the imply between the evaluated bid and ask costs
formulated by an unbiased pricing service. Company Bonds, U.S. Authorities & Company, and U.S. Treasury Bonds & Notes
are valued utilizing market fashions that take into account commerce knowledge, quotations from sellers and lively market makers, related yield curve
and unfold knowledge, creditworthiness, commerce knowledge or market data on comparable securities, and different related safety particular
data. Publicly traded International Authorities Debt securities and International Company Bonds are sometimes traded
| 24 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
internationally
within the over-the-counter market and are valued on the imply between the bid and requested costs as of the shut of enterprise
of that market. Mortgage-related and asset-backed securities are valued primarily based on fashions that take into account commerce knowledge, prepayment
and default projections, benchmark yield and unfold knowledge and estimated money flows of every tranche of the issuer. Publicly traded
international authorities debt securities are sometimes traded internationally within the over-the-counter market and are valued at
the imply between the bid and requested costs as of the shut of enterprise of that market.
When such costs or quotations should not
accessible, or when Disciplined Progress Buyers, Inc. (the “Adviser”) believes that they’re unreliable, securities
could also be priced utilizing honest worth procedures authorised by the Board.
Honest Worth Measurements: The Fund
discloses the classification of its honest worth measurements following a three-tier hierarchy primarily based on the inputs used to measure
honest worth. Inputs refer broadly to the assumptions that market contributors would use in pricing the asset or legal responsibility, together with
assumptions about danger. Inputs could also be observable or unobservable. Observable inputs mirror the assumptions market contributors
would use in pricing the asset or legal responsibility which are developed primarily based on market knowledge obtained from sources unbiased of the reporting
entity. Unobservable inputs mirror the reporting entity’s personal assumptions in regards to the assumptions market contributors would
use in pricing the asset or legal responsibility which are developed primarily based on one of the best data accessible.
Varied inputs are utilized in figuring out
the worth of the Fund’s investments as of the tip of the reporting interval. When inputs used fall into completely different ranges of
the honest worth hierarchy, the extent within the hierarchy inside which the honest worth measurement falls is decided primarily based on the bottom
degree enter that’s vital to the honest worth measurement in its entirety. The designated enter ranges should not essentially
a sign of the danger or liquidity related to these investments. These inputs are categorized within the following hierarchy
underneath relevant monetary accounting requirements:
| Degree 1 – | Unadjusted quoted costs in lively markets for equivalent investments, unrestricted belongings or liabilities that the Fund has the flexibility to entry on the measurement date; |
| Degree 2 – | Quoted costs which aren’t lively, quoted costs for related belongings or liabilities in lively markets or inputs apart from quoted costs which are observable (both straight or not directly) for considerably the total time period of the asset or legal responsibility; and |
| Degree 3 – | Vital unobservable costs or inputs (together with the Fund’s personal assumptions in figuring out the honest worth of investments) the place there may be little or no market exercise for the asset or legal responsibility on the measurement date. |
| Semi-Annual Report | October 31, 2021 | 25 |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
The next is a abstract of every enter used to worth the Fund
as of October 31, 2021:
| Investments in Securities at Worth |
Degree Unadjusted Quoted Costs |
Degree Vital Observable Inputs |
Degree Vital Unobservable Inputs |
Whole | ||||||||||||
| Frequent Shares(a) | $ | 247,023,902 | $ | – | $ | – | $ | 247,023,902 | ||||||||
| Company Bonds(a) | – | 63,966,503 | – | 63,966,503 | ||||||||||||
| International Company Bonds(a) | – | 3,993,801 | – | 3,993,801 | ||||||||||||
| International Authorities Bonds | – | 727,429 | – | 727,429 | ||||||||||||
| Authorities & Company Obligations | – | 35,046,943 | – | 35,046,943 | ||||||||||||
| Quick Time period Investments | 7,658,449 | – | – | 7,658,449 | ||||||||||||
| TOTAL | $ | 254,682,351 | $ | 103,734,676 | $ | – | $ | 358,417,027 | ||||||||
| (a) | For detailed descriptions of the underlying industries, see the accompanying Portfolio of Investments. |
For the six months ended October 31, 2021 the Fund didn’t have
any securities that used vital unobservable inputs (Degree 3) in figuring out honest worth.
Funding Transactions and Funding
Earnings: Funding transactions are accounted for on the date the investments are bought or offered (commerce date). Realized
good points and losses from funding transactions are reported on an recognized price foundation, which is similar foundation the Fund makes use of for
federal revenue tax functions. Curiosity revenue, which incorporates accretion of reductions, is accrued and recorded as earned. Dividend
revenue is acknowledged on the ex-dividend date or for sure international securities, as quickly as data is offered to the
Fund.
