# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001752724-23-076043
**Filing Date:** 2023-3
**Character Count:** 62049
**Document Hash:** 52857f3d7df611a68883be48e4380c88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-076043.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-076043

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANCIAL INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000915802
- **IRS NUMBER:** 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:** 23788979

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **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

### Highland Resolute Fund (Series ID: S000035431)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000108821 | Class I      | RMRGX           |

## Nport-Ex

HIGHLAND RESOLUTE FUND

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

***January 31, 2023 (Unaudited)***

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value (Note 2)** |
| **OPEN-END MUTUAL FUNDS (16.58%)** | | |
| &nbsp;&nbsp;&nbsp;PIMCO Short-Term Fund, Institutional Class | 2601381 | $24635076 |
| **TOTAL OPEN-END MUTUAL FUNDS** |  |  |
| **(Cost 24,657,546)** |  | 24635076 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Notional Amount** | **Exercise Date** | **Exercise Price** | **Contracts** | **Value (Note 2)** |
| **PURCHASED PUT OPTIONS (0.67%)** |  |  |  |  |  |
| S&P 500<sup>®</sup> Index | $26497900 | 04/21/2023 | $3980 | 65 | 623805 |
| S&P 500<sup>®</sup> Index | 26497900 | 03/31/2023 | 3900 | 65 | 365300 |
|  |  |  |  |  | 989105 |
| **TOTAL PURCHASED PUT OPTIONS** |  |  |  |  |  |
| **(Cost $1,339,028)** |  |  |  |  | 989105 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value (Note 2)** |
| **Open-End Mutual Funds (17.07%)** | | |
| &nbsp;&nbsp;&nbsp;**MONEY MARKET FUNDS (17.07%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund, 7-day yield, 4.129% | 25357961 | 25357961 |
| **TOTAL OPEN-END MUTUAL FUNDS** |  |  |
| **(Cost $25,357,961)** |  | 25357961 |
| **Short-Term Investments (31.43%)** |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. TREASURY BILLS (31.43%)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.085%, 02/23/2023<sup>(a)</sup> | 25000000 | 24932052 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.589%, 05/02/2023<sup>(a)</sup> | 22000000 | 21749567 |
|  |  | 46681619 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| **(Cost $46,702,084)** |  | 46681619 |
| **TOTAL INVESTMENTS (65.75%)** |  |  |
| **(Cost $98,056,619)** |  | $97663761 |
| **SEGREGATED CASH WITH BROKERS (32.37%)<sup>(b)</sup>** |  | 48084645 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES (1.88%)** |  | 2793045 |
| **NET ASSETS (100.00%)** |  | $148541451 |

---

*<sup>(a)</sup>* *Rate shown represents the bond equivalent yield to maturity at date of purchase.*

*<sup>(b)</sup>* *Includes cash which is being held as collateral for total return swap contracts.*

**WRITTEN OPTION CONTRACTS (0.56%)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value (Note 2)** |
| **Call Option Contracts - (0.43%)** | **Call Option Contracts - (0.43%)** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Index |  |  |  |  |  |  |  |
|  | Morgan Stanley | 02/16/2023 | $4125 | (6) | $14358 | $(2445960) | $(26580) |
|  | Morgan Stanley | 02/24/2023 | 4150 | (6) | 16801 | (2445960) | (24780) |
|  | Morgan Stanley | 02/28/2023 | 4125 | (65) | 208351 | (26497900) | (310700) |
|  | Morgan Stanley | 03/03/2023 | 4200 | (6) | 12980 | (2445960) | (18060) |
|  | Morgan Stanley | 03/17/2023 | 4220 | (65) | 197399 | (26497900) | (257920) |
| **Put Option Contracts - (0.13%)** | **Put Option Contracts - (0.13%)** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Index |  |  |  |  |  |  |  |
|  | Morgan Stanley | 02/24/2023 | 3820 | (6) | 17077 | (2445960) | (11802) |
|  | Morgan Stanley | 02/28/2023 | 3675 | (65) | 150842 | (26497900) | (46150) |
|  | Morgan Stanley | 03/03/2023 | 3900 | (6) | 21729 | (2445960) | (17778) |
|  | Morgan Stanley | 03/17/2023 | 3700 | (65) | 139031 | (26497900) | (120250) |
| **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** | **TOTAL WRITTEN OPTION CONTRACTS** |  |  | $778568 | $(118221400) | $(834020) |

---

**TOTAL RETURN SWAP CONTRACTS<sup>\*</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Notional Amount** | **Value** | **Rate Paid by the Fund** | **Reference Rate** | **Termination Date** | **Unrealized Appreciation/ (Depreciation)** |
| Morgan Stanley | &nbsp;&nbsp;Castle Ridge Long/Short Alpha Segregated Portfolio<sup>(a)</sup> | $12523512 | $12523507 | 70 bps + FEDEF-1D | 33 | 02/08/2023 | $(5) |
| Morgan Stanley | &nbsp;&nbsp;Dalton Melchior Segregated Portfolio<sup>(b)</sup> | 21557042 | 21557049 | 95 bps | N/A | 03/20/2023 | 7 |
| Morgan Stanley | &nbsp;&nbsp;Typhon Argos Segregated Portfolio<sup>(c)</sup> | 19544368 | 19544378 | 85 bps | N/A | 09/08/2025 | 10 |
| Morgan Stanley | &nbsp;&nbsp;WABR Cayman Company Limited<sup>(d)</sup> | 13510445 | 13510442 | 5 bps | N/A | 06/28/2024 | (3) |
|  |  | $67135367 | $67135376 |  |  |  | $9 |

