Financial Investors Trust NCSR Certified annual shareholder report (management investment company)

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, Esq., 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: October 31

Date of reporting period: November 1, 2020 - October 31, 2021

Item 1. Reports to Stockholders.

(a)

Report to Stockholders

Table of Contents

Disclosure of Fund Expenses	1
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund
Management Commentary	7
Performance Update	9
Consolidated Statement of Investments	11
Consolidated Statement of Assets and Liabilities	17
Consolidated Statement of Operations	18
Consolidated Statements of Changes in Net Assets	19
Consolidated Financial Highlights	20
ALPS \| Kotak India Growth Fund
Management Commentary	24
Performance Update	27
Statement of Investments	29
Statement of Assets and Liabilities	32
Statement of Operations	33
Statements of Changes in Net Assets	34
Financial Highlights	35
ALPS \| Smith Funds
Management Commentary	40
Performance Update	45
Statements of Investments	53
Statements of Assets and Liabilities	103
Statements of Operations	105
Statement of Changes in Net Assets	106
Financial Highlights	110
ALPS \| Red Rocks Global Opportunity Fund
Management Commentary	126
Performance Update	128
Statement of Investments	131
Statement of Assets and Liabilities	133
Statement of Operations	134
Statements of Changes in Net Assets	135
Financial Highlights	136

Clough China Fund
Management Commentary	141
Performance Update	143
Statement of Investments	145
Statement of Assets and Liabilities	148
Statement of Operations	149
Statements of Changes in Net Assets	150
Financial Highlights	151
RiverFront Global Allocation Series
Management Commentary	155
Performance Update	157
Statements of Investments	163
Statements of Assets and Liabilities	166
Statements of Operations	168
Statements of Changes in Net Assets	169
Financial Highlights	172
Notes to Financial Statements	186
Report of Independent Registered Public Accounting Firm	217
Additional Information	219
Trustees and Officers	232
Privacy Policy	236

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds' annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on the Funds' website (www.alpsfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary.

alpsfunds.com

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

Board Examples. As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads) and redemption fees; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder service fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2021 and held until October 31, 2021.

Actual Expenses. The first line under each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period May 1, 2021 – October 31, 2021” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second line under each class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or redemption fees. Therefore, the second line under each class in the table below is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

1 | October 31, 2021

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expense Ratio^(a)	Expenses Paid During Period May 1, 2021 - October 31, 2021^(b)
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(c)
Investor Class
Actual	$ 1,000.00	$ 1,137.70	1.35%	$ 7.27
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.40	1.35%	$ 6.87
Class A
Actual	$ 1,000.00	$ 1,140.10	1.29%	$ 6.96
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.70	1.29%	$ 6.56
Class C
Actual	$ 1,000.00	$ 1,136.00	2.00%	$ 10.77
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.12	2.00%	$ 10.16
Class I
Actual	$ 1,000.00	$ 1,139.80	1.09%	$ 5.88
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.71	1.09%	$ 5.55
ALPS \| Kotak India Growth Fund
Investor Class
Actual	$ 1,000.00	$ 1,183.50	-1.22%	$ -6.71
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,031.36	-1.22%	$ -6.25
Class A
Actual	$ 1,000.00	$ 1,185.20	-1.02%	$ -5.62
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,030.35	-1.02%	$ -5.22
Class C
Actual	$ 1,000.00	$ 1,179.90	-1.88%	$ -10.33
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,034.68	-1.88%	$ -9.64
Class I
Actual	$ 1,000.00	$ 1,185.70	-1.67%	$ -9.20
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,033.62	-1.67%	$ -8.56
Class II
Actual	$ 1,000.00	$ 1,187.40	-0.48%	$ -2.65
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,027.63	-0.48%	$ -2.45

2 | October 31, 2021

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expense Ratio^(a)	Expenses Paid During Period May 1, 2021 - October 31, 2021^(b)
ALPS \| Smith Short Duration Bond Fund
Investor Class
Actual	$ 1,000.00	$ 999.70	0.75%	$ 3.78
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,021.42	0.75%	$ 3.82
Class A
Actual	$ 1,000.00	$ 999.70	0.75%	$ 3.78
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,021.42	0.75%	$ 3.82
Class C
Actual	$ 1,000.00	$ 995.40	1.49%	$ 7.49
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.69	1.49%	$ 7.58
Class I
Actual	$ 1,000.00	$ 1,001.00	0.49%	$ 2.47
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.74	0.49%	$ 2.50
ALPS \| Smith Total Return Bond Fund
Investor Class
Actual	$ 1,000.00	$ 1,010.20	0.94%	$ 4.76
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.47	0.94%	$ 4.79
Class A
Actual	$ 1,000.00	$ 1,010.30	0.93%	$ 4.71
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.52	0.93%	$ 4.74
Class C
Actual	$ 1,000.00	$ 1,006.60	1.65%	$ 8.35
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.89	1.65%	$ 8.39
Class I
Actual	$ 1,000.00	$ 1,010.70	0.65%	$ 3.29
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,021.93	0.65%	$ 3.31

3 | October 31, 2021

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expense Ratio^(a)	Expenses Paid During Period September 16, 2020 - October 31, 2021^(b)
ALPS \| Smith Credit Opportunities Fund
Investor Class
Actual	$ 1,000.00	$ 1,018.20	1.18%	$ 6.00
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.26	1.18%	$ 6.01
Class A
Actual	$ 1,000.00	$ 1,018.40	1.15%	$ 5.85
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.41	1.15%	$ 5.85
Class C
Actual	$ 1,000.00	$ 1,014.70	1.90%	$ 9.65
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.63	1.90%	$ 9.65
Class I
Actual	$ 1,000.00	$ 1,018.70	0.90%	$ 4.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.67	0.90%	$ 4.58
ALPS \| Smith Balanced Opportunity Fund
Investor Class
Actual	$ 1,000.00	$ 1,038.20	1.11%	$ 5.70
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.61	1.11%	$ 5.65
Class A
Actual	$ 1,000.00	$ 1,038.30	1.10%	$ 5.65
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.66	1.10%	$ 5.60
Class C
Actual	$ 1,000.00	$ 1,034.50	1.85%	$ 9.49
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.88	1.85%	$ 9.40
Class I
Actual	$ 1,000.00	$ 1,039.50	0.85%	$ 4.37
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.92	0.85%	$ 4.33

4 | October 31, 2021

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expense Ratio^(a)	Expenses Paid During Period May 1, 2021 - October 31, 2021^(b)
ALPS \| Red Rocks Global Opportunity Fund
Investor Class
Actual	$ 1,000.00	$ 1,116.50	1.43%	$ 7.63
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.00	1.43%	$ 7.27
Class A
Actual	$ 1,000.00	$ 1,117.10	1.41%	$ 7.52
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.10	1.41%	$ 7.17
Class C
Actual	$ 1,000.00	$ 1,112.70	2.16%	$ 11.50
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,014.32	2.16%	$ 10.97
Class I
Actual	$ 1,000.00	$ 1,117.40	1.16%	$ 6.19
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.36	1.16%	$ 5.90
Class R
Actual	$ 1,000.00	$ 1,114.40	1.62%	$ 8.63
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.04	1.62%	$ 8.24
Clough China Fund
Investor Class
Actual	$ 1,000.00	$ 864.00	1.60%	$ 7.52
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.14	1.60%	$ 8.13
Class A
Actual	$ 1,000.00	$ 864.30	1.60%	$ 7.52
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.14	1.60%	$ 8.13
Class C
Actual	$ 1,000.00	$ 860.80	2.35%	$ 11.02
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,013.36	2.35%	$ 11.93
Class I
Actual	$ 1,000.00	$ 865.20	1.35%	$ 6.35
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.40	1.35%	$ 6.87

5 | October 31, 2021

Disclosure of Fund Expenses

October 31, 2021 (Unaudited)

	Beginning Account Value May 1, 2021	Ending Account Value October 31, 2021	Expense Ratio^(a)	Expenses Paid During Period May 1, 2021 - October 31, 2021^(b)
RiverFront Asset Allocation Moderate
Investor Class
Actual	$ 1,000.00	$ 1,046.70	0.50%	$ 2.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class A
Actual	$ 1,000.00	$ 1,046.70	0.50%	$ 2.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class C
Actual	$ 1,000.00	$ 1,042.40	1.25%	$ 6.43
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.90	1.25%	$ 6.36
Class I
Actual	$ 1,000.00	$ 1,047.90	0.25%	$ 1.29
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.95	0.25%	$ 1.28
RiverFront Asset Allocation Aggressive
Investor Class
Actual	$ 1,000.00	$ 1,059.40	0.50%	$ 2.60
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class A
Actual	$ 1,000.00	$ 1,059.20	0.50%	$ 2.60
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class C
Actual	$ 1,000.00	$ 1,055.30	1.25%	$ 6.48
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.90	1.25%	$ 6.36
Class I
Actual	$ 1,000.00	$ 1,060.90	0.25%	$ 1.30
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.95	0.25%	$ 1.28
Investor Class II
Actual	$ 1,000.00	$ 1,059.20	0.50%	$ 2.60
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class L
Actual	$ 1,000.00	$ 1,061.00	0.25%	$ 1.30
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.95	0.25%	$ 1.28
RiverFront Asset Allocation Growth & Income
Investor Class
Actual	$ 1,000.00	$ 1,047.70	0.50%	$ 2.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class A
Actual	$ 1,000.00	$ 1,047.80	0.50%	$ 2.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.68	0.50%	$ 2.55
Class C
Actual	$ 1,000.00	$ 1,043.50	1.25%	$ 6.44
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.90	1.25%	$ 6.36
Class I
Actual	$ 1,000.00	$ 1,049.20	0.25%	$ 1.29
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.95	0.25%	$ 1.28

^(a)

Annualized, based on the Fund's most recent fiscal half year expenses.

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), divided by 365.

^(c)

Includes expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary), exclusive of the subsidiary's management fee.

6 | October 31, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^®Strategy Fund

Management Commentary

October 31, 2021 (Unaudited)

The twelve month period ending on October 31, 2021 produced positive returns for commodities as measured by the diversified Bloomberg Commodity Index Total Return (“BCOM”), up +43.94%. The ALPS CoreCommodity Complete Commodities Strategy Fund (“I” Shares – “JCRIX” or the “Fund”) delivered a net positive return of +57.74% (JCRAX was up +57.25%, JCCSX was up +48.75% at MOP and JCRCX was up +55.37% with CDSC).

The Fund outperformed its benchmark, BCOM, by 13.80% during the period. The Fund employs a strategy that combines an actively managed portfolio of commodity futures (collateralized by nominal and inflation-adjusted Treasuries), commodity equities, and physical commodity ETFs. On average, for the past twelve months, the Fund allocated approximately 68% of its assets toward commodity futures-related investments and approximately 32% of its assets toward commodity equities. The Fund was more than 99% invested at the end of the period.

The past one year period ending in October 2021 marked a tremendous rise in commodity prices across the board. The rapid introduction of multiple COVID-19 vaccines beginning in December 2020 became a launching point for economic re-engagement on a global scale. In addition to improvements from a vaccination standpoint, trillions of dollars in stimulus proved successful in promoting greater consumption and mobility. Despite a second wave of the Delta variant, most major economies re-opened to some semblance of normalcy. The asset class benefitted from a “v-shaped” recovery in demand and a seemingly benign recovery in supply. The imbalance has led to massive inventory drawdowns, worsening supply chain bottlenecks, and price spikes throughout the commodity spectrum.

During the timeframe under review, the Fund's largest sector underweight relative to the BCOM was in agriculture at -2.8%. The Fund’s agriculture sector outperformed that of the BCOM by +10%, +47.8% to +37.8%. A higher concentration of certain “luxury” commodities such as coffee (+95.4%), cotton (+66.6%), and sugar (+34.2%) added to the outperformance. Coffee in particular was bolstered by severe weather in top-producer Brazil, in addition to rising freight costs. An underweight to soybean oil (+82.3%) resulted in a slight drag on performance considering the recent supply issues faced by the vegetable oil market and heightened focus on biodiesel. Accounting for the underweight and positive performance among the agriculture producers (+52.5%), the sector contributed +1.8% to total alpha on a gross basis.

As the sector leader, energy prices advanced by a sizeable +83.5% as measured by the BCOM energy sub-index. In fact, the top five performing commodities over the prior year were in the energy sector – gasoil (+135.6%), gasoline (+134.6%), WTI crude oil (+133.5%), heating oil (+130.9%), and Brent crude oil (+125.3%). Fuels of all types benefited from disciplined supply and a rapid return to pre-COVID demand levels. The market was heavily supported by scheduled OPEC+ production cuts and a beleaguered US shale industry. Despite past tendencies to ramp up drilling at all costs, shale producers remained focused on returning capital to

shareholders and shoring up debt-laden balance sheets. The commodity futures in the Fund were further supported by strong performance by the energy equity holdings (+106.1%). Given the Fund’s mix of futures and equities, and a modest overweight to the sector, the Fund’s energy holdings added +6.1% to outperformance on a gross basis for the period.

Industrial metals represented the largest sector overweight within the Fund, boasting a position of 18.9% compared to 15.9% in the BCOM. The tactical overweight proved favorable as industrial metal prices rose nearly +40% over the year as measured by the BCOM industrial metals sub-index. The industry was supported by strong housing numbers, large year-over-year increases to GDP, the transition to low-carbon technologies, and historically low inventory levels. Similar to the oil markets, base metals faced a dramatic decrease in long-cycle capital expenditures following the Global Financial Crisis of 2021. As a consequence, the world is now reeling for materials that are deteriorating in ore quality and are massively underfunded. Fortunately, the industrial metals miners held within the Fund (+77.2% during the reported period) were able to capitalize on the underlying futures performance and helped provide nearly +6.9% in gross alpha to the annual tally.

Precious metals was the only sector to post negative performance over the twelve month period ending October 31, 2021, a return of -4.6% as measured by the BCOM precious metals sub-index total return. As the global economy roared back to life, the desire to hold safe-haven assets diminished. Additionally, while the US dollar continued its downward trend into year-end 2020, it managed to reverse course and rise thereafter through October month-end, up nearly +5% calendar year-to-date. Despite the poor beta move, the Fund’s inclusion of platinum (+20.3%) and tactical overweight to silver (+1.3%) added to outperformance. Accounting for the underweight the sector contributed nearly +0.9% in positive gross alpha on a gross basis. Both platinum and silver remain key ingredients to the world’s decarbonization efforts which we believe will only intensify following the recent United Nations gathering in Glasgow for COP26.

The Fund’s top equity holdings at the end of October 2021 included Tyson Foods Inc (TSN US) +43.23% YTD, CF Industries Holdings Inc (CF US) +111.72% YTD, Sanderson Farms Inc (SAFM US) +49.62% YTD, EOG Resources Inc (EOG US) +179.45% YTD, Inpex Corp (1605 JP) +102.29% YTD, Nutrien Ltd (NTR CN) +65.01% YTD, Evoqua Water Technologies Corp (AQUA US) +82.42% YTD, Boliden AB (BOL SS) +29.94% YTD, Lundin Energy AB (LUNE SS) +109.58% YTD, Fortuna Silver Mines Inc (FSM US) -26.59% YTD.

US Treasury Inflation Protected Securities (“TIPS”) and nominal US Treasuries are held by the Fund to invest excess cash and are used as collateral for commodity futures-related investments held in the Fund’s Cayman Island subsidiary. Over the previous calendar year, rates rose significantly due to inflationary pressure and the expectation for tapering by leading central banks. The yield on US 10-year notes rose from roughly 0.87% to 1.60% in twelve months’

7 | October 31, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^®Strategy Fund

Management Commentary

October 31, 2021 (Unaudited)

time. At the end of the period, the average maturity of the Fund’s collateral was approximately 0.3 years.

The previous fiscal year witnessed substantial appreciation in commodity prices; yet, despite the rally, we maintain a strong conviction that we are just now entering early innings of a larger structural bull market. In our view, many of the fundamental drivers that have pushed prices higher were in development well before the global pandemic, and many will likely take years more to find equilibrium. Most of the underlying markets accounted for within the Fund are now in deficit due to years of underinvestment in long-cycle projects. The supply-chain norm from years past of “just-in-time” inventories is now under tremendous strain and is prompting many to consider re-stocking campaigns. On the political front, the past decade was dedicated to achieving financial stability – the next decade will likely be dedicated to achieving social stability. With social reform come redistribution efforts, supply chain redundancies, de-globalization, and climate change initiatives – all of which would require massive spending and offset the low-cost efficiency gains of the 2000s. Together, we anticipate the levers pushing and pulling commodity markets into a new period of scarcity are due to persist until prices rise high enough to balance the market once again. With inflation for most leading economies now well above target and traditional asset valuations near all-time highs, we believe the commodity asset class is well-positioned for much greater participation among the investment community.

Bob Hyman

Portfolio Manager

CoreCommodity Management, LLC

Past performance if not indicative of future results. “Bloomberg^®” and “Bloomberg Commodity Index^SM” are service marks of Bloomberg L.P. (“Bloomberg”) as the case may be. Source for all Index data: Bloomberg L.P. Global. Commodity Sectors and individual commodities are represented by the respective Bloomberg Commodity Sub-Index. This document does not constitute an offer of any commodities, securities or investment advisory services. Any such offer may be made only by means of a disclosure document or similar materials which contain a description of material terms and risks. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The economic statistics presented herein are subject to revision by the agencies that issue them. CoreCommodity Management assumes no obligation to provide this information in the future or to advise of changes in this information. Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. All investments are subject to risk.

The views of the authors and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the authors only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS, Advisors, Inc., CoreCommodity Management, LLC, nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

Indices do not reflect deductions for fees, expenses, or taxes.

An investor may not invest directly in an index.

Diversification cannot guarantee gain or prevent losses.

Bob Hyman is a registered representative of ALPS Distributors, Inc.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

8 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $10,000 investment

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Year	5 Year	10 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^# (NAV)	57.25%	9.54%	6.89%	-1.11%	1.37%	1.45%	1.45%
Class A (NAV)	57.33%	9.62%	6.93%	-1.09%	1.39%	1.45%	1.45%
Class A (LOAD)	48.75%	7.57%	5.74%	-1.65%	0.89%	1.45%	1.45%
Class C (NAV)	56.37%	8.87%	6.21%	-1.74%	0.75%	2.05%	2.05%
Class C (LOAD)	55.37%	8.87%	6.21%	-1.74%	0.75%	2.05%	2.05%
Class I	57.74%	9.85%	7.14%	-0.84%	1.65%	1.15%	1.15%
Refinitiv/CoreCommodity CRB Commodity Total Return Index¹	64.31%	8.63%	6.17%	-2.34%	-0.12%
Bloomberg Commodity TR Index¹	43.94%	8.56%	5.17%	-3.04%	-1.07%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-866-759-5679.

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. If you invest $1 million or more, either as a lump sum or through the Fund’s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load). A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase, and on Class A shares redeemed within the first 18 months after a purchase in excess of $1 million. The Fund imposes a 2.00% redemption fee on shares held for less than 30 days.

Performance less than 1 year is cumulative.

9 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Performance Update

October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares.

The Bloomberg Commodity TR Index (formerly the Dow Jones-UBS Commodity Index) and the Refinitiv/Core Commodity CRB Index are unmanaged indices used as a measurement of change in commodity market conditions based on the performance of a basket of different commodities. Each index is composed of a different basket of commodities, a different weighting of the commodities in the basket, and a different re-balancing schedule. The indices are not actively managed and do not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of June 29, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

Investments in securities of Master Limited Partnerships (MLPs) involve risks that differ from an investment in common stock. MLPs are controlled by their general partners, which generally have conflicts of interest and limited fiduciary duties to the MLP, which may permit the general partner to favor its own interests over the MLPs. The benefit you are expected to derive from the Fund’s investment in MLPs depends largely on the MLPs being treated as partnerships for federal income tax purposes. As a partnership, an MLP has no federal income tax liability at the entity level. Therefore, treatment of one or more MLPs as a corporation for federal income tax purposes could affect the Fund’s ability to meet its investment objective and would reduce the amount of cash available to pay or distribute to you. Legislative, judicial, or administrative changes and differing interpretations, possibly on a retroactive basis, could negatively impact the value of an investment in MLPs and therefore the value of your investment in the Fund.

Investing in commodity-related securities involves risk and considerations not present when investing in more conventional securities. The Fund may be more susceptible to high volatility of commodity markets.

Derivatives generally are more sensitive to changes in economic or market conditions than other types of investments; this could result in losses that significantly exceed the Fund's original investment.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors, and is subject to investment risks, including possible loss of the principal amount invested.

There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular company. The composition of the Fund's top holdings is subject to change. Performance figures are historical and reflect the change in share price, reinvested distributions, changes in net asset value, sales charges and capital gains distributions, if any.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Asset Type Allocation (as a % of Net Assets)^†

Government Bonds	60.12%
Common Stocks	29.81%
Master Limited Partnerships	0.04%
Cash, Cash Equivalents, & Other Net Assets	10.03%
Total	100.00%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets) ^{^}

^{^}

Notional Value of Derivative Exposure included

10 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
COMMON STOCKS (29.81%)
Argentina (0.02%)
YPF SA, Sponsored ADR^(a)		73,592	$	309,086

Australia (1.75%)
Beach Energy, Ltd.		1,202,200		1,261,571
BHP Group, Ltd.		57,246		1,575,250
BlueScope Steel, Ltd.		10,426		161,721
Costa Group Holdings, Ltd.		104,343		229,196
Fortescue Metals Group, Ltd.		303,039		3,175,487
GrainCorp, Ltd., Class A		85,256		402,759
IGO, Ltd.		132,309		959,460
Iluka Resources, Ltd.		195,693		1,383,770
Incitec Pivot, Ltd.		575,835		1,295,179
Mineral Resources, Ltd.		12,584		365,304
Newcrest Mining, Ltd.		63,097		1,181,393
Northern Star Resources, Ltd.		295,840		2,056,314
Nufarm, Ltd.^(a)		147,504		482,674
Oil Search, Ltd.		73,894		238,466
Orocobre, Ltd.^(a)		239,467		1,603,232
Perseus Mining, Ltd.^(a)		532,660		633,093
Sandfire Resources NL		78,872		329,882
Santos, Ltd.		400,731		2,104,113
South32, Ltd.		823,504		2,211,539
St Barbara, Ltd.		162,515		179,098
Woodside Petroleum, Ltd.		18,740		327,899
				22,157,400

Austria (0.09%)
OMV AG		6,908		418,449
voestalpine AG		18,655		708,202
				1,126,651

Brazil (0.71%)
BRF SA, ADR^(a)		193,584		799,502
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		126,298		793,151
Cia Siderurgica Nacional SA, Sponsored ADR		267,613		1,091,861
Gerdau SA, Sponsored ADR		334,480		1,582,090
Petroleo Brasileiro SA, Sponsored ADR		270,198		2,653,345
Vale SA, Sponsored ADR		163,817		2,085,391
				9,005,340

Canada (5.67%)
Agnico Eagle Mines, Ltd.		19,374		1,027,791
Alamos Gold, Inc., Class A		218,074		1,622,471
ARC Resources, Ltd.		398,100		3,818,234
B2Gold Corp.		655,682		2,714,523
Ballard Power Systems, Inc.^(a)		118,198		2,141,748
Barrick Gold Corp.		49,181		903,455
Cameco Corp.		63,522		1,543,585
Canadian Solar, Inc.^(a)		71,489		2,970,368
Canfor Corp.^(a)		28,900		598,736
Centerra Gold, Inc.		133,600		1,001,784
Crescent Point Energy Corp.		795,000		3,995,556

	Shares		Value (Note 2)
Canada (continued)
Dundee Precious Metals, Inc.		137,800	$	906,345
Eldorado Gold Corp.^(a)		135,739		1,216,221
Endeavour Silver Corp.^(a)		231,350		1,168,318
Enerplus Corp.		44,048		417,135
First Majestic Silver Corp.		125,311		1,587,690
First Quantum Minerals, Ltd.		56,000		1,325,792
Fortuna Silver Mines, Inc.^(a)		950,860		4,621,180
Hudbay Minerals, Inc.		180,500		1,258,658
IAMGOLD Corp.^(a)		346,775		960,567
Interfor Corp.		59,000		1,351,050
Ivanhoe Mines, Ltd., Class A^(a)		125,500		984,652
Kinross Gold Corp.		420,610		2,527,866
Kirkland Lake Gold, Ltd.		3,800		160,186
Lundin Mining Corp.		184,000		1,601,228
Maple Leaf Foods, Inc.		22,700		494,866
MEG Energy Corp.^(a)		135,900		1,217,785
Northland Power, Inc.		40,900		1,314,973
Nutrien, Ltd.		77,400		5,409,744
Pan American Silver Corp.		151,713		3,885,370
Parex Resources, Inc.		85,000		1,650,412
PrairieSky Royalty, Ltd.		31,600		388,872
Pretium Resources, Inc.^(a)		49,531		598,334
Silvercorp Metals, Inc.		168,876		712,657
SSR Mining, Inc.		144,286		2,276,712
Suncor Energy, Inc.		145,800		3,834,672
Torex Gold Resources, Inc.^(a)		109,600		1,274,357
Tourmaline Oil Corp.		93,300		3,372,098
Turquoise Hill Resources, Ltd.^(a)		10,049		127,321
Vermilion Energy, Inc.^(a)		150,000		1,626,535
Village Farms International, Inc.^(a)		148,148		1,121,480
				71,731,327

Chile (0.29%)
Antofagasta PLC		53,247		1,038,779
Sociedad Quimica y Minera de Chile SA, Sponsored ADR		47,357		2,599,426
				3,638,205

China (0.23%)
China Petroleum & Chemical Corp., ADR		5,780		281,370
Daqo New Energy Corp., ADR^(a)		7,613		592,215
JinkoSolar Holding Co., Ltd., ADR^(a)		27,133		1,623,097
PetroChina Co., Ltd., ADR		8,809		425,122
				2,921,804

Colombia (0.07%)
Ecopetrol SA, Sponsored ADR		56,879		861,717

Denmark (0.11%)
FLSmidth & Co. A/S		14,347		545,342
Orsted AS^(b)(c)		6,179		871,878
				1,417,220

See Notes to Financial Statements.

11 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Faroe Islands (0.05%)
Bakkafrost P/F		6,869	$	634,382

Finland (0.18%)
Metso Outotec Oyj		121,017		1,214,297
Outokumpu Oyj^(a)		166,365		1,038,519
				2,252,816

France (0.12%)
Constellium SE^(a)		34,942		643,282
TotalEnergies SE, ADR		16,315		817,545
				1,460,827

Germany (0.18%)
K+S AG^(a)		70,154		1,207,958
Nordex SE^(a)		10,156		186,672
Salzgitter AG^(a)		10,429		383,620
SMA Solar Technology AG		3,703		195,456
thyssenkrupp AG^(a)		17,747		184,476
VERBIO Vereinigte BioEnergie AG		2,122		168,278
				2,326,460

Great Britain (1.45%)
Anglo American PLC		24,783		943,735
Atlantica Sustainable Infrastructure PLC		49,229		1,937,161
BP PLC, Sponsored ADR		124,106		3,573,012
CNH Industrial N.V.		81,081		1,387,296
Evraz PLC		91,946		782,176
Pennon Group PLC		41,248		658,207
Pentair PLC		27,500		2,034,175
Rio Tinto PLC, Sponsored ADR		48,371		3,060,433
Severn Trent PLC		36,254		1,358,471
Subsea 7 SA		50,511		452,978
TechnipFMC PLC		74,155		546,522
United Utilities Group PLC		99,030		1,407,454
Weir Group PLC		6,090		144,603
				18,286,223

Israel (0.19%)
SolarEdge Technologies, Inc.^(a)		6,820		2,418,918

Italy (0.07%)
Eni SpA, Sponsored ADR		18,989		546,694
ERG SpA		10,237		369,457
				916,151

Japan (1.63%)
AGC, Inc.		69,700		3,467,417
Daido Steel Co., Ltd.		6,200		237,447
Ezaki Glico Co., Ltd.		4,600		166,686
GS Yuasa Corp.		21,600		468,861
Hitachi Metals, Ltd.^(a)		34,000		643,457
Inpex Corp.		661,133		5,522,251
JFE Holdings, Inc.		35,900		549,013
Kobe Steel, Ltd.		77,200		453,819
Kubota Corp.		24,700		524,990

	Shares		Value (Note 2)
Japan (continued)
Kurita Water Industries, Ltd.		25,716	$	1,263,519
Morinaga Milk Industry Co., Ltd.		6,500		380,961
NGK Insulators, Ltd.		34,800		577,685
Nippon Light Metal Holdings Co., Ltd.		23,800		394,039
Nippon Steel Corp.		102,590		1,799,319
RENOVA, Inc.^(a)		24,800		1,087,958
Sumitomo Forestry Co., Ltd.		28,759		547,550
Sumitomo Metal Mining Co., Ltd.		51,300		1,990,787
Tokyo Steel Manufacturing Co., Ltd.		50,500		560,939
				20,636,698

Luxembourg (0.27%)
APERAM SA		14,100		840,735
ArcelorMittal		24,464		835,935
ArcelorMittal SA		5,056		171,397
Tenaris SA, ADR		27,417		610,851
Ternium SA, Sponsored ADR		19,564		906,400
				3,365,318

Malaysia (0.07%)
Lynas Rare Earths, Ltd.^(a)		150,983		832,516

Mexico (0.15%)
Grupo Mexico SAB de CV, Series B		445,700		1,953,131

Netherlands (0.23%)
AMG Advanced Metallurgical Group NV		9,059		267,461
Core Laboratories N.V.		48,394		1,258,727
OCI N.V.^(a)		15,679		444,062
Royal Dutch Shell PLC, Class A, Sponsored ADR		8,932		410,158
Royal Dutch Shell PLC, Class B		2,551		58,826
SBM Offshore N.V.		27,872		440,127
				2,879,361

Norway (1.34%)
Aker BP ASA		75,504		2,894,891
Aker Solutions ASA^(a)		61,939		175,452
DNO ASA^(a)		516,958		752,682
Equinor ASA		130,031		3,290,063
Leroy Seafood Group ASA		70,514		641,044
Mowi ASA		80,496		2,330,676
NEL ASA^(a)		476,921		1,006,582
Salmar ASA		12,666		964,055
Scatec ASA^(b)(c)		52,789		1,037,921
TGS ASA		50,202		461,854
Yara International ASA		64,676		3,374,706
				16,929,926

Peru (0.12%)
Cia de Minas Buenaventura SAA, ADR		24,873		195,999
Southern Copper Corp.		22,386		1,342,936
				1,538,935

See Notes to Financial Statements.

12 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
South Africa (0.61%)
African Rainbow Minerals, Ltd.		36,752	$	489,698
Anglo Platinum, Ltd.		4,780		482,976
AngloGold Ashanti, Ltd., Sponsored ADR		68,785		1,271,147
Gold Fields, Ltd., Sponsored ADR		294,242		2,730,565
Impala Platinum Holdings, Ltd.		54,000		699,932
Kumba Iron Ore, Ltd.		15,133		459,885
Sasol, Ltd.^(a)		77,701		1,305,325
Sibanye Stillwater, Ltd., ADR		23,619		335,390
				7,774,918

Spain (0.34%)
Acerinox SA		44,206		615,016
Fluidra SA		22,858		873,310
Iberdrola SA		122,968		1,452,075
Repsol SA		21,441		274,032
Siemens Gamesa Renewable Energy SA^(a)		24,558		665,157
Solaria Energia y Medio Ambiente SA		18,123		361,811
				4,241,401

Sweden (1.33%)
AAK AB		17,147		374,766
Boliden AB		147,867		5,215,291
Epiroc AB, Class A		59,249		1,474,326
Holmen AB, B Shares		8,330		369,360
Lundin Energy AB		124,444		4,915,161
SSAB AB, A Shares^(a)		190,388		1,084,068
Svenska Cellulosa AB SCA, Class B		218,017		3,399,217
				16,832,189

Switzerland (0.06%)
Bucher Industries AG		799		402,816
Ferrexpo PLC		75,872		323,964
				726,780

United States (12.48%)
Allegheny Technologies, Inc.^(a)		34,615		557,302
American Water Works Co., Inc.		10,923		1,902,568
APA Corp.		46,650		1,222,697
Archer-Daniels-Midland Co.		24,736		1,589,041
Archrock, Inc.		40,183		329,099
Arconic, Inc.^(a)		11,241		330,710
Array Technologies, Inc.^(a)		28,924		617,527
Baker Hughes Co.		54,605		1,369,493
Beyond Meat, Inc.^(a)		36,822		3,644,642
Bunge, Ltd.		35,629		3,300,671
Callon Petroleum Co.^(a)		35,045		1,812,878
Cal-Maine Foods, Inc.		14,471		521,824
Centennial Resource Development, Inc., Class A^(a)		253,214		1,823,141
Century Aluminum Co.^(a)		19,099		252,298
CF Industries Holdings, Inc.		128,383		7,292,153
ChampionX Corp.^(a)		42,298		1,109,477
Chemours Co.		33,674		943,545
Chevron Corp.		16,947		1,940,262

	Shares		Value (Note 2)
United States (continued)
Cleveland-Cliffs, Inc.^(a)		35,956	$	866,899
CNX Resources Corp.^(a)		64,935		948,700
Commercial Metals Co.		23,930		770,067
Compass Minerals International, Inc.		7,430		487,408
Comstock Resources, Inc.^(a)		179,790		1,774,527
ConocoPhillips		55,244		4,115,126
Continental Resources, Inc.		17,307		844,755
Corteva, Inc.		62,955		2,716,508
Coterra Energy, Inc.		61,433		1,309,752
Deere & Co.		4,669		1,598,245
Devon Energy Corp.		43,208		1,731,777
Diamondback Energy, Inc.		36,615		3,924,762
Enphase Energy, Inc.^(a)		10,981		2,543,529
EOG Resources, Inc.		63,868		5,905,234
Essential Utilities, Inc.		25,937		1,220,855
Evoqua Water Technologies Corp.^(a)		126,349		5,285,179
Exxon Mobil Corp.		22,980		1,481,521
First Solar, Inc.^(a)		10,918		1,305,684
FMC Corp.		3,036		276,306
Freeport-McMoRan, Inc.		29,192		1,101,122
FuelCell Energy, Inc.^(a)		194,280		1,552,297
Green Plains, Inc.^(a)		33,207		1,260,206
Halliburton Co.		82,737		2,067,598
Hecla Mining Co.		211,701		1,223,632
Helix Energy Solutions Group, Inc.^(a)		302,387		1,143,023
Helmerich & Payne, Inc.		52,323		1,624,106
Hess Corp.		15,736		1,299,322
HollyFrontier Corp.		22,080		746,304
Ingredion, Inc.		24,933		2,374,370
Kinder Morgan, Inc.		5,763		96,530
Kosmos Energy, Ltd.^(a)		351,823		1,266,563
Laredo Petroleum, Inc.^(a)		3,530		266,162
Liberty Oilfield Services, Inc., Class A^(a)		27,088		349,977
Livent Corp.^(a)		39,051		1,102,019
Magnolia Oil & Gas Corp., Class A		91,528		1,911,105
Marathon Oil Corp.		157,414		2,568,996
Marathon Petroleum Corp.		24,420		1,610,011
Matador Resources Co.		9,992		418,165
Mosaic Co.		80,002		3,325,683
Murphy Oil Corp.		65,937		1,835,027
National Oilwell Varco, Inc.^(a)		84,671		1,187,087
New WEI, Inc.^(a)		68,768		103
Newmont Corp.		28,525		1,540,350
Northern Oil and Gas, Inc.^(a)		13,153		304,623
Occidental Petroleum Corp.		69,074		2,316,053
Oceaneering International, Inc.^(a)		69,252		941,827
Ormat Technologies, Inc.		50,064		3,621,129
Ovintiv, Inc.		57,283		2,149,258
Patterson-UTI Energy, Inc.		187,413		1,604,255
PDC Energy, Inc.		67,573		3,534,744
Phillips 66		8,398		628,002
Pilgrim's Pride Corp.^(a)		45,023		1,267,848
Pioneer Natural Resources Co.		12,603		2,356,509
Plug Power, Inc.^(a)		21,677		829,579
PotlatchDeltic Corp., REIT		68,244		3,567,114

See Notes to Financial Statements.

13 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
United States (continued)
ProPetro Holding Corp.^(a)		114,066	$	1,093,893
Rayonier, Inc., REIT		22,544		841,568
Reliance Steel & Aluminum Co.		4,037		590,048
Renewable Energy Group, Inc.^(a)		49,914		3,194,496
Royal Gold, Inc.		8,866		877,911
RPC, Inc.^(a)		140,085		755,058
Sanderson Farms, Inc.		38,329		7,261,428
Schlumberger NV		29,651		956,541
SM Energy Co.		28,819		989,068
SunPower Corp.^(a)		64,160		2,159,626
Talos Energy, Inc.^(a)		84,365		1,094,214
Tellurian, Inc.^(a)		84,139		329,825
Transocean, Ltd.^(a)		327,020		1,154,381
Tyson Foods, Inc., Class A		113,035		9,039,408
US Silica Holdings, Inc.^(a)		105,682		1,023,002
Valero Energy Corp.		15,840		1,224,907
Warrior Met Coal, Inc.		18,618		446,273
Williams Cos., Inc.		1,855		52,107
				157,740,615

TOTAL COMMON STOCKS
(Cost $317,380,513)				376,916,315

MASTER LIMITED PARTNERSHIPS (0.04%)
United States (0.04%)
Energy Transfer LP		4,974		47,303
Enterprise Products Partners LP		10,676		242,131
Magellan Midstream Partners LP		2,054		100,646
MPLX LP		1,555		46,837
Plains All American Pipeline LP		3,090		31,271
				468,188

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $900,221)				468,188

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (60.12%)
U.S. Treasury Bonds (60.12%)
United States Treasury Bill
0.002%, 11/4/21^(d)	$	345,400,000	$	345,399,137
0.049%, 1/27/22		27,000,000		26,996,574
United States Treasury Inflation Indexed Bonds
0.125%, 1/15/22^(d)		220,992,510		222,973,942
0.625%, 4/15/23		112,330,560		118,137,777
United States Treasury Notes
1.750%, 2/28/22^(d)		19,500,000		19,607,912
1.875%, 5/31/22		27,000,000		27,279,227
				760,394,569
TOTAL GOVERNMENT BONDS
(Cost $758,455,493)				760,394,569

	Value (Note 2)
TOTAL INVESTMENTS (89.97%)
(Cost $1,076,736,227)	$	1,137,779,072

Other Assets In Excess Of Liabilities (10.03%)		126,781,355
NET ASSETS - 100.00%	$	1,264,560,427

^(a)

Non-Income Producing Security.

^(b)

Security exempt from registration under rule 144A of the securities act of 1933. This Security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2021, the market value of those securities was $1,909,799 representing 0.15% of the Fund's net assets.

^(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of October 31, 2021 the aggregate market value of those securities was $1,909,799 representing 0.15% of net assets.

^(d)

Security, or portion of security, is being held as collateral for total return swap contracts and futures contracts aggregating a total market value of $80,130,017.

For Fund compliance purposes, the Fund's industry and geographical 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 sub-classifications for reporting ease. Industries and regions are shown as a percent of net assets.

See Notes to Financial Statements.

14 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

FUTURES CONTRACTS

Description	Counterparty	Position	Contracts	Expiration Date	Notional Amount/ Fair Value (Note 2)			Unrealized Appreciation
Corn Future	Morgan Stanley	Long	297	12/14/21	$	8,438,513		$	89,228
Frzn Concentrated OJ	Morgan Stanley	Short	(12)	01/10/22		(221,490	)		2,275
Gasoline RBOB Future	Morgan Stanley	Short	(44)	11/30/21		(4,379,206	)		93,128
Gold Future	Morgan Stanley	Long	206	12/29/21		36,748,340			67,612
Hard Red Winter Wheat Future	Morgan Stanley	Long	64	12/14/21		2,514,400			224,642
Heating Oil Future	Morgan Stanley	Short	(102)	11/30/21		(10,618,751	)		273,088
Lean Hogs Future	Morgan Stanley	Long	82	12/14/21		2,495,260			57,353
Live Cattle Future	Morgan Stanley	Short	(202)	12/31/21		(10,445,420	)		337,410
LME Copper Future	Morgan Stanley	Long	300	11/15/21		72,963,750			2,734,677
LME Nickel Future	Morgan Stanley	Long	126	11/15/21		14,761,656			229,048
LME Zinc Future	Morgan Stanley	Long	267	11/15/21		22,977,019			1,926,563
Low Su Gasoil G Nov21	Morgan Stanley	Long	332	11/11/21		23,854,200			512,505
Platinum Future	Morgan Stanley	Long	265	01/27/22		13,524,275			1,272,266
Silver Future	Morgan Stanley	Long	194	12/29/21		23,230,530			760,235
Sugar #11 (World)	Morgan Stanley	Short	(229)	02/28/22		(4,942,370	)		335,510
Wheat Future	Morgan Stanley	Long	45	12/14/21		1,738,688			99,452
					$	192,639,394		$	9,014,992

Description	Counterparty	Position	Contracts	Expiration Date	Notional Amount/ Fair Value (Note 2)			Unrealized Depreciation
Brent Crude Future	Morgan Stanley	Long	908	11/30/21	$	76,017,760		$	(364,470	)
Coffee 'C' Future	Morgan Stanley	Short	(39)	12/20/21		(2,982,769	)		(715,996	)
Copper Future	Morgan Stanley	Short	(474)	03/29/22		(51,429,000	)		(201,983	)
Cotton No.2 Future	Morgan Stanley	Short	(166)	12/08/21		(9,532,550	)		(2,484,128	)
LME Aluminum Future	Morgan Stanley	Long	164	11/15/21		11,120,225			(88,223	)
LME Copper Future	Morgan Stanley	Short	(36)	11/15/21		(8,755,650	)		(93,489	)
Natural Gas Future	Morgan Stanley	Long	834	11/26/21		45,252,840			(834,898	)
Soybean Future	Morgan Stanley	Long	93	03/14/22		5,854,350			(23,480	)
Soybean Meal Future	Morgan Stanley	Long	349	12/14/21		11,607,740			(883,952	)
WTI Crude Future	Morgan Stanley	Short	(230)	01/20/22		(18,395,400	)		(2,536,074	)
WTI Crude Future	Morgan Stanley	Short	(1,008)	02/22/22		(79,087,680	)		(2,710,583	)
					$	(20,330,134	)	$	(10,937,276	)

See Notes to Financial Statements.

15 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Investments

October 31, 2021

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund^*	Termination Date	Value		Unrealized Appreciation
Citibank	CRB 3m Fwd TR Index^**	$	206,078,650	USB3MTA + 24 bps	9/30/2022	$	206,078,655	$	5
Goldman Sachs	CRB 3m Fwd TR Index^**		15,852,885	USB3MTA + 25 bps	9/30/2022	$	15,852,886		1
Societe Generale	CRB 3m Fwd TR Index^**		62,825,070	USB3MTA + 28 bps	11/30/2021	$	62,825,073		3
UBS Group AG	CRB 3m Fwd TR Index^**		216,901,376	USB3MTA + 25 bps	11/30/2021	$	216,901,377		1
		$	501,657,981			$	501,657,991	$	10

Swap Counterparty

Reference Obligation

Notional Amount

Floating Rate/Fixed Amount Paid by Fund^*

Termination Date

Value

Unrealized

Depreciation

Merrill Lynch

CRB 3m Fwd TR Index^**

203,368,817

USB3MTA + 25 bps

6/29/2022

203,368,542

(275

)

203,368,817

203,368,542

(275

)

^(a)

For long positions in the total return swap, 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 Obligations plus the rate paid by the fund. For short positions in the total return swap, the Fund makes payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund receives payments on any negative return of such Reference Obligations plus the rate paid by the Fund.

United States Auction Results 3 Month Treasury Bill High Discount. Total return swap resets monthly.

CRB - Commodity Research Bureau

See Notes to Financial Statements.

16 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021

ASSETS
Investments, at value	$	1,137,779,072
Cash		98,259,720
Foreign currency, at value (Cost $1,641,701)		1,644,885
Unrealized appreciation on total return swap contracts		10
Receivable for shares sold		10,916,331
Receivable due from broker for total return swap contracts		18,265,832
Receivable due from broker for futures contracts		4,708,576
Dividends and interest receivable		699,441
Prepaid expenses and other assets		91,309
Total Assets		1,272,365,176
LIABILITIES
Payable for investments purchased		3,053,878
Payable for variation margin on futures contracts		2,128,906
Payable for shares redeemed		762,862
Unrealized depreciation on total return swap contracts		275
Investment advisory fees payable		891,156
Administration and transfer agency fees payable		415,377
Distribution and services fees payable		61,218
Trustees' fees and expenses payable		12,936
Professional fees payable		38,284
Accrued expenses and other liabilities		439,857
Total Liabilities		7,804,749
NET ASSETS	$	1,264,560,427
NET ASSETS CONSIST OF
Paid-in capital	$	1,046,287,514
Total distributable earnings		218,272,913
NET ASSETS	$	1,264,560,427
INVESTMENTS, AT COST	$	1,076,736,227

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	9.50
Net Assets	$	89,299,731
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		9,395,938
Class A:
Net Asset Value, offering and redemption price per share	$	9.52
Net Assets	$	7,348,589
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		772,219
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	10.07
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	8.94
Net Assets	$	13,789,112
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,542,693
Class I:
Net Asset Value, offering and redemption price per share	$	9.62
Net Assets	$	1,154,122,995
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		119,981,495

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.

See Notes to Financial Statements.

17 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Operations

For the Year Ended October 31, 2021


INVESTMENT INCOME
Dividends	$	7,892,861
Foreign taxes withheld on dividends		(649,719	)
Interest and other income, net of premium amortization and accretion of discount		16,433,815
Total Investment Income		23,676,957

EXPENSES
Investment advisory fees		7,289,229
Investment advisory fees - subsidiary (Note 8)		1,543,180
Administrative fees		951,243
Transfer agency fees		778,440
Distribution and service fees
Investor Class		272,133
Class A		12,877
Class C		62,103
Professional fees		43,546
Reports to shareholders and printing fees		49,690
State registration fees		80,922
Insurance fees		6,683
Custody fees		51,635
Trustees' fees and expenses		44,159
Repayment of previously waived fees
Class C		105
Miscellaneous expenses		28,473
Total Expenses		11,214,418
Less fees waived/reimbursed by investment advisor (Note 8)
Waiver of investment advisory fees - subsidiary		(1,543,180	)
Net Expenses		9,671,238
Net Investment Income		14,005,719
Net realized gain on investments		38,200,917
Net realized gain on futures contracts		18,559,386
Net realized gain on total return swap contracts		190,103,040
Net realized gain on foreign currency transactions		16,108
Net Realized Gain		246,879,451
Net change in unrealized appreciation on investments		72,253,407
Net change in unrealized appreciation on futures contracts		3,713,079
Net change in unrealized appreciation on total return swap contracts		65
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(2,035	)
Net Change in Unrealized Appreciation		75,964,516
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		322,843,967
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	336,849,686

See Notes to Financial Statements.

18 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	14,005,719		$	2,937,921
Net realized gain/(loss)		246,879,451			(53,797,734	)
Net change in unrealized appreciation		75,964,516			8,098,709
Net Increase/(Decrease) in Net Assets Resulting from Operations		336,849,686			(42,761,104	)

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(174,393	)		(375,275	)
Class A		(5,446	)		(7,077	)
Class C		(5,670	)		(53,444	)
Class I		(1,745,843	)		(4,950,473	)
Net Decrease in Net Assets from Distributions		(1,931,352	)		(5,386,269	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		36,968,075			21,811,745
Class A		5,771,217			856,402
Class C		10,727,794			336,823
Class I		583,450,695			187,684,821
Dividends reinvested
Investor Class		167,790			358,287
Class A		2,437			5,821
Class C		4,530			28,534
Class I		1,555,689			3,950,674
Shares redeemed, net of redemption fees
Investor Class		(27,008,696	)		(9,300,933	)
Class A		(1,052,463	)		(304,997	)
Class C		(1,304,792	)		(3,677,008	)
Class I		(171,560,901	)		(208,665,894	)
Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions		437,721,375			(6,915,725	)

Net increase/(decrease) in net assets		772,639,709			(55,063,098	)

NET ASSETS
Beginning of year		491,920,718			546,983,816
End of year	$	1,264,560,427		$	491,920,718

See Notes to Financial Statements.

19 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund – Investor Class

Consolidated Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period^(b)	$	6.06		$	6.68		$	7.54		$	7.64		$	7.29
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(c)		0.11			0.02			0.06			0.05			(0.01	)^(d)
Net realized and unrealized gain/(loss)		3.35			(0.58	)		(0.71	)		0.04			0.36
Total from investment operations		3.46			(0.56	)		(0.65	)		0.09			0.35
DISTRIBUTIONS:
From net investment income		(0.02	)		(0.06	)		(0.21	)		(0.19	)		(0.00	)^(e)
Total distributions		(0.02	)		(0.06	)		(0.21	)		(0.19	)		(0.00	)^(e)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)
Net increase/(decrease) in net asset value		3.44			(0.62	)		(0.86	)		(0.10	)		0.35
Net asset value, end of year	$	9.50		$	6.06		$	6.68		$	7.54		$	7.64
TOTAL RETURN^(f)		57.25	%		(8.44	)%		(8.71	)%		1.23	%		4.85	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	89,300		$	49,060		$	39,226		$	48,728		$	47,845
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.37	%^(g)		1.40	%^(g)		1.39	%^(g)		1.40	%^(g)		1.38	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.37	%		1.40	%		1.39	%		1.40	%		1.38	%
Ratio of net investment income/(loss) to average net assets		1.36	%		0.40	%		0.82	%		0.66	%		(0.10	)%
Portfolio turnover rate^(h)		54	%		98	%		81	%		42	%		66	%

^(a)

Prior to December 1, 2017, Investor Class was known as Class A.

^(b)

Per share amounts and ratios to average net assets include income and expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary).

^(c)

Calculated using the average shares method.

^(d)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(e)

Less than $0.005 or ($0.005) per share.

^(f)

Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(g)

The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 8 for additional detail). The ratio inclusive of that fee would be for the years ended October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 1.55%, 1.58%, 1.54% and 1.56%.

^(h)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

20 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund – Class A

Consolidated Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period^(a)	$	6.07		$	6.68		$	7.54		$	8.16

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.13			0.04			0.07			(0.00	)^(c)
Net realized and unrealized gain/(loss)		3.34			(0.59	)		(0.72	)		(0.62	)
Total from investment operations		3.47			(0.55	)		(0.65	)		(0.62	)

DISTRIBUTIONS:
From net investment income		(0.02	)		(0.06	)		(0.21	)		–
Total distributions		(0.02	)		(0.06	)		(0.21	)		–

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		–			–
Net increase/(decrease) in net asset value		3.45			(0.61	)		(0.86	)		(0.62	)
Net asset value, end of year	$	9.52		$	6.07		$	6.68		$	7.54
TOTAL RETURN^(d)		57.33	%		(8.29	)%		(8.71	)%		(7.60	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	7,349		$	1,254		$	751		$	191
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.32	%^(e)		1.34	%^(e)		1.40	%^(e)		1.48	%^(e)(f)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.32	%		1.34	%		1.40	%		1.45	%^(f)
Ratio of net investment income/(loss) to average net assets		1.56	%		0.62	%		0.99	%		(0.10	)%^(f)
Portfolio turnover rate^(g)		54	%		98	%		81	%		42	%

^(a)

Per share amounts and ratios to average net assets include income and expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary).

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

^(f)

Annualized.

^(g)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

21 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund – Class C

Consolidated Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period^(a)	$	5.73		$	6.35		$	7.22		$	7.36		$	7.07
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.07			(0.02	)^(c)		0.01			(0.00	)^(c)(d)		(0.06	)^(c)
Net realized and unrealized gain/(loss)		3.14			(0.54	)		(0.68	)		0.04			0.35
Total from investment operations		3.21			(0.56	)		(0.67	)		0.04			0.29
DISTRIBUTIONS:
From net investment income		(0.01	)		(0.06	)		(0.20	)		(0.18	)		–
Total distributions		(0.01	)		(0.06	)		(0.20	)		(0.18	)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.01			–			0.00	^(d)		–			–
Net increase/(decrease) in net asset value		3.21			(0.62	)		(0.87	)		(0.14	)		0.29
Net asset value, end of year	$	8.94		$	5.73		$	6.35		$	7.22		$	7.36
TOTAL RETURN^(e)		56.37	%		(8.97	)%		(9.35	)%		0.62	%		4.10	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	13,789		$	2,354		$	6,702		$	9,510		$	7,642
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.00	%^(f)		2.05	%^(f)		2.05	%^(f)		2.05	%^(f)		2.05	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.00	%		2.05	%		2.05	%		2.05	%		2.05	%
Ratio of net investment income/(loss) to average net assets		0.84	%		(0.28	)%		0.17	%		(0.04	)%		(0.81	)%
Portfolio turnover rate^(g)		54	%		98	%		81	%		42	%		66	%

^(a)

Per share amounts and ratios to average net assets include income and expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary).

^(b)

Calculated using the average shares method.

^(c)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(d)

Less than $0.005 or ($0.005) per share.

^(e)

^(f)

^(g)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

22 | October 31, 2021

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund – Class I

Consolidated Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period^(a)	$	6.12		$	6.73		$	7.58		$	7.67		$	7.31
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.14			0.04			0.08			0.07			0.01
Net realized and unrealized gain/(loss)		3.38			(0.58	)		(0.72	)		0.03			0.36
Total from investment operations		3.52			(0.54	)		(0.64	)		0.10			0.37
DISTRIBUTIONS:
From net investment income		(0.02	)		(0.07	)		(0.21	)		(0.19	)		(0.01	)
Total distributions		(0.02	)		(0.07	)		(0.21	)		(0.19	)		(0.01	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		3.50			(0.61	)		(0.85	)		(0.09	)		0.36
Net asset value, end of year	$	9.62		$	6.12		$	6.73		$	7.58		$	7.67
TOTAL RETURN^(d)		57.74	%		(8.18	)%		(8.48	)%		1.42	%		5.03	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,154,123		$	439,254		$	500,305		$	647,195		$	482,710
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.09	%^(e)		1.15	%^(e)		1.14	%^(e)		1.13	%^(e)		1.15	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.09	%		1.15	%		1.14	%		1.13	%		1.15	%
Ratio of net investment income to average net assets		1.68	%		0.64	%		1.09	%		0.90	%		0.08	%
Portfolio turnover rate^(f)		54	%		98	%		81	%		42	%		66	%

^(a)

Per share amounts and ratios to average net assets include income and expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary).

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

23 | October 31, 2021

ALPS | Kotak India Growth Fund

Management Commentary

October 31, 2021 (Unaudited)

Performance

For the 1-year period ending October 31, 2021, the ALPS/Kotak India Growth Fund returned 48.28% compared to its benchmark the NSE500 Index, which returned 56.04% over the same period (all in USD term).

Over the past year, global central banks have continued their quest on ultralow interest rates and the rapid expansion of their balance sheets, more so after the pandemic. Global liquidity is at an all-time high. The Indian Economy as well as the corporate sector are seeing a flush of optimism after a rather worrying tryst with the Covid-19 pandemic waves. Despite global equities taking a small hit due to growing global risk sentiments and uncertainty regarding China’s continued regulatory paradigm shift and push on “common prosperity”, as well as the spillovers from China’s Evergrande issue, these seemed to support the Indian markets. After the huge 2020 GDP contraction, Indian equity markets have seen steady gains, especially during the second half of 2021 with market reaching new highs.

While the frontline Nifty Index returned 51% during the period, the Nifty Midcap 100 Index returned 77.61% during the period (all in USD terms).

The chaos from social and economic uncertainties stemming from the Covid-19 pandemic continues into 2021. While the world still faces the uphill task of mitigating the challenge from the renewed surge of Covid-19 vaccine withstanding, there are signs of normalcy emerging in most facets of the economy. After witnessing a V-shaped recovery, global growth has lost momentum in the past couple of months amid (1) easing of pent-up demand from reopening, (2) fading fiscal stimulus, (3) surge in energy prices, and (4) impact of surging delta variant cases (although limited economic impact). Even as the momentum has slowed and growth remains uneven, the recovery overall remains intact. Economic data has generally been very strong.

Looking at some of the global policies: (1) US: The Federal Open Market Committee (FOMC) has already indicated its intention of tapering the asset purchases from November 2021. (2) Japan: The Bank of Japan (BOJ) kept monetary policy steady while reducing inflation and growth forecasts. It will maintain its accommodative policies after projections indicated that inflation will be below the 2% target for at least two more years. (3) Eurozone: The European Central Bank (ECB) left its key interest rates and stance unchanged in its October monetary policy meeting.

Looking back at India, Moody’s changed India’s sovereign rating outlook from ‘negative’ to ‘stable’. Fitch ratings cut India’s FY2022 (Financial year from April 2021 to March 2022) GDP forecast to 8.7% from 10%. International Monetary Fund (IMF) retained India’s GDP projections at 9.5% for the current fiscal year and 8.5% for the next year. The interest rates across markets have remained benign since the pandemic. While the fears of worsening fiscal health of the government weighed on bond markets initially, the Reserve Bank of India’s (RBI) aggressive policy response helped ease the nerves.

Though Covid second wave looked grim as the first quarter of 2021 started with more than 400k cases per day, situation improved tremendously as cases continued to head south to sub-20k per day towards October. Pace of vaccination continued to pick up, with India reaching the 1bn vaccination mark. The market movement thus far has been driven largely by 3 key factors: (1) Covid cases continuing to decline in India and pace of vaccination picking up, (2) upbeat corporate commentaries and (3) on expectations of strong medium-term growth.

Looking at economic numbers, the fiscal deficit for the April to September 2021 period (India fiscal year starts April) was at 35% of FY2021 Budget Estimate (Period from April 2021 to March 2022). Based on the Press Information Bureau (PIB) release, Gross GST collections for the April to October 2021 period stood at INR8.1tn (~US$109.5bn) — 45% higher over the same period last year. Current account registered a surplus in 1QFY22 (April to June 2021 quarter), rising to US$6.5bn against a deficit of US$8.2bn in 4QFY21 (September to December 2020) and surplus of US$19.1bn (3.7% of GDP) in 1QFY21 (April to June 2020). The capital account balance increased to US$25.8bn (3.7% of GDP, US$12.3bn in 4QFY21) led by high Foreign Direct Investment (FDI) inflows at US$11.9bn (US$3bn in 4QFY21). Overall, Balance of Payment (BOP) surplus in 1QFY22 was at US$31.9bn (US$3.4bn in 4QFY21, and US$19.8bn in 1QFY21).

Domestic economic activity has been normalizing rapidly since August as growth impulses gathered momentum amid opening up of the economy and scaling up of the vaccination drive. India’s October Services Purchasing Managers’ Index (PMI) surged to 58.4 (nearly 11-year high) from 55.2 in September, indicating substantial improvement in business activity. Composite PMI rose from 55.3 in September to 58.7 in October as growth improved in both manufacturing and services sector.

On a whole, as the global and domestic economic recovery continues, persistence of supply-side disruptions and commodity prices’ surges pose adverse risks to both growth and inflation. Central banks around the world have started reversing pandemic measures although most are still gradual. India’s economic recovery faces risks from supply disruptions and high commodity prices. The growth outlook looks promising for now with a quick rebound from the lows. However, the scarring in the bottom to middle of the consumer pyramid could have some medium-term impact on consumption even if it does not affect near-term consumption. Further, global demand will also normalize, which will be a drag on net exports.

24 | October 31, 2021

ALPS | Kotak India Growth Fund

Management Commentary

October 31, 2021 (Unaudited)

Market Outlook and Valuation

October saw the markets steadily rising but then giving up its gains towards the end of the month. Valuations, oil prices, global uptick in bond yields all weighed on the Indian markets. However, the economy continued to see recovery and corporate India continued to deliver on earnings though the pace of upgrades have reduced.

The onset of the festive season coincides with the doing away with the most of the remaining Covid restrictions. Early indicators suggest record levels of sales in this ongoing festive season. Credit card spends were up 34% yoy in July-Sep quarter, with 57% yoy growth in the month of September 2021 and the momentum remain strong. One of the headwinds to consumer spends has been the steep rise in petroleum product prices over the past many months, driven by a combination of rising crude prices and higher taxes. The central government recently announced a sharp cut in fuel taxes leading to ~5% reduction in gasoline and a steep ~10% reduction in diesel prices. Some states have followed this by a further cut in state levies reducing the prices even lower. While this will definitely aid the consumption wallet and reduce inflation, such a steep cut will lead to some worries on fiscal deficit.

Retail participation in India has become a major driver of “stock prices” in the broader markets in the recent months. The key driving factor seems to be due to higher savings driven by lower consumption during the Covid period and the asset allocation shift. With the interest rates in traditional bank deposits falling, we see continued shift in allocations, both through direct participation and through mutual funds / insurance investment products. On the other side, with a very strong relative performance of Indian markets as against the other emerging markets, we have seen profit booking by foreign portfolio investors (FPIs) to the tune of $2.27bn in October.

Source – Industry, Axis Capital

Source – Industry, Spark Capital

It is very visible that the “new economy” in India is gaining momentum. Funding remains strong for the “new economy” eco-system and now with some of the names being listed, the avenues of funding have widened. With some new listings in November, the markets will have some more choice of names across segments. Investors will have choice in Food delivery, E-Commerce, Marketplace, Fintech (multiple sub segments), SAAS, Gaming, Analytics, with Ed-Tech, Logistics, and the like close on the heels.

25 | October 31, 2021

ALPS | Kotak India Growth Fund

Management Commentary

October 31, 2021 (Unaudited)

Funding for the “new economy” (USD mn)

Source: Economic Times, Inc42.com, VC Circle, Entrackr, Crunchbase, Yourstory, Morgan Stanley Research

We are now more constructive on the economic recovery over the next few quarters. Vaccination drive continues at elevated pace and the Covid cases continue to see further declines. The festive season has kicked off well and there are still some Covid restrictions specifically in the hospitality/ travel segment, which are now more or less removed. Housing cycle seems to have turned and Technology companies indicating record hiring along with wage pressures bodes well for the Indian real estate markets around these technology hubs. Corporate balance sheets are much healthier and with a clean of bad assets with highest ever Tier 1 capital ratios for many banks, risk appetite in banking is just around the corner. At current valuations, our view of market consolidation stays, but one should use the bouts of volatility driven by either the rate cycle or oil prices to add to India exposure as we see a longer term earnings cycle play out in corporate India.

Mr. Nitin Tejpal Jain

Fund Manager

Kotak Mahindra Asset Management (Singapore) Pte Ltd.

The views above are based on publicly available data, Kotak Group internal estimates and are based on the views of the research team at Kotak group.

The views of the author and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS Advisors, Inc., Kotak Mahindra Asset Management (Singapore) Pte Ltd., nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

Diversification cannot guarantee gain or prevent losses.

Past performance is no guarantee of future results. Dividends are not guaranteed and are subject to change or elimination. Investments in international and emerging markets securities include exposure to risks such as currency fluctuations, foreign taxes and regulations, and the potential for illiquid markets and political instability.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

26 | October 31, 2021

ALPS | Kotak India Growth Fund

Performance Update	October 31, 2021 (Unaudited)

Performance of $10, 000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $10,000 investment

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Year	5 Year	10 Year	Since Inception^	Total Expense Ratio	What You Pay*
Investor^#(NAV)	47.71%	19.94%	11.36%	11.38%	9.12%	1.77%	1.40%
Class A (NAV)	47.90%	19.81%	11.26%	11.33%	9.08%	1.76%	1.40%
Class A (LOAD)	39.79%	17.58%	10.01%	10.71%	8.50%	1.76%	1.40%
Class C (NAV)	46.84%	18.96%	10.49%	10.58%	8.33%	2.37%	2.00%
Class C (LOAD)	45.84%	18.96%	10.49%	10.58%	8.33%	2.37%	2.00%
Class I	48.28%	20.14%	11.58%	11.69%	9.43%	1.36%	1.00%
Class II	48.70%	20.35%	11.70%	11.74%	9.48%	1.18%	0.75%
Nifty 500 Index¹	58.57%	20.66%	12.69%	9.76%	8.18%
Morningstar India Index²	56.04%	21.50%	14.12%	9.95%	8.30%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-866-759-5679.

27 | October 31, 2021

ALPS | Kotak India Growth Fund

Performance Update	October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares. Performance shown for Class II shares prior to December 19, 2019 reflects the historical performance of the Fund’s Class I shares, calculated using the fees and expenses of Class II shares.

	¹	Nifty 500 Index (formerly the CNX 500 Index) - India's first broad based benchmark of the Indian capital market. The Nifty 500 companies are disaggregated into 72 industry indices. Industry weightages in the index reflect the industry weightages in the market. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.
	²	Morningstar India NR Index: measures the performance of India's equity markets targeting the top 97% of stocks by market capitalization.
	^{^}	Fund Inception date of February 14, 2011 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A; Fund Inception date of December 19, 2019 for Class II.
	^*	What You Pay reflects the Advisor's and Sub-Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.
	^#	Prior to December 1, 2017, Investor Class was known as Class A.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Investing in India involves risk and considerations not present when investing in more established securities markets. The Fund may be more susceptible to economic, market, political and local risks of the region than a fund that is more geographically diversified. Investments in India are subject to a number of risks including, but not limited to, risk of losing some or all of the capital invested, high market volatility, variable market liquidity, geopolitical risks (including political instability), exchange rate fluctuations (between the currency of the fund’s share class and the Indian Rupee), changes in tax regime and restrictions on investment activities of foreign investors.

