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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Brendan Hamill, Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2023 - October 31, 2024

Item 1. Reports to Stockholders.

(a)

Report of Shareholders.

ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund - Investor Shares	FINANCIAL INVESTORS TRUST
JCRAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the "Fund" or "JCRAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/jcrix. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$132	1.32%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | CoreCommodity Management Complete Commodities^® Strategy Fund Investor Class shares, net of fees, returned 0.36% at net asset value (NAV) for the 12 months ending October 31, 2024. The Fund outperformed the Bloomberg Commodity Total Return Index (the "BCOM") by 1.54% over the period.

Top Contributors to relative performance

Within the energy sector, the Fund's deferred positioning in natural gas and exposure to energy equities was additive to relative performance.
Within the industrial metals sector, an overweight to copper, aluminum, and zinc and the inclusion of industrial metals equities was additive to relative performance.
Within agriculture, an underweight to staple crops (corn, soybeans, wheat) and the inclusion of agriculture equities was additive to relative performance.

Detractors from relative performance

Within precious metals, an underweight to gold detracted from relative performance.
Within livestock, an underweight to each constituent and deferred positioning in lean hogs and live cattle detracted from relative performance.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

The Fund's past performance is not a good predictor of the Fund's future performance. The chart and the table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale of Fund shares.

Date	ALPS \| CoreCommodity Fund (Investor Shares)	FTSE / CoreCommodity CRB TR Index	Bloomberg Commodity Total Return Index	Morningstar Global Markets Index
10/31/2014	10000	10000	10000	10000
11/30/2014	9456	9353	9593	10155
12/31/2014	8787	8456	8861	9983
01/31/2015	8483	8047	8566	9841
02/28/2015	8828	8240	8786	10379
03/31/2015	8305	7791	8335	10246
04/30/2015	8891	8439	8813	10530
05/31/2015	8661	8207	8575	10531
06/30/2015	8619	8354	8723	10293
07/31/2015	7803	7450	7797	10359
08/31/2015	7657	7433	7725	9670
09/30/2015	7207	7127	7461	9322
10/31/2015	7479	7195	7428	10030
11/30/2015	7186	6714	6889	9959
12/31/2015	6872	6481	6676	9780
01/31/2016	6590	6136	6564	9176
02/29/2016	6611	6008	6457	9126
03/31/2016	6998	6279	6704	9812
04/30/2016	7584	6799	7275	9967
05/31/2016	7510	6857	7261	9982
06/30/2016	7751	7095	7561	9913
07/31/2016	7510	6671	7175	10353
08/31/2016	7490	6643	7048	10383
09/30/2016	7699	6870	7269	10449
10/31/2016	7626	6871	7233	10255
11/30/2016	7793	6985	7330	10356
12/31/2016	7943	7106	7462	10584
01/31/2017	8027	7092	7472	10868
02/28/2017	7964	7043	7488	11168
03/31/2017	7797	6872	7289	11298
04/30/2017	7619	6723	7179	11477
05/31/2017	7472	6656	7083	11719
06/30/2017	7315	6476	7070	11780
07/31/2017	7640	6774	7230	12096
08/31/2017	7619	6713	7259	12138
09/30/2017	7828	6802	7248	12389
10/31/2017	8006	6975	7403	12643
11/30/2017	8048	7042	7369	12896
12/31/2017	8309	7224	7589	13110
01/31/2018	8480	7365	7740	13814
02/28/2018	8223	7246	7606	13241
03/31/2018	8319	7309	7559	12982
04/30/2018	8684	7568	7754	13113
