# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001049169-25-000333
**Filing Date:** 2025-9
**Character Count:** 84153
**Document Hash:** 813d5a4e5eca47f893f9b5a7ef467abc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001049169-25-000333.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001049169-25-000333

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08194
- **FILM NUMBER:** 251339821

**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 Growth Fund (Series ID: S000036390)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000111287 | Class A             | HSPGX           |
| C000111288 | Class C             | HSPCX           |
| C000111289 | Institutional Class | FGROX           |
| C000111290 | Investor Class      | FFGRX           |

## Nport-Ex

**Schedule of Investments** 

**Emerald Growth Fund**

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br> (Note 2)** |
| **COMMON STOCKS: 94.28%** | **COMMON STOCKS: 94.28%** | **COMMON STOCKS: 94.28%** |
| **Consumer Discretionary: 7.62%** | **Consumer Discretionary: 7.62%** |  |
| 531344 | Arhaus, Inc.<sup>(a)</sup> | $4654574 |
| 576203 | Arlo Technologies, Inc.<sup>(a)</sup> | 9334489 |
| 192037 | BJ's Restaurants, Inc.<sup>(a)</sup> | 6803871 |
| 53267 | Boot Barn Holdings, Inc.<sup>(a)</sup> | 9156597 |
| 53539 | IMAX Corp.<sup>(a)</sup> | 1380771 |
| 255325 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 7332934 |
| 476293 | National Vision Holdings, Inc.<sup>(a)</sup> | 11554868 |
| 373170 | OneSpaWorld Holdings, Ltd. | 8254520 |
| 492196 | Portillo's, Inc.<sup>(a)</sup> | 4902272 |
| 455021 | Rush Street Interactive, Inc.<sup>(a)</sup> | 9173223 |
| 12381 | Visteon Corp. | 1376148 |
|  |  | **73924267** |
| **Consumer Staples: 4.90%** | **Consumer Staples: 4.90%** |  |
| 28000 | Five Below, Inc.<sup>(a)</sup> | 3822560 |
| 137528 | Freshpet, Inc.<sup>(a)</sup> | 9395913 |
| 114419 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 15633068 |
| 144847 | Utz Brands, Inc. | 1887357 |
| 376599 | Vital Farms, Inc.<sup>(a)</sup> | 14009483 |
| 912124 | Zevia PBC, Class A<sup>(a)</sup> | 2827584 |
|  |  | **47575965** |
| **Consumer, Cyclical: 0.39%** | **Consumer, Cyclical: 0.39%** |  |
| 217386 | First Watch Restaurant Group, Inc.<sup>(a)</sup> | 3758604 |
| **Consumer, Non-cyclical: 1.50%** | **Consumer, Non-cyclical: 1.50%** |  |
| 27025 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 2739795 |
| 367944 | Cogent Biosciences, Inc.<sup>(a)</sup> | 4201921 |
| 109318 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 5649554 |
| 90202 | Nektar Therapeutics<sup>(a)</sup> | 1955579 |
|  |  | **14546849** |
| **Energy: 2.37%** | **Energy: 2.37%** |  |
| 112875 | American Superconductor Corp.<sup>(a)</sup> | 6416944 |
| 144366 | Excelerate Energy, Inc. | 3704431 |
| 99438 | Infinity Natural Resources, Inc.<sup>(a)</sup> | 1482621 |
| 214558 | Sable Offshore Corp.<sup>(a)</sup> | 6580494 |
| 147387 | Solaris Energy Infrastructure, Inc. | 4815133 |
|  |  | **22999623** |
| **Financial Services: 13.50%** | **Financial Services: 13.50%** |  |
| 207886 | American Integrity Insurance Group, Inc.<sup>(a)</sup> | 3879153 |
| 143255 | Ategrity Specialty Holdings LLC<sup>(a)</sup> | 2862235 |
| 210529 | Axos Financial, Inc.<sup>(a)</sup> | 18179179 |
| 268933 | Baldwin Insurance Group, Inc.<sup>(a)</sup> | 9907492 |
| 183996 | Bancorp, Inc.<sup>(a)</sup> | 11621187 |
| 100347 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 3261277 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| 56479 | Cadence Bank | $1968293 |
| 39244 | Coastal Financial Corp.<sup>(a)</sup> | 3775273 |
| 55116 | First Financial Bankshares, Inc. | 1908116 |
| 39402 | GBank Financial Holdings, Inc.<sup>(a)</sup> | 1478954 |
| 136911 | LendingTree, Inc.<sup>(a)</sup> | 6391005 |
| 213332 | MARA Holdings, Inc.<sup>(a)</sup> | 3430379 |
| 147538 | Mid Penn Bancorp, Inc. | 4049918 |
| 153655 | Moelis & Co., Class A | 10777362 |
| 45000 | Norwood Financial Corp. | 1090800 |
| 114389 | Palomar Holdings, Inc.<sup>(a)</sup> | 15155399 |
| 196402 | Perella Weinberg Partners | 3916256 |
| 232362 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 11752870 |
| 192734 | Slide Insurance Holdings, Inc.<sup>(a)</sup> | 3623399 |
| 338791 | Trinity Capital, Inc. | 5078477 |
| 54383 | UMB Financial Corp. | 5981586 |
| 30124 | WesBanco, Inc. | 907636 |
|  |  | **130996246** |
| **Healthcare: 14.69%** | **Healthcare: 14.69%** |  |
| 516501 | 89bio, Inc.<sup>(a)</sup> | 4906760 |
| 145814 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 3474748 |
| 51799 | Akero Therapeutics, Inc.<sup>(a)</sup> | 2530381 |
| 439355 | Alphatec Holdings, Inc.<sup>(a)</sup> | 4648376 |
| 78475 | Biohaven, Ltd.<sup>(a)</sup> | 1184973 |
| 209824 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 9918380 |
| 49814 | Ceribell, Inc.<sup>(a)</sup> | 717322 |
| 260136 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 7767661 |
| 75225 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 5052863 |
| 223083 | Guardant Health, Inc.<sup>(a)</sup> | 9141941 |
| 12974 | Integer Holdings Corp.<sup>(a)</sup> | 1407809 |
| 405002 | KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 5520177 |
| 128362 | LivaNova PLC<sup>(a)</sup> | 5415593 |