Top Ten Holdings (as a % of Net Assets) ^†

Infosys, Ltd.	8.04%
Reliance Industries, Ltd.	6.17%
ICICI Bank, Ltd.	5.79%
HDFC Bank, Ltd.	4.78%
Tata Consultancy Services, Ltd.	3.16%
Axis Bank, Ltd.	3.03%
Tech Mahindra, Ltd.	3.00%
Bharti Airtel, Ltd.	2.60%
Housing Development Finance Corp., Ltd.	2.59%
Aavas Financiers, Ltd.	2.47%
Top Ten Holdings	41.63%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets)

28 | October 31, 2021

ALPS | Kotak India Growth Fund

Statement of Investments	October 31, 2021

	Shares		Value (Note 2)
COMMON STOCKS (97.90%)
Communication Services (3.88%)
Entertainment (1.28%)
Nazara Technologies, Ltd.^(a)		87,275	$	3,106,108
PVR, Ltd.^(a)		88,605		1,995,205
				5,101,313

Wireless Telecommunication Services (2.60%)
Bharti Airtel, Ltd.^(a)		1,104,802		10,134,729
Bharti Airtel, Ltd. partly paid^(a)		78,914		215,039

TOTAL COMMUNICATION SERVICES				15,451,081

Consumer Discretionary (9.23%)
Auto Components (1.71%)
MRF, Ltd.		3,528		3,647,958
Sansera Engineering, Ltd.^(a)(b)		159,037		1,502,416
Varroc Engineering, Ltd.^(a)(b)(c)		414,020		1,630,358
				6,780,732

Automobiles (2.30%)
Mahindra & Mahindra, Ltd.		283,701		3,361,295
Maruti Suzuki India, Ltd.		57,917		5,799,096
				9,160,391

Hotels, Restaurants & Leisure (0.94%)
Jubilant Foodworks, Ltd.		75,928		3,752,652

Household Durables (2.96%)
Crompton Greaves Consumer
Electricals, Ltd.		1,249,999		7,781,907
Orient Electric, Ltd.		859,087		3,980,682
				11,762,589

Internet & Direct Marketing Retail (0.20%)
Cartrade Tech, Ltd.^(a)		49,606		793,299

Textiles, Apparel & Luxury Goods (1.12%)
Titan Co., Ltd.		139,661		4,456,211

TOTAL CONSUMER DISCRETIONARY				36,705,874

Consumer Staples (5.49%)
Food Products (0.77%)
Britannia Industries, Ltd.		61,961		3,048,105

Household Products (2.15%)
Hindustan Unilever, Ltd.		267,136		8,550,253

Personal Products (2.57%)
Dabur India, Ltd.		628,592		4,923,512

	Shares		Value (Note 2)
Personal Products (continued)
Emami, Ltd.		744,866	$	5,296,194
				10,219,706

TOTAL CONSUMER STAPLES				21,818,064

Energy (6.54%)
Oil, Gas & Consumable Fuels (6.54%)
Aegis Logistics, Ltd.		521,967		1,485,810
Reliance Industries, Ltd. partly paid		89,770		2,288,082
Reliance Industries, Ltd.		655,360		22,239,755
				26,013,647

TOTAL ENERGY				26,013,647

Financials (30.79%)
Banks (17.33%)
AU Small Finance Bank, Ltd.^(a)(b)(c)		400,568		6,520,170
Axis Bank, Ltd.^(a)		1,212,660		12,067,137
HDFC Bank, Ltd., ADR		82,825		5,955,946
HDFC Bank, Ltd.		615,731		13,043,548
ICICI Bank, Ltd., Sponsored ADR		575,349		12,168,631
ICICI Bank, Ltd.		1,007,642		10,849,393
State Bank of India		1,241,706		8,354,317
				68,959,142

Consumer Finance (4.80%)
Bajaj Finance, Ltd.		98,485		9,766,647
Muthoot Finance, Ltd.		98,148		1,927,437
SBI Cards & Payment Services, Ltd.^(a)		523,072		7,386,421
				19,080,505

Insurance (3.60%)
HDFC Life Insurance Co., Ltd.^(b)(c)		405,891		3,691,307
ICICI Lombard General Insurance Co., Ltd.^(b)(c)		249,479		4,943,568
Max Financial Services, Ltd.^(a)		437,229		5,693,387
				14,328,262

Thrifts & Mortgage Finance (5.06%)
Aavas Financiers, Ltd.^(a)		261,674		9,810,879
Housing Development Finance Corp., Ltd.		270,463		10,311,857
				20,122,736

TOTAL FINANCIALS				122,490,645

Health Care (7.05%)
Health Care Providers & Services (4.32%)
Dr Lal PathLabs, Ltd.^(b)(c)		43,664		2,050,917
Fortis Healthcare, Ltd.^(a)		1,095,761		3,586,664
Max Healthcare Institute, Ltd.^(a)		1,815,978		8,050,818

See Notes to Financial Statements.

29 | October 31, 2021

ALPS | Kotak India Growth Fund

Statement of Investments	October 31, 2021

	Shares		Value (Note 2)
Health Care Providers & Services (continued)
Vijaya Diagnostic Centre Pvt, Ltd.^(a)		463,682	$	3,495,514
				17,183,913

Pharmaceuticals (2.73%)
Alkem Laboratories, Ltd.		77,590		3,743,231
Aurobindo Pharma, Ltd.		412,620		3,804,207
Cipla, Ltd.		273,413		3,309,789
				10,857,227

TOTAL HEALTH CARE				28,041,140

Industrials (7.86%)
Air Freight & Logistics (0.78%)
Mahindra Logistics, Ltd.^(b)(c)		360,888		3,121,017

Airlines (0.58%)
InterGlobe Aviation, Ltd.^(a)(b)(c)		80,000		2,323,893

Building Products (1.42%)
Kajaria Ceramics, Ltd.		345,759		5,651,340

Construction & Engineering (2.78%)
Kalpataru Power Transmission, Ltd.		654,000		3,679,733
Larsen & Toubro, Ltd.		310,649		7,358,746
				11,038,479

Electrical Equipment (1.43%)
V-Guard Industries, Ltd.		1,659,451		5,704,305

Trading Companies & Distributors (0.87%)
IndiaMart InterMesh, Ltd.^(b)(c)		36,028		3,446,717

TOTAL INDUSTRIALS				31,285,751

Information Technology (16.32%)
IT Services (16.32%)
Infosys, Ltd., Sponsored ADR		543,588		12,111,140
Infosys, Ltd.		887,568		19,862,719
Persistent Systems, Ltd.		161,667		8,488,896
Tata Consultancy Services, Ltd.		276,288		12,558,535
Tech Mahindra, Ltd.		602,119		11,918,396
				64,939,686

TOTAL INFORMATION TECHNOLOGY				64,939,686

Materials (7.76%)
Chemicals (2.70%)
Kansai Nerolac Paints, Ltd.		450,211		3,285,530
SRF, Ltd.		262,890		7,444,858
				10,730,388

Construction Materials (4.50%)
JK Cement, Ltd.		98,000		4,346,059

	Shares		Value (Note 2)
Construction Materials (continued)
Ramco Cements, Ltd.		444,366	$	6,341,601
Shree Cement, Ltd.		18,806		7,199,765
				17,887,425

Containers & Packaging (0.56%)
Mold-Tek Packaging, Ltd.		252,000		2,245,874

TOTAL MATERIALS				30,863,687

Real Estate (2.11%)
Real Estate Management & Development (2.11%)
Brigade Enterprises, Ltd.		737,001		4,573,750
Oberoi Realty, Ltd.^(a)		316,231		3,826,896
				8,400,646

TOTAL REAL ESTATE				8,400,646

Utilities (0.87%)
Gas Utilities (0.87%)
Indraprastha Gas, Ltd.		547,248		3,468,836

TOTAL UTILITIES				3,468,836

TOTAL COMMON STOCKS
(Cost $282,876,573)				389,479,057

TOTAL INVESTMENTS (97.90%)
(Cost $282,876,573)			$	389,479,057

Other Assets In Excess Of Liabilities (2.10%)				8,353,668

NET ASSETS (100.00%)			$	397,832,724

	^(a)	Non-Income Producing Security.
	^(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2021, the aggregate market value of those securities was $29,230,363, representing 7.35% of net assets.
	^(c)	Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of October 31, 2021 the aggregate market value of those securities was 29,230,363 representing 7.35% of net assets.

See Notes to Financial Statements.

30 | October 31, 2021

ALPS | Kotak India Growth Fund

Statement of Investments	October 31, 2021

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 percent of net assets.

See Notes to Financial Statements.

31 | October 31, 2021

ALPS \| Kotak India Growth Fund
Statement of Assets and Liabilities	October 31, 2021

ASSETS
Investments, at value	$	389,479,057
Cash		11,657,040
Foreign currency, at value (Cost $12,641,215)		12,361,207
Receivable for shares sold		104,053
Dividends and interest receivable		298,678
Prepaid expenses and other assets		13,305
Total Assets		413,913,340
LIABILITIES
Payable for investments purchased		1,121,561
Payable for shares redeemed		13,893
Payable for foreign capital gains tax		14,602,883
Investment advisory fees payable		174,420
Administration and transfer agency fees payable		72,578
Distribution and services fees payable		3,735
Trustees' fees and expenses payable		4,649
Professional fees payable		23,631
Accrued expenses and other liabilities		63,266
Total Liabilities		16,080,616
NET ASSETS	$	397,832,724
NET ASSETS CONSIST OF
Paid-in capital	$	306,739,212
Total distributable earnings		91,093,512
NET ASSETS	$	397,832,724
INVESTMENTS, AT COST	$	282,876,573
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	18.70
Net Assets	$	3,814,498
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		203,930
Class A:
Net Asset Value, offering and redemption price per share	$	18.62
Net Assets	$	762,495
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		40,955
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	19.70
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	17.18
Net Assets	$	1,597,547
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		92,986
Class I:
Net Asset Value, offering and redemption price per share	$	19.35
Net Assets	$	16,052,854
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		829,512
Class II:
Net Asset Value, offering and redemption price per share	$	19.45
Net Assets	$	375,605,330
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		19,311,883

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.

See Notes to Financial Statements.

32 | October 31, 2021

ALPS | Kotak India Growth Fund

Statement of Operations	For the Year Ended October 31, 2021

INVESTMENT INCOME
Dividends	$	2,604,690
Foreign taxes withheld on dividends		(636,056	)
Interest and other income		75
Total Investment Income		1,968,709

EXPENSES
Investment advisory fees		2,027,302
Administrative fees		498,923
Transfer agency fees		3,462
Distribution and service fees
Investor Class		11,075
Class A		2,961
Class C		15,347
Professional fees		41,871
Reports to shareholders and printing fees		10,290
State registration fees		78,886
Insurance fees		2,336
Custody fees		151,361
Trustees' fees and expenses		14,457
Repayment of previously waived fees
Investor Class		2,548
Class A		825
Class C		1,149
Class I		15,678
Miscellaneous expenses		28,276
Total Expenses		2,906,747
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(75	)
Class A		(4	)
Class C		(67	)
Class I		(641	)
Class II		(465,777	)
Net Expenses		2,440,183
Net Investment Loss		(471,474	)
Net realized gain on investments		24,951,485
Net realized loss on foreign currency transactions		(569,188	)
Net Realized Gain		24,382,297
Net change in unrealized appreciation on investments		89,914,318
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(123,277	)
Net change in unrealized foreign capital gains tax		(13,895,754	)
Net Change in Unrealized Appreciation		75,895,287
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		100,277,584
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	99,806,110

See Notes to Financial Statements.

33 | October 31, 2021

ALPS | Kotak India Growth Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income/(loss)	$	(471,474	)	$	124,008
Net realized gain/(loss)		24,382,297			(24,490,375	)
Net change in unrealized appreciation		75,895,287			12,127,968
Net Increase/(Decrease) in Net Assets Resulting from Operations		99,806,110			(12,238,399	)

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		–			(59,531	)
Class A		–			(1,250	)
Class C		–			(30,127	)
Class I		–			(272,204	)
Net Decrease in Net Assets from Distributions		–			(363,112	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		1,111,855			14,097,079
Class A		905,016			17,539
Class C		20,550			87,547
Class I		4,418,625			5,770,524
Class II		150,000,000			175,000,000
Dividends reinvested
Investor Class		–			46,092
Class A		–			1,120
Class C		–			29,759
Class I		–			237,513
Shares redeemed, net of redemption fees
Investor Class		(1,190,945	)		(16,813,642	)
Class A		(573,775	)		(21,865	)
Class C		(877,201	)		(348,993	)
Class I		(18,425,509	)		(6,746,874	)
Class II		–			(25,000,000	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		135,388,616			146,355,799

Net increase in net assets		235,194,726			133,754,288

NET ASSETS
Beginning of year		162,637,998			28,883,710
End of year	$	397,832,724		$	162,637,998

See Notes to Financial Statements.

34 | October 31, 2021

ALPS | Kotak India Growth Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	12.66		$	13.02	^(b)	$	11.73	^(b)	$	14.53	^(b)	$	12.32	^(b)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(c)		(0.12	)		(0.07	)^(d)		(0.10	)		(0.13	)		(0.10	)
Net realized and unrealized gain/(loss)		6.16			(0.93	)		2.19			(2.26	)		2.45
Total from investment operations		6.04			(1.00	)		2.09			(2.39	)		2.35
DISTRIBUTIONS:
From net realized gains		0.00			(0.17	)		(0.80	)		(0.41	)		(0.14	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(e)		0.81			0.00	^(e)		0.00	^(e)		0.00	^(e)
Net increase/(decrease) in net asset value		6.04			(0.36	)		1.29			(2.80	)		2.21
Net asset value, end of year	$	18.70		$	12.66		$	13.02		$	11.73		$	14.53
TOTAL RETURN^(f)		47.71	%		(1.48	)%		18.58	%		(16.91	)%		19.45	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	3,814		$	2,704		$	4,604		$	5,821		$	9,538
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.35	%		1.72	%		3.27	%		2.80	%		2.95	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.35	%		1.40	%^(g)		1.91	%		1.93	%		1.90	%
Ratio of net investment loss to average net assets		(0.73	)%		(0.64	)%		(0.79	)%		(0.91	)%		(0.74	)%
Portfolio turnover rate^(h)		29	%		90	%		56	%		24	%		30	%

	^(a)	Prior to December 1, 2017, Investor Class was known as Class A.
	^(b)	Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).
	^(c)	Calculated using the average shares method.
	^(d)	The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.
	^(e)	Less than $0.005 or ($0.005) per share.
	^(f)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	^(g)	Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.
	^(h)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

35 | October 31, 2021

ALPS | Kotak India Growth Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	12.59		$	12.99	^(a)	$	11.72	^(a)	$	13.90	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.11	)		(0.07	)^(c)		(0.06	)		(0.04	)
Net realized and unrealized gain/(loss)		6.14			(0.16	)		2.13			(2.14	)
Total from investment operations		6.03			(0.23	)		2.07			(2.18	)

DISTRIBUTIONS:
From net realized gains		–			(0.17	)		(0.80	)		–
Total distributions		–			(0.17	)		(0.80	)		–

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		–			–			–
Net increase/(decrease) in net asset value		6.03			(0.40	)		1.27			(2.18	)
Net asset value, end of year	$	18.62		$	12.59		$	12.99		$	11.72
TOTAL RETURN^(e)		47.90	%		(1.80	)%		18.41	%		(15.68	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	762		$	89		$	96		$	8
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.30	%		1.62	%		3.24	%		3.16	%^(f)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.30	%		1.31	%^(g)		1.94	%		2.00	%^(f)
Ratio of net investment loss to average net assets		(0.68	)%		(0.56	)%		(0.52	)%		(0.79	)%^(f)
Portfolio turnover rate^(h)		29	%		90	%		56	%		24	%

	^(a)	Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).
	^(b)	Calculated using the average shares method.
	^(c)	The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.
	^(d)	Less than $0.005 or ($0.005) per share.
	^(e)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
	^(f)	Annualized.
	^(g)	Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.
	^(h)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

36 | October 31, 2021

ALPS | Kotak India Growth Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.70		$	12.18	^(a)	$	11.10	^(a)	$	13.87	^(a)	$	11.85	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.21	)		(0.14	)^(c)		(0.17	)		(0.21	)		(0.18	)
Net realized and unrealized gain/(loss)		5.69			(0.17	)		2.05			(2.15	)		2.34
Total from investment operations		5.48			(0.31	)		1.88			(2.36	)		2.16
DISTRIBUTIONS:
From net realized gains		0.00			(0.17	)		(0.80	)		(0.41	)		(0.14	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			0.00	^(d)		–			–
Net increase/(decrease) in net asset value		5.48			(0.48	)		1.08			(2.77	)		2.02
Net asset value, end of year	$	17.18		$	11.70		$	12.18		$	11.10		$	13.87
TOTAL RETURN^(e)		46.84	%		(2.58	)%		17.69	%		(17.52	)%		18.60	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,598		$	1,868		$	2,195		$	2,024		$	2,140
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.00	%		2.37	%		3.97	%		3.51	%		3.69	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.00	%		2.06	%^(f)		2.60	%		2.60	%		2.60	%
Ratio of net investment loss to average net assets		(1.37	)%		(1.29	)%		(1.47	)%		(1.57	)%		(1.48	)%
Portfolio turnover rate^(g)		29	%		90	%		56	%		24	%		30	%

	^(a)	Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).
	^(b)	Calculated using the average shares method.
	^(c)	The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.
	^(d)	Less than $0.005 or ($0.005) per share.
	^(e)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
	^(f)	Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.
	^(g)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

37 | October 31, 2021

ALPS | Kotak India Growth Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	13.05		$	13.43	^(a)	$	12.05	^(a)	$	14.87	^(a)	$	12.58	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.07	)		(0.03	)^(c)		(0.05	)		(0.08	)		(0.06	)
Net realized and unrealized gain/(loss)		6.37			(0.18	)		2.23			(2.33	)		2.48
Total from investment operations		6.30			(0.21	)		2.18			(2.41	)		2.42
DISTRIBUTIONS:
From net realized gains		0.00			(0.17	)		(0.80	)		(0.41	)		(0.14	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		0.00	^(d)		–			0.00	^(d)		0.01
Net increase/(decrease) in net asset value		6.30			(0.38	)		1.38			(2.82	)		2.29
Net asset value, end of year	$	19.35		$	13.05		$	13.43		$	12.05		$	14.87
TOTAL RETURN^(e)		48.28	%		(1.59	)%		18.85	%		(16.66	)%		19.68	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	16,053		$	21,861		$	21,989		$	13,746		$	19,891
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.00	%		1.36	%		2.93	%		2.48	%		2.65	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.00	%		1.06	%^(f)		1.60	%		1.60	%		1.60	%
Ratio of net investment loss to average net assets		(0.45	)%		(0.28	)%		(0.39	)%		(0.57	)%		(0.45	)%
Portfolio turnover rate^(g)		29	%		90	%		56	%		24	%		30	%

	^(a)	Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).
	^(b)	Calculated using the average shares method.
	^(c)	The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.
	^(d)	Less than $0.005 or ($0.005) per share.
	^(e)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	^(f)	Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.
	^(g)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

38 | October 31, 2021

ALPS | Kotak India Growth Fund – Class II

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Period December 19, 2019 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	13.08		$	13.50	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.02	)		0.02
Net realized and unrealized gain/(loss)		6.39			(0.44	)
Total from investment operations		6.37			(0.42	)

Net increase/(decrease) in net asset value		6.37			(0.42	)
Net asset value, end of year	$	19.45		$	13.08
TOTAL RETURN^(c)		48.70	%		(3.11	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	375,605		$	136,115
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.91	%		1.18	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.75	%		0.75	%^(d)
Ratio of net investment income/(loss) to average net assets		(0.11	)%		0.24	%^(d)
Portfolio turnover rate^(e)		29	%		90	%

	^(a)	Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).
	^(b)	Calculated using the average shares method.
	^(c)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	^(d)	Annualized.
	^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

39 | October 31, 2021

ALPS | Smith Funds

Management Commentary	October 31, 2021 (Unaudited)

Dear Shareholder,

The ALPS | Smith Total Return Fund and ALPS | Smith Short Duration Fund were launched on June 29, 2018. We followed with the launch of The ALPS | Smith Balanced Opportunity Fund and ALPS | Smith Credit Opportunities Fund on September 15, 2020. We welcome you as a shareholder to the Funds and thank you for your trust. Our process is centered around performance, relationships and investing excellence. Our goal is to provide shareholders with consistent, risk-adjusted returns with a keen focus on capital preservation.

Total Return

The ALPS | Smith Total Return Bond Fund Class I marked a positive return of 147bps in the twelve-months ending October 31, 2021, while outperforming its benchmark, the Bloomberg U.S. Aggregate Index, by 195bps. The outperformance during the twelve-month period was attributed to duration management in Treasuries during the rapid sell-off in interest rates in the beginning of 2021 as well as the Fund’s continued overweight in corporate credit assets during the rally in spreads beginning in June 2020 through most of 2021. Risk asset performance was supported by continued Central Bank stimulus as well as a broad-based return to economic growth with reopening and vaccination efforts around the globe. The overall performance since inception through October 31, 2021 was achieved by focusing on active portfolio positioning, duration management, security selection and bottom-up fundamental credit analysis.

Short Duration

The ALPS | Smith Short Duration Bond Fund Class I marked a positive return of 105bps in the twelve-months ending October 31, 2021, outperforming its benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, by 120bps. As a continuing theme, the Fund’s overallocation to corporate and securitized assets allowed the Fund to out-yield the Index. Additionally, individual security selection within corporate credit was a large component of the excess returns generated in the twelve-month period. With the overall flatness of the front-end U.S. Treasury curve, duration management has provided less relative outperformance given the muted moves in these front-end Treasury tenors. In this environment, the Fund maintained its focus on capital preservation. While being overweight on credit by a percentage basis vs. the benchmark, the Fund shortened its credit duration positioning as valuations continued to compress and aimed to shield investors from the relative losses associated with the interest rate sell-off more specific to the 3yr and 5yr tenors held by this Fund.

Credit Opportunities

The ALPS | Smith Credit Opportunities Fund Class I marked a positive return of 783bps in the twelve-month period ending October 31, 2021, while outperforming its benchmark, a 50/50 blend of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate High Yield Index, by 292bps. The Fund outperformed the Index by 286bps since the inception of the Fund on September 15, 2020. The outperformance of the Fund since inception was predominately driven by its overweight to corporate credit and security selection. Broadly, corporate credit as an asset class continued to recover from

the pandemic-induced sell-off, though with valuations compressing the importance of security selection and security avoidance increased significantly. Overall, positive security selection came from positions in both investment grade and high yield rating categories as well as across industry sectors.

Balanced Opportunity

The ALPS | Smith Balanced Opportunity Fund Class I marked a positive return of 2,428bps in the twelve-months ending October 31, 2021, while outperforming its benchmark, a blend of 55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index, by 218bps. The Fund outperformed the Index by 289bps since the inception of the Fund on September 15, 2020. The performance within the Fixed Income sleeve during the twelve-month period ended October 31, 2021 was attributed to the Fund’s relative defensive duration positioning and an overweight in corporate credit assets, as well as corporate and securitized security selection during the recovery in risk asset valuations. Risk assets remain supported by Central Bank stimulus and the improving economic growth as the world continues to reopen. The Fund’s overall performance since inception was achieved by focusing on active portfolio positioning, duration management, security selection, bottom-up fundamental credit analysis and active asset allocation between the Fixed Income and Equity sleeves.

Macro Commentary

Though markets were optimistic that we were nearing the end of the pandemic, the November 2020 through October 31, 2021 reporting period was marked by short-lived highs as diverging recovery trends rippled throughout the economy. We spent much of the year on the path to normalization as the recovery continued albeit at a slower pace, as the market digested uneven and sector dependent economic data, elevated inflation levels that moved beyond “transitory” and the evolving dynamics surrounding the virus.

We started the reporting period with the Presidential win by Joe Biden in November 2020 which was met with the approval of multiple COVID-19 vaccines as well as the start of vaccine distribution. Market sentiment was optimistic, further reinforced by the “Blue Wave” election win in January 2021, another $1.9 trillion in relief via the American Rescue Plan in March 2021 and continued monetary support into increased vaccine distribution and pent-up demand. GDP estimates were revised higher, with the market reaction turning favorable for risk assets once again, driving both Treasury yields and inflation expectations up. At the tail end of the first quarter Biden proposed the American Jobs Plan, consisting of over $2 trillion allocated towards infrastructure, and the American Families Plan, consisting of $1.8 trillion to support families.

Manufacturing and Housing were initially bright spots in the beginning stages of the recovery but became more challenged as time passed. Housing was impacted by lack of supply and high pricing while manufacturing started to move sideways due to supply chain disruptions, increased costs, and lack of available employees. The hospitality industry - restaurants, travel, entertainment – as well

40 | October 31, 2021

ALPS | Smith Funds

Management Commentary	October 31, 2021 (Unaudited)

as education and brick and mortar retailers, have struggled throughout the pandemic but marked improvement as increased vaccine distribution translated into reopening local economies. Confidence has fallen again post the expiration of unemployment benefits; though employment is finally starting to improve and consumers are spending – further enhanced by elevated savings and availability of credit. GDP averaged 4.9% a quarter between 4Q 2020 and 3Q 2021, losing steam as we entered the end of 2021.

Inflation has been on the market’s mind since the 2020 election results and expectations rose on the heels of the “Blue Wave” results in January. In our view, reopening an economy and unleashing pent-up demand with the combination of massive fiscal policy and a highly accommodative Federal Reserve is not only a great economic experiment, but one ripe with risks. The market spent much of the first quarter of 2021 assessing if the result of this experiment will end in significant inflation. What was initially sold as “transitory” due to rebasing, reopening, and bottlenecks proved to be sticky and the Fed has been forced to admit that not only is the data marking multi-decade highs in inflation - Core Consumer Price Index at 4.6% YoY and Core Personal Consumption Expenditures at 4.2% YoY as of October 2021 (both measure the changes in the price of goods and services, excluding food and energy) - but consumers are also feeling inflation in their everyday lives. Inflation expectations via the Fed’s 5yr-5yr forward inflation expectation rate (a measure of expected inflation over a five-year period) moved up to levels from 2014, The University of Michigan’s 1yr ahead inflation expectations are now at levels from 2008 and the 10yr breakeven rate touched levels from 2005.

We were somewhat surprised by the initial complacency at the Fed around the recent heightened inflation readings. It was as though the message of ‘transitory’ was so strongly anchored that they ignored the fact that the bargaining power of labor is improving, and wages are likely headed higher. There is story after story of wage increases on the horizon and, we believe, many more to follow. It will be very interesting to see how economists adjust their 2022 view of inflation falling back to pre-covid levels as time passes. The consensus has both growth and inflation turning over in 2022, returning to longer term averages. We are skeptical of the consensus, favoring better growth coinciding with stickier and higher inflation.

We are hard-pressed to argue with the four headed horsemen of disinflation (temporary slowing of the pace of price inflation) – Demographics, Technological Innovation, Globalization and now Debt Overhang (government incurs debt at such a high rate that they are unable to fund future projects) – but find ourselves a little concerned that both growth and inflation will settle out at levels higher than the consensus.

We have seen reopening largely occur however the progress has been sporadic given new variants of the virus. Economic data has improved and moved into a normalizing stage, though we continue to see the unleashing of pent-up demand. Going forward, fiscal and monetary policy will become less supportive, and inflation expectations remain elevated. Negative virus news continues to be

met with overall positive vaccine distribution, increasing wages and job availability, and economic reopening. The tone continues to mark two steps forward and one step back but overall, still making forward progress. The Federal Reserve announced tapering of bond purchases to offset rising inflationary pressures immediately following our reporting period. We expect to see the Fed raise interest rates in the 2022 calendar year.

Portfolio Positioning

As of October 31, 2021, with the rise in U.S. Treasury yields due to ramping concerns surrounding inflation and talk of a Fed taper, the Funds remained underweight duration versus their respective benchmarks and in our opinion, have been nimble in using longer duration securities within the Funds’ portfolios. Even with the increase in U.S. Treasury yields this fiscal year, real yields remain stubbornly negative throughout most of the year as concerns surrounding COVID variants, threats to emergent economic growth, the potential for Fed policy error and uncertainty about the stickiness of domestic inflation have left outright U.S. Treasury yields lower than would have been expected. We continue to focus on the combined impact of Fiscal and Monetary stimulus on both real inflation as well as changes in market expectations surrounding inflation. We are also focused on the shape of the curve as the later parts of this fiscal year showed the beginning of a flattening across the longer maturities of the yield curve. We remain proactive in managing our longer duration U.S. Treasury position.

Within our credit allocation we gradually reduced aggregate and risk exposure this year. Coming into 2021 we were optimistic around the potential for continued progress in the global reopening and economic recovery. Despite some fits and starts in this process, as of October 31, 2021, we remain positive on the improving tone of both the domestic as well as the global economy going forward. However, as part of this we witnessed risk asset spreads, be it investment grade or high yield credit, as well as agency and non-agency mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS), quickly moving toward decade, if not all-time, lows given the wall of liquidity in the market and the prevailing stance on risk taking. As such we reduced both the overall credit weighting as well as the duration profile of certain Funds’ credit allocation during the period, specifically in both the ALPS | Smith Balanced Opportunity Fund and ALPS l Smith Total Return Fund. This reduction has allowed us to focus our exposure on where we see continued fundamental tailwinds to sector or individual company credit profiles. While we continue to like credit despite the massive tightening in spreads, as it remains one of the few asset classes within Fixed Income providing yield, we believe this decreased risk exposure will allow the portfolio to be more resilient and opportunistic when looking towards the potential for unexpected outcomes combined with stretched valuations. As of the date of this report, we continue to target investing in companies with executive teams who focus on managing through downside scenarios, giving themselves optionality as well as downside protection. We remain encouraged by the number of companies continuing to balance capital allocation actions that benefit both debt and equity holders, but absent another significant risk flare, we would expect this trend

41 | October 31, 2021

ALPS | Smith Funds

Management Commentary	October 31, 2021 (Unaudited)

to continue to shift more in favor of equity holders. All these factors have continued to drive our disciplined process centered around risk-adjusted returns and capital preservation while seeking to balance the overall need for yield across all developed markets.

Short duration high yield continues to be a focus at Smith Capital Investors. This area of the market has much less forecasting error embedded in its analysis—it is predominately a liquidity analysis over a very short period vs. longer-term projections on industries, commodity prices, and competitive dynamics facing a sector/company. We also believe that incremental compensation to move out on the curve should be higher than observed in many capital structures and therefore many shorter-duration assets have resulted in extremely attractive risk-adjusted return profiles.

Within the Funds’ securitized allocations, we continue to allocate to Agency-mortgage-backed collateralized mortgage obligations (CMOs) and Agency CMBS where valuations are appropriate. In the previous six-month period, we witnessed spreads reaching new lows as the demand from the Federal Reserve and commercial banks overwhelmed the supply dynamic. While we still find that select CMOs and Agency CMBS provide better convexity, exhibit less change in duration given changes in interest rates and prepayment speeds, and provide higher option-adjusted spreads and yield, these opportunities have become harder to come by. As such, the Funds’ overall weightings to this asset class passively decreased during the period as we did not reinvest paydowns or allocate new money to this space given our unfavorable view of generic asset class risk- adjusted return potential. Additionally, with the significant rise in interest rates during the beginning of 2021, we witnessed a large-scale duration extension of the Agency MBS market, exactly at the time investors were searching for shorter duration options. We were aided in this volatility by our continued focus on seeking to select securities that perform well through a wide band of underlying assumptions rather than a specific directional view.

Fixed Income Themes

Investment Grade (IG) Credit – In a year where investment grade credit spreads quickly marched towards 10yr plus tights (investment grade corporate credit spreads reached a low of 80 OAS - option-adjusted spread - in June), three intertwined drivers were at the helm: stimulus—both monetary and fiscal, economic recovery, and the resulting strong technical backdrop or demand for corporate credit. Combined these factors were powerful inputs for both corporate economics and financial conditions.

This said, it was not unreasonable to expect the unprecedented times and unprecedented reactions taken the prior year to normalize over time and therefore expect these three drivers of the recovery to ebb. And while the pursuit of stability and predictability is often what the market seeks, our investment process forcibly questions us how to maximize our chances at adapting to and taking advantage of an unknown future. As valuations in the IG Credit market began to offer diminished compensation for possible unknowns, the Funds worked towards steadily reducing duration contribution in corporate credit from the prior year period.

In periods of time like these, where there becomes less room for error embedded in valuations, we have found the following items to be of acute importance:

Risk-Adjusted Carry – in this environment, carry (yield income) is of elevated importance. But as with most things not all carry is built the same. Fundamental analysis can unearth risk profiles that may compare more or less favorably when compared to their commensurate carry profiles. This brings us to the symbiotic nature of security selection and avoidance.

Security Selection – under the surface of the Investment Grade Corporate Credit Index there is constantly significant opportunity for individual security selection. No matter the inning of the credit cycle or the outlook, there are always undersurface-opportunities created by changing corporate credit risk profiles. We look for those that display higher probabilities for improving credit strength.

Security Avoidance – conversely, active management can purposefully choose to avoid owning certain credits and should do so. A credit that has a higher probability of going through a phase of deteriorating credit strength would be a prime example of a name to avoid.

It was these items that came to the forefront of our credit investment process over the past year and therefore influenced credit sleeve portfolio construction.

High Yield (HY) Credit – While valuations entered the year having tightened significantly from the pandemic driven selloff, we remained positive on corporate credit largely due to the three drivers mentioned above: stimulative policy, a continued economic rebound, and a supportive technical backdrop. As expected, the ongoing economic rebound drove improvement in the fundamentals of high yield issuers, with earnings largely demonstrating elevated demand trends, margin expansion, and balance sheet deleveraging. While we saw a shift in capital allocation priorities toward shareholder friendly activities, we would characterize the shift as credit neutral given an ongoing commitment to maintain healthy balance sheets and leverage ratios. Alongside improving fundamentals, we observed a transition away from the rating agency downgrade cycle of 2020 to an upgrade cycle, with J.P. Morgan reporting a year-to-date upgrade -to-downgrade ratio of 2.3 to 1. On the technical side, the steady inflows we saw into high yield funds in 2020 reversed to modest outflows in 2021. Gross new issuance activity has remained elevated, but supply has been more muted on a net basis given high levels of refinancing activity. Lackluster asset class flows were not enough to offset the improving fundamental picture, with the Bloomberg U.S. Corporate High Yield Index returning 435bps YTD through October 2021.

42 | October 31, 2021

ALPS | Smith Funds

Management Commentary	October 31, 2021 (Unaudited)

Looking forward, data sources have indicated that while high yield issuer fundamentals are very healthy, investor enthusiasm is also high and valuations remain tight relative to historical levels. Recently observed supply chain disruption and cost inflation are headwinds to the margin and earnings story that has helped drive valuations lower. However, in our view, further reopening and continued strong consumption trends could help issuers weather the storm. We continue to favor investments in short duration high yield bonds, which we believe offer attractive risk-adjusted carry. With strong balance sheets, healthy free cash flow profiles, and supportive capital markets there is ample flexibility for issuers to refinance shorter-dated maturities, and with the average coupon on the Bloomberg U.S. Corporate High Yield Index well in the money, the economics of refinancing continue to make sense. Although the overall outlook may be murky, it seems likely that the investing environment for corporate credit will remain extremely dynamic. We believe that the crosscurrents of rapidly shifting macroeconomic policy and fundamentals combined with changing capital allocation priorities and consumer behaviors create a target rich investing environment for active managers focused on security selection in improving credit stories.

MBS – MBS highlighted an area of opportunity entering 2021 given its short duration profile and support from Federal Reserve asset purchases. However, given the rapid move higher from interest rates in the beginning of the year and the persistent pick up in interest rate volatility we have witnessed MBS underperform thus far in 2021. Ending October 31, 2021, the Bloomberg U.S. MBS Index (MBS) had nominal returns of -86bps YTD. However, this does not tell the entire story as the MBS Index started the year with a duration that averaged ~2yrs YTD while the duration of the Bloomberg U.S. Aggregate Bond Index (the “Agg”) was ~6yrs. From an excess return perspective, which adjusts for this duration differential, the Bloomberg MBS Index underperformed the Agg by 44bps. Despite the initial short duration profile of the MBS Index, the increase in interest rates and the embedded negative convexity (duration increases in conjunction with an increase in yield) of mortgages resulted in the MBS Index duration increasing to ~4.6yrs as of October 31, 2021; occurring at the same time interest rates were rising and contributing to the negative returns experienced by the asset class. Also, comparing the MBS Index to broad fixed income market indices with a similar short duration, MBS underperformed the Bloomberg 1-5 Year U.S. Credit Index (with a duration of 2.8yrs) by 90bps YTD.

Looking forward we see the case for continued MBS outperformance to be tricky at best. MBS OAS has risen throughout the year from lows near 10bps to mid-30bps, while the nominal spread (which does not account for the option MBS investors are short) has increased by ~35bps to mid-60bps. Both measures are closer to historical averages (40-50bps historical OAS range) but with the Fed beginning to taper purchases new buyers will need to emerge at valuation levels that are still below historical norms to maintain current valuations. We find this assumption suspect as the continued elevated interest rate volatility will leave some MBS investors leery of taking the negative convexity risk embedded in

MBS. Any further interest rate sell-off will continue pushing MBS durations higher, increasing the negative return potential from higher rates. As of October 31, 2021, with relatively unattractive valuations and elevated convexity risk levels, we do not see the path for substantial outperformance being likely. As is often with markets, peeling back the variables affecting performance, especially relative performance, can tell a different story than a headline.

Interest Rates – In the first six months of the year, price action from Treasuries provided a little something for everyone. Treasuries are traditionally an excellent indicator for future economic expectations, and we have once again lived through various mini-cycles. U.S. Treasury yields moved higher in a fast and furious manner, starting with the “Blue Wave” results in January. This was further supported by the efficacy of the vaccine, additional fiscal stimulus, and prospects of economic reopening—all pointing to improving growth and inflation expectations. The street upgraded growth forecasts, inflation expectations rose, and the market challenged the Fed’s view that they would be able to control inflation. March brought us into a narrow trading range for approximately 16 weeks. While the Treasury market waited for validation from the data, the Funds moved between reopening/vaccine enthusiasm and economic data disappointment. In June, the Fed’s action was the catalyst to break the 30yr U.S. Treasury out of the long-running range. This, coupled with increased COVID-19 cases from the Delta variant, thin summer volumes, pension buying, a short squeeze, lackluster economic results, global yield differentials and strong seasonals (regular and predictable pattern every year), pushed 30yr yields close to levels registered in January 2021. While our team entered 2021 extremely optimistic around the recovery, the Treasury market quickly reminded us that much remained out of our control and the Funds must remain active in the rates market.

The Smith Capital Team has observed investment cycles getting shorter, we have watched a collision of factors move the market dramatically in both directions, and we are frequently reminded that interest rates are a key risk factor in the fixed income market given outright low yields. Sentiment moves quickly based on the ebb and flow of case counts and new variants. Muscle memory quickly reacts to negative virus news; higher cases equal lower yields and vice versa. Outright yield levels matter, seasonals are important, pension buying moves the market, and investor positioning can tip the scales. Throw in global yield differentials and the economic outlook, and once again, there are competing factors and thus volatility. The Fed is moving from highly accommodative to less accommodative, the stimulus injection is fading, and pandemic benefits have expired. The market moved past the downturn and subsequent recovery and into a period of normalized economic activity. These elements impact the shape of the curve as the front-end contends with the Fed removing policy, and the long-end reflects growth and inflation expectations. The Team has been surprised by the lack of liftoff from the long-end given record high levels of inflation. This suggests that the market believes there will be policy error in the future. As we look to the end of the year and into 2022, we believe competing factors will keep volatility high in the interest rate market. The market is not lacking for event-driven risk over the next year, and we

43 | October 31, 2021

ALPS | Smith Funds

Management Commentary	October 31, 2021 (Unaudited)

see the possibility of both positive and negative catalysts in the marketplace. One thing is clear - the bond market reminds us that uncertainty remains.

Conclusion – After what has been an unprecedented and long pandemic, the last twelve months have signaled that the economy is making significant progress towards a full recovery with the support of both fiscal and monetary policy. This did however lead to a period of complacency in the marketplace and we know complacency is historically followed by volatility. While it is always dangerous to draw strong conclusions from past experiences, it feels like we should expect greater volatility into year-end and 2022, especially in rates and the yield curve. Competing forces including inflation/deflation, the virus, removal of monetary policy, and potential growth/recovery will keep volatility front and center, suggesting that long duration assets are vulnerable. The market’s transition from Fed supported to self-sustaining has historically proven to be one littered with speed bumps versus a relaxed straight line. As a reminder, with volatility comes opportunity and active management – both in regard to security selection and avoidance – allowing for better outcomes in a dynamic market environment.

As always, our three pillars remain front and center – Investment Excellence, Relationships/People and Intentional Culture.

With great appreciation and gratitude,



R. Gibson Smith	Eric C. Bernum, CFA
Portfolio Manager	Portfolio Manager



Jonathan Aal	Garrett Olson
Portfolio Manager	Portfolio Manager

The views of the author and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS Advisors, Inc., Smith Capital Investors, LLC, nor the Funds accepts any liability for losses either direct or consequential caused by the use of this information.

Indices do not reflect deductions for fees, expenses, or taxes.

An investor may not invest directly in an index.

Diversification cannot guarantee gain or prevent losses.

Gibson Smith is a registered representative of ALPS Distributors, Inc.

Eric Bernum is a registered representative of ALPS Distributors, Inc.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

44 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $100,000 investment

The chart above represents historical performance of a hypothetical investment of $100,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	1.05%	4.10%	3.83%	0.70%	0.49%
Investor (NAV)	0.77%	3.86%	3.54%	0.96%	0.79%
Class A (NAV)	0.77%	3.83%	3.52%	0.96%	0.79%
Class A (MOP)	-1.46%	1.89%	1.79%	0.96%	0.79%
Class C (NAV)	-0.01%	3.07%	2.78%	1.67%	1.49%
Class C (CDSC)	-1.00%	3.07%	2.78%	1.67%	1.49%
Bloomberg U.S. Government/Credit Bond Index¹	-0.48%	6.27%	5.35%
Bloomberg 1-3 Year Government/Credit Bond Index²	-0.05%	2.72%	2.58%

Effective September 1, 2020 the Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 2.25%. Prior to September 1, 2020 the sales charge was 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. If you invest $500 thousand or more, either as a lump sum or through the Fund’s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load). A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase, and on Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.

Performance less than 1 year is cumulative.

45 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Performance Update

October 31, 2021 (Unaudited)

The Bloomberg US Government/Credit Index: composed of all publicly issued, fixed-rate, nonconvertible, investment-grade corporate debt. Issues are rated at least Baa by Moody's Investors Service or BBB by Standard & Poor's, if unrated by Moody's. Collateralized Mortgage Obligations (CMOs) are not included. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

The Bloomberg 1-3 Yr US Gov/Credit TR Index Unhedged: an index that includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of June 29, 2018.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors, and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Asset Type Allocation (as a % of Net Assets) ^†

Corporate Bond	79.69%
Government Bond	15.87%
Mortgage-Backed Securities	2.26%
Collateralized Mortgage Obligations	0.37%
Commercial Mortgage-Backed Securities	0.19%
Municipal Bond	0.18%
Cash, Cash Equivalents, & Other Net Assets	1.44%
Total	100.00%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Top Ten Holdings (as a % of Net Assets) ^†

U.S. Treasury Note 0.125% 08/31/2023	3.21%
U.S. Treasury Note 0.25% 09/30/2023	2.86%
U.S. Treasury Note 0.25% 06/15/2023	2.14%
U.S. Treasury Note 0.125% 07/31/2023	1.86%
U.S. Treasury Note 0.125% 06/30/2023	1.82%
U.S. Treasury Note 0.125% 05/31/2023	1.81%
Huntington Ingalls Industries, Inc. 0.67% 08/16/2023	1.43%
Martin Marietta Materials, Inc. 0.65% 07/15/2023	1.25%
Midwest Connector Capital Co. LLC 3.625% 04/01/2022	1.20%
U.S. Treasury Note 0.125% 03/31/2023	1.18%
Top Ten Holdings	18.76%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets)

Banks	20.29%
Sovereign	15.86%
Auto Manufacturers	6.72%
Diversified Finan Serv	6.69%
Electric	4.49%
Pipelines	4.15%
Pharmaceuticals	3.75%
Aerospace/Defense	2.82%
Commercial Services	2.80%
Mortgage Securities	2.53%
Retail	2.34%
Telecommunications	2.21%
Semiconductors	1.85%
Oil & Gas	1.81%
Software	1.79%
Healthcare-Services	1.75%
Healthcare-Products	1.72%
Shipbuilding	1.43%
Building Materials	1.25%
Gas	1.20%
Iron/Steel	1.10%
Food	1.10%
Media	1.04%
Other Industries (each less than 1%)	7.86%*
Cash Equivalents & Other Net Assets	1.45%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

46 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $100,000 investment

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	1.47%	6.88%	6.50%	0.72%	0.67%
Investor (NAV)	1.26%	6.57%	6.20%	1.02%	0.97%
Class A (NAV)	1.27%	6.59%	6.22%	1.01%	0.97%
Class A (MOP)	-0.98%	4.61%	4.45%	1.01%	0.97%
Class C (NAV)	0.55%	5.83%	5.47%	1.72%	1.67%
Class C (CDSC)	-0.43%	5.83%	5.47%	1.72%	1.67%
Bloomberg US Aggregate Bond Index¹	-0.48%	5.63%	4.80%

Performance less than 1 year is cumulative.

47 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Performance Update

October 31, 2021 (Unaudited)

The Bloomberg U.S. Aggregate Bond Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of June 29, 2018.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors, and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Asset Type Allocation (as a % of Net Assets) ^†

Corporate Bond	56.25%
Government Bond	26.75%
Collateralized Mortgage Obligations	7.15%
Mortgage-Backed Securities	5.66%
Commercial Mortgage-Backed Securities	2.53%
Preferred Stock	1.14%
Cash, Cash Equivalents, & Other Net Assets	0.52%
Total	100.00%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Top Ten Holdings (as a % of Net Assets) ^†

U.S. Treasury Bond 1.75% 08/15/2041	4.87%
U.S. Treasury Note 1.625% 05/15/2031	2.41%
U.S. Treasury Note 0.5% 02/28/2026	2.27%
U.S. Treasury Bond 1.25% 08/15/2031	2.20%
U.S. Treasury Bond 1.125% 02/15/2031	2.11%
U.S. Treasury Note 0.75% 03/31/2026	2.06%
U.S. Treasury Bond 2% 08/15/2051	1.99%
U.S. Treasury Note 0.125% 12/15/2023	1.85%
U.S. Treasury Note 0.25% 09/30/2023	1.55%
Morgan Stanley 1D US SOFR + 1.36% 09/16/2036	1.23%
Top Ten Holdings	22.54%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets)

Sovereign	26.76%
Banks	15.50%
Mortgage Securities	14.16%
Diversified Finan Serv	5.89%
Pipelines	4.74%
Electric	3.25%
Auto Manufacturers	3.18%
Pharmaceuticals	3.09%
Aerospace/Defense	2.44%
Media	2.23%
Healthcare-Services	1.80%
Retail	1.65%
Airlines	1.64%
Commercial Services	1.49%
Oil & Gas	1.16%
Other Industries (each less than 1%)	10.51%*
Cash Equivalents & Other Net Assets	0.51%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

48 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $100,000 investment

Average Annual Total Returns (as of October 31, 2021)

	1 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	7.83%	6.78%	1.02%	0.90%
Investor (NAV)	7.63%	6.53%	1.32%	1.20%
Class A (NAV)	7.65%	6.55%	1.32%	1.20%
Class A (MOP)	5.22%	4.42%	1.32%	1.20%
Class C (NAV)	6.88%	5.80%	2.02%	1.90%
Class C (CDSC)	5.88%	5.80%	2.02%	1.90%
50% Bloomberg US Aggregate Index / 50% Bloomberg US Corporate High Yield Index^1,2	4.91%	3.93%
Bloomberg US Aggregate Bond Index	-0.48%	-1.00%
Bloomberg US Corporate High Yield Bond Index	10.53%	9.02%

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 2.25%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. If you invest $500 thousand or more, either as a lump sum or through the Fund’s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load). A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase, and on Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.

Performance less than 1 year is cumulative.

49 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Performance Update

October 31, 2021 (Unaudited)

Bloomberg US Aggregate Bond Index: provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of September 15, 2020. The Fund has limited operating history.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors, and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Asset Type Allocation (as a % of Net Assets) ^†

Corporate Bond	86.74%
Government Bond	3.73%
Preferred Stock	3.65%
Exchange Traded Funds	2.25%
Common Stock	1.25%
Mortgage-Backed Securities	0.79%
Collateralized Mortgage Obligations	0.23%
Cash, Cash Equivalents, & Other Net Assets	1.36%
Total	100.00%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Top Ten Holdings (as a % of Net Assets) ^†

U.S. Treasury Bond 1.75% 08/15/2041	3.21%
Invesco Senior Loan ETF	2.25%
SVB Financial Group 10Y US TI + 3.064% 12/31/2049	2.15%
Bausch Health Cos., Inc. 6.125% 04/15/2025	1.97%
Scripps Escrow II, Inc. 5.375% 01/15/2031	1.69%
Qurate Retail, Inc. 8% 03/15/2031	1.53%
Nissan Motor Co., Ltd. 4.81% 09/17/2030	1.52%
Ford Motor Co. 9% 04/22/2025	1.47%
ROBLOX Corp. 3.875% 05/01/2030	1.46%
OWL Rock Core Income Corp. 3.125% 09/23/2026	1.43%
Top Ten Holdings	18.68%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets)

Banks	11.91%
Diversified Finan Serv	9.84%
Retail	6.52%
Pipelines	5.97%
Commercial Services	4.91%
Auto Manufacturers	4.82%
Media	4.55%
Real Estate	3.89%
Sovereign	3.73%
Investment Companies	2.97%
Lodging	2.93%
Airlines	2.87%
Software	2.72%
Pharmaceuticals	2.65%
Home Builders	2.54%
Integrated Utilities	2.25%
REITS	2.25%
Aerospace/Defense	2.02%
Electric	1.93%
Oil & Gas	1.91%
Food	1.55%
Advertising	1.30%
Engineering & Construction	1.16%
Machinery-Diversified	1.12%
Other Industries (each less than 1%)	10.33%*
Cash Equivalents & Other Net Assets	1.36%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

50 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $100,000 investment

Average Annual Total Returns (as of October 31, 2021)

	1 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	24.28%	20.05%	1.03%	0.85%
Investor (NAV)	23.95%	19.74%	1.33%	1.15%
Class A (NAV)	23.96%	19.77%	1.33%	1.15%
Class A (MOP)	19.95%	16.26%	1.33%	1.15%
Class C (NAV)	22.93%	18.93%⁺	2.03%	1.85%
Class C (CDSC)	21.93%	18.93%	2.03%	1.85%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index^1,3	22.20%	17.31%
55% Russell 1000 Index TR / 45% Bloomberg U.S. Aggregate Bond Index^2,3	22.10%	17.16%
Bloomberg U.S. Aggregate Bond Index	-0.48%	-1.00%
Russell 1000^®Index TR	43.51%	33.77%
Bloomberg U.S. 1000 TR Index	43.72%	34.06%

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 3.25%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. If you invest $500 thousand or more, either as a lump sum or through the Fund’s accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load). A Contingent Deferred Sales Charge (“CDSC”) of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase, and on Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.

Performance less than 1 year is cumulative.

51 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Performance Update

October 31, 2021 (Unaudited)

Effective February 1, 2021, the Bloomberg U.S. 1000 TR Index replaced the Russell 1000 Index TR component. The Bloomberg U.S. 1000 Total Return Index is a float market-cap weighted benchmark of the 1000 most highly capitalized US companies. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

The Russell 1000 Index Total Return is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of the index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

Bloomberg U.S. Aggregate Bond Index: provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of September 15, 2020. The Fund has limited operating history.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

⁺

Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors, and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Asset Type Allocation (as a % of Net Assets) ^†

Common Stock	60.49%
Corporate Bond	14.73%
Government Bond	13.44%
Collateralized Mortgage Obligations	3.66%
Mortgage-Backed Securities	2.41%
Preferred Stock	0.33%
Commercial Mortgage-Backed Securities	0.06%
Cash, Cash Equivalents, & Other Net Assets	4.88%
Total	100.00%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Top Ten Holdings (as a % of Net Assets) ^†

Microsoft Corp.	2.85%
JPMorgan Chase & Co.	2.64%
Alphabet, Inc.	2.57%
UnitedHealth Group, Inc.	2.54%
Apple, Inc.	2.46%
U.S. Treasury Bond 1.75% 08/15/2041	2.05%
Costco Wholesale Corp.	1.66%
Amazon.com, Inc.	1.51%
Enbridge, Inc.	1.47%
Prudential Financial, Inc.	1.34%
Top Ten Holdings	21.09%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.

Industry Sector Allocation (as a % of Net Assets)

Sovereign	13.45%
Banks	8.00%
Retail	6.67%
Diversified Finan Serv	6.07%
Internet	5.55%
Software	5.53%
Mortgage Securities	5.14%
Healthcare-Services	4.81%
Semiconductors	3.53%
Healthcare-Products	3.41%
Pipelines	2.81%
Computers	2.55%
Transportation	2.28%
Pharmaceuticals	1.91%
Auto Manufacturers	1.76%
Oil&Gas	1.60%
Chemicals	1.51%
Media	1.36%
Leisure Time	1.35%
Insurance	1.34%
Electric	1.26%
Aerospace/Defense	1.26%
Machinery-Diversified	1.23%
REITS	1.21%
Commercial Services	1.07%
Other Industries (each less than 1%)	8.46%*
Cash Equivalents & Other Net Assets	4.88%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

52 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (0.37%)
Fannie Mae
Series 1992-180, Class F,
1M US L + 1.15%, 10/25/2022^(a)	$	3,477	$	3,490
Series 1992-49, Class L,
7.000%, 04/25/2022		5,003		5,045
Series 1992-52, Class FD,
1M US L + 0.02%, 09/25/2022^(a)		1,179		1,175
Series 1992-62, Class FA,
1M US L + 0.90%, 10/25/2022^(a)		8,724		8,712
Series 1992-73, Class FC,
1M US L + 0.75%, 05/25/2022^(a)		373		373
Series 1992-89, Class FB,
1M US L + 0.50%, 06/25/2022^(a)		310		310
Series 1993-184, Class M,
–%, 09/25/2023^(b)		7,315		7,232
Series 1993-189, Class FB,
10Y US TI + -0.65%, 10/25/2023^(a)		4,217		4,170
Series 1993-230, Class FA,
1M US L + 0.60%, 12/25/2023^(a)		24,251		24,184
Series 1993-255, Class E,
7.100%, 12/25/2023		29,552		31,060
Series 1993-27, Class FC,
1M US L + 0.90%, 08/25/2023^(a)		1,490		1,489
Series 1993-31, Class PN,
7.000%, 09/25/2023		61,749		64,270
Series 1993-97, Class FA,
1M US L + 1.25%, 05/25/2023^(a)		3,887		3,872
Series 1994-18, Class FA,
1M US L + 0.60%, 02/25/2024^(a)		9,332		9,360
Series 1994-22, Class F,
1M US L + 1.20%, 01/25/2024^(a)		60,091		60,557
Series 1994-3, Class FA,
1M US L + 0.65%, 03/25/2024^(a)		3,660		3,671
Series 1994-3, Class FB,
1M US L + 0.65%, 01/25/2024^(a)		21,356		21,428
Series 1994-61, Class E,
7.500%, 04/25/2024		27,445		28,868
Series 1994-75, Class K,
7.000%, 04/25/2024		17,924		18,974
Series 1994-77, Class FB,
1M US L + 1.50%, 04/25/2024^(a)		63,428		64,141
Series 1997-12, Class FA,
1M US L + 1.00%, 04/18/2027^(a)		24,148		24,475
Series 1997-49, Class F,
1M US L + 0.50%, 06/17/2027^(a)		33,447		33,579
Series 2003-39, Class PG,
5.500%, 05/25/2023		21,056		21,550
Series 2003-49, Class YC,
4.000%, 06/25/2023		11,303		11,485
Series 2004-53, Class NC,
5.500%, 07/25/2024		9,275		9,571
Series 2004-95, Class AK,
5.500%, 01/25/2025		16,140		17,001

	Principal Amount		Value (Note 2)
Series 2005-121, Class DY,
5.500%, 01/25/2026	$	16,501	$	17,438
Series 2006-22, Class CE,
4.500%, 08/25/2023		12,052		12,364
Series 2011-141, Class CA,
2.000%, 12/25/2025		1,087		1,087
Series 2011-40, Class KA,
3.500%, 03/25/2026		76,321		79,632
Series 2011-44, Class EB,
3.000%, 05/25/2026		29,399		30,473
Series 2011-61, Class B,
3.000%, 07/25/2026		49,475		51,351
Series 2011-80, Class KB,
3.500%, 08/25/2026		57,333		60,207
Series 2012-1, Class GB,
2.000%, 02/25/2022		74		74
Series 2012-22, Class ND,
2.000%, 12/25/2026		95,570		97,382
Series 2012-47, Class HA,
1.500%, 05/25/2027		66,093		66,777
				896,827
Freddie Mac
Series 1992-1242, Class C,
1M US L + 0.55%, 04/15/2022^(a)		622		622
Series 1993-1487, Class O,
1M US L + 0.75%, 03/15/2023^(a)		6,256		6,273
Series 1993-1534, Class J,
1M US L + 0.90%, 06/15/2023^(a)		9,039		9,077
Series 1993-1560, Class Z,
7.000%, 08/15/2023		10,077		10,445
Series 1993-1567, Class A,
1M US L + 0.40%, 08/15/2023^(a)		36,547		36,523
Series 1993-1584, Class L,
6.500%, 09/15/2023		16,849		17,617
Series 1993-1602, Class PJ,
6.500%, 10/15/2023		19,969		20,749
Series 1993-1611, Class Z,
6.500%, 11/15/2023		10,449		10,986
Series 1993-1628, Class LZ,
6.500%, 12/15/2023		6,317		6,625
Series 1993-1630, Class PK,
6.000%, 11/15/2023		11,699		12,227
Series 1993-1632, Class FB,
1M US L + 1.20%, 11/15/2023^(a)		14,269		14,371
Series 1993-1636, Class F,
1M US L + 0.65%, 11/15/2023^(a)		11,281		11,316
Series 1993-21, Class F,
1M US L + 0.50%, 10/25/2023^(a)		13,672		13,696
Series 1993-24, Class FJ,
1M US L + 0.50%, 11/25/2023^(a)		61,950		62,057
Series 1994-1673, Class FB,
10Y US TI + -0.50%, 02/15/2024^(a)		5,059		5,026
Series 1994-1699, Class FB,
1M US L + 1.00%, 03/15/2024^(a)		8,297		8,305

See Notes to Financial Statements.

53 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 1994-1707, Class F,
1M US L + 0.70%, 03/15/2024^(a)	$	12,366	$	12,411
Series 1994-1730, Class Z,
7.000%, 05/15/2024		28,955		30,746
Series 1994-1744, Class FD,
1M US L + 1.98%, 08/15/2024^(a)		35,057		35,716
Series 1994-32, Class PN,
7.500%, 04/25/2024		102,857		108,183
Series 1994-43, Class PH,
6.500%, 10/17/2024		38,311		40,139
Series 1996-1810, Class D,
6.000%, 02/15/2026		18,153		19,277
Series 1996-1885, Class FA,
1M US L + 0.45%, 09/15/2026^(a)		6,716		6,734
Series 1997-1983, Class Z,
6.500%, 12/15/2023		10,626		11,168
Series 2002-2528, Class KM,
5.500%, 11/15/2022		17,452		17,752
Series 2003-2595, Class GC,
5.500%, 04/15/2023		23,441		23,980
Series 2003-2634, Class PT,
5.000%, 06/15/2023		7,204		7,340
Series 2004-2877, Class AL,
5.000%, 10/15/2024		3,441		3,566
Series 2005-3005, Class ED,
5.000%, 07/15/2025		64,466		67,880
Series 2006-3104, Class DH,
5.000%, 01/15/2026		34,672		36,736
Series 2009-3575, Class EB,
4.000%, 09/15/2024		13,241		13,644
Series 2010-3661, Class B,
4.000%, 04/15/2025		31,234		32,390
Series 2010-3710, Class MG,
4.000%, 08/15/2025^(c)		23,401		25,052
Series 2010-3779, Class KJ,
2.750%, 11/15/2025		40,058		41,151
Series 2011-3822, Class VE,
4.000%, 05/15/2022		81,605		82,253
Series 2011-3829, Class BE,
3.500%, 03/15/2026		20,296		21,250
Series 2011-3845, Class FQ,
1M US L + 0.25%, 02/15/2026^(a)		3,136		3,134
Series 2011-3872, Class ND,
2.000%, 12/15/2021		0		0
Series 2011-3907, Class FM,
1M US L + 0.35%, 05/15/2026^(a)		11,732		11,738
Series 2011-3945, Class BJ,
2.000%, 03/15/2026		14,968		15,026
Series 2012-4003, Class BG,
2.000%, 10/15/2026		56,197		57,363
Series 2013-4177, Class NB,
1.500%, 03/15/2028		30,170		30,464
				1,001,008

	Principal Amount		Value (Note 2)
Ginnie Mae
Series 2010-101, Class GU,
4.000%, 08/20/2025^(c)	$	25,380	$	26,631
Series 2013-53, Class KN,
1.500%, 08/20/2025		27,165		27,488
				54,119
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,929,801)				1,951,954

	Principal Amount	Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.19%)

Fannie Mae-Aces
Series 2012-M10, Class AFL,
1M US L + 0.45%, 09/25/2022^(a)	42,140	42,146
Series 2013-M14, Class APT,
2.553%, 04/25/2023^(a)	19,471	19,822
Series 2013-M3, Class A2,
2.509%, 11/25/2022^(a)	264,793	267,924
Series 2016-M13, Class FA,
1M US L + 0.67%, 11/25/2023^(a)	17,786	17,834
Series 2016-M6, Class A1,
2.137%, 05/25/2026	87,983	89,617
		437,343
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2012-K023, Class X1,
1.203%, 08/25/2022^(a)	3,601,595	26,905
Series 2013-K026, Class X1,
0.938%, 11/25/2022^(a)	5,479,961	43,054
Series 2015-KF07, Class A,
1M US L + 0.29%, 02/25/2025^(a)	9,596	9,561
Series 2016-KF14, Class A,
1M US L + 0.65%, 01/25/2023^(a)	110,939	111,051
Series 2016-KJ08, Class A2,
2.356%, 08/25/2022	239,174	240,506
Series 2017-K725, Class A1,
2.666%, 05/25/2023	15,979	16,133
Series 2017-K728, Class A2,
3.064%, 08/25/2024^(a)	117,000	122,555
		569,765
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $991,210)		1,007,108

	Principal Amount	Value (Note 2)
MORTGAGE-BACKED SECURITIES (2.26%)

Fannie Mae Pool
Series 2009-958485,
5.500%, 03/01/2024	2,425,596	2,602,111

See Notes to Financial Statements.

54 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2011-MA0717,
3.500%, 04/01/2026	$	24,969	$	26,220
Series 2012-471513,
2.900%, 06/01/2022		625,418		628,108
Series 2012-471690,
2.790%, 07/01/2022		154,236		155,187
Series 2012-AM1076,
2.920%, 10/01/2024		234,439		234,437
Series 2013-,
2.490%, 03/01/2023		218,434		222,227
Series 2013-AM4125,
3.740%, 08/01/2023		230,000		238,913
Series 2015-AM9288,
2.930%, 07/01/2025		1,345,597		1,370,623
Series 2016-,
2.910%, 07/01/2026		36,329		38,069
3.210%, 01/01/2026		65,000		67,296
Series 2016-AL8938,
2.480%, 04/01/2022^(a)		11,033		11,042
Series 2016-AL8941,
2.819%, 01/01/2024^(a)		60,052		61,643
Series 2016-AN1413,
2.490%, 05/01/2026		143,741		150,891
Series 2017-AN5196,
2.910%, 04/01/2024		150,000		151,233
Series 2017-AN6645,
2.600%, 09/01/2024		250,000		253,776
Series 2018-AN8096,
3.020%, 06/01/2024		305,000		305,065
Series 2018-AN8203,
2.950%, 01/01/2025		2,916,503		3,002,344
Series 2018-BL0760,
3.790%, 12/01/2025		590,000		624,015
Series 2019-BL2539,
3.050%, 05/01/2024		140,124		143,415
				10,286,615
Freddie Mac Gold Pool
Series 2012-T40090,
3.000%, 05/01/2027		105,085		110,192

Freddie Mac Pool
Series 2017-WN2000,
2.700%, 08/01/2023		1,395,915		1,400,415

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $11,910,236)				11,797,222

CORPORATE BONDS (79.69%)

Aerospace & Defense (4.25%)
Boeing Co.
2.20%, 02/04/2026		5,000,000		5,010,040
Huntington Ingalls Industries, Inc.
0.67%, 08/16/2023^(d)		7,500,000		7,479,137

	Principal Amount			Value (Note 2)
Teledyne Technologies, Inc.
0.65%, 04/01/2023	$	3,000,000	$		2,993,579
0.95%, 04/01/2024		3,000,000			2,998,524
TransDigm, Inc.
8.00%, 12/15/2025^(d)		3,500,000			3,727,500
Total Aerospace & Defense					22,208,780
Airlines (0.55%)
Delta Air Lines, Inc.
7.00%, 05/01/2025^(d)		2,000,000			2,334,466
Southwest Airlines Co.
4.75%, 05/04/2023		500,000			529,288
Total Airlines					2,863,754
Apparel & Textile Products (0.84%)
Hanesbrands, Inc.
5.38%, 05/15/2025^(d)		3,300,000			3,436,125
Ralph Lauren Corp.
1.70%, 06/15/2022		925,000			932,794
Total Apparel & Textile Products					4,368,919
Automobiles Manufacturing (6.33%)
American Honda Finance Corp.
0.65%, 09/08/2023		1,500,000			1,500,831
Ford Motor Co.
8.50%, 04/21/2023		2,695,000			2,958,436
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		465,000			478,369
3M US L + 1.27%, 03/28/2022^(a)		1,090,000			1,090,843
General Motors Co.
5.40%, 10/02/2023		2,250,000			2,435,651
General Motors Financial Co., Inc.
1.05%, 03/08/2024		3,750,000			3,742,973
5.10%, 01/17/2024		1,200,000			1,296,732
Hyundai Capital America
0.88%, 06/14/2024^(d)		4,000,000			3,956,704
Kia Corp.
1.00%, 04/16/2024^(d)		2,850,000			2,839,957
Nissan Motor Acceptance Co. LLC
1.05%, 03/08/2024^(d)		2,000,000			1,987,334
1.13%, 09/16/2024^(d)		1,000,000			992,420
1.85%, 09/16/2026^(d)		1,000,000			976,495
Nissan Motor Co., Ltd.
3.04%, 09/15/2023^(d)		4,685,000			4,847,112
Volkswagen Group of America Finance LLC
0.75%, 11/23/2022^(d)		1,500,000			1,501,382
0.88%, 11/22/2023^(d)		2,500,000			2,499,354
Total Automobiles Manufacturing					33,104,593

Banks (5.01%)
CIT Group, Inc.
1D US SOFR + 3.83%,
06/19/2024^(a)		3,855,000			4,008,872
Citizens Financial Group, Inc.
4.15%, 09/28/2022^(d)		400,000			412,045
Cooperatieve Rabobank UA
3.95%, 11/09/2022		2,686,000			2,776,643

See Notes to Financial Statements.

55 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Danske Bank A/S
5.00%, 01/12/2022^(d)	$	950,000	$	958,076
5.38%, 01/12/2024^(d)		250,000		272,383
1Y US TI + 1.03%, 12/08/2023^(a)(d)		1,000,000		1,003,092
Discover Bank
3.35%, 02/06/2023		2,110,000		2,176,203
First Horizon Corp.
3.55%, 05/26/2023		500,000		519,205
FNB Corp.
2.20%, 02/24/2023		200,000		202,355
Lloyds Banking Group PLC
1Y US TI + 0.55%, 05/11/2024^(a)		2,000,000		1,998,084
National Bank of Canada
1Y US TI + 0.40%, 11/15/2024^(a)		3,000,000		2,981,054
NatWest Markets PLC
0.80%, 08/12/2024^(d)		1,000,000		990,572
Synchrony Bank
3.00%, 06/15/2022		2,770,000		2,805,822
Synovus Bank/Columbus GA
1D US SOFR + 0.95%,
02/10/2023^(a)		2,750,000		2,759,685
Truist Financial Corp.
1D US SOFR + 0.40%,
06/09/2025^(a)		2,000,000		2,002,874
Wells Fargo & Co.
4.13%, 08/15/2023		300,000		317,487
Total Banks				26,184,452
Biotechnology (0.19%)
Roche Holdings, Inc.
1D US SOFR + 0.24%,
03/05/2024^(a)(d)		1,000,000		1,003,050

Cable & Satellite (0.69%)
Charter Communications Operating LLC / Charter Communications Operating Capital
3M US L + 1.65%, 02/01/2024^(a)		3,530,000		3,618,941

Casinos & Gaming (0.23%)
MGM Resorts International
7.75%, 03/15/2022		1,186,000		1,214,168

Chemicals (1.04%)
Avient Corp.
5.75%, 05/15/2025^(d)		3,300,000		3,452,625
International Flavors & Fragrances, Inc.
0.70%, 09/15/2022^(d)		1,500,000		1,501,590
Westlake Chemical Corp.
0.88%, 08/15/2024		500,000		500,032
Total Chemicals				5,454,247

	Principal Amount		Value (Note 2)
Commercial Finance (3.29%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.65%, 10/29/2024	$	3,000,000	$	3,007,578
6.50%, 07/15/2025		3,500,000		4,056,462
1D US SOFR + 0.68%,
09/29/2023^(a)		2,000,000		2,004,037
Series 3NC1
1.75%, 10/29/2024		5,000,000		5,005,512
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(d)		2,343,000		2,301,696
3.63%, 05/01/2022^(d)		730,000		738,146
Park Aerospace Holdings, Ltd.
4.50%, 03/15/2023^(d)		100,000		104,186
Total Commercial Finance				17,217,617

Construction Materials Manufacturing (1.45%)
Carlisle Cos., Inc.
0.55%, 09/01/2023		1,000,000		996,727
Martin Marietta Materials, Inc.
0.65%, 07/15/2023		6,540,000		6,541,510
Total Construction Materials Manufacturing				7,538,237

Consumer Finance (3.67%)
Ally Financial, Inc.
1.45%, 10/02/2023		4,730,000		4,777,926
Capital One Bank USA NA
1D US SOFR + 0.616%,
01/27/2023^(a)		300,000		301,069
Capital One Financial Corp.
2.60%, 05/11/2023		400,000		411,281
Fidelity National Information Services, Inc.
0.38%, 03/01/2023		2,000,000		1,994,357
0.60%, 03/01/2024		2,000,000		1,983,181
OneMain Finance Corp.
6.13%, 05/15/2022		2,000,000		2,047,500
8.88%, 06/01/2025		3,802,000		4,115,665
PayPal Holdings, Inc.
1.35%, 06/01/2023		1,000,000		1,013,075
Square, Inc.
2.75%, 06/01/2026^(d)		2,500,000		2,530,611
Total Consumer Finance				19,174,665
Consumer Products (0.09%)
Unilever Capital Corp.
0.63%, 08/12/2024		500,000		495,610

Department Stores (0.97%)
Nordstrom, Inc. Series WI
2.30%, 04/08/2024		5,000,000		5,030,750

See Notes to Financial Statements.