Belief Bills: Some bills of
the Belief may be straight attributed to the Fund. Bills which can’t be straight attributed to the Fund are apportioned amongst
all funds within the Belief primarily based on common web belongings of every fund.
Fund Bills: Bills which are particular to the Fund
are charged on to the Fund.
Federal Earnings Taxes: The Fund complies
with the necessities underneath Subchapter M of the Inner Income Code of 1986, as amended, relevant to regulated funding corporations
and intends to distribute considerably all of their web taxable revenue and web capital good points, if any, every year so that it’ll
not be topic to excise tax on undistributed revenue and good points. The Fund will not be topic to revenue taxes to the extent such distributions
are made.
As of and through the six months ended October
31, 2021, the Fund didn’t have a legal responsibility for any unrecognized tax advantages. The Fund information U.S. federal, state, and native tax
returns as required. The Fund’s tax returns are topic to examination by the related tax authorities till expiration of
the relevant statute of limitations, which is mostly three years after the submitting of the tax return for federal functions and
4 years for many state returns. Tax returns for open years have included no unsure tax positions that require a provision
for revenue taxes.
| 26 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
Distributions to Shareholders: The
Fund usually pays dividends, if any, quarterly and distributes capital good points, if any, on an annual foundation. Earnings dividend distributions
are derived from dividends and different revenue the Fund receives from its investments, together with brief time period capital good points. Long run
capital achieve distributions are derived from good points realized when the Fund sells a safety it has owned for greater than a yr. The
Fund could make extra distributions and dividends at different occasions if the portfolio supervisor believes doing so could also be vital
for the Fund to keep away from or cut back taxes.
Epidemic and Pandemic Threat: Sure
international locations have been prone to epidemics, most just lately COVID-19, which has been designated as a pandemic by world well being
authorities. The outbreak of such epidemics, along with any ensuing restrictions on journey or quarantines imposed, may have
a unfavorable influence on the economic system and enterprise exercise globally (together with within the international locations by which we make investments), and thereby may
adversely have an effect on the efficiency of our investments. Moreover, the fast improvement of epidemics may preclude prediction
as to their final hostile influence on financial and market situations, and, consequently, current materials uncertainty and danger
with respect to us and the efficiency of our investments.
Libor Threat: In March 2020, the Monetary
Accounting Requirements Board (FASB) issued Accounting Requirements Replace (“ASU”) No. 2020-04, Reference Fee Reform
(Subject 848): Facilitation of the Results of Reference Fee Reform on Monetary Reporting. The Fund’s investments, fee
obligations, and financing phrases could also be primarily based on floating charges, such because the London Interbank Provided Fee, or “LIBOR,”
which is the supplied fee for short-term Eurodollar deposits between main worldwide banks. On November 30, 2020, the administrator
of LIBOR introduced its intention to delay the section out of the vast majority of the U.S. greenback LIBOR publications till June 30, 2023,
with the rest of LIBOR publications to nonetheless finish on the finish of 2021. There stays uncertainty relating to the character of any
substitute fee and the influence of the transition from LIBOR on the Fund’s transactions and the monetary markets usually.
As such, the potential impact of a transition away from LIBOR on the Fund or the Fund’s investments can not but be decided.
3. TAX BASIS INFORMATION
Tax Foundation of Investments: As of
October 31, 2021, the mixture price of investments, gross unrealized appreciation/ (depreciation) and web unrealized appreciation
for Federal tax functions was as follows:
| The Disciplined Progress Buyers Fund |
||||
| Gross appreciation | ||||
| (extra of worth over tax price) | $ | 110,048,508 | ||
| Gross depreciation | ||||
| (extra of tax price over worth) | (9,179,723 | ) | ||
| Web unrealized appreciation | $ | 100,868,785 | ||
| Value of investments for revenue tax functions | $ | 257,548,242 | ||
| Semi-Annual Report | October 31, 2021 | 27 |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
Tax Foundation of Distributions to Shareholders:
The character of distributions made through the yr from web funding revenue or web realized good points could differ from its final
characterization for federal revenue tax functions. Additionally, as a result of timing of dividend distributions, the fiscal yr by which quantities
are distributed could differ from the fiscal yr by which the revenue or realized achieve was recorded by the Fund.