---

*<sup>\*</sup>* *For the long positions, the Fund receives payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any negative return of such Reference Obligation plus the rate paid by the Fund. For short positions, the Fund receives payments based on any negative return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any positive return of such Reference Obligation plus the rate paid by the Fund. Payments are made monthly.*

*<sup>(a)</sup>* *Castle Ridge Long/Short Alpha Segregated Portfolio employs a quantitative equity market neutral strategy with an AI-framework. Unlike other AI strategies, Castle Ridge employs a deep-learning system that uses geno-synthetic algorithm for iterative fractal clustering.*

*<sup>(b)</sup>* *Dalton Melchior Segregated Portfolio is a global equity long/short strategy that uses a long-biased strategy that is focused on cyclical sectors. The strategy has a net exposure that ranges between 50% and 80%, and long exposure varies between 80% and 100%. The strategy is comprised of large cap stocks listed on exchanges of developed and emerging market countries.*

*<sup>(c)</sup>* *Typhon Argos is a discretionary multi-manager futures strategy with a bias to relative value strategies and commodity focused teams. The manager utilizes seven sub-strategies including four physical commodities specialists across metals, energy, livestock, and grain categories. The remaining strategies trade multiple commodity or financial futures with various quantitative mean reverting or trend following approaches. No single sub-strategy makes up more than 25% of the total portfolio.*

*<sup>(d)</sup>* *WABR incorporates an absolute return oriented approach within a risk parity framework. Active absolute return strategies include fundamental long/short equity, credit relative value, discretionary macro, and equity market neutral strategies. The strategy also maintains a passive risk weighted allocation to equities and fixed income, but each of the three allocations is equally risk weighted subject to a 40% limit on the absolute return allocation. Gross equity long exposure will typically be 140% or less, and net equity exposure will vary between 5% and 35%.*

**FUTURES CONTRACTS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position** | **Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| S&P 500 EMINI FUTURE | Morgan Stanley | Long | 350 | March 2023 | $71575000 | $1777436 | $1777436 |
|  |  |  |  |  | $71575000 | $1777436 | $1777436 |

---

---

| |
|:---|
| ***Common Abbreviations:*** |
| *EONIA - Euro Overnight Index Average* |
| *ETF - Exchange Traded Fund.* |
| *EURIBOR - Euro Interbank Offered Rate.* |
| *LIBOR - London Interbank Offered Rate.* |
| *PIMCO - Pacific Investment Management Company.* |
| *REIT - Real Estate Investment Trust* |
| *SARON - Swiss Average Rate Overnight* |
| *S&P - Standard & Poor's.* |
| *SONIA - Sterling Overnight Interbank Average Rate.* |
| *SPDR - Standard & Poor's Depositary Receipt.* |

---

***Currency Abbreviations:***

*EUR - Euro*

*See notes to Consolidated Quarterly Schedule of Investments.* 

**CASTLE RIDGE LONG/SHORT ALPHA SEGREGATED PORTFOLIO**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Value** | **Percentage of Value** |
| **LONG SECURITIES** |  |  |  |
| **COMMON STOCKS** |  |  |  |
| A10 Networks, Inc. | 16667 | 258012 | 2.06% |
| AAON, Inc. | 2751 | 209933 | 1.68% |
| Allegro Microsystems, Inc. | 9004 | 343686 | 2.74% |
| Bill.com Holdings, Inc. | 1301 | 150438 | 1.20% |
| Bio-Techne Corp. | 5368 | 427600 | 3.41% |
| Calix, Inc. | 3275 | 172402 | 1.38% |
| Clearfield, Inc. | 2345 | 167575 | 1.34% |
| DexCom, Inc. | 1811 | 193909 | 1.55% |
| Digi International, Inc. | 14679 | 498926 | 3.98% |
| Enphase Energy, Inc. | 4037 | 893709 | 7.14% |
| EPAM Systems, Inc. | 455 | 151406 | 1.21% |
| Fortinet, Inc. | 3211 | 168053 | 1.34% |
| H & R Block, Inc. | 4319 | 168354 | 1.34% |
| Impinj, Inc. | 3216 | 417339 | 3.33% |
| Insperity, Inc. | 1588 | 175562 | 1.40% |
| Karuna Therapeutics, Inc. | 1623 | 323553 | 2.58% |
| KLA Corp. | 376 | 147570 | 1.18% |
| Legend Biotech Corp. | 4660 | 235348 | 1.88% |
| MACOM Technology Solutions Holdings, Inc. | 4052 | 271554 | 2.17% |
| Oak Street Health, Inc. | 8292 | 240956 | 1.92% |
| Paycom Software, Inc. | 549 | 177892 | 1.42% |
| Paylocity Holding Corp. | 985 | 205064 | 1.64% |
| PTC, Inc. | 1539 | 207528 | 1.66% |
| Sanmina Corp. | 5393 | 328568 | 2.62% |
| Shockwave Medical, Inc. | 985 | 185019 | 1.48% |
| Solaredge Technologies, Inc. | 1039 | 331554 | 2.65% |
| Super Micro Computer, Inc. | 5051 | 365352 | 2.92% |
| Xylem, Inc. | 2281 | 237216 | 1.89% |
| Zoominfo Technologies, Inc. | 8589 | 242453 | 1.94% |
| **COMMON STOCKS Total** |  | 7896531 | 63.05% |
| **TOTAL LONG** |  | **7896531** | **63.05%** |