05/31/2018	8835	7612	7864	13145
06/30/2018	8577	7532	7589	13063
07/31/2018	8427	7324	7427	13431
08/31/2018	8255	7278	7296	13555
09/30/2018	8427	7373	7435	13589
10/31/2018	8094	7230	7275	12538
11/30/2018	7697	6894	7234	12728
12/31/2018	7101	6454	6736	11822
01/31/2019	7610	6842	7103	12771
02/28/2019	7732	6974	7174	13118
03/31/2019	7743	7026	7162	13256
04/30/2019	7776	7060	7131	13693
05/31/2019	7300	6733	6892	12890
06/30/2019	7666	6963	7077	13711
07/31/2019	7544	6880	7029	13745
08/31/2019	7157	6576	6866	13411
09/30/2019	7289	6725	6947	13692
10/31/2019	7389	6849	7087	14077
11/30/2019	7389	6849	6906	14424
12/31/2019	7882	7213	7254	14924
01/31/2020	7268	6621	6720	14736
02/29/2020	6710	6206	6382	13530
03/31/2020	5493	4742	5564	11608
04/30/2020	5660	4564	5479	12870
05/31/2020	6029	5151	5716	13471
06/30/2020	6241	5375	5847	13886
07/31/2020	6643	5598	6180	14594
08/31/2020	7134	5969	6598	15479
09/30/2020	6810	5787	6377	14998
10/31/2020	6766	5640	6467	14670
11/30/2020	7503	6238	6694	16519
12/31/2020	8052	6540	7027	17323
01/31/2021	8254	6790	7212	17269
02/28/2021	8869	7423	7678	17716
03/31/2021	8847	7210	7514	18166
04/30/2021	9351	7787	8136	18952
05/31/2021	9721	8018	8359	19232
06/30/2021	9799	8319	8513	19446
07/31/2021	9877	8502	8670	19542
08/31/2021	9900	8506	8644	20031
09/30/2021	10224	8925	9074	19239
10/31/2021	10639	9267	9309	20162
11/30/2021	10001	8546	8628	19618
12/31/2021	10426	9061	8932	20406
01/31/2022	11114	9949	9717	19344
02/28/2022	11830	10496	10322	18911
03/31/2022	13084	11519	11214	19294
04/30/2022	13208	12037	11678	17773
05/31/2022	13524	12370	11857	17778
06/30/2022	11899	11392	10579	16244
07/31/2022	12464	11447	11030	17386
08/31/2022	12464	11410	11040	16773
09/30/2022	11307	10569	10145	15158
10/31/2022	11665	10832	10347	16070
11/30/2022	12188	11093	10630	17312
12/31/2022	11760	11053	10370	16696
01/31/2023	11863	11111	10319	17867
02/28/2023	11273	10821	9834	17369
03/31/2023	11170	10781	9814	17810
04/30/2023	11052	10840	9740	18052
05/31/2023	10299	10310	9191	17833
06/30/2023	10727	10687	9562	18864
07/31/2023	11465	11563	10161	19574
08/31/2023	11302	11605	10083	19024
09/30/2023	11170	11764	10013	18243
10/31/2023	11081	11680	10039	17647
11/30/2023	10963	11418	9813	19273
12/31/2023	10892	11056	9549	20258
01/31/2024	10724	11471	9587	20330
02/29/2024	10633	11632	9446	21177
03/31/2024	11166	12326	9759	21841
04/30/2024	11334	12436	10022	21116
05/31/2024	11594	12437	10197	21957
06/30/2024	11289	12501	10040	22372
07/31/2024	11090	12028	9635	22806
08/31/2024	10983	12031	9640	23345
09/30/2024	11350	12427	10108	23884
10/31/2024	11121	12253	9921	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| CoreCommodity Fund - Investor - NAV	0.36%	8.52%	1.07%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg Commodity Total Return Index	-1.18%	6.96%	-0.08%
FTSE / CoreCommodity CRB TR Index	4.91%	12.34%	2.05%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$940,528,649
Number of Portfolio Holdings	55
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$9,426,269

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Government	64.31%
Exhange Traded Funds	30.12%
Futures	18.30%
Common Stocks	0.00%
Total Return Swaps	0.00%
Cash, Cash Equivalents, & Other Net Assets	-12.73%


**	As a percentage of net assets.

Holdings are subject to change

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://www.alpsfunds.com/mutual-funds/jcrix or upon request at 866-759-5679.