| 19157 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 5795184 |
| 78091 | Merit Medical Systems, Inc.<sup>(a)</sup> | 6626802 |
| 214862 | RadNet, Inc.<sup>(a)</sup> | 11759397 |
| 1003696 | Savara, Inc.<sup>(a)</sup> | 2599573 |
| 216261 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 18700089 |
| 143451 | Spyre Therapeutics, Inc.<sup>(a)</sup> | 2434363 |
| 117813 | TransMedics Group, Inc.<sup>(a)</sup> | 14016213 |
| 480603 | Travere Therapeutics, Inc.<sup>(a)</sup> | 7425316 |
| 135426 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 3699838 |
| 962901 | WaVe Life Sciences, Ltd.<sup>(a)</sup> | 7799498 |
|  |  | **142543257** |
| **Industrial: 1.16%** | **Industrial: 1.16%** |  |
| 5571 | Argan, Inc. | 1364784 |
| 311690 | Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 2043128 |
| 29358 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 7855907 |
|  |  | **11263819** |
| **Industrials: 19.64%** | **Industrials: 19.64%** |  |
| 120641 | AAR Corp.<sup>(a)</sup> | 9013089 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 85328 | AeroVironment, Inc.<sup>(a)</sup> | $22837186 |
| 155709 | Allegiant Travel Co.<sup>(a)</sup> | 8040813 |
| 109539 | ATI, Inc.<sup>(a)</sup> | 8427931 |
| 180624 | Bloom Energy Corp., Class A<sup>(a)</sup> | 6753531 |
| 37171 | Bowman Consulting Group, Ltd.<sup>(a)</sup> | 1289090 |
| 34974 | Carpenter Technology Corp. | 8722166 |
| 38867 | Chart Industries, Inc.<sup>(a)</sup> | 7727926 |
| 517753 | First Advantage Corp.<sup>(a)</sup> | 8951949 |
| 483259 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 28367303 |
| 351654 | Latham Group, Inc.<sup>(a)</sup> | 2384214 |
| 146915 | Mercury Systems, Inc.<sup>(a)</sup> | 7726260 |
| 339414 | Mirion Technologies, Inc.<sup>(a)</sup> | 7585903 |
| 156479 | Modine Manufacturing Co.<sup>(a)</sup> | 21055814 |
| 99652 | Napco Security Technologies, Inc. | 3042376 |
| 259862 | Proficient Auto Logistics, Inc.<sup>(a)</sup> | 1795647 |
| 265294 | RXO, Inc.<sup>(a)</sup> | 4098792 |
| 98258 | Shift4 Payments, Inc.<sup>(a)</sup> | 10120574 |
| 53148 | SPX Technologies Inc<sup>(a)</sup> | 9693664 |
| 82293 | VSE Corp. | 12882146 |
|  |  | **190516374** |
| **Producer Durables: 0.44%** | **Producer Durables: 0.44%** |  |
| 21926 | Esco Technologies, Inc. | 4247066 |
| **Real Estate: 0.58%** | **Real Estate: 0.58%** |  |
| 59142 | Ryman Hospitality Properties, Inc. | 5622038 |
| **Technology: 25.78%** | **Technology: 25.78%** |  |
| 123347 | Agilysys, Inc.<sup>(a)</sup> | 14071426 |
| 225184 | Applied Optoelectronics, Inc.<sup>(a)</sup> | 5149958 |
| 336720 | Clearwater Analytics Holdings, Inc.<sup>(a)</sup> | 6821947 |
| 84039 | Cogent Communications Holdings, Inc. | 3831338 |
| 54212 | Commvault Systems, Inc.<sup>(a)</sup> | 10297570 |
| 266321 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 29708108 |
| 214390 | D-Wave Quantum, Inc.<sup>(a)</sup> | 3685364 |
| 225602 | EverQuote, Inc., Class A<sup>(a)</sup> | 5547553 |
| 36599 | Fabrinet<sup>(a)</sup> | 11848194 |
| 168095 | FormFactor, Inc.<sup>(a)</sup> | 4775579 |
| 58956 | Impinj, Inc.<sup>(a)</sup> | 9113419 |
| 63280 | InterDigital, Inc. | 16338896 |
| 165867 | IonQ, Inc.<sup>(a)</sup> | 6613117 |
| 72924 | Kulicke & Soffa Industries, Inc. | 2388990 |
| 63682 | Life360, Inc.<sup>(a)</sup> | 4877404 |
| 62170 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 8525994 |
| 99302 | Omada Health, Inc.<sup>(a)</sup> | 1739771 |
| 46457 | Onto Innovation, Inc.<sup>(a)</sup> | 4401801 |
| 337722 | PDF Solutions, Inc.<sup>(a)</sup> | 7507560 |
| 176578 | Q2 Holdings, Inc.<sup>(a)</sup> | 14338134 |
| 248923 | Rambus, Inc.<sup>(a)</sup> | 18402877 |
| 111474 | Semtech Corp.<sup>(a)</sup> | 5696321 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Technology (continued)** | **Technology (continued)** |  |
| 54618 | SiTime Corp.<sup>(a)</sup> | $11079261 |
| 406723 | SkyWater Technology, Inc.<sup>(a)</sup> | 3640171 |
| 116682 | Tenable Holdings, Inc.<sup>(a)</sup> | 3653314 |
| 371548 | TTM Technologies, Inc.<sup>(a)</sup> | 17555643 |
| 331746 | Varonis Systems, Inc.<sup>(a)</sup> | 18521379 |
|  |  | **250131089** |
| **Telecommunications: 1.71%** | **Telecommunications: 1.71%** |  |
| 150606 | Lumentum Holdings, Inc.<sup>(a)</sup> | 16578708 |
|  | **Total Common Stocks** |  |
|  | (Cost $618,990,054) | **914703905** |
| **MUTUAL FUND: 4.99%** | **MUTUAL FUND: 4.99%** |  |
| **Healthcare: 4.99%** | **Healthcare: 4.99%** |  |
| 1997035 | F/m Emerald Life Sciences Innovation ETF<sup>(a)(b)</sup> | 48376375 |
|  | **Total Mutual Fund** |  |
|  | (Cost $31,078,469) | **48376375** |
| **SHORT-TERM INVESTMENT: 0.63%** | **SHORT-TERM INVESTMENT: 0.63%** |  |
| 6065250 | First American Government Obligations Fund, Class X 4.225% <sup>(c)</sup> | 6065250 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $6,065,250) | **6065250** |
| **Total Investments: 99.90%** | **Total Investments: 99.90%** |  |
| (Cost $656,133,773) | (Cost $656,133,773) | **969145530** |
| **Other Assets In Excess Of Liabilities: 0.10%** | **Other Assets In Excess Of Liabilities: 0.10%** | 1007811 |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**970153341** |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Affiliated company. See Note 3 in Notes to Quarterly Schedule of Investments.*