56 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Design, Manufacturing & Distribution (0.57%)
SYNNEX Corp.
1.25%, 08/09/2024^(d)	$	3,000,000	$	2,992,118

Diversified Banks (7.34%)
Banco Santander SA
1Y US TI + 0.45%, 06/30/2024^(a)		1,000,000		997,373
Bank of America Corp.
1D US SOFR + 0.69%,
04/22/2025^(a)		4,000,000		4,031,921
3M BSBY + 0.43%, 05/28/2024^(a)		3,000,000		3,008,280
3M US L + 1.021%, 04/24/2023^(a)		1,550,000		1,566,854
Barclays PLC
1Y US TI + 0.80%, 12/10/2024^(a)		3,000,000		3,001,564
Citigroup, Inc.
4.30%, 11/20/2026		3,268,000		3,628,170
1D US SOFR + 0.669%,
05/01/2025^(a)		3,000,000		2,987,575
HSBC Holdings PLC
1D US SOFR + 0.534%,
08/17/2024^(a)		2,000,000		1,992,300
1D US SOFR + 0.7075%,
05/24/2025^(a)		4,000,000		3,968,040
JPMorgan Chase & Co.
1D US SOFR + 0.535%,
06/01/2025^(a)		2,000,000		2,009,312
1D US SOFR + 0.60%,
09/16/2024^(a)		2,500,000		2,494,638
1D US SOFR + 1.46%,
06/01/2024^(a)		1,500,000		1,519,243
Series FRN
1D US SOFR + 0.58%,
06/23/2025^(a)		2,000,000		2,009,101
Mizuho Financial Group, Inc.
0.87% - 1D US SOFR,
09/08/2024^(a)		1,000,000		1,000,044
1.25% - 1D US SOFR,
07/10/2024^(a)		1,000,000		1,006,984
NatWest Group PLC
6.10%, 06/10/2023		200,000		215,745
1Y US TI + 2.15%, 05/22/2024^(a)		1,000,000		1,023,171
Sumitomo Mitsui Financial Group, Inc.
1.40%, 09/17/2026		2,000,000		1,963,521
Total Diversified Banks				38,423,836
Electrical Equipment Manufacturing (0.21%)
Otis Worldwide Corp.
3M US L + 0.45%, 04/05/2023^(a)		100,000		100,008
Siemens Financieringsmaatschappij NV
0.40%, 03/11/2023^(d)		1,000,000		1,000,225
Total Electrical Equipment Manufacturing				1,100,233

	Principal Amount		Value (Note 2)
Entertainment Content (0.05%)
Fox Corp.
3.67%, 01/25/2022	$	250,000	$	251,933

Exploration & Production (0.86%)
Diamondback Energy, Inc.
0.90%, 03/24/2023		3,516,000		3,515,999
Pioneer Natural Resources Co.
0.55%, 05/15/2023		1,000,000		997,229
Total Exploration & Production				4,513,228
Financial Services (9.15%)
Ameriprise Financial, Inc.
3.00%, 03/22/2022		250,000		252,578
Bank of New York Mellon Corp. Series J
1D US SOFR + 0.20%,
10/25/2024^(a)		5,000,000		4,997,304
Credit Suisse Group AG
3.57%, 01/09/2023^(d)		4,038,000		4,060,327
1D US SOFR + 2.044%,
06/05/2026^(a)(d)		4,000,000		4,049,831
Goldman Sachs Group, Inc.
0.52%, 03/08/2023		2,000,000		1,997,031
1D US SOFR + 0.49%,
10/21/2024^(a)		3,000,000		3,000,962
1D US SOFR + 0.50%,
09/10/2024^(a)		2,500,000		2,504,418
3M US L + 1.053%, 06/05/2023^(a)		800,000		810,617
Series VAR
1D US SOFR + 0.538%,
11/17/2023^(a)		1,865,000		1,863,367
Series FXD
0.48%, 01/27/2023		3,000,000		2,992,813
Intercontinental Exchange, Inc.
0.70%, 06/15/2023		1,350,000		1,351,531
Morgan Stanley
4.88%, 11/01/2022		500,000		521,278
1D US SOFR + 0.525%,
05/30/2025^(a)		3,000,000		2,968,600
1D US SOFR + 0.616%,
04/05/2024^(a)		2,000,000		1,998,380
Series GMTN
1D US SOFR + 0.509%,
01/22/2025^(a)		5,000,000		4,972,187
Nasdaq, Inc.
0.45%, 12/21/2022		2,000,000		1,998,045
National Securities Clearing Corp.
0.40%, 12/07/2023^(d)		1,980,000		1,970,581
TD Ameritrade Holding Corp.
3M US L + 0.43%, 11/01/2021^(a)		200,000		200,000
UBS AG/London
1.75%, 04/21/2022^(d)		700,000		703,661
1D US SOFR + 0.32%,
06/01/2023^(a)(d)		1,000,000		1,003,185

See Notes to Financial Statements.

57 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
UBS Group AG
1Y US TI + 0.83%, 07/30/2024^(a)(d)	$	1,000,000	$	1,001,539
USAA Capital Corp.
0.50%, 05/01/2024^(d)		2,000,000		1,985,393
1.50%, 05/01/2023^(d)		500,000		507,617
Total Financial Services				47,711,245

Food & Beverage (1.48%)
Conagra Brands, Inc.
0.50%, 08/11/2023		2,000,000		1,992,068
Hormel Foods Corp.
0.65%, 06/03/2024		2,000,000		1,994,043
JDE Peet's NV
0.80%, 09/24/2024^(d)		1,000,000		988,986
Keurig Dr Pepper, Inc.
0.75%, 03/15/2024		1,000,000		995,644
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(d)		1,723,000		1,767,195
Total Food & Beverage				7,737,936
Forest & Paper Products Manufacturing (0.33%)
Georgia-Pacific LLC
0.63%, 05/15/2024^(d)		1,750,000		1,738,748

Hardware (0.19%)
Dell International LLC / EMC Corp.
7.13%, 06/15/2024		1,000,000		1,017,900

Health Care Facilities & Services (3.15%)
AmerisourceBergen Corp.
0.74%, 03/15/2023		2,000,000		2,001,301
Cigna Corp.
0.61%, 03/15/2024		2,000,000		1,987,773
HCA, Inc.
4.75%, 05/01/2023		2,387,000		2,523,762
5.00%, 03/15/2024		500,000		544,291
Series 1
5.88%, 05/01/2023		1,000,000		1,070,000
Jaguar Holding Co. II / PPD Development LP
4.63%, 06/15/2025^(d)		5,170,000		5,376,800
PRA Health Sciences, Inc.
2.88%, 07/15/2026^(d)		2,950,000		2,972,214
Total Health Care Facilities & Services				16,476,141
Homebuilders (0.35%)
Forestar Group, Inc.
3.85%, 05/15/2026^(d)		1,835,000		1,837,285

Industrial Other (0.66%)
Element Fleet Management Corp.
1.60%, 04/06/2024^(d)		1,470,000		1,480,460
Quanta Services, Inc.
0.95%, 10/01/2024		2,000,000		1,984,489
Total Industrial Other				3,464,949

	Principal Amount		Value (Note 2)
Leisure Products Manufacturing (0.77%)
Brunswick Corp.
0.85%, 08/18/2024	$	2,000,000	$	1,981,882
Mattel, Inc.
3.15%, 03/15/2023		2,000,000		2,050,700
Total Leisure Products Manufacturing				4,032,582
Life Insurance (0.19%)
Security Benefit Global Funding
1.25%, 05/17/2024^(d)		1,000,000		1,000,792

Managed Care (0.77%)
Anthem, Inc.
0.45%, 03/15/2023		1,000,000		998,448
Humana, Inc.
0.65%, 08/03/2023		2,000,000		1,998,762
UnitedHealth Group, Inc.
0.55%, 05/15/2024		1,000,000		993,124
Total Managed Care				3,990,334
Medical Equipment & Devices Manufacturing (2.10%)
Illumina, Inc.
0.55%, 03/23/2023		2,000,000		1,994,778
PerkinElmer, Inc.
0.55%, 09/15/2023		2,000,000		1,994,612
Thermo Fisher Scientific, Inc.
0.80%, 10/18/2023		5,000,000		5,002,860
1D US SOFR + 0.53%,
10/18/2024^(a)		2,000,000		2,003,371
Total Medical Equipment & Devices Manufacturing				10,995,621
Metals & Mining (1.10%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		5,592,000		5,762,503

Pharmaceuticals (2.41%)
AbbVie, Inc.
2.15%, 11/19/2021		500,000		500,435
2.30%, 11/21/2022		1,286,000		1,308,647
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(d)		5,056,000		5,155,957
Viatris, Inc.
1.13%, 06/22/2022^(d)		5,635,000		5,655,455
Total Pharmaceuticals				12,620,494

Pipeline (4.15%)
Buckeye Partners LP
4.15%, 07/01/2023		2,897,000		3,001,002
4.35%, 10/15/2024		750,000		785,453
Energy Transfer LP
3.45%, 01/15/2023		1,500,000		1,535,347
4.50%, 04/15/2024		900,000		966,277
5.20%, 02/01/2022		1,524,000		1,524,000
Energy Transfer LP / Regency Energy Finance Corp.
5.88%, 03/01/2022		1,390,000		1,395,973

See Notes to Financial Statements.

58 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Gray Oak Pipeline LLC
2.00%, 09/15/2023^(d)	$	1,749,000	$	1,777,784
Midwest Connector Capital Co. LLC
3.63%, 04/01/2022^(d)		6,228,000		6,291,254
3.90%, 04/01/2024^(d)		775,000		807,640
TransCanada PipeLines, Ltd.
1.00%, 10/12/2024		1,500,000		1,494,420
Western Midstream Operating LP
4.35%, 02/01/2025		250,000		262,188
3M US L + 2.10%, 01/13/2023^(a)		1,849,000		1,835,458
Total Pipeline				21,676,796
Power Generation (0.75%)
Alexander Funding Trust
1.84%, 11/15/2023^(d)		3,369,000		3,423,781
NRG Energy, Inc.
2.00%, 12/02/2025^(d)		500,000		505,922
Total Power Generation				3,929,703
Publishing & Broadcasting (0.30%)
Nexstar Media, Inc.
5.63%, 07/15/2027^(d)		1,500,000		1,584,375

Real Estate (0.63%)
GLP Capital LP / GLP Financing II, Inc.
5.38%, 11/01/2023		1,220,000		1,310,738
Public Storage
1D US SOFR + 0.47%,
04/23/2024^(a)		2,000,000		2,001,804
Total Real Estate				3,312,542
Refining & Marketing (0.95%)
HollyFrontier Corp.
2.63%, 10/01/2023		3,009,000		3,096,606
Phillips 66
3M US L + 0.62%, 02/15/2024^(a)		1,865,000		1,865,427
Total Refining & Marketing				4,962,033
Restaurants (0.25%)
Yum! Brands, Inc.
7.75%, 04/01/2025^(d)		1,250,000		1,330,875

Retail - Consumer Discretionary (0.25%)
QVC, Inc.
4.38%, 03/15/2023		1,250,000		1,298,438

Semiconductors (1.85%)
Analog Devices, Inc.
1D US SOFR + 0.25%,
10/01/2024^(a)		2,000,000		2,002,916
Marvell Technology, Inc.
4.20%, 06/22/2023^(d)		2,000,000		2,100,951
Microchip Technology, Inc.
0.97%, 02/15/2024^(d)		1,000,000		994,243
Skyworks Solutions, Inc.
0.90%, 06/01/2023		2,000,000		2,000,583

	Principal Amount		Value (Note 2)
TSMC Arizona Corp.
1.75%, 10/25/2026	$	2,550,000	$	2,565,287
Total Semiconductors				9,663,980
Software & Services (1.46%)
Intuit, Inc.
0.65%, 07/15/2023		1,000,000		1,001,354
Nielsen Co. Luxembourg SARL
5.00%, 02/01/2025^(d)		2,185,000		2,227,334
Roper Technologies, Inc.
0.45%, 08/15/2022		1,365,000		1,365,286
salesforce.com, Inc.
0.63%, 07/15/2024		1,000,000		998,405
VMware, Inc.
0.60%, 08/15/2023		2,000,000		1,997,015
Total Software & Services				7,589,394
Supermarkets & Pharmacies (0.88%)
7-Eleven, Inc.
0.63%, 02/10/2023^(d)		500,000		499,325
0.80%, 02/10/2024^(d)		3,350,000		3,327,736
3M US L + 0.45%, 08/10/2022^(a)(d)		750,000		750,160
Total Supermarkets & Pharmacies				4,577,221
Transportation & Logistics (0.38%)
PACCAR Financial Corp.
0.35%, 08/11/2023		1,000,000		996,091
0.80%, 06/08/2023		1,000,000		1,002,962
Total Transportation & Logistics				1,999,053
Utilities (4.95%)
Atmos Energy Corp.
3M US L + 0.38%, 03/09/2023^(a)		1,795,000		1,795,358
Black Hills Corp.
1.04%, 08/23/2024		3,000,000		2,993,666
CenterPoint Energy Resources Corp.
0.70%, 03/02/2023		500,000		498,778
Duke Energy Progress LLC
Series A
3M US L + 0.18%, 02/18/2022^(a)		500,000		499,964
Exelon Corp.
3.50%, 06/01/2022		435,000		441,224
NextEra Energy Capital Holdings, Inc.
0.65%, 03/01/2023		5,000,000		5,007,391
ONE Gas, Inc.
0.85%, 03/11/2023		3,000,000		3,000,829
1.10%, 03/11/2024		1,000,000		996,270
Pacific Gas and Electric Co.
1.37%, 03/10/2023		1,000,000		996,974
3M US L + 1.38%, 11/15/2021^(a)		4,635,000		4,635,469
Southern California Edison Co.
Series J
0.70%, 08/01/2023		2,000,000		1,995,916
WEC Energy Group, Inc.
0.80%, 03/15/2024		3,000,000		2,990,327
Total Utilities				25,852,166

See Notes to Financial Statements.

59 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Waste & Environment Services & Equipment (0.40%)
GFL Environmental, Inc.
5.13%, 12/15/2026^(d)	$	1,991,000	$	2,083,084

Wireless Telecommunications Services (0.86%)
AT&T, Inc.
0.90%, 03/25/2024		2,000,000		2,000,395
Sprint Corp.
7.88%, 09/15/2023		2,239,000		2,485,290
Total Wireless Telecommunications Services				4,485,685
Wireline Telecommunications Services (1.35%)
Lumen Technologies, Inc.
Series T
5.80%, 03/15/2022		5,000,000		5,063,149
NTT Finance Corp.
0.37%, 03/03/2023^(d)		2,000,000		1,998,250
Total Wireline Telecommunications Services				7,061,399
TOTAL CORPORATE BONDS
(Cost $416,050,081)				416,552,405

GOVERNMENT BONDS (15.87%)

U.S. Treasury Bonds (15.87%)
United States Treasury Notes
0.13%, 03/31/2023		6,206,000		6,189,637
0.13%, 05/31/2023		9,473,000		9,437,291
0.13%, 06/30/2023		9,534,000		9,493,592
0.13%, 07/31/2023		9,747,000		9,697,504
0.13%, 08/31/2023		16,874,000		16,778,424
0.25%, 06/15/2023		11,214,000		11,191,441
0.25%, 09/30/2023		15,000,000		14,940,234
0.63%, 10/15/2024		5,200,000		5,180,500
Total U.S. Treasury Bonds				82,908,623

TOTAL GOVERNMENT BONDS
(Cost $83,130,260)				82,908,623

MUNICIPAL BONDS (0.18%)

City & County of San Francisco CA
1.55%, 06/15/2022		150,000		151,118
New York State Dormitory Authority
0.17%, 03/15/2022		510,000		509,995
2.81%, 02/15/2022		150,000		151,128
New York State Urban Development Corp.
2.10%, 03/15/2022		150,000		151,052
Total General Government				963,293

TOTAL MUNICIPAL BONDS
(Cost $962,235)				963,293

7-Day
Yield

Value
(Note 2)

SHORT TERM INVESTMENTS (0.11%)

Money Market Fund (0.11%)
Morgan Stanley
Institutional Liquidity Funds - Government Portfolio	0.030	%	594,676	$	594,676

TOTAL SHORT TERM INVESTMENTS
(Cost $594,676)					594,676

TOTAL INVESTMENTS (98.67%)
(Cost $515,568,499)				$	515,775,281

Other Assets In Excess Of Liabilities (1.33%)					6,973,631

NET ASSETS (100.00%)				$	522,748,912

Investment Abbreviations:

BSBY - Bloomberg Short-Term Bank Yield

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

Reference Rates:

1M US L - 1 Month LIBOR as of October 31, 2021 was 0.09%

3M US L - 3 Month LIBOR as of October 31, 2021 was 0.13%

1D US SOFR - 1 Day SOFR as of October 31, 2021 was 0.05%

3M BSBY - 3 Month BSBY as of October 31, 2021 was 0.16%

1Y US TI - 1 Year US Treasury Bill as of October 31, 2021 was 0.15%

10Y US TI - 10 Year US Treasury Index as of October 31, 2021 was 1.55%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(b)

Issued with zero coupon.

^(c)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2021.

^(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2021, the aggregate market value of those securities was $128,797,141, representing 24.64% of net assets.

See Notes to Financial Statements.

60 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (7.15%)
Fannie Mae
Series 1993-31, Class PN,
7.000%, 09/25/2023	$	123,498	$	128,539
Series 1997-22, Class F,
0.636%, 03/25/2027^(a)		10,232		10,241
Series 1997-76, Class FO,
1M US L + 0.50%,
09/17/2027^(a)		19,368		19,430
Series 1999-58, Class F,
1M US L + 0.40%,
11/18/2029^(a)		55,502		55,668
Series 2000-40, Class FA,
1M US L + 0.50%,
07/25/2030^(a)		19,199		19,092
Series 2000-45, Class F,
1M US L + 0.45%,
12/25/2030^(a)		21,830		21,931
Series 2001-27, Class F,
1M US L + 0.50%,
06/25/2031^(a)		15,342		15,416
Series 2001-29, Class Z,
6.500%, 07/25/2031		57,275		65,230
Series 2001-51, Class OD,
6.500%, 10/25/2031		38,618		40,723
Series 2001-52, Class XZ,
6.500%, 10/25/2031		33,743		39,088
Series 2001-59, Class F,
1M US L + 0.60%,
11/25/2031^(a)		124,247		125,725
Series 2001-60, Class OF,
1M US L + 0.95%,
10/25/2031^(a)		15,667		16,042
Series 2001-63, Class FD,
1M US L + 0.60%,
12/18/2031^(a)		17,529		17,667
Series 2001-63, Class TC,
6.000%, 12/25/2031		25,108		28,544
Series 2001-68, Class PH,
6.000%, 12/25/2031		21,614		24,521
Series 2001-71, Class FE,
1M US L + 0.65%,
11/25/2031^(a)		86,828		87,928
Series 2001-71, Class FS,
1M US L + 0.60%,
11/25/2031^(a)		71,008		70,308
Series 2001-81, Class GE,
6.000%, 01/25/2032		17,851		20,341
Series 2002-11, Class JF,
1M US L + 0.73%,
03/25/2032^(a)		55,518		56,377
Series 2002-12, Class FH,
1M US L + 1.05%,
01/25/2032^(a)		61,937		63,415

	Principal Amount		Value (Note 2)
Series 2002-13, Class FE,
1M US L + 0.90%,
03/25/2032^(a)	$	64,900	$	65,983
Series 2002-16, Class TM,
7.000%, 04/25/2032		14,899		17,305
Series 2002-17, Class JF,
1M US L + 1.00%,
04/25/2032^(a)		33,688		34,463
Series 2002-18, Class FD,
1M US L + 0.80%,
02/25/2032^(a)		58,188		59,280
Series 2002-23, Class FA,
1M US L + 0.90%,
04/25/2032^(a)		52,144		53,391
Series 2002-34, Class EO,
–%, 05/18/2032^(b)		60,913		58,955
Series 2002-36, Class FS,
1M US L + 0.50%,
06/25/2032^(a)		45,338		45,493
Series 2002-44, Class FJ,
1M US L + 1.00%,
04/25/2032^(a)		92,026		94,158
Series 2002-47, Class FC,
1M US L + 0.60%,
11/25/2031^(a)		16,960		17,126
Series 2002-48, Class F,
1M US L + 1.00%,
07/25/2032^(a)		57,184		58,520
Series 2002-49, Class FC,
1M US L + 1.00%,
11/18/2031^(a)		35,130		35,958
Series 2002-60, Class FV,
1M US L + 1.00%,
04/25/2032^(a)		125,047		127,956
Series 2002-63, Class EZ,
6.000%, 10/25/2032		10,798		12,551
Series 2002-68, Class AF,
1M US L + 1.00%,
10/25/2032^(a)		25,194		25,782
Series 2002-7, Class FC,
1M US L + 0.75%,
01/25/2032^(a)		72,227		73,443
Series 2002-71, Class AQ,
4.000%, 11/25/2032		61,853		65,886
Series 2002-8, Class FA,
1M US L + 0.75%,
03/18/2032^(a)		21,210		21,628
Series 2002-80, Class CZ,
4.500%, 09/25/2032		93,905		107,736
Series 2002-9, Class FW,
1M US L + 0.55%,
03/25/2032^(a)		17,627		17,590
Series 2002-91, Class F,
1M US L + 0.55%,
01/25/2033^(a)		26,178		26,414

See Notes to Financial Statements.

61 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2003-107, Class FD,
1M US L + 0.50%,
11/25/2033^(a)	$	16,539	$	16,677
Series 2003-110, Class CK,
3.000%, 11/25/2033		31,436		32,898
Series 2003-116, Class FA,
1M US L + 0.40%,
11/25/2033^(a)		36,403		36,602
Series 2003-119, Class FH,
1M US L + 0.50%,
12/25/2033^(a)		43,817		43,974
Series 2003-119, Class ZP,
4.000%, 12/25/2033		61,355		65,708
Series 2003-128, Class MF,
1M US L + 0.60%,
01/25/2034^(a)		72,220		73,290
Series 2003-131, Class CH,
5.500%, 01/25/2034		100,600		113,453
Series 2003-134, Class FC,
1M US L + 0.60%,
12/25/2032^(a)		38,572		39,221
Series 2003-14, Class AP,
4.000%, 03/25/2033		127,242		132,086
Series 2003-14, Class AN,
3.500%, 03/25/2033		84,828		88,072
Series 2003-19, Class MB,
4.000%, 05/25/2031		48,224		52,185
Series 2003-21, Class OG,
4.000%, 01/25/2033		42,782		45,383
Series 2003-22, Class BZ,
6.000%, 04/25/2033		27,337		31,011
Series 2003-27, Class EK,
5.000%, 04/25/2033		35,384		40,117
Series 2003-30, Class JQ,
5.500%, 04/25/2033		36,188		40,687
Series 2003-32, Class UJ,
5.500%, 05/25/2033		52,062		58,073
Series 2003-41, Class OZ,
3.750%, 05/25/2033		124,940		132,970
Series 2003-42, Class JH,
5.500%, 05/25/2033		99,562		110,142
Series 2003-46, Class PJ,
5.500%, 06/25/2033		42,770		48,470
Series 2003-47, Class PE,
5.750%, 06/25/2033		52,552		59,371
Series 2003-64, Class ZC,
5.000%, 07/25/2033		38,364		42,811
Series 2003-64, Class JK,
3.500%, 07/25/2033		61,040		65,759
Series 2003-71, Class HD,
5.500%, 08/25/2033		202,532		225,136
Series 2003-76, Class EZ,
5.000%, 08/25/2033		177,317		197,786
Series 2003-94, Class CE,
5.000%, 10/25/2033		14,868		15,966

	Principal Amount		Value (Note 2)
Series 2004-101, Class TB,
5.500%, 01/25/2035	$	149,676	$	169,691
Series 2004-14, Class QB,
5.250%, 03/25/2034		192,000		217,232
Series 2004-17, Class BA,
6.000%, 04/25/2034		118,388		146,127
Series 2004-17, Class DZ,
5.500%, 04/25/2034		32,284		35,502
Series 2004-26, Class CG,
4.500%, 08/25/2033		12,878		13,245
Series 2004-36, Class CB,
5.000%, 05/25/2034		137,422		152,076
Series 2004-36, Class FA,
1M US L + 0.40%,
05/25/2034^(a)		36,765		36,968
Series 2004-53, Class FC,
1M US L + 0.45%,
07/25/2034^(a)		240,015		241,527
Series 2004-54, Class FL,
1M US L + 0.40%,
07/25/2034^(a)		170,148		171,619
Series 2004-60, Class AC,
5.500%, 04/25/2034		108,000		119,677
Series 2004-68, Class LC,
5.000%, 09/25/2029		51,676		57,000
Series 2004-77, Class AY,
4.500%, 10/25/2034		22,682		24,986
Series 2004-82, Class HK,
5.500%, 11/25/2034		64,347		73,666
Series 2004-92, Class TB,
5.500%, 12/25/2034		106,380		120,921
Series 2005-110, Class MP,
5.500%, 12/25/2035		29,560		32,804
Series 2005-120, Class FE,
1M US L + 0.52%,
01/25/2036^(a)		30,147		30,642
Series 2005-122, Class PY,
6.000%, 01/25/2036		324,000		373,653
Series 2005-17, Class EX,
5.250%, 03/25/2035		25,000		28,401
Series 2005-17, Class EZ,
4.500%, 03/25/2035		147,982		155,237
Series 2005-29, Class ZA,
5.500%, 04/25/2035		82,115		93,533
Series 2005-3, Class CH,
5.250%, 02/25/2035		94,255		106,222
Series 2005-35, Class DZ,
5.000%, 04/25/2035		180,727		201,799
Series 2005-48, Class TD,
5.500%, 06/25/2035		154,642		176,013
Series 2005-59, Class DF,
1M US L + 0.20%,
05/25/2035^(a)		2,864		2,869
Series 2005-62, Class JE,
5.000%, 06/25/2035		53,329		54,594

See Notes to Financial Statements.

62 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2005-62, Class ZD,
5.000%, 06/25/2035	$	112,955	$	118,391
Series 2005-62, Class GZ,
5.750%, 07/25/2035		495,946		575,975
Series 2005-62, Class JC,
5.000%, 05/25/2035		5,804		5,933
Series 2005-64, Class PL,
5.500%, 07/25/2035		115,091		128,582
Series 2005-68, Class PG,
5.500%, 08/25/2035		40,698		45,865
Series 2005-68, Class BE,
5.250%, 08/25/2035		97,000		108,619
Series 2005-68, Class CZ,
5.500%, 08/25/2035		414,479		465,761
Series 2005-69, Class GZ,
4.500%, 08/25/2035		52,864		55,185
Series 2005-7, Class MZ,
4.750%, 02/25/2035		77,887		82,800
Series 2005-70, Class KP,
5.000%, 06/25/2035		65,703		74,359
Series 2005-70, Class NA,
5.500%, 08/25/2035		17,341		19,520
Series 2005-72, Class FB,
1M US L + 0.25%,
08/25/2035^(a)		22,141		22,090
Series 2005-79, Class DB,
5.500%, 09/25/2035		96,978		108,046
Series 2005-83, Class QP,
17.394% - 1M US L,
11/25/2034^(a)		248,499		280,895
Series 2005-84, Class XM,
5.750%, 10/25/2035		71,183		79,693
Series 2005-89, Class F,
1M US L + 0.30%,
10/25/2035^(a)		28,295		28,515
Series 2005-99, Class FA,
1M US L + 0.30%,
11/25/2035^(a)		42,193		42,301
Series 2005-99, Class ZA,
5.500%, 12/25/2035		107,779		138,152
Series 2006-112, Class QC,
5.500%, 11/25/2036		26,765		30,807
Series 2006-114, Class HE,
5.500%, 12/25/2036		118,874		136,592
Series 2006-115, Class EF,
1M US L + 0.36%,
12/25/2036^(a)		20,977		21,173
Series 2006-16, Class HZ,
5.500%, 03/25/2036		445,421		504,555
Series 2006-39, Class EF,
1M US L + 0.40%,
05/25/2036^(a)		20,586		20,733
Series 2006-46, Class UD,
5.500%, 06/25/2036		33,000		38,965

	Principal Amount		Value (Note 2)
Series 2006-48, Class TF,
1M US L + 0.40%,
06/25/2036^(a)	$	46,790	$	47,268
Series 2006-48, Class DZ,
6.000%, 06/25/2036		80,514		114,790
Series 2006-56, Class F,
1M US L + 0.30%,
07/25/2036^(a)		16,559		16,636
Series 2006-63, Class QH,
5.500%, 07/25/2036		39,398		44,362
Series 2006-71, Class ZH,
6.000%, 07/25/2036		55,716		64,815
Series 2006-95, Class FH,
1M US L + 0.45%,
10/25/2036^(a)		37,668		38,166
Series 2007-100, Class YF,
1M US L + 0.55%,
10/25/2037^(a)		21,186		21,606
Series 2007-109, Class GF,
1M US L + 0.68%,
12/25/2037^(a)		63,883		65,473
Series 2007-111, Class FC,
1M US L + 0.60%,
12/25/2037^(a)		43,873		44,605
Series 2007-117, Class FM,
1M US L + 0.70%,
01/25/2038^(a)		64,909		66,587
Series 2007-12, Class ZA,
6.000%, 03/25/2037		145,942		177,095
Series 2007-14, Class GZ,
5.500%, 03/25/2037		314,827		360,049
Series 2007-30, Class MB,
4.250%, 04/25/2037		84,666		89,318
Series 2007-33, Class HE,
5.500%, 04/25/2037		53,656		61,303
Series 2007-34, Class F,
1M US L + 0.39%,
04/25/2037^(a)		34,494		34,847
Series 2007-41, Class FA,
1M US L + 0.40%,
05/25/2037^(a)		25,965		26,196
Series 2007-5, Class PD,
02/25/2037		344,206		355,431
Series 2007-51, Class PB,
5.500%, 06/25/2037		32,000		35,556
Series 2007-51, Class CP,
5.500%, 06/25/2037		36,808		41,802
Series 2007-55, Class PH,
6.000%, 06/25/2047		496,107		584,657
Series 2007-57, Class FA,
1M US L + 0.23%,
06/25/2037^(a)		32,044		32,127
Series 2007-6, Class FC,
1M US L + 0.42%,
02/25/2037^(a)		48,663		49,138

See Notes to Financial Statements.

63 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2007-63, Class FC,
1M US L + 0.35%,
07/25/2037^(a)	$	28,326	$	28,517
Series 2007-65, Class KF,
1M US L + 0.38%,
07/25/2037^(a)		53,580		54,126
Series 2007-65, Class ZE,
5.500%, 07/25/2037		175,873		195,040
Series 2007-70, Class FA,
1M US L + 0.35%,
07/25/2037^(a)		35,781		36,011
Series 2007-77, Class JE,
6.000%, 08/25/2037		477,224		535,090
Series 2007-85, Class FC,
1M US L + 0.54%,
09/25/2037^(a)		128,636		130,467
Series 2007-85, Class FL,
1M US L + 0.54%,
09/25/2037^(a)		44,895		45,752
Series 2007-86, Class FA,
1M US L + 0.45%,
09/25/2037^(a)		40,868		41,226
Series 2007-9, Class FB,
1M US L + 0.35%,
03/25/2037^(a)		32,639		33,055
Series 2008-18, Class FA,
1M US L + 0.90%,
03/25/2038^(a)		175,629		179,979
Series 2008-24, Class WD,
5.500%, 02/25/2038		124,095		146,233
Series 2008-25, Class EF,
1M US L + 0.95%,
04/25/2038^(a)		56,783		58,367
Series 2008-46, Class LA,
5.500%, 06/25/2038		12,961		14,737
Series 2008-66, Class FT,
1M US L + 0.95%,
08/25/2038^(a)		31,476		32,285
Series 2008-86, Class FC,
1M US L + 1.10%,
12/25/2038^(a)		297,351		298,179
Series 2009-10, Class AB,
5.000%, 03/25/2024		48,364		49,530
Series 2009-103, Class FM,
1M US L + 0.70%,
11/25/2039^(a)		56,391		57,229
Series 2009-104, Class FA,
1M US L + 0.80%,
12/25/2039^(a)		52,183		52,024
Series 2009-11, Class MP,
7.000%, 03/25/2049		164,969		197,770
Series 2009-110, Class FG,
1M US L + 0.75%,
01/25/2040^(a)		140,093		143,035
Series 2009-111, Class CY,
5.000%, 03/25/2038		133,000		150,013

	Principal Amount		Value (Note 2)
Series 2009-36, Class MX,
5.000%, 06/25/2039	$	58,000	$	67,069
Series 2009-47, Class BN,
4.500%, 07/25/2039		48,362		53,361
Series 2009-62, Class WA,
5.577%, 08/25/2039^(a)		84,847		94,097
Series 2009-68, Class FD,
1M US L + 1.25%,
09/25/2039^(a)		58,689		59,838
Series 2009-70, Class CO,
–%, 01/25/2037^(b)		101,519		93,441
Series 2009-70, Class FA,
1M US L + 1.20%,
09/25/2039^(a)		42,344		42,853
Series 2009-86, Class OT,
–%, 10/25/2037^(b)		44,031		40,093
Series 2009-87, Class FG,
1M US L + 0.75%,
11/25/2039^(a)		62,407		63,520
Series 2009-90, Class UZ,
4.500%, 11/25/2039		599,996		687,286
Series 2010-1, Class WA,
6.244%, 02/25/2040^(a)		25,943		29,251
Series 2010-1, Class EL,
4.500%, 02/25/2040		342,451		360,211
Series 2010-102, Class HA,
4.000%, 09/25/2050		67,083		72,265
Series 2010-103, Class DZ,
4.500%, 09/25/2040		201,458		238,607
Series 2010-103, Class PJ,
4.500%, 09/25/2040		45,590		50,218
Series 2010-111, Class FC,
1M US L + 0.52%,
10/25/2040^(a)		67,022		67,935
Series 2010-118, Class LZ,
4.750%, 10/25/2040		45,242		50,924
Series 2010-118, Class GF,
1M US L + 0.55%,
10/25/2039^(a)		58,427		58,650
Series 2010-122, Class JA,
7.000%, 07/25/2040		33,418		37,580
Series 2010-123, Class FL,
1M US L + 0.43%,
11/25/2040^(a)		27,158		27,419
Series 2010-123, Class KU,
4.500%, 11/25/2040		177,497		199,886
Series 2010-129, Class PZ,
4.500%, 11/25/2040		52,931		56,401
Series 2010-130, Class BZ,
4.500%, 11/25/2040		1,782,848		1,877,744
Series 2010-137, Class XP,
4.500%, 10/25/2040		29,428		30,223
Series 2010-14, Class FJ,
1M US L + 0.60%,
03/25/2040^(a)		55,824		56,358

See Notes to Financial Statements.

64 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2010-141, Class FB,
1M US L + 0.47%,
12/25/2040^(a)	$	53,287	$	54,046
Series 2010-141, Class MN,
4.000%, 12/25/2040		90,000		101,097
Series 2010-141, Class AL,
4.000%, 12/25/2040		72,150		77,118
Series 2010-142, Class FM,
1M US L + 0.47%,
12/25/2040^(a)		20,435		20,770
Series 2010-154, Class JA,
3.000%, 11/25/2040		427,419		440,812
Series 2010-158, Class KF,
1M US L + 0.50%,
04/25/2040^(a)		26,378		26,438
Series 2010-16, Class PL,
5.000%, 03/25/2040		71,000		85,481
Series 2010-19, Class PY,
5.000%, 03/25/2040		436,350		465,817
Series 2010-33, Class KN,
4.500%, 03/25/2040		72,394		76,376
Series 2010-37, Class CY,
5.000%, 04/25/2040		48,578		54,456
Series 2010-38, Class KD,
4.500%, 09/25/2039		6,585		6,726
Series 2010-39, Class EF,
1M US L + 0.52%,
06/25/2037^(a)		51,130		51,939
Series 2010-45, Class WD,
5.000%, 05/25/2040		180,000		214,010
Series 2010-54, Class LX,
5.000%, 06/25/2040		272,000		318,359
Series 2010-57, Class HA,
3.500%, 02/25/2040		86,997		90,254
Series 2010-58, Class FY,
1M US L + 0.73%,
06/25/2040^(a)		63,070		64,632
Series 2010-64, Class DM,
5.000%, 06/25/2040		61,684		68,722
Series 2010-67, Class BD,
4.500%, 06/25/2040		578,922		659,574
Series 2010-68, Class WB,
4.500%, 07/25/2040		85,000		96,494
Series 2010-82, Class WZ,
5.000%, 08/25/2040		350,601		408,248
Series 2010-9, Class ME,
5.000%, 02/25/2040		1,167,000		1,338,366
Series 2011-104, Class KH,
2.000%, 03/25/2039		5,256		5,295
Series 2011-114, Class B,
3.500%, 11/25/2041		221,708		242,139
Series 2011-121, Class JP,
4.500%, 12/25/2041		149,474		158,728
Series 2011-130, Class KB,
4.000%, 12/25/2041		62,099		66,698

	Principal Amount		Value (Note 2)
Series 2011-132, Class PE,
4.500%, 12/25/2041	$	35,611	$	39,576
Series 2011-145, Class JA,
4.500%, 12/25/2041		10,555		10,807
Series 2011-15, Class AF,
1M US L + 0.51%,
03/25/2041^(a)		31,626		31,711
Series 2011-17, Class PD,
4.000%, 03/25/2041		9,154		9,439
Series 2011-26, Class PA,
4.500%, 04/25/2041		138,346		150,651
Series 2011-27, Class ZD,
2.500%, 09/25/2040		158,909		160,245
Series 2011-3, Class FA,
1M US L + 0.68%,
02/25/2041^(a)		208,640		212,028
Series 2011-43, Class B,
3.500%, 05/25/2031		28,469		30,486
Series 2011-45, Class ZA,
4.000%, 05/25/2031		27,997		29,998
Series 2011-47, Class GF,
1M US L + 0.57%,
06/25/2041^(a)		137,000		139,320
Series 2011-5, Class PO,
–%, 09/25/2040^(b)		12,429		10,263
Series 2011-55, Class BZ,
3.500%, 06/25/2041		280,254		301,707
Series 2011-74, Class UB,
4.000%, 07/25/2040		187,600		198,957
Series 2011-75, Class HP,
2.500%, 07/25/2040		20,888		21,158
Series 2011-86, Class AF,
1M US L + 0.50%,
02/25/2040^(a)		42,297		42,257
Series 2011-86, Class NF,
1M US L + 0.55%,
09/25/2041^(a)		56,834		57,818
Series 2011-93, Class GA,
4.000%, 04/25/2039		32,024		33,603
Series 2011-93, Class ST,
4.000%, 09/25/2041		27,749		30,522
Series 2012-100, Class DB,
3.000%, 09/25/2042		150,000		155,716
Series 2012-106, Class QN,
3.500%, 10/25/2042		75,979		78,616
Series 2012-111, Class B,
7.000%, 10/25/2042		112,476		134,137
Series 2012-120, Class AH,
2.500%, 02/25/2032		57,346		58,596
Series 2012-128, Class NP,
2.500%, 11/25/2042		16,561		16,731
Series 2012-129, Class HT,
2.000%, 12/25/2032		54,914		55,109
Series 2012-13, Class JP,
4.500%, 02/25/2042		672,705		699,576

See Notes to Financial Statements.

65 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2012-131, Class FG,
1M US L + 0.35%,
09/25/2042^(a)	$	17,752	$	17,787
Series 2012-137, Class CF,
1M US L + 0.30%,
08/25/2041^(a)		37,103		37,078
Series 2012-139, Class GB,
2.500%, 12/25/2042		210,538		190,442
Series 2012-14, Class FL,
1M US L + 0.45%,
12/25/2040^(a)		9,915		9,954
Series 2012-14, Class MH,
2.000%, 12/25/2040		30,582		30,900
Series 2012-149, Class ZA,
3.000%, 01/25/2041		162,522		166,073
Series 2012-149, Class KB,
3.000%, 01/25/2043		144,000		146,391
Series 2012-149, Class DA,
1.750%, 01/25/2043		41,812		41,998
Series 2012-152, Class PB,
3.500%, 01/25/2043		55,000		59,255
Series 2012-17, Class JA,
3.500%, 12/25/2041		226,045		228,793
Series 2012-20, Class TD,
4.500%, 02/25/2042		82,965		85,572
Series 2012-26, Class MA,
3.500%, 03/25/2042		190,570		202,895
Series 2012-33, Class F,
1M US L + 0.52%,
04/25/2042^(a)		45,528		46,076
Series 2012-37, Class BF,
1M US L + 0.50%,
12/25/2035^(a)		68,728		69,777
Series 2012-46, Class YB,
3.500%, 05/25/2042		79,240		79,657
Series 2012-47, Class HF,
1M US L + 0.40%,
05/25/2027^(a)		89,978		89,781
Series 2012-49, Class TG,
2.000%, 07/25/2041		185,146		188,261
Series 2012-50, Class HC,
2.000%, 03/25/2042		54,523		55,223
Series 2012-51, Class ZX,
3.500%, 05/25/2042		1,879,460		2,007,311
Series 2012-53, Class AP,
2.000%, 04/25/2041		161,546		163,948
Series 2012-56, Class UB,
4.000%, 06/25/2042		416,000		450,728
Series 2012-56, Class WB,
3.500%, 05/25/2042		96,067		100,934
Series 2012-64, Class NA,
3.000%, 08/25/2041		127,889		129,722
Series 2012-69, Class PL,
3.000%, 01/25/2042		214,819		223,758

	Principal Amount		Value (Note 2)
Series 2012-70, Class WC,
3.000%, 07/25/2042	$	122,000	$	120,671
Series 2012-80, Class GZ,
3.000%, 08/25/2042		570,452		585,048
Series 2012-82, Class E,
2.000%, 04/25/2042		41,903		42,829
Series 2012-83, Class AC,
3.000%, 08/25/2042		50,000		52,562
Series 2012-83, Class LD,
2.000%, 04/25/2041		88,363		88,699
Series 2012-90, Class PB,
2.500%, 01/25/2042		125,374		129,571
Series 2012-90, Class PH,
3.000%, 01/25/2042		125,374		129,888
Series 2012-94, Class KF,
1M US L + 0.35%,
05/25/2038^(a)		10,667		10,679
Series 2012-98, Class ZP,
6.000%, 09/25/2042		605,808		831,853
Series 2013-100, Class DH,
3.000%, 09/25/2031		69,703		70,961
Series 2013-104, Class CY,
5.000%, 10/25/2043		50,000		60,159
Series 2013-108, Class GU,
3.000%, 10/25/2033		55,000		58,463
Series 2013-111, Class PA,
2.000%, 12/25/2042		1,869		1,868
Series 2013-114, Class LM,
4.000%, 03/25/2042		300,000		326,052
Series 2013-127, Class NA,
2.000%, 09/25/2039		64,609		65,474
Series 2013-129, Class WL,
2.000%, 12/25/2027		11,515		11,660
Series 2013-130, Class FB,
1M US L + 0.45%,
01/25/2044^(a)		52,274		52,823
Series 2013-136, Class QB,
3.500%, 03/25/2042		259,835		277,595
Series 2013-17, Class YM,
4.000%, 03/25/2033		19,421		21,188
Series 2013-2, Class QF,
1M US L + 0.50%,
02/25/2043^(a)		21,986		22,207
Series 2013-35, Class CV,
3.000%, 02/25/2043		100,000		105,313
Series 2013-40, Class KD,
1.750%, 04/25/2042		11,646		11,728
Series 2013-52, Class GM,
5.000%, 06/25/2043		89,000		103,279
Series 2013-53, Class CV,
3.500%, 05/25/2030		123,296		128,375
Series 2013-68, Class P,
3.500%, 10/25/2042		266,828		275,472
Series 2013-68, Class LE,
2.000%, 04/25/2043		140,914		142,447

See Notes to Financial Statements.

66 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2013-72, Class AF,
1M US L + 0.25%,
11/25/2042^(a)	$	15,119	$	15,145
Series 2013-72, Class YA,
3.000%, 06/25/2033		7,377		7,506
Series 2013-9, Class CB,
5.500%, 04/25/2042		16,142		18,300
Series 2013-91, Class PB,
4.000%, 09/25/2043		100,000		108,568
Series 2013-94, Class BA,
3.000%, 03/25/2031		442,600		446,486
Series 2013-98, Class CJ,
2.500%, 07/25/2030		24,989		25,086
Series 2014-12, Class GV,
3.500%, 03/25/2027		115,796		117,322
Series 2014-14, Class LA,
2.500%, 04/25/2031		89,470		89,632
Series 2014-20, Class AC,
3.000%, 08/25/2036		147,603		152,427
Series 2014-21, Class MA,
2.000%, 09/25/2041		129,923		133,078
Series 2014-26, Class YW,
3.500%, 04/25/2044		50,538		54,262
Series 2014-3, Class BM,
2.500%, 06/25/2043		50,000		50,720
Series 2014-49, Class CA,
3.000%, 08/25/2044		137,745		144,184
Series 2014-73, Class FA,
1M US L + 0.35%,
11/25/2044^(a)		19,173		19,305
Series 2014-81, Class GC,
3.000%, 03/25/2038		55,474		57,419
Series 2014-88, Class ER,
2.500%, 02/25/2036		43,660		45,341
Series 2015-44, Class J,
3.500%, 12/25/2040		78,124		78,583
Series 2015-48, Class DB,
3.000%, 08/25/2038		2,247		2,246
Series 2015-51, Class CD,
3.000%, 07/25/2044		184,926		190,782
Series 2016-14, Class NC,
2.500%, 03/25/2046		809,875		826,755
Series 2016-27, Class HK,
3.000%, 01/25/2041		399,533		420,521
Series 2016-33, Class LE,
2.500%, 11/25/2033		58,439		60,435
Series 2016-48, Class UF,
1M US L + 0.40%,
08/25/2046^(a)		98,109		98,828
Series 2016-55, Class EA,
1.750%, 07/25/2043		1,016,670		1,010,908
Series 2016-75, Class FC,
1M US L + 0.40%,
10/25/2046^(a)		36,866		37,225

	Principal Amount		Value (Note 2)
Series 2016-8, Class CB,
3.500%, 03/25/2046	$	733,000	$	805,753
Series 2016-85, Class BA,
2.500%, 11/25/2046		13,156		13,699
Series 2016-9, Class D,
3.000%, 03/25/2046		44,421		46,245
Series 2016-9, Class PA,
2.500%, 06/25/2045		312,524		321,113
Series 2017-1, Class JP,
3.500%, 04/25/2045		192,533		194,455
Series 2017-1, Class AP,
3.500%, 05/25/2043		10,939		10,934
Series 2017-10, Class FA,
1M US L + 0.40%,
03/25/2047^(a)		43,051		43,411
Series 2017-107, Class GA,
3.000%, 08/25/2045		101,336		102,301
Series 2017-15, Class PE,
3.500%, 04/25/2046		74,286		77,457
Series 2017-19, Class B,
3.000%, 01/25/2047		95,184		97,750
Series 2017-22, Class DA,
4.000%, 08/25/2044		52,206		53,282
Series 2017-24, Class H,
3.000%, 08/25/2043		252,811		259,221
Series 2017-35, Class AH,
3.500%, 04/25/2053		28,663		29,366
Series 2017-38, Class JA,
3.000%, 03/25/2047		174,473		179,938
Series 2017-40, Class GL,
3.500%, 03/25/2043		13,850		14,055
Series 2017-45, Class KD,
3.500%, 02/25/2044		6,012		6,015
Series 2017-46, Class AB,
3.500%, 07/25/2049		42,336		42,852
Series 2017-56, Class BA,
3.000%, 03/25/2045		150,912		155,161
Series 2017-68, Class HQ,
3.000%, 07/25/2046		167,457		173,017
Series 2017-96, Class PA,
3.000%, 12/25/2054		219,169		228,202
Series 2018-1, Class TE,
3.500%, 03/25/2044		337,924		344,307
Series 2018-16, Class HA,
3.000%, 07/25/2043		29,938		30,159
Series 2018-18, Class P,
3.500%, 04/25/2043		132,101		133,216
Series 2018-19, Class KB,
3.000%, 04/25/2046		125,072		128,539
Series 2018-2, Class HD,
3.000%, 02/25/2047		65,909		67,189
Series 2018-24, Class BA,
3.500%, 09/25/2045		103,384		105,711
Series 2018-38, Class PA,
3.500%, 06/25/2047		30,214		31,216

See Notes to Financial Statements.

67 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2018-39, Class FG,
1M US L + 0.25%,
11/25/2033^(a)	$	142,011	$	142,750
Series 2018-41, Class PZ,
4.000%, 06/25/2048		895,171		1,020,681
Series 2018-43, Class FE,
1M US L + 0.25%,
09/25/2038^(a)		48,531		48,727
Series 2018-45, Class GA,
3.000%, 06/25/2048		59,814		61,897
Series 2018-5, Class JP,
3.000%, 09/25/2047		76,116		77,134
Series 2018-56, Class CH,
3.000%, 08/25/2048		48,815		50,514
Series 2018-60, Class KL,
4.000%, 08/25/2048		96,000		110,031
Series 2018-67, Class DY,
4.000%, 09/25/2048		304,029		349,169
Series 2018-83, Class LH,
4.000%, 11/25/2048		39,327		40,988
Series 2018-94, Class KD,
3.500%, 12/25/2048		77,022		80,044
Series 2019-10, Class MA,
3.000%, 03/25/2049		129,942		132,882
Series 2019-13, Class MH,
3.000%, 03/25/2049		697,789		725,097
Series 2019-55, Class MQ,
3.500%, 10/25/2049		1,097,167		1,149,509
Series 2019-60, Class BF,
1M US L + 0.45%,
10/25/2049^(a)		19,849		19,993
Series 2019-65, Class HA,
2.500%, 11/25/2049		197,522		201,736
Series 2020-10, Class B,
3.000%, 03/25/2050		414,287		420,914
				47,977,419
Freddie Mac
Series 1994-1665, Class KZ,
6.500%, 01/15/2024		4,451		4,698
Series 1996-1863, Class Z,
6.500%, 07/15/2026		8,463		8,909
Series 1997-1935, Class FK,
1M US L + 0.70%,
02/15/2027^(a)		15,275		15,388
Series 1997-1980, Class Z,
7.000%, 07/15/2027		16,600		18,651
Series 1998-2034, Class Z,
6.500%, 02/15/2028		34,476		38,258
Series 1998-2035, Class PC,
6.950%, 03/15/2028		6,399		7,153
Series 1998-2053, Class Z,
6.500%, 04/15/2028		17,541		19,850
Series 1998-2060, Class Z,
6.500%, 05/15/2028		12,104		13,584

	Principal Amount		Value (Note 2)
Series 1998-2079, Class FA,
1M US L + 0.50%,
07/17/2028^(a)	$	4,680	$	4,689
Series 1998-2095, Class PE,
6.000%, 11/15/2028		20,263		22,578
Series 1998-2102, Class Z,
6.000%, 12/15/2028		66,772		74,337
Series 1999-2115, Class FB,
1M US L + 0.45%,
01/15/2029^(a)		40,275		40,396
Series 1999-2126, Class CB,
6.250%, 02/15/2029		30,867		34,015
Series 1999-2137, Class TH,
6.500%, 03/15/2029		7,179		8,085
Series 1999-2154, Class PL,
6.500%, 05/15/2029		41,819		47,307
Series 2000-2224, Class CB,
8.000%, 03/15/2030		8,972		10,572
Series 2001-2274, Class ZM,
6.500%, 01/15/2031		13,740		15,334
Series 2001-2279, Class Z,
6.000%, 01/15/2031		13,784		15,273
Series 2001-2320, Class FI,
1M US L + 0.50%,
09/15/2029^(a)		39,498		39,721
Series 2001-2322, Class FV,
1M US L + 0.50%,
06/15/2030^(a)		32,738		32,308
Series 2001-2324, Class PZ,
6.500%, 06/15/2031		157,797		183,170
Series 2001-2334, Class KB,
6.500%, 05/15/2028		109,100		121,444
Series 2001-2341, Class FP,
1M US L + 0.90%,
07/15/2031^(a)		36,275		37,056
Series 2001-2367, Class FA,
1M US L + 0.525%,
06/15/2031^(a)		34,967		35,221
Series 2001-2372, Class F,
1M US L + 0.50%,
10/15/2031^(a)		31,783		31,940
Series 2001-2388, Class FR,
1M US L + 0.65%,
06/15/2031^(a)		23,266		23,525
Series 2001-2388, Class FB,
1M US L + 0.60%,
01/15/2029^(a)		27,028		27,242
Series 2001-2391, Class HF,
1M US L + 0.55%,
06/15/2031^(a)		11,999		12,095
Series 2001-2396, Class FM,
1M US L + 0.45%,
12/15/2031^(a)		43,491		43,628
Series 2001-2396, Class FN,
1M US L + 0.65%,
12/15/2031^(a)		120,890		122,794

See Notes to Financial Statements.

68 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2002-2411, Class F,
1M US L + 0.55%,
02/15/2032^(a)	$	30,172	$	30,461
Series 2002-2412, Class OF,
1M US L + 0.95%,
12/15/2031^(a)		37,676		38,554
Series 2002-2417, Class FY,
1M US L + 0.60%,
12/15/2031^(a)		12,439		12,565
Series 2002-2424, Class FY,
1M US L + 0.45%,
03/15/2032^(a)		60,927		61,110
Series 2002-2430, Class WF,
6.500%, 03/15/2032		10,534		12,267
Series 2002-2433, Class FA,
1M US L + 0.95%,
02/15/2032^(a)		40,774		41,704
Series 2002-2460, Class FA,
1M US L + 1.00%,
03/15/2032^(a)		82,404		84,284
Series 2002-2466, Class FV,
1M US L + 0.55%,
03/15/2032^(a)		76,874		77,539
Series 2002-2470, Class EF,
1M US L + 1.00%,
03/15/2032^(a)		88,341		89,976
Series 2002-2478, Class FD,
1M US L + 1.00%,
02/15/2032^(a)		25,005		25,099
Series 2002-2481, Class FE,
1M US L + 1.00%,
03/15/2032^(a)		24,962		25,531
Series 2002-2488, Class FU,
1M US L + 0.60%,
03/15/2032^(a)		74,965		74,689
Series 2002-2494, Class F,
1M US L + 1.05%,
06/15/2031^(a)		46,452		47,519
Series 2002-2495, Class ZB,
4.500%, 09/15/2032		45,757		49,664
Series 2002-2510, Class FE,
1M US L + 0.40%,
10/15/2032^(a)		34,479		34,536
Series 2002-2513, Class AF,
1M US L + 1.00%,
02/15/2032^(a)		66,838		68,367
Series 2002-2516, Class FD,
1M US L + 1.00%,
02/15/2032^(a)		63,518		65,005
Series 2002-2517, Class FR,
1M US L + 0.35%,
10/15/2032^(a)		18,845		18,880
Series 2002-2524, Class DH,
6.000%, 11/15/2032		33,000		37,892
Series 2002-2525, Class NU,
5.000%, 04/15/2032		100,351		110,783

	Principal Amount		Value (Note 2)
Series 2002-2535, Class AW,
5.500%, 12/15/2032	$	13,938	$	15,612
Series 2002-2538, Class F,
1M US L + 0.60%,
12/15/2032^(a)		185,643		188,958
Series 2002-2541, Class BL,
5.500%, 12/15/2032		55,087		61,605
Series 2003-2554, Class MN,
5.500%, 01/15/2033		58,987		66,380
Series 2003-2557, Class HL,
5.300%, 01/15/2033		123,402		140,229
Series 2003-2557, Class NU,
5.250%, 03/15/2032		73,423		82,889
Series 2003-2557, Class WF,
1M US L + 0.40%,
01/15/2033^(a)		44,902		45,068
Series 2003-2568, Class D,
5.500%, 02/15/2033		40,383		45,566
Series 2003-2571, Class FY,
1M US L + 0.75%,
12/15/2032^(a)		27,247		27,808
Series 2003-2587, Class FW,
1M US L + 0.47%,
03/15/2033^(a)		51,959		51,862
Series 2003-2590, Class QY,
3.750%, 04/15/2028		14,213		14,720
Series 2003-2590, Class OZ,
4.000%, 03/15/2033		241,539		261,643
Series 2003-2614, Class FV,
1M US L + 1.50%,
05/15/2033^(a)		283,348		292,956
Series 2003-2624, Class QH,
5.000%, 06/15/2033		16,496		18,667
Series 2003-2626, Class ZX,
5.000%, 06/15/2033		188,469		213,992
Series 2003-2627, Class CN,
5.000%, 06/15/2033		47,979		54,335
Series 2003-2631, Class DB,
5.000%, 06/15/2033		148,000		168,409
Series 2003-2647, Class A,
3.250%, 04/15/2032		82,000		86,637
Series 2003-2648, Class WZ,
5.000%, 07/15/2033		248,582		284,604
Series 2003-2668, Class LH,
5.000%, 09/15/2033		31,284		34,979
Series 2003-2707, Class FH,
1M US L + 0.65%,
04/15/2032^(a)		46,952		47,639
Series 2003-2717, Class LH,
5.500%, 12/15/2033		7,736		8,605
Series 2003-2725, Class TA,
4.500%, 12/15/2033		97,000		109,287
Series 2004-2750, Class TC,
5.250%, 02/15/2034		10,756		11,760

See Notes to Financial Statements.

69 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2004-2768, Class PW,
4.250%, 03/15/2034	$	165,367	$	177,721
Series 2004-2802, Class OH,
6.000%, 05/15/2034		26,748		29,660
Series 2004-2835, Class TB,
4.500%, 08/15/2034		428,333		462,538
Series 2004-2835, Class KZ,
5.500%, 08/15/2034		50,470		57,749
Series 2004-2893, Class PE,
5.000%, 11/15/2034		16,752		18,761
Series 2004-2896, Class BZ,
5.000%, 11/15/2034		97,457		109,173
Series 2004-2901, Class KB,
5.000%, 12/15/2034		46,031		51,642
Series 2005-2927, Class EZ,
5.500%, 02/15/2035		34,404		37,042
Series 2005-2929, Class PG,
5.000%, 02/15/2035		34,385		38,672
Series 2005-2933, Class HD,
5.500%, 02/15/2035		41,814		46,657
Series 2005-2953, Class PG,
5.500%, 03/15/2035		22,942		26,326
Series 2005-2962, Class KF,
1M US L + 0.20%,
04/15/2035^(a)		22,554		22,581
Series 2005-2980, Class QA,
6.000%, 05/15/2035		48,134		54,281
Series 2005-2996, Class GX,
5.500%, 06/15/2035		72,000		85,102
Series 2005-3012, Class ZE,
5.750%, 08/15/2035		59,922		66,982
Series 2005-3028, Class FM,
1M US L + 0.25%,
09/15/2035^(a)		16,035		16,074
Series 2005-3028, Class PG,
5.500%, 09/15/2035		44,222		49,495
Series 2005-3028, Class ZE,
5.500%, 09/15/2035		798,538		875,984
Series 2005-3033, Class WY,
5.500%, 09/15/2035		64,413		73,421
Series 2005-3036, Class NE,
5.000%, 09/15/2035		118,615		133,546
Series 2005-3042, Class PZ,
5.750%, 09/15/2035		143,399		189,382
Series 2005-3052, Class WH,
5.500%, 10/15/2035		14,975		16,792
Series 2005-3059, Class ZM,
5.000%, 02/15/2035		120,455		133,459
Series 2005-3062, Class DE,
5.500%, 11/15/2035		171,214		191,602
Series 2005-3068, Class Z,
5.500%, 11/15/2035		220,826		255,762
Series 2005-3070, Class FT,
1M US L + 0.35%,
11/15/2035^(a)		24,648		24,834

	Principal Amount		Value (Note 2)
Series 2005-3072, Class NF,
1M US L + 0.50%,
11/15/2035^(a)	$	47,752	$	48,446
Series 2005-3085, Class FE,
1M US L + 0.80%,
08/15/2035^(a)		57,578		58,954
Series 2006-3098, Class PG,
5.000%, 01/15/2036		87,031		97,927
Series 2006-3122, Class OH,
–%, 03/15/2036^(b)		16,683		15,467
Series 2006-3123, Class HT,
5.000%, 03/15/2026		37,379		39,585
Series 2006-3136, Class KF,
1M US L + 0.30%,
04/15/2036^(a)		30,180		30,303
Series 2006-3137, Class XP,
6.000%, 04/15/2036		24,577		28,668
Series 2006-3143, Class BC,
5.500%, 02/15/2036		121,184		139,058
Series 2006-3145, Class FN,
1M US L + 0.43%,
04/15/2036^(a)		15,401		15,564
Series 2006-3148, Class CY,
6.000%, 04/15/2036		26,114		29,538
Series 2006-3153, Class UG,
1M US L + 0.45%,
05/15/2036^(a)		28,448		28,719
Series 2006-3154, Class PN,
5.500%, 05/15/2036		76,089		86,241
Series 2006-3201, Class FL,
1M US L + 0.60%,
08/15/2036^(a)		106,481		108,368
Series 2006-3202, Class HF,
1M US L + 0.35%,
08/15/2036^(a)		55,914		56,293
Series 2006-3203, Class ZM,
5.000%, 08/15/2036		148,924		166,364
Series 2006-3204, Class ZM,
5.000%, 08/15/2034		125,202		140,213
Series 2006-3206, Class FE,
1M US L + 0.40%,
08/15/2036^(a)		61,479		62,205
Series 2006-3236, Class EF,
1M US L + 0.30%,
11/15/2036^(a)		15,996		16,101
Series 2006-3237, Class CD,
5.500%, 09/15/2036		198,000		216,978
Series 2006-3237, Class CE,
5.500%, 11/15/2036		59,000		70,375
Series 2006-3249, Class CB,
4.250%, 12/15/2036		418,084		455,005
Series 2007-3262, Class FT,
1M US L + 0.27%,
01/15/2037^(a)		94,921		95,211

See Notes to Financial Statements.

70 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2007-3279, Class FB,
1M US L + 0.32%,
02/15/2037^(a)	$	92,911	$	93,536
Series 2007-3284, Class AZ,
4.500%, 03/15/2037		93,683		101,150
Series 2007-3301, Class FY,
1M US L + 0.42%,
04/15/2037^(a)		22,527		22,794
Series 2007-3311, Class DF,
1M US L + 0.34%,
05/15/2037^(a)		140,519		141,516
Series 2007-3312, Class PA,
5.500%, 05/15/2037		22,466		25,667
Series 2007-3316, Class FB,
1M US L + 0.30%,
08/15/2035^(a)		40,830		41,158
Series 2007-3349, Class HG,
5.500%, 07/15/2037		22,890		26,085
Series 2007-3361, Class AF,
1M US L + 0.35%,
11/15/2036^(a)		92,468		93,225
Series 2007-3367, Class YF,
1M US L + 0.55%,
09/15/2037^(a)		21,615		21,995
Series 2007-3368, Class AF,
1M US L + 0.72%,
09/15/2037^(a)		80,468		81,963
Series 2007-3378, Class FA,
1M US L + 0.58%,
06/15/2037^(a)		38,733		39,416
Series 2007-3380, Class FM,
1M US L + 0.59%,
10/15/2037^(a)		27,133		27,609
Series 2007-3382, Class FG,
1M US L + 0.60%,
11/15/2037^(a)		45,387		46,155
Series 2007-3382, Class FL,
1M US L + 0.70%,
11/15/2037^(a)		100,846		100,318
Series 2007-3387, Class PF,
1M US L + 0.42%,
11/15/2037^(a)		34,812		35,213
Series 2007-3388, Class FJ,
1M US L + 0.70%,
11/15/2037^(a)		137,399		140,174
Series 2008-3404, Class DC,
5.500%, 01/15/2038		122,000		143,903
Series 2008-3405, Class PE,
5.000%, 01/15/2038		62,559		68,950
Series 2008-3409, Class DB,
6.000%, 01/15/2038		194,319		225,720
Series 2008-3411, Class FL,
1M US L + 0.70%,
02/15/2038^(a)		26,811		27,490

	Principal Amount		Value (Note 2)
Series 2008-3415, Class DF,
1M US L + 0.70%,
08/15/2035^(a)	$	119,521	$	121,940
Series 2008-3415, Class PC,
5.000%, 12/15/2037		42,423		47,259
Series 2008-3415, Class TF,
1M US L + 0.74%,
08/15/2035^(a)		59,198		60,521
Series 2008-3450, Class PE,
5.000%, 05/15/2038		99,011		107,576
Series 2008-3469, Class CF,
1M US L + 0.79%,
07/15/2038^(a)		102,946		102,947
Series 2009-3536, Class FM,
1M US L + 1.00%,
05/15/2039^(a)		28,831		29,698
Series 2009-3539, Class B,
4.500%, 06/15/2029		44,000		49,069
Series 2009-3545, Class FA,
1M US L + 0.85%,
06/15/2039^(a)		94,182		96,524
Series 2009-3548, Class ZE,
5.500%, 12/15/2032		218,689		249,246
Series 2009-3549, Class FA,
1M US L + 1.20%,
07/15/2039^(a)		42,361		43,248
Series 2009-3564, Class NB,
5.000%, 08/15/2039		349,000		396,234
Series 2009-3574, Class D,
5.000%, 09/15/2039		99,602		111,672
Series 2009-3584, Class FA,
1M US L + 0.70%,
12/15/2036^(a)		33,963		34,621
Series 2009-3587, Class DA,
4.500%, 10/15/2039		170,616		183,965
Series 2009-3604, Class PO,
–%, 05/15/2036^(b)		85,721		77,138
Series 2009-3605, Class BF,
1M US L + 0.86%,
11/15/2039^(a)		166,661		171,062
Series 2009-3611, Class FH,
1M US L + 0.75%,
07/15/2034^(a)		15,501		15,838
Series 2010-3620, Class EL,
4.000%, 01/15/2030		31,705		34,052
Series 2010-3626, Class ME,
5.000%, 01/15/2040		402,954		450,871
Series 2010-3631, Class PA,
4.000%, 02/15/2040		163,105		178,406
Series 2010-3653, Class B,
4.500%, 04/15/2030		91,618		99,469
Series 2010-3662, Class PJ,
5.000%, 04/15/2040		100,300		112,331
Series 2010-3664, Class DA,
4.000%, 11/15/2037		124,114		129,982

See Notes to Financial Statements.