---

**SECURITIES SOLD SHORT**

**COMMON STOCKS**

---

| | | | |
|:---|:---|:---|:---|
| Align Technology, Inc. | (1687) | (455042) | -3.63% |
| Assurant, Inc. | (1623) | (215155) | -1.72% |
| Catalent, Inc. | (8213) | (439780) | -3.51% |
| Coherent Corp. | (9464) | (410745) | -3.28% |
| Entegris, Inc. | (3443) | (277910) | -2.22% |
| Envista Holdings Corp. | (4606) | (179585) | -1.43% |
| Freshpet, Inc. | (3473) | (219945) | -1.76% |
| Halliburton Co | (4700) | (193731) | -1.55% |
| IAC, Inc. | (7653) | (432421) | -3.45% |
| Match Group, Inc. | (9627) | (521037) | -4.16% |
| Newmont Corp. | (3270) | (173090) | -1.38% |
| Omnicell, Inc. | (6748) | (374318) | -2.99% |
| Scotts Miracle-Gro Co. | (4720) | (340717) | -2.72% |
| ServiceNow, Inc. | (564) | (256690) | -2.05% |
| Sitime Corp. | (2691) | (310122) | -2.48% |
| Stanley Black & Decker, Inc. | (2286) | (204131) | -1.63% |
| Synaptics, Inc. | (2241) | (280208) | -2.24% |
| Take-Two Interactive Software, Inc. | (2869) | (324906) | -2.59% |
| Tenet Healthcare Corp. | (8059) | (442044) | -3.53% |
| Welltower, Inc. | (2503) | (187850) | -1.50% |
| Zebra Technologies Corp. | (589) | (186144) | -1.49% |
| **COMMON STOCKS Total** |  | -6425571 | -51.31% |
| **TOTAL SHORT** |  | **(6425571)** | **-51.31%** |
| **REMAINING SECURITIES AND CASH** |  | **11052547** | **88.25%** |
| **Grand Total** |  | **12523507** |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Notional Value** | **Value** | **Percentage of Value** | **Counterparty** | **Floating Rate/Fixed Rate Amount Paid by Fund** | **Reference Rate** | **Termination Date** | **Unrealized Gain (Loss)** |
| **LONG SECURITIES** | | | | |  |  |  |  | |
| **EQUITY SWAPS** | | | | |  |  |  |  | |
| AALBERTS NV |  | 478075 | 455078 | 2.11% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | (22998) |
| AIXTRON SE |  | 882462 | 893655 | 4.15% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/27/23 | 11193 |
| ASML HOLDING NV |  | 704940 | 929085 | 4.31% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 213 bps | 03/16/23 | 224145 |
| ASR NEDERLAND NV |  | 731302 | 775795 | 3.60% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 44493 |
| CAPGEMINI SE |  | 675163 | 656801 | 3.05% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | (18361) |
| CORTICEIRA AMORIM SA |  | 695933 | 636443 | 2.95% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 213 bps | 03/16/23 | (59490) |
| CRH PLC |  | 502549 | 553014 | 2.57% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 50465 |
| DIAGEO PLC |  | 779337 | 751350 | 3.49% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | (27988) |
| ERSTE GROUP BANK AG |  | 345922 | 454430 | 2.11% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 108509 |
| FINECOBANK SPA |  | 496463 | 706797 | 3.28% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 210334 |
| GAMES WORKSHOP GROUP PLC |  | 497852 | 546417 | 2.53% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 48566 |
| GRAFTON GROUP PLC-UTS - CDI |  | 624699 | 474914 | 2.20% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | (149785) |
| HOWDEN JOINERY GROUP PLC |  | 803731 | 714074 | 3.31% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | (89657) |
| INFICON HOLDING AG-REG |  | 500640 | 470838 | 2.18% | Morgan Stanley & Co. LLC | 49 bps + 1D SARON | 94 bps | 03/16/23 | (29802) |
| INTERPUMP GROUP SPA |  | 443762 | 556549 | 2.58% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 112788 |
| JD SPORTS FASHION PLC |  | 198987 | 314929 | 1.46% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 115942 |
| JET2 PLC |  | 379555 | 609658 | 2.83% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 230103 |
| LABORATORIOS FARMACEUTICOS |  | 891370 | 570079 | 2.64% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | (321291) |
| LVMH MOET HENNESSY LOUIS VUI |  | 648378 | 809982 | 3.76% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 161605 |
| MERCK KGAA |  | 1170800 | 1255243 | 5.82% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/27/23 | 84444 |
| MONCLER SPA |  | 245390 | 302214 | 1.40% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 56823 |
| NESTLE SA-REG |  | 1128833 | 1118797 | 5.19% | Morgan Stanley & Co. LLC | 49 bps + 1D SARON | 94 bps | 03/16/23 | (10036) |
| OXFORD INSTRUMENTS PLC |  | 489764 | 513152 | 2.38% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 23388 |
| RELX PLC |  | 790675 | 854164 | 3.96% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 63490 |
| RENISHAW PLC |  | 228541 | 218465 | 1.01% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | (10076) |
| RIGHTMOVE PLC |  | 587735 | 642533 | 2.98% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 54798 |
| ROBERTET SA |  | 881785 | 893036 | 4.14% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 213 bps | 03/16/23 | 11251 |
| SANOMA OYJ |  | 442969 | 303897 | 1.41% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | (139072) |
| SCOUT24 SE |  | 1417557 | 1403257 | 6.51% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 213 bps | 03/27/23 | (14300) |
| STABILUS SE |  | 325651 | 397585 | 1.84% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 213 bps | 03/27/23 | 71934 |
| VIVENDI SE |  | 1013523 | 1078244 | 5.00% | Morgan Stanley & Co. LLC | 55 bps + 1M EURIB | 190 bps | 03/16/23 | 64721 |
| VOLUTION GROUP PLC |  | 455602 | 494486 | 2.29% | Morgan Stanley & Co. LLC | 59 bps + 1D SONIA | 343 bps | 03/16/23 | 38884 |
| **EQUITY SWAPS Total** |  | 20459944 | 21354961 | 99.06% |  |  |  |  |  |
| **TOTAL LONG** |  | **20459944** | **21354961** | **99.06%** |  |  |  |  |  |