*<sup>(c)</sup>* *Represents the 7-day yield.*

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

*See Notes to Quarterly Schedule of Investments.* 

**Schedule of Investments** 

**Emerald Insights Fund**

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br> (Note 2)** |
| **COMMON STOCKS: 98.58%** | **COMMON STOCKS: 98.58%** | **COMMON STOCKS: 98.58%** |
| **Consumer Discretionary: 14.08%** | **Consumer Discretionary: 14.08%** |  |
| 4358 | Amazon.com, Inc.<sup>(a)</sup> | $1020251 |
| 11434 | Arlo Technologies, Inc.<sup>(a)</sup> | 185231 |
| 21 | AutoZone, Inc.<sup>(a)</sup> | 79136 |
| 190 | Costco Wholesale Corp. | 178532 |
| 12759 | Genius Sports, Ltd.<sup>(a)</sup> | 143539 |
| 244 | Netflix, Inc.<sup>(a)</sup> | 282894 |
| 8124 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 207649 |
| 733 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 163261 |
| 391 | Tesla, Inc.<sup>(a)</sup> | 120533 |
| 1936 | TJX Cos., Inc. | 241090 |
|  |  | **2622116** |
| **Consumer Staples: 0.85%** | **Consumer Staples: 0.85%** |  |
| 2309 | Freshpet, Inc.<sup>(a)</sup> | 157751 |
| **Energy: 9.28%** | **Energy: 9.28%** |  |
| 9679 | American Superconductor Corp.<sup>(a)</sup> | 550251 |
| 959 | Cheniere Energy, Inc. | 226209 |
| 7059 | Excelerate Energy, Inc. | 181134 |
| 2262 | Golar LNG, Ltd. | 93104 |
| 4083 | Sable Offshore Corp.<sup>(a)</sup> | 125226 |
| 9194 | Solaris Energy Infrastructure, Inc. | 300368 |
| 61656 | TETRA Technologies, Inc.<sup>(a)</sup> | 252789 |
|  |  | **1729081** |
| **Financial Services: 2.78%** | **Financial Services: 2.78%** |  |
| 4225 | Bancorp, Inc.<sup>(a)</sup> | 266851 |
| 2215 | LendingTree, Inc.<sup>(a)</sup> | 103396 |
| 1113 | Palomar Holdings, Inc.<sup>(a)</sup> | 147461 |
|  |  | **517708** |
| **Healthcare: 11.41%** | **Healthcare: 11.41%** |  |
| 6483 | 89bio, Inc.<sup>(a)</sup> | 61589 |
| 5483 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 130660 |
| 4315 | Bridgebio Pharma, Inc.<sup>(a)</sup> | 203970 |
| 260 | Eli Lilly & Co. | 192418 |
| 3139 | Guardant Health, Inc.<sup>(a)</sup> | 128636 |
| 1428 | Insmed, Inc.<sup>(a)</sup> | 153196 |
| 6274 | LivaNova PLC<sup>(a)</sup> | 264700 |
| 2672 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 231048 |
| 1757 | TransMedics Group, Inc.<sup>(a)</sup> | 209030 |
| 9349 | Travere Therapeutics, Inc.<sup>(a)</sup> | 144442 |
| 7027 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 191978 |
| 26322 | WaVe Life Sciences, Ltd.<sup>(a)</sup> | 213208 |
|  |  | **2124875** |
| **Industrials: 9.23%** | **Industrials: 9.23%** |  |
| 630 | AeroVironment, Inc.<sup>(a)</sup> | 168613 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Industrials (continued)** | **Industrials (continued)** |  |
| 4023 | Bloom Energy Corp., Class A<sup>(a)</sup> | $150420 |
| 1420 | FTAI Aviation Ltd | 195406 |
| 5647 | Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 331479 |
| 793 | Louisiana-Pacific Corp. | 71695 |
| 792 | MasTec, Inc.<sup>(a)</sup> | 149854 |
| 1212 | Modine Manufacturing Co.<sup>(a)</sup> | 163087 |
| 1519 | MP Materials Corp.<sup>(a)</sup> | 93419 |
| 2034 | Shift4 Payments, Inc.<sup>(a)</sup> | 209502 |
| 540 | Visa, Inc., Class A | 186554 |
|  |  | **1720029** |
| **Producer Durables: 0.49%** | **Producer Durables: 0.49%** |  |
| 601 | BWX Technologies, Inc. | 91310 |
| **Technology: 48.74%** | **Technology: 48.74%** |  |
| 4065 | Alphabet, Inc., Class A | 780074 |
| 4322 | Apple, Inc. | 897118 |
| 2757 | Broadcom, Ltd. | 809731 |
| 3175 | Credo Technology Group Holding, Ltd.<sup>(a)</sup> | 354171 |
| 587 | Datadog, Inc., Class A<sup>(a)</sup> | 82168 |
| 544 | DoorDash, Inc., Class A<sup>(a)</sup> | 136136 |
| 76 | Duolingo, Inc.<sup>(a)</sup> | 26338 |
| 25717 | indie Semiconductor, Inc.<sup>(a)</sup> | 100553 |
| 1137 | Meta Platforms, Inc., Class A | 879401 |
| 3149 | Microsoft Corp. | 1679992 |
| 466 | Mongodb Inc<sup>(a)</sup> | 110857 |
| 13130 | NVIDIA Corp. | 2335433 |
| 504 | Oracle Corp. | 127900 |
| 397 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 62865 |
| 827 | Palo Alto Networks, Inc.<sup>(a)</sup> | 143567 |
| 491 | Robinhood Markets, Inc.<sup>(a)</sup> | 50598 |
| 158 | ServiceNow, Inc.<sup>(a)</sup> | 149013 |
| 11357 | SkyWater Technology, Inc.<sup>(a)</sup> | 101645 |
| 4284 | Super Micro Computer, Inc.<sup>(a)</sup> | 252627 |
|  |  | **9080187** |
| **Telecommunications: 1.72%** | **Telecommunications: 1.72%** |  |
| 562 | InterDigital, Inc. | 145108 |
| 1595 | Lumentum Holdings, Inc.<sup>(a)</sup> | 175578 |
|  |  | **320686** |
|  | **Total Common Stocks** |  |
|  | (Cost $8,559,258) | **18363743** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | |
| **SHORT-TERM INVESTMENT: 0.90%** | **SHORT-TERM INVESTMENT: 0.90%** |  |
| 167466 | First American Government Obligations Fund, Class X 4.225% <sup>(b)</sup> | $167466 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $167,466) | **167466** |
| **Total Investments: 99.48%** | **Total Investments: 99.48%** |  |
| (Cost $8,726,724) | (Cost $8,726,724) | **18531209** |
| **Other Assets In Excess Of Liabilities: 0.52%** | **Other Assets In Excess Of Liabilities: 0.52%** | 97496 |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**18628705** |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *Represents the 7-day yield.*