Change to Principal Investment Strategy and Principal Risks: With respect to the Commodity Equity Investments portion of its portfolio, the Fund will now invest primarily through underlying exhange-traded funds (ETFs) as oppossed to making such investments directly. The following are now Principal Risks of the Fund: Affiliated ETF Risk and ETF Investment Risk.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/mutual-funds/jcrix.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-JCRAX-103124

ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund - Class A	FINANCIAL INVESTORS TRUST
JCCSX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the "Fund" or "JCCSX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/jcrix. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$122	1.22%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | CoreCommodity Management Complete Commodities^® Strategy Fund Class A shares, net of fees, returned 0.49% at net asset value (NAV) for the 12 months ending October 31, 2024. The Fund outperformed the Bloomberg Commodity Total Return Index (the "BCOM") by 1.67% over the period.

Top Contributors to relative performance

Within the energy sector, the Fund's deferred positioning in natural gas and exposure to energy equities was additive to relative performance.
Within the industrial metals sector, an overweight to copper, aluminum, and zinc and the inclusion of industrial metals equities was additive to relative performance.
Within agriculture, an underweight to staple crops (corn, soybeans, wheat) and the inclusion of agriculture equities was additive to relative performance.

Detractors from relative performance

Within precious metals, an underweight to gold detracted from relative performance.
Within livestock, an underweight to each constituent and deferred positioning in lean hogs and live cattle detracted from relative performance.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| CoreCommodity Fund- A- Maximum sales charge (load)	FTSE / CoreCommodity CRB TR Index	Bloomberg Commodity Total Return Index	Morningstar Global Markets Index
10/31/2014	9447	10000	10000	10000
11/30/2014	8933	9353	9593	10155
12/31/2014	8300	8456	8861	9983
01/31/2015	8014	8047	8566	9841
02/28/2015	8340	8240	8786	10379
03/31/2015	7846	7791	8335	10246
04/30/2015	8399	8439	8813	10530
05/31/2015	8182	8207	8575	10531
06/30/2015	8142	8354	8723	10293
07/31/2015	7372	7450	7797	10359
08/31/2015	7233	7433	7725	9670
09/30/2015	6808	7127	7461	9322
10/31/2015	7065	7195	7428	10030
11/30/2015	6789	6714	6889	9959
12/31/2015	6492	6481	6676	9780
01/31/2016	6225	6136	6564	9176
02/29/2016	6245	6008	6457	9126
03/31/2016	6611	6279	6704	9812
04/30/2016	7164	6799	7275	9967
05/31/2016	7095	6857	7261	9982
06/30/2016	7322	7095	7561	9913
07/31/2016	7095	6671	7175	10353
08/31/2016	7075	6643	7048	10383
09/30/2016	7273	6870	7269	10449
10/31/2016	7204	6871	7233	10255
11/30/2016	7362	6985	7330	10356
12/31/2016	7504	7106	7462	10584
01/31/2017	7583	7092	7472	10868
02/28/2017	7523	7043	7488	11168
03/31/2017	7365	6872	7289	11298
04/30/2017	7197	6723	7179	11477
05/31/2017	7059	6656	7083	11719
06/30/2017	6910	6476	7070	11780
07/31/2017	7217	6774	7230	12096
08/31/2017	7197	6713	7259	12138
09/30/2017	7395	6802	7248	12389
10/31/2017	7563	6975	7403	12643
11/30/2017	7603	7042	7369	12896
12/31/2017	7849	7224	7589	13110
01/31/2018	8011	7365	7740	13814
02/28/2018	7768	7246	7606	13241
03/31/2018	7859	7309	7559	12982
04/30/2018	8204	7568	7754	13113
05/31/2018	8346	7612	7864	13145
06/30/2018	8102	7532	7589	13063
07/31/2018	7960	7324	7427	13431
08/31/2018	7798	7278	7296	13555
09/30/2018	7960	7373	7435	13589
10/31/2018	7646	7230	7275	12538
11/30/2018	7271	6894	7234	12728
12/31/2018	6708	6454	6736	11822
01/31/2019	7189	6842	7103	12771
02/28/2019	7304	6974	7174	13118
03/31/2019	7314	7026	7162	13256