---

**SECURITIES SOLD SHORT**

**EQUITY SWAPS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ALSTOM |  | (759921) | (920613) | -4.27% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 198 bps | 03/16/23 | (160692) |
| DE'LONGHI SPA |  | (585903) | (718428) | -3.33% | Morgan Stanley & Co. LLC | 1D EONIA -50 bps | 198 bps | 03/16/23 | (132525) |
| DJS MID 200 PR |  | (3295136) | (2935720) | -13.62% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 199 bps | 07/31/23 | 359416 |
| ELECTROLUX AB-B |  | (691721) | (760262) | -3.53% | Morgan Stanley & Co. LLC | 1W STIBO -87.5 bps | 246 bps | 09/11/23 | (68542) |
| HUSQVARNA AB-B SHS |  | (442681) | (622102) | -2.89% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 246 bps | 09/11/23 | (179421) |
| LOGITECH INTERNATIONAL-REG |  | (491304) | (537134) | -2.49% | Morgan Stanley & Co. LLC | 1D SARON -40 bps | 94 bps | 03/16/23 | (45830) |
| MAIRE TECNIMONT SPA |  | (346150) | (439795) | -2.04% | Morgan Stanley & Co. LLC | 1D EONIA -212.5 bps | 198 bps | 03/16/23 | (93645) |
| MELEXIS NV |  | (437233) | (562451) | -2.61% | Morgan Stanley & Co. LLC | 1D EONIA -50 bps | 198 bps | 03/16/23 | (125218) |
| MIPS AB |  | (847980) | (893131) | -4.14% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 246 bps | 09/11/23 | (45150) |
| NORDEX SE |  | (596921) | (837226) | -3.88% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 198 bps | 03/27/23 | (240305) |
| QT GROUP OYJ |  | (407031) | (501790) | -2.33% | Morgan Stanley & Co. LLC | 1D EONIA -1400 bps | 198 bps | 03/16/23 | (94758) |
| SMA SOLAR TECHNOLOGY AG |  | (423796) | (621259) | -2.88% | Morgan Stanley & Co. LLC | 1D EONIA -398.0445 bps | 198 bps | 03/27/23 | (197463) |
| STADLER RAIL AG |  | (634891) | (709409) | -3.29% | Morgan Stanley & Co. LLC | 1D SARON -212.5 bps | 94 bps | 03/16/23 | (74518) |
| STOXX-DJ SMALL 200 PRICE |  | (3403084) | (2813744) | -13.05% | Morgan Stanley & Co. LLC | 1D EONIA -40 bps | 199 bps | 07/31/23 | 589340 |
| THULE GROUP AB/THE |  | (394610) | (370461) | -1.72% | Morgan Stanley & Co. LLC | 1W STIBO -50 bps | 246 bps | 09/11/23 | 24148 |
| TRUECALLER AB-B |  | (577378) | (557685) | -2.59% | Morgan Stanley & Co. LLC | 1W STIBO -612.5 bps | 246 bps | 09/11/23 | 19693 |
| **EQUITY SWAPS Total** |  | (14335741) | (14801210) | -68.66% |  |  |  |  |  |
| **INDEX FUTURE CONTRACTS** |  |  |  |  |  |  |  |  |  |
| EURO STOXX 50 MAR 23 | (78) | (3270064) | (72050) | -0.33% | Morgan Stanley & Co. LLC |  |  |  |  |
| **INDEX FUTURE CONTRACTS Total** |  |  | (72050) | -0.33% |  |  |  |  |  |
| **TOTAL SHORT** |  | **(17605805)** | **(14873260)** | **-68.99%** |  |  |  |  |  |
| **REMAINING SECURITIES AND CASH** |  |  | **15075347** | **69.93%** |  |  |  |  |  |
| **Grand Total** |  |  | **21557048** |  |  |  |  |  |  |