---

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

---

**Schedule of Investments** 

**Emerald Finance & Banking Innovation Fund**

July 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value<br> (Note 2)** |
| **COMMON STOCKS: 98.76%** | **COMMON STOCKS: 98.76%** | **COMMON STOCKS: 98.76%** |
| **Communications: 1.02%** | **Communications: 1.02%** | **Communications: 1.02%** |
| **Internet: 1.02%** | **Internet: 1.02%** | **Internet: 1.02%** |
| 4053 | Shopify, Inc., Class A<sup>(a)</sup> | $495317 |
| **Financial Services: 94.17%** | **Financial Services: 94.17%** |  |
| **Banks: 66.12%** | **Banks: 66.12%** |  |
| 4442 | Ameris Bancorp | 303611 |
| 28719 | Axos Financial, Inc.<sup>(a)</sup> | 2479886 |
| 35065 | Bancorp, Inc.<sup>(a)</sup> | 2214705 |
| 9842 | Bank OZK | 485211 |
| 1110 | Bank7 Corp. | 49162 |
| 13080 | Burke & Herbert Financial Services Corp. | 758509 |
| 16270 | Byline Bancorp, Inc. | 427901 |
| 1534 | Cadence Bank | 53460 |
| 42886 | CNB Financial Corp. | 984234 |
| 23718 | Coastal Financial Corp.<sup>(a)</sup> | 2281672 |
| 20772 | Community Heritage Financial, Inc. | 576423 |
| 8225 | Community West Bancshares | 158331 |
| 25356 | ConnectOne Bancorp, Inc. | 583949 |
| 6314 | East West Bancorp, Inc. | 632978 |
| 22968 | Esquire Financial Holdings, Inc. | 2202172 |
| 4530 | Fifth Third Bancorp | 188312 |
| 85424 | Finwise Bancorp<sup>(a)</sup> | 1526527 |
| 13910 | First Financial Bankshares, Inc. | 481564 |
| 4767 | First Merchants Corp. | 181718 |
| 18040 | Five Star Bancorp | 542824 |
| 25572 | HomeStreet, Inc.<sup>(a)</sup> | 334482 |
| 76139 | LINKBANCORP, Inc. | 523836 |
| 53 | Mechanics Bank/Walnut Creek CA<sup>(b)</sup> | 2199500 |
| 31063 | Metropolitan Bank Holding Corp. | 2191184 |
| 24238 | Northeast Bancorp | 2403682 |
| 2500 | Norwood Financial Corp. | 60600 |
| 16572 | Pathward Financial, Inc. | 1253257 |
| 3676 | Private Bancorp of America, Inc.<sup>(a)</sup> | 213245 |
| 13110 | QCR Holdings, Inc. | 930810 |
| 13306 | Seacoast Banking Corp. of Florida | 375096 |
| 7930 | South State Corp. | 746768 |
| 19108 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 719416 |
| 17931 | Western Alliance Bancorp | 1390728 |
| 13020 | Wintrust Financial Corp | 1666300 |
|  |  | **32122053** |
| **Banks: Diversified: 12.84%** | **Banks: Diversified: 12.84%** |  |
| 17500 | Civista Bancshares, Inc. | 340725 |
| 21123 | First Busey Corp. | 471465 |
| 29189 | Fulton Financial Corp. | 523943 |
| 10000 | Mid Penn Bancorp, Inc. | 274500 |
| 45755 | Old National Bancorp | 965888 |
| 29782 | Renasant Corp. | 1091213 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Banks: Diversified (continued)** | **Banks: Diversified (continued)** |  |
| 11521 | UMB Financial Corp. | $1267195 |
| 20108 | United Bankshares, Inc. | 714236 |
| 19631 | WesBanco, Inc. | 591482 |
|  |  | **6240647** |
| **Banks: Savings, Thrift & Mortgage: 0.21%** | **Banks: Savings, Thrift & Mortgage: 0.21%** |  |
| 3610 | Dime Community Bancshares, Inc. | 100033 |
| **Consumer Lending: 1.04%** | **Consumer Lending: 1.04%** |  |
| 22392 | SoFi Technologies, Inc.<sup>(a)</sup> | 505611 |
| **Diversified Finan Serv: 1.33%** | **Diversified Finan Serv: 1.33%** |  |
| 2282 | Circle Internet Group, Inc.<sup>(a)</sup> | 418792 |
| 4478 | GBank Financial Holdings, Inc.<sup>(a)</sup> | 168082 |
| 2971 | Perella Weinberg Partners | 59242 |
|  |  | **646116** |
| **Insurance: 5.17%** | **Insurance: 5.17%** |  |
| 11624 | American Integrity Insurance Group, Inc.<sup>(a)</sup> | 216904 |
| 7410 | Ategrity Specialty Holdings LLC<sup>(a)</sup> | 148052 |
| 5770 | Baldwin Insurance Group, Inc.<sup>(a)</sup> | 212567 |
| 8914 | Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 289705 |
| 6059 | Selective Insurance Group, Inc. | 472420 |
| 16590 | Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 839122 |
| 9796 | Slide Insurance Holdings, Inc.<sup>(a)</sup> | 184165 |
| 4900 | TWFG, Inc.<sup>(a)</sup> | 151263 |
|  |  | **2514198** |
| **Investment Services: 1.10%** | **Investment Services: 1.10%** |  |
| 1251 | Coinbase Global, Inc., Class A<sup>(b)</sup> | 472578 |
| 3762 | MARA Holdings, Inc.<sup>(a)</sup> | 60493 |
|  |  | **533071** |
| **Open End And Misc Investment Vehicles: 1.83%** | **Open End And Misc Investment Vehicles: 1.83%** |  |
| 59403 | Trinity Capital, Inc. | 890451 |
| **Property And Casualty Insurance: 3.46%** | **Property And Casualty Insurance: 3.46%** |  |
| 1565 | Kinsale Capital Group, Inc. | 689680 |
| 3718 | Palomar Holdings, Inc.<sup>(a)</sup> | 492598 |
| 39577 | Porch Group, Inc.<sup>(a)</sup> | 499461 |
|  |  | **1681739** |
| **Real Estate: 0.84%** | **Real Estate: 0.84%** |  |
| 51103 | Compass, Inc.<sup>(a)</sup> | 405758 |
| **Savings&Loans: 0.23%** | **Savings&Loans: 0.23%** |  |
| 10923 | Brookline Bancorp, Inc. | 112725 |
| **Technology: 3.57%** | **Technology: 3.57%** |  |
| **Computer Services: 0.15%** | **Computer Services: 0.15%** |  |
| 5282 | Core Scientific, Inc.<sup>(a)</sup> | 71518 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value**<br> **(Note 2)** |
| **Internet: 2.94%** | **Internet: 2.94%** |  |
| 13847 | Robinhood Markets, Inc.<sup>(a)</sup> | $1426933 |
| **Software: 0.48%** | **Software: 0.48%** |  |
| 1613 | Alkami Technology, Inc.<sup>(a)</sup> | 35954 |
| 3274 | Chime Financial, Inc.<sup>(a)</sup> | 112658 |
| 304 | Fiserv, Inc.<sup>(a)</sup> | 42238 |
| 529 | Q2 Holdings, Inc.<sup>(a)</sup> | 42955 |
|  |  | **233805** |
|  | **Total Common Stocks** |  |
|  | (Cost $33,018,319) | **47979975** |
| **WARRANTS: 0.00%** | **WARRANTS: 0.00%** |  |
| 62749 | Paysafe, Ltd., Strike Price $138.00, Expiration Date 12/31/2028 | 1638 |
|  | **Total Warrants** |  |
|  | (Cost $211,219) | **1638** |
| **SHORT-TERM INVESTMENT: 3.01%** | **SHORT-TERM INVESTMENT: 3.01%** |  |
| 1462817 | First American Government Obligations Fund, Class X 4.225% <sup>(c)</sup> | 1462817 |
|  | **Total Short-Term Investment** |  |
|  | (Cost $1,462,817) | **1462817** |
| **Total Investments: 101.77%** | **Total Investments: 101.77%** |  |
| (Cost $34,692,355) | (Cost $34,692,355) | **49444430** |
| **Liabilities In Excess Of Other Assets: (1.77)%** | **Liabilities In Excess Of Other Assets: (1.77)%** | (859392) |
| **Net Assets: 100.00%** | **Net Assets: 100.00%** | $**48585038** |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Security determined to be illiquid under the procedures approved by the Fund's Board of Trustees.*