04/30/2019	7346	7060	7131	13693
05/31/2019	6907	6733	6892	12890
06/30/2019	7241	6963	7077	13711
07/31/2019	7126	6880	7029	13745
08/31/2019	6771	6576	6866	13411
09/30/2019	6886	6725	6947	13692
10/31/2019	6980	6849	7087	14077
11/30/2019	6980	6849	6906	14424
12/31/2019	7446	7213	7254	14924
01/31/2020	6866	6621	6720	14736
02/29/2020	6349	6206	6382	13530
03/31/2020	5189	4742	5564	11608
04/30/2020	5357	4564	5479	12870
05/31/2020	5695	5151	5716	13471
06/30/2020	5906	5375	5847	13886
07/31/2020	6275	5598	6180	14594
08/31/2020	6739	5969	6598	15479
09/30/2020	6444	5787	6377	14998
10/31/2020	6402	5640	6467	14670
11/30/2020	7098	6238	6694	16519
12/31/2020	7617	6540	7027	17323
01/31/2021	7807	6790	7212	17269
02/28/2021	8389	7423	7678	17716
03/31/2021	8368	7210	7514	18166
04/30/2021	8834	7787	8136	18952
05/31/2021	9193	8018	8359	19232
06/30/2021	9267	8319	8513	19446
07/31/2021	9341	8502	8670	19542
08/31/2021	9363	8506	8644	20031
09/30/2021	9669	8925	9074	19239
10/31/2021	10071	9267	9309	20162
11/30/2021	9458	8546	8628	19618
12/31/2021	9860	9061	8932	20406
01/31/2022	10510	9949	9717	19344
02/28/2022	11199	10496	10322	18911
03/31/2022	12370	11519	11214	19294
04/30/2022	12500	12037	11678	17773
05/31/2022	12786	12370	11857	17778
06/30/2022	11264	11392	10579	16244
07/31/2022	11785	11447	11030	17386
08/31/2022	11785	11410	11040	16773
09/30/2022	10705	10569	10145	15158
10/31/2022	11030	10832	10347	16070
11/30/2022	11538	11093	10630	17312
12/31/2022	11119	11053	10370	16696
01/31/2023	11216	11111	10319	17867
02/28/2023	10659	10821	9834	17369
03/31/2023	10561	10781	9814	17810
04/30/2023	10464	10840	9740	18052
05/31/2023	9739	10310	9191	17833
06/30/2023	10157	10687	9562	18864
07/31/2023	10854	11563	10161	19574
08/31/2023	10687	11605	10083	19024
09/30/2023	10575	11764	10013	18243
10/31/2023	10492	11680	10039	17647
11/30/2023	10380	11418	9813	19273
12/31/2023	10313	11056	9549	20258
01/31/2024	10154	11471	9587	20330
02/29/2024	10054	11632	9446	21177
03/31/2024	10558	12326	9759	21841
04/30/2024	10731	12436	10022	21116
05/31/2024	10975	12437	10197	21957
06/30/2024	10687	12501	10040	22372
07/31/2024	10500	12028	9635	22806
08/31/2024	10399	12031	9640	23345
09/30/2024	10759	12427	10108	23884
10/31/2024	10543	12253	9921	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| CoreCommodity Fund - Class A - NAV**	0.49%	8.60%	1.10%
ALPS \| CoreCommodity Fund - Class A -Maximum sales charge (load)*^	-5.06%	7.37%	0.53%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg Commodity Total Return Index	-1.18%	6.96%	-0.08%
FTSE / CoreCommodity CRB TR Index	4.91%	12.34%	2.05%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 5.50%.
^**	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.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$940,528,649
Number of Portfolio Holdings	55
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$9,426,269

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Government	64.31%
Exhange Traded Funds	30.12%
Futures	18.30%
Common Stocks	0.00%
Total Return Swaps	0.00%
Cash, Cash Equivalents, & Other Net Assets	-12.73%


**	As a percentage of net assets.

Holdings are subject to change

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-JCCSX-103124

ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund - Class C	FINANCIAL INVESTORS TRUST
JCRCX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the "Fund" or "JCRCX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/jcrix. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$202	2.02%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | CoreCommodity Management Complete Commodities^® Strategy Fund Class C shares, net of fees, returned -0.31% at net asset value (NAV) for the 12 months ending October 31, 2024. The Fund outperformed the Bloomberg Commodity Total Return Index (the "BCOM") by 0.87% over the period.

