Summary Prospectus by Investment Company (Form 497K)

KOTAK INDIA EQUITY FUND

FINANCIAL INVESTORS TRUST
Investor Class: INDAX | Class A: INAAX |
Class C: INFCX | Class I: INDIX | Class II: INDSX

Summary Prospectus September 2, 2025

Investor
Class

Class
A

Class
C

Class
I

Class
II

Maximum sales charge (load) imposed on purchases

None

3.25%

None

None

None

Maximum deferred sales charge (as a percentage of the lower of original purchase price or redemption proceeds)

None

None

1.00%

None

None

Redemption fee (as a percentage of exchange price or amount redeemed within 30 days of purchase)

2.00%

2.00%

2.00%

2.00%

2.00%

Investor
Class

Class
A

Class
C

Class
I

Class
II

Management Fees

0.65%

0.65%

0.65%

0.65%

0.65%

Distribution and Service (12b-1) Fees

0.25%

0.25%

1.00%⁽¹⁾

0.00%

0.00%

Total Other Expenses

0.38%

0.38%

0.32%

0.28%

0.22%

Shareholder Services Fees

0.15%

0.15%

0.00%⁽¹⁾

0.00%

0.00%

Other Expenses

0.23%

0.23%

0.31%

0.28%

0.22%

Recoupment of Previously Waived Fees

0.00%

0.00%

0.01%

0.00%

0.00%

Total Annual Fund Operating Expenses⁽²⁾

1.28%

1.28%

1.97%

0.93%

0.87%

Fee Waiver and Expense Reimbursement⁽³⁾

0.00%

0.00%

0.00%

0.00%

-0.12%

Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement

1.28%

1.28%

1.97%

0.93%

0.75%

⁽¹⁾

Per the Distribution and Services Plan ("the Plan"), the Plan allows up to an annual rate of 0.75% for distribution and marketing and up to 0.25% as a service fee.

⁽²⁾

Total Annual Fund Operating Expenses have been restated to reflect current fees.

⁽³⁾

Pursuant to a written agreement (the "Expense Agreement"), ALPS Advisors, Inc. (the "Adviser") and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (the "Sub-Adviser") have agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund operating expenses after fee waiver/expense reimbursements (excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes, and extraordinary expenses) to 1.00% of Investor Class, Class A, Class C, and Class I shares and 0.75% for Class II shares of the Fund's average daily net assets. The Expense Agreement is in effect through February 28, 2027. The Adviser and the Sub-Adviser will be permitted to recapture, on a class- by-class basis, expenses they have borne through the Expense Agreement to the extent that the Fund's expenses in later periods do not exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the Fund's current expense cap. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than thirty-six months after the date on which the fees or expenses were deferred, as calculated on a monthly basis. Prior to February 28, 2027, this waiver may not be modified or discontinued without the approval of the Fund's Board of Trustees.

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Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year

3 Years

5 Years

10 Years

Investor Class Shares

Class A Shares

Class C Shares

Class I Shares

Class II Shares

You would pay the following expenses if you did not redeem your shares:

Class C Shares

●

are organized under the laws of, or maintain their principal place of business in, or for which the principal trading market for their securities is in India (which is presently considered an emerging market);

●

derive 50% or more of their total revenue or profit from either goods or services produced or sales made in India; or

●

have 50% or more of their assets in India.

●

have significant opportunities for growth and or market share gain;

●

have sustainable competitive advantages;

●

that are sector leaders and enjoy leadership in their respective segments;

●

that are expected to experience operational and financial improvement relative to existing practices and performance;

●

that are expected to sustain high growth due to their ability to create new markets, develop nascent business segments and operate successfully in niche segments with scale-up potential;

●

that are expected to create and deliver long-term value due to innovation and intellectual property rights ("IPR") development; and

●

display the potential for value unlocking in the medium- to long-term due to a strategic sale, change in management, deregulation, economic legislation and reform.

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●

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

●

Equity Securities Risk. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific industries, sectors or companies in which the Fund invests, including tariffs and other similar economic arrangements.

●

Micro-, Small- and Mid-Cap Risk. From time to time, the Fund may invest significantly in micro-capitalization, small-capitalization and mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. Therefore, the securities of smaller and mid-size companies may be subject to greater and more abrupt price fluctuations.

●

Non-U.S. Securities Risk. Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.

●

Geographic Risk. A focus on investments in issuers located in India will subject the Fund, to a greater extent, than if investments were less focused, to the risks of adverse securities markets, exchange rates and social, political, legal, regulatory, economic, religious or environmental events and natural disasters which may occur in India. The economy, industries, and securities and currency markets of India may be adversely affected by protectionist trade policies, slow economic activity worldwide, dependence on exports and international trade, competition from Asia's other low-cost emerging economies, political and social instability, regional and global conflicts, terrorism and war, including actions that are contrary to the interests of the U.S.