*<sup>(c)</sup>* *Represents the 7-day yield.*

---

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

---

---

| | |
|:---|:---|
| **Emerald Funds** | **Notes to Quarterly Schedule of Investments** |
|  | July 31, 2025 (Unaudited) |

---

1. ORGANIZATION

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Emerald Growth Fund, Emerald Insights Fund, and Emerald Finance & Banking Innovation Fund (formerly known as "Emerald Banking and Finance Fund") (each a "Fund" and collectively, the "Funds").

The Emerald Growth Fund and Emerald Insights Fund seek to achieve long-term growth through capital appreciation. The Emerald Finance & Banking

Innovation Fund seeks to achieve long-term growth through capital appreciation with income as a secondary objective.

2. SIGNIFICANT ACCOUNTING POLICIES

The accompanying Consolidated Schedule of Investments were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of Schedule of Investments in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Quarterly Schedule of Investments. Actual results could differ from those estimates. The Funds are considered an investment company for financial reporting purposes under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their Schedule of Investments.

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

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers–dealers that make a market in the security.

Equity securities that are primarily traded on foreign securities exchanges are valued at the preceding closing values of such securities on their respective exchanges, except when an occurrence subsequent to the time a value was so established is likely to have changed such value. In such an event, the fair values of those securities are determined in good faith through consideration of other factors in accordance with procedures established by Emerald Mutual Fund Advisers Trust, (the "Adviser"), as the Funds' Valuation Designee under the general supervision of the Board of Trustees of the Trust (the "Board" or the "Trustees").

When such prices or quotations are not available, or when the Funds' Valuation Designee, believes that they are unreliable, securities may be priced using fair value procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Board.

**Fair Value Measurements:** Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has appointed the Adviser to serve as the Valuation Designee to perform fair value determinations for investments in the Funds. When such prices or quotations are not available, or when the Valuation Designee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures have been adopted by the Board for the fair valuation of portfolio assets held by the Funds in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Funds' Pricing Procedures appear to be unreliable. The Pricing Procedures reflect certain pricing methodologies (or "logics") that are not "readily available market quotations" and thus are viewed and treated as fair valuations. The Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Funds.