---

**TYPHON ARGOS SEGREGATED PORTFOLIO**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Notional Value** | **Expiration Date** | **Value** | **Percentage of Value** | **Counterparty** |
| **LONG SECURITIES** |  |  |  |  |  |  |
| **COMMODITIES FUTURES CONTRACTS** |  |  |  |  |  |  |
| SOYBEANS | 33 | 2325320 | November 14, 2023 | (54556) | -0.28% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | 13 | 1399983 | May 31, 2023 | 11161 | 0.06% | Morgan Stanley & Co. LLC |
| SOYBEANS | 33 | 2295332 | November 14, 2023 | (24571) | -0.13% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | 27 | 2826233 | May 31, 2023 | (4998) | -0.03% | Morgan Stanley & Co. LLC |
| SOYBEANS | 33 | 2322821 | November 14, 2023 | (52057) | -0.27% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 613885 | April 17, 2023 | 424 | 0.00% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 27544 | June 14, 2023 | 26476 | 0.14% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 603114 | April 17, 2023 | 11194 | 0.06% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 12 | 408564 | April 17, 2023 | 1091 | 0.01% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | 40 | 4229884 | May 31, 2023 | 2499 | 0.01% | Morgan Stanley & Co. LLC |
| CRUDE OIL | 27 | 1896148 | November 20, 2024 | 16525 | 0.08% | Morgan Stanley & Co. LLC |
| CRUDE OIL | 27 | 2023268 | November 20, 2023 | 20523 | 0.11% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | 53 | 5612877 | May 31, 2023 | 30651 | 0.16% | Morgan Stanley & Co. LLC |
| **COMMODITIES FUTURE CONTRACTS Total** |  | **26584969** |  | **(15638)** | **-0.08%** |  |
| **FINANCIALS FUTURES CONTRACTS** |  |  |  |  |  |  |
| THREE-MONTH SOFR | 1 | 179247 | March 18, 2026 | 500 | 0.00% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | 1 | 179302 | March 18, 2026 | 444 | 0.00% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | 1 | 179173 | September 17, 2025 | 509 | 0.00% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | 1 | 179210 | September 17, 2025 | 472 | 0.00% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | 1 | 176916 | March 19, 2024 | (83) | 0.00% | Morgan Stanley & Co. LLC |
| 2 YR T-NOTE | 3 | 10360 | February 24, 2023 | 278 | 0.00% | Morgan Stanley & Co. LLC |
| **FINANCIALS FUTURES CONTRACTS Total** |  | **904206** |  | **2119** | **0.01%** |  |
| **OPTIONS** |  |  |  |  |  |  |
| LIVE CATTLE | 89 | 26652 | February 3, 2023 | 444 | 0.00% | Morgan Stanley & Co. LLC |
| LIVE CATTLE | 89 | 22210 | February 3, 2023 | 444 | 0.00% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 71 | 141449 | April 19, 2023 | 32695 | 0.17% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 12439 | April 19, 2023 | 8174 | 0.04% | Morgan Stanley & Co. LLC |
| CRUDE OIL | 53 | 30387 | February 15, 2023 | 5331 | 0.03% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 27544 | June 14, 2023 | 26476 | 0.14% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 18 | 27721 | June 14, 2023 | 26476 | 0.14% | Morgan Stanley & Co. LLC |
| LEAN HOGS | 36 | 54732 | June 14, 2023 | 52951 | 0.27% | Morgan Stanley & Co. LLC |
| CRUDE OIL | 27 | 12526 | February 15, 2023 | 2665 | 0.01% | Morgan Stanley & Co. LLC |
| CRUDE OIL | 27 | 77019 | February 15, 2023 | 62102 | 0.32% | Morgan Stanley & Co. LLC |
| **OPTIONS TOTAL** |  | **432677** |  | **217758** | **1.12%** |  |
| **INDEX FUTURES CONTRACTS** |  |  |  |  |  | Morgan Stanley & Co. LLC |
| **MICRO EMINI S&P 500** | 30 | **604052** | March 17, 2023 | **1473** | **0.01%** |  |
| **TOTAL LONG** |  | $**28525904** |  | $**205713** | **1.06%** |  |

---

**SECURITIES SOLD SHORT**

**COMMODITIES FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SOYBEANS | (33) | (2501916) | July 18, 2023 | (28319) | -0.14% | Morgan Stanley & Co. LLC |
| SOYBEANS | (33) | (2495252) | July 18, 2023 | (34983) | -0.18% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | (27) | (2828231) | July 27, 2023 | 5331 | 0.03% | Morgan Stanley & Co. LLC |
| SOYBEANS | (33) | (2554811) | July 18, 2023 | 24571 | 0.13% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | (13) | (1414453) | March 29, 2023 | 6137 | 0.03% | Morgan Stanley & Co. LLC |
| BEANMEAL | (33) | (1536052) | May 12, 2023 | (24988) | -0.13% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (2121581) | May 22, 2023 | 6638 | 0.03% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | (40) | (4220389) | March 29, 2023 | (3498) | -0.02% | Morgan Stanley & Co. LLC |
| BEANMEAL | (67) | (3132039) | May 12, 2023 | 10424 | 0.05% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (2097888) | May 22, 2023 | (17058) | -0.09% | Morgan Stanley & Co. LLC |
| HI GR. COPPER | (53) | (5600216) | March 29, 2023 | (31984) | -0.16% | Morgan Stanley & Co. LLC |
| **COMMODITIES FUTURE CONTRACTS Total** |  | **(30502827)** |  | **(87729)** | **-0.45%** | Morgan Stanley & Co. LLC |
| **FINANCIALS FUTURES CONTRACTS** |  |  |  |  |  |  |
| THREE-MONTH SOFR | (1) | (355977) | September 18, 2024 | (1092) | -0.07% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | (1) | (357790) | March 18, 2025 | (1037) | -0.07% | Morgan Stanley & Co. LLC |
| THREE-MONTH SOFR | (1) | (176277) | December 19, 2023 | 46 | -0.07% | Morgan Stanley & Co. LLC |
| **FINANCIALS FUTURES CONTRACTS Total** |  | **(890044)** |  | **(2082)** | **-0.20%** | Morgan Stanley & Co. LLC |
| **OPTIONS** |  |  |  |  |  |  |
| LEAN HOGS | (71) | (54021) | April 19, 2023 | (17769) | -0.09% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (115395) | May 17, 2023 | (76762) | -0.39% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (18) | (7108) | April 19, 2023 | (4442) | -0.02% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (88745) | May 17, 2023 | (82359) | -0.42% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (18) | (15105) | June 14, 2023 | (14037) | -0.07% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (18) | (15282) | June 14, 2023 | (14037) | -0.07% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (117793) | May 17, 2023 | (76762) | -0.39% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (36) | (29854) | June 14, 2023 | (28075) | -0.14% | Morgan Stanley & Co. LLC |
| LEAN HOGS | (18) | (15105) | June 14, 2023 | (14037) | -0.07% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (77019) | February 15, 2023 | (98351) | -0.50% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (80750) | February 15, 2023 | (41579) | -0.21% | Morgan Stanley & Co. LLC |
| CRUDE OIL | (27) | (131918) | May 17, 2023 | (116742) | -0.60% | Morgan Stanley & Co. LLC |
| **OPTIONS TOTAL** |  | **(748091)** |  | **(584954)** | **-2.99%** |  |
| **TOTAL SHORT** |  | $**(32140962)** |  | $**(674765)** | **-3.65%** |  |
| **REMAINING SECURITIES AND CASH** |  |  |  | **20013430** | **102.59%** |  |
| **Grand Total** |  |  |  | $**19544378** |  |  |