Top Contributors to relative performance

Within the energy sector, the Fund's deferred positioning in natural gas and exposure to energy equities was additive to relative performance.
Within the industrial metals sector, an overweight to copper, aluminum, and zinc and the inclusion of industrial metals equities was additive to relative performance.
Within agriculture, an underweight to staple crops (corn, soybeans, wheat) and the inclusion of agriculture equities was additive to relative performance.

Detractors from relative performance

Within precious metals, an underweight to gold detracted from relative performance.
Within livestock, an underweight to each constituent and deferred positioning in lean hogs and live cattle detracted from relative performance.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| CoreCommodity Fund- C - Maximum sales charge (load)	FTSE / CoreCommodity CRB TR Index	Bloomberg Commodity Total Return Index	Morningstar Global Markets Index
10/31/2014	10000	10000	10000	10000
11/30/2014	9457	9353	9593	10155
12/31/2014	8775	8456	8861	9983
01/31/2015	8466	8047	8566	9841
02/28/2015	8818	8240	8786	10379
03/31/2015	8285	7791	8335	10246
04/30/2015	8871	8439	8813	10530
05/31/2015	8637	8207	8575	10531
06/30/2015	8594	8354	8723	10293
07/31/2015	7764	7450	7797	10359
08/31/2015	7625	7433	7725	9670
09/30/2015	7167	7127	7461	9322
10/31/2015	7433	7195	7428	10030
11/30/2015	7135	6714	6889	9959
12/31/2015	6816	6481	6676	9780
01/31/2016	6539	6136	6564	9176
02/29/2016	6550	6008	6457	9126
03/31/2016	6933	6279	6704	9812
04/30/2016	7508	6799	7275	9967
05/31/2016	7433	6857	7261	9982
06/30/2016	7668	7095	7561	9913
07/31/2016	7423	6671	7175	10353
08/31/2016	7401	6643	7048	10383
09/30/2016	7604	6870	7269	10449
10/31/2016	7529	6871	7233	10255
11/30/2016	7689	6985	7330	10356
12/31/2016	7827	7106	7462	10584
01/31/2017	7913	7092	7472	10868
02/28/2017	7849	7043	7488	11168
03/31/2017	7678	6872	7289	11298
04/30/2017	7497	6723	7179	11477
05/31/2017	7359	6656	7083	11719
06/30/2017	7199	6476	7070	11780
07/31/2017	7508	6774	7230	12096
08/31/2017	7487	6713	7259	12138
09/30/2017	7678	6802	7248	12389
10/31/2017	7849	6975	7403	12643
11/30/2017	7881	7042	7369	12896
12/31/2017	8138	7224	7589	13110
01/31/2018	8302	7365	7740	13814
02/28/2018	8051	7246	7606	13241
03/31/2018	8138	7309	7559	12982
04/30/2018	8488	7568	7754	13113
05/31/2018	8630	7612	7864	13145
06/30/2018	8378	7532	7589	13063
07/31/2018	8225	7324	7427	13431
08/31/2018	8051	7278	7296	13555
09/30/2018	8214	7373	7435	13589
10/31/2018	7887	7230	7275	12538
11/30/2018	7494	6894	7234	12728
12/31/2018	6913	6454	6736	11822
01/31/2019	7397	6842	7103	12771
02/28/2019	7510	6974	7174	13118
03/31/2019	7521	7026	7162	13256
04/30/2019	7544	7060	7131	13693
05/31/2019	7093	6733	6892	12890
06/30/2019	7431	6963	7077	13711
07/31/2019	7307	6880	7029	13745
08/31/2019	6936	6576	6866	13411
09/30/2019	7060	6725	6947	13692
10/31/2019	7150	6849	7087	14077
11/30/2019	7150	6849	6906	14424
12/31/2019	7621	7213	7254	14924
01/31/2020	7019	6621	6720	14736
02/29/2020	6485	6206	6382	13530
03/31/2020	5304	4742	5564	11608
04/30/2020	5463	4564	5479	12870
05/31/2020	5815	5151	5716	13471
06/30/2020	6020	5375	5847	13886
07/31/2020	6394	5598	6180	14594
08/31/2020	6860	5969	6598	15479
09/30/2020	6553	5787	6377	14998
10/31/2020	6508	5640	6467	14670
11/30/2020	7212	6238	6694	16519
12/31/2020	7729	6540	7027	17323
01/31/2021	7923	6790	7212	17269
02/28/2021	8515	7423	7678	17716
03/31/2021	8492	7210	7514	18166
04/30/2021	8959	7787	8136	18952
05/31/2021	9323	8018	8359	19232
06/30/2021	9391	8319	8513	19446
07/31/2021	9459	8502	8670	19542
08/31/2021	9482	8506	8644	20031
09/30/2021	9778	8925	9074	19239
10/31/2021	10176	9267	9309	20162
11/30/2021	9550	8546	8628	19618
12/31/2021	9949	9061	8932	20406
01/31/2022	10601	9949	9717	19344
02/28/2022	11297	10496	10322	18911
03/31/2022	12475	11519	11214	19294
04/30/2022	12588	12037	11678	17773
05/31/2022	12886	12370	11857	17778
06/30/2022	11339	11392	10579	16244
07/31/2022	11850	11447	11030	17386
08/31/2022	11850	11410	11040	16773
09/30/2022	10757	10569	10145	15158
10/31/2022	11070	10832	10347	16070
11/30/2022	11581	11093	10630	17312
12/31/2022	11155	11053	10370	16696
01/31/2023	11247	11111	10319	17867
02/28/2023	10682	10821	9834	17369
03/31/2023	10575	10781	9814	17810
04/30/2023	10468	10840	9740	18052
05/31/2023	9734	10310	9191	17833
06/30/2023	10147	10687	9562	18864
07/31/2023	10834	11563	10161	19574
08/31/2023	10666	11605	10083	19024
09/30/2023	10544	11764	10013	18243
10/31/2023	10452	11680	10039	17647
11/30/2023	10330	11418	9813	19273
12/31/2023	10261	11056	9549	20258
01/31/2024	10103	11471	9587	20330
02/29/2024	9992	11632	9446	21177
03/31/2024	10499	12326	9759	21841
04/30/2024	10641	12436	10022	21116
05/31/2024	10879	12437	10197	21957
06/30/2024	10594	12501	10040	22372
07/31/2024	10404	12028	9635	22806
08/31/2024	10293	12031	9640	23345
09/30/2024	10641	12427	10108	23884
10/31/2024	10419	12253	9921	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| CoreCommodity Fund - Class C - NAV	-0.31%	7.82%	0.41%
ALPS \| CoreCommodity Fund - Class C - Maximim deferred sales charge**	-1.28%	7.82%	0.41%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg Commodity Total Return Index	-1.18%	6.96%	-0.08%
FTSE / CoreCommodity CRB TR Index	4.91%	12.34%	2.05%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$940,528,649
Number of Portfolio Holdings	55
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$9,426,269