●

Market Risk. Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as inflation, supply chain disruptions, real or perceived adverse economic or political conditions throughout the world, war or political unrest, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness, including COVID-19 and its variants, or other public issues or adverse investor sentiment generally affect the securities and derivatives markets. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry, including tariffs and other similar economic arrangements. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

●

Indian Financials Sector Risk. The Indian financials sector is subject to extensive governmental control, protection and regulation, which may adversely affect the scope of financials sector firm activities, the prices they can charge and the amount of capital they must maintain. Policies and regulations implemented by the Reserve Bank of India, which serves as the country's central bank, may also have an adverse impact on Indian financial institutions, including those in the banking and other financial industries. The Indian financials sector is exposed to risks that may impact the value of investments in the financials sector more severely than investments outside this sector, including operating with substantial financial leverage. The Indian financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations and adverse conditions in other related markets. India poses additional unique risks with respect to the financials sector, such as the fact that only a small portion of the population holds insurance.

The banking industry and other financial industries are subject to extensive government regulation and can be significantly affected by changes in interest rates, general economic conditions, price and market competition, the imposition of premium rate caps or other changes in government regulation or tax law. Certain segments of the insurance industry can be significantly affected by mortality and morbidity rates, environmental clean-up costs and catastrophic events such as earthquakes, hurricanes and terrorist acts.

●

India Market Risks. Investments in India can be considered speculative, and therefore may offer higher potential for losses. Political and economic structures in India generally lack the social, political and economic stability of more developed nations. Share prices of Indian companies tend to be volatile, can be subject to currency exchange fluctuations and can lack liquidity. Indian stock exchanges have also experienced problems that have affected the market price and liquidity of the securities of Indian companies. These problems have included temporary exchange closures, broker defaults, settlement delays and strikes by brokers. In addition, the governing bodies of the Indian

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The risk of loss may be increased because Indian issuers are not subject to the extensive accounting, auditing and financial reporting standards and practices which are applicable in the United States. There is also a lower level of regulation and monitoring of the Indian securities market and its participants than in other more developed markets. Because the Fund concentrates in a single region of the world, the Fund's performance may be more volatile than that of a fund that invests globally. If Indian securities fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world.

The political, economic and social structures of many developing countries, including India, may be less stable and more volatile than those in the U.S. investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries, securities and currency markets, and the value of the Fund's investments, in non-U.S. countries.

High inflation may lead to the adoption of corrective measures designed to moderate growth, regulate prices of staples and other commodities and otherwise contain inflation, and such measures could inhibit economic activity in India and thereby possibly adversely affect the Fund's investments. Inflation may also directly affect the underlying investments by increasing operating costs and/or reducing the returns from such investments.

●

Loss of FPI Registration. Investment by the Fund in India is dependent on the registration of the Fund as an FPI. In the event that this registration is terminated, the Fund might be required to liquidate its positions in Indian securities at an inopportune time or upon disadvantageous terms.

Any investigations of, or actions against, the Fund or any of their shareholders initiated by the SEBI or any other Indian regulatory authority may impose a ban of the investment and trading activities of the Fund.

Additionally, SEBI has issued the SEBI (Foreign Portfolio Investors) Regulations 2019, as may be amended from time to time, and the Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors, both of which include guidelines on eligibility norms and know your customer ("KYC") guidelines with respect to FPIs. Failure to comply with the guidelines may lead to a loss of FPI registration for the Fund.

●

Currency Risk. Fluctuations in exchange rates between the U.S. dollar and non-U.S. currencies may cause the value of the Fund's investments to decline in terms of U.S. dollars. Additionally, certain foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. The Fund may invest in securities denominated in, or which receive revenues in, non-U.S. currencies are subject to this risk.

●

Sector and Securities Selection Risk. The performance of the Fund is related to the economic sectors that the Sub-Adviser may choose to emphasize or deemphasize from time to time, as well as to the individual securities within those sectors held by the Fund. The investment returns for particular economic sectors will fluctuate and may be lower than other sectors. In addition, the individual securities chosen for investment within a particular sector may underperform other securities within that same sector.

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Best Quarter: March 31, 2017

19.85%

Worst Quarter: March 31, 2020

-30.82%

1 Year

5 Years

10 Years

Investor Class Shares

Return Before Taxes

11.02%

10.42%

8.15%

Return After Taxes on Distributions

9.56%

9.50%

7.01%

Return After Taxes on Distributions and Sale of Fund Shares

11.37%

8.64%

6.52%

Class A Shares

Return Before Taxes

4.92%

9.20%

7.54%

Class C Shares

Return Before Taxes

9.24%

9.59%

7.36%

Class I Shares

Return Before Taxes

11.26%

10.68%

8.43%

Class II Shares

Return Before Taxes

11.51%

10.96%

8.56%

Morningstar India Index (reflects no deduction for fees, expenses or taxes)***

12.46%

14.49%

10.25%

MSCI India Index (Gross Total Return) (reflects no deduction for fees, expenses or taxes)**^,***

12.41%

13.11%

9.01%

MSCI India Index (Net Total Return)*^,**^,****

11.21%

12.52%

8.73%

*

Broad-based securities market index.

**

Source: MSCI Analytics.

***

Additional index.

****

The MSCI India Index (Net Total Return) is replacing the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile. Information on both indices will be shown for a one-year transition period.

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