UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill, Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

Registrant’s telephone number, including area code: 303-623-2577

Date of fiscal year end: April 30

Date of reporting period: April 30, 2026

Item 1. Reports to Stockholders.

(a)

Report of Shareholders.

EMERALD FINANCE & BANKING INNOVATION FUND

CLASS A: HSSAX

ANNUAL SHAREHOLDER REPORT - APRIL 30, 2026

FUND OVERVIEW

This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - A for the period of May 1, 2025 to April 30, 2026.

You can find additional information about the Fund at https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund. You can also request this information by contacting us at (855) 828-9909.

WHAT WERE THE FUND’S COSTS FOR LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - A	$198	1.84%

HOW DID THE FUND PERFORM LAST YEAR?

The Emerald Finance & Banking Innovation Fund - A Class returned 14.69% for the fiscal year ended April 30, 2026. This is in contrast to the Russell 2000^® Index TR, which had a 44.41% return for the same period.

The Emerald Finance & Banking Innovation Fund is made up of various banking and financial services industries. The fund has substantial exposure to community banks as well as exposure to fintech, insurance and asset management to name a few of the financial services industries that we invest in, and those industries underperformed the Russell 2000 during the fiscal year ended April 30, 2026. For instance, the KBW Nasdaq Regional Banking Index was up about 24.29% during this time period, and the KBW Nasdaq Financial Technology Index was down -1.53% during the same time period.

HOW DID THE FUND PERFORM LAST 10 YEARS?

TOTAL RETURN BASED ON $10,000 INVESTMENT

Table Summary
	Class A - NAV - $14,561	Class A - Load - $13,870	Russell 2000^® Index TR - $28,347	Bloomberg U.S. Aggregate Bond Index - $11,803	Russell 3000^® Index - $39,601	Russell 2000^® Financial Services Index TR - $24,464
4/30/26	$14,561	$13,870	$28,347	$11,803	$39,601	$24,464
4/30/25	$12,697	$12,094	$19,629	$11,343	$30,227	$19,607
4/30/24	$10,279	$9,790	$19,459	$10,500	$27,133	$16,625
4/30/23	$8,662	$8,250	$17,171	$10,657	$22,186	$14,245
4/30/22	$14,778	$14,076	$17,821	$10,703	$21,857	$16,163
4/30/21	$21,285	$20,273	$21,437	$11,698	$22,560	$17,972
4/30/20	$9,451	$9,002	$12,256	$11,730	$14,948	$10,682
4/30/19	$13,506	$12,864	$14,659	$10,582	$15,106	$14,101
4/30/18	$15,115	$14,397	$14,012	$10,051	$13,406	$13,551
4/30/17	$13,310	$12,677	$12,563	$10,083	$11,858	$12,787
4/30/16	$10,000	$9,525	$10,000	$10,000	$10,000	$10,000

Average Annual Total Returns

Table Summary
Class A	1 Year	5 Year	10 Year
Class A - NAV	14.69%	-7.31%	3.83%
Class A - Load	9.23%	-8.21%	3.33%
Russell 2000^® Index TR	44.41%	5.75%	10.98%
Bloomberg U.S. Aggregate Bond Index	4.06%	0.18%	1.67%
Russell 3000^® Index	31.01%	11.91%	14.75%
Russell 2000^® Financial Services Index TR	24.77%	6.36%	9.36%

The Fund’s past performance is not a good predictor of the Fund’s future performance. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Call (855) 828-9909 for current month-end performance.

Fund Statistics

Total Net Assets$44,167,035
# of Portfolio Holdings61
Portfolio Turnover Rate63%
Advisory Fees Paid$461,206

WHAT DID THE FUND INVEST IN?

SECTOR WEIGHTINGS

(as a % of Net Assets)

Table Summary
Value	Value
Financial Services	85.17%
Technology	8.53%
Consumer, Non-cyclical	2.10%
Materials & Processing	1.39%
Communications	1.11%
Cash, Cash Equivalents, & Other Net Assets	1.70%

Top Ten Holdings

(as a % of Net Assets)

Table Summary
Top 10	% TNA
Customers Bancorp, Inc.	4.88%
Axos Financial, Inc.	4.85%
Northeast Bancorp	4.79%
Metropolitan Bank Holding Corp.	4.61%
LendingClub Corp.	4.48%
Bancorp, Inc.	4.46%
Esquire Financial Holdings, Inc.	4.41%
Pathward Financial, Inc.	4.22%
Coastal Financial Corp.	3.52%
Pinnacle Financial Partners, Inc.	3.21%
Total % of Top 10 Holdings	43.43%

MATERIAL FUND CHANGES

The Board of the Trust, based upon the recommendation of the Advisor, approved the proposed reorganization of the Emerald Finance & Banking Innovation Fund (the “Fund”) into the Emerald Banking & Finance Evolution Fund, a series of The RBB Fund Inc. (the “New Fund”), on April 17, 2025, subject to the approval of the shareholders of the existing Fund (the “Reorganization”). The Trust will hold shareholder meetings on July 2, 2026, as may be adjourned, at which shareholders of the Fund will be asked to consider and vote on the Reorganization.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

There have been no changes in or disagreements with the Fund's independent accounting firm during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.emeraldmutualfunds.com/literature/emerald-finance-banking-innovation-fund.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent (855) 828-9909.

Phone: (855) 828-9909

EMERALD FINANCE & BANKING INNOVATION FUND - CLASS A : HSSAX

ANNUAL SHAREHOLDER REPORT - APRIL 30, 2026

Distributor, ALPS Distributors, Inc.

317609246–A–04302026

EMERALD FINANCE & BANKING INNOVATION FUND

CLASS C: HSSCX

ANNUAL SHAREHOLDER REPORT - APRIL 30, 2026

FUND OVERVIEW

This annual shareholder report shareholder report contains important information about Emerald Finance & Banking Innovation Fund - C for the period of May 1, 2025 to April 30, 2026.

WHAT WERE THE FUND’S COSTS FOR LAST YEAR?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 Investment	Cost Paid as a percentage of a $10,000 Investment
Emerald Finance & Banking Innovation Fund - C	$263	2.46%

HOW DID THE FUND PERFORM LAST YEAR?

The Emerald Finance & Banking Innovation Fund - C Class returned 13.91% for the fiscal year ended April 30, 2026. This is in contrast to the Russell 2000^® Index TR, which had a 44.41% return for the same period.