71 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2010-3704, Class DC,
4.000%, 11/15/2036	$	122,437	$	125,902
Series 2010-3737, Class GB,
4.500%, 04/15/2039		33,701		34,304
Series 2010-3747, Class CY,
4.500%, 10/15/2040		400,000		445,805
Series 2010-3753, Class PA,
3.500%, 09/15/2039		78,229		79,109
Series 2010-3762, Class WP,
4.000%, 12/15/2039		24,066		25,022
Series 2010-3770, Class GA,
4.500%, 10/15/2040		351,576		398,657
Series 2010-3770, Class JZ,
4.000%, 12/15/2040		10,758,129		11,694,795
Series 2011-3792, Class DF,
1M US L + 0.40%,
11/15/2040^(a)		24,709		24,611
Series 2011-3798, Class PJ,
4.000%, 01/15/2041		76,939		84,288
Series 2011-3800, Class AF,
1M US L + 0.50%,
02/15/2041^(a)		25,612		26,005
Series 2011-3819, Class ZQ,
6.000%, 04/15/2036		20,818		24,292
Series 2011-3822, Class FY,
1M US L + 0.40%,
02/15/2033^(a)		18,839		19,012
Series 2011-3825, Class BP,
4.000%, 03/15/2041		126,187		133,709
Series 2011-3830, Class NB,
4.500%, 02/15/2039		77,669		80,192
Series 2011-3843, Class FE,
1M US L + 0.55%,
04/15/2041^(a)		56,908		57,935
Series 2011-3843, Class PZ,
5.000%, 04/15/2041		641,674		737,944
Series 2011-3852, Class QN,
27.21053% - 1M US L,
05/15/2041^(a)		62,748		67,936
Series 2011-3852, Class TP,
27.50% - 1M US L,
05/15/2041^(a)		33,777		36,726
Series 2011-3857, Class ZP,
5.000%, 05/15/2041		938,240		1,100,638
Series 2011-3862, Class MA,
5.000%, 04/15/2041		141,033		154,240
Series 2011-3891, Class BF,
1M US L + 0.55%,
07/15/2041^(a)		53,776		54,628
Series 2011-3894, Class ZA,
4.500%, 07/15/2041		86,192		95,929
Series 2011-3905, Class BZ,
3.000%, 08/15/2041		162,733		169,212
Series 2011-3910, Class JG,
2.750%, 12/15/2037		298		297

	Principal Amount		Value (Note 2)
Series 2011-3919, Class DL,
4.000%, 08/15/2030	$	298,000	$	333,125
Series 2011-3923, Class GK,
3.000%, 05/15/2040		75,754		76,288
Series 2011-3935, Class JZ,
4.500%, 10/15/2041		1,001,308		1,139,923
Series 2011-3939, Class AZ,
4.000%, 03/15/2041		213,379		223,847
Series 2011-3939, Class BZ,
4.500%, 06/15/2041		1,042,134		1,098,586
Series 2011-3951, Class JB,
4.000%, 08/15/2041		6,760		6,796
Series 2011-3957, Class HZ,
4.000%, 11/15/2041		876,582		903,578
Series 2011-3958, Class PJ,
4.500%, 09/15/2041		201,517		208,048
Series 2011-3959, Class MB,
4.500%, 11/15/2041		44,199		52,366
Series 2011-3963, Class JB,
4.500%, 11/15/2041		129,644		142,969
Series 2011-3969, Class JP,
4.500%, 09/15/2041		57,939		61,054
Series 2012-3984, Class DF,
1M US L + 0.55%,
01/15/2042^(a)		48,764		49,511
Series 2012-3989, Class JW,
3.500%, 01/15/2042		255,000		271,989
Series 2012-3997, Class EC,
3.500%, 02/15/2042		105,972		112,665
Series 2012-3997, Class FQ,
1M US L + 0.50%,
02/15/2042^(a)		54,347		54,919
Series 2012-3998, Class KG,
2.000%, 11/15/2026		115,728		117,905
Series 2012-4001, Class FM,
1M US L + 0.50%,
02/15/2042^(a)		35,554		35,961
Series 2012-4011, Class DB,
4.000%, 09/15/2041		232,113		250,377
Series 2012-4012, Class GC,
3.500%, 06/15/2040		59,968		62,093
Series 2012-4012, Class NF,
1M US L + 0.45%,
12/15/2038^(a)		4,249		4,252
Series 2012-4020, Class PG,
2.500%, 03/15/2027		14,129		14,599
Series 2012-4037, Class CA,
3.000%, 04/15/2027		48,112		51,132
Series 2012-4039, Class LT,
3.500%, 05/15/2042		113,000		119,882
Series 2012-4050, Class ND,
2.500%, 09/15/2041		40,682		41,252
Series 2012-4062, Class MZ,
3.500%, 06/15/2042		137,487		144,512

See Notes to Financial Statements.

72 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2012-4064, Class AY,
3.000%, 06/15/2027	$	48,000	$	50,829
Series 2012-4068, Class PE,
3.000%, 06/15/2042		224,000		234,518
Series 2012-4075, Class PB,
3.000%, 07/15/2042		42,000		44,939
Series 2012-4076, Class MV,
3.000%, 04/15/2031		69,000		71,722
Series 2012-4077, Class MA,
2.000%, 08/15/2040		253,652		256,817
Series 2012-4088, Class PB,
3.000%, 08/15/2042		110,279		113,511
Series 2012-4094, Class CW,
2.000%, 08/15/2042		331,040		335,790
Series 2012-4097, Class CU,
1.500%, 08/15/2027		25,000		24,853
Series 2012-4097, Class UF,
1M US L + 0.35%,
08/15/2032^(a)		72,465		72,287
Series 2012-4101, Class QN,
3.500%, 09/15/2042		277,227		295,287
Series 2012-4104, Class AJ,
1.500%, 09/15/2027		34,239		34,762
Series 2012-4120, Class TC,
1.500%, 10/15/2027		12,918		13,025
Series 2012-4122, Class BA,
3.054%, 05/15/2040^(c)		205,916		217,251
Series 2012-4133, Class TA,
3.000%, 11/15/2042		385,392		359,358
Series 2012-4141, Class PL,
2.500%, 12/15/2042		100,000		100,279
Series 2013-4160, Class HB,
2.500%, 12/15/2032		20,379		20,477
Series 2013-4170, Class FW,
1M US L + 0.95%,
01/15/2033^(a)		29,100		29,448
Series 2013-4176, Class YD,
3.000%, 03/15/2043		50,000		52,467
Series 2013-4183, Class ME,
2.000%, 02/15/2042		177,336		180,953
Series 2013-4185, Class PB,
3.000%, 03/15/2043		450,000		457,484
Series 2013-4203, Class DJ,
2.500%, 04/15/2033		70,358		72,827
Series 2013-4218, Class DG,
2.500%, 07/15/2042		179,466		184,377
Series 2013-4220, Class EH,
2.500%, 06/15/2028		54,979		56,673
Series 2013-4231, Class FD,
1M US L + 0.35%,
10/15/2032^(a)		19,470		19,241
Series 2013-4246, Class PB,
4.000%, 09/15/2043		493,003		544,379
Series 2013-4257, Class A,
2.500%, 10/15/2027		39,432		40,249

	Principal Amount		Value (Note 2)
Series 2013-4259, Class MG,
3.000%, 08/15/2041	$	11,475	$	11,535
Series 2013-4265, Class FD,
1M US L + 0.40%,
01/15/2035^(a)		77,495		78,139
Series 2014-4293, Class NM,
4.500%, 06/15/2043		41,403		44,176
Series 2014-4294, Class PF,
1M US L + 0.40%,
01/15/2044^(a)		17,865		18,011
Series 2014-4301, Class U,
3.500%, 07/15/2032		57,928		59,270
Series 2014-4319, Class PM,
3.000%, 03/15/2043		120,138		123,512
Series 2014-4320, Class AP,
3.500%, 07/15/2039		155,055		164,165
Series 2014-4324, Class AY,
3.000%, 04/15/2029		568,738		599,852
Series 2014-4333, Class PB,
2.500%, 10/15/2043		32,130		32,312
Series 2014-4337, Class VJ,
3.500%, 06/15/2027		29,148		30,170
Series 2014-4370, Class PC,
2.500%, 09/15/2041		52,226		52,958
Series 2015-4459, Class CA,
5.000%, 12/15/2034		31,677		34,646
Series 2015-4461, Class EA,
2.000%, 07/15/2037		128,275		130,562
Series 2015-4470, Class AQ,
3.000%, 06/15/2041		103,348		103,929
Series 2015-4498, Class JA,
2.500%, 04/15/2037		164,880		166,008
Series 2015-4531, Class PA,
3.500%, 05/15/2043		75,959		77,763
Series 2016-4554, Class MD,
3.000%, 10/15/2044		40,133		40,860
Series 2016-4555, Class CP,
3.000%, 04/15/2045		760,828		783,904
Series 2016-4564, Class QA,
3.000%, 07/15/2029		71,325		73,476
Series 2016-4590, Class AK,
3.500%, 08/15/2027		110,569		115,123
Series 2016-4619, Class BE,
2.500%, 12/15/2047		217,251		220,931
Series 2016-4630, Class EA,
3.000%, 09/15/2041		147,550		149,180
Series 2016-4639, Class HZ,
3.250%, 04/15/2053^(d)		654,453		709,208
Series 2017-4664, Class UE,
3.000%, 05/15/2043		232,872		237,433
Series 2017-4672, Class QD,
3.000%, 08/15/2045		117,890		119,711
Series 2017-4705, Class A,
4.500%, 09/15/2042		39,941		40,373

See Notes to Financial Statements.

73 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2017-4710, Class PA,
3.000%, 04/15/2045	$	213,989	$	219,689
Series 2017-4748, Class GA,
3.000%, 01/15/2045		133,793		136,688
Series 2018-4767, Class CA,
4.000%, 11/15/2045		66,591		67,682
Series 2018-4767, Class Z,
3.000%, 12/15/2047		34,600		33,951
Series 2018-4787, Class PY,
4.000%, 05/15/2048		72,102		76,204
Series 2018-4795, Class JA,
5.000%, 11/15/2045		28,114		28,131
Series 2018-4800, Class JA,
3.500%, 03/15/2047		191,839		193,946
Series 2018-4821, Class VA,
4.000%, 10/15/2029		113,969		118,350
Series 2018-4839, Class AE,
4.000%, 04/15/2051		356,501		384,544
Series 2018-4840, Class BK,
4.500%, 09/15/2046		66,041		67,232
Series 2018-4843, Class PH,
4.000%, 07/15/2046		455,057		455,978
Series 2018-4846, Class PA,
4.000%, 06/15/2047		22,740		23,368
Series 2018-4857, Class HM,
3.500%, 11/15/2046		331,617		338,915
Series 2019-4863, Class AJ,
3.500%, 07/15/2038		69,183		74,530
Series 2019-4927, Class GA,
3.000%, 12/25/2043		39,614		39,611
Series 2020-4949, Class EA,
3.000%, 08/25/2035		260,551		261,713
Series 2020-5049, Class JZ,
2.000%, 11/25/2050		399,673		323,006
Series 2021-5092, Class BC,
2.500%, 06/25/2036		87,216		88,662
Series 2021-5118, Class DZ,
1.000%, 04/25/2051		907,986		907,402
Series 3588, Class CW,
2.540%, 10/25/2037^(a)		448,095		452,259
				47,750,071
Freddie Mac Whole Loan
Securities Trust 2017-SC02
Series 2017-SC02, Class 1A1,
3.000%, 05/25/2047		13,123		13,122

Ginnie Mae
Series 2002-72, Class FB,
1M US L + 0.40%,
10/20/2032^(a)		37,571		37,558
Series 2003-25, Class FC,
1M US L + 0.40%,
08/26/2023^(a)		79,917		80,043

	Principal Amount		Value (Note 2)
Series 2003-98, Class FY,
1M US L + 0.35%,
09/20/2033^(a)	$	52,131	$	52,245
Series 2004-1, Class TE,
5.000%, 06/20/2033		32,804		35,414
Series 2004-15, Class AY,
5.500%, 02/20/2034		117,940		129,851
Series 2004-26, Class ED,
5.500%, 04/16/2034		92,977		103,406
Series 2004-34, Class QL,
5.500%, 05/16/2034		89,000		101,557
Series 2004-55, Class MC,
5.500%, 07/20/2034		41,882		46,812
Series 2004-7, Class Z,
5.500%, 01/16/2034		1,324,285		1,502,902
Series 2004-87, Class BC,
4.500%, 10/20/2034		19,059		20,341
Series 2005-11, Class PL,
5.000%, 02/20/2035		43,653		48,612
Series 2005-13, Class NB,
5.000%, 02/20/2035		16,205		18,001
Series 2005-13, Class BG,
5.000%, 02/20/2035		213,272		237,095
Series 2005-3, Class OC,
5.000%, 01/20/2035		234,827		258,450
Series 2005-3, Class QB,
5.000%, 01/16/2035		111,611		122,133
Series 2005-3, Class JL,
5.000%, 12/16/2034		100,000		109,683
Series 2005-3, Class JM,
4.750%, 01/20/2035		77,461		84,594
Series 2005-45, Class BF,
1M US L + 0.30%,
06/20/2035^(a)		47,820		47,934
Series 2005-49, Class B,
5.500%, 06/20/2035		110,642		124,439
Series 2005-51, Class DC,
5.000%, 07/20/2035		159,849		175,504
Series 2005-56, Class BD,
5.000%, 07/20/2035		58,124		64,832
Series 2005-56, Class JA,
5.000%, 05/17/2035		18,017		19,702
Series 2005-69, Class WD,
5.000%, 05/18/2035		61,336		67,082
Series 2005-73, Class PH,
5.000%, 09/20/2035		157,853		170,215
Series 2005-92, Class PB,
6.000%, 12/20/2035		52,949		60,419
Series 2006-10, Class PB,
5.500%, 03/20/2036		58,588		66,165
Series 2006-38, Class OH,
6.500%, 08/20/2036		28,000		32,153
Series 2007-18, Class PH,
5.500%, 03/20/2035		137,000		159,496

See Notes to Financial Statements.

74 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2007-18, Class B,
5.500%, 05/20/2035	$	108,588	$	120,408
Series 2007-35, Class TE,
6.000%, 06/20/2037		140,570		158,871
Series 2007-35, Class NE,
6.000%, 06/16/2037		65,190		74,051
Series 2007-40, Class FY,
1M US L + 0.33%,
07/16/2037^(a)		48,914		48,513
Series 2007-44, Class PH,
6.000%, 07/20/2037		115,699		133,170
Series 2007-57, Class Z,
5.500%, 10/20/2037		560,552		671,825
Series 2007-6, Class LE,
5.500%, 02/20/2037		84,435		93,423
Series 2007-7, Class PG,
5.000%, 02/16/2037		35,874		39,884
Series 2007-79, Class FC,
1M US L + 0.44%,
12/20/2037^(a)		159,131		160,151
Series 2008-13, Class FB,
1M US L + 0.50%,
02/20/2038^(a)		32,472		32,815
Series 2008-20, Class CE,
5.500%, 06/16/2037		94,111		104,325
Series 2008-31, Class PC,
5.500%, 04/20/2038		68,552		76,146
Series 2008-33, Class PB,
5.500%, 04/20/2038		81,247		90,576
Series 2008-37, Class L,
6.000%, 04/20/2038		50,237		55,919
Series 2008-38, Class PL,
5.500%, 05/20/2038		75,373		84,316
Series 2008-38, Class PN,
5.500%, 05/20/2038		53,717		60,003
Series 2008-38, Class BG,
5.000%, 05/16/2038		83,603		92,104
Series 2008-40, Class PL,
5.250%, 05/16/2038		100,000		120,391
Series 2008-41, Class PE,
5.500%, 05/20/2038		90,918		101,878
Series 2008-47, Class ML,
5.250%, 06/16/2038		36,908		41,552
Series 2008-49, Class PB,
4.750%, 06/20/2038		36,545		39,594
Series 2008-50, Class KB,
6.000%, 06/20/2038		242,619		275,905
Series 2008-51, Class PH,
5.250%, 06/20/2038		58,970		64,777
Series 2008-51, Class FG,
1M US L + 0.77%,
06/16/2038^(a)		79,296		80,666
Series 2008-55, Class PL,
5.500%, 06/20/2038		40,641		45,500

	Principal Amount		Value (Note 2)
Series 2008-58, Class PE,
5.500%, 07/16/2038	$	114,337	$	128,406
Series 2008-60, Class JN,
5.500%, 07/20/2038		151,522		167,173
Series 2008-60, Class JP,
5.500%, 07/20/2038		78,000		87,988
Series 2008-65, Class PG,
6.000%, 08/20/2038		203,313		228,028
Series 2008-66, Class FN,
1M US L + 0.95%,
08/20/2038^(a)		63,709		64,734
Series 2008-7, Class PQ,
5.000%, 02/20/2038		101,162		108,940
Series 2008-76, Class QE,
5.750%, 09/20/2038		58,000		67,069
Series 2008-77, Class FC,
1M US L + 0.70%,
09/20/2038^(a)		65,361		66,045
Series 2008-85, Class PG,
5.250%, 10/20/2038		43,945		44,036
Series 2008-89, Class JC,
5.500%, 08/20/2038		55,294		59,621
Series 2008-89, Class JD,
6.000%, 08/20/2038		21,692		23,595
Series 2008-9, Class FA,
1M US L + 0.50%,
02/20/2038^(a)		22,450		22,643
Series 2009-1, Class FA,
1M US L + 1.05%,
01/20/2039^(a)		93,437		95,303
Series 2009-10, Class PH,
4.500%, 02/20/2039		30,000		33,504
Series 2009-10, Class NB,
5.000%, 02/16/2039		99,802		112,030
Series 2009-118, Class PY,
5.000%, 12/16/2039		29,044		32,596
Series 2009-12, Class NB,
5.000%, 03/20/2039		74,432		80,996
Series 2009-13, Class E,
4.500%, 03/16/2039		123,037		134,579
Series 2009-15, Class FM,
1M US L + 1.04%,
03/20/2039^(a)		76,314		77,531
Series 2009-24, Class WB,
5.000%, 03/20/2039		140,594		152,944
Series 2009-40, Class AD,
4.500%, 06/20/2039		309,000		351,565
Series 2009-47, Class LT,
5.000%, 06/20/2039		137,686		152,499
Series 2009-55, Class FN,
1M US L + 1.00%,
07/20/2039^(a)		31,748		32,308
Series 2009-58, Class PA,
4.500%, 07/20/2039		113,683		123,675

See Notes to Financial Statements.

75 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2009-61, Class MP,
5.000%, 08/20/2039	$	50,131	$	54,788
Series 2009-61, Class AP,
4.000%, 08/20/2039		55,084		58,732
Series 2009-65, Class QM,
3.500%, 12/20/2038		10,339		10,471
Series 2009-69, Class PH,
5.500%, 08/16/2039		92,000		108,608
Series 2009-75, Class GZ,
4.500%, 09/20/2039		130,466		141,430
Series 2009-76, Class JB,
4.500%, 07/20/2039		37,307		38,548
Series 2009-83, Class TF,
1M US L + 0.90%,
08/20/2039^(a)		38,224		38,914
Series 2009-94, Class FA,
1M US L + 0.70%,
10/16/2039^(a)		95,126		96,788
Series 2010-111, Class FA,
1M US L + 0.35%,
09/20/2040^(a)		60,452		60,743
Series 2010-116, Class GY,
3.500%, 12/20/2039		114,745		116,400
Series 2010-116, Class PD,
4.000%, 12/20/2039		42,017		42,464
Series 2010-14, Class A,
4.500%, 06/16/2039		69,277		71,855
Series 2010-14, Class HA,
4.500%, 02/16/2040		187,316		205,491
Series 2010-147, Class PG,
3.500%, 05/20/2040		111,308		115,742
Series 2010-157, Class OP,
–%, 12/20/2040^(b)		12,671		11,966
Series 2010-167, Class WL,
4.500%, 09/20/2040		305,000		341,793
Series 2010-169, Class JZ,
4.000%, 12/20/2040		296,843		313,626
Series 2010-19, Class GW,
4.750%, 02/20/2040		108,305		119,196
Series 2010-25, Class BL,
4.250%, 10/16/2039		38,735		39,521
Series 2010-62, Class AF,
1M US L + 0.45%,
04/16/2034^(a)		35,321		35,430
Series 2010-76, Class NC,
4.500%, 06/20/2040		156,000		172,219
Series 2010-84, Class YB,
4.000%, 07/20/2040		21,254		22,923
Series 2010-H01, Class FA,
1M US L + 0.82%,
01/20/2060^(a)		44,000		44,397
Series 2010-H10, Class FC,
1M US L + 1.00%,
05/20/2060^(a)		214,334		217,127

	Principal Amount		Value (Note 2)
Series 2010-H20, Class AF,
1M US L + 0.33%,
10/20/2060^(a)	$	238,195	$	238,150
Series 2010-H22, Class FE,
1M US L + 0.35%,
05/20/2059^(a)		7,819		7,820
Series 2010-H27, Class FA,
1M US L + 0.38%,
12/20/2060^(a)		63,349		63,412
Series 2011-100, Class MY,
4.000%, 07/20/2041		128,808		139,712
Series 2011-128, Class MD,
4.000%, 10/20/2040		140,000		148,256
Series 2011-19, Class MG,
3.000%, 06/16/2040		287		287
Series 2011-43, Class ZQ,
5.500%, 01/16/2033		84,659		89,019
Series 2011-59, Class QC,
4.000%, 12/20/2040		116,867		123,040
Series 2011-66, Class UA,
4.000%, 05/16/2041		164,549		177,782
Series 2011-71, Class ZC,
5.500%, 07/16/2034		189,986		210,233
Series 2011-97, Class WA,
6.129%, 11/20/2038^(a)		54,957		63,524
Series 2011-H01, Class AF,
1M US L + 0.45%,
11/20/2060^(a)		240,628		241,211
Series 2011-H02, Class BA,
4.241%, 02/20/2061^(a)		9,469		9,602
Series 2011-H11, Class FB,
1M US L + 0.50%,
04/20/2061^(a)		130,211		130,626
Series 2011-H11, Class FA,
1M US L + 0.50%,
03/20/2061^(a)		87,115		87,427
Series 2011-H15, Class FA,
1M US L + 0.45%,
06/20/2061^(a)		57,086		57,227
Series 2012-32, Class PE,
3.500%, 03/16/2042		89,000		99,943
Series 2012-38, Class PL,
3.250%, 01/20/2041		100,000		102,624
Series 2012-51, Class VM,
3.500%, 04/16/2025		94,482		98,185
Series 2012-68, Class GE,
3.000%, 05/20/2042		5,373		5,545
Series 2012-76, Class GF,
1M US L + 0.30%,
06/16/2042^(a)		16,632		16,742
Series 2012-H08, Class FC,
1M US L + 0.57%,
04/20/2062^(a)		627,843		630,671
Series 2012-H14, Class FK,
1M US L + 0.58%,
07/20/2062^(a)		175,380		176,175

See Notes to Financial Statements.

76 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2012-H20, Class PT,
0.899%, 07/20/2062^(a)	$	94,559	$	94,432
Series 2012-H24, Class FE,
1M US L + 0.60%,
10/20/2062^(a)		3,501		3,524
Series 2013-100, Class MA,
3.500%, 02/20/2043		69,663		72,577
Series 2013-115, Class PM,
4.000%, 08/20/2043		400,000		437,032
Series 2013-22, Class GB,
2.500%, 08/20/2042		120,000		123,710
Series 2013-69, Class NA,
2.000%, 09/20/2042		182,501		186,861
Series 2013-98, Class KF,
1M US L + 0.30%,
11/20/2041^(a)		22,176		22,202
Series 2013-99, Class MF,
1M US L + 0.30%,
07/20/2043^(a)		88,635		89,093
Series 2013-H01, Class FA,
1.650%, 01/20/2063		1,703		1,720
Series 2013-H04, Class BA,
1.650%, 02/20/2063		7,487		7,576
Series 2013-H07, Class GA,
1M US L + 0.47%,
03/20/2063^(a)		216,338		216,838
Series 2013-H09, Class HA,
1.650%, 04/20/2063		23,782		23,867
Series 2013-H18, Class EA,
1M US L + 0.50%,
07/20/2063^(a)		98,732		98,967
Series 2014-53, Class JM,
7.058%, 04/20/2039^(a)		306,491		355,079
Series 2014-98, Class HE,
3.000%, 07/20/2044		53,984		55,695
Series 2014-H10, Class TA,
1M US L + 0.60%,
04/20/2064^(a)		373,633		376,813
Series 2014-H15, Class FA,
1M US L + 0.50%,
07/20/2064^(a)		25,756		25,893
Series 2014-H16, Class FL,
1M US L + 0.47%,
07/20/2064^(a)		459,146		460,593
Series 2015-190, Class LE,
3.500%, 06/20/2045		45,899		47,371
Series 2015-63, Class KA,
3.000%, 04/20/2040		33,494		34,584
Series 2015-84, Class QA,
3.500%, 06/20/2045		350,933		376,652
Series 2015-H09, Class FA,
1M US L + 0.62%,
04/20/2065^(a)		260,053		262,209
Series 2015-H12, Class FB,
1M US L + 0.60%,
05/20/2065^(a)		102,415		103,144

	Principal Amount		Value (Note 2)
Series 2015-H15, Class FC,
1M US L + 0.58%,
06/20/2065^(a)	$	137,337	$	138,369
Series 2015-H22, Class FC,
1M US L + 0.60%,
09/20/2065^(a)		59,225		59,699
Series 2015-H26, Class FA,
1M US L + 0.52%,
10/20/2065^(a)		63,756		64,140
Series 2015-H26, Class FG,
1M US L + 0.52%,
10/20/2065^(a)		311,216		312,874
Series 2015-H29, Class FA,
1M US L + 0.70%,
10/20/2065^(a)		5,769		5,808
Series 2015-H30, Class FE,
1M US L + 0.60%,
11/20/2065^(a)		64,126		64,687
Series 2015-H31, Class FT,
1M US L + 0.65%,
11/20/2065^(a)		101,863		102,355
Series 2015-H32, Class FH,
1M US L + 0.66%,
12/20/2065^(a)		221,779		224,065
Series 2016-116, Class GV,
3.000%, 05/20/2026		50,690		52,768
Series 2016-120, Class KA,
2.000%, 09/20/2046		9,605		9,865
Series 2016-82, Class BA,
3.000%, 09/20/2045		133,898		135,610
Series 2016-H06, Class FC,
1M US L + 0.92%,
02/20/2066^(a)		186,560		189,574
Series 2016-H08, Class FT,
1M US L + 0.72%,
02/20/2066^(a)		451,107		453,705
Series 2016-H11, Class F,
1M US L + 0.80%,
05/20/2066^(a)		638,777		647,759
Series 2016-H13, Class FT,
1M US L + 0.58%,
05/20/2066^(a)		33,094		33,188
Series 2016-H14, Class FA,
1M US L + 0.80%,
06/20/2066^(a)		159,059		161,290
Series 2016-H15, Class FA,
1M US L + 0.80%,
07/20/2066^(a)		702,765		712,073
Series 2016-H17, Class FK,
1M US L + 0.85%,
07/20/2066^(a)		94,644		96,171
Series 2016-H17, Class FC,
1M US L + 0.83%,
08/20/2066^(a)		200,920		204,066
Series 2016-H20, Class PT,
2.804%, 09/20/2066^(a)		645,347		681,571

See Notes to Financial Statements.

77 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2016-H23, Class F,
1M US L + 0.75%,
10/20/2066^(a)	$	250,184	$	253,394
Series 2016-H24, Class FG,
1M US L + 0.75%,
10/20/2066^(a)		367,588		372,273
Series 2017-150, Class JE,
3.000%, 07/20/2047		116,155		118,797
Series 2017-165, Class VE,
3.500%, 11/20/2030		110,968		113,244
Series 2017-170, Class MC,
2.500%, 10/20/2047		124,761		124,158
Series 2017-36, Class MJ,
3.000%, 03/20/2047		60,308		62,672
Series 2017-56, Class AZ,
3.000%, 04/20/2047		109,323		116,207
Series 2017-73, Class JT,
2.750%, 09/20/2046		38,242		39,075
Series 2017-80, Class BJ,
3.000%, 03/20/2047		179,450		186,276
Series 2017-H06, Class FE,
1M US L + 0.55%,
02/20/2067^(a)		108,010		108,666
Series 2017-H15, Class FC,
1M US L + 0.47%,
06/20/2067^(a)		296,152		297,280
Series 2017-H16, Class PT,
4.696%, 05/20/2066^(a)		85,469		88,945
Series 2017-H17, Class FG,
1M US L + 0.50%,
08/20/2067^(a)		46,839		47,009
Series 2018-160, Class AD,
3.500%, 02/20/2048		379,329		397,450
Series 2018-36, Class CZ,
4.000%, 03/20/2048		256,402		284,379
Series 2018-37, Class C,
2.500%, 01/20/2046		253,622		264,437
Series 2019-111, Class TE,
2.000%, 09/20/2049		108,373		109,946
Series 2019-61, Class K,
3.500%, 07/20/2048		115,073		115,825
Series 2020-125, Class GA,
2.500%, 03/20/2050		480,609		493,166
Series 2020-125, Class GC,
2.500%, 08/20/2050		103,512		103,417
Series 2020-32, Class UM,
2.500%, 03/20/2050		1,748,742		1,798,211
Series 2020-5, Class LC,
3.500%, 10/20/2049		335,313		342,924
Series 2020-61, Class AB,
3.000%, 05/20/2048		286,540		292,638
Series 2020-62, Class PD,
3.000%, 05/20/2050		701,714		712,936
Series 2020-83, Class ML,
3.000%, 06/20/2050		176,672		182,011

	Principal Amount		Value (Note 2)
Series 2020-98, Class CE,
3.000%, 07/20/2050	$	2,197,292	$	2,249,034
				31,788,033
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $126,567,219)				127,528,645

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (2.53%)
Fannie Mae-Aces
Series 2006-M2, Class A3F,
5.345%, 09/25/2031^(a)		362,941		392,063
Series 2013-M6, Class 1AC,
3.303%, 02/25/2043^(a)		12,694,241		14,040,245
Series 2016-M11, Class AL,
2.944%, 07/25/2039		188,053		191,285
Series 2016-M3, Class ASQ2,
2.263%, 02/25/2023		57,893		58,060
Series 2017-M15, Class A1,
2.959%, 09/25/2027^(a)		4,211,950		4,434,128
Series 2018-M12, Class A1,
3.546%, 08/25/2030		4,577,247		5,029,130
Series 2018-M13, Class A1,
3.695%, 03/25/2030^(a)		2,143,743		2,363,996
Series 2018-M8, Class A1,
3.325%, 06/25/2028^(a)		7,114,219		7,691,799
Series 2019-M10, Class A1,
2.000%, 04/25/2030		1,648,328		1,687,554
Series 2019-M14, Class A1,
2.304%, 06/25/2029		152,793		158,465
Series 2019-M24, Class 2XA,
1.149%, 03/25/2031^(a)(c)		2,346,532		207,011
Series 2020-M10, Class X1,
1.794%, 12/25/2030^(a)(c)		804,502		103,128
Series 2020-M10, Class X4,
0.865%, 07/25/2032^(a)(c)		55,914,323		3,996,722
Series 2020-M13, Class X2,
1.287%, 09/25/2030^(a)(c)		2,320,744		187,487
				40,541,073
Freddie Mac Multifamily
Structured Pass Through
Certificates
Series 2018-J19L, Class AFL,
1M US L + 0.23%,
11/25/2027^(a)		135,310		134,649
Series 2019-KL4F,
Class A2AS,
3.683%, 10/25/2025^(a)		256,000		272,500

See Notes to Financial Statements.

78 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2019-KLU2, Class X1,
1.036%, 08/25/2029^(a)(c)	$	63,307,051	$	4,150,841
				4,557,990

TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES
(Cost $45,395,306)				45,099,063

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (5.66%)
Fannie Mae Grantor Trust
Series 2002-T12, Class A1,
05/25/2042		225,852		256,507

Fannie Mae Pool
Series 2003-386375,
4.790%, 08/01/2028		848,246		847,875
Series 2005-843080,
6.000%, 12/01/2034		129,069		139,002
Series 2007-943003,
5.500%, 08/01/2047		92,928		101,097
Series 2009-,
4.500%, 06/01/2039		121,058		130,393
Series 2009-463331,
5.250%, 08/01/2029		626,726		705,853
Series 2009-930895,
4.500%, 03/01/2039		179,814		191,309
Series 2009-931707,
4.500%, 08/01/2039		117,377		126,413
Series 2009-958348,
5.440%, 04/01/2027		138,487		150,444
Series 2009-958878,
5.750%, 07/01/2027		1,368,398		1,501,165
Series 2011-467068,
6.130%, 01/01/2026		1,552,707		1,782,768
Series 2011-468477,
4.590%, 08/01/2026		411,517		466,249
Series 2011-469013,
5.470%, 08/01/2026		1,025,906		1,158,848
Series 2011-AH9290,
4.000%, 04/01/2041		49,181		51,965
Series 2012-,
3.500%, 04/01/2042		85,756		89,700
Series 2012-470020,
4.200%, 01/01/2030		1,593,019		1,825,741
Series 2012-AM0279,
3.210%, 08/01/2027		300,549		306,367
Series 2012-AM1387,
3.260%, 11/01/2032		120,099		130,381
Series 2012-MA1214,
3.000%, 10/01/2042		840,826		868,689
Series 2013-,
3.380%, 05/01/2028		279,426		288,625

	Principal Amount		Value (Note 2)
Series 2013-AM 4236,
3.940%, 08/01/2025	$	222,454	$	241,985
Series 2013-AM3154,
3.250%, 05/01/2028		366,329		388,896
Series 2013-AM3162,
3.000%, 04/01/2025		760,761		778,428
Series 2013-AM4329,
3.870%, 10/01/2025		199,511		217,798
Series 2013-AM4781,
4.180%, 11/01/2028		1,233,605		1,412,959
Series 2013-AM4991,
3.970%, 12/01/2025		164,130		179,905
Series 2013-AR2289,
3.000%, 02/01/2033		287,436		302,915
Series 2013-AT9663,
2.500%, 07/01/2043		557,231		572,037
Series 2013-MA1586,
3.000%, 08/01/2043		202,861		216,823
Series 2014-AM4198,
3.550%, 03/01/2024		96,904		101,631
Series 2014-AM5473,
3.760%, 03/01/2024		545,000		574,031
Series 2014-AM7274,
3.000%, 12/01/2024		1,200,000		1,205,196
Series 2015-,
3.100%, 09/01/2025		158,950		169,564
Series 2015-AM8666,
2.960%, 06/01/2030		180,713		194,932
Series 2015-AM8918,
3.250%, 09/01/2030		731,000		811,003
Series 2015-AM9173,
3.110%, 06/01/2027		244,561		245,956
Series 2015-AM9830,
3.190%, 09/01/2027		585,786		638,344
Series 2016-AL8405,
4.500%, 05/01/2041		236,845		255,418
Series 2016-AN0665,
3.070%, 02/01/2026		196,594		209,281
Series 2016-AN0774,
3.210%, 01/01/2026		178,642		191,676
Series 2016-AN2228,
2.520%, 08/01/2026		189,472		197,433
Series 2016-AN3542,
3.410%, 11/01/2046		365,936		407,328
Series 2016-AN3749,
2.520%, 12/01/2026		464,560		482,114
Series 2016-BC0943,
3.500%, 05/01/2046		461,491		498,613
Series 2017-,
3.010%, 07/01/2027		268,832		289,196
3.160%, 07/01/2027		150,000		159,241
3.500%, 06/01/2047		449,509		469,332
Series 2017-AN4431,
3.220%, 01/01/2027		85,000		92,542

See Notes to Financial Statements.

79 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2017-AN4469,
3.640%, 01/01/2029	$	695,646	$	776,390
Series 2017-AN4529,
3.620%, 01/01/2027		835,560		919,738
Series 2017-AN4606,
3.510%, 02/01/2027		798,259		855,475
Series 2017-AN4833,
3.320%, 04/01/2027		95,000		103,927
Series 2017-AN5279,
3.340%, 04/01/2029		463,001		465,839
Series 2017-AN5742,
3.190%, 05/01/2030		139,737		153,715
Series 2017-AN5796,
3.030%, 06/01/2027		218,890		231,251
Series 2017-AN6304,
3.100%, 10/01/2027		275,000		299,377
Series 2017-AN6670,
3.210%, 09/01/2027		1,937,385		2,030,924
Series 2017-AN7060,
2.930%, 10/01/2027		1,780,000		1,886,042
Series 2017-AN7234,
3.010%, 12/01/2027		1,000,000		1,045,723
Series 2017-AN7384,
2.880%, 12/01/2027		49,294		52,974
Series 2017-AN7547,
3.370%, 11/01/2027		1,118,295		1,172,296
Series 2017-AN7823,
2.890%, 12/01/2027		235,000		253,230
Series 2017-CA0522,
3.000%, 10/01/2047		339,468		349,022
Series 2018-,
4.500%, 08/01/2041		466,516		521,565
Series 2018-109435,
3.890%, 08/01/2028		1,912,205		2,090,766
Series 2018-109741,
3.730%, 11/01/2025		11,350,000		11,967,488
Series 2018-387770,
3.625%, 07/01/2028		2,570,000		2,807,610
Series 2018-387853,
3.455%, 08/01/2025		175,000		181,032
Series 2018-387904,
3.840%, 08/01/2028		680,994		771,177
Series 2018-387983,
3.630%, 08/01/2028		2,000,000		2,180,761
Series 2018-AN8198,
3.140%, 01/01/2028		300,000		314,288
Series 2018-AN8272,
3.170%, 02/01/2028		100,000		106,701
Series 2018-AN8486,
3.330%, 04/01/2030		330,625		368,806
Series 2018-AN8493,
3.300%, 02/01/2030		430,965		468,953
Series 2018-AN8982,
3.440%, 05/01/2028		1,000,000		1,075,968

	Principal Amount		Value (Note 2)
Series 2018-AN9038,
3.460%, 05/01/2028	$	135,000	$	145,896
Series 2018-AN924,
4.210%, 05/01/2033		621,475		700,739
Series 2018-AN9354,
3.640%, 06/01/2028		1,565,000		1,703,133
Series 2018-AN9976,
3.960%, 02/01/2030		470,000		542,826
Series 2018-BI0404,
4.100%, 11/01/2028		3,944,903		4,374,786
Series 2018-BL0119,
4.090%, 11/01/2026		787,145		880,255
Series 2018-BL0212,
3.820%, 07/01/2027		44,371		47,997
Series 2018-BL0550,
3.770%, 11/01/2028		660,000		747,459
Series 2018-BL0907,
3.880%, 12/01/2028		450,000		513,558
Series 2019-BI2928,
3.410%, 07/01/2027		829,474		910,074
Series 2019-BL1188,
3.480%, 02/01/2026		200,000		216,426
Series 2019-BL1300,
4.200%, 01/01/2029		1,375,000		1,542,465
Series 2019-BL1451,
3.760%, 02/01/2029		685,000		748,031
Series 2019-BL1567,
3.590%, 02/01/2029		1,775,000		1,941,362
Series 2019-BL1596,
3.480%, 03/01/2029		167,850		187,519
Series 2019-BL2236,
3.640%, 10/01/2029		1,100,000		1,231,470
Series 2019-BL2356,
3.020%, 05/01/2026		165,000		173,716
Series 2019-BL2460,
3.400%, 05/01/2029		588,071		634,865
Series 2019-BL3182,
2.980%, 07/01/2029		255,077		272,091
Series 2019-BM6011,
3.348%, 11/01/2026^(a)		137,499		148,449
Series 2019-BM6152,
3.500%, 06/01/2044		1,485,046		1,604,649
Series 2019-MA3784,
3.500%, 09/01/2049		3,960,144		4,114,495
Series 2020-,
3.500%, 04/01/2050		332,424		345,496
				79,546,256
Freddie Mac Gold Pool
Series 2006-,
6.000%, 01/01/2036		81,328		87,330
Series 2007-,
5.500%, 11/01/2037		70,699		77,721
Series 2012-,
3.500%, 08/01/2042		107,316		112,486

See Notes to Financial Statements.

80 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2013-G80393,
5.000%, 08/20/2036	$	176,676	$	193,781
Series 2013-T65180,
3.000%, 11/01/2043		159,407		164,951
Series 2015-U49046,
4.000%, 02/01/2029		91,723		98,098
				734,367
Freddie Mac Pool
Series 2005-002936,
Class FC,
1M US L + 0.40%,
03/15/2029^(a)		26,413		26,564
Series 2017-WN2000,
2.700%, 08/01/2023		10,668,776		10,703,170
Series 2018-,
3.500%, 12/01/2045		99,101		103,466
				10,833,200
Ginnie Mae II Pool
Series 2010-,
4.000%, 09/20/2040		109,465		116,715
4.000%, 11/20/2040		111,021		118,359
1M US L + 2.034%,
08/20/2060^(a)		443,697		469,212
Series 2012-,
3.500%, 03/20/2042		446,339		463,184
3.500%, 04/20/2042		108,524		112,633
3.500%, 05/20/2042		179,374		186,152
3.500%, 06/20/2042		107,940		112,039
3.500%, 08/20/2042		123,313		127,995
3.500%, 09/20/2042		94,226		97,797
3.500%, 10/20/2042		127,609		132,444
3.500%, 12/20/2042		120,696		125,246
4.000%, 02/20/2042		50,633		53,985
4.000%, 04/20/2042		152,592		162,639
4.000%, 09/20/2042		98,276		104,783
Series 2012-5302+,
3.500%, 02/20/2042		331,685		344,186
Series 2013-,
3.250%, 04/20/2033		405,242		423,739
3.500%, 04/20/2043		320,358		332,470
Series 2013-MA1149,
3.000%, 07/20/2043		16,332		16,790
Series 2016-MA3588,
3.500%, 04/20/2046		428,506		442,158
Series 2016-MA3793,
3.500%, 07/20/2046		1,094,961		1,129,858
Series 2016-MA3865,
3.500%, 08/20/2046		903,422		932,234
Series 2019-,
3.500%, 12/20/2049		270,899		276,885
Series 2019-784688,
5.000%, 02/20/2049		2,787,583		3,029,258
Series 2019-MA5864,
3.000%, 04/20/2049		63,920		65,499
Series 2019-MA5920,
3.000%, 05/20/2049		30,852		31,614

	Principal Amount		Value (Note 2)
Series 2019-MA5936,
6.500%, 05/20/2049	$	77,342	$	89,416
				9,497,290
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $100,903,237)				100,867,620

CORPORATE BONDS (56.25%)
Aerospace & Defense (2.44%)
Boeing Co.
2.20%, 02/04/2026		7,030,000		7,044,118
Teledyne Technologies, Inc.
0.95%, 04/01/2024		4,985,000		4,982,548
1.60%, 04/01/2026		7,975,000		7,969,018
2.25%, 04/01/2028		9,970,000		10,032,918
2.75%, 04/01/2031		3,969,000		4,049,397
TransDigm, Inc.
6.25%, 03/15/2026^(e)		5,000,000		5,225,000
8.00%, 12/15/2025^(e)		3,940,000		4,196,100
Total Aerospace & Defense				43,499,099
Airlines (1.64%)
Alaska Airlines 2020-1 Class A Pass
Through Trust
4.80%, 08/15/2027^(e)		5,804,311		6,456,612
Alaska Airlines 2020-1 Class B Pass
Through Trust
8.00%, 08/15/2025^(e)		5,272,416		5,953,605
British Airways 2020-1 Class A
Pass Through Trust
4.25%, 11/15/2032^(e)		1,306,895		1,412,507
Delta Air Lines, Inc.
7.00%, 05/01/2025^(e)		1,993,000		2,326,295
Southwest Airlines Co.
5.25%, 05/04/2025		7,540,000		8,455,677
United Airlines 2020-1 Class A Pass
Through Trust
Series 20-1
5.88%, 10/15/2027		4,132,598		4,631,858
Total Airlines				29,236,554
Apparel & Textile Products (0.20%)
Hanesbrands, Inc.
5.38%, 05/15/2025^(e)		3,500,000		3,644,375

Automobiles Manufacturing (3.19%)
Ford Motor Co.
5.29%, 12/08/2046		4,910,000		5,640,092
8.50%, 04/21/2023		500,000		548,875
9.00%, 04/22/2025		8,500,000		10,231,875
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		6,500,000		6,686,875
4.00%, 11/13/2030		6,965,000		7,278,425
3M US L + 1.27%,
03/28/2022^(a)		1,000,000		1,000,773

See Notes to Financial Statements.

81 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
General Motors Co.
5.00%, 04/01/2035	$	5,348,000	$	6,344,641
Nissan Motor Co., Ltd.
4.81%, 09/17/2030^(e)		15,300,000		17,016,231
Volkswagen Group of America
Finance LLC
0.75%, 11/23/2022^(e)		995,000		995,917
0.88%, 11/22/2023^(e)		995,000		994,743
Total Automobiles Manufacturing				56,738,447
Banks (5.24%)
Associated Bank NA/Green Bay WI
4.25%, 01/15/2025		934,000		998,179
Bank of New Zealand
2.00%, 02/21/2025^(e)		7,375,000		7,538,334
CIT Group, Inc.
1D US SOFR + 3.83%,
06/19/2024^(a)		12,890,000		13,404,503
Citizens Financial Group, Inc.
Series F
5Y US TI + 5.313%^(a)(f)		1,314,000		1,443,758
Cooperatieve Rabobank UA
3.75%, 07/21/2026		4,500,000		4,894,013
3.95%, 11/09/2022		675,000		697,779
Danske Bank A/S
5.00%, 01/12/2022^(e)		4,625,000		4,664,317
5.38%, 01/12/2024^(e)		1,000,000		1,089,533
1Y US TI + 1.03%,
12/08/2023^(a)(e)		2,000,000		2,006,183
1Y US TI + 1.35%,
09/11/2026^(a)(e)		6,500,000		6,457,497
First Horizon Corp.
3.55%, 05/26/2023		2,500,000		2,596,026
FNB Corp.
2.20%, 02/24/2023		1,800,000		1,821,195
Intesa Sanpaolo SpA
4.20%, 06/01/2032^(e)		1,800,000		1,816,250
4.95%, 06/01/2042^(e)		1,800,000		1,861,304
PNC Financial Services Group, Inc.
Series O
3M US L + 3.678%^(a)(f)		17,387,000		17,492,631
Synovus Bank/Columbus GA
1D US SOFR + 0.95%,
02/10/2023^(a)		6,235,000		6,256,958
Truist Bank
5Y US TI + 1.15%,
09/17/2029^(a)		4,750,000		4,923,332
UniCredit SpA
1Y US TI + 2.30%,
09/22/2026^(a)(e)		8,500,000		8,551,285
US Bancorp
5Y US TI + 0.95%,
11/03/2036^(a)		4,961,000		4,942,565
Total Banks				93,455,642

	Principal Amount		Value (Note 2)
Cable & Satellite (1.21%)
CCO Holdings LLC / CCO Holdings
Capital Corp.
4.25%, 02/01/2031^(e)	$	8,427,000	$	8,400,708
4.25%, 01/15/2034^(e)		1,984,000		1,926,772
4.50%, 06/01/2033^(e)		5,978,000		5,970,737
Charter Communications
Operating LLC / Charter
Communications Operating
Capital
3.85%, 04/01/2061		4,980,000		4,823,263
3M US L + 1.65%,
02/01/2024^(a)		500,000		512,598
Total Cable & Satellite				21,634,078
Casinos & Gaming (0.87%)
MGM Resorts International
5.50%, 04/15/2027		3,985,000		4,298,819
7.75%, 03/15/2022		3,348,000		3,427,515
Penn National Gaming, Inc.
5.63%, 01/15/2027^(e)		7,595,000		7,851,331
Total Casinos & Gaming				15,577,665
Chemicals (0.21%)
Kraton Polymers LLC / Kraton
Polymers Capital Corp.
4.25%, 12/15/2025^(e)		3,685,000		3,813,975

Commercial Finance (2.58%)
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust
2.45%, 10/29/2026		11,906,000		12,023,682
3.30%, 01/30/2032		2,976,000		3,031,547
3.85%, 10/29/2041		4,960,000		5,143,304
6.50%, 07/15/2025		11,053,000		12,810,306
Air Lease Corp.
Series C
5Y US TI + 3.149%^(a)(f)		4,960,000		4,898,000
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(e)		2,830,000		2,780,110
4.25%, 04/15/2026^(e)		3,100,000		3,332,332
Park Aerospace Holdings, Ltd.
4.50%, 03/15/2023^(e)		1,850,000		1,927,441
Total Commercial Finance				45,946,722
Construction Materials Manufacturing (0.11%)
Martin Marietta Materials, Inc.
2.40%, 07/15/2031		1,988,000		1,988,227

Consumer Finance (2.55%)
Ally Financial, Inc.
1.45%, 10/02/2023		990,000		1,000,031
Series C
7Y US TI + 3.481%^(a)(f)		2,982,000		3,041,640
American Express Co.
Series B
3M US L + 3.43%^(a)(f)		8,530,000		8,530,088

See Notes to Financial Statements.

82 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Discover Financial Services
Series D
5Y US TI + 5.78%^(a)(f)	$	5,000,000	$	5,567,500
OneMain Finance Corp.
5.38%, 11/15/2029		3,500,000		3,740,625
8.88%, 06/01/2025		15,142,000		16,391,214
Rocket Mortgage LLC
3.88%, 03/01/2031^(e)		2,000,000		1,978,142
Synchrony Financial
3.70%, 08/04/2026		3,192,000		3,427,402
4.25%, 08/15/2024		1,700,000		1,824,793
Total Consumer Finance				45,501,435

Department Stores (0.71%)
Nordstrom, Inc.
4.25%, 08/01/2031		12,484,000		12,497,420

Diversified Banks (4.91%)
Bank of America Corp.
1D US SOFR + 0.96%,
07/22/2027^(a)		12,344,000		12,268,632
1D US SOFR + 1.21%,
10/20/2032^(a)		2,976,000		2,984,600
1D US SOFR + 1.37%,
10/24/2031^(a)		15,418,000		14,715,780
5Y US TI + 1.20%,
09/21/2036^(a)		9,486,000		9,231,254
Citigroup, Inc.
4.30%, 11/20/2026		12,545,000		13,927,599
1D US SOFR + 1.17%,
05/01/2032^(a)		1,993,000		2,002,981
JPMorgan Chase & Co.
1D US SOFR + 0.535%,
06/01/2025^(a)		2,982,000		2,995,885
1D US SOFR + 1.25%,
04/22/2032^(a)		7,140,000		7,199,896
1D US SOFR + 1.46%,
04/22/2042^(a)		10,509,000		10,981,470
1D US SOFR + 2.04%,
04/22/2031^(a)		4,000,000		4,050,926
NatWest Group PLC
1Y US TI + 2.55%,
05/22/2028^(a)		2,000,000		2,096,881
Sumitomo Mitsui Financial Group,
Inc.
1.40%, 09/17/2026		2,977,000		2,922,701
1.90%, 09/17/2028		1,984,000		1,935,381
Total Diversified Banks				87,313,986

Electrical Equipment Manufacturing (0.25%)
Otis Worldwide Corp.
3M US L + 0.45%,
04/05/2023^(a)		900,000		900,071
Trimble, Inc.
4.75%, 12/01/2024		3,254,000		3,566,856
Total Electrical Equipment Manufacturing				4,466,927

	Principal Amount		Value (Note 2)
Exploration & Production (0.52%)
Diamondback Energy, Inc.
0.90%, 03/24/2023	$	2,040,000	$	2,040,000
4.40%, 03/24/2051		2,990,000		3,452,774
Hilcorp Energy I LP / Hilcorp
Finance Co.
6.25%, 11/01/2028^(e)		3,852,000		3,958,527
Total Exploration & Production				9,451,301
Financial Services (5.59%)
Carlyle Finance Subsidiary LLC
3.50%, 09/19/2029^(e)		2,000,000		2,149,444
Credit Suisse Group AG
3.57%, 01/09/2023^(e)		9,021,000		9,070,876
1D US SOFR + 1.73%,
05/14/2032^(a)(e)		8,575,000		8,737,310
1D US SOFR + 2.044%,
06/05/2026^(a)(e)		3,000,000		3,037,373
5Y US TI + 4.82%^(a)(e)(f)		7,875,000		8,593,594
Goldman Sachs Group, Inc.
3.50%, 04/01/2025		7,006,000		7,482,891
1D US SOFR + 0.50%,
09/10/2024^(a)		3,976,000		3,983,027
1D US SOFR + 0.913%,
10/21/2027^(a)		2,976,000		2,980,003
Series DMTN
1D US SOFR + 1.248%,
07/21/2032^(a)		2,978,000		2,929,369
Morgan Stanley
Series GMTN
1D US SOFR + 0.858%,
07/20/2027^(a)		8,915,000		8,772,095
1D US SOFR + 0.88%,
05/04/2027^(a)		3,986,000		3,950,051
1D US SOFR + 1.36%,
09/16/2036^(a)		22,583,000		21,957,211
Nasdaq, Inc.
0.45%, 12/21/2022		2,990,000		2,987,077
Raymond James Financial, Inc.
4.65%, 04/01/2030		9,000,000		10,579,288
UBS AG/London
1.75%, 04/21/2022^(e)		1,500,000		1,507,845
UBS Group AG
1Y US TI + 0.83%,
07/30/2024^(a)(e)		1,000,000		1,001,539
Total Financial Services				99,718,993
Food & Beverage (0.63%)
Becle SAB de CV
2.50%, 10/14/2031^(e)		7,000,000		6,901,509
JDE Peet's NV
0.80%, 09/24/2024^(e)		1,984,000		1,962,149
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(e)		2,490,000		2,553,869
Total Food & Beverage				11,417,527

See Notes to Financial Statements.

83 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Hardware (0.25%)
Dell, Inc.
5.40%, 09/10/2040	$	3,720,000	$	4,480,814

Health Care Facilities & Services (2.28%)
HCA, Inc.
2.38%, 07/15/2031		11,927,000		11,664,071
3.50%, 07/15/2051		6,958,000		7,062,275
4.13%, 06/15/2029		3,000,000		3,324,535
4.50%, 02/15/2027		3,680,000		4,085,012
5.25%, 04/15/2025		1,737,000		1,948,330
5.25%, 06/15/2049		3,110,000		4,037,782
Jaguar Holding Co. II / PPD
Development LP
4.63%, 06/15/2025^(e)		8,300,000		8,632,000
Total Health Care Facilities & Services				40,754,005

Homebuilders (0.50%)
Shea Homes LP / Shea Homes
Funding Corp.
4.75%, 04/01/2029^(e)		3,500,000		3,521,875
Tri Pointe Homes, Inc.
5.70%, 06/15/2028		5,000,000		5,443,750
Total Homebuilders				8,965,625

Industrial Other (0.11%)
Quanta Services, Inc.
0.95%, 10/01/2024		1,984,000		1,968,613

Life Insurance (0.27%)
Nippon Life Insurance Co.
5Y US TI + 2.60%,
09/16/2051^(a)(e)		5,000,000		4,865,413

Medical Equipment & Devices Manufacturing (0.17%)
PerkinElmer, Inc.
0.85%, 09/15/2024		2,977,000		2,955,185

Metals & Mining (0.57%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		9,805,000		10,103,960

Pharmaceuticals (3.09%)
AbbVie, Inc.
2.15%, 11/19/2021		3,250,000		3,252,828
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(e)		17,504,000		17,850,055
Organon & Co. / Organon Foreign
Debt Co-Issuer BV
4.13%, 04/30/2028^(e)		9,180,000		9,317,700
5.13%, 04/30/2031^(e)		7,574,000		7,821,518
Viatris, Inc.
1.13%, 06/22/2022^(e)		16,829,000		16,890,092
Total Pharmaceuticals				55,132,193

	Principal Amount		Value (Note 2)
Pipeline (4.74%)
Buckeye Partners LP
4.13%, 12/01/2027	$	3,064,000	$	3,090,810
4.15%, 07/01/2023		3,800,000		3,936,420
4.35%, 10/15/2024		2,440,000		2,555,339
4.50%, 03/01/2028^(e)		6,935,000		6,856,981
5.60%, 10/15/2044		2,828,000		2,746,865
Energy Transfer LP
3.45%, 01/15/2023		2,027,000		2,074,765
4.20%, 04/15/2027		2,215,000		2,416,946
Series B
3M US L + 4.16%^(a)(f)		2,506,000		2,437,085
Series F
5Y US TI + 5.134%^(a)(f)		2,985,000		3,070,819
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(e)		12,936,000		13,103,308
4.32%, 12/30/2039^(e)		8,561,000		8,972,314
Midwest Connector Capital Co.
LLC
3.63%, 04/01/2022^(e)		11,522,000		11,639,023
3.90%, 04/01/2024^(e)		4,975,000		5,184,525
4.63%, 04/01/2029^(e)		2,001,000		2,137,660
Targa Resources Partners LP /
Targa Resources Partners
Finance Corp.
6.88%, 01/15/2029		3,763,000		4,219,264
Western Midstream Operating LP
4.35%, 02/01/2025		7,165,000		7,514,294
3M US L + 2.10%,
01/13/2023^(a)		2,630,000		2,610,738
Total Pipeline				84,567,156
Power Generation (1.41%)
Alexander Funding Trust
1.84%, 11/15/2023^(e)		5,975,000		6,072,155
NRG Energy, Inc.
2.00%, 12/02/2025^(e)		4,530,000		4,583,655
2.45%, 12/02/2027^(e)		5,455,000		5,459,796
Vistra Operations Co. LLC
5.50%, 09/01/2026^(e)		8,626,000		8,892,975
Total Power Generation				25,008,581
Property & Casualty Insurance (0.12%)
Fairfax US, Inc.
4.88%, 08/13/2024^(e)		2,000,000		2,162,639

Publishing & Broadcasting (1.02%)
Nexstar Media, Inc.
4.75%, 11/01/2028^(e)		8,000,000		8,183,200
Scripps Escrow II, Inc.
3.88%, 01/15/2029^(e)		9,960,000		9,922,699
Total Publishing & Broadcasting				18,105,899

See Notes to Financial Statements.

84 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Railroad (0.21%)
Westinghouse Air Brake
Technologies Corp.
4.95%, 09/15/2028	$	3,304,000	$	3,802,750

Real Estate (0.67%)
Cushman & Wakefield US
Borrower LLC
6.75%, 05/15/2028^(e)		2,000,000		2,137,500
Howard Hughes Corp.
4.13%, 02/01/2029^(e)		3,840,000		3,848,909
MGM Growth Properties
Operating Partnership LP /
MGP Finance Co.-Issuer, Inc.
4.63%, 06/15/2025^(e)		5,500,000		5,919,375
Total Real Estate				11,905,784
Refining & Marketing (0.64%)
HollyFrontier Corp.
4.50%, 10/01/2030		4,975,000		5,425,993
5.88%, 04/01/2026		5,044,000		5,749,990
Total Refining & Marketing				11,175,983
Restaurants (0.44%)
Yum! Brands, Inc.
7.75%, 04/01/2025^(e)		7,437,000		7,918,174

Semiconductors (0.95%)
Microchip Technology, Inc.
0.97%, 02/15/2024^(e)		3,985,000		3,962,058
Micron Technology, Inc.
3.48%, 11/01/2051		992,000		993,161
TSMC Arizona Corp.
1.75%, 10/25/2026		2,431,000		2,445,573
2.50%, 10/25/2031		1,984,000		2,010,483
3.13%, 10/25/2041		3,165,000		3,305,535
3.25%, 10/25/2051		3,972,000		4,195,293
Total Semiconductors				16,912,103
Software & Services (1.54%)
Black Knight InfoServ LLC
3.63%, 09/01/2028^(e)		7,931,000		7,901,259
CoStar Group, Inc.
2.80%, 07/15/2030^(e)		10,000,000		10,139,671
Nielsen Finance LLC / Nielsen
Finance Co.
4.50%, 07/15/2029^(e)		1,988,000		1,946,252
4.75%, 07/15/2031^(e)		3,976,000		3,879,980
Roper Technologies, Inc.
0.45%, 08/15/2022		1,635,000		1,635,343
VMware, Inc.
2.20%, 08/15/2031		1,990,000		1,937,940
Total Software & Services				27,440,445

	Principal Amount		Value (Note 2)
Supermarkets & Pharmacies (0.35%)
Albertsons Cos. Inc / Safeway, Inc.
/ New Albertsons LP /
Albertsons LLC
4.63%, 01/15/2027^(e)	$	2,990,000	$	3,132,922
Kroger Co.
2.65%, 10/15/2026		2,860,000		2,997,030
Total Supermarkets & Pharmacies				6,129,952
Transportation & Logistics (0.42%)
FedEx Corp. 2020-1 Class AA Pass
Through Trust
1.88%, 02/20/2034		7,483,245		7,414,037

Utilities (2.49%)
Atmos Energy Corp.
3M US L + 0.38%,
03/09/2023^(a)		1,993,000		1,993,398
Dominion Energy, Inc.
3.07%, 08/15/2024^(d)		1,500,000		1,574,751
Duke Energy Corp.
5Y US TI + 2.321%,
01/15/2082^(a)		1,984,000		1,971,815
Edison International
Series A
5Y US TI + 4.70%^(a)(f)		2,638,000		2,727,033
Exelon Corp.
3.50%, 06/01/2022		2,673,000		2,711,245
ONE Gas, Inc.
0.85%, 03/11/2023		6,975,000		6,976,928
1.10%, 03/11/2024		2,610,000		2,600,264
Pacific Gas and Electric Co.
1.37%, 03/10/2023		3,990,000		3,977,925
3M US L + 1.38%,
11/15/2021^(a)		16,968,000		16,969,717
Southern California Edison Co.
1.10%, 04/01/2024		2,990,000		2,997,795
Total Utilities				44,500,871

Waste & Environment Services & Equipment (0.33%)
GFL Environmental, Inc.
5.13%, 12/15/2026^(e)		5,570,000		5,827,613

Wireless Telecommunications Services (0.53%)
AT&T, Inc.
1.70%, 03/25/2026		1,995,000		2,004,115
Sprint Corp.
7.88%, 09/15/2023		6,792,000		7,539,120
Total Wireless Telecommunications Services				9,543,235
Wireline Telecommunications Services *(0.30%)*
Lumen Technologies, Inc.
Series T
5.80%, 03/15/2022		4,265,000		4,318,867

See Notes to Financial Statements.

85 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
NTT Finance Corp.
0.37%, 03/03/2023^(e)	$	996,000	$	995,128
Total Wireline Telecommunications Services				5,313,995

TOTAL CORPORATE BONDS
(Cost $985,301,132)				1,002,857,398

GOVERNMENT BONDS (26.75%)

U.S. Treasury Bonds (26.75%)
United States Treasury Bonds
1.13%, 02/15/2031		39,018,000		37,640,177
1.25%, 08/15/2031		40,302,000		39,168,506
1.75%, 08/15/2041		90,244,000		86,902,151
2.00%, 08/15/2051		34,913,000		35,420,330
2.38%, 05/15/2051		19,373,000		21,298,192
United States Treasury Notes
0.13%, 12/15/2023		33,353,000		33,060,510
0.25%, 09/30/2023		27,689,000		27,578,677
0.50%, 02/28/2026		41,454,000		40,393,360
0.63%, 07/31/2026		20,380,000		19,866,520
0.75%, 03/31/2026		37,305,000		36,706,080
0.75%, 04/30/2026		17,345,000		17,055,352
0.75%, 08/31/2026		17,671,000		17,318,270
1.25%, 09/30/2028		21,910,000		21,610,449
1.63%, 05/15/2031		42,647,000		42,956,857
Total U.S. Treasury Bonds				476,975,431

TOTAL GOVERNMENT BONDS
(Cost $477,737,334)				476,975,431

	Shares		Value (Note 2)
PREFERRED STOCK (1.14%)
Consumer Discretionary (0.51%)
Retail - Consumer Discretionary (0.51%)
Qurate Retail, Inc.		83,200		9,083,776

TOTAL Consumer Discretionary				9,083,776

Financials (0.63%)
Banks (0.63%)
Bank of Hawaii, Series A^(f)(g)		354,302		9,211,852
First Republic Bank^(f)		86,350		2,105,213
				11,317,065

TOTAL Financials				11,317,065

TOTAL PREFERRED STOCK
(Cost $19,330,900)				20,400,841

7-Day

Yield

Shares

Value

(Note 2)

SHORT TERM INVESTMENTS (0.27%)

Money Market Fund (0.27%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio	0.030	%	4,746,609	$	4,746,609

TOTAL SHORT TERM INVESTMENTS
(Cost $4,746,609)					4,746,609

	Value (Note 2)
TOTAL INVESTMENTS (99.75%)
(Cost $1,759,981,737)	$	1,778,475,607

Other Assets In Excess Of Liabilities (0.25%)		4,401,317

NET ASSETS (100.00%)	$	1,782,876,924

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

Reference Rates:

1M US L - 1 Month LIBOR as of October 31, 2021 was 0.09%

3M US L - 3 Month LIBOR as of October 31, 2021 was 0.13%

7Y US TI - 7 Year US Treasury Index as of October 31, 2021 was 1.44%

1D US SOFR - 1 Day SOFR as of October 31, 2021 was 0.05%

1Y US TI - 1 Year US Treasury Bill as of October 31, 2021 was 0.15%

5Y US TI - 5 Year US Treasury Index as of October 31, 2021 was 1.18%

^(a)

^(b)

Issued with zero coupon.

^(c)

Interest only security.

^(d)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2021.

^(e)

^(f)

Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(g)

Non-Income Producing Security.

See Notes to Financial Statements.

86 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
COMMON STOCKS (1.25%)
Energy (0.48%)
Oil & Gas (0.48%)
Cheniere Energy Partners LP		16,500	$	726,825
Western Midstream Partners LP		35,200		748,000
				1,474,825

TOTAL Energy				1,474,825

Financials (0.49%)
Financial Services (0.49%)
OneMain Holdings, Inc.		28,550		1,507,725

TOTAL Financials				1,507,725

Utilities (0.28%)
Utilities (0.28%)
Vistra Corp.		44,420		870,188

TOTAL Utilities				870,188

TOTAL COMMON STOCKS
(Cost $3,856,224)				3,852,738

	Shares		(Note 2)
EXCHANGE TRADED FUNDS (2.25%)
Invesco Senior Loan ETF		313,762		6,927,865

TOTAL EXCHANGE TRADED FUNDS
(Cost $6,939,938)				6,927,865

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (0.23%)
Ginnie Mae
Series 2011-H05, Class FB,
1M US L + 0.50%,
12/20/2060^(a)	$	33,746	$	33,877
Series 2011-H14, Class FC,
1M US L + 0.50%,
05/20/2061^(a)		75,139		75,398
Series 2012-H20, Class BA,
1M US L + 0.56%,
09/20/2062^(a)		58,374		58,579
Series 2012-H29, Class SA,
1M US L + 0.515%,
10/20/2062^(a)		58,949		59,233
Series 2013-H07, Class GA,
1M US L + 0.47%,
03/20/2063^(a)		49,924		50,039

	Principal Amount		Value (Note 2)
Series 2013-H10, Class FA,
1M US L + 0.40%,
03/20/2063^(a)	$	26,196	$	26,229
Series 2013-H22, Class FT,
1Y US TI + 0.65%,
04/20/2063^(a)		35,343		35,221
Series 2013-H23, Class FA,
1M US L + 1.30%,
09/20/2063^(a)		42,995		43,610
Series 2014-H03, Class FA,
1M US L + 0.60%,
01/20/2064^(a)		29,244		29,376
Series 2015-H29, Class FL,
1M US L + 0.60%,
11/20/2065^(a)		70,431		70,990
Series 2016-H09, Class FA,
1M US L + 0.65%,
03/20/2066^(a)		55,221		55,772
Series 2018-H07, Class FE,
1M US L + 0.35%,
02/20/2068^(a)		99,871		99,887
Series 2020-H09, Class NF,
1M US L + 1.25%,
04/20/2070^(a)		76,829		79,143
				717,354
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $697,237)				717,354

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (0.79%)
Fannie Mae Pool
Series 1998-,
6.500%, 08/01/2028		42,882		48,284
7.500%, 08/01/2028		29,504		29,832
8.500%, 06/01/2027		29,638		30,140
Series 1999-,
6.000%, 04/01/2029		43,708		49,067
8.000%, 04/01/2029		29,541		29,857
Series 2001-,
7.000%, 06/01/2031		30,577		31,510
Series 2002-,
6.000%, 12/01/2032		46,447		51,582
Series 2003-,
4.500%, 09/01/2028		71,815		74,894
4.750%, 09/01/2033		45,819		49,995
5.500%, 10/01/2033		33,444		35,931
5.500%, 12/01/2033		42,647		47,871
Series 2005-,
4.500%, 05/01/2035		21,497		22,676
Series 2006-,
4.500%, 01/01/2036		32,107		33,356

See Notes to Financial Statements.