The tax character of distributions paid through the yr ended
April 30, 2021, had been as follows:
| Unusual Earnings | Lengthy-Time period Capital Acquire | |||||||
| The Disciplined Progress Buyers Fund | $ | 1,466,185 | $ | 25,712,097 | ||||
The quantities and traits of tax
foundation distributions and composition of distributable earnings/(gathered losses) are finalized at fiscal year-end. Accordingly,
tax foundation balances haven’t been decided as of October 31, 2021
4. SECURITIES TRANSACTIONS
The price of purchases and proceeds from gross sales of securities
(excluding short-term securities, and U.S. Authorities Obligations) through the six months ended October 31, 2021, had been as follows:
| Fund | Purchases of Securities | Proceeds From Gross sales of Securities | ||||||
| The Disciplined Progress Buyers Fund | $ | 33,866,796 | $ | 34,496,263 | ||||
Funding transactions in U.S. Authorities Obligations throughout
the six months ended October 31, 2021 had been as follows:
| Fund | Purchases of Securities | Proceeds From Gross sales of Securities | ||||||
| The Disciplined Progress Buyers Fund | $ | 4,559,414 | $ | 1,512,070 | ||||
5. SHARES OF BENEFICIAL INTEREST
The capitalization of the Belief consists
of an infinite variety of shares of useful curiosity with no par worth per share. Holders of the shares of the Fund of the Belief
have one vote for every share held and a proportionate fraction of a vote for every fractional share. All shares issued and excellent
are absolutely paid and are transferable and redeemable on the possibility of the shareholder. Purchasers of the shares should not have any obligation
to make funds to the Belief or its collectors (apart from the acquisition value for the shares or make a contribution to the Belief
or its collectors solely by cause of the purchasers’ possession of the shares. Shares don’t have any pre-emptive rights.
| 28 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
6. MANAGEMENT AND RELATED-PARTY
TRANSACTIONS
The Adviser, topic to the authority of
the Board, is liable for the general administration and administration of the Fund’s enterprise affairs. The Adviser manages
the investments of the Fund in accordance with the Fund’s funding goal, insurance policies and limitations and funding tips
established collectively by the Adviser and the Trustees. Pursuant to the Advisory Settlement, the Fund pays the Adviser a unitary administration
price for the companies and services it offers payable on a month-to-month foundation on the annual fee of 0.78% of the Fund’s common
every day web belongings. The administration price is paid on a month-to-month foundation.
Out of the unitary administration price, the
Adviser pays considerably all bills of the Fund, together with the price of switch company, custody, fund administration, bookkeeping
and pricing companies, authorized, audit and different companies, apart from curiosity bills, brokerage bills, taxes and extraordinary
bills not incurred within the odd course of the Fund’s enterprise. Additionally included are Trustee charges which had been $9,043 for
the six months ended October 31, 2021.
Fund Administrator Charges and Bills
ALPS Fund Providers, Inc. (“ALPS”)
serves as administrator to the Fund. Pursuant to an Administration Settlement, ALPS offers operational companies to the Fund together with,
however not restricted to, fund accounting and fund administration and customarily assists within the Fund’s operations. Officers of the
Belief are staff of ALPS. The Fund’s administration price is accrued each day and paid month-to-month. The Administrator
can also be reimbursed for sure out-of-pocket bills. The executive price and out-of-pocket bills are included
within the unitary administration price paid to the Adviser.
Switch Agent
ALPS serves as switch, dividend paying
and shareholder servicing agent for the Fund. ALPS receives an annual minimal price, a price primarily based upon the variety of shareholder accounts,
and can also be reimbursed for sure out-of-pocket bills. The price and out-of-pocket bills are included within the
unitary administration price paid to the Adviser.
Compliance Providers
ALPS offers companies that help the
Belief’s chief compliance officer in monitoring and testing the insurance policies and procedures of the Belief along with necessities
underneath Rule 38a-1 underneath the 1940 Act and receives an annual base price. ALPS is reimbursed for sure out-of-pocket bills.
The price and out-of-pocket bills are included within the unitary administration price paid to the Adviser.
Principal Monetary Officer
ALPS receives an annual price for offering principal monetary
officer companies to the Fund. The price is included within the unitary administration price paid to the Adviser.