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Government	64.31%
Exhange Traded Funds	30.12%
Futures	18.30%
Common Stocks	0.00%
Total Return Swaps	0.00%
Cash, Cash Equivalents, & Other Net Assets	-12.73%


**	As a percentage of net assets.

Holdings are subject to change

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-JCRCX-103124

ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund - Class I	FINANCIAL INVESTORS TRUST
JCRIX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the "Fund" or "JCRIX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/jcrix. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$112	1.12%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | CoreCommodity Management Complete Commodities^® Strategy Fund Class I shares, net of fees, returned 0.67% at net asset value (NAV) for the 12 months ending October 31, 2024. The Fund outperformed the Bloomberg Commodity Total Return Index (the "BCOM") by 1.85% over the period.

Top Contributors to relative performance

Within the energy sector, the Fund's deferred positioning in natural gas and exposure to energy equities was additive to relative performance.
Within the industrial metals sector, an overweight to copper, aluminum, and zinc and the inclusion of industrial metals equities was additive to relative performance.
Within agriculture, an underweight to staple crops (corn, soybeans, wheat) and the inclusion of agriculture equities was additive to relative performance.

Detractors from relative performance

Within precious metals, an underweight to gold detracted from relative performance.
Within livestock, an underweight to each constituent and deferred positioning in lean hogs and live cattle detracted from relative performance.