87 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Principal Amount		Value (Note 2)
Series 2007-,
5.500%, 07/01/2037	$	22,796	$	24,738
6.000%, 07/01/2037		39,844		43,070
6.000%, 09/01/2037		48,485		54,605
6.500%, 11/01/2037		47,371		53,326
Series 2008-,
5.000%, 06/01/2037		54,691		59,731
5.500%, 04/01/2038		24,884		27,302
5.500%, 08/01/2038		31,071		34,468
6.500%, 07/01/2038		48,659		54,774
Series 2009-,
5.000%, 04/01/2039		57,226		61,730
Series 2010-,
4.000%, 05/01/2040		15,466		16,158
5.500%, 02/01/2038		54,272		59,445
Series 2015-,
5.000%, 07/01/2044		29,764		33,620
Series 2016-,
3.500%, 06/01/2046		62,073		64,873
				1,122,835
Freddie Mac Gold Pool
04/01/2040		56,180		63,485
Series 2004-,
5.500%, 01/01/2034		31,517		33,127
Series 2006-,
4.500%, 01/01/2036		15,250		16,655
5.500%, 12/01/2034		35,566		39,311
5.500%, 08/01/2036		21,058		22,794
6.000%, 05/01/2036		60,919		68,461
Series 2007-,
5.500%, 10/01/2037		10,727		11,996
Series 2008-,
4.500%, 05/01/2038		64,814		67,387
6.000%, 08/01/2038		45,495		53,575
Series 2014-,
3.500%, 10/01/2044		64,300		67,209
Series 2015-,
4.000%, 03/01/2044		45,993		50,113
				494,113
Freddie Mac Pool
Series 2018-,
4.500%, 01/01/2036		87,641		96,277
				96,277
Ginnie Mae I Pool
Series 2003-,
5.500%, 10/15/2033		76,250		89,426
Series 2010-,
5.000%, 05/15/2040		43,218		49,026
				138,452
Ginnie Mae II Pool
Series 2009-,
6.000%, 11/20/2039		40,270		47,253
Series 2011-,
4.000%, 02/20/2041		38,501		41,048
4.000%, 05/20/2041		37,014		39,477

	Principal Amount		Value (Note 2)
4.000%, 10/20/2041	$	20,600	$	21,961
Series 2012-,
3.500%, 05/20/2042		86,582		92,473
Series 2013-,
5.500%, 11/20/2035		104,342		119,869
Series 2014-,
3.750%, 04/20/2044		81,610		89,334
4.000%, 05/20/2044		71,285		75,650
Series 2016-,
3.500%, 09/20/2046		51,625		52,621
				579,686
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $2,398,728)				2,431,363

	Shares		Value (Note 2)
CORPORATE BONDS (86.74%)

Advertising & Marketing (1.30%)
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.25%, 01/15/2029^(b)		900,000		883,125
5.00%, 08/15/2027^(b)		3,052,000		3,116,855
Total Advertising & Marketing				3,999,980
Aerospace & Defense (2.03%)
Boeing Co.
2.20%, 02/04/2026		3,850,000		3,857,731
TransDigm, Inc.
6.25%, 03/15/2026^(b)		2,250,000		2,351,250
Total Aerospace & Defense				6,208,981
Airlines (2.87%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(b)		691,209		768,888
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(b)		1,339,116		1,512,128
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(b)		1,441,669		1,558,172
Delta Air Lines, Inc.
7.00%, 05/01/2025^(b)		2,500,000		2,918,083
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1
5.88%, 10/15/2027		1,851,765		2,075,478
Total Airlines				8,832,749
Apparel & Textile Products (0.68%)
Hanesbrands, Inc.
5.38%, 05/15/2025^(b)		2,000,000		2,082,500

See Notes to Financial Statements.

88 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Automobiles Manufacturing (4.83%)
Ford Motor Co.
5.29%, 12/08/2046	$	1,300,000	$	1,493,304
9.00%, 04/22/2025		3,750,000		4,514,062
Ford Motor Credit Co. LLC
4.00%, 11/13/2030		450,000		470,250
General Motors Co.
5.00%, 04/01/2035		905,000		1,073,654
5.40%, 10/02/2023		1,000,000		1,082,512
Nissan Motor Co., Ltd.
4.35%, 09/17/2027^(b)		1,400,000		1,519,141
4.81%, 09/17/2030^(b)		4,200,000		4,671,121
Total Automobiles Manufacturing				14,824,044
Banks (5.08%)
Danske Bank A/S
5.38%, 01/12/2024^(b)		1,500,000		1,634,300
PNC Financial Services Group, Inc.
Series O
3M US L + 3.678%^(a)(c)		2,349,000		2,363,271
SVB Financial Group
Series E
10Y US TI + 3.064%^(a)(c)		6,500,000		6,617,812
Synovus Bank/Columbus GA
5Y US TI + 3.63%,
10/29/2030^(a)		1,774,000		1,847,577
UniCredit SpA
5Y US TI + 4.75%,
06/30/2035^(a)^(b)		2,850,000		3,120,020
Total Banks				15,582,980
Cable & Satellite (0.64%)
CCO Holdings LLC / CCO Holdings
Capital Corp.
4.50%, 05/01/2032		1,950,000		1,961,710
Casinos & Gaming (3.79%)
Boyd Gaming Corp.
4.75%, 12/01/2027		3,750,000		3,868,312
8.63%, 06/01/2025^(b)		575,000		620,281
International Game Technology PLC
4.13%, 04/15/2026^(b)		1,000,000		1,028,750
MGM Resorts International
4.75%, 10/15/2028		2,150,000		2,237,524
Penn National Gaming, Inc.
5.63%, 01/15/2027^(b)		1,574,000		1,627,123
Station Casinos LLC
4.50%, 02/15/2028^(b)		2,266,000		2,285,828
Total Casinos & Gaming				11,667,818
Chemicals (0.54%)
Kraton Polymers LLC / Kraton
Polymers Capital Corp.
4.25%, 12/15/2025^(b)		1,600,000		1,656,000

	Shares		Value (Note 2)
Commercial Finance (5.02%)
AerCap Holdings NV
5Y US TI + 4.535%,
10/10/2079^(a)	$	2,519,000	$	2,631,700
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.00%, 10/29/2028		2,000,000		2,029,238
Air Lease Corp.
Series C
5Y US TI + 3.149%^(a)(c)		3,000,000		2,962,500
Aircastle, Ltd.
2.85%, 01/26/2028^(b)		1,625,000		1,637,258
Antares Holdings LP
2.75%, 01/15/2027^(b)		500,000		495,247
3.95%, 07/15/2026^(b)		2,500,000		2,607,225
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(b)		1,500,000		1,473,557
2.75%, 02/21/2028^(b)		1,625,000		1,609,657
Total Commercial Finance				15,446,382
Communications Equipment (0.32%)
CommScope, Inc.
4.75%, 09/01/2029^(b)		1,000,000		982,450

Consumer Finance (3.92%)
American Express Co.
Series B
3M US L + 3.43%^(a)(c)		1,450,000		1,450,015
Apollo Commercial Real Estate Finance, Inc.
4.63%, 06/15/2029^(b)		1,500,000		1,445,625
Ladder Capital Finance Holdings
LLLP / Ladder Capital Finance Corp.
4.75%, 06/15/2029^(b)		2,250,000		2,269,688
LD Holdings Group LLC
6.50%, 11/01/2025^(b)		3,000,000		2,945,355
OneMain Finance Corp.
8.88%, 06/01/2025		3,625,000		3,924,062
Total Consumer Finance				12,034,745
Consumer Services (2.40%)
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 4.63%, 06/01/2028^(b)		3,600,000		3,574,830
GXO Logistics, Inc.
1.65%, 07/15/2026^(b)		1,500,000		1,475,723
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026^(b)		2,250,000		2,328,750
Total Consumer Services				7,379,303
Containers & Packaging (0.97%)
Canpack SA / Canpack US LLC
3.88%, 11/15/2029^(b)		3,000,000		2,981,250

See Notes to Financial Statements.

89 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Department Stores (1.35%)
NMG Holding Co. Inc / Neiman
Marcus Group LLC
7.13%, 04/01/2026^(b)	$	2,200,000	$	2,313,409
Nordstrom, Inc.
4.25%, 08/01/2031		1,802,000		1,803,937
Total Department Stores				4,117,346
Diversified Banks (1.78%)
Bank of America Corp.
5Y US TI + 1.20%,
09/21/2036^(a)		3,050,000		2,968,093
Citigroup, Inc.
4.30%, 11/20/2026		2,250,000		2,497,975
Total Diversified Banks				5,466,068
Exploration & Production (1.52%)
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029^(b)		3,050,000		3,099,563
6.25%, 11/01/2028^(b)		501,000		514,855
Murphy Oil Corp.
6.38%, 07/15/2028		1,000,000		1,057,600
Total Exploration & Production				4,672,018
Financial Services (5.89%)
Credit Suisse Group AG
3.57%, 01/09/2023^(b)		300,000		301,659
1D US SOFR + 1.73%,
05/14/2032^(a)^(b)		2,000,000		2,037,857
5Y US TI + 3.55%^(a)(b)(c)		1,275,000		1,242,743
5Y US TI + 4.82%^(a)(b)(c)		2,200,000		2,400,750
Golub Capital BDC, Inc.
2.50%, 08/24/2026		3,750,000		3,726,211
3.38%, 04/15/2024		950,000		984,457
Morgan Stanley
1D US SOFR + 1.36%,
09/16/2036^(a)		3,100,000		3,014,097
OWL Rock Core Income Corp.
3.13%, 09/23/2026^(b)		4,500,000		4,400,851
Total Financial Services				18,108,625
Food & Beverage (0.66%)
Lamb Weston Holdings, Inc.
4.13%, 01/31/2030^(b)		1,000,000		1,002,200
4.38%, 01/31/2032^(b)		1,000,000		1,002,735
Total Food & Beverage				2,004,935
Forest & Paper Products Manufacturing (0.68%)
Resolute Forest Products, Inc.
4.88%, 03/01/2026^(b)		2,050,000		2,088,438
Funds & Trusts (1.61%)
Blackstone Private Credit Fund
1.75%, 09/15/2024^(b)		3,000,000		2,973,199
2.63%, 12/15/2026^(b)		2,000,000		1,963,230
Total Funds & Trusts				4,936,429

	Shares		Value (Note 2)
Hardware (0.33%)
NCR Corp.
5.13%, 04/15/2029^(b)	$	1,000,000	$	1,023,830
Homebuilders (2.54%)
Forestar Group, Inc.
3.85%, 05/15/2026^(b)		4,103,000		4,108,108
Shea Homes LP / Shea Homes Funding Corp.
4.75%, 02/15/2028^(b)		125,000		126,094
4.75%, 04/01/2029^(b)		1,375,000		1,383,594
Tri Pointe Homes, Inc.
5.70%, 06/15/2028		2,000,000		2,177,500
Total Homebuilders				7,795,296
Industrial Other (1.66%)
Dycom Industries, Inc.
4.50%, 04/15/2029^(b)		3,500,000		3,556,875
Element Fleet Management Corp.
1.60%, 04/06/2024^(b)		1,530,000		1,540,887
Total Industrial Other				5,097,762
Internet Media (0.65%)
Endure Digital, Inc.
6.00%, 02/15/2029^(b)		1,000,000		921,710
Uber Technologies, Inc.
8.00%, 11/01/2026^(b)		1,000,000		1,065,650
Total Internet Media				1,987,360
Leisure Products Manufacturing (0.76%)
Vista Outdoor, Inc.
4.50%, 03/15/2029^(b)		2,315,000		2,320,788
Metals & Mining (1.66%)
SunCoke Energy, Inc.
4.88%, 06/30/2029^(b)		3,000,000		2,981,250
TMS International Corp.
6.25%, 04/15/2029^(b)		500,000		516,875
United States Steel Corp.
6.88%, 03/01/2029		1,500,000		1,606,875
Total Metals & Mining				5,105,000
Pharmaceuticals (2.65%)
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(b)		5,941,000		6,058,454
Organon & Co. / Organon Foreign
Debt Co-Issuer BV
5.13%, 04/30/2031^(b)		2,030,000		2,096,340
Total Pharmaceuticals				8,154,794
Pipeline (5.49%)
Buckeye Partners LP
4.13%, 12/01/2027		505,000		509,419
4.50%, 03/01/2028^(b)		3,275,000		3,238,155
5.60%, 10/15/2044		660,000		641,065
Energy Transfer LP
4.20%, 04/15/2027		750,000		818,379

See Notes to Financial Statements.

90 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Series B
3M US L + 4.16%^(a)(c)	$	875,000	$	850,938
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(b)		3,071,000		3,110,718
4.32%, 12/30/2039^(b)		1,733,000		1,816,262
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 01/15/2027		2,200,000		2,213,794
Midwest Connector Capital Co. LLC
3.90%, 04/01/2024^(b)		275,000		286,582
4.63%, 04/01/2029^(b)		934,000		997,788
Targa Resources Partners LP / Targa
Resources Partners Finance Corp.
6.88%, 01/15/2029		1,014,000		1,136,948
Western Midstream Operating LP
4.35%, 02/01/2025		525,000		550,594
3M US L + 2.10%,
01/13/2023^(a)		700,000		694,873
Total Pipeline				16,865,515
Power Generation (0.89%)
Alexander Funding Trust
1.84%, 11/15/2023^(b)		1,350,000		1,371,951
Vistra Operations Co. LLC
5.50%, 09/01/2026^(b)		1,325,000		1,366,009
Total Power Generation				2,737,960
Publishing & Broadcasting (3.91%)
Gray Escrow II, Inc.
5.38%, 11/15/2031^(b)		2,000,000		2,022,500
Gray Television, Inc.
4.75%, 10/15/2030^(b)		2,000,000		1,975,315
Nexstar Media, Inc.
4.75%, 11/01/2028^(b)		700,000		716,030
5.63%, 07/15/2027^(b)		2,000,000		2,112,500
Scripps Escrow II, Inc.
5.38%, 01/15/2031^(b)		5,300,000		5,194,158
Total Publishing & Broadcasting				12,020,503
Railroad (1.12%)
Westinghouse Air Brake Technologies Corp.
4.95%, 09/15/2028		3,000,000		3,452,860

Real Estate (4.93%)
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028^(b)		2,975,000		3,179,531
GLP Capital LP / GLP Financing II, Inc.
5.30%, 01/15/2029		2,600,000		2,977,806
Howard Hughes Corp.
4.13%, 02/01/2029^(b)		1,475,000		1,478,422
4.38%, 02/01/2031^(b)		160,000		160,258
Kennedy-Wilson, Inc.
4.75%, 02/01/2030		3,184,000		3,207,880

	Shares		Value (Note 2)
MGM Growth Properties Operating
Partnership LP / MGP Finance Co.-Issuer, Inc.
4.63%, 06/15/2025^(b)	$	200,000	$	215,250
Realogy Group LLC / Realogy Co.- Issuer Corp.
5.75%, 01/15/2029^(b)		2,900,000		3,008,750
9.38%, 04/01/2027^(b)		850,000		930,750
Total Real Estate				15,158,647
Refining & Marketing (0.39%)
HollyFrontier Corp.
4.50%, 10/01/2030		750,000		817,989
5.88%, 04/01/2026		325,000		370,489
Total Refining & Marketing				1,188,478
Retail - Consumer Discretionary (1.70%)
Carvana Co.
5.50%, 04/15/2027^(b)		1,500,000		1,513,125
Foot Locker, Inc.
4.00%, 10/01/2029^(b)		1,250,000		1,240,838
Gap, Inc.
3.63%, 10/01/2029^(b)		1,200,000		1,177,500
Victoria’s Secret & Co.
4.63%, 07/15/2029^(b)		1,325,000		1,332,486
Total Retail - Consumer Discretionary				5,263,949
Retail - Consumer Staples (0.39%)
United Natural Foods, Inc.
6.75%, 10/15/2028^(b)		1,100,000		1,192,125
Software & Services (4.74%)
Black Knight InfoServ LLC
3.63%, 09/01/2028^(b)		1,175,000		1,170,594
HealthEquity, Inc.
4.50%, 10/01/2029^(b)		1,750,000		1,771,875
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, 07/15/2029^(b)		3,500,000		3,426,500
4.75%, 07/15/2031^(b)		1,000,000		975,850
Playtika Holding Corp.
4.25%, 03/15/2029^(b)		2,700,000		2,710,935
ROBLOX Corp.
3.88%, 05/01/2030^(b)		4,500,000		4,488,750
Total Software & Services				14,544,504
Supermarkets & Pharmacies (1.46%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027^(b)		1,500,000		1,571,700
Arko Corp.
5.13%, 11/15/2029^(b)		3,000,000		2,932,050
Total Supermarkets & Pharmacies				4,503,750

See Notes to Financial Statements.

91 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Transportation & Logistics (0.37%)
Meritor, Inc.
4.50%, 12/15/2028^(b)	$	1,150,000	$	1,145,688

Utilities (1.74%)
Edison International
Series A
5Y US TI + 4.70%^(a)(c)		477,000		493,099
Pacific Gas and Electric Co.
3M US L + 1.38%,
11/15/2021^(a)		1,840,000		1,840,186
Suburban Propane Partners
LP/Suburban Energy Finance Corp.
5.00%, 06/01/2031^(b)		2,037,000		2,090,471
Superior Plus LP / Superior General Partner, Inc.
4.50%, 03/15/2029^(b)		900,000		921,555
Total Utilities				5,345,311
Waste & Environment Services & Equipment (0.99%)
GFL Environmental, Inc.
4.00%, 08/01/2028^(b)		2,700,000		2,635,875
5.13%, 12/15/2026^(b)		399,000		417,454
Total Waste & Environment Services & Equipment				3,053,329
Wireline Telecommunications Services (0.49%)
Consolidated Communications, Inc.
5.00%, 10/02/2028^(b)		1,500,000		1,516,883

TOTAL CORPORATE BONDS
(Cost $265,987,596)				266,509,083

	Shares		Value (Note 2)
GOVERNMENT BONDS (3.73%)
U.S. Treasury Bonds (3.73%)
United States Treasury Bonds
1.75%, 08/15/2041		10,258,000	9,878,133
2.00%, 08/15/2051		1,573,000	1,595,858
Total U.S. Treasury Bonds			11,473,991
TOTAL GOVERNMENT BONDS
(Cost $11,375,694)			11,473,991

	Shares		Value (Note 2)
PREFERRED STOCK (3.65%)
Consumer Discretionary (1.53%)
Retail - Consumer Discretionary (1.53%)
Qurate Retail, Inc.		43,000		4,694,740
TOTAL Consumer Discretionary				4,694,740

	Shares		Value (Note 2)
Financials (2.12%)
Banks (1.30%)
Bank of Hawaii, Series A^(c)(d)		106,350	$	2,765,100
First Republic Bank^(c)		33,000		804,540
US Bancorp^(c)		17,200		430,172
				3,999,812
Financial Services (0.82%)
Morgan Stanley^(c)(d)		100,000		2,508,000

TOTAL Financials				6,507,812

TOTAL PREFERRED STOCK
(Cost $10,971,434)				11,202,552

	7-Day Yield		Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.66%)
Money Market Fund (0.66%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio		0.030%		2,035,407		2,035,407
TOTAL SHORT TERM INVESTMENTS
(Cost $2,035,407)						2,035,407
TOTAL INVESTMENTS (99.30%)
(Cost $304,262,258)					$	305,150,353
Other Assets In Excess Of Liabilities (0.70%)						2,151,945

NET ASSETS (100.00%)					$	307,302,298

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

Reference Rates:

1M US L - 1 Month LIBOR as of October 31, 2021 was 0.09%

3M US L - 3 Month LIBOR as of October 31, 2021 was 0.13%

1D US SOFR - 1 Day SOFR as of October 31, 2021 was 0.05%

1Y US TI - 1 Year US Treasury Bill as of October 31, 2021 was 0.15%

5Y US TI - 5 Year US Treasury Index as of October 31, 2021 was 1.18%

10Y US TI - 10 Year US Treasury Index as of October 31, 2021 was 1.55%

See Notes to Financial Statements.

92 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2021

^(a)

^(b)

^(c)

Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(d)

Non-Income Producing Security.

See Notes to Financial Statements.

93 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

			Value
	Shares		(Note 2)
COMMON STOCKS (60.49%)

Communications (4.95%)
Media (4.95%)
Alphabet, Inc., Class A^(a)		347	$	1,027,438
IAC/InterActiveCorp^(a)		865		131,800
Meta Platforms, Inc., Class A^(a)		1,419		459,146
ViacomCBS, Inc., Class B		3,347		121,228
Walt Disney Co.^(a)		1,424		240,756
				1,980,368

TOTAL Communications				1,980,368

Consumer Discretionary (6.87%)
Consumer Discretionary Products (2.11%)
Bayerische Motoren Werke AG, ADR		6,920		233,896
Brunswick Corp.		1,827		170,075
Lennar Corp., Class A		2,421		241,931
YETI Holdings, Inc.^(a)		2,048		201,380
				847,282

Consumer Discretionary Services (1.98%)
Carnival Corp.^(a)		7,675		170,078
Marriott International, Inc., Class A^(a)		1,329		212,667
McDonald's Corp.		1,682		413,015
				795,760

Retail & Whsle - Discretionary (2.78%)
Amazon.com, Inc.^(a)		179		603,665
Lowe's Cos., Inc.		1,626		380,191
O'Reilly Automotive, Inc.^(a)		205		127,576
				1,111,432

TOTAL Consumer Discretionary				2,754,474

Consumer Staples (5.29%)
Consumer Staple Products (0.71%)
Estee Lauder Cos., Inc., Class A		877		284,437

Retail & Wholesale - Staples (4.58%)
Costco Wholesale Corp.		1,355		666,036
ITOCHU Corp., ADR		3,707		211,114
Target Corp.		1,696		440,316
Walmart, Inc.		3,420		511,016
				1,828,482

TOTAL Consumer Staples				2,112,919

Energy (2.77%)
Oil & Gas (2.77%)
ConocoPhillips		6,970		519,195

			Value
	Shares		(Note 2)
Enbridge, Inc.		14,042	$	587,798
				1,106,993

TOTAL Energy				1,106,993

Financials (8.80%)
Banking (3.77%)
JPMorgan Chase & Co.		6,215		1,055,867
Wells Fargo & Co.		8,870		453,789
				1,509,656

Financial Services (3.69%)
Ally Financial, Inc.		6,580		314,129
Intercontinental Exchange, Inc.		2,818		390,180
LPL Financial Holdings, Inc.		2,275		373,146
T Rowe Price Group, Inc.		1,828		396,457
				1,473,912

Insurance (1.34%)
Prudential Financial, Inc.		4,855		534,293

TOTAL Financials				3,517,861

Health Care (8.83%)
Health Care (8.83%)
Danaher Corp.		1,427		444,896
HCA Healthcare, Inc.		1,510		378,195
IQVIA Holdings, Inc.^(a)		1,250		326,775
Medtronic PLC		3,138		376,121
Thermo Fisher Scientific, Inc.		825		522,283
UnitedHealth Group, Inc.		2,204		1,014,875
Zoetis, Inc.		2,162		467,424
				3,530,569

TOTAL Health Care				3,530,569

Industrials (6.17%)
Industrial Products (3.66%)
Boeing Co.^(a)		662		137,054
Caterpillar, Inc.		1,324		270,109
Deere & Co.		925		316,637
ITT, Inc.		2,466		231,977
Middleby Corp.^(a)		877		160,000
TE Connectivity, Ltd.		2,425		354,050
				1,469,827

Industrial Services (2.51%)
Norfolk Southern Corp.		1,542		451,883
Old Dominion Freight Line, Inc.		1,215		414,740
Southwest Airlines Co.^(a)		2,874		135,883
				1,002,506

TOTAL Industrials				2,472,333

See Notes to Financial Statements.

94 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

				Value
		Shares		(Note 2)
Materials (2.18%)
Materials (2.18%)
Anglo American PLC, ADR			7,120	$	136,348
Freeport-McMoRan, Inc.			3,960		149,371
Linde PLC			1,170		373,464
LyondellBasell Industries NV, Class A			2,330		216,271
					875,454

TOTAL Materials					875,454

Real Estate (1.21%)
Real Estate (1.21%)
Equity LifeStyle Properties, Inc.			5,736		484,749

TOTAL Real Estate					484,749

Technology (13.14%)
Software & Tech Services (6.98%)
Mastercard, Inc., Class A			981		329,145
Microsoft Corp.			3,439		1,140,440
PayPal Holdings, Inc.^(a)			1,140		265,153
SPS Commerce, Inc.^(a)			2,100		320,733
Synopsys, Inc.^(a)			1,018		339,177
Tyler Technologies, Inc.^(a)			740		401,983
	��				2,796,631

Tech Hardware & Semiconductors (6.16%)
Advanced Micro Devices, Inc.^(a)			2,654		319,090
Apple, Inc.			6,562		982,988
Lam Research Corp.			302		170,198
Motorola Solutions, Inc.			735		182,714
Taiwan Semiconductor Manufacturing Co., Ltd., ADR			3,391		385,557
Texas Instruments, Inc.			2,263		424,268
					2,464,815

TOTAL Technology					5,261,446

Utilities (0.28%)
Utilities (0.28%)
Alliant Energy Corp.			2,000		113,140

TOTAL Utilities					113,140

TOTAL COMMON STOCKS
(Cost $19,899,549)					24,210,306

	Principal	Value
	Amount	(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (3.66%)

	Principal		Value
	Amount		(Note 2)
Fannie Mae
Series 1997-10, Class FA,
1M US L + 0.60%,
03/18/2027^(b)	$	10,247	$	10,294
Series 1999-52, Class NF,
1M US L + 1.15%,
10/25/2023^(b)		7,041		7,091
Series 2002-21, Class FD,
1M US L + 0.90%,
04/25/2032^(b)		13,818		13,980
Series 2002-22, Class GC,
6.500%, 04/25/2032		9,868		11,548
Series 2002-58, Class PG,
6.000%, 09/25/2032		23,937		27,725
Series 2002-58, Class FG,
1M US L + 1.00%,
08/25/2032^(b)		8,538		8,607
Series 2003-117, Class KB,
6.000%, 12/25/2033		20,919		24,208
Series 2003-87, Class SL,
9.10% -1M US L, 07/25/2033^(b)		50,343		57,172
Series 2004-60, Class JC,
5.500%, 04/25/2034		18,484		20,241
Series 2005-27, Class GH,
5.500%, 04/25/2035		90,000		105,303
Series 2007-104, Class ZE,
6.000%, 08/25/2037		21,689		24,976
Series 2007-22, Class A,
5.500%, 03/25/2037		10,734		12,318
Series 2007-55, Class PH,
6.000%, 06/25/2047		34,038		40,114
Series 2007-76, Class ZG,
6.000%, 08/25/2037		43,434		50,313
Series 2008-1, Class LF,
1M US L + 0.70%,
05/25/2037^(b)		23,288		23,651
Series 2008-22, Class DB,
5.000%, 04/25/2048		18,800		21,413
Series 2009-12, Class LC,
8.977%, 06/25/2037^(b)		18,876		23,698
Series 2009-51, Class BZ,
4.500%, 07/25/2039		28,655		31,533
Series 2010-61, Class WA,
6.011%, 06/25/2040^(b)		22,415		25,642
Series 2010-98, Class BH,
5.500%, 09/25/2040		36,080		41,054
Series 2012-30, Class EH,
2.000%, 04/25/2022		4,428		4,437
Series 2012-64, Class NA,
3.000%, 08/25/2041		7,282		7,386
Series 2013-18, Class MY,
3.000%, 03/25/2033		15,000		15,844
Series 2013-61, Class NY,
3.000%, 06/25/2033		35,000		37,483

See Notes to Financial Statements.

95 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Series 2013-9, Class AE,
1.750%, 03/25/2039	$	21,257	$	21,429
Series 2014-21, Class MA,
2.000%, 09/25/2041		18,299		18,743
				686,203
Freddie Mac
Series 1996-1843, Class Z,
7.000%, 04/15/2026		8,264		8,723
Series 1999-2123, Class L,
6.500%, 01/15/2029		30,735		34,444
Series 2002-2538, Class FB,
1M US L + 0.40%,
12/15/2032^(b)		7,539		7,559
Series 2003-2626, Class FQ,
1M US L + 1.00%,
06/15/2023^(b)		5,434		5,446
Series 2005-2977, Class AT,
4.500%, 05/15/2025		13,782		14,359
Series 2005-2990, Class LB,
16.94569% - 1M US L,
06/15/2034^(b)		6,844		7,732
Series 2005-2993, Class TF,
1M US L + 0.35%,
06/15/2025^(b)		6,671		6,665
Series 2006-3174, Class LF,
1M US L + 0.35%,
05/15/2036^(b)		14,362		14,437
Series 2006-3239, Class EF,
1M US L + 0.35%,
11/15/2036^(b)		11,368		11,462
Series 2007-3298, Class Z,
6.000%, 04/15/2037		36,406		42,176
Series 2008-3409, Class DB,
6.000%, 01/15/2038		19,070		22,151
Series 2009-3572, Class KT,
4.500%, 09/15/2039		18,320		19,892
Series 2010-3645, Class WD,
4.500%, 02/15/2040		26,000		27,677
Series 2010-3699, Class LC,
4.000%, 03/15/2040		16,544		17,754
Series 2010-3721, Class FB,
1M US L + 0.50%,
09/15/2040^(b)		13,978		14,200
Series 2010-3759, Class PY,
4.000%, 11/15/2040		25,000		27,087
Series 2010-3770, Class JZ,
4.000%, 12/15/2040		30,826		33,509
Series 2011-3786, Class HL,
3.500%, 03/15/2038		5,706		5,719
Series 2011-3954, Class PG,
2.500%, 07/15/2041		34,154		35,193
Series 2012-3987, Class LP,
3.500%, 01/15/2042		26,000		28,230
Series 2012-4032, Class AD,
2.000%, 10/15/2041		19,426		19,725

	Principal		Value
	Amount		(Note 2)
Series 2012-4043, Class PB,
1.500%, 05/15/2027	$	17,174	$	17,365
Series 2012-4064, Class TL,
4.000%, 03/15/2042		5,746		5,887
Series 2013-4226, Class GZ,
3.000%, 07/15/2043		17,258		17,838
Series 2013-4251, Class KE,
2.500%, 04/15/2028		14,134		14,198
Series 2015-4498, Class JA,
2.500%, 04/15/2037		43,371		43,668
				503,096
Ginnie Mae
Series 2004-86, Class C,
5.500%, 10/20/2034		16,000		18,163
Series 2005-91, Class PD,
5.500%, 12/20/2035		13,309		14,916
Series 2007-70, Class FC,
1M US L + 0.47%,
11/20/2037^(b)		21,217		21,376
Series 2008-2, Class PC,
4.750%, 01/20/2038		9,159		10,091
Series 2008-46, Class FA,
1M US L + 0.60%,
05/20/2038^(b)		8,800		8,844
Series 2008-60, Class JP,
5.500%, 07/20/2038		31,000		34,969
Series 2009-104, Class KA,
4.500%, 08/16/2039		16,192		16,751
Series 2010-151, Class KA,
3.000%, 09/16/2039		27,929		28,195
Series 2010-98, Class MG,
3.000%, 08/20/2039		6,597		6,706
Series 2011-H23, Class HA,
3.000%, 12/20/2061		6,881		7,147
Series 2012-39, Class GA,
3.000%, 10/16/2040		9,633		9,964
Series 2013-149, Class BP,
3.500%, 10/20/2043		50,000		55,237
Series 2013-98, Class DM,
3.500%, 07/20/2042		16,327		16,811
Series 2019-162, Class GA,
3.000%, 10/20/2049		11,168		11,345
Series 2020-140, Class PA,
4.500%, 09/20/2050		7,289		7,715
Series 2020-5, Class LC,
3.500%, 10/20/2049		6,843		6,998
				275,228
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,454,769)				1,464,527

	Principal	Value
	Amount	(Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.06%)

See Notes to Financial Statements.

96 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Fannie Mae-Aces
Series 2014-M9, Class A2,
3.103%, 07/25/2024^(b)	$	21,652	$	22,726

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $22,636)				22,726

	Principal		Value
	Amount		(Note 2)
MORTGAGE-BACKED SECURITIES (2.41%)
Fannie Mae Pool
Series 2004-,
5.500%, 08/01/2034		43,571		47,392
5.500%, 11/01/2034		42,255		45,585
Series 2005-,
7.677%, 06/15/2034		17,806		20,224
Series 2007-,
5.500%, 08/01/2037		34,239		36,906
1Y US TI + 2.398%,
10/01/2035^(b)		27,053		26,997
Series 2008-,
5.500%, 03/01/2038		44,024		49,311
5.500%, 05/01/2038		34,861		39,082
Series 2009-,
5.500%, 11/01/2039		29,320		32,284
Series 2012-AM0762,
3.290%, 09/01/2032		8,374		9,274
Series 2012-AM1671,
2.100%, 12/01/2027		33,364		34,316
Series 2014-,
3.500%, 11/01/2033		34,469		37,172
Series 2015-AM8645,
2.690%, 05/01/2027		21,668		22,989
Series 2015-AM8674,
2.810%, 04/01/2025		20,000		21,076
Series 2017-AN6670,
3.210%, 09/01/2027		29,503		30,928
Series 2018-109741,
3.730%, 11/01/2025		50,000		52,720
Series 2018-BL0212,
3.820%, 07/01/2027		34,510		37,331
Series 2019-,
3.340%, 05/01/2031		24,835		27,655
				571,242
Freddie Mac Gold Pool
Series 2008-,
6.000%, 05/01/2038		30,180		32,046
Series 2012-,
3.000%, 05/01/2032		42,722		45,074
				77,120
Ginnie Mae II Pool
Series 2009-,
5.000%, 10/20/2039		11,912		12,939

	Principal		Value
	Amount		(Note 2)
5.500%, 02/20/2039	$	35,552	$	39,815
Series 2010-,
4.000%, 12/20/2040		34,074		36,323
4.500%, 04/20/2040		33,400		35,896
4.500%, 08/20/2040		37,821		40,618
Series 2011-,
5.000%, 04/20/2041		27,928		30,291
Series 2012-,
3.500%, 05/20/2042		51,638		53,589
4.000%, 08/20/2042		65,338		68,589
				318,060
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $957,481)				966,422

CORPORATE BONDS (14.73%)

Aerospace & Defense (0.92%)
Boeing Co.
2.20%, 02/04/2026		70,000		70,141
Teledyne Technologies, Inc.
0.95%, 04/01/2024		80,000		79,961
1.60%, 04/01/2026		25,000		24,981
2.25%, 04/01/2028		95,000		95,599
2.75%, 04/01/2031		31,000		31,628
TransDigm, Inc.
8.00%, 12/15/2025^(c)		60,000		63,900
Total Aerospace & Defense				366,210

Airlines (0.46%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(c)		47,924		53,310
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(c)		25,053		28,290
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(c)		5,834		6,306
Delta Air Lines, Inc.
7.00%, 05/01/2025^(c)		7,000		8,171
Southwest Airlines Co.
5.25%, 05/04/2025		55,000		61,678
United Airlines 2020-1 Class A Pass
Through Trust
Series 20-1
5.88%, 10/15/2027		22,583		25,311
Total Airlines				183,066

Apparel & Textile Products (0.07%)
Hanesbrands, Inc.
5.38%, 05/15/2025^(c)		28,000		29,155

See Notes to Financial Statements.

97 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Automobiles Manufacturing (1.17%)
Ford Motor Co.
5.29%, 12/08/2046	$	20,000	$	22,974
8.50%, 04/21/2023		20,000		21,955
9.00%, 04/22/2025		80,000		96,299
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		35,000		36,006
4.00%, 11/13/2030		35,000	��	36,575
General Motors Co.
5.00%, 04/01/2035		22,000		26,100
Nissan Motor Co., Ltd.
4.81%, 09/17/2030^(c)		200,000		222,434
Volkswagen Group of America
Finance LLC
0.75%, 11/23/2022^(c)		5,000		5,005
0.88%, 11/22/2023^(c)		5,000		4,999
Total Automobiles Manufacturing				472,347

Banks (0.79%)
CIT Group, Inc.
1D US SOFR + 3.83%, 06/19/2024^(b)		67,000		69,674
Citizens Financial Group, Inc.
4.15%, 09/28/2022^(c)		30,000		30,903
PNC Financial Services Group, Inc.
Series O
3M US L + 3.678%^(b)(d)		133,000		133,808
Synovus Bank/Columbus GA
1D US SOFR + 0.95%, 02/10/2023^(b)		15,000		15,053
Truist Bank
5Y US TI + 1.15%, 09/17/2029^(b)		25,000		25,912
US Bancorp
5Y US TI + 0.95%, 11/03/2036^(b)		39,000		38,855
Total Banks				314,205

Cable & Satellite (0.30%)
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031^(c)		60,000		59,813
4.25%, 01/15/2034^(c)		16,000		15,538
4.50%, 06/01/2033^(c)		22,000		21,973
Charter Communications Operating LLC / Charter Communications Operating Capital
3.85%, 04/01/2061		20,000		19,371
Total Cable & Satellite				116,695

Casinos & Gaming (0.23%)
MGM Resorts International
5.50%, 04/15/2027		15,000		16,181
7.75%, 03/15/2022		10,000		10,238
Penn National Gaming, Inc.
5.63%, 01/15/2027^(c)		61,000		63,059
Total Casinos & Gaming				89,478

	Principal		Value
	Amount		(Note 2)
Chemicals (0.04%)
Kraton Polymers LLC / Kraton Polymers Capital Corp.
4.25%, 12/15/2025^(c)	$	15,000	$	15,525

Commercial Finance (0.84%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.45%, 10/29/2026		94,000		94,929
3.30%, 01/30/2032		24,000		24,448
3.85%, 10/29/2041		40,000		41,478
6.50%, 07/15/2025		65,000		75,334
Air Lease Corp.
Series C
5Y US TI + 3.149%^(b)(d)		40,000		39,500
Avolon Holdings Funding, Ltd.
2.53%, 11/18/2027^(c)		14,000		13,753
3.63%, 05/01/2022^(c)		20,000		20,223
4.25%, 04/15/2026^(c)		25,000		26,874
Total Commercial Finance				336,539
Construction Materials Manufacturing (0.03%)
Martin Marietta Materials, Inc.
2.40%, 07/15/2031		12,000		12,001

Consumer Finance (0.55%)
Ally Financial, Inc.
1.45%, 10/02/2023		10,000		10,101
Series C
7Y US TI + 3.481%^(b)(d)		18,000		18,360
American Express Co.
Series B
3M US L + 3.43%^(b)(d)		50,000		50,001
Discover Financial Services
Series D
5Y US TI + 5.78%^(b)(d)		15,000		16,703
OneMain Finance Corp.
8.88%, 06/01/2025		116,000		125,569
Total Consumer Finance				220,734

Department Stores (0.19%)
Nordstrom, Inc.
4.25%, 08/01/2031		74,000		74,080

Diversified Banks (1.50%)
Bank of America Corp.
1D US SOFR + 0.96%, 07/22/2027^(b)		56,000		55,658
1D US SOFR + 1.21%, 10/20/2032^(b)		24,000		24,069
1D US SOFR + 1.37%, 10/24/2031^(b)		119,000		113,580
5Y US TI + 1.20%, 09/21/2036^(b)		74,000		72,013

See Notes to Financial Statements.

98 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Citigroup, Inc.
4.30%, 11/20/2026	$	96,000	$	106,580
1D US SOFR + 1.17%, 05/01/2032^(b)		7,000		7,035
JPMorgan Chase & Co.
1D US SOFR + 0.535%, 06/01/2025^(b)		18,000		18,084
1D US SOFR + 1.25%, 04/22/2032^(b)		60,000		60,503
1D US SOFR + 1.46%, 06/01/2024^(b)		30,000		30,385
1D US SOFR + 1.46%, 04/22/2042^(b)		41,000		42,843
1D US SOFR + 2.04%, 04/22/2031^(b)		25,000		25,318
Sumitomo Mitsui Financial Group, Inc.
1.40%, 09/17/2026		23,000		22,580
1.90%, 09/17/2028		16,000		15,608
Total Diversified Banks				594,256

Exploration & Production (0.13%)
Diamondback Energy, Inc.
0.90%, 03/24/2023		10,000		10,000
4.40%, 03/24/2051		10,000		11,548
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028^(c)		32,000		32,885
Total Exploration & Production				54,433

Financial Services (1.89%)
Credit Suisse Group AG
3.57%, 01/09/2023^(c)		37,000		37,205
5Y US TI + 4.82%^(b)(c)(d)		200,000		218,250
Goldman Sachs Group, Inc.
3.50%, 04/01/2025		60,000		64,084
1D US SOFR + 0.50%, 09/10/2024^(b)		24,000		24,042
1D US SOFR + 0.913%, 10/21/2027^(b)		24,000		24,032
Series DMTN
1D US SOFR + 1.248%, 07/21/2032^(b)		22,000		21,641
Morgan Stanley
Series I
1D US SOFR + 0.75%, 10/21/2025^(b)		10,000		9,900
Series GMTN
1D US SOFR + 0.858%, 07/20/2027^(b)		85,000		83,637
1D US SOFR + 0.88%, 05/04/2027^(b)		14,000		13,874
1D US SOFR + 1.36%, 09/16/2036^(b)		177,000		172,096
Nasdaq, Inc.
0.45%, 12/21/2022		10,000		9,990

	Principal		Value
	Amount		(Note 2)
National Securities Clearing Corp.
0.40%, 12/07/2023^(c)	$	20,000	$	19,905
Raymond James Financial, Inc.
4.65%, 04/01/2030		50,000		58,774
Total Financial Services				757,430

Food & Beverage (0.07%)
JDE Peet's NV
0.80%, 09/24/2024^(c)		16,000		15,824
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(c)		10,000		10,257
Total Food & Beverage				26,081

Hardware (0.09%)
Dell, Inc.
5.40%, 09/10/2040		30,000		36,136

Health Care Facilities & Services (0.64%)
HCA, Inc.
2.38%, 07/15/2031		73,000		71,392
3.50%, 07/15/2051		42,000		42,629
4.13%, 06/15/2029		40,000		44,327
4.50%, 02/15/2027		25,000		27,751
5.25%, 06/15/2049		15,000		19,475
Jaguar Holding Co. II / PPD Development LP
4.63%, 06/15/2025^(c)		50,000		52,000
Total Health Care Facilities & Services				257,574

Industrial Other (0.05%)
Honeywell International, Inc.
0.48%, 08/19/2022		5,000		5,001
Quanta Services, Inc.
0.95%, 10/01/2024		16,000		15,876
Total Industrial Other				20,877

Medical Equipment & Devices Manufacturing (0.06%)
PerkinElmer, Inc.
0.85%, 09/15/2024		23,000		22,831

Metals & Mining (0.19%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		75,000		77,287

Pharmaceuticals (0.74%)
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(c)		136,000		138,689
Organon & Co. / Organon Foreign Debt Co-Issuer BV
4.13%, 04/30/2028^(c)		45,000		45,675
5.13%, 04/30/2031^(c)		26,000		26,850
Viatris, Inc.
1.13%, 06/22/2022^(c)		86,000		86,312
Total Pharmaceuticals				297,526

See Notes to Financial Statements.

99 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Pipeline (1.34%)
Buckeye Partners LP
4.13%, 12/01/2027	$	53,000	$	53,464
4.35%, 10/15/2024		10,000		10,473
4.50%, 03/01/2028^(c)		55,000		54,381
5.60%, 10/15/2044		12,000		11,656
Energy Transfer LP
3.45%, 01/15/2023		10,000		10,236
4.20%, 04/15/2027		25,000		27,279
Series F
5Y US TI + 5.134%^(b)(d)		15,000		15,431
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(c)		93,000		94,202
4.32%, 12/30/2039^(c)		62,000		64,979
Midwest Connector Capital Co. LLC
3.63%, 04/01/2022^(c)		93,000		93,944
3.90%, 04/01/2024^(c)		25,000		26,053
4.63%, 04/01/2029^(c)		5,000		5,341
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.88%, 01/15/2029		23,000		25,789
Western Midstream Operating LP
4.35%, 02/01/2025		40,000		41,950
Total Pipeline				535,178

Power Generation (0.37%)
Alexander Funding Trust
1.84%, 11/15/2023^(c)		75,000		76,219
NRG Energy, Inc.
2.00%, 12/02/2025^(c)		20,000		20,237
2.45%, 12/02/2027^(c)		25,000		25,022
Vistra Operations Co. LLC
5.50%, 09/01/2026^(c)		29,000		29,898
Total Power Generation				151,376

Publishing & Broadcasting (0.16%)
Nexstar Media, Inc.
4.75%, 11/01/2028^(c)		25,000		25,573
Scripps Escrow II, Inc.
3.88%, 01/15/2029^(c)		40,000		39,850
Total Publishing & Broadcasting				65,423

Railroad (0.04%)
Westinghouse Air Brake Technologies Corp.
4.95%, 09/15/2028		15,000		17,264

Refining & Marketing (0.17%)
HollyFrontier Corp.
4.50%, 10/01/2030		25,000		27,266
5.88%, 04/01/2026		35,000		39,899
Total Refining & Marketing				67,165

		Principal		Value
		Amount		(Note 2)
Restaurants (0.03%)
Yum! Brands, Inc.
7.75%, 04/01/2025^(c)	$	13,000	$	13,841

Semiconductors (0.28%)
Microchip Technology, Inc.
0.97%, 02/15/2024^(c)		15,000		14,914
Micron Technology, Inc.
3.48%, 11/01/2051		8,000		8,009
TSMC Arizona Corp.
1.75%, 10/25/2026		19,000		19,114
2.50%, 10/25/2031		16,000		16,214
3.13%, 10/25/2041		25,000		26,110
3.25%, 10/25/2051		28,000		29,574
Total Semiconductors				113,935

Software & Services (0.26%)
CoStar Group, Inc.
2.80%, 07/15/2030^(c)		60,000		60,838
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, 07/15/2029^(c)		12,000		11,748
4.75%, 07/15/2031^(c)		24,000		23,420
VMware, Inc.
2.20%, 08/15/2031		10,000		9,738
Total Software & Services				105,744

Supermarkets & Pharmacies (0.02%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027^(c)		10,000		10,478

Transportation & Logistics (0.12%)
FedEx Corp. 2020-1 Class AA Pass Through Trust
1.88%, 02/20/2034		47,326		46,889

Utilities (0.73%)
Atmos Energy Corp.
3M US L + 0.38%, 03/09/2023^(b)		7,000		7,001
Dominion Energy, Inc.
3.07%, 08/15/2024^(e)		25,000		26,246
Duke Energy Corp.
5Y US TI + 2.321%, 01/15/2082^(b)		16,000		15,902
Edison International
Series A
5Y US TI + 4.70%^(b)(d)		5,000		5,169
ONE Gas, Inc.
0.85%, 03/11/2023		25,000		25,007
1.10%, 03/11/2024		15,000		14,944

See Notes to Financial Statements.

100 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

	Principal		Value
	Amount		(Note 2)
Pacific Gas and Electric Co.
1.37%, 03/10/2023	$	46,000	$	45,861
3M US L + 1.38%, 11/15/2021^(b)		138,000		138,013
Southern California Edison Co.
1.10%, 04/01/2024		10,000		10,026
Total Utilities				288,169

Waste & Environment Services & Equipment (0.08%)
GFL Environmental, Inc.
5.13%, 12/15/2026^(c)		30,000		31,388

Wireless Telecommunications Services (0.08%)
AT&T, Inc.
1.70%, 03/25/2026		5,000		5,023
Sprint Corp.
7.88%, 09/15/2023		25,000		27,750
Total Wireless Telecommunications Services				32,773

Wireline Telecommunications Services (0.10%)
Lumen Technologies, Inc.
Series T
5.80%, 03/15/2022		35,000		35,442
NTT Finance Corp.
0.37%, 03/03/2023^(c)		4,000		3,997
Total Wireline Telecommunications Services				39,439

TOTAL CORPORATE BONDS
(Cost $5,876,241)				5,893,528

GOVERNMENT BONDS (13.44%)

U.S. Treasury Bonds (13.44%)
United States Treasury Bonds
1.13%, 02/15/2031		237,000		228,631
1.25%, 08/15/2031		415,000		403,328
1.75%, 08/15/2041		852,000		820,449
2.00%, 08/15/2051		71,000		72,032
2.38%, 05/15/2051		348,000		382,583
United States Treasury Notes
0.13%, 07/31/2023		240,000		238,781
0.13%, 12/15/2023		450,000		446,054
0.13%, 02/15/2024		320,000		316,731
0.25%, 09/30/2023		352,000		350,598
0.25%, 03/15/2024		284,000		281,565
0.25%, 05/15/2024		320,000		316,688
0.38%, 08/15/2024		251,000		248,666
0.63%, 07/31/2026		204,000		198,860
0.75%, 03/31/2026		307,000		302,071
0.75%, 04/30/2026		310,000		304,823
0.75%, 08/31/2026		210,000		205,808
1.25%, 09/30/2028		128,000		126,250
1.63%, 05/15/2031		132,000		132,959
Total U.S. Treasury Bonds				5,376,877

TOTAL GOVERNMENT BONDS
(Cost $5,400,670)				5,376,877

			Value
	Shares		(Note 2)
PREFERRED STOCK (0.33%)
Consumer Discretionary (0.11%)
Retail - Consumer Discretionary (0.11%)
Qurate Retail, Inc.		400	$	43,672

TOTAL Consumer Discretionary				43,672

Financials (0.22%)
Banks (0.22%)
Bank of Hawaii, Series A^(a)(d)		2,855		74,230
First Republic Bank^(d)		650		15,847
				90,077

TOTAL Financials				90,077

TOTAL PREFERRED STOCK
(Cost $129,987)				133,749

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT TERM INVESTMENTS (5.15%)

Money Market Fund (5.15%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio		0.030	%		125,666		125,666
State Street Institutional Treasury Plus Money Market Fund		0.010	%		1,935,113		1,935,113
							2,060,779

TOTAL SHORT TERM INVESTMENTS
(Cost $2,060,779)							2,060,779

TOTAL INVESTMENTS (100.27%)
(Cost $35,802,112)						$	40,128,914

Liabilities In Excess Of Other Assets (-0.27%)							(108,582	)

NET ASSETS (100.00%)						$	40,020,332

See Notes to Financial Statements.

101 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Investments

October 31, 2021

Investment Abbreviations:

LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
TI – Treasury Index

Reference Rates:

1M US L - 1 Month LIBOR as of October 31, 2021 was 0.09%
3M US L - 3 Month LIBOR as of October 31, 2021 was 0.13%

7Y US TI - 7 Year US Treasury Index as of October 31, 2021 was 1.44%
1D US SOFR - 1 Day SOFR as of October 31, 2021 was 0.05%
1Y US TI - 1 Year US Treasury Bill as of October 31, 2021 was 0.15%
5Y US TI - 5 Year US Treasury Index as of October 31, 2021 was 1.18%

^(a)	Non-Income Producing Security.
^(b)	Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date.
^(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2021, the aggregate market value of those securities was $2,099,406, representing 5.25% of net assets.
^(d)	Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
^(e)	Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2021.

See Notes to Financial Statements.

102 | October 31, 2021

ALPS | Smith Funds

Statements of Assets and Liabilities

October 31, 2021

	ALPS \| Smith Short Duration Bond Fund		ALPS \| Smith Total Return Bond Fund		ALPS \| Smith Credit Opportunities Fund		ALPS \| Smith Balanced Opportunity Fund
ASSETS
Investments, at value	$	515,775,281	$	1,778,475,607	$	305,150,353	$	40,128,914
Cash		–		465,506		54,331		8,808
Receivable for investments sold		7,481,370		43,098,737		8,360,879		1,066,575
Receivable for shares sold		1,914,438		3,311,714		220,901		4,004
Deposit with broker for futures contracts		–		–		–		25,572
Interest receivable		2,480,959		10,651,579		2,792,069		81,964
Receivable due from advisor		–		–		–		6,541
Prepaid expenses and other assets		39,137		58,490		49,595		33,286
Total Assets		527,691,185		1,836,061,633		316,628,128		41,355,664
LIABILITIES
Payable for investments purchased		3,316,279		49,988,065		8,870,872		1,226,523
Payable for shares redeemed		1,241,442		1,657,211		164,166		–
Investment advisory fees payable		107,838		613,050		135,430		–
Administration and transfer agency fees payable		169,540		686,058		91,426		58,406
Distribution and services fees payable		11,644		19,165		4,037		1,262
Trustees' fees and expenses payable		5,733		18,506		3,685		690
Professional fees payable		31,371		49,279		26,993		25,002
Custody fees payable		11,683		45,096		6,764		15,301
Accrued expenses and other liabilities		46,743		108,279		22,457		8,148
Total Liabilities		4,942,273		53,184,709		9,325,830		1,335,332
NET ASSETS	$	522,748,912	$	1,782,876,924	$	307,302,298	$	40,020,332
NET ASSETS CONSIST OF
Paid-in capital	$	521,226,517	$	1,767,106,085	$	305,401,732	$	35,760,175
Total distributable earnings		1,522,395		15,770,839		1,900,566		4,260,157
NET ASSETS	$	522,748,912	$	1,782,876,924	$	307,302,298	$	40,020,332
INVESTMENTS, AT COST	$	515,568,499	$	1,759,981,737	$	304,262,258	$	35,802,112

See Notes to Financial Statements.

103 | October 31, 2021

ALPS | Smith Funds

Statements of Assets and Liabilities

October 31, 2021

	ALPS \| Smith Short Duration Bond Fund			ALPS \| Smith Total Return Bond Fund			ALPS \| Smith Credit Opportunities Fund			ALPS \| Smith Balanced Opportunity Fund
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	10.57		$	11.23		$	10.45		$	12.19
Net Assets	$	10,193,977		$	9,604,938		$	6,868,506		$	783,971
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		964,720			855,466			657,552			64,308
Class A:
Net Asset Value, offering and redemption price per share	$	10.56		$	11.23		$	10.45		$	12.19
Net Assets	$	16,867,559		$	27,342,016		$	1,217,047		$	1,218,849
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,596,731			2,434,394			116,495			100,000
Maximum offering price per share	$	10.80	^(a)	$	11.49	^(a)	$	10.69	^(a)	$	12.60	^(b)
Class C:
Net Asset Value, offering and redemption price per share^(c)	$	10.53		$	11.21		$	10.45		$	12.14
Net Assets	$	3,472,452		$	7,183,950		$	681,860		$	607,223
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		329,728			641,040			65,281			50,000
Class I:
Net Asset Value, offering and redemption price per share	$	10.57		$	11.22		$	10.45		$	12.19
Net Assets	$	492,214,924		$	1,738,746,020		$	298,534,885		$	37,410,289
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		46,557,267			154,910,856			28,555,745			3,068,935

^(a)

(NAV/0.9775), based on maximum sales charge of 2.25% of the offering price.

^(b)

(NAV/0.9675), based on maximum sales charge of 3.25% of the offering price.

^(c)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.

See Notes to Financial Statements.

104 | October 31, 2021

ALPS | Smith Funds

Statement of Operations

For the Year Ended October 31, 2021

	ALPS \| Smith Short Duration Bond Fund			ALPS \| Smith Total Return Bond Fund			ALPS \| Smith Credit Opportunities Fund^(a)			ALPS \| Smith Balanced Opportunity Fund^(a)
INVESTMENT INCOME
Dividends	$	201,068		$	1,323,030		$	359,110		$	254,877
Foreign taxes withheld on dividends		(4,826	)		(13,654	)		(3,028	)		(5,790	)
Interest		4,616,287			40,701,443			4,195,267			164,296
Total Investment Income		4,812,529			42,010,819			4,551,349			413,383

EXPENSES
Investment advisory fees		1,390,628			9,172,011			953,407			190,452
Administrative fees		374,481			1,680,837			142,956			71,767
Transfer agency fees		248,015			932,203			76,021			22,866
Distribution and service fees
Investor Class		32,917			28,373			14,230			1,932
Class A		30,267			54,684			3,077			3,015
Class C		30,087			77,055			5,775			5,723
Professional fees		37,443			77,437			29,452			26,716
Reports to shareholders and printing fees		17,320			84,488			5,688			1,583
State registration fees		105,214			150,306			83,691			34,677
Insurance fees		2,405			18,842			329			204
Custody fees		15,140			60,394			8,177			20,489
Trustees’ fees and expenses		17,010			80,927			5,929			1,245
Repayment of previously waived fees
Investor Class		–			895			59			–
Class A		–			3			10			–
Class C		–			–			4			–
Class I		–			–			3			–
Miscellaneous expenses		13,061			33,383			8,761			9,752
Total Expenses		2,313,988			12,451,838			1,337,569			390,421
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(16,881	)		(2,940	)		(3,188	)		(3,910	)
Class A		(9,476	)		(5,556	)		(1,196	)		(6,318	)
Class C		(1,817	)		(4,192	)		(594	)		(3,152	)
Class I		(320,901	)		(1,175,366	)		(158,423	)		(134,501	)
Net Expenses		1,964,913			11,263,784			1,174,168			242,540
Net Investment Income		2,847,616			30,747,035			3,377,181			170,843
Net realized gain/(loss) on investments		1,366,915			3,499,336			1,092,257			(47,462	)
Net realized gain on futures contracts		–			–			–			23,960
Net realized gain on foreign currency transactions		–			–			–			38
Net Realized Gain/(Loss)		1,366,915			3,499,336			1,092,257			(23,464	)
Net change in unrealized appreciation/(depreciation) on investments		(1,863,510	)		(12,866,274	)		1,003,450			4,462,821
Net Change in Unrealized Appreciation/(Depreciation)		(1,863,510	)		(12,866,274	)		1,003,450			4,462,821
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		(496,595	)		(9,366,938	)		2,095,707			4,439,357
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,351,021		$	21,380,097		$	5,472,888		$	4,610,200

^(a)

For the period September 16, 2020 (Inception) to April 30, 2021.

See Notes to Financial Statements.

105 | October 31, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	2,847,616		$	1,369,569
Net realized gain		1,366,915			1,602,831
Net change in unrealized appreciation/(depreciation)		(1,863,510	)		1,684,442
Net Increase in Net Assets Resulting from Operations		2,351,021			4,656,842

DISTRIBUTIONS
From distributable earnings
Investor Class		(155,128	)		(21,527	)
Class A		(122,168	)		(21,429	)
Class C		(17,715	)		(9,016	)
Class I		(4,175,818	)		(1,765,667	)
Net Decrease in Net Assets from Distributions		(4,470,829	)		(1,817,639	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		15,055,603			8,786,055
Class A		13,671,339			3,316,195
Class C		1,574,934			1,845,022
Class I		481,182,792			159,410,823
Dividends reinvested
Investor Class		103,471			16,577
Class A		107,066			18,236
Class C		17,232			8,286
Class I		2,516,150			1,187,091
Shares redeemed, net of redemption fees
Investor Class		(13,992,876	)		(230,669	)
Class A		(530,992	)		(148,329	)
Class C		(289,750	)		(185,508	)
Class I		(156,359,324	)		(41,453,423	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		343,055,645			132,570,356

Net increase in net assets		340,935,837			135,409,559

NET ASSETS
Beginning of year		181,813,075			46,403,516
End of year	$	522,748,912		$	181,813,075

See Notes to Financial Statements.

106 | October 31, 2021

ALPS | Smith Total Return Bond Fund

Statement of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	30,747,035		$	17,728,925
Net realized gain		3,499,336			20,708,790
Net change in unrealized appreciation/(depreciation)		(12,866,274	)		24,830,792
Net Increase in Net Assets Resulting from Operations		21,380,097			63,268,507

DISTRIBUTIONS
From distributable earnings
Investor Class		(336,421	)		(136,099	)
Class A		(584,781	)		(252,408	)
Class C		(198,520	)		(59,370	)
Class I		(55,637,740	)		(22,139,600	)
Net Decrease in Net Assets from Distributions		(56,757,462	)		(22,587,477	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		4,281,016			9,570,405
Class A		19,688,892			7,720,559
Class C		2,181,358			5,311,853
Class I		874,175,506			1,096,771,120
Dividends reinvested
Investor Class		280,200			120,845
Class A		530,643			240,768
Class C		153,422			55,429
Class I		37,592,642			15,005,297
Shares redeemed, net of redemption fees
Investor Class		(4,826,938	)		(3,975,002	)
Class A		(7,467,466	)		(1,264,314	)
Class C		(1,481,119	)		(733,489	)
Class I		(470,271,790	)		(185,793,976	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		454,836,366			943,029,495

Net increase in net assets		419,459,001			983,710,525

NET ASSETS
Beginning of year		1,363,417,923			379,707,398
End of year	$	1,782,876,924		$	1,363,417,923

See Notes to Financial Statements.

107 | October 31, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
OPERATIONS
Net investment income	$	3,377,181		$	42,824
Net realized gain		1,092,257			43,945
Net change in unrealized appreciation/(depreciation)		1,003,450			(115,355	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,472,888			(28,586	)

DISTRIBUTIONS
From distributable earnings
Investor Class		(116,811	)		(1,183	)
Class A		(30,109	)		(1,780	)
Class C		(10,784	)		(450	)
Class I		(3,347,171	)		(37,948	)
Net Decrease in Net Assets from Distributions		(3,504,875	)		(41,361	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		7,838,750			701,936
Class A		166,565			1,000,000
Class C		160,000			500,000
Class I		310,405,806			25,436,680
Dividends reinvested
Investor Class		108,253			–
Class A		3,391			–
Class C		58			–
Class I		2,190,246			1,273
Shares redeemed
Investor Class		(1,873,870	)		(175	)
Class I		(40,909,390	)		(325,291	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		278,089,809			27,314,423

Net increase in net assets		280,057,822			27,244,476

NET ASSETS
Beginning of year		27,244,476			–
End of year	$	307,302,298		$	27,244,476

See Notes to Financial Statements.

108 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
OPERATIONS
Net investment income	$	170,843		$	8,275
Net realized loss		(23,464	)		(23,561	)
Net change in unrealized appreciation/(depreciation)		4,462,821			(136,019	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		4,610,200			(151,305	)

DISTRIBUTIONS
From distributable earnings
Investor Class		(3,280	)		(116	)
Class A		(5,331	)		(415	)
Class C		(268	)		–
Class I		(184,448	)		(6,578	)
Net Decrease in Net Assets from Distributions		(193,327	)		(7,109	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		45,545			610,109
Class A		–			1,000,000
Class C		–			500,000
Class I		22,130,170			12,420,000
Dividends reinvested
Investor Class		510			–
Class I		103,203			692
Shares redeemed
Investor Class		(5,641	)		–
Class I		(1,042,715	)		–
Net Increase in Net Assets Derived from Beneficial Interest Transactions		21,231,072			14,530,801

Net increase in net assets		25,647,945			14,372,387

NET ASSETS
Beginning of year		14,372,387			–
End of year	$	40,020,332		$	14,372,387

See Notes to Financial Statements.