Distributor
ALPS Distributors, Inc. (“ADI”
or the “Distributor”) (an affiliate of ALPS) acts because the distributor of the Fund’s shares pursuant to a Distribution
Settlement with the Belief. Shares are offered on a steady foundation by ADI as agent for the Fund, and ADI has agreed to make use of its greatest
efforts to solicit orders for the sale of the Fund’s shares, though it’s not obliged to promote any explicit quantity of
shares. ADI will not be
| Semi-Annual Report | October 31, 2021 | 29 |
| The Disciplined Progress Buyers Fund | Notes to Monetary Statements |
| October 31, 2021 (Unaudited) |
entitled to any compensation for its companies as Distributor.
ADI is registered as a broker-dealer with the Securities and Trade Fee.
7. INDEMNIFICATIONS
Underneath the Belief’s organizational
paperwork, its officers and Trustees are indemnified in opposition to sure legal responsibility arising out of the efficiency of their duties to
the Belief. Moreover, within the regular course of enterprise, the Belief enters into contracts with service suppliers that will comprise
normal indemnification clauses, which can allow indemnification to the extent permissible underneath relevant legislation. The Belief’s
most publicity underneath these preparations is unknown, as this is able to contain future claims that could be made in opposition to the Belief that
haven’t but occurred.
| 30 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Extra Data |
| October 31, 2021 (Unaudited) |
1. FUND HOLDINGS
The Fund information its full schedule of
portfolio holdings with the Securities and Trade Fee (SEC) for the primary and third quarters of every fiscal yr as an
exhibit to its reviews on Kind N-PORT. The Fund’s Kind N-PORT reviews can be found on the SEC’s Website online at
http://www.sec.gov. The Fund’s Kind N-PORT reviews are additionally accessible upon request by calling toll-free (855) 344-3863.
2. FUND PROXY VOTING POLICIES,
PROCEDURES AND SUMMARIES
The Fund’s insurance policies and procedures
utilized in figuring out methods to vote proxies and knowledge relating to how the Fund voted proxies referring to portfolio securities throughout
the latest prior 12–month interval ending June 30 can be found
with out cost, (1) upon request, by calling (toll-free) 855-DGI-Fund and (2) on the SEC’s web site at http://www.sec.gov.
| Semi-Annual Report | October 31, 2021 | 31 |
| The Disciplined Progress Buyers Fund | Privateness Coverage |
| WHO WE ARE | |
| Who’s offering this discover? | The Disciplined Progress Buyers Fund |
| WHAT WE DO | |
| How does the Fund shield my private data? | To guard your private data from unauthorized entry and use, we use safety measures that adjust to federal legislation. These measures embrace pc safeguards and secured information and buildings. |
| How does the Fund acquire my private data? |
We acquire your private data, for
● open ● present ● make |
| Why can’t I restrict all sharing? |
Federal legislation offers you the suitable to restrict
● sharing ● associates ● sharing
State legal guidelines and particular person corporations could |
| DEFINITIONS | |
| Associates | Firms associated by widespread possession or management. They are often monetary and nonfinancial corporations. |
| Non-affiliates |
Firms not associated by widespread possession
● The |
| Joint advertising and marketing |
A proper settlement between non-affiliated
● The |
| 32 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
| The Disciplined Progress Buyers Fund | Privateness Coverage |
| FACTS | WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION? |
| WHY? | Monetary corporations select how they share your private data. Federal legislation offers customers the suitable to restrict some however not all sharing. Federal legislation additionally requires us to inform you how we acquire, share, and shield your private data. Please learn this discover rigorously to know what we do. |
| WHAT? | The sorts of private data we acquire and share depend upon the services or products you’ve gotten with us. This data can embrace: |
| • Social Safety quantity and account transactions | |
| • Account balances and transaction historical past | |
| • Wire switch directions | |
| HOW? | All monetary corporations must share prospects’ private data to run their on a regular basis enterprise. Within the part under, we listing the explanations monetary corporations can share their prospects’ private data; the explanations the Fund chooses to share; and whether or not you’ll be able to restrict this sharing. |
| REASONS WE CAN SHARE YOUR | DOES THE | CAN YOU LIMIT |
| PERSONAL INFORMATION | FUND SHARE: | THIS SHARING? |
| For our on a regular basis enterprise functions – | ||
| reminiscent of to course of your transactions, preserve your account(s), reply to court docket orders and authorized investigations, or report back to credit score bureaus | Sure | No |
| For our advertising and marketing functions – | ||
| to supply our services and products to you | No | We don’t share. |
| For joint advertising and marketing with different monetary corporations | No | We don’t share. |
| For our associates’ on a regular basis enterprise functions – | ||
| details about your transactions and experiences | Sure | No |
| For our associates’ on a regular basis enterprise functions – | ||