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

These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each input used to value the Funds as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other Significant Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Growth Fund** | **Emerald Growth Fund** | **Emerald Growth Fund** | **Emerald Growth Fund** | **Emerald Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $914703905 | $– | $– | $914703905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual Fund | 48376375 |  |  | 48376375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 6065250 | – | – | 6065250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $969145530 | $– | $– | $969145530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other Significant Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Insights Fund** | **Emerald Insights Fund** | **Emerald Insights Fund** | **Emerald Insights Fund** | **Emerald Insights Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $18363743 | $– | $– | $18363743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 167466 | – | – | 167466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $18531209 | $– | $– | $18531209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other Significant Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **Emerald Finance & Banking Innovation Fund** | **Emerald Finance & Banking Innovation Fund** | **Emerald Finance & Banking Innovation Fund** | **Emerald Finance & Banking Innovation Fund** | **Emerald Finance & Banking Innovation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $45780475 | $2199500 | $– | $47979975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | 1638 |  |  | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investment | 1462817 | – | – | 1462817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL | $47244930 | $2199500 | $– | $49444430 |

---

*<sup>(a)</sup>* *For detailed descriptions of sector and industry, see the accompanying Schedule of Investments.*

---

| | |
|:---|:---|
| **Emerald Funds** | **Notes to Quarterly Schedule of Investments** |
|  | July 31, 2025 (Unaudited) |

---

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses from investment transactions are reported on an identified cost basis, which is the same basis the Funds use for federal income tax purposes. Interest income, which includes accretion of discounts, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Funds. All of the realized and unrealized gains and losses and net investment income, are allocated daily to each class in proportion to its average daily net assets.

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

3. TRANSACTIONS WITH AFFILIATES

The following investments are in companies deemed "affiliated" (as defined in Section 2(a)(3) of the 1940 Act) with the Emerald Growth Fund during

the period ended July 31, 2025. The Emerald Insights Fund and the Emerald Finance & Banking Innovation Fund had no transactions

with affiliates during the period ended July 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **FAIR Value as of APRIL 30, 2025** | **Purchases** | **Sales** | **Change in Unrealized Gain/(Loss)** | **Realized Gain/(Loss)** | **FAIR Value as of APRIL 30, 2025** | **Share Balance as OF July 31, 2025** | **Dividends** |
| F/m Emerald Life<br> Sciences<br> Innovation ETF | $45971746 | $- | $– | $2404629 | $– | $48376375 | $1997035 | $– |
| Total | $45971746 | $- | $– | $2404629 | $– | $48376375 | $1997035 | $– |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FINANCIAL INVESTORS TRUST

- **b. Investment Company Act file number:** 811-08194

- **c. CIK number of Registrant:** 0000915802

- **d. LEI of Registrant:** 549300XD6LCPI5YWPZ35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 BROADWAY SUITE 1000