109 | October 31, 2021

ALPS | Smith Short Duration Bond Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.62		$	10.25		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.05			0.11			0.23			0.07
Net realized and unrealized gain/(loss)		0.03			0.48			0.27			(0.04	)
Total from investment operations		0.08			0.59			0.50			0.03

DISTRIBUTIONS:
From net investment income		(0.05	)		(0.14	)		(0.22	)		(0.05	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.13	)		(0.22	)		(0.23	)		(0.05	)

Net increase/(decrease) in net asset value		(0.05	)		0.37			0.27			(0.02	)
Net asset value, end of year	$	10.57		$	10.62		$	10.25		$	9.98
TOTAL RETURN^(b)		0.77	%		5.85	%		5.04	%		0.25	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,194		$	9,100		$	519		$	491
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.90	%		0.95	%		1.10	%		2.79	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.76	%		0.78	%		0.76	%		0.89	%^(c)
Ratio of net investment income to average net assets		0.51	%		1.02	%		2.22	%		1.93	%^(c)
Portfolio turnover rate^(d)		165	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

110 | October 31, 2021

ALPS | Smith Short Duration Bond Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.61		$	10.24		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.05			0.12			0.22			0.06
Net realized and unrealized gain/(loss)		0.03			0.47			0.27			(0.03	)
Total from investment operations		0.08			0.59			0.49			0.03

DISTRIBUTIONS:
From net investment income		(0.05	)		(0.14	)		(0.22	)		(0.05	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.13	)		(0.22	)		(0.23	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.05	)		0.37			0.26			(0.02	)
Net asset value, end of year	$	10.56		$	10.61		$	10.24		$	9.98
TOTAL RETURN^(c)		0.77	%		5.84	%		4.96	%		0.27	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	16,868		$	3,702		$	471		$	110
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.84	%		0.94	%		1.09	%		4.28	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.76	%		0.77	%		0.74	%		0.89	%^(d)
Ratio of net investment income to average net assets		0.51	%		1.10	%		2.17	%		1.86	%^(d)
Portfolio turnover rate^(e)		165	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

111 | October 31, 2021

ALPS | Smith Short Duration Bond Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021				For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.61			$	10.24		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		(0.02	)			0.05			0.15			0.05
Net realized and unrealized gain/(loss)		0.02				0.47			0.27			(0.04	)
Total from investment operations		–				0.52			0.42			0.01

DISTRIBUTIONS:
From net investment income		(0.00	)^(b)			(0.07	)		(0.15	)		(0.03	)
From net realized gains		(0.08	)			(0.08	)		(0.01	)		–
Total distributions		(0.08	)			(0.15	)		(0.16	)		(0.03	)

Net increase/(decrease) in net asset value		(0.08	)			0.37			0.26			(0.02	)
Net asset value, end of year	$	10.53			$	10.61		$	10.24		$	9.98
TOTAL RETURN^(c)		(0.01	)%			5.10	%		4.19	%		0.09	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	3,472		��	$	2,193		$	497		$	370
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.55	%			1.67	%		1.83	%		3.54	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.49	%			1.49	%		1.49	%		1.48	%^(d)
Ratio of net investment income/(loss) to average net assets		(0.22	)%			0.46	%		1.48	%		1.35	%^(d)
Portfolio turnover rate^(e)		165	%			457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

112 | October 31, 2021

ALPS | Smith Short Duration Bond Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.62		$	10.25		$	9.99		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.08			0.16			0.25			0.08
Net realized and unrealized gain/(loss)		0.03			0.46			0.26			(0.03	)
Total from investment operations		0.11			0.62			0.51			0.05

DISTRIBUTIONS:
From net investment income		(0.08	)		(0.17	)		(0.25	)		(0.06	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.16	)		(0.25	)		(0.26	)		(0.06	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.01			0.00	^(b)
Net increase/(decrease) in net asset value		(0.05	)		0.37			0.26			(0.01	)
Net asset value, end of year	$	10.57		$	10.62		$	10.25		$	9.99
TOTAL RETURN^(c)		1.05	%		6.12	%		5.21	%		0.50	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	492,215		$	166,817		$	44,916		$	13,601
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.58	%		0.70	%		0.82	%		1.70	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%^(d)
Ratio of net investment income to average net assets		0.77	%		1.52	%		2.46	%		2.36	%^(d)
Portfolio turnover rate^(e)		165	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

113 | October 31, 2021

ALPS | Smith Total Return Bond Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.05		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.18			0.19			0.22			0.07
Net realized and unrealized gain/(loss)		(0.03	)		0.57			0.95			0.03
Total from investment operations		0.15			0.76			1.17			0.10

DISTRIBUTIONS:
From net investment income		(0.19	)		(0.19	)		(0.21	)		(0.05	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.38	)		(0.29	)		(0.23	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.23	)		0.47			0.94			0.05
Net asset value, end of year	$	11.23		$	11.46		$	10.99		$	10.05
TOTAL RETURN^(c)		1.26	%		6.95	%		11.77	%		1.00	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	9,605		$	10,109		$	4,121		$	345
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.98	%		1.01	%		1.07	%		2.97	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.95	%		0.96	%		0.96	%		1.07	%^(d)
Ratio of net investment income to average net assets		1.55	%		1.66	%		2.05	%		2.20	%^(d)
Portfolio turnover rate^(e)		178	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

114 | October 31, 2021

ALPS | Smith Total Return Bond Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.05		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.18			0.19			0.21			0.07
Net realized and unrealized gain/(loss)		(0.03	)		0.57			0.97			0.03
Total from investment operations		0.15			0.76			1.18			0.10

DISTRIBUTIONS:
From net investment income		(0.19	)		(0.19	)		(0.22	)		(0.05	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.38	)		(0.29	)		(0.24	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.23	)		0.47			0.94			0.05
Net asset value, end of year	$	11.23		$	11.46		$	10.99		$	10.05
TOTAL RETURN^(c)		1.27	%		6.96	%		11.79	%		1.04	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	27,342		$	15,016		$	7,929		$	136
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.97	%		0.99	%		1.05	%		3.96	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.94	%		0.95	%		0.95	%		1.07	%^(d)
Ratio of net investment income to average net assets		1.57	%		1.66	%		1.91	%		2.10	%^(d)
Portfolio turnover rate^(e)		178	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

115 | October 31, 2021

ALPS | Smith Total Return Bond Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.44		$	10.97		$	10.04		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.11			0.13			0.05
Net realized and unrealized gain/(loss)		(0.02	)		0.57			0.97			0.03
Total from investment operations		0.07			0.68			1.10			0.08

DISTRIBUTIONS:
From net investment income		(0.11	)		(0.11	)		(0.15	)		(0.04	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.30	)		(0.21	)		(0.17	)		(0.04	)

Net increase/(decrease) in net asset value		(0.23	)		0.47			0.93			0.04
Net asset value, end of year	$	11.21		$	11.44		$	10.97		$	10.04
TOTAL RETURN^(b)		0.55	%		6.23	%		10.98	%		0.79	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	7,184		$	6,508		$	1,727		$	121
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.71	%		1.72	%		1.79	%		4.69	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.66	%		1.67	%		1.67	%		1.67	%^(c)
Ratio of net investment income to average net assets		0.83	%		0.94	%		1.20	%		1.49	%^(c)
Portfolio turnover rate^(d)		178	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

116 | October 31, 2021

ALPS | Smith Total Return Bond Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.04		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.21			0.22			0.24			0.09
Net realized and unrealized gain/(loss)		(0.04	)		0.57			0.97			0.02
Total from investment operations		0.17			0.79			1.21			0.11

DISTRIBUTIONS:
From net investment income		(0.22	)		(0.22	)		(0.24	)		(0.07	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.41	)		(0.32	)		(0.26	)		(0.07	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.24	)		0.47			0.95			0.04
Net asset value, end of year	$	11.22		$	11.46		$	10.99		$	10.04
TOTAL RETURN^(c)		1.47	%		7.26	%		12.19	%		1.09	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,738,746		$	1,331,786		$	365,930		$	10,495
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.73	%		0.72	%		0.76	%		2.18	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.66	%		0.67	%		0.67	%		0.67	%^(d)
Ratio of net investment income to average net assets		1.84	%		1.94	%		2.22	%		2.64	%^(d)
Portfolio turnover rate^(e)		178	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

117 | October 31, 2021

ALPS | Smith Credit Opportunities Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.25			0.02
Net realized and unrealized gain/(loss)		0.51			(0.04	)
Total from investment operations		0.76			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.25	)		(0.02	)
From net realized gains		(0.02	)		–
Total distributions		(0.27	)		(0.02	)

Net increase/(decrease) in net asset value		0.49			(0.04	)
Net asset value, end of year	$	10.45		$	9.96
TOTAL RETURN^(b)		7.63	%		(0.23	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	6,869		$	699
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%		2.36	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.19	%		1.20	%^(c)
Ratio of net investment income to average net assets		2.35	%		1.37	%^(c)
Portfolio turnover rate^(d)		211	%		66	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

118 | October 31, 2021

ALPS | Smith Credit Opportunities Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.25			0.02
Net realized and unrealized gain/(loss)		0.51			(0.04	)
Total from investment operations		0.76			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.25	)		(0.02	)
From net realized gains		(0.02	)		–
Total distributions		(0.27	)		(0.02	)

Net increase/(decrease) in net asset value		0.49			(0.04	)
Net asset value, end of year	$	10.45		$	9.96
TOTAL RETURN^(b)		7.65	%		(0.22	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,217		$	996
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.26	%		2.38	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.16	%		1.20	%^(c)
Ratio of net investment income to average net assets		2.41	%		1.33	%^(c)
Portfolio turnover rate^(d)		211	%		66	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

119 | October 31, 2021

ALPS | Smith Credit Opportunities Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.96			$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.17				0.01
Net realized and unrealized gain/(loss)		0.52				(0.04	)
Total from investment operations		0.69				(0.03	)

DISTRIBUTIONS:
From net investment income		(0.18	)			(0.01	)
From net realized gains		(0.02	)			–
Total distributions		(0.20	)			(0.01	)

Net increase/(decrease) in net asset value		0.49				(0.04	)
Net asset value, end of year	$	10.45			$	9.96
TOTAL RETURN^(b)		6.88	%			(0.31	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	682			$	498
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.00	%			3.09	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.90	%			1.90	%^(c)
Ratio of net investment income to average net assets		1.67	%			0.63	%^(c)
Portfolio turnover rate^(d)		211	%			66	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

120 | October 31, 2021

ALPS | Smith Credit Opportunities Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.97			$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.28				0.02
Net realized and unrealized gain/(loss)		0.50				(0.03	)
Total from investment operations		0.78				(0.01	)

DISTRIBUTIONS:
From net investment income		(0.28	)			(0.02	)
From net realized gains		(0.02	)			–
Total distributions		(0.30	)			(0.02	)

Net increase/(decrease) in net asset value		0.48				(0.03	)
Net asset value, end of year	$	10.45			$	9.97
TOTAL RETURN^(b)		7.83	%			(0.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	298,535			$	25,051
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.03	%			1.86	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.90	%			0.90	%^(c)
Ratio of net investment income to average net assets		2.66	%			1.79	%^(c)
Portfolio turnover rate^(d)		211	%			66	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

121 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.04			0.00	^(b)
Net realized and unrealized gain/(loss)		2.32			(0.12	)
Total from investment operations		2.36			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.05	)		(0.00	)^(b)
Total distributions		(0.05	)		(0.00	)^(b)

Net increase/(decrease) in net asset value		2.31			(0.12	)
Net asset value, end of year	$	12.19		$	9.88
TOTAL RETURN^(c)		23.95	%		(1.18	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	784		$	601
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.67	%		3.00	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.12	%		1.15	%^(d)
Ratio of net investment income to average net assets		0.38	%		0.25	%^(d)
Portfolio turnover rate^(e)		126	%		26	%

^(a)	Calculated using the average shares method.
^(b)	Less than $0.005 or ($0.005) per share.
^(c)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

122 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.04			0.00	^(b)
Net realized and unrealized gain/(loss)		2.32			(0.12	)
Total from investment operations		2.36			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.05	)		(0.00	)^(b)
Total distributions		(0.05	)		(0.00	)^(b)

Net increase/(decrease) in net asset value		2.31			(0.12	)
Net asset value, end of year	$	12.19		$	9.88
TOTAL RETURN^(c)		23.96	%		(1.16	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,219		$	988
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.66	%		3.03	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.11	%		1.15	%^(d)
Ratio of net investment income to average net assets		0.39	%		0.26	%^(d)
Portfolio turnover rate^(e)		126	%		26	%

^(a)	Calculated using the average shares method.
^(b)	Less than $0.005 or ($0.005) per share.
^(c)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
^(d)	Annualized.
^(e)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

123 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss^(a)		(0.04	)		(0.01	)
Net realized and unrealized gain/(loss)		2.31			(0.11	)
Total from investment operations		2.27			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.01	)		–
Total distributions		(0.01	)		–

Net increase/(decrease) in net asset value		2.26			(0.12	)
Net asset value, end of year	$	12.14		$	9.88
TOTAL RETURN^(b)		22.93	%		(1.20	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	607		$	494
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.40	%		3.73	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.85	%		1.85	%^(c)
Ratio of net investment loss to average net assets		(0.35	)%		(0.44	)%^(c)
Portfolio turnover rate^(d)		126	%		26	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

124 | October 31, 2021

ALPS | Smith Balanced Opportunity Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

				For the Period
				September 16, 2020
				(Commencement of
	For the Year Ended			Operations) to
	October 31, 2021			October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.08			0.01
Net realized and unrealized gain/(loss)		2.31			(0.12	)
Total from investment operations		2.39			(0.11	)

DISTRIBUTIONS:
From net investment income		(0.08	)		(0.01	)
Total distributions		(0.08	)		(0.01	)

Net increase/(decrease) in net asset value		2.31			(0.12	)
Net asset value, end of year	$	12.19		$	9.88
TOTAL RETURN^(b)		24.28	%		(1.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	37,410		$	12,289
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.39	%		2.69	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.85	%		0.85	%^(c)
Ratio of net investment income to average net assets		0.67	%		0.57	%^(c)
Portfolio turnover rate^(d)		126	%		26	%

^(a)	Calculated using the average shares method.
^(b)	Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
^(c)	Annualized.
^(d)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

125 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Management Commentary

October 31, 2021 (Unaudited)

What a Difference a Year Makes

As of the Fund’s fiscal year ending October 31, 2021, we are about 18 months on from the serious dislocation caused by the Covid-19 pandemic. Its effect was to shut down the global supply chain almost completely for 2-3 months in March-May of 2020 followed by a tentative but steady recovery since. This disruption in the availability of goods (i.e. semiconductor chips) and services has been a central cause of rising inflation especially in the U.S.

Many sectors will continue to be negatively affected for some time as inventories remain incomplete. Small businesses in particular have struggled with labor availability and the return of their pre-pandemic customers. Other sectors such as global air travel and almost every business that needs to meet a production schedule, will be paying higher prices for what is available. It looks like it will take some time until the global supply chain returns to normal or what might be considered the new normal.

In almost a complete contrast to persistent global supply chain difficulties is the performance of anything having to do with money. The abundant supply of cash available for almost any purpose in the corporate world is fueling a record year in the markets. All-time records for mergers and acquisitions, venture capital deals, initial public offerings (IPO’s), and private equity deals have already been set with two months left in the calendar year. In addition, the S&P 500 has produced one of the best years in history (up slightly above 40% year over year October) for stock market returns. Corporate earnings reports have been close to spectacular and corporate bond issuance has been robust. Everyone wants to raise capital while rates are still low.

To use a generalization, equities are valued at historically high levels but balance sheets are arguably in about the best position they have ever been. What has not changed is our focus on fundamental valuations and the effectiveness of capital allocation programs for the management teams we value, operational improvement initiatives, and shareholder value-creation within our portfolio companies.

What a difference a year makes!

Fiscal Year October 2021 Market Review

Stocks rose strongly in the start of FY 2021 October and were up 20% by mid-February 2021. The clear leaders were those somewhat cyclical companies (value) that had been beaten down in the March-April 2020 downdraft from Covid-19. Markets paused from Mid-February to the end of March as early signs of rising inflation began to be felt. April was very a strong month as the S&P 500 rose about 10% on the back of very good corporate earnings reports but comparisons were quite easy vs. the first calendar quarter of 2020. May and June 2021 was a consolidation period for stocks with a slight growth bias.

From mid-July to end of August the S&P 500 rose another 10% as earnings were very strong (still vs. an easy comparison in 2020) and the market had a distinct growth flavor. At the end of August, the markets were up 40% or better. September was a mild correction

period as stocks were down approximately 7-8% with inflation worries and impending action from the Fed about beginning a measured form of tightening. October was another very strong earnings report period against slightly tougher comparisons in 3Q 2020. Financials and Tech were the big winners in FY 2021.

Consumer spending was quite strong throughout most of the year yet still a bit tepid relative to pre-pandemic levels. Consumer savings were consistently good even with spending on big-ticket items like housing and autos. Job growth was good and wages are clearly rising, giving some concern to corporations/employers about inflation.

So this recovery continues to be uneven but more and more activity is approaching 2019 levels. There is much more improvement to come if the pandemic will leave us alone. Our view is that the pandemic will be with us for some time and we are still waiting for herd immunity to kick in at about 80% vaccinated.

Fiscal Year October 2021 Portfolio Review

For the 12 months ending October 31, 2021, the Fund’s Investor shares (LPEFX) returned 51.18%, compared with 40.19% and 66.78% for the Morningstar Developed Markets Index (the fund’s primary benchmark) and the Red Rocks Global Listed Private Equity Index, respectively. These returns are some of the best we have seen since the end of the global financial crisis.

The fund added 20 names, sold out of 17 names, sold 4 names received from corporate actions (spin offs), and ended with 50 names.

Net contributors to performance included:

●

Blackstone Inc.

●

KKR &Co. Inc.

●

IAC/Interactive Corp.

Net detractors from performance included:

●

Vimeo

●

Kindred Group PLC

●

Bettson AB

Companies in the portfolio experience value creation when their underlying companies are sold typically 20% to 30% higher than most recent valuation estimates. The primary driver to performance this fiscal year is the significant increase in global M&A. M&A deal count and volume has been running approximately 45% higher than the same period in 2020.

We are heartened to see the bounce back in performance of the fund. The portfolio’s largest contributors were by and large Investment-related entities who own private assets and manage large sums for global Institutions. Many of these companies have been building large and diversified businesses for well over a decade and benefit by the search for yield or more likely, the search for higher returns from private assets when they are sold.

126 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Management Commentary

October 31, 2021 (Unaudited)

Outlook

While the equity market has been robust this past year, nothing goes to the moon forever and we are seeing issues that could constrain future returns. Those issues are: Will inflation continue to exist at elevated levels? How much and how fast will U.S. real interest rates rise? Can the S&P 500 keep going up at a relatively rapid pace? Will the Federal Reserve keep to its measured pace toward interest rates rises? Will the European Central Bank continue with stimulus? Will the dollar have another strong year? Value or growth-which will outperform? How will China’s governmental actions affect global trade?

Our outlook continues to be one of cautious optimism. The backdrop for global equities remains quite healthy with lots of liquidity, still very low interest rates that are just beginning to rise and corporate demand for growth and internal improvements. There will be more stimulus from developed market central banks still to come, especially in Europe. Capital is readily available for corporations in the form of late stage venture capital, IPO’s, and direct lending from a plethora of non-bank sources, not to mention the ability to raise both debt and equity in the market place. We are mindful of getting too cyclical, because heightened volatility and rapid corrections may be likely when looking to the future. We currently see more value in Europe in general but we also see more difficulty there with uneven economies and a more cautious consumer and higher regulation. Valuations are historically high and this makes it difficult for us to refresh and replenish our portfolio but that is normal for us.

We continue to focus on long term compounders with good track records in centralized asset allocation, good and rising internal returns, and de-centralized operational controls of their various businesses. Along with these tenets we also value good cash flow businesses, strong balance sheets and the proven ability to create value for their shareholders. These characteristics have worked for us over the last decade plus years of experience and believe they will work over the long term ahead.

We thank you for your confidence.

Andrew Drummond	Kirk McCown
Portfolio Manager	Portfolio Manager

The views of the authors and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer’s current views. The views expressed are those of the authors only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned in this letter. The subject matter

contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS, Advisors, Inc., Red Rocks Capital, LLC, nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

Diversification cannot guarantee gain or prevent losses.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

127 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $10,000 investment

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Year	5 Year	10 Year	Total Expense Ratio	What You Pay*
Investor^# (NAV)	51.18%	20.23%	16.69%	14.06%	2.45%	2.45%
Class A (NAV)	51.02%	20.27%	16.71%	14.07%	2.49%	2.49%
Class A (MOP)	42.62%	17.99%	15.38%	13.42%	2.49%	2.49%
Class C (NAV)	50.14%	19.30%	15.78%	13.24%	3.11%	3.11%
Class C (CDSC)	49.14%	19.30%	15.78%	13.24%	3.11%	3.11%
Class I	51.31%	20.45%	16.92%	14.36%	2.11%	2.11%
Class R	50.86%⁺	19.90%	16.39%	13.92%	2.57%	2.57%
Morningstar Developed Markets Index¹	40.19%	17.76%	15.13%	12.16%
Red Rocks Global Listed Private Equity Index²	66.78%	22.41%	18.15%	14.80%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data, please call 1-866-759-5679.

128 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares.

Fund Inception date of December 31, 2007 for Investor Class, Class I, and Class R; Fund Inception date June 30, 2010 for Class C; Fund Inception date June 12, 2018 for Class A.

The Morningstar Developed Market Index measures the performance of developed regional markets targeting the top 97% of stocks by market capitalization. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

The Red Rocks Global Listed Private Equity Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies. The Red Rocks Global Listed Private Equity Index is managed by the Fund’s Sub-Advisor. An investor may not invest directly in an index.

What You Pay reflects the Advisor’s and Sub-Advisor’s decision to contractually limit expenses through February 28, 2022, and Acquired Fund Fees and Expenses of 0.79%. Please see the current prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

⁺

Prior to March 31, 2020, the ALPS | Red Rocks Global Opportunity Fund was known as the ALPS | Red Rocks Listed Private Equity Fund.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Listed Private Equity Companies are subject to various risks depending on their underlying investments, which could include, but are not limited to, additional liquidity risk, industry risk, non-U.S. security risk, currency risk, credit risk, managed portfolio risk and derivatives risk (derivatives risk is the risk that the value of the Listed Private Equity Companies’ derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment).

There are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision.

Listed Private Equity Companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.

Certain of the Fund’s investments may be exposed to liquidity risk due to low trading volume, lack of a market maker or legal restrictions limiting the ability of the Fund to sell particular securities at an advantageous price and/or time. As a result, these securities may be more difficult to value. Foreign investing involves special risks, such as currency fluctuations and political uncertainty. The Fund invests in derivatives and is subject to the risk that the value of those derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment.

There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular company. The composition of the Fund’s top holdings is subject to change. Performance figures are historical and reflect the change in share price, reinvested distributions, changes in net asset value, sales charges and capital gains distributions, if any.

Not FDIC Insured – No Bank Guarantee – May Lose Value

129 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

October 31, 2021 (Unaudited)

Top Ten Holdings (as a % of Net Assets) ^†

KKR & Co., Inc.	5.25%
Blackstone, Inc.	5.16%
Partners Group Holding AG	4.44%
HarbourVest Global Private Equity, Ltd.	4.19%
Brederode SA	4.17%
3i Group PLC	3.55%
HgCapital Trust PLC	3.32%
HBM Healthcare Investments AG	3.05%
IAC/InterActiveCorp	2.89%
Intermediate Capital Group PLC	2.78%
Top Ten Holdings	38.80%

^†

Holdings are subject to change and my not reflect the current or future position of the portfolio. Table presents indicative values only.

Industry Sector Allocation (as a % of Net Assets)

130 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
CLOSED-END FUNDS (19.30%)
Apax Global Alpha, Ltd.^(a)(b)		365,000	$	1,066,477
HarbourVest Global Private Equity, Ltd.^(c)		138,500		4,699,288
HBM Healthcare Investments AG, Class A		9,000		3,423,328
HgCapital Trust PLC		705,000		3,724,237
ICG Enterprise Trust PLC		95,000		1,621,624
Oakley Capital Investments, Ltd.^(c)		235,000		1,237,899
Pantheon International PLC Fund^(c)		59,696		2,516,268
Princess Private Equity Holding, Ltd.		97,775		1,548,486
Standard Life Private Equity Trust PLC		268,000		1,815,519
TOTAL CLOSED-END FUNDS
(Cost $12,710,835)				21,653,126

COMMON STOCKS (77.66%)
Communications (8.27%)
Internet (0.76%)
Vimeo, Inc.^(c)		25,300		853,369

Media (7.51%)
IAC/InterActiveCorp^(c)		21,290		3,243,957
Liberty Broadband Corp., Class C^(c)		15,600		2,534,220
Liberty Media Corp.-Liberty SiriusXM, Class A^(c)		53,200		2,648,296
				8,426,473

TOTAL COMMUNICATIONS				9,279,842

Consumer, Cyclical (5.10%)
Entertainment (3.46%)
Betsson AB		96,500		673,572
Entain PLC^(c)		62,000		1,737,311
Kindred Group PLC		104,500		1,468,462
				3,879,345

Retail (1.64%)
Costco Wholesale Corp.		3,750		1,843,275

TOTAL CONSUMER, CYCLICAL				5,722,620

Consumer, Non-Cyclical (6.89%)
Healthcare-Products (4.88%)
Hologic, Inc.^(c)		19,000		1,392,890
Stryker Corp.		5,100		1,356,957
Thermo Fisher Scientific, Inc.		4,300		2,722,201
				5,472,048

	Shares		Value (Note 2)
Healthcare-Services (2.01%)
Chemed Corp.		4,685	$	2,259,341

TOTAL CONSUMER, NON-CYCLICAL				7,731,389

Diversified (0.79%)
Holding Companies - Diversified Operations (0.79%)
Schouw & Co. A/S		9,100		885,110

TOTAL DIVERSIFIED				885,110

Financials (49.52%)
Diversified Financial Services (22.52%)
Apollo Global Management, Inc.		24,100		1,854,495
Ares Management LP, Class A		21,300		1,804,962
Cannae Holdings, Inc.^(c)		71,400		2,434,740
Carlyle Group, Inc.		46,000		2,582,900
Intermediate Capital Group PLC		104,000		3,119,478
KKR & Co., Inc., Class A		73,900		5,887,613
Mastercard, Inc., Class A		3,600		1,207,872
Partners Group Holding AG		2,850		4,978,822
StepStone Group, Inc., Class A		29,600		1,390,608
				25,261,490

Investment Companies (10.74%)
3i Group PLC		213,000		3,977,780
Chrysalis Investments, Ltd.^(c)		362,000		1,245,470
Eurazeo SE		15,100		1,415,385
FS KKR Capital Corp.		84,500		1,855,620
Investor AB, B Shares		126,000		2,907,317
Mutares SE & Co. KGaA		24,266		653,601
				12,055,173

Private Equity (14.31%)
Altamir		38,500		1,091,289
Blackstone, Inc.		41,800		5,785,956
Brederode SA		33,180		4,677,035
Clairvest Group, Inc.		12,700		611,552
Draper Esprit PLC^(c)		41,200		543,673
Ratos AB, B Shares		262,000		1,508,390
SuRo Capital Corp.		128,011		1,835,678
				16,053,573

Real Estate (1.95%)
Brookfield Asset Management,
Inc., Class A		36,300		2,192,157

TOTAL FINANCIALS				55,562,393

See Notes to Financial Statements.

131 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Industrials (1.60%)
Miscellaneous Manufacturers (1.60%)
Danaher Corp.		5,750	$	1,792,678

TOTAL INDUSTRIALS				1,792,678

Technology (3.95%)
Electronics (1.01%)
Lagercrantz Group AB, B Shares		85,000		1,138,216

Software (2.94%)
Constellation Software, Inc.		1,030		1,810,149
Fidelity National Information Services, Inc.		13,400		1,483,916
				3,294,065

TOTAL TECHNOLOGY				4,432,281

Utilities (1.54%)
Electric (1.54%)
Brookfield Infrastructure Partners LP		29,500		1,735,485

TOTAL UTILITIES				1,735,485

TOTAL COMMON STOCKS
(Cost $57,448,839)				87,141,798

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (2.79%)
Money Market Fund (2.79%)
State Street Institutional Treasury Plus Money Market Fund		0.010	%		3,128,390		3,128,390

TOTAL MONEY MARKET FUND							3,128,390

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,128,390)							3,128,390

TOTAL INVESTMENTS (99.75%)
(Cost $73,288,064)						$	111,923,314

Other Assets In Excess Of Liabilities (0.25%)							278,730

NET ASSETS (100.00%)						$	112,202,044

^(a)

^(b)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of October 31, 2021 the aggregate market value of those securities was 1,066,477 representing 0.95% of net assets.

^(c)

Non-Income Producing Security.

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 percent of net assets.

See Notes to Financial Statements.

132 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Assets and Liabilities

October 31, 2021

ASSETS
Investments, at value	$	111,923,314
Foreign currency, at value (Cost $12,470)		12,470
Receivable for investments sold		62
Receivable for shares sold		23,865
Dividends receivable		458,809
Prepaid expenses and other assets		11,212
Total Assets		112,429,732
LIABILITIES
Payable for shares redeemed		28,588
Investment advisory fees payable		77,984
Administration and transfer agency fees payable		25,008
Distribution and services fees payable		30,792
Trustees’ fees and expenses payable		1,070
Professional fees payable		30,987
Custody fees payable		17,720
Accrued expenses and other liabilities		15,539
Total Liabilities		227,688
NET ASSETS	$	112,202,044
NET ASSETS CONSIST OF
Paid-in capital	$	66,055,947
Total distributable earnings		46,146,097
NET ASSETS	$	112,202,044
INVESTMENTS, AT COST	$	73,288,064
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	9.39
Net Assets	$	20,967,272
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		2,234,115
Class A:
Net Asset Value, offering and redemption price per share	$	9.35
Net Assets	$	4,188,417
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		448,195
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	9.89
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	8.59
Net Assets	$	10,883,003
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,267,565
Class I:
Net Asset Value, offering and redemption price per share	$	9.61
Net Assets	$	69,176,035
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		7,195,944
Class R:
Net Asset Value, offering and redemption price per share	$	7.50
Net Assets	$	6,987,317
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		931,321

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund’s Prospectus.

See Notes to Financial Statements.

133 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Operations

For the Year Ended October 31, 2021

INVESTMENT INCOME
Dividends	$	1,635,383
Foreign taxes withheld on dividends		(79,658	)
Total Investment Income		1,555,725

EXPENSES
Investment advisory fees		888,320
Administrative fees		104,284
Transfer agency fees		91,229
Distribution and service fees
Investor Class		65,027
Class A		11,228
Class C		104,881
Class R		32,270
Professional fees		31,958
Reports to shareholders and printing fees		13,109
State registration fees		68,369
Insurance fees		1,193
Custody fees		19,829
Trustees’ fees and expenses		5,450
Miscellaneous expenses		16,791
Total Expenses		1,453,938
Net Investment Income		101,787
Net realized gain on investments		14,195,799
Net realized loss on foreign currency transactions		(8,046	)
Net Realized Gain		14,187,753
Net change in unrealized appreciation on investments		27,437,445
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,357
Net Change in Unrealized Appreciation		27,438,802
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		41,626,555
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	41,728,342

See Notes to Financial Statements.

134 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
OPERATIONS
Net investment income	$	101,787		$	1,283,746
Net realized gain		14,187,753			10,777,543
Net change in unrealized appreciation/(depreciation)		27,438,802			(22,128,678	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		41,728,342			(10,067,389	)

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(718,013	)		(3,586,004	)
Class A		(119,340	)		(115,589	)
Class C		(439,224	)		(2,358,134	)
Class I		(2,461,061	)		(19,020,392	)
Class R		(291,941	)		(961,289	)
Net Decrease in Net Assets from Distributions		(4,029,579	)		(26,041,408	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		911,265			5,255,428
Class A		1,284,789			3,213,948
Class C		77,972			641,538
Class I		7,576,741			26,449,314
Class R		465,230			883,978
Dividends reinvested
Investor Class		569,108			2,760,858
Class A		83,596			79,919
Class C		367,738			1,803,296
Class I		2,258,632			15,657,972
Class R		291,941			959,137
Shares redeemed, net of redemption fees
Investor Class		(2,882,725	)		(12,347,153	)
Class A		(919,915	)		(1,413,331	)
Class C		(2,330,963	)		(6,439,102	)
Class I		(20,380,620	)		(100,944,449	)
Class R		(1,236,068	)		(1,261,496	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(13,863,279	)		(64,700,143	)

Net increase/(decrease) in net assets		23,835,484			(100,808,940	)

NET ASSETS
Beginning of year		88,366,560			189,175,500
End of year	$	112,202,044		$	88,366,560

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

See Notes to Financial Statements.

135 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(b)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	6.47		$	7.71		$	6.79		$	8.05		$	6.29
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.00	^(d)		0.06			0.12			0.06			0.12
Net realized and unrealized gain/(loss)		3.22			(0.23	)		1.09			(0.37	)		1.74
Total from investment operations		3.22			(0.17	)		1.21			(0.31	)		1.86
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.06	)		(0.70	)		(0.10	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–
Total distributions		(0.30	)		(1.07	)		(0.28	)		(0.95	)		(0.10	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)
Net increase/(decrease) in net asset value		2.92			(1.24	)		0.92			(1.26	)		1.76
Net asset value, end of year	$	9.39		$	6.47		$	7.71		$	6.79		$	8.05
TOTAL RETURN^(e)		51.18	%		(3.20	)%		18.77	%		(4.23	)%		29.97	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	20,967		$	15,580		$	25,061		$	35,775		$	55,538
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f)		1.49	%		1.47	%		1.44	%		1.40	%		1.38	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(f)		1.49	%		1.47	%		1.44	%		1.40	%		1.38	%
Ratio of net investment income to average net assets^(f)		0.01	%		0.86	%		1.71	%		0.86	%		1.63	%
Portfolio turnover rate^(g)		43	%		41	%		28	%		29	%		31	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Prior to December 1, 2017, Investor Class was known as Class A.

^(c)

Calculated using the average shares method.

^(d)

Less than $0.005 or ($0.005) per share.

^(e)

^(f)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(g)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

136 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	6.45		$	7.67		$	6.79		$	7.23

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.00	^(c)		0.04			0.20			0.01
Net realized and unrealized gain/(loss)		3.20			(0.20	)		0.99			(0.45	)
Total from investment operations		3.20			(0.16	)		1.19			(0.44	)

DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.08	)		–
From net realized gains		(0.30	)		(0.47	)		(0.23	)		–
Total distributions		(0.30	)		(1.07	)		(0.31	)		–

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.01			–			–
Net increase/(decrease) in net asset value		2.90			(1.22	)		0.88			(0.44	)
Net asset value, end of year	$	9.35		$	6.45		$	7.67		$	6.79
TOTAL RETURN^(d)		51.02	%		(2.92	)%		18.64	%		(6.09	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	4,188		$	2,544		$	790		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.47	%		1.51	%		1.48	%		1.48	%^(f)
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.47	%		1.51	%		1.48	%		1.48	%^(f)
Ratio of net investment income to average net assets^(e)		0.05	%		0.62	%		2.74	%		0.37	%^(f)
Portfolio turnover rate^(g)		43	%		41	%		28	%		29	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Annualized.

^(g)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

137 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	5.98		$	7.25		$	6.41		$	7.66		$	6.04
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.06	)		0.01			0.06			0.01			0.06
Net realized and unrealized gain/(loss)		2.97			(0.22	)		1.03			(0.34	)		1.65
Total from investment operations		2.91			(0.21	)		1.09			(0.33	)		1.71
DISTRIBUTIONS:
From net investment income		–			(0.59	)		(0.02	)		(0.67	)		(0.09	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–
Total distributions		(0.30	)		(1.06	)		(0.25	)		(0.92	)		(0.09	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		0.00	^(c)		–			0.00	^(c)
Net increase/(decrease) in net asset value		2.61			(1.27	)		0.84			(1.25	)		1.62
Net asset value, end of year	$	8.59		$	5.98		$	7.25		$	6.41		$	7.66
TOTAL RETURN^(d)		50.14	%		(4.01	)%		17.83	%		(4.88	)%		28.79	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,883		$	9,061		$	16,256		$	18,847		$	18,981
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		2.20	%		2.22	%		2.16	%		2.12	%		2.13	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		2.20	%		2.22	%		2.16	%		2.12	%		2.13	%
Ratio of net investment income/(loss) to average net assets^(e)		(0.73	)%		0.12	%		0.86	%		0.15	%		0.83	%
Portfolio turnover rate^(f)		43	%		41	%		28	%		29	%		31	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

138 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	6.61		$	7.84		$	6.92		$	8.18		$	6.39
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.02			0.07			0.13			0.09			0.13
Net realized and unrealized gain/(loss)		3.28			(0.23	)		1.10			(0.37	)		1.76
Total from investment operations		3.30			(0.16	)		1.23			(0.28	)		1.89
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.08	)		(0.73	)		(0.10	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–
Total distributions		(0.30	)		(1.07	)		(0.31	)		(0.98	)		(0.10	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		3.00			(1.23	)		0.92			(1.26	)		1.79
Net asset value, end of year	$	9.61		$	6.61		$	7.84		$	6.92		$	8.18
TOTAL RETURN^(d)		51.31	%		(2.93	)%		18.98	%		(3.87	)%		30.09	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	69,176		$	55,950		$	141,286		$	174,034		$	138,572
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.20	%		1.22	%		1.19	%		1.15	%		1.16	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.20	%		1.22	%		1.19	%		1.15	%		1.16	%
Ratio of net investment income to average net assets^(e)		0.29	%		1.08	%		1.80	%		1.15	%		1.85	%
Portfolio turnover rate^(f)		43	%		41	%		28	%		29	%		31	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

139 | October 31, 2021

ALPS | Red Rocks Global Opportunity Fund – Class R

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	5.23		$	6.45		$	5.75		$	6.97		$	5.48
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.01	)		0.03			0.09			0.04			0.09
Net realized and unrealized gain/(loss)		2.58			(0.18	)		0.90			(0.30	)		1.50
Total from investment operations		2.57			(0.15	)		0.99			(0.26	)		1.59
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.06	)		(0.71	)		(0.10	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–
Total distributions		(0.30	)		(1.07	)		(0.29	)		(0.96	)		(0.10	)
Net increase/(decrease) in net asset value		2.27			(1.22	)		0.70			(1.22	)		1.49
Net asset value, end of year	$	7.50		$	5.23		$	6.45		$	5.75		$	6.97
TOTAL RETURN^(c)		50.86	%		(3.56	)%		18.47	%		(4.31	)%		29.51	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	6,987		$	5,231		$	5,782		$	4,684		$	4,236
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(d)		1.65	%		1.68	%		1.61	%		1.57	%		1.56	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		1.65	%		1.68	%		1.61	%		1.57	%		1.56	%
Ratio of net investment income/(loss) to average net assets^(d)		(0.17	)%		0.61	%		1.51	%		0.70	%		1.43	%
Portfolio turnover rate^(e)		43	%		41	%		28	%		29	%		31	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

140 | October 31, 2021

Clough China Fund

Management Commentary

October 31, 2021 (Unaudited)

The Clough China Fund (the “Fund”) had a net return of 1.41% for Class I, compared to -8.01% for the broad based Morningstar China Index, the Fund’s benchmark, for the fiscal year ended on October 31, 2021. From an individual stock perspective, over the fiscal year Tesla Inc. (“Tesla”), Contemporary Amperex Technology Co Ltd. (“CATL”), Bilibili Inc. (“BILI”), Moderna Inc. (“Moderna”)and Wuxi Biologics Cayman Inc. (“Wuxi Bio”) were the top contributors to performance, while Alibaba Group Holding Ltd. (“Alibaba”), Tencent Holdings Ltd. (“Tencent”), Meituan Dianping Class B (“Meituan”), Baidu Inc. (“Baidu”) and JD.com Inc. (“JD”) were the top detractors from performance during the period.

This past fiscal year has been very volatile. As the economy has battled through the COVID pandemic, the Chinese government also cracked down on the internet sector leading to sharp declines in the sector. On the other hand, the government supported sectors of the economy like electric vehicles (“EVs”) which did very well. These trends are reflected in the top and bottom performers of the year.

Our top contributors for the year:

Tesla is one of the biggest beneficiaries of the move towards EVs. China is key for Tesla both from a demand and supply standpoint. Currently, 25-30% of Tesla’s cars are sold in China and this market is key to Tesla’s success going forward. We believe China will be one of the biggest EV markets over the next few years and maintaining/growing market share here is extremely important. On the supply side, Tesla is rapidly scaling up its factory in Shanghai which is being used as an export hub in addition to producing cars which will be sold in China.

CATL, like Tesla, is another beneficiary of the transition to EVs. It is one of the largest battery makers in the world today and, we think, is poised to benefit from the explosion in demand for batteries from both electric vehicles and other industries.

BILI is an online social media and video platform (similar to Instagram) which is popular with the younger demographic in China. To the best of our knowledge, it is the only company to have been invested in by Alibaba, Tencent and Sony. The stock has performed well despite the crackdown on the internet sector.

Moderna has been one of the leading vaccine innovators and was one of the first to develop a vaccine to combat the coronavirus, thereby helping global economies to reopen and recover.

Wuxi Bio is a core position in the Fund. It has been a beneficiary of two long-term trends: 1) providing contract research organization facilities for the growing domestic Chinese drug development industry and 2) global pharmaceutical companies increasingly conducting drug trials in China.

Our top detractors for the year:

Alibaba has been one of the hardest hit by the Chinese government’s regulation of the internet sector. It started with the unsuccessful attempt to conduct an initial public offering of the Ant Financial business but has since expanded to include the slowdown in their core e-commerce business as well. While the stock is cheap, it is unclear if and when the fundamentals of the business will turn.

Tencent is China’s largest gaming and social networking platform and has historically been one of the Fund’s larger positions, as the company continued to deliver consistent revenue growth on the back of its dominant position as a gaming and social media giant. Tencent had a very strong pipeline of new games being released this year, and has been a beneficiary of its customers working from home. However, Tencent has also been caught up in the regulatory crackdown in the internet sector. While we continue to believe that Tencent remains very well positioned within the sector, the stock will not likely perform until there is clarity on further regulation in the space.

Like Tencent, Meituan, a web-based shopping platform for consumer products and retail services, is also well positioned as the impact of new government regulation is limited and quantifiable (e.g., increased compensation for their delivery workers). However, for the stock to perform, there needs to be clarity on further regulation.

Baidu’s core search business has slowed especially with the economic slowdown in China. However, it has strong intellectual property in autonomous vehicles that we believe is currently underappreciated by the market.

JD is one of the most interesting stocks in China internet. Like others, it has been affected by the crackdown, but this has also presented the opportunity to gain market share from Alibaba, which could be very important for JD moving forward.

We think there is a tremendous opportunity for active investing in China right now. We believe the biggest companies in China in the next decade will be created in EVs, semiconductors, robotics and “hard tech”, while the indices are backward-looking and focused more on large internet companies and state-owned enterprises. Furthermore, if the trade tensions between the U.S. and China resolve, and if the pandemic subsides, there is some potential for Chinese markets to start to outperform the global markets again.

Anupam Bose, Portfolio Manager

Chuck Clough, Portfolio Manager

141 | October 31, 2021

Clough China Fund

Management Commentary

October 31, 2021 (Unaudited)

Investments in international and emerging markets securities include exposure to risks such as currency fluctuations, foreign taxes and regulations, and the potential for illiquid markets and political instability.

The views of the authors and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the authors only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS, Advisors, Inc., Clough Capital Partners, LP, nor the Fund accepts any liability for losses either direct or consequential caused by the use of this information.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

142 | October 31, 2021

Clough China Fund

Performance Update

October 31, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of October 31, 2021)

Comparison of change in value of a $100,000 investment over 10 years

The chart above represents historical performance of a hypothetical investment of $100,000 in the Fund. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year⁵	3 Year	5 Year	10 Year	Since Inception¹	Total Expense Ratio	What You Pay²
Class I (NAV)	1.41%	12.57%	7.83%	6.86%	9.82%	1.66%	1.35%
Investor 3 (NAV)	1.13%	12.26%	7.56%	6.55%	9.42%	1.89%	1.60%
Class A (NAV)	1.17%	12.25%	7.55%	6.54%	9.42%	1.82%	1.60%
Class A (MOP)	-4.39%	10.16%	6.33%	5.94%	9.03%	1.82%	1.60%
Class C (NAV)	0.43%	11.45%	6.76%	5.74%	8.61%	2.69%	2.35%
Class C (CDSC)	-0.53%	11.45%	6.76%	5.74%	8.61%	2.69%	2.35%
Morningstar China Index⁴	-8.01%	12.69%	10.46%	7.67%	10.46%
MSCI China NR USD	-9.21%	11.49%	10.23%	7.49%	10.03%

Performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than the original cost. Performance reflects the deduction of management fees and other applicable expenses and includes reinvested distributions and capital gains. The Fund imposes a 2.00% redemption fee on shares held for less than 30 days. Performance shown does not include the redemption fee, which, if reflected, would reduce the performance quoted. For the most current month-end performance data please call 1.866.759.5679.

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 5.50%. Contingent Deferred Sales Charge (CDSC) performance for Class C shares includes a 1.00% CDSC on Class C shares redeemed within 12 months of purchase. Performance shown at Net Asset Value (NAV) does not include these sales charges and would have been lower had it been taken into account.

On January 15, 2010, the Old Mutual China Fund (the “Predecessor Fund”) was reorganized into the Clough China Fund (the “Fund”). The historical performance shown for periods prior to January 15, 2010 reflects the historical information for the Predecessor Fund. Clough Capital Partners L.P. did not serve as investment advisor or sub-advisor to the Predecessor Fund.

143 | October 31, 2021

Clough China Fund

Performance Update

October 31, 2021 (Unaudited)

Performance for Class A shares prior to June 12, 2018 reflects the historical performance of the respective Fund’s Investor Class shares, calculated using the fees and expenses of Class A shares.

Predecessor Fund Inception date of December 30, 2005.

What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

⁴

The Morningstar China Index measures the performance of China's equity markets targeting the top 97% of stocks by market capitalization. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. One may not invest directly in an index.

⁵

The Fund is “non-diversified” and will generally be more volatile than diversified funds.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Investing in China and Hong Kong involves risk and considerations not present when investing in more established securities markets. The Fund may be more susceptible to the economic, market, political and local risks of these regions than a fund that is more geographically diversified.

Top Ten Holdings (as a % of Net Assets) †

Tencent Holdings, Ltd.	11.54%
Alibaba Group Holding, Ltd.	9.39%
Contemporary Amperex Technology Co., Ltd.	6.66%
Tesla, Inc.	5.25%
BYD Co., Ltd.	4.42%
Postal Savings Bank of China Co., Ltd.	4.29%
Wuxi Biologics Cayman, Inc.	4.25%
Shenzhou International Group Holdings, Ltd.	2.97%
Sea, Ltd.	2.83%
Li Ning Co., Ltd.	2.83%
Top Ten Holdings	54.43%

^†

Holdings are subject to change. Calculated as a percent of net assets. Exposure figures reported include the notional value of total return swaps and exclude cash and cash equivalents.

Sector Allocation^{^} (as a % of Net Assets)

^{^}

Holdings are subject to change. Calculated as a percent of net assets. Exposure figures reported include the notional value of total return swaps.

144 | October 31, 2021

Clough China Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
COMMON STOCKS (84.69%)
Communications (12.91%)
Internet Media & Services (12.91%)
Baidu, Inc., Sponsored ADR^(a)(b)		2,700	$	438,048
Meituan, Class B^(a)		2,100		71,460
Tencent Holdings, Ltd.		70,600		4,294,584
				4,804,092

TOTAL COMMUNICATIONS				4,804,092

Consumer Discretionary (34.53%)
Apparel & Textile Products (2.97%)
Shenzhou International Group Holdings, Ltd.		51,300		1,105,218

Automotive (10.16%)
BYD Co., Ltd., Class H		43,000		1,644,646
Great Wall Motor Co., Ltd., Class H		40,000		179,982
Tesla, Inc.^(a)(b)		1,755		1,955,070
				3,779,698

E-Commerce Discretionary (14.72%)
Alibaba Group Holding, Ltd., Sponsored ADR^(a)(b)		21,191		3,495,244
Hong Kong Technology Venture Co., Ltd.		570,000		857,886
Pinduoduo, Inc., ADR^(a)		800		71,136
Sea, Ltd., ADR^(a)(b)		3,070		1,054,760
				5,479,026

Leisure Facilities & Services (1.46%)
Shangri-La Asia, Ltd.^(a)		126,000		102,672
Yum China Holdings, Inc.		7,500		439,973
				542,645

Retail - Discretionary (5.22%)
ANTA Sports Products, Ltd.		33,000		511,293
China Yongda Automobiles Services Holdings, Ltd.		137,500		218,773
Giordano International, Ltd.		828,000		161,554
Li Ning Co., Ltd.		95,343		1,052,116
				1,943,736

TOTAL CONSUMER DISCRETIONARY				12,850,323

Financials (11.20%)
Banking (7.71%)
China Construction Bank Corp., Class H		751,080		511,171
China Merchants Bank Co., Ltd., Class H		91,000		762,593

	Shares		Value (Note 2)
Postal Savings Bank of China Co., Ltd., Class H		2,198,000	$	1,597,492
				2,871,256

Institutional Financial Services (1.25%)
Hong Kong Exchanges and Clearing, Ltd.		7,700		463,861

Insurance (2.24%)
AIA Group, Ltd.		74,392		833,712

TOTAL FINANCIALS				4,168,829

Health Care (6.27%)
Health Care Facilities & Services (5.08%)
WuXi AppTec Co., Ltd., Class H		14,300		305,322
Wuxi Biologics Cayman, Inc.^(a)		104,500		1,582,858
				1,888,180

Medical Equipment & Devices (1.19%)
Modern Dental Group, Ltd.		523,000		443,610

TOTAL HEALTH CARE				2,331,790

Industrials (7.67%)
Engineering & Construction (0.68%)
China State Construction International Holdings, Ltd.		248,000		254,093

Machinery (4.40%)
LK Technology Holdings, Ltd.		339,000		845,917
Techtronic Industries Co., Ltd.		38,500		790,992
				1,636,909

Transportation & Logistics (2.59%)
China Merchants Port Holdings Co., Ltd.		578,000		963,630

TOTAL INDUSTRIALS				2,854,632

Materials (2.06%)
Chemicals (0.56%)
Sinopec Shanghai Petrochemical Co., Ltd., Class H		892,000		208,135

Construction Materials (0.77%)
Anhui Conch Cement Co., Ltd., Class H		58,000		286,805

145 | October 31, 2021

Clough China Fund

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
Metals & Mining (0.73%)
Aluminum Corp. of China, Ltd., Class H^(a)		451,000	$	271,408

TOTAL MATERIALS				766,348

Real Estate (3.22%)
Real Estate Owners & Developers (2.27%)
China Overseas Grand Oceans Group, Ltd.		597,000		286,231
KWG Group Holdings, Ltd.		246,228		214,640
Wharf Real Estate Investment Co., Ltd.		61,000		344,544
				845,415

Real Estate Services (0.95%)
Country Garden Services Holdings Co., Ltd.		46,000		354,130

TOTAL REAL ESTATE				1,199,545

Technology (3.69%)
Technology Hardware (2.00%)
Silergy Corp.		4,500		743,423

Technology Services (1.69%)
Chinasoft International, Ltd.^(a)		378,000		631,158

TOTAL TECHNOLOGY				1,374,581

Utilities (3.14%)
Electric Utilities (0.69%)
China Everbright International, Ltd.		372,000		255,547

Gas & Water Utilities (2.45%)
China Everbright Water, Ltd.		410,000		94,182
Hong Kong & China Gas Co., Ltd.		141,750		220,213
Kunlun Energy Co., Ltd.		282,000		256,840
Towngas China Co., Ltd.^(a)		498,000		341,886
				913,121

TOTAL UTILITIES				1,168,668

TOTAL COMMON STOCKS
(Cost $25,528,754)				31,518,808

			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (12.93%)
Money Market Fund (12.93%)
Blackrock Liquidity Funds, T-Fund	0.010	%		4,809,969	$	4,809,969

TOTAL SHORT TERM INVESTMENTS
(Cost $4,809,969)						4,809,969

TOTAL INVESTMENTS (97.62%)
(Cost $30,338,723)					$	36,328,777

Other Assets In Excess Of Liabilities (2.38%)^(c)						886,907

NET ASSETS (100.00%)					$	37,215,684

^(a)

Non-Income Producing Security.

^(b)

Security, or a portion of security, is being held as collateral for total return swap contracts and futures contracts aggregating a total market value of $5,555,682.

^(c)

Includes cash which is being held as collateral for total return swap contracts in the amount of $(71,771).

146 | October 31, 2021

Clough China Fund

Statement of Investments

October 31, 2021

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund^*	Termination Date	Value		Unrealized Appreciation
Morgan Stanley	Contemporary Amperex Technology Co., Ltd.	$	1,600,502	1D FEDEF + 250 BPS	1/6/2022	$	2,477,248	$	876,746
Morgan Stanley	Shenzhen Inovance Technology Co., Ltd.		779,080	1D FEDEF + 250 BPS	1/6/2022		810,877		31,797
Morgan Stanley	Shenzhen Mindray Bio-Med Electronics Co., Ltd.		587,975	1D FEDEF + 250 BPS	1/6/2022		605,336		17,361
Morgan Stanley	Sungrow Power Supply Co., Ltd.		515,573	1D FEDEF + 250 BPS	1/6/2022		582,106		66,533
		$	3,483,130			$	4,475,567	$	992,437

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund^*	Termination Date	Value		Unrealized Depreciation
Morgan Stanley	Estun	$	187,298	1D FEDEF + 250 BPS	1/6/2022	$	150,451	$	(36,847	)
Morgan Stanley	Goetrek, Inc.		686,721	1D FEDEF + 255 BPS	1/6/2022		685,830		(891	)
Morgan Stanley	Kweichow Moutai Co., Ltd.		260,914	1D FEDEF + 250 BPS	1/6/2022		210,308		(50,606	)
Morgan Stanley	Ping An Bank Co., Ltd.		415,317	1D FEDEF + 250 BPS	1/6/2022		335,802		(79,515	)
Morgan Stanley	Sany Heavy Industry Co., Ltd.		179,421	1D FEDEF + 250 BPS	1/6/2022		133,828		(45,593	)
Morgan Stanley	Wuliangye Yibin Co., Ltd.		296,376	1D FEDEF + 255 BPS	1/6/2022		253,751		(42,625	)
Morgan Stanley	Zoomlion Heavy Industry Science & Tech, Ltd.		293,739	1D FEDEF + 255 BPS	1/6/2022		260,247		(33,492	)
Morgan Stanley	Zoomlion Heavy Industry Science & Tech, Ltd.		361,318	1D FEDEF + 250 BPS	1/6/2022		239,002		(122,316	)
		$	2,681,104			$	2,269,219	$	(411,885	)

^(a)

For long positions in the total return swap, 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 Obligations plus the rate paid by the Fund. For the short positions in the total return swap, the Fund makes payments based on any positive return of the Reference Obligation less the rate received by the Fund. The Fund receives payments on any negative return of such Reference Obligations plus the rate received by the Fund.

Payments made when swap contract closes.

Investment Abbreviations:

1D FEDEF - Federal Funds Effective Rate (Daily)

See Notes to Financial Statements.

147 | October 31, 2021

Clough China Fund

Statement of Assets and Liabilities

October 31, 2021

ASSETS
Investments, at value	$	36,328,777
Foreign currency, at value (Cost $1)		1
Unrealized appreciation on total return swap contracts		992,437
Receivable for investments sold		429,016
Receivable for shares sold		1,069
Dividends receivable		32,713
Prepaid expenses and other assets		9,849
Total Assets		37,793,862
LIABILITIES
Payable for shares redeemed		1
collateral due to broker for total return swap contracts		71,771
Unrealized depreciation on total return swap contracts		411,885
Investment advisory fees payable		19,109
Administration and transfer agency fees payable		21,152
Distribution and services fees payable		3,104
Trustees' fees and expenses payable		436
Professional fees payable		26,451
Accrued expenses and other liabilities		24,269
Total Liabilities		578,178
NET ASSETS	$	37,215,684
NET ASSETS CONSIST OF
Paid-in capital	$	24,822,327
Total distributable earnings		12,393,357
NET ASSETS	$	37,215,684
INVESTMENTS, AT COST	$	30,338,723
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	24.33
Net Assets	$	9,257,802
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		380,439
Class A:
Net Asset Value, offering and redemption price per share	$	24.32
Net Assets	$	1,538,463
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		63,255
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	25.74
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	22.14
Net Assets	$	903,112
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		40,793
Class I:
Net Asset Value, offering and redemption price per share	$	25.29
Net Assets	$	25,516,307
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,008,957

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.

See Notes to Financial Statements.

148 | October 31, 2021

Clough China Fund

Statement of Operations

For the Year Ended October 31, 2021

INVESTMENT INCOME
Dividends	$	816,302
Foreign taxes withheld on dividends		(32,036	)
Total Investment Income		784,266

EXPENSES
Investment advisory fees		444,871
Administrative fees		93,476
Transfer agency fees		28,335
Distribution and service fees
Investor Class		29,095
Class A		5,224
Class C		10,956
Professional fees		29,825
Reports to shareholders and printing fees		4,149
State registration fees		52,747
Insurance fees		530
Custody fees		18,255
Trustees' fees and expenses		2,334
Miscellaneous expenses		16,627
Total Expenses		736,424
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(21,792	)
Class A		(3,022	)
Class C		(2,175	)
Class I		(63,719	)
Net Expenses		645,716
Net Investment Income		138,550
Net realized gain on investments		5,345,323
Net realized gain on total return swap contracts		1,557,598
Net realized loss on foreign currency transactions		(13,731	)
Net Realized Gain		6,889,190
Net change in unrealized depreciation on investments		(6,154,253	)
Net change in unrealized depreciation on total return swap contracts		(262,328	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(220	)
Net Change in Unrealized Depreciation		(6,416,801	)
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		472,389
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	610,939

See Notes to Financial Statements.

149 | October 31, 2021

Clough China Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income/(loss)	$	138,550		$	(217,890	)
Net realized gain		6,889,190			1,565,731
Net change in unrealized appreciation/(depreciation)		(6,416,801	)		8,719,672
Net Increase in Net Assets Resulting from Operations		610,939			10,067,513

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(478,797	)		(1,009,421	)
Class A		(85,029	)		(138,883	)
Class C		(50,620	)		(187,446	)
Class I		(1,175,252	)		(2,056,110	)
Net Decrease in Net Assets from Distributions		(1,789,698	)		(3,391,860	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		1,566,903			566,840
Class A		177,446			660,972
Class C		34,114			41,193
Class I		674,045			960,060
Dividends reinvested
Investor Class		293,923			566,209
Class A		35,673			74,412
Class C		45,912			107,944
Class I		1,131,783			1,967,974
Shares redeemed, net of redemption fees
Investor Class		(2,949,109	)		(2,835,340	)
Class A		(681,517	)		(354,229	)
Class C		(265,685	)		(1,207,676	)
Class I		(2,119,913	)		(2,972,486	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(2,056,425	)		(2,424,127	)

Net increase/(decrease) in net assets		(3,235,184	)		4,251,526

NET ASSETS
Beginning of year		40,450,868			36,199,342
End of year	$	37,215,684		$	40,450,868

See Notes to Financial Statements.

150 | October 31, 2021

Clough China Fund – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	25.09		$	20.96		$	21.36		$	27.22		$	21.07
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.04			(0.16	)		0.13			(0.08	)		0.08
Net realized and unrealized gain/(loss)		0.33			6.30			1.16			(5.71	)		6.09
Total from investment operations		0.37			6.14			1.29			(5.79	)		6.17
DISTRIBUTIONS:
From net investment income		(0.22	)		(0.38	)		–			(0.07	)		(0.02	)
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–
Total distributions		(1.13	)		(2.01	)		(1.69	)		(0.07	)		(0.02	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		–			0.00	^(c)		–
Net increase/(decrease) in net asset value		(0.76	)		4.13			(0.40	)		(5.86	)		6.15
Net asset value, end of year	$	24.33		$	25.09		$	20.96		$	21.36		$	27.22
TOTAL RETURN^(d)		1.13	%		31.24	%		6.61	%		(21.32	)%		29.32	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	9,258		$	10,626		$	10,633		$	11,879		$	17,523
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.79	%		2.16	%		2.23	%		2.10	%		2.05	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.60	%		1.87	%^(e)		1.95	%		1.95	%		1.95	%
Ratio of net investment income/(loss) to average net assets		0.16	%		(0.74	)%		0.61	%		(0.30	)%		0.34	%
Portfolio turnover rate^(f)		114	%		120	%		344	%		131	%		71	%

^(a)

Prior to December 1, 2017, Investor Class was known as Class A.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

Effective August 18, 2020, the net expense limitation agreement changed from 1.95% to 1.60%. Refer to Note 8.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

151 | October 31, 2021

Clough China Fund – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	25.07		$	20.95		$	21.36		$	29.95

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.04			(0.17	)		0.56			0.14
Net realized and unrealized gain/(loss)		0.34			6.30			0.72			(8.73	)
Total from investment operations		0.38			6.13			1.28			(8.59	)

DISTRIBUTIONS:
From net investment income		(0.22	)		(0.38	)		–			–
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–
Total distributions		(1.13	)		(2.01	)		(1.69	)		–

Net increase/(decrease) in net asset value		(0.75	)		4.12			(0.41	)		(8.59	)
Net asset value, end of year	$	24.32		$	25.07		$	20.95		$	21.36
TOTAL RETURN^(c)		1.17	%		31.20	%		6.56	%		(28.68	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,538		$	2,044		$	1,404		$	7
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.74	%		2.09	%		2.22	%		2.22	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.60	%		1.85	%^(e)		1.95	%		1.95	%^(d)
Ratio of net investment income/(loss) to average net assets		0.15	%		(0.77	)%		2.68	%		1.47	%^(d)
Portfolio turnover rate^(f)		114	%		120	%		344	%		131	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Effective August 18, 2020, the net expense limitation agreement changed from 1.95% to 1.60%. Refer to Note 8.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

152 | October 31, 2021

Clough China Fund – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	23.05		$	19.52		$	20.14		$	25.80		$	20.10
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(a)		(0.17	)		(0.29	)		(0.14	)		(0.28	)		(0.12	)^(b)
Net realized and unrealized gain/(loss)		0.36			5.80			1.21			(5.38	)		5.82
Total from investment operations		0.19			5.51			1.07			(5.66	)		5.70
DISTRIBUTIONS:
From net investment income		(0.19	)		(0.35	)		–			–			–
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–
Total distributions		(1.10	)		(1.98	)		(1.69	)		–			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		–			–			0.00	^(c)
Net increase/(decrease) in net asset value		(0.91	)		3.53			(0.62	)		(5.66	)		5.70
Net asset value, end of year	$	22.14		$	23.05		$	19.52		$	20.14		$	25.80
TOTAL RETURN^(d)		0.43	%		30.22	%		5.85	%		(21.94	)%		28.36	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	903		$	1,113		$	1,968		$	4,245		$	6,610
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.55	%		2.96	%		2.98	%		2.85	%		2.85	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.35	%		2.65	%^(e)		2.70	%		2.70	%		2.70	%
Ratio of net investment loss to average net assets		(0.66	)%		(1.49	)%		(0.69	)%		(1.07	)%		(0.54	)%
Portfolio turnover rate^(f)		114	%		120	%		344	%		131	%		71	%

^(a)

Calculated using the average shares method.

^(b)

The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

Effective August 18, 2020, the net expense limitation agreement changed from 2.70% to 2.35%. Refer to Note 8.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

153 | October 31, 2021

Clough China Fund – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	25.98		$	21.59		$	21.90		$	27.92		$	21.60
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.12			(0.10	)		0.20			(0.05	)		0.15
Net realized and unrealized gain/(loss)		0.33			6.51			1.18			(5.83	)		6.23
Total from investment operations		0.45			6.41			1.38			(5.88	)		6.38
DISTRIBUTIONS:
From net investment income		(0.23	)		(0.39	)		–			(0.14	)		(0.06	)
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–
Total distributions		(1.14	)		(2.02	)		(1.69	)		(0.14	)		(0.06	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			–			0.00	^(b)
Net increase/(decrease) in net asset value		(0.69	)		4.39			(0.31	)		(6.02	)		6.32
Net asset value, end of year	$	25.29		$	25.98		$	21.59		$	21.90		$	27.92
TOTAL RETURN^(c)		1.41	%		31.60	%		6.87	%		(21.17	)%		29.64	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	25,516		$	26,668		$	22,195		$	21,655		$	35,191
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.56	%		1.93	%		1.99	%		1.86	%		1.83	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.35	%		1.62	%^(d)		1.70	%		1.70	%		1.70	%
Ratio of net investment income/(loss) to average net assets		0.42	%		(0.46	)%		0.93	%		(0.17	)%		0.61	%
Portfolio turnover rate^(e)		114	%		120	%		344	%		131	%		71	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Effective August 18, 2020, the net expense limitation agreement changed from 1.70% to 1.35%. Refer to Note 8.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

154 | October 31, 2021

RiverFront Global Allocation Series

Management Commentary

October 31, 2021 (Unaudited)

Year in Review (November 2020 – October 2021):

The fiscal year from 11/01/2020 to 10/31/2021 was a year of recovery for the global equity markets. Early into the first month of the year, the release of COVID-19 vaccines caused a global equity rally, led by value stocks. Both developed international equities and emerging international equities outperformed US equities during this rally but began to lose their momentum halfway through February 2021. Emerging markets, specifically, saw a large draw down from mid-February through March; this drawdown was caused in large part due to concerns surrounding China’s growth prospects. These concerns, amplified by political questions surrounding China, would continue to affect performance in the fiscal year, with Emerging markets posting negative performance from June through the end of October.

In the developed world, the United States was able to outperform developed international on an annual basis (S&P 500 for US markets and MSCI EAFE for developed international). While US value stocks led the first half of the fiscal year, US growth stocks began an uptrend in March that eventually surpassed value and led the way for broad US. For developed international stocks, the value rotation slowed, but never stopped, with growth stock pacing the broad developed international market throughout the fiscal year.

Outlook:

While Riverfront understands and partially shares the worries surrounding rising debt and inflation that contributed to a flat to negative global stock market in the third calendar quarter, we believe that stocks and commodities will remain the highest performing asset classes. These assets provide more potential for capital appreciation to offset inflation and higher taxes than ‘stable assets’ like cash, CDs, and bonds.

Within the RiverFront sub-advised ETF building blocks to the mutual funds:

In the US, RiverFront prefers to play the equity markets using a barbell approach to growth and value. We favor growth, mega-cap stocks, specifically those that lean towards software and services, while also selectively investing in more cyclical, value stocks. This approach allows our portfolios to have proper exposures to both sides of the growth versus value trade, while not overexposing us to low-quality, value names or telecommunication stocks, which we believe at the aggregate are over-valued.

Internationally, RiverFront believes that the potential for a reacceleration in global growth lends itself to value investing. However, we believe that this excludes developed international energy stocks. It is our view that these stocks are less positioned to take advantage of high oil prices than their US or emerging counterparts. From a country standpoint, RiverFront prefers the United Kingdom, France, Germany, and Japan, with a partially hedged position in yen and euro denominated assets. In Emerging markets, RiverFront’s highest conviction is an underweight to China. We believe that the communist party’s recent actions have signaled an aversion to free market economics that we believe are required

to be a viable investment. As such, Riverfront has allocated capital away from Chinese equites toward South Korea and Saudi Arabian energy equities.

On the currency front, we view the yen and euro as slightly overvalued.

TTM Attribution

RiverFront Asset Allocation Moderate

The top themes that contributed to and detracted from performance over the last twelve months are listed below:

Contributors:

●

Overweight allocation to US equities

●

Underweight allocation to core fixed income

●

Selection within broad fixed income

Detractors:

●

Selection within US equities

●

Overweight allocation to high yield bonds

●

Overweight allocation to cash

RiverFront Asset Allocation Growth and Income

The top themes that contributed to and detracted from performance over the last twelve months are listed below:

Contributors:

●

Overweight allocation to US equities

●

Underweight allocation to core fixed income

●

Selection within broad fixed income

Detractors:

●

Selection within US equities

●

Overweight allocation to high yield bonds

●

Selection within international equities

RiverFront Asset Allocation Aggressive

The top themes that contributed to and detracted from performance over the last twelve months are listed below:

Contributors:

●

None at the asset class level

Detractors:

●

Selection within developed international equities

●

Selection within emerging market equities

●

Overweight allocation to cash

Scott Hays, CFA

Senior Portfolio Manager

155 | October 31, 2021

RiverFront Global Allocation Series

Management Commentary

October 31, 2021 (Unaudited)

The views of the author and information discussed in this commentary are as of the date of publication, are subject to change, and may not reflect the writer's current views. The views expressed are those of the author only, and represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the fund(s) or any securities or any sectors mentioned in this letter. The subject matter contained in this letter has been derived from several sources believed to be reliable and accurate at the time of compilation. Neither ALPS Advisors, Inc., RiverFront Investment Group, LLC, nor the Funds accepts any liability for losses either direct or consequential caused by the use of this information.

Indices do not reflect deductions for fees, expenses, or taxes.

An investor may not invest directly in an index.

Diversification cannot guarantee gain or prevent losses.

ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc. and ALPS Advisors Inc. are affiliated.

156 | October 31, 2021

RiverFront Asset Allocation Aggressive

Performance Update

October 31, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2021)
Comparison of change in value of a $10,000 investment

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception.

Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Years	5 Years	10 Years	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^#(NAV)	32.58%	11.55%	9.56%	8.30%	9.05%	1.15%	1.15%
Class A (NAV)	32.59%	11.54%	9.56%	8.30%	9.04%	1.15%	1.15%
Class A (MOP)	25.33%	9.47%	8.33%	7.69%	8.57%	1.15%	1.15%
Class C (NAV)	31.58%	10.72%	8.76%	7.51%	8.25%	1.90%	1.90%
Class C (CDSC)	30.58%	10.72%	8.76%	7.51%	8.25%	1.90%	1.90%
Class I (NAV)	32.90%	11.84%	9.85%	8.57%	9.32%	0.90%	0.90%
Investor II (NAV)	32.62%	11.55%	9.55%	8.29%	9.03%	1.15%	1.15%
Class L¹ (NAV)	32.98%	11.84%	9.85%	8.58%	9.32%	0.90%	0.90%
Morningstar Global Markets Index²	37.43%	17.15%	14.48%	11.31%	12.42%
S&P 500^® Total Return Index³	42.91%	21.48%	18.93%	16.21%	15.34%

Performance less than 1 year is cumulative.

157 | October 31, 2021

RiverFront Asset Allocation Aggressive

Performance Update

October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares.

The Investor Class, Class A, Class C, I and L shares performance shown for periods prior to September 27, 2010 reflects the performance of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund’s Institutional Class shares (as result of the reorganization of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund into the Fund).

The Investor II Class performance shown for periods prior to September 27, 2010 reflects the performance of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund’s Investor Class shares (as result of the reorganization of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund into the Fund).

Prior to close of business on September 24, 2010, Class L was known as Institutional Class of the Baird Funds, Inc. - RiverFront Long-Term Growth Fund.

The Morningstar Global Market Index measures the performance of performance of the stocks located in the developed and emerging countries across the world. Stocks in the index are weighted by their float capital, which removes corporate cross ownership, government holdings and other locked-in shares. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

S&P 500^® Total Return Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of October 28, 2008 for Investor Class II and Class L; Fund Inception date September 27, 2010 for Investor Class and Classes C and I; Fund Inception date June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.65%. Please see the prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Top Ten Holdings (as a % of Net Assets) ^†

RiverFront Dynamic US Dividend Advantage ETF	31.42%
RiverFront Dynamic US Flex-Cap ETF	30.11%
First Trust RiverFront Dynamic Developed International ETF	19.09%
First Trust RiverFront Dynamic Emerging Markets ETF	9.91%
First Trust RiverFront Dynamic Europe ETF	6.52%
Top Ten Holdings	97.05%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents indicative values only. Excludes cash & cash equivalents.