---

**WABR CAYMAN COMPANY LIMITED**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts/Shares** | **Notional Value** | **Value** | **Percentage of Value** |
| **LONG SECURITIES** |  |  |  |  |
| **COMMON STOCKS** |  |  |  |  |
| A P MOLLER MAERSK | 20 |  | 42302 | 0.31% |
| AVALONBAY COMMUNITIES REIT | 267 |  | 47422 | 0.35% |
| BOSTON PROPERTIES REIT | 972 |  | 72425 | 0.54% |
| CALIX NETWORKS | 777 |  | 40891 | 0.30% |
| CIENA | 923 |  | 48001 | 0.36% |
| COCA COLA EUROPACIFIC PARTNERS | 850 |  | 47794 | 0.35% |
| COCA-COLA | 1064 |  | 65253 | 0.48% |
| COHERENT | 916 |  | 39736 | 0.29% |
| COMMSCOPE HOLDING | 11077 |  | 93049 | 0.69% |
| COUSINS PROPERTIES REIT | 2195 |  | 60191 | 0.45% |
| ESSENTIAL PROPERTIES REALTY TRUST | 1554 |  | 39595 | 0.29% |
| FEDEX | 318 |  | 61590 | 0.46% |
| FIDELITY NATIONAL INFORMATN SVCS | 559 |  | 41943 | 0.31% |
| HEALTHPEAK PROPERTIES | 1846 |  | 50724 | 0.38% |
| INVSC S P 500 EQUAL WEIGHT ETF | 377 |  | 57185 | 0.42% |
| MARVELL TECHNOLOGY | 959 |  | 41375 | 0.31% |
| NATIONAL RETAIL PROPERTIES REIT | 1127 |  | 53379 | 0.40% |
| NVIDIA | 306 |  | 59751 | 0.44% |
| ORACLE | 697 |  | 61675 | 0.46% |
| QUALCOMM | 430 |  | 57251 | 0.42% |
| TRANSDIGM GROUP | 55 |  | 39218 | 0.29% |
| UNION PACIFIC | 403 |  | 82232 | 0.61% |
| VENTAS REIT | 1092 |  | 56598 | 0.42% |
| WELLS FARGO | 974 |  | 45638 | 0.34% |
| **COMMON STOCKS Total** |  |  | 1305218 | 9.66% |
| **INDEX FUTURE CONTRACTS** |  |  |  |  |
| E-MINI RUSSELL 2000 INDEX Mar-23 | 30 | 287710 | 139642 | 1.03% |
| **INDEX FUTURE CONTRACTS Total** |  |  | 139642 | 1.03% |
| **TOTAL LONG** |  | **287710** | **1444860** | **10.69%** |

---

**SECURITIES SOLD SHORT**

**COMMON STOCKS** 

---

| | | | |
|:---|:---|:---|:---|
| CORPORATE OFFICE PROP REIT | (2771) | (77787) | -0.58% |
| FIRST INDUSTRIAL REALTY TRUST | (1021) | (54453) | -0.40% |
| FOUR CORNERS PROPERTY | (1852) | (53267) | -0.39% |
| INVSC QQQ TRUST SRS 1 ETF | (410) | (120861) | -0.89% |
| ISHARES EXPANDED TECH STW SCTR ETF | (425) | (119756) | -0.89% |
| ISHARES RUSSELL 2000 ETF | (229) | (43853) | -0.32% |
| ISHARES RUSSELL 2000 GROWTH ETF | (310) | (73030) | -0.54% |
| ISHARES US TECHNOLOGY ETF | (763) | (63123) | -0.47% |
| KILROY REALTY REIT | (1826) | (74944) | -0.55% |
| KIMCO REALTY REIT | (2440) | (54792) | -0.41% |
| KITE REALTY GROUP REIT | (2491) | (54051) | -0.40% |
| MID AMERICA APT COMMUNITI REIT | (362) | (60389) | -0.45% |
| OMEGA HEALTHCARE REIT | (2378) | (69995) | -0.52% |
| PACCAR | (383) | (41827) | -0.31% |
| PEPSICO | (318) | (54364) | -0.40% |
| REALTY INCOME REIT | (645) | (43739) | -0.32% |
| SELECT SECTOR HEALTH CARE SPDR ETF | (427) | (56967) | -0.42% |
| SELECT SECTOR INDUSTRIAL SPDR ETF | (720) | (73338) | -0.54% |
| SPDR FUND CONSUMER STAPLES ETF | (1555) | (114667) | -0.85% |
| SPDR S&P 500 ETF | (751) | (305398) | -2.26% |
| SUN COMMUNITIES REIT | (251) | (39348) | -0.29% |
| US GLOBAL JETS ETF | (2158) | (43601) | -0.32% |
| VANECK SEMICONDUCTOR ETF | (194) | (46107) | -0.34% |
| VANGUARD REAL ESTATE ETF | (422) | (38404) | -0.28% |
| VORNADO REALTY REIT | (2265) | (55234) | -0.41% |
| **COMMON STOCKS Total** |  | (1833295) | -13.57% |
| **TOTAL SHORT** |  | **-1833295** | **-13.57%** |
| **REMAINING SECURITIES AND CASH** |  | **13898877** | **102.88%** |
| **Grand Total** |  | **13510442** |  |