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS \| CoreCommodity Fund (Class I)	FTSE / CoreCommodity CRB TR Index	Bloomberg Commodity Total Return Index	Morningstar Global Markets Index
10/31/2014	100000	100000	100000	100000
11/30/2014	94671	93533	95930	101553
12/31/2014	87932	84557	88613	99834
01/31/2015	84885	80471	85657	98406
02/28/2015	88457	82400	87863	103793
03/31/2015	83204	77907	83350	102459
04/30/2015	89088	84392	88128	105299
05/31/2015	86881	82074	85750	105310
06/30/2015	86461	83541	87230	102934
07/31/2015	78267	74499	77969	103594
08/31/2015	76796	74327	77252	96701
09/30/2015	72279	71268	74612	93221
10/31/2015	75115	71946	74279	100304
11/30/2015	72068	67145	68889	99595
12/31/2015	68917	64808	66764	97795
01/31/2016	66080	61364	65642	91764
02/29/2016	66395	60080	64575	91263
03/31/2016	70283	62787	67042	98119
04/30/2016	76166	67988	72748	99665
05/31/2016	75430	68572	72613	99821
06/30/2016	77847	70952	75612	99125
07/31/2016	75430	66712	71748	103531
08/31/2016	75220	66433	70483	103825
09/30/2016	77426	68704	72689	104489
10/31/2016	76796	68707	72335	102554
11/30/2016	78372	69852	73300	103562
12/31/2016	79920	71062	74620	105835
01/31/2017	80761	70919	74722	108675
02/28/2017	80236	70428	74878	111675
03/31/2017	78553	68718	72887	112980
04/30/2017	76765	67225	71786	114771
05/31/2017	75293	66558	70833	117186
06/30/2017	73716	64760	70698	117797
07/31/2017	77081	67739	72297	120959
08/31/2017	76765	67134	72588	121377
09/30/2017	78868	68021	72478	123887
10/31/2017	80656	69745	74034	126432
11/30/2017	81077	70420	73693	128958
12/31/2017	83740	72243	75894	131098
01/31/2018	85575	73648	77400	138141
02/28/2018	82985	72456	76063	132413
03/31/2018	83956	73087	75590	129819
04/30/2018	87625	75680	77543	131126
05/31/2018	89136	76124	78640	131452
06/30/2018	86654	75317	75890	130629
07/31/2018	85143	73245	74270	134310
08/31/2018	83417	72779	72959	135551
09/30/2018	85143	73733	74355	135892
10/31/2018	81798	72298	72752	125385
11/30/2018	77805	68938	72339	127278
12/31/2018	71747	64544	67358	118224
01/31/2019	76975	68425	71027	127710
02/28/2019	78198	69738	71744	131181
03/31/2019	78309	70259	71618	132558
04/30/2019	78643	70600	71314	136926
05/31/2019	73971	67332	68919	128898
06/30/2019	77531	69632	70766	137115
07/31/2019	76418	68799	70294	137452
08/31/2019	72525	65758	68661	134112
09/30/2019	73860	67255	69467	136924
10/31/2019	74861	68495	70871	140767
11/30/2019	74861	68487	69058	144242
12/31/2019	79858	72130	72537	149241
01/31/2020	73680	66206	67202	147359
02/29/2020	68064	62057	63816	135296
03/31/2020	55709	47425	55643	116084
04/30/2020	57506	45642	54787	128697
05/31/2020	61101	51508	57161	134715
06/30/2020	63347	53745	58468	138859
07/31/2020	67390	55983	61804	145941
08/31/2020	72445	59695	65983	154789
09/30/2020	69187	57868	63774	149985
10/31/2020	68738	56401	64672	146700
11/30/2020	76263	62380	66945	165192
12/31/2020	81830	65399	70272	173225
01/31/2021	83971	67900	72120	172692
02/28/2021	90171	74232	76784	177156
03/31/2021	90058	72100	75135	181659
04/30/2021	95130	77870	81364	189522
05/31/2021	98962	80185	83586	192315
06/30/2021	99751	83185	85134	194458
07/31/2021	100540	85016	86699	195420
08/31/2021	100878	85056	86441	200309
09/30/2021	104147	89252	90743	192386
10/31/2021	108430	92675	93088	201615
11/30/2021	101893	85463	86281	196182
12/31/2021	106249	90610	89322	204059
01/31/2022	113305	99490	97166	193437
02/28/2022	120637	104959	103218	189105
03/31/2022	133504	115190	112142	192938
04/30/2022	134887	120369	116785	177726
05/31/2022	137931	123703	118569	177782
06/30/2022	121468	113920	105790	162438
07/31/2022	127140	114474	110303	173861
08/31/2022	127278	114100	110400	167730
09/30/2022	115519	105686	101447	151581
10/31/2022	119116	108323	103467	160700
11/30/2022	124649	110931	106301	173116
12/31/2022	120132	110531	103699	166960
01/31/2023	121168	111114	103188	178666
02/28/2023	115243	108213	98343	173693
03/31/2023	114206	107806	98140	178099
04/30/2023	113021	108396	97402	180518
05/31/2023	105319	103100	91911	178330
06/30/2023	109763	106874	95622	188640
07/31/2023	117317	115630	101607	195744
08/31/2023	115688	116052	100827	190240
09/30/2023	114206	117640	100127	182426
10/31/2023	113318	116800	100392	176469
11/30/2023	112281	114185	98132	192728
12/31/2023	111475	110557	95492	202580
01/31/2024	109791	114709	95871	203299
02/29/2024	108719	116323	94463	211773
03/31/2024	114231	123259	97588	218414
04/30/2024	116069	124360	100215	211162
05/31/2024	118672	124367	101974	219573
06/30/2024	115609	125013	100405	223723
07/31/2024	113619	120277	96352	228057
08/31/2024	112547	120314	96398	233446
09/30/2024	116375	124268	101084	238845
10/31/2024	114078	122530	99211	233222