Portfolio Composition (as a % of Net Assets)

158 | October 31, 2021

RiverFront Asset Allocation Growth & Income

Performance Update

October 31, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2021)
Comparison of change in value of a $10,000 investment

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Past performance does not guarantee future results. This chart does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Years	5 Years	10 Years	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^#(NAV)	23.40%	9.71%	8.45%	7.57%	7.42%	1.10%	1.10%
Class A (NAV)	23.34%	9.71%	8.44%	7.56%	7.42%
Class A (MOP)	16.55%	7.66%	7.22%	6.96%	6.88%	1.10%	1.10%
Class C (NAV)	22.44%	8.89%	7.64%	6.76%	6.61%
Class C (CDSC)	21.44%	8.89%	7.64%	6.76%	6.61%	1.85%	1.85%
Class I (NAV)	23.79%	10.01%	8.73%	7.84%	7.69%	0.85%	0.85%
Morningstar Global Markets Index¹	37.43%	17.15%	14.48%	11.31%	10.76%
Bloomberg Barclays US Aggregate Bond Index²	-0.48%	5.63%	3.10%	3.00%	3.29%
70% Morningstar Global Markets Index / 30% Bloomberg Barclays US Aggregate Bond^1,2	25.04%	13.97%	11.21%	8.96%	8.71%

159 | October 31, 2021

RiverFront Asset Allocation Growth & Income

Performance Update

October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of August 2, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.60%. Please see the prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Top Ten Holdings (as a % of Net Assets) ^†

RiverFront Dynamic US Dividend Advantage ETF	31.44%
RiverFront Dynamic Core Income ETF	23.23%
First Trust RiverFront Dynamic Developed International ETF	22.28%
RiverFront Dynamic US Flex-Cap ETF	11.78%
First Trust RiverFront Dynamic Emerging Markets ETF	6.52%
Riverfront Strategic Income Fund	3.26%
Top Ten Holdings	98.52%

^†	Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents indicative values only. Excludes cash & cash equivalents.

Portfolio Composition (as a % of Net Assets)

160 | October 31, 2021

RiverFront Asset Allocation Moderate

Performance Update

October 31, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of October 31, 2021)
Comparison of change in value of a $10,000 investment

Average Annual Total Returns (as of October 31, 2021)

	1 Year	3 Years	5 Years	10 Years	Since Inception^	Total Expense Ratio	What You Pay*
Investor^#(NAV)	17.89%	9.08%	7.61%	6.64%	6.47%	1.02%	1.02%
Class A (NAV)	17.91%	9.12%	7.62%	6.65%	6.47%	1.02%	1.02%
Class A (MOP)	11.43%	7.09%	6.41%	6.05%	5.94%	1.02%	1.02%
Class C (NAV)	17.02%	8.30%	6.82%	5.84%	5.68%	1.77%	1.77%
Class C (CDSC)	16.02%	8.30%	6.82%	5.84%	5.68%	1.77%	1.77%
Class I (NAV)	18.14%	9.37%	7.89%	6.91%	6.73%	0.77%	0.77%
S&P 500^® Total Return Index¹	42.91%	21.48%	18.93%	16.21%	15.65%
Bloomberg Barclays US Aggregate Bond Index²	-0.48%	5.63%	3.10%	3.00%	3.29%
Morningstar Developed Markets ex-North America Index³	34.03%	11.77%	9.93%	7.64%	7.09%
10% Mstar Developed ex-NA / 40% S&P 500 / 50%Bbg Barclay US Agg^1,2,3	18.88%	12.84%	10.22%	8.85%	8.76%

161 | October 31, 2021

RiverFront Asset Allocation Moderate

Performance Update

October 31, 2021 (Unaudited)

Performance shown for Class A shares prior to June 12, 2018 reflects the historical performance of the Fund’s Investor shares, calculated using the fees and expenses of Class A shares.

The Morningstar Developed Markets ex-North America Index measures the performance of companies in developed markets ex-North America. It covers approximately 97% of the full market capitalization in the Developed Markets ex-North America. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of August 2, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.52%. Please see the prospectus dated February 28, 2021 for additional information.

Prior to December 1, 2017, Investor Class was known as Class A.

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

This Fund is not suitable for all investors and is subject to investment risks, including possible loss of the principal amount invested.

Not FDIC Insured – No Bank Guarantee – May Lose Value

Top Ten Holdings (as a % of Net Assets) ^†

RiverFront Dynamic Core Income ETF	43.22%
RiverFront Dynamic US Dividend Advantage ETF	34.63%
First Trust RiverFront Dynamic Developed International ETF	11.78%
RiverFront Dynamic US Flex-Cap ETF	5.92%
Riverfront Strategic Income Fund	3.16%
Top Ten Holdings	98.71%

^†

Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents indicative values only. Excludes cash & cash equivalents.

Portfolio Composition (as a % of Net Assets)

162 | October 31, 2021

RiverFront Asset Allocation Aggressive

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (97.05%)
Equity (97.05%)
First Trust RiverFront Dynamic Developed International ETF^(a)		72,601	$	5,296,243
First Trust RiverFront Dynamic Emerging Markets ETF^(a)		41,016		2,749,303
First Trust RiverFront Dynamic Europe ETF^(a)		23,548		1,808,056
RiverFront Dynamic US Dividend Advantage ETF^(a)		191,898		8,718,041
RiverFront Dynamic US Flex-Cap ETF^(a)		178,087		8,353,954
				26,925,597
TOTAL EXCHANGE TRADED FUNDS
(Cost $19,922,292)				26,925,597

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (3.00%)
Money Market Fund (3.00%)
State Street Institutional Treasury Plus Money Market Fund		0.010	%		834,056		834,056
TOTAL MONEY MARKET FUND							834,056

TOTAL SHORT-TERM INVESTMENTS
(Cost $834,056)							834,056

TOTAL INVESTMENTS (100.05%)
(Cost $20,714,771)						$	27,759,653

Liabilities In Excess Of Other Assets (-0.05%)							(14,699	)
NET ASSETS (100.00%)						$	27,744,954

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

163 | October 31, 2021

RiverFront Asset Allocation Growth & Income

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (98.52%)
Debt (26.49%)
RiverFront Dynamic Core Income ETF^(a)		588,706	$	14,918,870
Riverfront Strategic Income Fund^(a)		84,929		2,096,048
				17,014,918
Equity (72.03%)
First Trust RiverFront Dynamic Developed International ETF^(a)		196,159		14,309,799
First Trust RiverFront Dynamic Emerging Markets ETF^(a)		62,494		4,188,973
RiverFront Dynamic US Dividend Advantage ETF^(a)		444,407		20,189,676
RiverFront Dynamic US Flex-Cap ETF^(a)		161,273		7,565,220
				46,253,668
TOTAL EXCHANGE TRADED FUNDS
(Cost $49,730,187)				63,268,586

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (1.53%)
Money Market Fund (1.53%)
State Street Institutional Treasury Plus Money Market Fund		0.010	%		981,362		981,362
TOTAL MONEY MARKET FUND							981,362

TOTAL SHORT-TERM INVESTMENTS
(Cost $981,362)							981,362

TOTAL INVESTMENTS (100.05%)
(Cost $50,672,417)						$	64,249,948

Liabilities In Excess Of Other Assets (-0.05%)							(35,212	)

NET ASSETS (100.00%)						$	64,214,736

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

164 | October 31, 2021

RiverFront Asset Allocation Moderate

Statement of Investments

October 31, 2021

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (98.71%)
Debt (46.38%)
RiverFront Dynamic Core Income ETF^(a)		832,985	$	21,109,339
Riverfront Strategic Income Fund^(a)		62,528		1,543,191
				22,652,530
Equity (52.33%)
First Trust RiverFront Dynamic Developed International ETF^(a)		78,887		5,754,807
RiverFront Dynamic US Dividend Advantage ETF^(a)		372,353		16,916,220
RiverFront Dynamic US Flex-Cap ETF^(a)		61,619		2,890,510
				25,561,537
TOTAL EXCHANGE TRADED FUNDS
(Cost $39,886,791)				48,214,067

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (1.46%)
Money Market Fund (1.46%)
State Street Institutional Treasury Plus Money Market Fund		0.010	%		713,426		713,426
TOTAL MONEY MARKET FUND							713,426

TOTAL SHORT-TERM INVESTMENTS
(Cost $713,426)							713,426

TOTAL INVESTMENTS (100.17%)
(Cost $40,600,109)						$	48,927,493

Liabilities In Excess Of Other Assets (-0.17%)							(82,726	)

NET ASSETS (100.00%)						$	48,844,767

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

165 | October 31, 2021

RiverFront Global Allocation Series

Statements of Assets and Liabilities

October 31, 2021

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
ASSETS
Investments, at value	$	834,056	$	981,362	$	713,426
Investments in affiliates, at value		26,925,597		63,268,586		48,214,067
Receivable for shares sold		–		36,171		–
Dividends and interest receivable		5		13		6
Total Assets		27,759,658		64,286,132		48,927,499
LIABILITIES
Payable for shares redeemed		205		32,475		48,538
Unitary administrative fees payable		11,356		26,719		20,505
Distribution and services fees payable		3,143		12,202		13,689
Total Liabilities		14,704		71,396		82,732
NET ASSETS	$	27,744,954	$	64,214,736	$	48,844,767
NET ASSETS CONSIST OF
Paid-in capital	$	23,603,218	$	55,899,092	$	40,517,079
Total distributable earnings		4,141,736		8,315,644		8,327,688
NET ASSETS	$	27,744,954	$	64,214,736	$	48,844,767
INVESTMENTS, AT COST	$	834,056	$	981,362	$	713,426
INVESTMENTS IN AFFILIATES, AT COST	$	19,880,715	$	49,691,055	$	39,886,683

See Notes to Financial Statements.

166 | October 31, 2021

RiverFront Global Allocation Series

Statements of Assets and Liabilities (continued)

October 31, 2021

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	14.80	$	14.45	$	12.23
Net Assets	$	1,828,120	$	6,920,888	$	4,275,290
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		123,503		478,991		349,546
Class A:
Net Asset Value, offering and redemption price per share	$	14.68	$	14.43	$	12.22
Net Assets	$	1,565,943	$	6,139,120	$	10,997,816
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		106,638		425,337		900,313
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	15.53	$	15.27	$	12.93
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	13.73	$	13.94	$	12.04
Net Assets	$	2,691,237	$	11,048,575	$	12,232,338
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		196,000		792,584		1,016,332
Class I:
Net Asset Value, offering and redemption price per share	$	15.16	$	14.40	$	12.24
Net Assets	$	3,255,992	$	40,106,153	$	21,339,323
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		214,785		2,785,898		1,743,600
Investor Class II:
Net Asset Value, offering and redemption price per share	$	14.67		N/A		N/A
Net Assets	$	880,778		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		60,029		N/A		N/A
Class L:
Net Asset Value, offering and redemption price per share	$	15.13		N/A		N/A
Net Assets	$	17,522,884		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,158,246		N/A		N/A

^(a)

Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.

See Notes to Financial Statements.

167 | October 31, 2021

RiverFront Global Allocation Series

Statements of Operations

For the Year Ended October 31, 2021

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
INVESTMENT INCOME
Dividends	$	100	$	198	$	169
Dividends from affiliated securities		348,386		970,296		815,132
Total Investment Income		348,486		970,494		815,301

EXPENSES
Unitary administrative fees		65,919		157,329		123,002
Distribution and service fees
Investor Class		4,527		17,804		10,572
Class A		3,609		14,302		24,456
Class C		29,243		122,964		146,013
Investor Class II		2,213		–		–
Total Expenses		105,511		312,399		304,043
Net Expenses		105,511		312,399		304,043
Net Investment Income		242,975		658,095		511,258
Net realized gain on investments - affiliated securities		341,157		2,069,528		1,895,480
Net realized gain		341,157		2,069,528		1,895,480
Net change in unrealized appreciation on investments - affiliated securities		6,583,112		10,328,520		5,547,451
Net change in unrealized appreciation		6,583,112		10,328,520		5,547,451
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		6,924,269		12,398,048		7,442,931
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,167,244	$	13,056,143	$	7,954,189

See Notes to Financial Statements.

168 | October 31, 2021

RiverFront Asset Allocation Aggressive

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	242,975		$	416,786
Net realized gain/(loss)		341,157			(1,857,082	)
Net change in unrealized appreciation		6,583,112			842,445
Net Increase/(Decrease) in Net Assets Resulting from Operations		7,167,244			(597,851	)
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(21,922	)		(79,044	)
Class A		(14,110	)		(16,860	)
Class C		(42,875	)		(89,159	)
Class I		(40,375	)		(101,058	)
Investor Class II		(11,166	)		(24,038	)
Class L		(191,732	)		(358,372	)
Net Decrease in Net Assets from Distributions		(322,180	)		(668,531	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		97,098			27,937
Class A		664,052			414,965
Class C		181,363			112,219
Class I		219,854			475,259
Investor Class II		7,763			31,382
Class L		1,804,038			1,329,923
Dividends reinvested
Investor Class		21,114			76,357
Class A		14,110			16,860
Class C		42,795			88,963
Class I		38,987			99,066
Investor Class II		11,024			17,702
Class L		190,865			357,175
Shares redeemed
Investor Class		(654,855	)		(1,877,602	)
Class A		(434,099	)		(199,699	)
Class C		(1,494,435	)		(1,664,423	)
Class I		(787,434	)		(4,411,082	)
Investor Class II		(105,517	)		(524,176	)
Class L		(1,877,913	)		(5,856,097	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(2,061,190	)		(11,485,271	)
Net increase/(decrease) in net assets		4,783,874			(12,751,653	)
NET ASSETS
Beginning of year		22,961,080			35,712,733
End of year	$	27,744,954		$	22,961,080

See Notes to Financial Statements.

169 | October 31, 2021

RiverFront Asset Allocation Growth & Income

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	658,095		$	1,044,927
Net realized gain/(loss)		2,069,528			(3,546,085	)
Net change in unrealized appreciation		10,328,520			1,850,356
Net Increase/(Decrease) in Net Assets Resulting from Operations		13,056,143			(650,802	)
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(72,153	)		(134,202	)
Class A		(57,142	)		(67,887	)
Class C		(64,156	)		(213,573	)
Class I		(464,644	)		(767,779	)
Dividends to shareholders from tax return of capital
Investor Class		(5,188	)		–
Class A		(6,322	)		–
Class C		(5,710	)		–
Class I		(41,353	)		–
Net Decrease in Net Assets from Distributions		(716,668	)		(1,183,441	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		65,799			123,506
Class A		1,777,632			1,864,486
Class C		548,945			798,015
Class I		4,128,228			4,243,529
Dividends reinvested
Investor Class		74,189			129,440
Class A		62,714			67,753
Class C		69,066			211,358
Class I		498,442			755,180
Shares redeemed
Investor Class		(1,441,166	)		(2,188,662	)
Class A		(1,241,333	)		(1,243,469	)
Class C		(5,788,861	)		(6,701,534	)
Class I		(6,339,619	)		(18,874,405	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(7,585,964	)		(20,814,803	)
Net increase/(decrease) in net assets		4,753,511			(22,649,046	)
NET ASSETS
Beginning of year		59,461,225			82,110,271
End of year	$	64,214,736		$	59,461,225

See Notes to Financial Statements.

170 | October 31, 2021

RiverFront Asset Allocation Moderate

Statements of Changes in Net Assets

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	511,258		$	691,629
Net realized gain/(loss)		1,895,480			(102,437	)
Net change in unrealized appreciation		5,547,451			453,892
Net Increase in Net Assets Resulting from Operations		7,954,189			1,043,084
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(50,893	)		(66,700	)
Class A		(119,500	)		(101,776	)
Class C		(72,344	)		(168,779	)
Class I		(293,897	)		(381,939	)
Net Decrease in Net Assets from Distributions		(536,634	)		(719,194	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		382,910			167,869
Class A		3,474,722			3,641,533
Class C		106,117			455,274
Class I		2,720,744			2,685,022
Dividends reinvested
Investor Class		50,673			66,302
Class A		118,413			100,652
Class C		68,445			162,523
Class I		277,578			365,144
Shares redeemed
Investor Class		(673,882	)		(1,546,495	)
Class A		(1,658,992	)		(2,067,955	)
Class C		(6,636,989	)		(11,137,381	)
Class I		(3,748,718	)		(9,739,924	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(5,518,979	)		(16,847,436	)
Net increase/(decrease) in net assets		1,898,576			(16,523,546	)
NET ASSETS
Beginning of year		46,946,191			63,469,737
End of year	$	48,844,767		$	46,946,191

See Notes to Financial Statements.

171 | October 31, 2021

RiverFront Asset Allocation Aggressive – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.31		$	11.57		$	14.59		$	16.27		$	13.54
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.12			0.17			0.17			0.25			0.16
Net realized and unrealized gain/(loss)		3.54			(0.19	)		0.08			(1.27	)		2.76
Total from investment operations		3.66			(0.02	)		0.25			(1.02	)		2.92
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.21	)		(0.19	)
From net realized gains		–			–			(3.08	)		(0.45	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.66	)		(0.19	)
Net increase/(decrease) in net asset value		3.49			(0.26	)		(3.02	)		(1.68	)		2.73
Net asset value, end of year	$	14.80		$	11.31		$	11.57		$	14.59		$	16.27
TOTAL RETURN^(d)		32.58	%		(0.33	)%		5.05	%		(6.62	)%		21.81	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,828		$	1,862		$	3,914		$	4,491		$	8,935
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.93	%		1.45	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.75	%^(e)		1.15	%
Ratio of net investment income to average net assets		0.84	%		1.47	%		1.47	%		1.56	%		1.09	%
Portfolio turnover rate^(f)		5	%		22	%		18	%		200	%		60	%

^(a)

Prior to December 1, 2017, Investor Class was known as Class A.

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(c)

Calculated using the average shares method.

^(d)

^(e)

Effective February 28, 2018, pursuant to the Administrative Services Agreement, the Fund pays an annual unitary administrative fee, which is based on the Fund’s average daily net assets, and will no longer pay a management fee or contractually limit the Fund’s total annual expenses. Refer to Note 8.

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

172 | October 31, 2021

RiverFront Asset Allocation Aggressive – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.22		$	11.48		$	14.51		$	16.35

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.15			0.21			0.16
Net realized and unrealized gain/(loss)		3.52			(0.17	)		0.03			(2.00	)
Total from investment operations		3.63			(0.02	)		0.24			(1.84	)

DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		–
From net realized gains		–			–			(3.08	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		–

Net increase/(decrease) in net asset value		3.46			(0.26	)		(3.03	)		(1.84	)
Net asset value, end of year	$	14.68		$	11.22		$	11.48		$	14.51
TOTAL RETURN^(b)		32.59	%		(0.33	)%		5.01	%		(11.25	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,566		$	989		$	756		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		0.79	%		1.38	%		1.88	%		2.66	%^(c)
Portfolio turnover rate^(d)		5	%		22	%		18	%		200	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

173 | October 31, 2021

RiverFront Asset Allocation Aggressive – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	10.57		$	10.89		$	14.01		$	15.73		$	13.18
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.01			0.07			0.08			0.12			0.04
Net realized and unrealized gain/(loss)		3.30			(0.17	)		0.05			(1.20	)		2.68
Total from investment operations		3.31			(0.10	)		0.13			(1.08	)		2.72
DISTRIBUTIONS:
From net investment income		(0.15	)		(0.22	)		(0.17	)		(0.19	)		(0.17	)
From net realized gains		–			–			(3.08	)		(0.45	)		–
Total distributions		(0.15	)		(0.22	)		(3.25	)		(0.64	)		(0.17	)
Net increase/(decrease) in net asset value		3.16			(0.32	)		(3.12	)		(1.72	)		2.55
Net asset value, end of year	$	13.73		$	10.57		$	10.89		$	14.01		$	15.73
TOTAL RETURN^(c)		31.58	%		(1.04	)%		4.23	%		(7.24	)%		20.87	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	2,691		$	3,147		$	4,758		$	8,597		$	10,408
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.63	%		2.20	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.47	%^(d)		1.90	%
Ratio of net investment income to average net assets		0.09	%		0.69	%		0.71	%		0.80	%		0.29	%
Portfolio turnover rate^(e)		5	%		22	%		18	%		200	%		60	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

174 | October 31, 2021

RiverFront Asset Allocation Aggressive – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.56		$	11.79		$	14.78		$	16.43		$	13.65
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.15			0.20			0.21			0.29			0.19
Net realized and unrealized gain/(loss)		3.62			(0.19	)		0.07			(1.27	)		2.78
Total from investment operations		3.77			0.01			0.28			(0.98	)		2.97
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.22	)		(0.19	)
From net realized gains		–			–			(3.08	)		(0.45	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.67	)		(0.19	)
Net increase/(decrease) in net asset value		3.60			(0.23	)		(2.99	)		(1.65	)		2.78
Net asset value, end of year	$	15.16		$	11.56		$	11.79		$	14.78		$	16.43
TOTAL RETURN^(c)		32.90	%		(0.02	)%		5.29	%		(6.33	)%		22.05	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	3,256		$	2,945		$	7,003		$	12,701		$	13,873
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.62	%		1.20	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.46	%^(d)		0.90	%
Ratio of net investment income to average net assets		1.08	%		1.73	%		1.77	%		1.79	%		1.29	%
Portfolio turnover rate^(e)		5	%		22	%		18	%		200	%		60	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

175 | October 31, 2021

RiverFront Asset Allocation Aggressive – Investor Class II

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.21		$	11.47		$	14.50		$	16.18		$	13.47
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.11			0.16			0.18			0.25			0.15
Net realized and unrealized gain/(loss)		3.52			(0.18	)		0.06			(1.27	)		2.75
Total from investment operations		3.63			(0.02	)		0.24			(1.02	)		2.90
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.21	)		(0.19	)
From net realized gains		–			–			(3.08	)		(0.45	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.66	)		(0.19	)
Net increase/(decrease) in net asset value		3.46			(0.26	)		(3.03	)		(1.68	)		2.71
Net asset value, end of year	$	14.67		$	11.21		$	11.47		$	14.50		$	16.18
TOTAL RETURN^(d)		32.62	%		(0.33	)%		5.02	%		(6.66	)%		21.77	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	881		$	741		$	1,255		$	2,043		$	3,451
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.91	%		1.45	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.74	%^(e)		1.15	%
Ratio of net investment income to average net assets		0.82	%		1.41	%		1.53	%		1.58	%		1.04	%
Portfolio turnover rate^(f)		5	%		22	%		18	%		200	%		60	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Prior to December 1, 2017, Investor Class II was known as Investor Class.

^(c)

Calculated using the average shares method.

^(d)

^(e)

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

176 | October 31, 2021

RiverFront Asset Allocation Aggressive – Class L

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.53		$	11.77		$	14.76		$	16.41		$	13.63
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.15			0.19			0.21			0.30			0.19
Net realized and unrealized gain/(loss)		3.62			(0.19	)		0.07			(1.28	)		2.78
Total from investment operations		3.77			–			0.28			(0.98	)		2.97
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.22	)		(0.19	)
From net realized gains		–			–			(3.08	)		(0.45	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.67	)		(0.19	)
Net increase/(decrease) in net asset value		3.60			(0.24	)		(2.99	)		(1.65	)		2.78
Net asset value, end of year	$	15.13		$	11.53		$	11.77		$	14.76		$	16.41
TOTAL RETURN^(c)		32.98	%		(0.11	)%		5.30	%		(6.34	)%		22.08	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	17,523		$	13,277		$	18,026		$	19,449		$	25,309
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.63	%		1.20	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.47	%^(d)		0.90	%
Ratio of net investment income to average net assets		1.07	%		1.68	%		1.77	%		1.82	%		1.27	%
Portfolio turnover rate^(e)		5	%		22	%		18	%		200	%		60	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

177 | October 31, 2021

RiverFront Asset Allocation Growth & Income – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.84		$	12.02		$	13.37		$	14.48		$	12.38
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.14			0.18			0.23			0.25			0.17
Net realized and unrealized gain/(loss)		2.62			(0.16	)		0.41			(0.80	)		2.09
Total from investment operations		2.76			0.02			0.64			(0.55	)		2.26
DISTRIBUTIONS:
From net investment income		(0.14	)		(0.20	)		(0.21	)		(0.24	)		(0.16	)
From net realized gains		–			–			(1.78	)		(0.32	)		–
Tax return of capital		(0.01	)		–			–			–			–
Total distributions		(0.15	)		(0.20	)		(1.99	)		(0.56	)		(0.16	)
Net increase/(decrease) in net asset value		2.61			(0.18	)		(1.35	)		(1.11	)		2.10
Net asset value, end of year	$	14.45		$	11.84		$	12.02		$	13.37		$	14.48
TOTAL RETURN^(d)		23.40	%		0.27	%		6.71	%		(4.03	)%		18.37	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	6,921		$	6,802		$	8,864		$	9,062		$	19,123
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.85	%		1.37	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.74	%^(e)		1.15	%
Ratio of net investment income to average net assets		1.04	%		1.57	%		1.91	%		1.70	%		1.24	%
Portfolio turnover rate^(f)		13	%		33	%		62	%		224	%		63	%

^(a)

Prior to December 1, 2017, Investor Class was known as Class A.

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(c)

Calculated using the average shares method.

^(d)

^(e)

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

178 | October 31, 2021

RiverFront Asset Allocation Growth & Income – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.83		$	12.01		$	13.36		$	14.70

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.14			0.18			0.25			0.15
Net realized and unrealized gain/(loss)		2.61			(0.16	)		0.39			(1.34	)
Total from investment operations		2.75			0.02			0.64			(1.19	)

DISTRIBUTIONS:
From net investment income		(0.14	)		(0.20	)		(0.21	)		(0.15	)
From net realized gains		–			–			(1.78	)		–
From tax return of capital		(0.01	)		–			–			–
Total distributions		(0.15	)		(0.20	)		(1.99	)		(0.15	)

Net increase/(decrease) in net asset value		2.60			(0.18	)		(1.35	)		(1.34	)
Net asset value, end of year	$	14.43		$	11.83		$	12.01		$	13.36
TOTAL RETURN^(b)		23.34	%		0.28	%		6.78	%		(8.13	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	6,139		$	4,489		$	3,839		$	13
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		1.05	%		1.52	%		2.13	%		2.65	%^(c)
Portfolio turnover rate^(d)		13	%		33	%		62	%		224	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

179 | October 31, 2021

RiverFront Asset Allocation Growth & Income – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.45		$	11.65		$	13.03		$	14.16		$	12.15
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.04			0.09			0.13			0.14			0.07
Net realized and unrealized gain/(loss)		2.52			(0.15	)		0.40			(0.78	)		2.05
Total from investment operations		2.56			(0.06	)		0.53			(0.64	)		2.12
DISTRIBUTIONS:
From net investment income		(0.06	)		(0.14	)		(0.13	)		(0.17	)		(0.11	)
From net realized gains		–			–			(1.78	)		(0.32	)		–
Tax return of capital		(0.01	)		–			–			–			–
Total distributions		(0.07	)		(0.14	)		(1.91	)		(0.49	)		(0.11	)
Net increase/(decrease) in net asset value		2.49			(0.20	)		(1.38	)		(1.13	)		2.01
Net asset value, end of year	$	13.94		$	11.45		$	11.65		$	13.03		$	14.16
TOTAL RETURN^(c)		22.44	%		(0.44	)%		5.91	%		(4.74	)%		17.53	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	11,049		$	13,642		$	19,798		$	23,111		$	26,514
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.57	%		2.12	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.47	%^(d)		1.90	%
Ratio of net investment income to average net assets		0.29	%		0.82	%		1.15	%		1.01	%		0.51	%
Portfolio turnover rate^(e)		13	%		33	%		62	%		224	%		63	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

180 | October 31, 2021

RiverFront Asset Allocation Growth & Income – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	11.79		$	11.97		$	13.31		$	14.42		$	12.31
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.18			0.22			0.26			0.29			0.20
Net realized and unrealized gain/(loss)		2.61			(0.18	)		0.41			(0.82	)		2.09
Total from investment operations		2.79			0.04			0.67			(0.53	)		2.29
DISTRIBUTIONS:
From net investment income		(0.16	)		(0.22	)		(0.23	)		(0.26	)		(0.18	)
From net realized gains		–			–			(1.78	)		(0.32	)		–
Tax return of capital		(0.02	)	��	–			–			–			–
Total distributions		(0.18	)		(0.22	)		(2.01	)		(0.58	)		(0.18	)
Net increase/(decrease) in net asset value		2.61			(0.18	)		(1.34	)		(1.11	)		2.11
Net asset value, end of year	$	14.40		$	11.79		$	11.97		$	13.31		$	14.42
TOTAL RETURN^(c)		23.79	%		0.46	%		7.07	%		(3.88	)%		18.75	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	40,106		$	34,529		$	49,610		$	51,749		$	33,484
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.53	%		1.12	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.44	%^(d)		0.90	%
Ratio of net investment income to average net assets		1.29	%		1.83	%		2.17	%		2.04	%		1.50	%
Portfolio turnover rate^(e)		13	%		33	%		62	%		224	%		63	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

181 | October 31, 2021

RiverFront Asset Allocation Moderate – Investor Class

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	10.50		$	10.46		$	11.54		$	12.47		$	11.22
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.14			0.15			0.21			0.22			0.18
Net realized and unrealized gain/(loss)		1.73			0.05			0.49			(0.36	)		1.23
Total from investment operations		1.87			0.20			0.70			(0.14	)		1.41
DISTRIBUTIONS:
From net investment income		(0.14	)		(0.16	)		(0.20	)		(0.22	)		(0.16	)
From net realized gains		(0.00	)^(d)		–			(1.58	)		(0.57	)		–
Total distributions		(0.14	)		(0.16	)		(1.78	)		(0.79	)		(0.16	)
Net increase/(decrease) in net asset value		1.73			0.04			(1.08	)		(0.93	)		1.25
Net asset value, end of year	$	12.23		$	10.50		$	10.46		$	11.54		$	12.47
TOTAL RETURN^(e)		17.89	%		1.95	%		7.99	%		(1.32	)%		12.67	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	4,275		$	3,883		$	5,162		$	8,244		$	13,311
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.84	%		1.33	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.74	%^(f)		1.15	%
Ratio of net investment income to average net assets		1.16	%		1.46	%		2.00	%		1.78	%		1.49	%
Portfolio turnover rate^(g)		16	%		20	%		41	%		209	%		56	%

^(a)

Prior to December 1, 2017, Investor Class was known as Class A.

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(c)

Calculated using the average shares method. (d) Less than $0.005 or ($0.005) per share.

^(e)

^(f)

^(g)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

182 | October 31, 2021

RiverFront Asset Allocation Moderate – Class A

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.49		$	10.45		$	11.53		$	12.28

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.13			0.15			0.20			0.11
Net realized and unrealized gain/(loss)		1.74			0.05			0.51			(0.74	)
Total from investment operations		1.87			0.20			0.71			(0.63	)

DISTRIBUTIONS:
From net investment income		(0.14	)		(0.16	)		(0.21	)		(0.12	)
From net realized gains		(0.00	)^(b)		–			(1.58	)		–
Total distributions		(0.14	)		(0.16	)		(1.79	)		(0.12	)

Net increase/(decrease) in net asset value		1.73			0.04			(1.08	)		(0.75	)
Net asset value, end of year	$	12.22		$	10.49		$	10.45		$	11.53
TOTAL RETURN^(c)		17.91	%		1.96	%		8.07	%		(5.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,998		$	7,680		$	5,933		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%		0.50	%		0.50	%		0.50	%^(d)
Ratio of net investment income to average net assets		1.15	%		1.43	%		1.92	%		2.44	%^(d)
Portfolio turnover rate^(e)		16	%		20	%		41	%		209	%

^(a)

Calculated using the average shares method.

^(b)

Less than $0.005 or ($0.005) per share.

^(c)

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

183 | October 31, 2021

RiverFront Asset Allocation Moderate – Class C

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	10.34		$	10.30		$	11.39		$	12.34		$	11.12
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.05			0.07			0.13			0.12			0.08
Net realized and unrealized gain/(loss)		1.71			0.05			0.49			(0.36	)		1.24
Total from investment operations		1.76			0.12			0.62			(0.24	)		1.32
DISTRIBUTIONS:
From net investment income		(0.06	)		(0.08	)		(0.13	)		(0.14	)		(0.10	)
From net realized gains		(0.00	)^(c)		–			(1.58	)		(0.57	)		–
Total distributions		(0.06	)		(0.08	)		(1.71	)		(0.71	)		(0.10	)
Net increase/(decrease) in net asset value		1.70			0.04			(1.09	)		(0.95	)		1.22
Net asset value, end of year	$	12.04		$	10.34		$	10.30		$	11.39		$	12.34
TOTAL RETURN^(d)		17.02	%		1.21	%		7.23	%		(2.16	)%		11.94	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	12,232		$	16,353		$	26,831		$	40,792		$	51,231
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.56	%		2.08	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%		1.25	%		1.25	%		1.47	%^(e)		1.90	%
Ratio of net investment income to average net assets		0.41	%		0.72	%		1.27	%		1.03	%		0.70	%
Portfolio turnover rate^(f)		16	%		20	%		41	%		209	%		56	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

184 | October 31, 2021

RiverFront Asset Allocation Moderate – Class I

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated:

	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017
Net asset value, beginning of period	$	10.51		$	10.47		$	11.54		$	12.48		$	11.21
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.16			0.18			0.23			0.25			0.20
Net realized and unrealized gain/(loss)		1.74			0.04			0.50			(0.37	)		1.25
Total from investment operations		1.90			0.22			0.73			(0.12	)		1.45
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.18	)		(0.22	)		(0.25	)		(0.18	)
From net realized gains		(0.00	)^(c)		–			(1.58	)		(0.57	)		–
Total distributions		(0.17	)		(0.18	)		(1.80	)		(0.82	)		(0.18	)
Net increase/(decrease) in net asset value		1.73			0.04			(1.07	)		(0.94	)		1.27
Net asset value, end of year	$	12.24		$	10.51		$	10.47		$	11.54		$	12.48
TOTAL RETURN^(d)		18.14	%		2.19	%		8.36	%		(1.16	)%		13.05	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	21,339		$	19,030		$	25,544		$	28,228		$	30,913
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.56	%		1.08	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%		0.25	%		0.25	%		0.47	%^(e)		0.90	%
Ratio of net investment income to average net assets		1.40	%		1.71	%		2.25	%		2.02	%		1.71	%
Portfolio turnover rate^(f)		16	%		20	%		41	%		209	%		56	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(b)

Calculated using the average shares method.

^(c)

Less than $0.005 or ($0.005) per share.

^(d)

^(e)

^(f)

Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements.

185 | October 31, 2021

Notes to Financial Statements

October 31, 2021

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 annual report includes the financial statements and financial highlights of the following 11 funds: ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, ALPS | Kotak India Growth Fund, ALPS | Red Rocks Global Opportunity Fund, Clough China Fund, RiverFront Asset Allocation Aggressive, RiverFront Asset Allocation Growth & Income, RiverFront Asset Allocation Moderate, ALPS | Smith Total Return Bond Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund (each, a “Fund” and collectively, the “Funds”). Prior to March 31, 2020, the ALPS | Red Rocks Global Opportunity Fund was known as the ALPS | Red Rocks Listed Private Equity Fund.

The ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund seeks to maximize real returns (returns after inflation), consistent with prudent investment management. ALPS | Kotak India Growth Fund’s investment goal is long-term capital appreciation. The ALPS | Red Rocks Global Opportunity Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. The Clough China Fund seeks to provide investors with long-term capital appreciation. Effective February 28, 2018, the RiverFront Asset Allocation Aggressive seeks to achieve long-term capital appreciation, RiverFront Asset Allocation Growth & Income seeks to achieve long-term growth and income, the RiverFront Asset Allocation Moderate has two primary investment objectives- it seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks, and (2) growth of capital. The ALPS | Smith Total Return Bond Fund capital seeks to obtain maximum total return, consistent with preservation of capital. The ALPS | Smith Short Duration Bond Fund seeks as high a level of current income as is consistent with preservation of capital. The ALPS | Smith Balanced Opportunity Fund seeks long-term capital growth, consistent with presercation of capital and balanced by current income. The ALPS | Smith Credit Opportunities Fund seeks to obtain maximum risk-adjusted return with a secondary focus on high current income.

The classes of each Fund differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends to shareholders are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions to shareholders are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Basis of Consolidation for the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund

CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on April 23, 2010 and is a wholly owned subsidiary of the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the “CoreCommodity Fund”). All intercompany transactions have been eliminated upon consolidation. The Subsidiary acts as an investment vehicle for the CoreCommodity Fund in order to effect certain commodity-related investments on behalf of the CoreCommodity Fund. CoreCommodity Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of June 14, 2010, and it is intended that the CoreCommodity Fund will remain the sole shareholder and will continue to wholly own and control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to 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 CoreCommodity Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the CoreCommodity Fund, the financial statements of the Subsidiary are included in the consolidated financial statements and financial highlights of the CoreCommodity Fund. All investments held by the Subsidiary are disclosed in the accounts of the CoreCommodity Fund. As of October 31, 2021, net assets of the CoreCommodity Fund were $1,264,560,427 of which $269,606,210 or 21.32%, represented the CoreCommodity Fund’s ownership of all issued shares and voting rights of the Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes, and follows accounting policies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including policies specific to investment companies. The preparation of financial statements 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 financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds and subsidiaries, as applicable, in preparation of their financial statements. The Funds are considered investment companies 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.

186 | October 31, 2021

Notes to Financial Statements

October 31, 2021

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 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.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by 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. Investments in non-exchange traded funds are fair valued at their respective net asset values. Bonds may be purchased and held as odd lots. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Special valuation considerations may apply with respect to a Fund’s odd-lot positions, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. The ALPS | Smith Total Return Bond Fund, the ALPS | Smith Short Duration Bond Fund, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund have odd lot pricing policies it employs to value odd lot securities.

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 transferable, 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 makes a limit move with respect to a particular commodity. Over-the-counter swap contracts are valued based on quotes received from independent pricing services or one or more dealers that make markets in such investments.

Option contracts are valued using the National Best Bid and Offer price (“NBBO”). In the event there is no NBBO price available, option contracts are valued at the mean between the last bid and ask.

For ALPS | Kotak India Growth Fund, ALPS | Red Rocks Global Opportunity Fund, and Clough China Fund, who hold equity securities that are primarily traded on foreign securities exchanges, such securities are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Fund’s portfolio is believed to have been materially affected by an valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE.

Forward currency exchange contracts have a 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 Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures (“FV Procedures”) have been adopted by the Board for the fair valuation of portfolio assets held by the Fund(s) 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 Fund’s 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 Fair Value Committee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Fund(s).

187 | October 31, 2021

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Fair Value Measurements: The Funds disclose the classification of their 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 each 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 a 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.

The following is a summary of each Fund’s investments/financial instruments in the fair value hierarchy as of October 31, 2021:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund
Common Stocks^(a)
United States	$	157,740,512		$	103		$	–		$	157,740,615
Other		219,175,700			–			–			219,175,700
Master Limited Partnerships^(a)		468,188			–			–			468,188
Government Bonds		–			760,394,569			–			760,394,569
Total	$	377,384,400		$	760,394,672		$	–		$	1,137,779,072
Other Financial Instruments
Assets
Futures Contracts	$	9,014,992		$	–		$	–		$	9,014,992
Total Return Swap Contracts		–			10			–	��		10
Liabilities
Futures Contracts	$	(10,937,276	)	$	–		$	–		$	(10,937,276	)
Total Return Swap Contracts	$	–		$	(275	)	$	–		$	(275	)
Total	$	(1,922,284	)	$	(265	)	$	–		$	(1,922,549	)

188 | October 31, 2021

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Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Kotak India Growth Fund
Common Stocks
Communication Services	$	215,039	$	15,236,042	$	–	$	15,451,081
Consumer Discretionary		2,295,715		34,410,159		–		36,705,874
Consumer Staples		–		21,818,064		–		21,818,064
Energy		–		26,013,647		–		26,013,647
Financials		18,124,577		104,366,068		–		122,490,645
Health Care		3,495,514		24,545,626		–		28,041,140
Industrials		2,323,893		28,961,858		–		31,285,751
Information Technology		12,111,140		52,828,546		–		64,939,686
Materials		–		30,863,687		–		30,863,687
Real Estate		–		8,400,646		–		8,400,646
Utilities		–		3,468,836		–		3,468,836
Total	$	38,565,878	$	350,913,179	$	–	$	389,479,057

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Short Duration Bond Fund
Collateralized Mortgage Obligations	$	–	$	1,951,954	$	–	$	1,951,954
Commercial Mortgage-Backed Securities		–		1,007,108		–		1,007,108
Mortgage-Backed Securities		–		11,797,222		–		11,797,222
Corporate Bonds		–		416,552,405		–		416,552,405
Government Bonds		–		82,908,623		–		82,908,623
Municipal Bonds		–		963,293		–		963,293
Short Term Investments		594,676		–		–		594,676
Total	$	594,676	$	515,180,605	$	–	$	515,775,281

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Total Return Bond Fund
Collateralized Mortgage Obligations	$	–	$	127,528,645	$	–	$	127,528,645
Commercial Mortgage-Backed Securities		–		45,099,063		–		45,099,063
Mortgage-Backed Securities		–		100,867,620		–		100,867,620
Corporate Bonds		–		1,002,857,398		–		1,002,857,398
Government Bonds		–		476,975,431		–		476,975,431
Preferred Stock		20,400,841		–		–		20,400,841
Short Term Investments		4,746,609		–		–		4,746,609
Total	$	25,147,450	$	1,753,328,157	$	–	$	1,778,475,607

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Credit Opportunities Fund
Common Stocks^(a)	$	3,852,738	$	–	$	–	$	3,852,738
Exchange Traded Funds		6,927,865		–		–		6,927,865
Collateralized Mortgage Obligations		–		717,354		–		717,354
Mortgage-Backed Securities		–		2,431,363		–		2,431,363
Corporate Bonds		–		266,509,083		–		266,509,083
Government Bonds		–		11,473,991		–		11,473,991
Preferred Stock		11,202,552		–		–		11,202,552
Short Term Investments		2,035,407		–		–		2,035,407
Total	$	24,018,562	$	281,131,791	$	–	$	305,150,353

189 | October 31, 2021

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October 31, 2021

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Balanced Opportunity Fund
Common Stocks^(a)	$	24,210,306	$	–	$	–	$	24,210,306
Collateralized Mortgage Obligations		–		1,464,527		–		1,464,527
Commercial Mortgage-Backed Securities		–		22,726		–		22,726
Mortgage-Backed Securities		–		966,422		–		966,422
Corporate Bonds		–		5,893,528		–		5,893,528
Government Bonds		–		5,376,877		–		5,376,877
Preferred Stock		133,749		–		–		133,749
Short Term Investments		2,060,779		–		–		2,060,779
Total	$	26,404,834	$	13,724,080	$	–	$	40,128,914

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Red Rocks Global Opportunity Fund
Closed-End Funds	$	10,670,987	$	10,982,139	$	–	$	21,653,126
Common Stocks
Communications		9,279,842		–		–		9,279,842
Consumer, Cyclical		1,843,275		3,879,345		–		5,722,620
Consumer, Non-Cyclical		7,731,389		–		–		7,731,389
Diversified		–		885,110		–		885,110
Financials		31,189,043		24,373,350		–		55,562,393
Industrials		1,792,678		–		–		1,792,678
Technology		4,432,281		–		–		4,432,281
Utilities		1,735,485		–		–		1,735,485
Short-Term Investments		3,128,390		–		–		3,128,390
Total	$	71,803,370	$	40,119,944	$	–	$	111,923,314

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Clough China Fund
Common Stocks
Communications	$	438,048	$	4,366,044		$	–	$	4,804,092
Consumer Discretionary		6,678,882		6,171,441			–		12,850,323
Financials		–		4,168,829			–		4,168,829
Health Care		–		2,331,790			–		2,331,790
Industrials		–		2,854,632			–		2,854,632
Materials		–		766,348			–		766,348
Real Estate		–		1,199,545			–		1,199,545
Technology		–		1,374,581			–		1,374,581
Utilities		–		1,168,668			–		1,168,668
Short Term Investments		4,809,969		–			–		4,809,969
Total	$	11,926,899	$	24,401,878		$	–	$	36,328,777
Other Financial Instruments
Assets:
Total Return Swap Contracts	$	–	$	992,437		$	–	$	992,437
Liabilities:
Total Return Swap Contracts		–		(411,885	)		–		(411,885	)
Total	$	–	$	580,552		$	–	$	580,552

190 | October 31, 2021

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October 31, 2021

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Aggressive
Exchange Traded Funds	$	26,925,597	$	–	$	–	$	26,925,597
Short-Term Investments		834,056		–		–		834,056
Total	$	27,759,653	$	–	$	–	$	27,759,653

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Growth & Income
Exchange Traded Funds	$	63,268,586	$	–	$	–	$	63,268,586
Short-Term Investments		981,362		–		–		981,362
Total	$	64,249,948	$	–	$	–	$	64,249,948

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Moderate
Exchange Traded Funds	$	48,214,067	$	–	$	–	$	48,214,067
Short-Term Investments		713,426		–		–		713,426
Total	$	48,927,493	$	–	$	–	$	48,927,493

^(a)

For detailed descriptions of country, sector and/or industry, see the accompanying Statement of Investments or Consolidated Statement of Investments.

Fund and Class Expenses: Some expenses of the Trust can be directly attributed to a Fund or a specific share class of a Fund. Expenses which cannot be directly attributed are apportioned among all Funds in the Trust based on average net assets of each share class within a Fund.

Federal Income Taxes: The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (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. The Funds are not subject to income taxes to the extent such distributions are made.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ 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, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Distributions to Shareholders: Each Fund, except, RiverFront Asset Allocation Growth & Income, RiverFront Asset Allocation Moderate, ALPS | Smith Total Return Bond Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund, normally pays dividends and distributes capital gains, if any, on an annual basis. RiverFront Asset Allocation Growth & Income and RiverFront Asset Allocation Moderate normally pay dividends, if any, on a quarterly basis and distribute capital gains annually. ALPS | Smith Total Return Bond Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund declare and distribute dividends, if any, on a monthly basis and capital gains, if any, on at least an annual basis. Income dividend distributions are derived from interest, dividends, and other income a Fund receives from its investments, including distributions of short-term capital gains. Capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than a year or from long-term capital gain distributions from underlying investments. Each Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes.

Commodity-Linked Notes: The ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund may invest in commodity-linked notes which are derivative instruments that have characteristics of a debt security and of a commodity-linked derivative. A commodity-linked note typically provides for interest payments and a principal payment at maturity linked to the price movement of the underlying commodity, commodity index or commodity futures or option contract. Commodity-linked notes may be principal protected, partially protected, or offer no principal protection. The value of these notes will rise and fall in response to changes in the underlying commodity or related index or investment. These notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked index. Commodity index-linked investments may be more volatile and less liquid than the underlying index and their value may be affected by the performance of the commodities as well as other factors, including liquidity, quality, maturity and other economic variables. Commodity-linked notes are typically

191 | October 31, 2021

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October 31, 2021

issued by a bank or other financial institution and are sometimes referred to as structured notes because the terms of the notes may be structured by the issuer and the purchaser of the notes to accommodate the specific investment requirements of the purchaser.

Exchange Traded Funds (ETFs): Each Fund may invest in shares of ETFs and other similar instruments if the investment manager chooses to adjust a Fund’s exposure to the general market or industry sectors and to manage a Fund’s risk exposure. ETFs differ from traditional index funds in that their shares are listed on a securities exchange and can be traded intraday. ETF shares are shares of exchange traded investment companies that are registered under the 1940 Act and hold a portfolio of common stocks designed to track the performance of a particular index. Limitations of the 1940 Act may prohibit a Fund from acquiring more than 3% of the outstanding shares of certain ETFs. Instruments that are similar to ETFs represent beneficial ownership interests in specific “baskets” of stocks of companies within a particular industry sector or group. These securities may also be exchange traded, but unlike ETFs, the issuers of these securities are not registered as investment companies.

The portfolio manager may decide to purchase or sell short ETF shares or options on ETF shares for the same reasons it would purchase or sell (and as an alternative to purchasing or selling) futures contracts – to obtain exposure to the stock market or a particular segment of the stock market, or to hedge a Fund’s portfolio against such exposures. Depending on the market, the holding period and other factors, the use of ETF shares and options thereon can be less costly than the use of index options or stock index futures. In addition, ETF shares and options thereon can typically be purchased in smaller amounts than are available for futures contracts and can offer exposure to market sectors and styles for which there is no suitable or liquid futures contract.

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. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to each Fund.

Cash Management Transactions: ALPS/ Kotak India Growth Fund subscribes to the Brown Brothers Harriman & Co. (“BBH”) Cash Management Service (“CMS”), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Fund to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statement of Assets and Liabilities under Cash and Foreign currency, at value.

As of October 31, 2021, the Fund has the following cash balances participating in the BBH CMS:

Fund

ALPS/ Kotak India Growth Fund $11,657,040

As of October 31, 2021, the Fund did not have any foreign cash balances participating in the BBH CMS.

Foreign Securities: Each Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments.

Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not

192 | October 31, 2021

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perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

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 Code, or its failure to maintain exemption from registration under the 1940 Act. Distributions that the Fund receives from REITs can be classified as ordinary income, capital gain income or return of capital by the REITs that make these distributions to the Fund. However, it is not possible for the Fund to characterize distributions received from REITs during interim periods because the REIT issuers do not report their tax characterizations until subsequent to year end. During interim periods, the REIT distributions are accounted for as ordinary income until the re characterizations are made subsequent to year end.

Treasury Inflation Protected-Securities (“TIPS”): The Funds may invest in TIPS, including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on a Fund’s distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Loan Participations and Assignments: Certain Funds may invest in loan participations and assignments. The Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Under a loan participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. When the Fund purchases assignments of loans from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

Master Limited Partnerships: Certain Funds may invest in MLPs, which are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

Libor Risk: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Fund’ investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2020. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Funds’ transactions and the financial markets generally. As such, the potential effect of a transition away from LIBOR on the Funds or the Funds’ investments cannot yet be determined.

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COVID-19 Risks: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

3. DERIVATIVE INSTRUMENTS

As a part of their investment strategy, the Funds are permitted to enter in various types of derivatives contracts. In doing so, the Funds employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Cash collateral is being pledged to cover derivative obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Statements of Investments.

Risk of Investing in Derivatives: The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Funds’ performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Commodity Risk: Exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. Prices of various commodities may also be affected by factors, such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, which are unpredictable. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions.

Foreign Currency Risk: Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency.

Interest Rate Risk: Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Funds are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, and are usually more volatile than securities.

194 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Swap Contracts: Each Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the CoreCommodity Fund and Clough China Fund primarily enter into swap transactions for the purpose of increasing total return. Swap agreements may be executed in a multilateral or other trade facility program, such as a registered exchange (“centrally cleared swaps”) or may be privately negotiated in the over-the counter market. The duration of a swap agreement typically ranges from a few weeks to more than one year. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. 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 Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Although centrally cleared swaps typically present less counterparty risk than non-centrally cleared swaps, a Fund that has entered into centrally cleared swaps is subject to the risk of the failure of the CCP.

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 recognized in the Statements of Assets and Liabilities.

The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds 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 Funds 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 and are recorded on the Statement of Operations.

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. Credit default swaps are a type of swap agreement in which the protection “buyer” is generally obligated to pay the protection “seller” an upfront and/ or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. Swap agreements held at October 31, 2021 are disclosed after the Statement of Investments.

The average notional amount of the swap positions held in the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund for the fiscal year ended October 31, 2021 was $446,869,122. The average notional amount of the swap positions held in the Clough China Fund for the fiscal year ended October 31, 2021 was $4,393,155.

Futures: Each Fund may invest in futures contracts in accordance with their investment objectives. Each Fund does so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Fund’s investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, a Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures

195 | October 31, 2021

Notes to Financial Statements

October 31, 2021

contract that is returned to a Fund upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposit with broker for futures contracts on the Statement of Assets and Liabilities. Each day a Fund may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by a Fund. Variation margin does not represent a borrowing or loan by a Fund but is instead a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, a Fund records a realized 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 average value of futures contracts held in the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund for the fiscal year Ended October 31, 2021 was $277,225,880 for long futures and $133,289,689 for short futures. The average value of futures contracts held in Smith Balanced Opportunity Fund for the fiscal year ended October 31, 2021 was $164,814 for long futures.

Option Contracts: Each Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. Each 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 a 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 a 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 which are recorded on the Statement of Operations.

Derivatives Instruments: The following tables disclose the amounts related to each Fund’s use of derivative instruments.

The effect of derivatives instruments on the Statement of Assets and Liabilities for the Fiscal Year Ended October 31, 2021:

Risk Exposure	Asset Location	Fair Value		Liability Location	Fair Value
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund^(a)
Commodity Contracts (Futures Contracts)	Unrealized appreciation on futures contracts^(b)	$	9,014,992	Unrealized depreciation on futures contracts^(b)	$	(10,937,276	)
Commodity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts		10	Unrealized depreciation on total return swap contracts		(275	)
Total		$	9,015,002		$	(10,937,551	)

Risk Exposure	Asset Location	Fair Value		Liability Location	Fair Value
Clough China Fund
Equity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts	$	992,437	Unrealized depreciation on total return swap contracts	$	(411,885	)
Total		$	992,437		$	(411,885	)

^(a)

The ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund consolidates the statements of assets and liabilities.

^(b)

Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Statement of Investments. Only the current day's net variation margin is reported within the Consolidated Statement of Assets and Liabilities.

196 | October 31, 2021

Notes to Financial Statements

October 31, 2021

The effect of derivatives instruments on the Statement of Operations for the Fiscal Year Ended October 31, 2021:

Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)
Equity and Commodity Contracts (Futures Contracts)	Net realized gain on futures contracts/ Net change in unrealized appreciation on futures contracts	$	18,559,386	$	3,713,079
Commodity Contracts (Total Return Swap Contracts)	Net realized loss on total return swap contracts/Net change in unrealized appreciation on total return swap contracts		190,103,040		65
Total		$	208,662,426	$	3,713,144

ALPS \| Smith Balanced Opportunity Fund
Equity and Commodity Contracts (Futures Contracts)	Net realized gain on futures contracts/ Net change in unrealized appreciation on futures contracts	$	23,960	–
Total		$	23,960	–

Clough China Fund
Equity Contracts (Total Return Swap Contracts)	Net realized gain on total return swap contracts/Net change in unrealized depreciation on total return swap contracts	$	1,557,598	$	(262,328	)
Total		$	1,557,598	$	(262,328	)

^(a)

The ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund consolidates the statements of operations.

197 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of October 31, 2021:

Offsetting of Derivatives Asset
October 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Total Return Swap Contracts	$	10	$	–	$	10	$	–		$	–	$	10
Total	$	10	$	–	$	10	$	–		$	–	$	10

Clough China Fund
Total Return Swap Contracts	$	992,437	$	–	$	992,437	$	(411,885	)	$	–	$	580,552
Total	$	992,437	$	–	$	992,437	$	(411,885	)	$	–	$	580,552

Offsetting of Derivatives Liability
October 31, 2021
							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments^(a)		Cash Collateral Pledged^(a)		Net Amount
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Total Return Swap Contracts	$	275	$	–	$	275	$	–	$	–	$	(275	)
Total	$	275	$	–	$	275	$	–	$	–	$	(275	)

Clough China Fund
Total Return Swap Contracts	$	411,885	$	–	$	411,885	$	411,885	$	–	$	–
Total	$	411,885	$	–	$	411,885	$	411,885	$	–	$	–

^(a)

These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

198 | October 31, 2021

Notes to Financial Statements

October 31, 2021

4. TAX BASIS INFORMATION

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by a Fund. The amounts and characteristics of tax basis distributions and composition of distributable earnings/ (accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid by the Funds for the Fiscal Year Ended October 31, 2021 were as follows:

Fund

Ordinary Income

Long-Term Capital Gain

Return of Capital

ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund

1,931,352

–

ALPS | Kotak India Growth Fund

–

ALPS | Smith Short Duration Bond Fund

4,435,534

35,295

–

ALPS | Smith Total Return Bond Fund

54,766,363

1,991,099

–

ALPS | Smith Credit Opportunities Fund

3,504,875

–

ALPS | Smith Balanced Opportunity Fund

193,327

–

ALPS | Red Rocks Global Opportunity Fund

–

4,029,579

–

Clough China Fund

1,140,281

649,417

–

RiverFront Asset Allocation Moderate

522,281

14,353

–

RiverFront Asset Allocation Aggressive

322,181

–

RiverFront Asset Allocation Growth & Income

658,095

–

58,573

The tax character of distributions paid by the Funds for the Fiscal Year Ended October 31, 2020 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	5,386,269	$	–
ALPS \| Kotak India Growth Fund		–		363,112
ALPS \| Smith Short Duration Bond Fund		1,810,242		7,397
ALPS \| Smith Total Return Bond Fund		22,579,307		8,170
ALPS \| Red Rocks Global Opportunity Fund		14,647,308		11,394,100
Clough China Fund		648,314		2,743,546
RiverFront Asset Allocation Moderate		719,194		–
RiverFront Asset Allocation Aggressive		668,533		–
RiverFront Asset Allocation Growth & Income		1,183,441		–

Components of Distributable Earnings on a Tax Basis: At October 31, 2021, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in the treatment of commodity related controlled foreign corporations, the differing tax treatment of foreign currency, investments in partnerships, Passive Foreign Investment Companies (“PFICs”) and certain other investments.

For the fiscal year ended October 31, 2021, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

Fund	Paid-in Capital			Distributable earnings
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	2,817,461		$	(2,817,461	)
ALPS \| Smith Credit Opportunities Fund		(1,402	)		1,402
ALPS \| Smith Balanced Opportunity Fund		(1,097	)		1,097
ALPS \| Red Rocks Global Opportunity Fund		115,496			(115,496	)
RiverFront Asset Allocation Growth & Income		14,441			(14,441	)

199 | October 31, 2021

Notes to Financial Statements

October 31, 2021

As of October 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed net investment income		Accumulated net realized gain/(loss) on investments			Other cumulative effect of timing differences		Net unrealized appreciation/(depreciation) on investments		Total
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	219,135,047	$	(56,126,695	)	$	–	$	55,264,561	$	218,272,913
ALPS \| Kotak India Growth Fund		12,591,343		7,883,641			–		70,618,528		91,093,512
ALPS \| Smith Short Duration Bond Fund		869,810		461,598			–		190,987		1,522,395
ALPS \| Smith Total Return Bond Fund		788,555		(1,226,011	)		–		16,208,295		15,770,839
ALPS \| Smith Credit Opportunities Fund		1,116,583		15,464			–		768,519		1,900,566
ALPS \| Smith Balanced Opportunity Fund		65,410		13,856			–		4,180,891		4,260,157
ALPS \| Red Rocks Global Opportunity Fund		17,344,176		6,474,611			–		22,327,310		46,146,097
Clough China Fund		1,868,461		4,702,062			–		5,822,834		12,393,357
RiverFront Asset Allocation Moderate		–		755,616			–		7,572,072		8,327,688
RiverFront Asset Allocation Aggressive		144,516		(2,720,640	)		–		6,717,860		4,141,736
RiverFront Asset Allocation Growth & Income		–		(4,643,756	)		–		12,959,400		8,315,644

Capital loss carryovers used during the year ended October 31, 2021 for ALPS | Kotak India Growth Fund, were $11,497,372.

Capital loss carryovers used during the year ended October 31, 2021 for ALPS | Smith Balanced Opportunity Fund, were $3,353.

Capital loss carryovers used during the year ended October 31, 2021 for ALPS | CoreCommodity Management CompleteCommodities Strategy Fund, were $39,474,256.

Capital loss carryovers used during the year ended October 31, 2021 for RiverFront Asset Allocation Aggressive Fund, were $340,122.

Capital loss carryovers used during the year ended October 31, 2021 for RiverFront Asset Allocation Growth & Income Fund, were $2,060,601.

Capital loss carryovers used during the year ended October 31, 2021 for RiverFront Asset Allocation Moderate Fund, were $1,116,975.

Capital Losses: Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of October 31, 2021 the following amounts are available as carry forwards to the next tax year:

Capital losses deferred to next tax year were as follows:

Fund	Short-Term		Long-Term
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	15,233,635	$	40,893,060
ALPS \| Smith Total Return Bond Fund		1,226,011		–
RiverFront Asset Allocation Aggressive		1,243,526		1,477,114
RiverFront Asset Allocation Growth & Income^*		2,861,458		1,782,298

*	May be subject to §382 limitation resulting from mergers.

200 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Unrealized Appreciation and Depreciation on Investments: As of October 31, 2021, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Appreciation of Foreign Currency			Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	793,917,976	$	(738,651,492	)	$	(1,923	)	$	55,264,561	$	1,080,590,039
ALPS \| Kotak India Growth Fund		91,143,113		(20,243,977	)		(280,608	)		70,618,528		303,977,038
ALPS \| Smith Short Duration Bond Fund		1,361,494		(1,170,507	)		–			190,987		515,584,294
ALPS \| Smith Total Return Bond Fund		26,638,407		(10,430,112	)		–			16,208,295		1,762,267,312
ALPS \| Smith Credit Opportunities Fund		2,430,828		(1,662,309	)		–			768,519		304,381,834
ALPS \| Smith Balanced Opportunity Fund		4,418,378		(237,487	)		–			4,180,891		35,948,023
ALPS \| Red Rocks Global Opportunity Fund		23,904,196		(1,566,208	)		(10,678	)		22,327,310		89,585,326
Clough China Fund		13,050,915		(7,228,146	)		65			5,822,834		31,086,559
RiverFront Asset Allocation Moderate		7,927,954		(33,695	)		(322,079	)		7,572,180		41,033,234
RiverFront Asset Allocation Aggressive		6,752,919		(35,059	)		–			6,717,860		21,041,796
RiverFront Asset Allocation Growth & Income		12,878,061		(34,784	)		116,123			12,959,400		51,406,671

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the Fiscal Year Ended October 31, 2021 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)	$	278,536,936	$	156,080,661
ALPS \| Kotak India Growth Fund		199,076,059		86,233,350
ALPS \| Smith Short Duration Bond Fund		684,411,207		383,834,865
ALPS \| Smith Total Return Bond Fund		1,666,342,090		1,489,937,389
ALPS \| Smith Credit Opportunities Fund		426,658,087		161,094,955
ALPS \| Smith Balanced Opportunity Fund		37,152,137		20,049,949
ALPS \| Red Rocks Global Opportunity Fund		43,714,418		61,129,060
Clough China Fund		44,350,088		48,692,376
RiverFront Asset Allocation Moderate		7,815,380		12,808,966
RiverFront Asset Allocation Aggressive		1,201,532		3,546,755
RiverFront Asset Allocation Growth & Income		7,750,357		14,941,518

Purchases and sales of U.S. Government Obligations during the fiscal year ended October 31, 2021 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)	$	256,882,909	$	195,820,614
ALPS \| Smith Short Duration Bond Fund		276,284,635		235,802,543
ALPS \| Smith Total Return Bond Fund		1,732,745,394		1,445,872,116
ALPS \| Smith Credit Opportunities Fund		106,000,785		96,682,216
ALPS \| Smith Balanced Opportunity Fund		15,911,222		12,796,805

^(a)

Purchases and sales for ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund are consolidated and include the balances of CoreCommodity Management Cayman Commodity Fund, Ltd. (wholly owned subsidiary).

201 | October 31, 2021

Notes to Financial Statements

October 31, 2021

6. BENEFICIAL INTEREST TRANSACTIONS

Shares redeemed within 90 days of purchase for ALPS | Red Rocks Global Opportunity Fund and 30 days of purchase for ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, ALPS | Kotak India Growth Fund, and Clough China Fund, may incur a 2% short-term redemption fee deducted from the redemption amount. RiverFront Asset Allocation Aggressive Fund, RiverFront Asset Allocation Growth & Income Fund, RiverFront Asset Allocation Moderate Fund, ALPS | Smith Short Duration Bond, ALPS | Smith Total Return Bond Fund, ALPS | Smith Credit Opportunities Fund and ALPS | Smith Balanced Opportunity Fund do not incur redemption fees.

Effective December 1, 2017, Class A shares were renamed Investor Class shares for all Funds. Such shares will be offered without an initial sales charge or a contingent deferred sales charge. The RiverFront Asset Allocation Aggressive existing Investor shares were renamed Investor Class II shares.

For the fiscal year ended October 31, 2021, the amounts listed below were retained by the Funds. These amounts are reflected in “Shares redeemed” in the Statements of Changes in Net Assets.

	Redemption Fee Retained
Fund	For the Year Ended October 31, 2021		For the Year Ended October 31, 2020
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Investor Class	$	4,276	$	3,872
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Class A		–		38
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Class C		3,899		–
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Class I		3,215		6,370
ALPS \| Kotak India Growth Fund - Investor Class		90		286,145
ALPS \| Kotak India Growth Fund - Class I		924		550
ALPS \| Smith Short Duration Bond Fund - Class I		–		2,157
ALPS \| Smith Total Return Bond Fund - Investor Class		–		20
ALPS \| Smith Total Return Bond Fund - Class A		–		4,313
ALPS \| Smith Total Return Bond Fund - Class I		–		29,289
ALPS \| Red Rocks Global Opportunity Fund - Investor Class		170		12,646
ALPS \| Red Rocks Global Opportunity Fund - Class A		21		1,933
ALPS \| Red Rocks Global Opportunity Fund - Class C		–		367
ALPS \| Red Rocks Global Opportunity Fund - Class I		49		16,589
Clough China Fund - Investor Class		268		133
Clough China Fund - Class C		–		1

202 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Transactions in shares of capital stock were as follows:

	ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		4,497,779			3,723,036
Dividends reinvested		24,142			52,689
Shares redeemed		(3,219,508	)		(1,557,348	)
Net increase in shares outstanding		1,302,413			2,218,377
Class A
Shares sold		692,899			141,752
Dividends reinvested		351			855
Shares redeemed		(127,691	)		(48,458	)
Net increase in shares outstanding		565,559			94,149
Class C
Shares sold		1,306,524			55,316
Dividends reinvested		689			4,410
Shares redeemed		(175,391	)		(704,431	)
Net increase/(decrease) in shares outstanding		1,131,822			(644,705	)
Class I
Shares sold		68,562,911			31,313,307
Dividends reinvested		221,924			575,900
Shares redeemed		(20,567,458	)		(34,485,123	)
Net increase/(decrease) in shares outstanding		48,217,377			(2,595,916	)

	ALPS \| Kotak India Growth Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		63,673			1,469,294
Dividends reinvested		–			3,593
Shares redeemed		(73,427	)		(1,612,826	)
Net decrease in shares outstanding		(9,754	)		(139,939	)
Class A
Shares sold		64,783			1,521
Dividends reinvested		–			88
Shares redeemed		(30,913	)		(1,914	)
Net increase/(decrease) in shares outstanding		33,870			(305	)
Class C
Shares sold		1,363			7,894
Dividends reinvested		–			2,484
Shares redeemed		(68,076	)		(30,928	)
Net decrease in shares outstanding		(66,713	)		(20,550	)
Class I
Shares sold		282,712			547,548
Dividends reinvested		–			17,939
Shares redeemed		(1,128,704	)		(527,423	)
Net increase/(decrease) in shares outstanding		(845,992	)		38,064
Class II^(a)
Shares sold		8,906,165			13,368,943
Shares redeemed		–			(2,963,226	)
Net increase in shares outstanding		8,906,165			10,405,717

^(a)

Class II commenced operations on December 19, 2019.

