Kind N-CSRS/A FINANCIAL INVESTORS TRUS For: Oct 31

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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
1 –

Unadjusted

Quoted Costs

 

Degree
2 – Different

Vital

Observable

Inputs

 

Degree
3 –

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 12month 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
instance, whenever you

 

●    open
an account

●    present
account data or give us your contact data

●    make
a wire switch or deposit cash 

Why can’t I restrict all sharing?

Federal legislation offers you the suitable to restrict
solely

 

●    sharing
for associates’ on a regular basis enterprise purposes-information about your creditworthiness

●    associates
from utilizing your data to market to you

●    sharing
for non-affiliates to market to you

 

State legal guidelines and particular person corporations could
provide you with extra rights to restrict sharing. 

DEFINITIONS  
Associates Firms associated by widespread possession or management. They are often monetary and nonfinancial corporations.
Non-affiliates

Firms not associated by widespread possession
or management. They are often monetary and nonfinancial corporations.

 

●    The
Fund doesn’t share with non-affiliates to allow them to market to you.
 

Joint advertising and marketing

A proper settlement between non-affiliated
monetary corporations that collectively market monetary services or products to you.

 

●    The
Fund doesn’t collectively market.
 

 

 

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  

 

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