# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001398344-25-017866
**Filing Date:** 2025-9
**Character Count:** 22903
**Document Hash:** 31a902e04e9ba741c46219a4de1829fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017866.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017866

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANCIAL INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000915802

**ORGANIZATION NAME:**
- **EIN:** 841255767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-72424
- **FILM NUMBER:** 251300846

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FGIC PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERAL PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19931206

## Series and Classes Contracts Data

### Emerald Insights Fund (Series ID: S000046191)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144476 | Class A             | EFCAX           |
| C000144477 | Class C             | EFCCX           |
| C000144478 | Institutional Class | EFCIX           |
| C000144479 | Investor Class      | EFCNX           |

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| | |
|:---|:---|
| ![](fp0094655-19_if1.jpg) | SUMMARY PROSPECTUS \| August 31, 2025 |
| ![](fp0094655-19_if1.jpg) | **EMERALD INSIGHTS FUND** <br>Class A: EFCAX \| Class C: EFCCX \| Institutional Class: EFCIX \| Investor Class: EFCNX |

---

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at https://www.emeraldmutualfunds.com/emerald-insights-fund. You can also get this information at no cost by calling 1.855.828.9909, by sending an e-mail request to emeraldmutualfunds@sscinc.com, or by contacting your financial intermediary. The Fund's prospectus and statement of additional information, each dated August 31, 2025, along with the Fund's most recent annual report dated April 30, 2025 are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.* 

**INVESTMENT OBJECTIVE** 

The Fund seeks long-term growth through capital appreciation.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial intermediary, in the section "BUYING, EXCHANGING AND REDEEMING SHARES" at page 20 of the prospectus and the section "PURCHASE, EXCHANGE & REDEMPTION OF SHARES" at page 30 of the Fund's statement of additional information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Institutional <br> Class** | **Investor <br> Class** |
| &nbsp;&nbsp;**Shareholder Fees** (fees paid directly from your investment) |  |  |  |  |
| &nbsp;&nbsp;Maximum sales charge (load) on purchases (as a percentage of offering price) | 4.75% | 0.00% | 0.00% | 0.00% |
| &nbsp;&nbsp;Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds) | 0.00% | 1.00% | 0.00% | 0.00% |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
| &nbsp;&nbsp;Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees | 0.35% | 0.75% | 0.00% | 0.25% |
| &nbsp;&nbsp;Total Other Expenses | 0.76% | 1.01% | 0.81% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Fund Expenses | 0.76% | 0.76% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Services Fees | 0.00% | 0.25% | 0.05% | 0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>(1)</sup> | 1.86% | 2.51% | 1.56% | 1.91% |
| &nbsp;&nbsp;Fee Waiver and Expense Reimbursement<sup>(2)</sup> | -0.51% | -0.51% | -0.51% | -0.51% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement<sup>(3)</sup> | 1.35% | 2.00% | 1.05% | 1.40% |

---

<sup>*(1)*</sup> *Total Annual Fund Operating Expenses have been restated to reflect current fees.* 

<sup>*(2)*</sup> *Emerald Mutual Fund Advisers Trust ("Emerald" or the "Adviser") has agreed contractually to waive a portion of its fees and reimburse other expenses in amounts necessary to limit the Fund's operating expenses (exclusive of Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expense) for Class A, Class C, Institutional Class, and Investor Class shares to an annual rate (as percentage of the Fund's average daily net assets) of 1.35%, 2.00%, 1.05% and 1.40% respectively. This agreement (the "Expense Agreement") shall continue at least through August 31, 2026. The Adviser will be permitted to recapture, on a class-by-class basis, expenses it has borne through the Expense Agreement to the extent that the Fund's expenses in later periods fall below the annual rates set forth in the Expense Agreement; provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap then in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than three years after the date on which the fee and expenses were deferred. The Adviser may not discontinue this waiver, prior to August 31, 2026, without the approval by the Fund's Board of Trustees.* 

<sup>*(3)*</sup> *Total Annual Fund Operating Expenses after fee Waiver/Expense Reimbursement may differ than those listed in the Financial Highlights.* 

**Example** 

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example reflects the net operating expenses with expense waivers through the current term of the Expense Agreement, which ends on August 31, 2026. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Although your actual costs may be higher or lower, based on these assumptions your costs would be:**  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| &nbsp;&nbsp;You would pay the following expenses if you redeemed your Shares: |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | $606 | $985 | $1387 | $2509 |
| &nbsp;&nbsp;Class C Shares | $303 | $733 | $1289 | $2803 |
| &nbsp;&nbsp;Institutional Class Shares | $107 | $443 | $801 | $1811 |
| &nbsp;&nbsp;Investor Class Shares | $143 | $550 | $984 | $2188 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;You would pay the following expenses if you did not redeem your Shares: |  |  |  |  |
| &nbsp;&nbsp;Class A Shares | $606 | $985 | $1387 | $2509 |
| &nbsp;&nbsp;Class C Shares | $203 | $733 | $1289 | $2803 |
| &nbsp;&nbsp;Institutional Class Shares | $107 | $443 | $801 | $1811 |
| &nbsp;&nbsp;Investor Class Shares | $143 | $550 | $984 | $2188 |

---

The Example does not reflect sales charges (loads) on dividends reinvested and other distributions. If these sales charges (loads) were included, your costs would be higher.