---

Highland Resolute Fund

Notes to Consolidated Quarterly Schedule of Investments

January 31, 2023 (Unaudited)

Dgard **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 ("1940 Act"). The Trust consists of multiple separate portfolios or series. This quarterly report describes the Highland Resolute Fund (the "Fund"). Effective August 31, 2017, the Fund changed its name from Redmont Resolute Fund. The Fund seeks to provide long-term total return with reduced volatility and reduced correlation to the conventional stock and bond markets. The Fund offers Class I shares.

**Basis of Consolidation:** Highland Resolute Cayman (the "Subsidiary"), a Cayman Islands exempted company, is a wholly owned subsidiary of the Fund. The Subsidiary's investment objective is designed to enhance the ability of the Fund to obtain exposure to equities, financial, currency and commodities markets consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Subsidiary is subject to substantially the same investment policies and investment restrictions as the Fund. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain commodity-related investments on behalf of the Fund. Investments in the Subsidiary are expected to provide the Fund with exposure to the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and recent IRS revenue rulings, as discussed below under "Federal Income Taxes". The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to wholly own and vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the Fund, all assets and liabilities, income and expenses of the Subsidiary are consolidated in the Schedule of investments. All investments held by the Subsidiary are disclosed in the accounts of the Fund. As of January 31, 2023, net assets of the Fund were $205,649,577, of which $17,192,261, or 8.36%, represented the Fund's ownership of all issued shares and voting rights of the Subsidiary. The Fund and the Subsidiary are "commodity pools" under the U.S. Commodity Exchange Act, and Highland Associates, Inc. (the "Adviser") is a "commodity pool operator" registered with and regulated by the Commodities Futures Trading Commission (CFTC).

**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 the Consolidated 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 Consolidated Schedule of Investments. Actual results could differ from those estimates. The Fund is 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 ("FASB") Accounting Standards Codification (ASU) Topic 946 *Financial Services – Investment Companies*. The following is a summary of significant accounting policies consistently followed by the Fund and Subsidiary in preparation of the Consolidated Schedule of Investments.

**Investment Valuation:** The Fund generally values its 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 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 approved by the Board of Trustees (the "Board"), 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. Municipal securities having a remaining maturity of greater than 60 days are typically valued at the evaluated bid price formulated by an independent pricing service. Corporate Bonds, U.S. Government & Agency, and U.S. Treasury Bonds & Notes are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Publicly traded foreign government debt securities are typically traded internationally in the over-the-counter market and are valued at the mean between the bid and asked prices as of the close of business of that market.

Highland Resolute Fund

Notes to Consolidated Quarterly Schedule of Investments

January 31, 2023 (Unaudited)

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferrable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market moves with respect to a particular commodity. Over-the-counter swap contracts for which market quotations are readily available are valued based on quotes received from independent pricing services or one or more dealers that make markets in such securities. When an available price is not obtainable, the last traded price is utilized to value the swap contracts, or price is provided by the swap provider or prime broker. Options contracts listed for trading on a securities exchange or board of trade are valued at the last quoted sales price or, in the absence of a sale at the mean of the last bid and asked price.

Forward currency exchange contracts have a fair value determined by the current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

When such prices or quotations are not available, or when the Adviser believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

**Fair Value Measurements:** The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. 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 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 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 the Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 Fund has 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 Fund's 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.

Highland Resolute Fund

Notes to Consolidated Quarterly Schedule of Investments

January 31, 2023 (Unaudited)

The following is a summary of the inputs used to value the Fund's investments as January 31, 2023:

**Highland Resolute Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1 - <br> Quoted Prices** | **Level 2 - <br> Other Significant Observable Inputs** | **Level 3 - <br> Significant Unobservable Inputs** | **Total** |
| Open-End Mutual Funds | $24635076 | $– | $– | $24635076 |
| Open-End Mutual Funds |  |  |  |  |
| Money Market Funds | 25357961 |  |  | 25357961 |
| Purchased Put Options | 989105 |  |  | 989105 |
| Short-Term Investments |  |  |  |  |
| U.S. Treasury Bills | – | 46681619 | – | 46681619 |
| Total | $50982142 | $46681619 | $– | $97663761 |
| **Other Financial Instruments<sup>\*\*</sup>** |  |  |  |  |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Futures Contracts | $1777436 | $– | $– | $1777436 |
| Total Return Swap Contracts | $– | $17 | $– | $17 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Written Option Contracts | (834020) |  |  | (834020) |
| Total Return Swap Contracts | – | (8) | – | (8) |
| Total | $943416 | $9 | $– | $943425 |

---

*<sup>\*</sup>* *For detailed descriptions, see the accompanying Consolidated Schedule of Investments.*

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Other financial instruments are derivative instruments reflected in the Consolidated Schedule of Investments. The Total Return Swap Contracts and Futures Contracts shown in the table are reported at their unrealized appreciation/(depreciation) at the measurement date, which represents the change in the contract's value from trade date.* |

---

For the three months ended January 31, 2023, the Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

**Federal Income Taxes:** The Fund complies with the requirements under the Code, applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year so that the Fund will not be subject to excise tax on undistributed income and gains. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the three months ended January 31, 2023, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. For tax purposes, the Subsidiary is an exempt Cayman Islands investment company and has received an undertaking from the Government of the Cayman Island exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation ("CFC") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the Fund's taxable income.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned using the effective yield method. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to the Fund.