203 | October 31, 2021

Notes to Financial Statements

October 31, 2021

	ALPS \| Smith Short Duration Bond Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		1,418,224			826,795
Dividends reinvested		9,762			1,587
Shares redeemed		(1,320,142	)		(22,188	)
Net increase in shares outstanding		107,844			806,194
Class A
Shares sold		1,287,932			315,200
Dividends reinvested		10,103			1,745
Shares redeemed		(50,104	)		(14,094	)
Net increase in shares outstanding		1,247,931			302,851
Class C
Shares sold		148,738			175,014
Dividends reinvested		1,627			806
Shares redeemed		(27,409	)		(17,601	)
Net increase in shares outstanding		122,956			158,219
Class I
Shares sold		45,356,032			15,201,725
Dividends reinvested		237,360			114,292
Shares redeemed		(14,736,635	)		(3,995,650	)
Net increase in shares outstanding		30,856,757			11,320,367

	ALPS \| Smith Total Return Bond Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		378,299			851,183
Dividends reinvested		24,595			10,771
Shares redeemed		(429,475	)		(354,961	)
Net increase/(decrease) in shares outstanding		(26,581	)		506,993
Class A
Shares sold		1,736,874			680,483
Dividends reinvested		46,631			21,602
Shares redeemed		(658,819	)		(114,005	)
Net increase in shares outstanding		1,124,686			588,080
Class C
Shares sold		190,280			470,809
Dividends reinvested		13,473			4,985
Shares redeemed		(131,492	)		(64,416	)
Net increase in shares outstanding		72,261			411,378
Class I
Shares sold		76,976,319			98,260,437
Dividends reinvested		3,305,889			1,340,528
Shares redeemed		(41,598,507	)		(16,682,072	)
Net increase in shares outstanding		38,683,701			82,918,893

204 | October 31, 2021

Notes to Financial Statements

October 31, 2021

	ALPS \| Smith Credit Opportunities Fund
	For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement) to October 31, 2020
Investor Class
Shares sold		756,557			70,203
Dividends reinvested		10,359			–
Shares redeemed		(179,550	)		(17	)
Net increase in shares outstanding		587,366			70,186
Class A
Shares sold		16,170			100,000
Dividends reinvested		325			–
Net increase in shares outstanding		16,495			100,000
Class C
Shares sold		15,276			50,000
Dividends reinvested		5			–
Net increase in shares outstanding		15,281			50,000
Class I
Shares sold		29,742,719			2,545,943
Dividends reinvested		209,349			128
Shares redeemed		(3,909,843	)		(32,551	)
Net increase in shares outstanding		26,042,225			2,513,520

	ALPS \| Smith Balanced Opportunity Fund
	For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement) to October 31, 2020
Investor Class
Shares sold		3,882			60,855
Dividends reinvested		43			–
Shares redeemed		(472	)		–
Net increase in shares outstanding		3,453			60,855
Class A
Shares sold		–			100,000
Net increase in shares outstanding		–			100,000
Class C
Shares sold		–			50,000
Net increase in shares outstanding		–			50,000
Class I
Shares sold		1,903,951			1,243,550
Dividends reinvested		8,755			70
Shares redeemed		(87,391	)		–
Net increase in shares outstanding		1,825,315			1,243,620

205 | October 31, 2021

Notes to Financial Statements

October 31, 2021

	ALPS \| Red Rocks Global Opportunity Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		117,250			746,089
Dividends reinvested		78,824			396,106
Shares redeemed		(368,930	)		(1,986,245	)
Net decrease in shares outstanding		(172,856	)		(844,050	)
Class A
Shares sold		154,377			502,233
Dividends reinvested		11,627			11,532
Shares redeemed		(112,441	)		(222,154	)
Net increase in shares outstanding		53,563			291,611
Class C
Shares sold		10,415			100,932
Dividends reinvested		55,299			277,858
Shares redeemed		(312,234	)		(1,107,493	)
Net decrease in shares outstanding		(246,520	)		(728,703	)
Class I
Shares sold		911,179			3,948,906
Dividends reinvested		306,048			2,205,348
Shares redeemed		(2,490,837	)		(15,717,303	)
Net decrease in shares outstanding		(1,273,610	)		(9,563,049	)
Class R
Shares sold		69,257			172,726
Dividends reinvested		50,509			169,759
Shares redeemed		(187,716	)		(240,276	)
Net increase/(decrease) in shares outstanding		(67,950	)		102,209

	Clough China Fund
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		59,497			26,030
Dividends reinvested		11,125			27,169
Shares redeemed		(113,752	)		(136,999	)
Net decrease in shares outstanding		(43,130	)		(83,800	)
Class A
Shares sold		6,356			28,884
Dividends reinvested		1,351			3,571
Shares redeemed		(25,976	)		(17,923	)
Net increase/(decrease) in shares outstanding		(18,269	)		14,532
Class C
Shares sold		1,198			2,134
Dividends reinvested		1,898			5,599
Shares redeemed		(10,569	)		(60,290	)
Net decrease in shares outstanding		(7,473	)		(52,557	)
Class I
Shares sold		22,157			45,424
Dividends reinvested		41,321			91,364
Shares redeemed		(81,063	)		(138,066	)
Net decrease in shares outstanding		(17,585	)		(1,278	)

206 | October 31, 2021

Notes to Financial Statements

October 31, 2021

	RiverFront Asset Allocation Aggressive
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		7,538			2,440
Dividends reinvested		1,657			6,342
Shares redeemed		(50,285	)		(182,440	)
Net decrease in shares outstanding		(41,090	)		(173,658	)
Class A
Shares sold		49,291			38,409
Dividends reinvested		1,116			1,412
Shares redeemed		(31,885	)		(17,567	)
Net increase in shares outstanding		18,522			22,254
Class C
Shares sold		14,286			10,908
Dividends reinvested		3,599			7,859
Shares redeemed		(119,615	)		(157,814	)
Net decrease in shares outstanding		(101,730	)		(139,047	)
Class I
Shares sold		15,228			42,140
Dividends reinvested		2,994			8,074
Shares redeemed		(58,254	)		(389,251	)
Net decrease in shares outstanding		(40,032	)		(339,037	)
Investor II
Shares sold		578			2,707
Dividends reinvested		873			1,484
Shares redeemed		(7,512	)		(47,500	)
Net decrease in shares outstanding		(6,061	)		(43,309	)
Class L
Shares sold		130,874			113,431
Dividends reinvested		14,693			29,157
Shares redeemed		(138,364	)		(522,923	)
Net increase/(decrease) in shares outstanding		7,203			(380,335	)

207 | October 31, 2021

Notes to Financial Statements

October 31, 2021

	RiverFront Asset Allocation Growth & Income
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		4,868			10,492
Dividends reinvested		5,415			11,414
Shares redeemed		(105,864	)		(184,808	)
Net decrease in shares outstanding		(95,581	)		(162,902	)
Class A
Shares sold		131,569			159,284
Dividends reinvested		4,570			5,987
Shares redeemed		(90,345	)		(105,466	)
Net increase in shares outstanding		45,794			59,805
Class C
Shares sold		41,292			69,052
Dividends reinvested		5,251			19,111
Shares redeemed		(445,845	)		(595,631	)
Net decrease in shares outstanding		(399,302	)		(507,468	)
Class I
Shares sold		298,873			356,030
Dividends reinvested		36,431			66,670
Shares redeemed		(477,178	)		(1,640,532	)
Net decrease in shares outstanding		(141,874	)		(1,217,832	)

	RiverFront Asset Allocation Moderate
	For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Investor Class
Shares sold		32,931			15,746
Dividends reinvested		4,339			6,563
Shares redeemed		(57,397	)		(145,967	)
Net decrease in shares outstanding		(20,127	)		(123,658	)
Class A
Shares sold		299,957			351,122
Dividends reinvested		10,123			9,942
Shares redeemed		(141,799	)		(196,595	)
Net increase in shares outstanding		168,281			164,469
Class C
Shares sold		9,535			44,622
Dividends reinvested		5,978			16,302
Shares redeemed		(580,590	)		(1,083,506	)
Net decrease in shares outstanding		(565,077	)		(1,022,582	)
Class I
Shares sold		233,421			254,684
Dividends reinvested		23,749			36,154
Shares redeemed		(324,575	)		(920,184	)
Net decrease in shares outstanding		(67,405	)		(629,346	)

208 | October 31, 2021

Notes to Financial Statements

October 31, 2021

7. AFFILIATED COMPANIES

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for the year ended October 31, 2021 were as follows:

RiverFront Asset Allocation Aggressive	Market Value as of October 31, 2020		Purchases		Sales			Merger			Market Value as of October 31, 2021		Share Balance as of October 31, 2021		Dividends		Change in Unrealized Gain (Loss)		Realized Gain/Loss
First Trust RiverFront Dynamic Asia Pacific ETF	$	783,725	$	–	$	(59,782	)	$	(840,957	)	$	–		–	$	22,072	$	122,115	$	(5,101	)
First Trust RiverFront Dynamic Developed International ETF		3,394,461		360,575		(434,525	)		840,957			5,296,243		72,601		77,262		1,133,591		1,184
First Trust RiverFront Dynamic Emerging Markets ETF		2,753,585		–		(323,061	)		–			2,749,303		41,016		12,971		283,586		35,193
First Trust RiverFront Dynamic Europe ETF		1,451,594		–		(172,594	)		–			1,808,056		23,548		36,300		524,137		4,919
RiverFront Dynamic US Dividend Advantage ETF		7,066,248		–		(744,431	)		–			8,718,041		191,898		121,101		2,268,567		127,657
RiverFront Dynamic US Flex-Cap ETF		6,940,799		–		(1,015,266	)		–			8,353,954		178,087		78,680		2,251,116		177,305
		22,390,412		360,575		(2,749,659	)		–			26,925,597				348,386		6,583,112		341,157

RiverFront Asset Allocation Growth & Income	Market Value as of October 31, 2020		Purchases		Sales			Liquidation/ Reverse Stock Split			Market Value as of October 31, 2021		Share Balance as of October 31, 2021		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
RiverFront Dynamic Core Income ETF	$	13,323,893	$	3,380,129	$	(1,442,362	)	$	–		$	14,918,870		588,706	$	237,047	$	(403,245	)	$	60,455
RiverFront Dynamic Unconstrained Income ETF		1,120,785		–		(129,183	)		(1,016,014	)		–		–		39,013		(3,308	)		27,720
Riverfront Strategic Income Fund		1,752,818		1,204,428		(868,872	)		–			2,096,048		84,929		30,927		(733	)		8,407
First Trust RiverFront Dynamic Developed International ETF		9,191,264		3,165,800		(1,381,371	)		–			14,309,799		196,159		226,871		3,258,186			75,920
First Trust RiverFront Dynamic Emerging Markets ETF		5,062,398		–		(1,482,969	)		–			4,188,973		62,494		51,540		339,948			269,596
RiverFront Dynamic US Dividend Advantage ETF		20,058,777		–		(5,998,288	)		–			20,189,676		444,407		301,832		5,133,986			995,201
RiverFront Dynamic US Flex-Cap ETF		7,594,579		–		(2,665,274	)		–			7,565,220		161,273		83,066		2,003,686			632,229
		58,104,514		7,750,357		(13,968,319	)		(1,016,014	)		63,268,586				970,296		10,328,520			2,069,528

209 | October 31, 2021

Notes to Financial Statements

October 31, 2021

RiverFront Asset Allocation Moderate	Market Value as of October 31, 2020		Purchases		Sales			Liquidation/ Reverse Stock Split			Market Value as of October 31, 2021		Share Balance as of October 31, 2021		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
RiverFront Dynamic Core Income ETF	$	19,601,582	$	4,271,356	$	(2,259,828	)	$	–		$	21,109,339		832,985	$	356,888	$	(583,333	)	$	79,561
RiverFront Dynamic Unconstrained Income ETF		858,377		–		(98,571	)		(778,537	)		–		–		31,122		5,125			13,714
Riverfront Strategic Income Fund		1,394,780		864,940		(722,435	)		–			1,543,191		62,528		24,792		(914	)		6,820
First Trust RiverFront Dynamic Developed International ETF		2,499,730		2,679,083		(571,363	)		–			5,754,807		78,887		91,660		1,104,057			43,300
RiverFront Dynamic US Dividend Advantage ETF		16,246,515		–		(4,462,603	)		–			16,916,220		372,353		256,506		4,317,248			815,060
RiverFront Dynamic US Flex-Cap ETF		5,163,846		–		(3,915,629	)		–			2,890,510		61,619		54,164		705,268			937,025
		45,764,830		7,815,379		(12,030,429	)		(778,537	)		48,214,067				815,132		5,547,451			1,895,480

8. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

ALPS Advisors, Inc. (the “AAI”) acts as the Funds’ investment adviser. AAI is an indirect wholly owned subsidiary of DST Systems, Inc. (“DST”). DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. (“SS&C”), a publicly traded company listed on the NASDAQ Global Select Market.

AAI has delegated daily management of the Funds listed below to the corresponding Sub-Advisor(s) listed in the table below. Each Sub-Advisor manages the investments of the Fund in accordance with its investment objective, policies and limitations and investment guidelines established jointly by AAI and the Board.

Fund	Sub-Advisor(s)
ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund	CoreCommodity Management, LLC
ALPS \| Kotak India Growth Fund	Kotak Mahindra Asset Management (Singapore) Pte. Ltd
ALPS \| Smith Short Duration Bond Fund	Smith Capital Investors, LLC
ALPS \| Smith Total Return Bond Fund	Smith Capital Investors, LLC
ALPS \| Smith Credit Opportunities Fund	Smith Capital Investors, LLC
ALPS \| Smith Balanced Opportunity Bond Fund	Smith Capital Investors, LLC
ALPS \| Red Rocks Global Opportunity Fund	Red Rocks Capital, LLC^(a)
Clough China Fund	Clough Capital Partners, LP
RiverFront Asset Allocation Aggressive	RiverFront Investment Group, LLC
RiverFront Asset Allocation Growth & Income	RiverFront Investment Group, LLC
RiverFront Asset Allocation Moderate	RiverFront Investment Group, LLC

^(a)

Red Rocks Capital, LLC is a subsidiary of ALPS Advisors, Inc.

210 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Funds listed below pay AAI an annual management fee which is based on each Fund’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds’ contractual management fee rates (expressed as an annual rate).

Fund	Contractual Management Fee
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	0.85%
ALPS \| Kotak India Growth Fund	0.65%
ALPS \| Smith Short Duration Bond Fund	0.37%
ALPS \| Smith Total Return Bond Fund	0.55%
ALPS \| Smith Credit Opportunities Fund	0.75%
ALPS \| Smith Balanced Opportunity Bond Fund	0.70%
ALPS \| Red Rocks Global Opportunity Fund	0.85%
Clough China Fund	1.00%

Pursuant to the Administrative Services Agreement, the Riverfront Funds listed below pay an annual unitary administrative fee which is based on each Fund’s average daily net assets. The unitary administrative fee is paid on a monthly basis. The following table reflects the Funds’ contractual unitary administrative fee rates (expressed as an annual rate).

Fund	Contractual Unitary Fee
RiverFront Asset Allocation Aggressive	0.25%
RiverFront Asset Allocation Growth & Income	0.25%
RiverFront Asset Allocation Moderate	0.25%

Pursuant to an Investment Sub-advisory Agreement, AAI pays the Sub-Advisors of the Funds listed below an annual sub-advisory management fee which is based on each Fund’s average daily assets. AAI is required to pay all fees due to each Sub-Advisor out of the management fee AAI receives from each Fund listed below. The following table reflects the Funds’ contractual sub-advisory fee rates.

Fund	Average Daily Net Assets of the Fund	Contractual Sub-Advisory Fee
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	All Asset Levels	0.75%
ALPS \| Kotak India Growth Fund	All Asset Levels	0.56%
ALPS \| Smith Short Duration Bond Fund	All Asset Levels	0.29%
ALPS \| Smith Total Return Bond Fund	All Asset Levels	0.42%
ALPS \| Smith Credit Opportunities Fund	All Asset Levels	0.50%
ALPS \| Smith Balanced Opportunity Bond Fund	All Asset Levels	0.37%
ALPS \| Red Rocks Global Opportunity Fund	All Asset Levels	0.57%
Clough China Fund	All Asset Levels	0.67%

211 | October 31, 2021

Notes to Financial Statements

October 31, 2021

ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund

AAI and CoreCommodity Management LLC have contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage commissions, interest expense, taxes and extraordinary expenses that exceed the following annual rates below.

ALPS | Kotak India Growth Fund

Prior to April 1, 2017, AAI and Kotak Mahindra (UK) Limited have contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses that exceed the following annual rates below. Effective April 1, 2017, Kotak entered into a Novation Agreement with the Fund, AAI and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (“KMAMS”), another wholly owned subsidiary of Kotak Mahindra Bank Limited, whereby KMAMS will assume all of Kotak’s rights and obligations under the current Sub-Advisory Agreement.

ALPS | Smith Short Duration Bond Fund

AAI and Smith Capital Investors, LLC have agreed contractually to limit the amount of the Fund’s total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder service fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses that exceed the following annual rates below.

ALPS | Smith Total Return Bond Fund

ALPS | Smith Credit Opportunities Fund

ALPS | Smith Balanced Opportunity Bond Fund

ALPS | Red Rocks Global Opportunity Fund

AAI and Red Rocks Capital LLC have contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of distribution and service (12b-1) fees, acquired fund fees and expenses, shareholder service fees, brokerage expenses, interest expense, taxes and extraordinary expenses that exceed the following annual rates below.

Clough China Fund

AAI has contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of acquired fund fees and expenses, interest, taxes, brokerage costs and commissions, dividend and interest expense on short sales, litigation, indemnification and extraordinary expenses as determined under generally accepted accounting principles that exceed the following annual rates below.

212 | October 31, 2021

Notes to Financial Statements

October 31, 2021

These agreements are reevaluated on an annual basis. Expense limitation ratios from the current agreements are listed below. Fees waived or reimbursed for the Fiscal Year Ended October 31, 2021 are disclosed on the Statement of Operations or Consolidated Statement of Operations.

Fund*	Investor Class	Class A	Class C	Class I	Class II	Class R
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	1.05%	1.05%	1.05%	1.15%	N/A	N/A
ALPS \| Kotak India Growth Fund	1.00%^(a)	1.00%^(a)	1.00%^(a)	1.00%^(a)	0.75%	N/A
ALPS \| Smith Short Duration Bond Fund	0.49%	0.49%	0.49%	0.49%	N/A	N/A
ALPS \| Smith Total Return Bond Fund	0.64%^(b)	0.64%^(b)	0.64%^(b)	0.64%^(b)	N/A	N/A
ALPS \| Smith Credit Opportunities Fund	0.90%	0.90%	0.90%	0.90%	N/A	N/A
ALPS \| Smith Balanced Opportunity Bond Fund	0.85%	0.85%	0.85%	0.85%	N/A	N/A
ALPS \| Red Rocks Global Opportunity Fund	1.25%	1.25%	1.25%	1.25%	N/A	1.25%
Clough China Fund^(c)	1.60%	1.60%	2.35%	1.35%	N/A	N/A

See each Fund’s Performance Update section for Expense Limitation agreement expiration dates

^(a)

Effective December 2, 2019, the expense limitation changed from 1.60% to 1.00%, ecluding, among other fees and expenses, 12b-1 fees and shareholder service fees.

^(b)

Effective June 30, 2021, the expense limitation changed from 0.67% to 0.64%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees.

^(c)

Effecive August 18, 2020, the Clough China Fund changed their expense limitation ratios. Prior to August 18, 2020, Clough China’s expense limitation ratios for Investor Class, Class A, Class C, and Class I were 1.95%, 1.95%, 2.70%, and 1.70%, respectively.

213 | October 31, 2021

Notes to Financial Statements

October 31, 2021

The Advisor(s) and each Sub-Advisor are permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, ALPS | Kotak India Growth Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Total Return Bond Fund, ALPS | Smith Balanced Opportunity Fund, ALPS | Smith Credit Opportunities Fund, ALPS | Red Rocks Global Opportunity Fund, and Clough China Fund are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees was waived or expenses were deferred, as calculated on a monthly basis. As of the Fiscal Year Ended October 31, 2021, the Advisor and Sub-Advisor(s) may seek reimbursement of previously waived and reimbursed fees as follows:

Fund	Expires 10/31/22	Expires 10/31/23	Expires 10/31/24	Total
ALPS \| Kotak India Growth Fund - Investor Class	74,841	12,723	75	87,639
ALPS \| Kotak India Growth Fund - Class A	N/A	N/A	0	0
ALPS \| Kotak India Growth Fund - Class C	29,495	5,803	67	35,365
ALPS \| Kotak India Growth Fund - Class I	228,024	60,338	641	289,003
ALPS \| Kotak India Growth Fund - Class II	N/A	411,967	465,777	877,744
ALPS \| Smith Short Duration Bond Fund - Investor Class	1,603	2,510	16,881	20,994
ALPS \| Smith Short Duration Bond Fund - Class A	752	2,600	9,476	12,828
ALPS \| Smith Short Duration Bond Fund - Class C	1,398	1,915	1,817	5,130
ALPS \| Smith Short Duration Bond Fund - Class I	105,940	184,309	320,901	611,150
ALPS \| Smith Total Return Bond Fund - Investor Class	2,913	3,483	2,940	9,336
ALPS \| Smith Total Return Bond Fund - Class A	1,933	4,094	5,556	11,583
ALPS \| Smith Total Return Bond Fund - Class C	458	2,094	4,192	6,744
ALPS \| Smith Total Return Bond Fund - Class I	128,360	461,477	1,175,366	1,765,203
ALPS \| Smith Credit Opportunities Fund - Investor Class	N/A	914	3,188	4,102
ALPS \| Smith Credit Opportunities Fund - Class A	N/A	1,477	1,196	2,673
ALPS \| Smith Credit Opportunities Fund - Class C	N/A	739	594	1,333
ALPS \| Smith Credit Opportunities Fund - Class I	N/A	21,264	158,423	179,687
ALPS \| Smith Balanced Opportunity Fund - Investor Class	N/A	1,277	3,910	5,187
ALPS \| Smith Balanced Opportunity Fund - Class A	N/A	2,362	6,318	8,680
ALPS \| Smith Balanced Opportunity Fund - Class C	N/A	1,181	3,152	4,333
ALPS \| Smith Balanced Opportunity Fund - Class I	N/A	26,090	134,501	160,591
Clough China Fund - Investor Class	31,929	28,455	21,792	82,176
Clough China Fund - Class A	1,835	3,601	3,022	8,458
Clough China Fund - Class C	8,760	4,818	2,175	15,753
Clough China Fund - Class I	66,102	73,774	63,719	203,595

The CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”) has each entered into a separate advisory agreement (the “Subsidiary Advisory Agreement”) with CoreCommodity Management, LLC for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary is obligated to pay the CoreCommodity Management, LLC a management fee at the same rate that the Fund pays AAI for investment advisory services provided to the Funds. CoreCommodity Management, LLC has agreed to waive the advisory fee it receives from the Fund in an amount equal to the management fee paid by the Subsidiary. This agreement may be terminated based on the terms of the Subsidiary Advisory Agreement. For the year ended October 31, 2021, this amount equaled $1,543,180 and is disclosed in the Consolidated Statements of Operations. These waivers are not subject to reimbursement/recoupment.

ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund reimbursed $105 of expenses, ALPS | Kotak India Growth Fund reimbursed $20,200 of expenses, ALPS | Smith Total Return Bond Fund reimbursed $5,374 of expenses, and ALPS | Smith Credit Opportunities Fund reimbursed $75 of expenses during the fiscal year ended October 31, 2021.

The Riverfront Funds do not pay a management fee or contractually limit the amount of each Fund’s total annual expenses.

214 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Kotak Mahindra Asset Management (Singapore) Pte. Ltd. executed purchase and sale trades in the ALPS | Kotak India Growth Fund with the subadviser’s affiliated broker-dealer, Kotak Securities, (the “affiliate broker”). Fund commissions paid to the affiliate broker were $32,260 during the year ended October 31, 2021.

ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by the Distributor, as agent for the Funds, and the Distributor has agreed to use its best efforts to solicit orders for the sale of Funds’ shares, although it is not obliged to sell any particular amount of shares. The Distributor is not entitled to any compensation for its services. The Distributor is registered as a broker -dealer with the Securities and Exchange Commission.

Distribution and Services (12b-1) Plans

Each Fund has adopted Distribution and Services Plans (the “Plans”) pursuant to Rule 12b-1 of the 1940 Act for its Investor Class, Class A, Class C and Class R (ALPS | Red Rocks Global Opportunity Fund only) and Investor Class II (Asset Allocation Aggressive only) shares. The Plans allows a Fund to use Investor Class, Class A, Class C, Class R and Investor Class II assets to pay fees in connection with the distribution and marketing of Investor Class, Class A, Class C, Class R and Investor Class II shares and/or the provision of shareholder services to Investor Class, Class A, Class C, Class R and Investor Class II shareholders. The Plans permit payment for services in connection with the administration of plans or programs that use Investor Class, Class A, Class C, Class R and Investor Class II shares of a Fund, if any, as their funding medium and for related expenses. The Plans permit a Fund to make total payments at an annual rate of up to 0.25% of a Fund’s average daily net assets attributable to its Investor Class, Class A and Investor Class II shares, 0.75% of a Fund’s average daily net assets attributable to its Class C shares and 0.50% of the ALPS | Red Rocks Global Opportunity Fund’s average daily net assets attributable to its Class R shares.

Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to financial intermediaries, as compensation for distribution and/or shareholder ongoing services performed by such entities for beneficial shareholders of the Fund. The Distributor is entitled to retain some or all fees payable under the Plans in certain circumstances, including when there is no broker of record or when certain qualification standards have not been met by the broker of record.

Shareholder Services Plans

Each Fund has adopted a shareholder services plan with respect to their Investor Class shares (the “Investor Class Shareholder Services Plan”). Under the Investor Class Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Investor Class shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Investor Class Shareholder Services Plan fees recaptured pursuant to the Services Plan for the year ended October 31, 2021 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

Each Fund has adopted a shareholder services plan with respect to their Class A shares (the “Class A Shareholder Services Plan”). Under the Class A Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates, an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Class A shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations. Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Class A Shareholder Services Plan fees recaptured pursuant to the Services Plan for the year ended October 31, 2021 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

Each Fund has adopted a shareholder services plan with respect to its Class C shares (the “Class C Shareholder Services Plan”). Under the Class C Shareholder Services Plan, the Funds are authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.25% for Class C shares of the average daily net asset value of the Class C shares attributable to or held in the name of a Participating Organization for its clients as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable after the end of the fiscal year. Class C Shareholder Services Plan fees are included with distribution and service fees on the Statements of Operations.

215 | October 31, 2021

Notes to Financial Statements

October 31, 2021

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of each Fund. Transactions may be processed through the National Securities Clearing Corporation or similar systems or processed on a manual basis. These fees generally are paid by the Fund to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Fund converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Fund may increase. Networking fees are shown in the Statements of Operations, if applicable to the Fund.

ALPS Fund Services, Inc. (“ALPS”) serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administrative Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds’ operations. Officers of the Trust are employees of ALPS. The Funds’ administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the Fiscal Year Ended October 31, 2021 are disclosed in the Statement of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Trustees

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

10. SUBSEQUENT EVENTS

Riverfront Asset Allocation Aggressive and RiverFront Asset Allocation Moderate are merging into RiverFront Asset Allocation Growth & Income Fund and is expected to close on January 21, 2022.

216 | October 31, 2021

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Financial Investors Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Financial Investors Trust (the "Trust") comprising the funds listed in Appendix A, including the statements of investments as of October 31, 2021, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in Appendix A, and the related notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds constituting the Financial Investors Trust as of October 31, 2021, the results of their operations, changes in their net assets, and financial highlights for each of the periods indicated in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Denver, Colorado

December 30, 2021

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2007.

217 | October 31, 2021

Report of Independent Registered Public Accounting Firm

Appendix A

Fund	Statements of Assets and Liabilities, including the Statement of Investments	Statements of Operations, For the Year Ended	Statements of Changes in Net Assets for each of the Years in the Period Then Ended	Financial Highlights for each of the Years in the Period Then Ended
ALPS \| Red Rocks Global Opportunity Fund¹	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
Clough China Fund	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
RiverFront Asset Allocation Aggressive	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
RiverFront Asset Allocation Growth & Income	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
RiverFront Asset Allocation Moderate	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
ALPS \| Smith Short Duration Bond Fund²	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021²
ALPS \| Smith Total Return Bond Fund²	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021²
ALPS \| Smith Balanced Opportunity Fund³	10/31/2021	10/31/2021	10/31/2021³, Two Years	10/31/2021³
ALPS \| Smith Credit Opportunities Fund³	10/31/2021	10/31/2021	10/31/2021³, Two Years	10/31/2021³
ALPS \| Kotak India Growth Fund	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years
ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund⁴	10/31/2021	10/31/2021	10/31/2021, Two Years	10/31/2021, Five Years

Formerly ALPS | Red Rocks Listed Private Equity Fund.

Financial Highlights for each of the three years in the period ending October 31, 2021 and for the period July 2, 2018 (commencement of operations) to October 31, 2018.

Statements of Changes in Net Assets and Financial Highlights for the period ending October 31, 2021 and for the period September 16, 2020 (commencement of operations) to October 31, 2020.

⁴

Consolidated Statements of Assets and Liabilities, including the Consolidated Statements of Investments, related Consolidated Statements of Operations, the Consolidated Statements of Changes in Net Assets, and the Consolidated Financial Highlights.

218 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

1. FUND HOLDINGS

The Funds’ portfolio holdings are made available semi-annually in shareholder reports within 60 days after the close of the period for which the report is being made, as required by federal securities laws. The Funds also file monthly portfolio holdings on Form N-PORT on a quarterly basis, with the schedule of portfolio holdings filed on Form N-PORT for the third month of each Fund’s fiscal quarter made publicly available 60 days after the end of the Funds’ fiscal quarter.

2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866) 759-5679 and (2) on the SEC’s website at http://www.sec.gov.

3. TAX DESIGNATIONS

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2019, the following percentages met the requirements to be treated as qualifying for qualified dividend income and the corporate dividends received deduction:

	QDI	DRD
ALPS\|Core Commodity Management Complete Commodities^® Strategy Fund	70.67%	20.53%
ALPS\|Kotak India Growth Fund	N/A	N/A
ALPS Smith Total Return Bond Fund	0.61%	0.61%
ALPS Smith Short Duration Bond Fund	N/A	N/A
ALPS\|Red Rocks Global Opportunity Fund	15.50%	2.69%
Clough China Fund	59.68%	1.66%
RiverFront Asset Allocation Growth & Income Fund	80.40%	37.62%
RiverFront Asset Allocation Moderate Fund	61.52%	49.49%
RiverFront Asset Allocation Aggressive Fund	100%	47.03%

In early 2021, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2020 via Form 1099. The Funds will notify shareholders in early 2022 of amounts paid to them by the Funds, if any, during the calendar year 2021.

Pursuant to Section 852(b)(3) of the Internal Revenue Code the Funds designate the following amounts as long-term capital gain dividends:

ALPS\|Core Commodity Management Complete Commodities^® Strategy Fund	$	–
ALPS\|Kotak India Growth Fund	$	363,112
ALPS Smith Total Return Bond Fund	$	8,170
ALPS Smith Short Duration Bond Fund	$	7,397
ALPS\|Red Rocks Global Opportunity Fund	$	11,394,100
Clough China Fund	$	2,743,546
RiverFront Asset Allocation Growth & Income Fund	$	–
RiverFront Asset Allocation Moderate Fund	$	–
RiverFront Asset Allocation Aggressive Fund	$	–

The Funds below designate the following amounts for federal income tax purposes for the fiscal year ended October 31, 2021:

		Foreign Taxes Paid				Foreign Source Income
ALPS l Kotak India Growth Fund		$	1,796,374			$	2,503,721

4. DISCLOSURE REGARDING APPROVAL OF FUND ADVISORY AND SUB-ADVISORY AGREEMENTS

CoreCommodity Fund

On June 17, 2020, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the ALPS/CoreCommodity Management CompleteCommodities Strategy Fund (the “CoreCommodity Fund”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the CoreCommodity Fund, CoreCommodity Management, LLC (“CoreCommodity”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the

219 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the CoreCommodity Fund:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the CoreCommodity Fund, to AAI, of 0.85% of the CoreCommodity Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the CoreCommodity Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to CoreCommodity of 0.75% of the CoreCommodity Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by CoreCommodity to the CoreCommodity Fund. The Trustees also considered information regarding compensation paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the CoreCommodity Fund’s contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual and gross advisory fee rate for each class of the CoreCommodity Fund was above the respective Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.40%, 2.05%, 1.14%, and 1.39% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the CoreCommodity Fund. The Trustees noted that the total net expense ratio of each class of the CoreCommodity Fund was above the respective Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the CoreCommodity Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and CoreCommodity in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and CoreCommodity’s investment advisory personnel, their history as asset managers, and their performance and the amount of assets currently under management by AAI and CoreCommodity and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and CoreCommodity, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the CoreCommodity Fund.

The Trustees considered the background and experience of AAI’s and CoreCommodity’s management in connection with the CoreCommodity Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the CoreCommodity Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and CoreCommodity’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the CoreCommodity Fund, which included a comparison of the CoreCommodity Fund’s performance to the performance of a universe of comparable funds selected by the Data Provider. The Trustees noted that the performance of each class of the CoreCommodity Fund, for the period ended March 31, 2020, was generally below the respective Data Provider peer group median performance for the three month, one year, three year, and five year periods, as applicable, and generally above the respective Data Provider peer group median performance for the since inception period. The Trustees also considered CoreCommodity’s investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by CoreCommodity regarding fees charged to its other clients utilizing a strategy similar to that employed by the CoreCommodity Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the CoreCommodity Fund.

Profitability: The Trustees received and considered the profitability analyses prepared by AAI and CoreCommodity based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with CoreCommodity with respect to the CoreCommodity Fund, respectively. The Trustees considered the profits, if any, realized by AAI and CoreCommodity in connection with the operation of the CoreCommodity Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the CoreCommodity Fund will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and CoreCommodity from their relationship with the CoreCommodity Fund, including whether soft dollar arrangements were used.

220 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual and gross advisory fee rate for each class of the CoreCommodity Fund was above the respective Data Provider peer group median rate;

●

CoreCommodity’s fees under its sub-advisory agreements are paid directly by AAI;

●

the total net expense ratio of each class of the CoreCommodity Fund was above the respective Data Provider peer group median ratio;

●

the nature, extent, and quality of services rendered by AAI and CoreCommodity under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the CoreCommodity Fund were adequate;

●

the performance of each class of the CoreCommodity Fund, for the period ended March 31, 2020, was generally below the respective Data Provider peer group median performance for the three month, one year, three year, and give year periods, as applicable, and generally above the respective Data Provider peer group median performance for the since inception period;

●

that (a) AAI had no other clients utilizing a strategy similar to that employed by the CoreCommodity Fund, and (b) bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to CoreCommodity’s other clients employing a comparable strategy to the CoreCommodity Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the CoreCommodity Fund;

●

the profit, if any, realized by AAI and CoreCommodity in connection with the operation of the CoreCommodity Fund is not unreasonable to the CoreCommodity Fund; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and CoreCommodity in connection with their relationship with the CoreCommodity Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and CoreCommodity’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the CoreCommodity Fund and its shareholders.

RiverFront Funds

On June 17, 2020, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to RiverFront Asset Allocation Aggressive, RiverFront Asset Allocation Growth, RiverFront Asset Allocation Growth & Income, RiverFront Asset Allocation Moderate, and RiverFront Asset Allocation Income & Growth (collectively, the “RiverFront Funds”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the RiverFront Funds, RiverFront Investment Group, LLC (“RiverFront”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the RiverFront Funds:

Investment Advisory and Sub-Advisory Fee Rates: There are no investment advisory or sub-advisory fees paid with respect to the RiverFront Funds. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

Total Net Expense Ratios: The Trustees reviewed and considered the total net expense ratios of the Class A, Class C, Class I, Investor Class, Investor Class II, and Class L shares of the RiverFront Funds. The Trustees noted that for RiverFront Asset Allocation Aggressive, the total net expense ratio was generally higher than the peer group median ratio for each class of shares, and for RiverFront Asset Allocation Growth & Income and RiverFront Asset Allocation Moderate, the total net expense ratio was generally lower than the peer group median ratio for each class of shares.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the RiverFront Funds under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and RiverFront in their presentations, including their Forms ADV.

221 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

The Trustees reviewed and considered AAI’s and RiverFront’s investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and RiverFront and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and RiverFront, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the RiverFront Funds.

The Trustees considered the background and experience of AAI’s and RiverFront’s management in connection with the RiverFront Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the RiverFront Funds and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and RiverFront’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the RiverFront Funds, which included a comparison of each Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the performance of each class of each of the RiverFront Funds was generally below the respective Data Provider peer group median performance for the three month, one year, three year, five year, ten year, and since inception periods ended March 31, 2020, as applicable, except for Class C shares of RiverFront Asset Allocation Moderate. The Trustees also considered RiverFront’s investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by RiverFront and AAI regarding fees charged to their other clients utilizing a strategy similar to that employed by the RiverFront Funds.

Profitability: The Trustees received and considered the profitability analyses prepared by AAI and RiverFront based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with RiverFront with respect to the RiverFront Funds, respectively. The Trustees considered the profits, if any, realized by AAI and RiverFront in connection with the operation of each RiverFront Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the RiverFront Funds will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and RiverFront from their relationship with the RiverFront Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

there are no investment advisory or sub-advisory fees paid with respect to the RiverFront Funds;

●

for RiverFront Asset Allocation Aggressive, the total net expense ratio was generally higher than the peer group median ratio for each class of shares, and for RiverFront Asset Allocation Growth & Income and RiverFront Asset Allocation Moderate, the total net expense ratios were generally lower than the peer group median ratios for each class of shares;

●

the nature, extent, and quality of services rendered by AAI and RiverFront under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the RiverFront Funds, as applicable, were adequate;

●

that the performance of each class of each of the RiverFront Funds was generally below the respective Data Provider peer group median performance for the three month, one year, three year, five year, ten year, and since inception periods ended March 31, 2020, as applicable, except for Class C shares of RiverFront Asset Allocation Moderate;

●

bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s and RiverFront’s other clients employing a comparable strategy to one or more of the RiverFront Funds were not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the RiverFront Funds;

●

the profit, if any, realized by AAI and RiverFront in connection with the operation of the RiverFront Funds, as applicable, is not unreasonable to the RiverFront Funds; and

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●

there were no material economies of scale or other incidental benefits accruing to AAI and RiverFront in connection with their relationship with the RiverFront Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and RiverFront’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the RiverFront Funds and their shareholders.

Kotak Fund

On June 17, 2020, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the ALPS/Kotak India Growth Fund (the “Kotak Fund”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the Kotak Fund, Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (“Kotak”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Kotak Fund:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Kotak Fund, to AAI, of 0.65% of the Kotak Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Kotak Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to Kotak of 0.56% of the Kotak Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by Kotak to the Kotak Fund. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the Kotak Fund’s contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual and gross advisory fee rate for each class of the Kotak Fund was below the respective Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.40%, 2.00%, 1.00%, 0.75%, and 1.40% for the Class A, Class C, Class I, Class II, and Investor Class shares, respectively, of the Kotak Fund. The Trustees noted that the total net expense ratio of each class of the Kotak Fund was below the respective Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Kotak Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Kotak in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and Kotak’s investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Kotak and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Kotak, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Kotak Fund.

The Trustees considered the background and experience of AAI’s and Kotak’s management in connection with the Kotak Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Kotak Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and Kotak’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the Kotak Fund, which included a comparison of the Kotak Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the performance of each class of the Kotak Fund was generally below the respective Data Provider peer group median performance for the three month, one year, three year, and five year periods ended March 31, 2020, as applicable. The Trustees also considered Kotak’s investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Kotak regarding fees charged to its other clients utilizing a strategy similar to that employed by the Kotak Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the Kotak Fund.

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Profitability: The Trustees received and considered the profitability analyses prepared by AAI and Kotak based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Kotak, with respect to the Kotak Fund, respectively. The Trustees considered the profits, if any, realized by AAI and Kotak in connection with the operation of the Kotak Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Kotak Fund will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Kotak from their relationship with the Kotak Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual and gross advisory fee rate for each class of the Kotak Fund was below the respective Data Provider peer group median rate;

●

Kotak’s fees under its sub-advisory agreements are paid directly by AAI;

●

the total net expense ratio of each class of the Kotak Fund was below the respective Data Provider peer group median ratio;

●

the nature, extent, and quality of services rendered by AAI and Kotak under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Kotak Fund were adequate;

●

the performance of each class of the Kotak Fund was generally below the respective Data Provider peer group median performance for the three month, one year, three year, and five year periods ended March 31, 2020, as applicable;

●

that (a) AAI had no other clients utilizing a strategy similar to that employed by the Kotak Fund, and (b) bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Kotak’s other clients employing a comparable strategy to the Kotak Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Kotak Fund;

●

the profit, if any, realized by AAI and Kotak in connection with the operation of the Kotak Fund is not unreasonable to the Kotak Fund; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and Kotak in connection with their relationship with the Kotak Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and Kotak’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the Kotak Fund and its shareholders.

Red Rocks Fund

On June 17, 2020, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the ALPS/Red Rocks Global Opportunity Fund (the “Red Rocks Fund”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the Red Rocks Fund, Red Rocks Capital LLC (“Red Rocks”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Red Rocks Fund:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Red Rocks Fund, to AAI, of 0.85% of the Red Rocks Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Red Rocks Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to Red Rocks of 2/3 of the contractual annual advisory fee paid by the Trust to AAI, in light of the extent and quality of the advisory services provided by Red Rocks to the Red Rocks Fund. The Trustees also considered information regarding compensation paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the Red Rocks Fund’s contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the

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Additional Information

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contractual and gross advisory fee rates for the Red Rocks Fund were generally above the respective Data Provider peer group median rate for Class A and Class C and below the respective Data Provider peer group median rate for Class I, Investor Class, and Class R.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.48%, 2.16%, 1.19%, 1.44%, and 1.61% for the Class A, Class C, Class I, Investor Class, and Class R shares, respectively, of the Red Rocks Fund. The Trustees noted that the total net expense ratios for the Red Rocks Fund were above the respective Data Provider peer group median ratios for Class A and Class C and below the respective Data Provider peer group median ratios for Class I, Investor Class, and Class R.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Red Rocks Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Red Rocks in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and Red Rocks’ investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Red Rocks and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Red Rocks, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Red Rocks Fund.

The Trustees considered the background and experience of AAI’s and Red Rocks’ management in connection with the Red Rocks Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Red Rocks Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and Red Rocks’ insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the Red Rocks Fund, which included a comparison of the Red Rocks Fund’s performance to the performance of a peer group selected by the Data Provider. The Trustees noted that the performance of each class of the Red Rocks Fund was below the respective Data Provider peer group median performance for the three month period ended March 31, 2020, and generally above the respective Data Provider peer group median performance for the one year, three year, five year, ten year, and since inception periods, as applicable, ended March 31, 2020, except for Class R, which generally had performance below the Data Provider peer group median performance for all applicable periods. The Trustees also considered Red Rocks’ investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Red Rocks and AAI regarding fees charged to their other clients utilizing a strategy similar to that employed by the Red Rocks Fund.

Profitability: The Trustees received and considered a combined profitability analysis prepared by AAI for AAI and Red Rocks based on the fees payable under the Investment Advisory Agreement with AAI and the Sub-Advisory Agreement with Red Rocks, with respect to the Red Rocks Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Red Rocks Fund will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Red Rocks from their relationship with the Red Rocks Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual and gross advisory fee rates for the Red Rocks Fund were generally above the respective Data Provider peer group median rates for Class A and Class C and below the respective Data Provider peer group median rates for Class I, Investor Class, and Class R;

●

Red Rocks’ fees under its sub-advisory agreements are paid directly by AAI;

●

the total net expense ratios for the Red Rocks Fund were above the respective Data Provider peer group median ratios for Class A and Class C and below the respective Data Provider peer group median ratios for Class I, Investor Class, and Class R;

●

the nature, extent, and quality of services rendered by AAI and Red Rocks under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Red Rocks Fund were adequate;

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●

the performance of each class of the Red Rocks Fund was below the respective Data Provider peer group median performance for the three month period ended March 31, 2020, and generally above the respective Data Provider peer group median performance for the one year, three year, five year, ten year, and since inception periods, as applicable, ended March 31, 2020, except for Class R, which generally had performance below the Data Provider peer group median performance for all applicable periods;

●

bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s and Red Rocks’ other clients employing a comparable strategy to the Red Rocks Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Red Rocks Fund;

●

the profit, if any, realized by AAI and Red Rocks in connection with the operation of the Red Rocks Fund is not unreasonable to the Red Rocks Fund; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and Red Rocks in connection with their relationship with the Red Rocks Fund.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and Red Rocks’ compensation for investment advisory and sub-advisory services is consistent with the best interests of the Red Rocks Fund and its shareholders.

Clough Fund

On June 17, 2020, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the Clough China Fund (the “Clough Fund”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the Clough Fund, Clough Capital Partners LP (“Clough Capital”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Clough Fund:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Clough Fund, to AAI of 1.35% of the Clough Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Clough Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to Clough Capital of 0.90% of the Clough Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by Clough Capital to the Clough Fund. The Trustees also considered information regarding compensation paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the Clough Fund’s contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual and advisory fee rate for each class of the Clough Fund was above the respective Data Provider peer group median rate. In considering the advisory fee rates of the Clough Fund, the Trustees considered Clough Capital’s statements regarding potential proposed reductions in such fees.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.95%, 2.70%, 1.70%, and 1.95% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Clough Fund. The Trustees noted that the total net expense ratio of each class of the Clough Fund was above the respective Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Clough Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Clough Capital in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and Clough Capital’s investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Clough Capital and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Clough Capital, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Clough Fund.

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Additional Information

October 31, 2021 (Unaudited)

The Trustees considered the background and experience of AAI’s and Clough Capital’s management in connection with the Clough Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Clough Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and Clough Capital’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for the Clough Fund, which included a comparison of the Clough Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the performance of each class of the Clough Fund was below the respective Data Provider peer group median performance for the three month, one year, three year, five year, ten year, and since inception periods ended March 31, 2020, as applicable. In considering the recent performance of the Clough Fund, the Trustees considered Clough Capital’s statements regarding its expectations for performance in the near term and regarding recent personnel changes at the firm. The Trustees also considered Clough Capital’s investment performance and reputation generally and its investment techniques, risk management controls and decision-making processes.

Comparable Accounts: The Trustees noted certain information provided by Clough Capital regarding fees charged to its other clients utilizing a strategy similar to that employed by the Clough Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the Clough Fund.

Profitability: The Trustees received and considered the profitability analyses prepared by AAI and Clough Capital based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Clough Capital with respect to the Clough Fund, respectively. The Trustees considered the profits, if any, realized by AAI and Clough Capital in connection with the operation of the Clough Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Clough Fund will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Clough Capital from their relationship with the Clough Fund, including whether soft dollar arrangements were used.

In renewing AAI as the Clough Fund’s investment adviser and Clough Capital as the Clough Fund’s sub-adviser and the fees charged under the Investment Advisory and Sub-Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to renew the Investment Advisory and Sub-Advisory Agreements. Further, the Independent Trustees were advised by separate independent legal counsel throughout the process. The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual and advisory fee rate for each class of the Clough Fund was above the respective Data Provider peer group median rate;

●

Clough Capital’s fees under its sub-advisory agreements are paid directly by AAI;

●

the total net expense ratio of each class of the Clough Fund was above the respective Data Provider peer group median ratio;

●

the nature, extent, and quality of services rendered by AAI and Clough Capital under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Clough Fund were adequate;

●

the performance of each class of the Clough Fund was below the respective Data Provider peer group median performance for the three month, one year, three year, five year, ten year, and since inception periods ended March 31, 2020, as applicable;

●

that (a) AAI had no other clients utilizing a strategy similar to that employed by the Clough Fund, and (b) bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Clough Capital’s other clients employing a comparable strategy to the Clough Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Clough Fund;

●

the profit, if any, realized by AAI and Clough Capital in connection with the operation of the Clough Fund is not unreasonable to the Clough Fund; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and Clough Capital in connection with their relationship with the Clough Fund.

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Additional Information

October 31, 2021 (Unaudited)

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and Clough Capital’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the Clough Fund and its shareholders.

Smith Funds

On June 17, 20120, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the ALPS/Smith Total Return Bond Fund and the ALPS/Smith Short Duration Bond Fund (collectively, the “Smith Funds”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the Smith Funds, Smith Capital Investors, LLC (“Smith Capital”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and SubAdvisory Agreement and other related materials. In renewing and approving the Investment Advisory Agreement and the Investment Sub-Advisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the Smith Funds:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rates paid by the Trust, on behalf of the Smith Funds, to AAI, of 0.37% of the daily average net assets of the ALPS/Smith Short Duration Bond (the “Short Duration Bond Fund”) and 0.55% of the daily average net assets of the ALPS/Smith Total Return Bond Fund (the “Total Return Bond Fund,”) in light of the extent and quality of the advisory services provided by AAI to the Smith Funds. The Trustees also reviewed and considered the contractual annual sub-advisory fee rates paid by AAI to Smith Capital of 0.29% of the Short Duration Bond Fund’s daily average net assets and 0.42% of the Total Return Bond Fund’s daily average daily ne assets, in light of the extent and quality of the advisory services provided by Smith Capital to the Smith Funds. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of each Smith Fund’s contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual and gross advisory fee rate for each class of each Smith Fund was generally above the respective Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 0.95%, 1.67%, 0.67%, and 0.96% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Total Return Bond Fund and 0.74%, 1.49%, 0.49%, and 0.76% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Short Duration Bond Fund. The Trustees noted that the total net expense ratio of each class of each Smith Fund was generally above the respective Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Smith Funds under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Smith Capital in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and Smith Capital’s investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Smith Capital and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Smith Capital, including the methods adopted to seek to achieve compliance with the investment objectives, policies and restrictions of the Smith Funds.

The Trustees considered the background and experience of AAI’s and Smith Capital’s management in connection with the Smith Funds, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Smith Funds and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and Smith Capital’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees reviewed performance information for each Smith Fund, which included a comparison of each Smith Fund’s performance to the performance of a group of comparable funds selected by the Data Provider. The Trustees noted that the performance of each class of each Smith Fund was above the respective Data Provider peer group median performance for the three month, one year, and since inception periods ended March 31, 2020. The Trustees also considered Smith Capital’s investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted that neither Smith Capital nor AAI currently manages any other accounts with similar strategies to the Smith Funds.

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Additional Information

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Profitability: The Trustees received and considered the profitability analyses prepared by AAI and Smith Capital based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Smith Capital, with respect to the Smith Funds, respectively. The Trustees considered the profits, if any, realized by AAI and Smith Capital in connection with the operation of the Smith Funds.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Smith Funds will be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Smith Capital from their relationship with the Smith Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual and gross advisory fee rates for each class of each Smith Fund were generally above the respective Data Provider peer group median rates;

●

Smith Capital’s fees under its sub-advisory agreement are paid directly by AAI;

●

the total net expense ratio of each class of each Smith Fund was generally above the Data Provider peer group median ratio;

●

the nature, extent, and quality of services rendered by AAI and Smith Capital under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Smith Funds were adequate;

●

the performance of each class of each Smith Fund was above the respective Data Provider peer group median performance for the three month, one year, and since inception periods ended March 31, 2020;

●

that neither AAI nor Smith Capital currently manages any other accounts with similar investment strategies to the Smith Funds;

●

the profit, if any, realized by AAI and Smith Capital in connection with the operation of the Smith Funds is not unreasonable to the Smith Funds; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and Smith Capital in connection with their relationship with the Smith Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and Smith Capital’s compensation for investment advisory and sub-advisory services is consistent with the best interests of each of the Smith Funds and its shareholders.

New Smith Funds

On June 17, 20120, the Trustees met via electronic means (videoconference)¹ to discuss, among other things, the approval of the Investment Advisory Agreement between Financial Investors Trust (the “Trust”), with respect to the ALPS/Smith Balanced Opportunity Fund and the ALPS/Smith Credit Opportunities Fund (collectively, the “New Smith Funds”) and ALPS Advisors, Inc. (“AAI”), and the Sub-Advisory Agreement among the Trust, with respect to the New Smith Funds, Smith Capital Investors, LLC (“Smith Capital”), and AAI, in accordance with Section 15(c) of the 1940 Act. The Independent Trustees met with independent legal counsel during executive session and discussed the Investment Advisory Agreement and Sub-Advisory Agreement and other related materials. In approving the Investment Advisory Agreement and the Investment SubAdvisory Agreement, the Trustees, including the Independent Trustees, considered the following factors with respect to the New Smith Funds:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate to be paid by the Trust, on behalf of the ALPS/Smith Balanced Opportunity Fund (the “Balanced Opportunity Fund”), of 0.70% of such Fund’s daily average net assets, and on behalf of the of the ALPS/Smith Credit Opportunities Fund (the “Credit Opportunities Fund”), of 0.75% of such Fund’s daily average net assets, to AAI, in light of the extent and quality of the advisory services to be provided by AAI to the New Smith Funds. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate to be paid by AAI to Smith Capital of 0.37% of the Balanced Opportunity Fund’s daily average net assets and of 0.50% of the Credit Opportunities Fund’s daily average net assets, in light of the extent and quality of the advisory services to be provided by Smith Capital to the New Smith Funds. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

229 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

The Board received and considered information including a comparison of each New Smith Fund’s contractual advisory fee rate with those of funds in the peer group as selected by an independent provider of investment company data (the “Data Provider”). The Trustees noted that the contractual advisory fee rate of the Balanced Opportunity Fund was below the Data Provider peer group median rate, and the contractual advisory fee rate of the Credit Opportunities Fund was above the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 0.85% and 0.90% for the Class I shares of the Balanced Opportunity Fund and Credit Opportunities Fund, respectively. The Trustees noted that the total net expense ratio of Class I of the Balanced Opportunity Fund was below the Data Provider peer group median ratio and the total net expense ratio of Class I of the Credit Opportunities Fund was above the Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the New Smith Funds under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Smith Capital in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI’s and Smith Capital’s investment advisory personnel, their history as asset managers and their performance, and the amount of assets currently under management by AAI and Smith Capital and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Smith Capital, including the proposed methods adopted to seek to achieve compliance with the proposed investment objectives, policies, and restrictions of the New Smith Funds.

The Trustees considered the background and experience of AAI’s and Smith Capital’s management in connection with the New Smith Funds, including reviewing the qualifications, backgrounds, and responsibilities of the management team that would be primarily responsible for the dayto-day portfolio management of the New Smith Funds and the extent of the resources that would be devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI’s and Smith Capital’s insider trading policies and procedures and their Codes of Ethics.

Performance: The Trustees noted that since the New Smith Funds have not yet begun operations, there is no performance to be reviewed or analyzed at this time. The Trustees further considered the reputation of Smith Capital’s personnel generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted that neither AAI nor Smith Capital currently manages any other accounts with similar investment strategies to the New Smith Funds.

Profitability: The Trustees received and considered the projected profitability analyses prepared by AAI and Smith Capital based on the fees to be paid under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Smith Capital, with respect to the New Smith Funds. The Trustees considered the profits, if any, anticipated to be realized by AAI and Smith Capital in connection with the operation of the New Smith Funds.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the New Smith Funds would be passed along to the shareholders under the agreements.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits to be derived by Smith Capital or AAI from their relationship with the New Smith Funds, including whether soft dollar arrangements would be used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual advisory fee rate of the Balanced Opportunity Fund was below the Data Provider peer group median rate, and the contractual advisory fee rate of the Credit Opportunities Fund was above the Data Provider peer group median rate;

●

Smith Capital’s fees under its sub-advisory agreements are to be paid directly by AAI;

●

the total net expense ratio of Class I of the Balanced Opportunity Fund was below the Data Provider peer group median ratio and the total net expense ratio of Class I of the Credit Opportunities Fund was above the Data Provider peer group median ratio;

230 | October 31, 2021

Additional Information

October 31, 2021 (Unaudited)

●

the nature, extent, and quality of services to be rendered by AAI and Smith Capital under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the New Smith Funds were adequate;

●

since the New Smith Funds had not yet begun operations, there was no performance to be reviewed or analyzed at this time;

●

that neither AAI nor Smith Capital currently manages any other accounts with similar investment strategies to the New Smith Funds;

●

since the New Smith Funds were not yet in existence, no profit had been realized by AAI or Smith Capital in connection with the operation of the New Smith Funds; and

●

there were no material economies of scale or other incidental benefits accruing to AAI and Smith Capital in connection with their relationship with the New Smith Funds.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s and Smith Capital’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the New Smith Funds and its shareholders.

This meeting was intended to qualify as an "in-person" meeting of the Board pursuant to relief granted by the SEC in response to the COVID-19 outbreak for the purposes of fulfilling the in-person investment advisory agreement approval requirements under Section 15(c) of the 1940 Act (see Investment Company Act Release No. 33817 (Mar. 13, 2020), Investment Company Act Release No. 33824 (Mar. 25, 2020)).

231 | October 31, 2021

Trustees and Officers

October 31, 2021 (Unaudited)

Additional information regarding the Funds’ trustees is included in the Statement of Additional Information, which can be obtained without charge by calling (toll-free) (866) 759-5679.

INDEPENDENT TRUSTEES

Name,
Address* &
Year of Birth

Position(s)

Held with
Fund

Term of Office**
and Length of
Time Served

Principal Occupation(s)

During Past 5 Years***

Number of
Funds in Fund
Complex
Overseen by
Trustee****

Other
Directorships
Held by
Trustee During
Past 5 Years***

Mary K.
Anstine,
1940

Trustee and Chairman

Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees.

Ms. Anstine was formerly an Executive Vice President of First Interstate Bank of Denver until 1994, President/Chief Executive Officer of HealthONE Alliance, Denver, Colorado, from 1994 to 2004, and has been retired since 2004. Ms. Anstine is also Trustee/Director of AV Hunter Trust and Colorado Uplift Board. Ms. Anstine was formerly a Director of the Trust Bank of Colorado (later purchased and now known as Northern Trust Bank), HealthONE and Denver Area Council of the Boy Scouts of America, and a member of the American Bankers Association Trust Executive Committee.

Ms. Anstine is a Trustee of ALPS ETF Trust (18 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust (14 funds).

Jeremy W.

Deems,
1976

Trustee

Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009.

Mr. Deems is the Co-Founder, Chief Operations Officer and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. Prior to joining Green Alpha Advisors, Mr. Deems was CFO and Treasurer of Forward Management, LLC, ReFlow Management Co., LLC, ReFlow Fund, LLC, a private investment fund, and Sutton Place Management, LLC, an administrative services company, from 1998 to June 2007. From 2004 to 2005, Mr. Deems also served as Treasurer of the Forward Funds and the Sierra Club Funds.

Mr. Deems is a Trustee of ALPS ETF Trust (18 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund).

All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

^**

This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustees successor is elected and appointed, or such Trustee resigns or is deceased. Officers are elected on an annual basis.

^***

Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

^****

The Fund Complex includes all series of the Trust, currently 32, and any other investment companies for which any Trustee serves as trustee for and for which ALPS Advisors, Red Rocks, Clough Capital, RiverFront, Kotak or Smith Capital provides investment advisory services (currently 29 funds, 1 fund, 4 funds, 4 funds, 0 funds, and 0 funds, respectively).

232 | October 31, 2021

Trustees and Officers

October 31, 2021 (Unaudited)

INDEPENDENT TRUSTEES (continued)

Name,
Address* &
Year of Birth

Position(s)

Held with
Fund

Term of Office**
and Length of
Time Served

Principal Occupation(s)

During Past 5 Years***

Number of
Funds in Fund
Complex
Overseen by
Trustee****

Other
Directorships
Held by
Trustee During
Past 5 Years***

Jerry G. Rutledge,

1944

Trustee

Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009.

Mr. Rutledge is the President and owner of Rutledge’s Inc., a retail clothing business. Mr. Rutledge is currently Director of the American National Bank. He was from 1994 to 2007 a Regent of the University of Colorado.

Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund), Clough Global Equity Fund (1 fund), Clough Global Opportunities Fund (1 fund) and Principal Real Estate Income Fund (1 fund).

Michael “Ross” Shell,

1970

Trustee

Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009.

Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). From 1999 to 2009, he was a part-owner and Director of Tesser, Inc., a brand agency. From December 2005 to May 2008, he was Director, Marketing and Investor Relations, of Woodbourne, a REIT/real estate hedge fund and private equity firm. Prior to this, from May 2004 to November 2005, he worked as a business strategy consultant; from June 2003 to April 2004, he was on the Global Client Services team of IDEO, a product design/innovation firm; and from 1999 to 2003, he was President of Tesser, Inc. Mr. Shell graduated with honors from Stanford University with a degree in Political Science.

None.

All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

^**

^***

Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

^****

233 | October 31, 2021

Trustees and Officers

October 31, 2021 (Unaudited)

INTERESTED TRUSTEE

Name,
Address* &
Year of Birth

Position(s)
Held with
Fund

Term of Office**
and Length of
Time Served

Principal Occupation(s)

During Past 5 Years***

Number of
Funds in Fund
Complex
Overseen by
Trustee****

Other
Directorships
Held by
Trustee During
Past 5 Years***

Edmund J.

Burke,

1961

Trustee

Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009.

Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc., and ALPS Portfolio Solutions Distributor, Inc. Mr. Burke retired from ALPS in June 2019. Mr. Burke is deemed an affiliate of the Fund as defined under the 1940 Act.

Mr. Burke is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund); and Trustee of ALPS ETF Trust (18 funds).

All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

^**

^***

Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

^****

234 | October 31, 2021

Trustees and Officers

October 31, 2021 (Unaudited)

OFFICERS

Name, Address* & Year of Birth	Position(s) Held with Fund	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years***
Dawn Cotten, 1977	President	Ms. Cotten was appointed President of the Trust at the June 8-9, 2021, meeting of the Board of Trustees.	Ms. Cotten joined ALPS in 2009 and is currently Senior Vice President of Fund Administration and Relationship Management of ALPS. She has served in that role since January 2020. Prior to that, Ms. Cotten served as Senior Vice President of Relationship Management (2017-2020). Ms. Cotten served as a Vice President in Relationship Management from 2013-2017. Ms. Cotten also serves as President of ALPS Series Trust, Clough Funds Trust, Clough Global Dividend and Income Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund.
Jennell Panella, 1974	Treasurer	Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees	Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. Ms. Panella also serves as Assistant Treasurer of James Advantage Funds.
Brendan Hamill, 1986	Secretary	Mr. Hamill was elected Secretary of the Trust at the September 14, 2021 meeting of the Board of Trustees.	Mr. Hamill joined ALPS in August 2021, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Hamill was an attorney at Lewis Brisbois Bisgaard & Smith, LLP (law firm) (December 2018-August 2021) and Vedder Price, P.C. (law firm) (August 2015-December 2018). Mr. Hamill also serves as Secretary of ALPS ETF Trust, Secretary of ALPS Variable Investment Trust, Secretary of Principal Real Estate Income Fund, and Assistant Secretary of James Advantage Funds.
Ted Uhl, 1974	Chief Compliance Officer (“CCO”)	Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees.	Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Centre Funds, Index Funds, Reality Shares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. Mr. Uhl formerly served as CCO of the Boulder Growth & Income Fund, Inc.

All communications to Trustees and Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

^**

^***

Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

^****

235 | October 31, 2021

October 31, 2021 (Unaudited)

FACTS	WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?
WHY?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ● Social Security number and account transactions ● Account balances and transaction history ● Wire transfer instructions
HOW?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

REASONS WE CAN SHARE YOUR PERSONAL INFORMATION	DO THE FUNDS SHARE:	CAN YOU LIMIT THIS SHARING?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We do not share.
For joint marketing with other financial companies	No	We do not share.
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We do not share.
For non-affiliates to market to you	No	We do not share.

236 | October 31, 2021

October 31, 2021 (Unaudited)

WHO WE ARE
Who is providing this notice?	Financial Investors Trust
WHAT WE DO
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How do the Funds collect my personal information?	We collect your personal information, for example, when you ● open an account ● provide account information or give us your contact information ● make a wire transfer or deposit money
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● sharing for affiliates’ everyday business purposes-information about your creditworthiness ● affiliates from using your information to market to you ● sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
DEFINITIONS
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● The Funds do not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. ● The Funds do not jointly market.
OTHER IMPORTANT INFORMATION
California Residents	If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us.
Vermont Residents	The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information.

QUESTIONS?

Call 1-866-759-5679 or go to www.alpsfunds.com

237 | October 31, 2021

Must be accompanied or preceded by a prospectus. Investors are reminded to read the
prospectus carefully before investing.

ALPS Portfolio Solutions Distributor, Inc., distributor.

APS001870

alpsfunds.com

1-866-759-5679

(b)

Not applicable.

Item 2. Code of Ethics.

(a)

The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the Registrant.

(b)

Not applicable.

(c)

During the period covered by this report, no amendments to the provisions of the code of ethics described in Item 2(a) above were made.

(d)

During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics described in Item 2(a) above were granted.

(e)

Not applicable.

(f)

The Registrant’s Code of Ethics is attached as an Exhibit to this report.

Item 3. Audit Committee Financial Expert.

The Board of Trustees of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the Registrant has designated Jeremy W. Deems as the Registrant’s “Audit Committee Financial Expert.” Mr. Deems is “independent” as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees: For the Registrant’s fiscal years ended October 31, 2021 and October 31, 2020, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements were $184,000 and $218,625, respectively.

(b)

Audit-Related Fees: For the Registrant’s fiscal years ended October 31, 2021 and October 31, 2020, the aggregate fees billed for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were $0 and $7,500, respectively.

(c)

Tax Fees: For the Registrant’s fiscal years ended October 31, 2021 and October 31, 2020, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $59,015 and $50,895, respectively. The fiscal year 2021 and 2020 tax fees were for services for dividend calculation, excise tax preparation and tax return preparation.

(d)

All Other Fees: For the Registrant’s fiscal years ended October 31, 2021 and October 31, 2020, no fees were billed to Registrant by the principal accountant for services other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1)

Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the Registrant’s principal accountant must be pre-approved by the Registrant’s audit committee. The Chairman of the Audit Committee may pre-approve non-audit services to be performed by the Registrant’s principal accountant on an interim basis, subject to ratification by the Audit Committee at its next regularly scheduled meeting.

(e)(2)

No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, were $59,015 in the fiscal year ended October 31, 2021 and $50,895 in the fiscal year ended October 31, 2020. These fees consisted of non-audit fees billed to (i) the Registrant of $59,015 in the fiscal year ended October 31, 2021 and $50,895 in the fiscal year ended October 31, 2020 as described in response to paragraph (c) above and (ii) to ALPS Fund Services, Inc. (“AFS”), an entity under common control with ALPS Advisors, Inc., the Registrant’s investment adviser, of $0 in the fiscal year ended October 31, 2021 and $0 in the fiscal year ended October 31, 2020. The non-audit fees billed to AFS related to SSAE 16 services and other compliance-related matters.

(h)

The Registrant’s audit committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible

with maintaining the principal accountant’s independence. The Registrant’s audit committee determined that the provision of such non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the Reports to Stockholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)

There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as

amended) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Exhibits.

(a)(1)

Registrant’s Code of Ethics for Principal Executive and Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is incorporated by reference to Exhibit 12(a)(1) to the Registrant’s Certified Shareholder Report on Form N-CSR, File No. 811-8194, filed on January 9, 2017.

(a)(2)

The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.

(a)(3)

Not applicable.

(a)(4)

Not applicable to the Registrant.

(b)

The certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotten
	Dawn Cotten (Principal Executive Officer)
	President

Date:	January 7, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotten
	Dawn Cotten (Principal Executive Officer)
	President

Date:	January 7, 2022

By:	/s/ Jennell Panella
	Jennell Panella (Principal Financial Officer)
	Treasurer

Date:	January 7, 2022

Financial Investors Trust N-CSRCertified annual shareholder report (management investment company)