| details about your creditworthiness | No | We don’t share. |
| For non-affiliates to market to you | No | We don’t share. |
| Semi-Annual Report | October 31, 2021 | 33 |
| The Disciplined Progress Buyers Fund | Privateness Coverage |
| OTHER IMPORTANT INFORMATION | |
| California Residents | In case your account has a California house handle, your private data is not going to be disclosed to nonaffiliated third events besides as permitted by relevant California legislation, and we are going to restrict sharing such private data with our associates to adjust to California privateness legal guidelines that apply to us. |
| Vermont Residents | The State of Vermont requires monetary establishments to acquire your consent previous to sharing private data that they acquire about you with affiliated corporations and nonaffiliated third events apart from in sure restricted circumstances. Besides as permitted by legislation, we is not going to share private data we acquire about you with nonaffiliated third events or different affiliated corporations until you present us together with your written consent to share such data. |
| 34 | 1-855-DGI-FUND (344-3863) | www.DGIfund.com |
Web page Deliberately Left Clean
| (a)(1) | Not relevant to this Report. |
| (a)(3) | Not relevant to the Registrant. |
| (a)(4) | Not relevant to the Registrant. |
SIGNATURES
Pursuant to the necessities of the Securities
Trade Act of 1934 and the Funding Firm Act of 1940, the Registrant has duly precipitated this report back to be signed on its behalf by
the undersigned, thereunto duly licensed.
FINANCIAL INVESTORS TRUST
| By: | /s/ Daybreak Cotten | |
| Daybreak Cotten (Principal Government Officer) | ||
| President | ||
| Date: | July 22, 2022 |
Pursuant to the necessities of the Securities
Trade Act of 1934 and the Funding Firm Act of 1940, this report has been signed under by the next individuals on behalf of the
Registrant and within the capacities and on the dates indicated.
FINANCIAL INVESTORS TRUST
| By: | /s/ Daybreak Cotten | |
| Daybreak Cotten (Principal Government Officer) | ||
| President | ||
| Date: | July 22, 2022 | |
| By: | /s/ Jennell Panella | |
| Jennell Panella (Principal Monetary Officer) | ||
| Treasurer | ||
| Date: | July 22, 2022 |
Exhibit 99.Cert
I, Daybreak Cotten, President and Principal Government
Officer of the Monetary Buyers Belief (the “Registrant”), certify that:
| 1. | I’ve reviewed this report on Kind N-CSR of the Registrant; |
| 2. | Based mostly on my data, this report doesn’t comprise any unfaithful assertion of a fabric reality or omit to state a fabric reality essential to make the statements made, in gentle of the circumstances underneath which such statements had been made, not deceptive with respect to the interval lined by this report; |
| 3. | Based mostly on my data, the monetary statements, and different monetary data included on this report, pretty current in all materials respects the monetary situation, outcomes of operations, adjustments in web belongings, and money flows (if the monetary statements are required to incorporate an announcement of money flows) of the Registrant as of, and for, the intervals offered on this report; |
| 4. | The Registrant’s different certifying officer and I are liable for establishing and sustaining disclosure controls and procedures (as outlined in Rule 30a-3(c) underneath the Funding Firm Act of 1940) and inner management over monetary reporting (as outlined in Rule 30a-3(d) underneath the Funding Firm Act of 1940) for the Registrant and have: |
| a. | Designed such disclosure controls and procedures, or precipitated such disclosure controls and procedures to be designed underneath our supervision, to make sure that materials data referring to the Registrant, together with its consolidated subsidiaries, is made identified to us by others inside these entities, notably through the interval by which this report is being ready; |
| b. | Designed such inner management over monetary reporting, or precipitated such inner management over monetary reporting to be designed underneath our supervision, to supply cheap assurance relating to the reliability of monetary reporting and the preparation of monetary statements for exterior functions in accordance with usually accepted accounting rules; |
| c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and offered on this report our conclusions in regards to the effectiveness of the disclosure controls and procedures, as of a date inside 90 days previous to the submitting date of this report primarily based on such analysis; and |
| d. | Disclosed within the report any change within the Registrant’s inner management over monetary reporting that occurred through the interval lined by this report that has materially affected, or in all fairness more likely to materially have an effect on, the Registrant’s inner management over monetary reporting; and |
| 5. | The Registrant’s different certifying officer and I’ve disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of administrators (or individuals performing the equal features): |
| a. | All vital deficiencies and materials weaknesses within the design or operation of inner management over monetary reporting that are moderately more likely to adversely have an effect on the Registrant’s capability to document, course of, summarize, and report monetary data; and |