![](fp0094655-19_if2.jpg)

**PORTFOLIO TURNOVER** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher portfolio turnover rate may also result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 65% of the average value of its portfolio.

**PRINCIPAL INVESTMENT STRATEGIES OF THE FUND** 

Under normal conditions, the Fund typically invests in equity securities of U.S. and foreign companies, including common stocks, preferred stocks, and securities convertible into common or preferred stocks.

The Fund utilizes a fundamental approach to choosing securities: the Adviser's research staff conducts company-specific research analysis to identify companies whose earnings growth rate exceeds that of their peer group, generally considered to be, growth companies. The Adviser favors companies with perceived leadership positions and competitive advantages in niche markets that do not receive significant attention from published analysts or other institutional investors.

The Fund can invest in companies from a wide range of industries and of various sizes. The Fund will invest primarily in mid and small-size companies. The Adviser typically defines mid-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 3000<sup>®</sup> Growth Index. As of July 1, 2025, the Russell 3000<sup>®</sup> Growth Index included securities issued by companies that ranged in size between $56 million and $3.7 trillion. The Adviser typically defines small-size companies as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Growth Index. As of July 1, 2025, the Russell 2000 Growth Index included securities issued by companies that ranged in size between $56 million and $14.9 billion.

The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer's circumstances or the political or economic outlook have changed.

**PRINCIPAL RISKS OF THE FUND** 

Any of the investments made by the Fund can result in an investment loss, which may be significant. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The principal risks of investing in the Fund, which could adversely affect its net asset value and total return, are:

***Market Risk:*** Securities markets are volatile and can decline significantly in response to issuer, political, market, and economic developments including interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues. Such events include the pandemic caused by the novel coronavirus and its variants (COVID-19), which has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility. Such events also include Russia's recent invasion of Ukraine, which could have a negative impact on the economy and business activity globally. Economic and/or geopolitical developments in China may affect the global economy. These conditions may trigger a significant reduction in international trade and damage to China's economy. Events such as these and their consequences are difficult to predict and could have a negative impact on the Fund's performance. Historically, markets have moved in cycles, and the value of the Fund's securities may fluctuate drastically from day to day. The Fund's portfolio securities can be affected by events that affect the securities markets generally or particular segments of the market in which the Fund has invested. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is a principal risk of investing in the Fund.

***Equity Securities Risk:*** The risks associated with investing in equity securities of companies include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change. The price of equity securities can decline significantly in response to issuer, political, market, and economic developments including interest rate levels, political events, natural disasters and the spread of infectious illness or other public health issues.

***Managed Portfolio Risk:*** The Adviser's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

***Growth Stocks Risk:*** Growth-oriented stocks may be more sensitive to changes in current or expected earnings than other stocks. The market prices of companies believed to have good prospects for revenues and earnings growth tend to reflect those expectations. When it appears those expectations will not be met, the prices of these securities typically fall. In addition, if the market does not come to share the Adviser's assessment of an investment's long-term growth, the Fund may underperform other mutual funds or stock indexes.

***Small and Medium Capitalization Stocks Risk:*** Investment in securities of small or medium-sized companies presents greater investment risks than investing in the securities of larger companies. These risks include greater price volatility, greater sensitivity to changing economic conditions, and less liquidity than the securities of larger, more mature companies.

***Technology Sector Risk:*** To the extent the Fund invests in technology companies, the Fund is particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technology evolves, large and rapid price movements resulting from competition, rapid obsolescence of products and services and short product cycles. Many technology companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources.

**EMERALD INSIGHTS FUND**<br>

***Foreign Securities Risk:*** To the extent the Fund invests in securities of foreign (non-U.S.) companies, the Fund may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline.

*Canadian Securities Risk:* The Fund may invest in the securities of companies listed for trading in Canada. Investments in Canadian issuers may subject the Fund to regulatory, political, currency, security and economic risk specific to Canada. Among other things, the Canadian economy is heavily dependent on relationships with certain key trading partners, including the United States and China. The Canadian economy is sensitive to fluctuations in certain commodity markets.