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80203

  - **Telephone number:** 3036232577

**Item A.2. Information about the Series.**

- **a. Name of Series:** Emerald Growth Fund

- **b. EDGAR series identifier (if any):** S000036390

- **c. LEI of Series:** 549300S7DYC4OY6QMR25

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $971371452.45

**Total Liabilities:** $785617.53

**Net Assets:** $970585834.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000111290 | 9.66%                | 10.45%               | 3.50%                |
| Class ID C000111287 | 4.45%                | 5.26%                | -1.43%               |
| Class ID C000111289 | 9.68%                | 10.50%               | 3.50%                |
| Class ID C000111288 | 8.56%                | 9.49%                | 2.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19188504.83             | $58939763.48                               |
| Month 2  | $48104394.89             | $42653249.35                               |
| Month 3  | $15090041.38             | $18634842.46                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bowhead Specialty Holdings Inc             | Bowhead Specialty Holdings, Inc.                    | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100347 | NS      | $3261277.50   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc                     | Cogent Biosciences, Inc.                            | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    367944 | NS      | $4201920.48   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinity Natural Resources Inc             | Infinity Natural Resources, Inc.                    | CUSIP: 456941103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99438 | NS      | $1482620.58   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor, Inc.                           | FormFactor, Inc.                                    | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    168095 | NS      | $4775578.95   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Macom Technology Solutions Holdings Inc    | MACOM Technology Solutions Holdings, Inc.           | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62170 | NS      | $8525993.80   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                      | Arlo Technologies, Inc.                             | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |    576203 | NS      | $9334488.60   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                    | Soleno Therapeutics, Inc.                           | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |    216261 | NS      | $18700088.67  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies, Inc.                     | SPX Technologies Inc                                | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53148 | NS      | $9693663.72   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                               | Visteon Corp.                                       | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     12381 | NS      | $1376148.15   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                | Moelis & Co.                                        | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    153655 | NS      | $10777361.70  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                 | Arhaus, Inc.                                        | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    531344 | NS      | $4654573.44   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Esco Technologies Inc                      | Esco Technologies, Inc.                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     21926 | NS      | $4247066.20   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                        | Onto Innovation, Inc.                               | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     46457 | NS      | $4401800.75   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                        | Guardant Health, Inc.                               | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    223083 | NS      | $9141941.34   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Sable Offshore Corp                        | Sable Offshore Corp.                                | CUSIP: 78574H104<br>LEI: 254900IMMKZUOZF7V487 | Long             | EC               | CORP              | US        |    214558 | NS      | $6580493.86   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                 | Rambus, Inc.                                        | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    248923 | NS      | $18402877.39  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                             | Five Below, Inc.                                    | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     28000 | NS      | $3822560.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gbank Financial Holdings Inc               | GBank Financial Holdings, Inc.                      | CUSIP: 36166F100<br>LEI: 9845008U7CD30F9F5754 | Long             | EC               | CORP              | US        |     39402 | NS      | $1478954.07   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mara Holdings Inc                          | MARA Holdings, Inc.                                 | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |    213332 | NS      | $3430378.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ttm Technologies Inc                       | TTM Technologies, Inc.                              | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |    371548 | NS      | $17555643.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                          | Bloom Energy Corp.                                  | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |    180624 | NS      | $6753531.36   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwood Financial Corp                     | Norwood Financial Corp.                             | CUSIP: 669549107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $1090800.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                            | Vital Farms, Inc.                                   | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |    376599 | NS      | $14009482.80  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceribell Inc                               | Ceribell, Inc.                                      | CUSIP: 15678C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49814 | NS      | $717321.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                    | Modine Manufacturing Co.                            | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    156479 | NS      | $21055814.24  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                             | Utz Brands, Inc.                                    | CUSIP: 918090101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144847 | NS      | $1887356.41   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                             | Portillo's, Inc.                                    | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    492196 | NS      | $4902272.16   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lendingtree Inc                            | LendingTree, Inc.                                   | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |    136911 | NS      | $6391005.48   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                               | Semtech Corp.                                       | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    111474 | NS      | $5696321.40   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirion Technologies Inc                    | Mirion Technologies, Inc.                           | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |    339414 | NS      | $7585902.90   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                               | Agilysys, Inc.                                      | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |    123347 | NS      | $14071425.76  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Capital Inc                        | Trinity Capital, Inc.                               | CUSIP: 896442308<br>LEI: 549300YGT4SBRQYDVU48 | Long             | EC               | RF                | US        |    338791 | NS      | $5078477.09   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc               | Madrigal Pharmaceuticals, Inc.                      | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |     19157 | NS      | $5795184.07   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalvista Pharmaceuticals Inc               | KalVista Pharmaceuticals, Inc.                      | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |    405002 | NS      | $5520177.26   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc                    | Axsome Therapeutics, Inc.                           | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |     27025 | NS      | $2739794.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Integrity Insurance Group Inc     | American Integrity Insurance Group, Inc.            | CUSIP: 026948109<br>LEI: 529900Y2VOV2LYV4OK68 | Long             | EC               | CORP              | US        |    207886 | NS      | $3879152.76   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Omada Health Inc                           | Omada Health, Inc.                                  | CUSIP: 68170A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99302 | NS      | $1739771.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc                       | Chart Industries, Inc.                              | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |     38867 | NS      | $7727925.61   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                           | Latham Group, Inc.                                  | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    351654 | NS      | $2384214.12   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                   | Fabrinet                                            | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |     36599 | NS      | $11848194.27  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Zevia Pbc                                  | Zevia PBC                                           | CUSIP: 98955K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    912124 | NS      | $2827584.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc             | First Financial Bankshares, Inc.                    | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |     55116 | NS      | $1908115.92   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                     | Boot Barn Holdings, Inc.                            | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     53267 | NS      | $9156597.30   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                     | Spyre Therapeutics, Inc.                            | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |    143451 | NS      | $2434363.47   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc               | Life Time Group Holdings, Inc.                      | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    255325 | NS      | $7332934.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ati Inc                                    | ATI, Inc.                                           | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |    109539 | NS      | $8427930.66   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                        | Shift4 Payments, Inc.                               | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98258 | NS      | $10120574.00  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp               | American Superconductor Corp.                       | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    112875 | NS      | $6416943.75   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                  | Argan, Inc.                                         | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      5571 | NS      | $1364783.58   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vse Corp                                   | VSE Corp.                                           | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     82293 | NS      | $12882146.22  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolv Technologies Holdings Inc            | Evolv Technologies Holdings, Inc.                   | CUSIP: 30049H102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    311690 | NS      | $2043127.95   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc             | Kulicke & Soffa Industries, Inc.                    | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     72924 | NS      | $2388990.24   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionq Inc                                   | IonQ, Inc.                                          | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    165867 | NS      | $6613117.29   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                                 | Impinj, Inc.                                        | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |     58956 | NS      | $9113418.48   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc               | National Vision Holdings, Inc.                      | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |    476293 | NS      | $11554868.18  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings Llc            | Ategrity Specialty Holdings LLC                     | CUSIP: 04681Y103<br>LEI: 549300KMIVG4HUBDUF07 | Long             | EC               | CORP              | US        |    143255 | NS      | $2862234.90   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bj's Restaurants Inc                       | BJ's Restaurants, Inc.                              | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |    192037 | NS      | $6803870.91   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                   | Corcept Therapeutics, Inc.                          | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     75225 | NS      | $5052863.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                   | OneSpaWorld Holdings, Ltd.                          | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    373170 | NS      | $8254520.40   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                 | RadNet, Inc.                                        | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    214862 | NS      | $11759397.26  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesbanco Inc                               | WesBanco, Inc.                                      | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30124 | NS      | $907636.12    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitime Corp                                | SiTime Corp.                                        | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54618 | NS      | $11079261.30  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Umb Financial Corp                         | UMB Financial Corp.                                 | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     54383 | NS      | $5981586.17   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                  | Merit Medical Systems, Inc.                         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     78091 | NS      | $6626802.26   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                       | Palomar Holdings, Inc.                              | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |    114389 | NS      | $15155398.61  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc              | Ultragenyx Pharmaceutical, Inc.                     | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    135426 | NS      | $3699838.32   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group Inc           | First Watch Restaurant Group, Inc.                  | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217386 | NS      | $3758603.94   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                               | Cadence Bank                                        | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     56479 | NS      | $1968293.15   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc           | Ryman Hospitality Properties, Inc.                  | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     59142 | NS      | $5622038.52   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                                  | 89bio, Inc.                                         | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    516501 | NS      | $4906759.50   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc               | Collegium Pharmaceutical, Inc.                      | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |    260136 | NS      | $7767660.96   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Wave Life Sciences Ltd                     | WaVe Life Sciences, Ltd.                            | CUSIP: Y95308105<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | SG        |    962901 | NS      | $7799498.10   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc                | Sterling Infrastructure, Inc.                       | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     29358 | NS      | $7855907.22   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                      | Commvault Systems, Inc.                             | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     54212 | NS      | $10297569.40  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions Inc    | Kratos Defense & Security Solutions, Inc.           | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    483259 | NS      | $28367303.30  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc          | Solaris Energy Infrastructure, Inc.                 | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    147387 | NS      | $4815133.29   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Aar Corp                                   | AAR Corp.                                           | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | EC               | CORP              | US        |    120641 | NS      | $9013089.11   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                       | Bridgebio Pharma, Inc.                              | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    209824 | NS      | $9918380.48   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Slide Insurance Holdings Inc               | Slide Insurance Holdings, Inc.                      | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |    192734 | NS      | $3623399.20   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings Inc         | Cogent Communications Holdings, Inc.                | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84039 | NS      | $3831338.01   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/the            | Baldwin Insurance Group, Inc.                       | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268933 | NS      | $9907491.72   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                        | Varonis Systems, Inc.                               | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |    331746 | NS      | $18521379.18  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                  | Perella Weinberg Partners                           | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196402 | NS      | $3916255.88   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc                  | Mirum Pharmaceuticals, Inc.                         | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |    109318 | NS      | $5649554.24   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc          | Clearwater Analytics Holdings, Inc.                 | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    336720 | NS      | $6821947.20   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc        | Ollie's Bargain Outlet Holdings, Inc.               | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    114419 | NS      | $15633067.97  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                     | Akero Therapeutics, Inc.                            | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     51799 | NS      | $2530381.15   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc                | Rush Street Interactive, Inc.                       | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    455021 | NS      | $9173223.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                               | Freshpet, Inc.                                      | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |    137528 | NS      | $9395912.96   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                      | Integer Holdings Corp.                              | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     12974 | NS      | $1407808.74   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerovironment Inc                          | AeroVironment, Inc.                                 | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     85328 | NS      | $22837185.92  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp Inc                       | Mid Penn Bancorp, Inc.                              | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147538 | NS      | $4049918.10   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc      | Skyward Specialty Insurance Group, Inc.             | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |    232362 | NS      | $11752869.96  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Excelerate Energy Inc                      | Excelerate Energy, Inc.                             | CUSIP: 30069T101<br>LEI: OZ8GM8L4AHPKSWZMW205 | Long             | EC               | CORP              | US        |    144366 | NS      | $3704431.56   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                      | Alphatec Holdings, Inc.                             | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    439355 | NS      | $4648375.90   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                               | Biohaven, Ltd.                                      | CUSIP: G1110E107<br>LEI: 5299007STZTNN32O9920 | Long             | EC               | CORP              | VG        |     78475 | NS      | $1184972.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| First Advantage Corp                       | First Advantage Corp.                               | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |    517753 | NS      | $8951949.37   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| F/m Emerald Life Sciences Innovation Etf   | F/m Emerald Life Sciences Innovation ETF            | CUSIP: 74933W221<br>LEI: 5299004NK8PYE4SUB575 | Long             | EC               | RF                | US        |   1997035 | NS      | $48376375.55  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                            | Q2 Holdings, Inc.                                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    176578 | NS      | $14338133.60  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Transmedics Group Inc                      | TransMedics Group, Inc.                             | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |    117813 | NS      | $14016212.61  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Nektar Therapeutics                        | Nektar Therapeutics                                 | CUSIP: 640268306<br>LEI: 5299005I24806IOIYE03 | Long             | EC               | CORP              | US        |     90202 | NS      | $1955579.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                  | Carpenter Technology Corp.                          | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     34974 | NS      | $8722165.86   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Imax Corp                                  | IMAX Corp.                                          | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |     53539 | NS      | $1380770.81   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                   | Travere Therapeutics, Inc.                          | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    480603 | NS      | $7425316.35   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Everquote Inc                              | EverQuote, Inc.                                     | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225602 | NS      | $5547553.18   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Livanova Plc                               | LivaNova PLC                                        | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |    128362 | NS      | $5415592.78   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc                       | Tenable Holdings, Inc.                              | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    116682 | NS      | $3653313.42   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund, Class X | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6065250 | NS      | $6065249.72   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc                      | Lumentum Holdings, Inc.                             | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |    150606 | NS      | $16578708.48  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/the                            | Bancorp, Inc.                                       | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |    183996 | NS      | $11621187.36  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co                        | Allegiant Travel Co.                                | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |    155709 | NS      | $8040812.76   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| D-wave Quantum Inc                         | D-Wave Quantum, Inc.                                | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | US        |    214390 | NS      | $3685364.10   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                         | Axos Financial, Inc.                                | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |    210529 | NS      | $18179179.15  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Proficient Auto Logistics Inc              | Proficient Auto Logistics, Inc.                     | CUSIP: 74317M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    259862 | NS      | $1795646.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Skywater Technology Inc                    | SkyWater Technology, Inc.                           | CUSIP: 83089J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    406723 | NS      | $3640170.85   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd         | Credo Technology Group Holding, Ltd.                | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    266321 | NS      | $29708107.55  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/wa                  | Coastal Financial Corp.                             | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     39244 | NS      | $3775272.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Napco Security Technologies Inc            | Napco Security Technologies, Inc.                   | CUSIP: 630402105<br>LEI: 529900KV21J4YY9YST76 | Long             | EC               | CORP              | US        |     99652 | NS      | $3042375.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Interdigital Inc                           | InterDigital, Inc.                                  | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |     63280 | NS      | $16338896.00  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                | Bowman Consulting Group, Ltd.                       | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37171 | NS      | $1289090.28   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pdf Solutions Inc                          | PDF Solutions, Inc.                                 | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |    337722 | NS      | $7507560.06   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc                | Applied Optoelectronics, Inc.                       | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |    225184 | NS      | $5149958.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Life360 Inc                                | Life360, Inc.                                       | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |     63682 | NS      | $4877404.38   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                        | Mercury Systems, Inc.                               | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |    146915 | NS      | $7726259.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Rxo Inc                                    | RXO, Inc.                                           | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |    265294 | NS      | $4098792.30   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Savara Inc                                 | Savara, Inc.                                        | CUSIP: 805111101<br>LEI: 5493002JO0WM3YMJXG33 | Long             | EC               | CORP              | US        |   1003696 | NS      | $2599572.64   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Pharmaceuticals Inc                 | ACADIA Pharmaceuticals, Inc.                        | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |    145814 | NS      | $3474747.62   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** FINANCIAL INVESTORS TRUST

**Signature:** Paul Holland

**Name of Signer:** Paul Holland

**Title:** Treasurer