| b. | Any fraud, whether or not or not materials, that entails administration or different staff who’ve a major function within the Registrant’s inner management over monetary reporting. |
| By: | /s/ Daybreak Cotten | |
| Daybreak Cotten (Principal Government Officer) | ||
| President | ||
| Date: | July 22, 2022 |
I, Jennell Panella, Treasurer and Principal Monetary
Officer of the Monetary Buyers Belief (the “Registrant”), certify that:
| 1. | I’ve reviewed this report on Kind N-CSR of the Registrant; |
| 2. | Based mostly on my data, this report doesn’t comprise any unfaithful assertion of a fabric reality or omit to state a fabric reality essential to make the statements made, in gentle of the circumstances underneath which such statements had been made, not deceptive with respect to the interval lined by this report; |
| 3. | Based mostly on my data, the monetary statements, and different monetary data included on this report, pretty current in all materials respects the monetary situation, outcomes of operations, adjustments in web belongings, and money flows (if the monetary statements are required to incorporate an announcement of money flows) of the Registrant as of, and for, the intervals offered on this report; |
| 4. | The Registrant’s different certifying officer and I are liable for establishing and sustaining disclosure controls and procedures (as outlined in Rule 30a-3(c) underneath the Funding Firm Act of 1940) and inner management over monetary reporting (as outlined in Rule 30a-3(d) underneath the Funding Firm Act of 1940) for the Registrant and have: |
| a. | Designed such disclosure controls and procedures, or precipitated such disclosure controls and procedures to be designed underneath our supervision, to make sure that materials data referring to the Registrant, together with its consolidated subsidiaries, is made identified to us by others inside these entities, notably through the interval by which this report is being ready; |
| b. | Designed such inner management over monetary reporting, or precipitated such inner management over monetary reporting to be designed underneath our supervision, to supply cheap assurance relating to the reliability of monetary reporting and the preparation of monetary statements for exterior functions in accordance with usually accepted accounting rules; |
| c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and offered on this report our conclusions in regards to the effectiveness of the disclosure controls and procedures, as of a date inside 90 days previous to the submitting date of this report primarily based on such analysis; and |
| d. | Disclosed within the report any change within the Registrant’s inner management over monetary reporting that occurred through the interval lined by this report that has materially affected, or in all fairness more likely to materially have an effect on, the Registrant’s inner management over monetary reporting; and |
| 5. | The Registrant’s different certifying officer and I’ve disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of administrators (or individuals performing the equal features): |
| a. | all vital deficiencies and materials weaknesses within the design or operation of inner management over monetary reporting that are moderately more likely to adversely have an effect on the Registrant’s capability to document, course of, summarize, and report monetary data; and |
| b. | any fraud, whether or not or not materials, that entails administration or different staff who’ve a major function within the Registrant’s inner management over monetary reporting. |
| By: | /s/Jennell Panella | |
| Jennell Panella (Principal Monetary Officer) | ||
| Treasurer | ||
| Date: | July 22, 2022 |
Exhibit 99.906Cert
This certification is furnished pursuant to Part
906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Kind N-CSR (the “Report”)
for the interval ended October 31, 2021 of the Monetary Buyers Belief (the “Firm”).
I, Daybreak Cotten, the President and Principal Government
Officer of the Firm, certify that:
| (i) | the Report absolutely complies with the necessities of Part 13(a) or Part 15(d), as relevant, of the Securities Trade Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
| (ii) | the data contained within the Report pretty presents, in all materials respects, the monetary situation and outcomes of operations of the Firm. |
| Dated: | July 22, 2022 | |
| By: | /s/ Daybreak Cotten | |
| Daybreak Cotten (Principal Government Officer) | ||
| President |
This certification is furnished pursuant to Part
906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Kind N-CSR (the “Report”)
for the interval ended October 31, 2021 of the Monetary Buyers Belief (the “Firm”).
I, Jennell Panella, the Treasurer and Principal
Monetary Officer of the Firm, certify that:
| (i) | the Report absolutely complies with the necessities of Part 13(a) or Part 15(d), as relevant of the Securities Trade Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
| (ii) | the data contained within the Report pretty presents, in all materials respects, the monetary situation and outcomes of operations of the Firm. |
| Dated: | July 22, 2022 | |
| By: | /s/Jennell Panella | |
| Jennell Panella (Principal Monetary Officer) | ||
| Treasurer |
[ad_2]
Supply hyperlink