**Short Sales:** The Fund may make short sales of securities consistent with its strategies. A short sale is a transaction in which a Fund sells a security it does not own in anticipation that the market price of that security will decline.

When a Fund makes a short sale, it must borrow the security sold short and deliver it to the broker dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities.

Highland Resolute Fund

Notes to Consolidated Quarterly Schedule of Investments

January 31, 2023 (Unaudited)

If the price of the security sold short increases between the time of the short sale and the time that a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent that a Fund engages in short sales, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of segregated or "earmarked" assets determined to be liquid in accordance with procedures established by the Board and that is equal to the current market value of the securities sold short, or will ensure that such positions are covered by "offsetting" positions, until the Fund replaces the borrowed security. A short sale is "against the box" to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund may engage in short selling to the extent permitted by the federal securities laws and rules and interpretations thereunder. To the extent a Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction.

**Epidemic and Pandemic Risk:** Certain countries have been susceptible to epidemics, most recently COVID-19, which has been designated as a pandemic by world health authorities. The outbreak of such epidemics, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on the economy and business activity globally (including in the countries in which we invest), and thereby could adversely affect the performance of our investments. Furthermore, the rapid development of epidemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to us and the performance of our investments.

**3. DERIVATIVE INSTRUMENTS**

**Swap Contracts:** The Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the Fund primarily enters into swap transactions for the purpose of increasing total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract.

Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk that are not directly reflected in the amounts.

The Fund invests in total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Fund must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices, or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Fund are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract's term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract. Swap agreements held at January 31, 2022 are disclosed in the Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern OTC financial derivative transactions entered into by the Fund and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to early terminate could be material to the Consolidated Schedule of investments.

**Option Contracts:** The Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. The Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by the Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by the Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.

Highland Resolute Fund

Notes to Consolidated Quarterly Schedule of Investments

January 31, 2023 (Unaudited)

**Futures:** The Fund may enter into futures contracts for hedging purposes. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into a futures contract, the Fund is required to deposit an initial margin with the broker in an amount equal to a certain percentage of the contract amount. The Fund receives from or pays to the broker, on a daily basis, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin," and are recorded by the Fund as unrealized gains or losses. When the futures contract is closed, the Fund records a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Fund's potential losses from the use of futures extend beyond its initial investment in such contracts. The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized. The predominant risk is that the movement of a futures contract's price may result in a loss, which could render the Fund's hedging strategy unsuccessful. There is minimal counterparty credit risk since futures contracts are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

## 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:** Highland Resolute Fund

- **b. EDGAR series identifier (if any):** S000035431

- **c. LEI of Series:** 549300GJISL0XGK2WU75

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

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $148541451.44

**Net Assets:** $148541451.44

**Amount of Assets Invested in Other Investment Companies:** $13949401.20

**Cash Not Reported:** $2329804.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000108821 | 1.84%                | -1.42%               | 2.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4.51                   | $1376715.56                                |
| Month 2  | $-1895860.86             | $1503972.13                                |
| Month 3  | $44242.92                | $138028.48                                 |

**Designated Index Information**

- **Index Name:** S&P 500 Index

- **Index Identifier:** SPX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Options Clearing Corporation           | S&P 500 INDEX-SPX US 02/17/23 C4125                | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        -6 | NC      | $-26580.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Treasury Bill                              | United States Treasury Bill                        | CUSIP: 912796CW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22000000 | PA      | $21749566.74  | 14.64%            | 2023-05-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Options Clearing Corporation           | S&P 500 INDEX-SPXW US 03/31/23 P3900               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        65 | NC      | $365300.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corporation           | S&P 500 INDEX-SPXW US 02/28/23 C4125               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -65 | NC      | $-310700.00   | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corporation           | S&P 500 INDEX-SPXW US 02/24/23 P3820               | CUSIP: 25799HED2<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        -6 | NC      | $-11802.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Castle Ridge Long/Short Alpha Segregated Portfolio | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $12515950.00  | 8.43%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corporation           | S&P 500 INDEX-SPXW US 02/28/23 P3675               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |       -65 | NC      | $-46150.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Typhon Argos Segregated Portfolio                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $19537914.13  | 13.15%            |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill                              | United States Treasury Bill                        | CUSIP: 912796T33<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  25000000 | PA      | $24932052.00  | 16.78%            | 2023-02-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                             | WABR Cayman Company Limited                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $13510627.93  | 9.10%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corporation           | S&P 500 INDEX-SPXW US 02/24/23 C4150               | CUSIP: 264993HA7<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               | CORP              | US        |        -6 | NC      | $-24780.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                             | Dalton Melchior Trs                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |         1 | NC      | $21608546.44  | 14.55%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obligations Fund | First American Government Obligations Fund         | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  25515993 | NS      | $25515992.59  | 17.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Pimco Short-term Fund                      | PIMCO Short-Term Fund, Institutional Class         | CUSIP: 693390601<br>LEI: STEUGJL6LZNTJZNDUF35 | Long             | EC               | RF                | US        |   2601381 | NS      | $24635075.50  | 16.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                | S&P 500 Emini Future                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       296 | NC      | $60532000.00  | 40.75%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** FINANCIAL INVESTORS TRUST

**Signature:** Jennell Panella

**Name of Signer:** Jennell Panella

**Title:** Treasurer