**PERFORMANCE INFORMATION** 

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time.

The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at www.emeraldmutualfunds.com or by calling 1-855-828-9909.

**Calendar Year Annual Returns — Class A**![](fp0094655-19_if3.jpg)

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| | |
|:---|:---|
| Best Quarter — June 30, 2020 | 35.17% |
| Worst Quarter — June 30, 2022 | -23.71% |

---

The Fund's Class A share year-to-date return as of June 30, 2025 was 8.20%.

**Average Annual Total Returns**<br> (for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Emerald Insights**  | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;&nbsp;Returns Before Taxes | 19.42% | 16.39% | 12.81% |
| &nbsp;&nbsp;&nbsp;Returns After Taxes on Distributions\* | 19.24% | 14.39% | 11.23% |
| &nbsp;&nbsp;&nbsp;Returns After Taxes on Distributions and Sale of Fund Shares  | 11.63% | 12.47% | 9.99% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)\*\*\* | 23.81% | 13.86% | 12.55% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index (reflects no deductions for fees, expenses or taxes)\*\*\*\* | 32.46% | 18.25% | 16.22% |
| Class C\*\* |  |  |  |
| &nbsp;&nbsp;&nbsp;Returns Before Taxes | 23.76% | 16.81% | 12.64% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)\*\*\* | 23.81% | 13.86% | 12.55% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index (reflects no deductions for fees, expenses or taxes) \*\*\*\* | 32.46% | 18.25% | 16.22% |
| Institutional Class\*\* |  |  |  |
| &nbsp;&nbsp;&nbsp;Returns Before Taxes | 25.60% | 17.87% | 13.69% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)\*\*\* | 23.81% | 13.86% | 12.55% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index (reflects no deductions for fees, expenses or taxes)\*\*\*\* | 32.46% | 18.25% | 16.22% |
| Investor Class\*\* |  |  |  |
| &nbsp;&nbsp;&nbsp;Returns Before Taxes | 25.14% | 17.46% | 13.30% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes)\*\*\* | 23.81% | 13.86% | 12.55% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Growth Index (reflects no deductions for fees, expenses or taxes) \*\*\*\* | 32.46% | 18.25% | 16.22% |

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*\** *After-tax returns are calculated by using the highest historical individual U.S. federal marginal income tax rates (i.e., maximum rates) and do not include state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold Fund shares in tax-qualified accounts (i.e., retirement plans or Individual Retirement Accounts).* 

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| | |
|:---|:---|
| *\*\**  | *After-tax returns are only shown for Class A shares of the Fund. After-tax returns for Class C, Institutional Class and Investor Class shares will vary from those shown for Class A shares due to varying expenses among the classes. The returns do not include any applicable sales charges that an investor may pay to a broker-dealer or other financial intermediary when they buy or sell shares of the Fund.*  |

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*\*\*\** *Broad-based securities market index.* 

*\*\*\*\** *Additional index.* 

**INVESTMENT ADVISER** 

Emerald is the investment adviser to the Fund.

![](fp0094655-19_if4.jpg)

**EMERALD'S PORTFOLIO MANAGERS** 

David A. Volpe, CFA<sup>®</sup>, and Steve Amsterdam are jointly and primarily responsible for the day-to-day management of the Fund's portfolio and make the final investment decisions for the Fund. Mr. Volpe, Managing Director of Emerald, has served as a portfolio manager since the Fund's inception in July 2014. Mr. Amsterdam, Senior Research Analyst of Emerald, has served as an associate portfolio manager from 2014-2022 and a portfolio manager since 2023. Messrs. Volpe and Amsterdam are jointly and primarily responsible for the management of the Fund's portfolio.

**PURCHASE AND SALE OF FUND SHARES** 

The minimum initial investment in Class A, Class C and Investor Class shares is $2,000 for non-qualified accounts and $1,000 for qualified accounts. The minimum initial investment in Institutional Class shares is $1,000,000. The minimum subsequent investment is $100 for Class A, Class C and Investor Class shares. There is no minimum subsequent investment for Institutional Class shares. Investors may meet the minimum investment amount by aggregating multiple accounts within the Fund.

Purchases, exchanges and redemptions may be made directly or through institutional channels, such as financial intermediaries and retirement platforms. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Investor Class shareholders should call 1-855-828-9909 for more information on how to invest.

**TAX INFORMATION** 

For U.S. federal income tax purposes, the Fund's distributions may be taxed as ordinary income, capital gains, qualified dividend income or Section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-qualified investment plan. Withdrawals from a tax-qualified investment plan are subject to special tax rules.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.