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| CoreCommodity Fund - Class I - NAV	0.67%	8.79%	1.33%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg Commodity Total Return Index	-1.18%	6.96%	-0.08%
FTSE / CoreCommodity CRB TR Index	4.91%	12.34%	2.05%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$940,528,649
Number of Portfolio Holdings	55
Portfolio Turnover Rate	72%
Total Advisory Fees Paid	$9,426,269

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Government	64.31%
Exhange Traded Funds	30.12%
Futures	18.30%
Common Stocks	0.00%
Total Return Swaps	0.00%
Cash, Cash Equivalents, & Other Net Assets	-12.73%


**	As a percentage of net assets.

Holdings are subject to change

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-JCRIX-103124

ALPS \| Kotak India ESG Fund - Investor Shares	FINANCIAL INVESTORS TRUST
INDAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Kotak India ESG Fund (the "Fund" or "INDAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/indix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$137	1.22%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS | Kotak India ESG Fund Investor Class shares increased by 23.87%. The Fund underperformed the MSCI India Index -net of fees, which was up 32.69%.

Geopolitical concerns, US elections outcome, China recovery and earnings moderation in India corporations led global equity markets to correct from highs in October 2024, which also impacted the Fund's performance.
Top 5 additions to the Fund: Cognizant Technology, Ultratech Cement, Uno Minda, Thermax and Ashok Leyland
Top 5 exits from the Fund: Infosys, Hindustan Unilever, Persistent Systems, Maruti Suzuki India and Bajaj Finance

What contributed and detracted to/from performance?

Top contributors to relative performance

Overweight in Healthcare and Real Estate

Top detractors from relative performance

Overweight industrials and Utilities

There were notable reductions in the Fund's holdings within the Financials, Information Technology, and Consumer Staples sectors and an increase in the Fund's holdings within the Industrials, Communication Services, and Real Estate Sectors.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Kotak India ESG Fund (Investor Shares)	Nifty 500 Index	MSCI India Index (Gross Total Return)	Morningstar India Index	MSCI India Index (Net Total Return)
10/31/2014	10000	10000	10000	10000	10000
11/30/2014	10295	10207	10160	10214	10160
12/31/2014	10053	9845	9555	9760	9555
01/31/2015	10938	10611	10313	10524	10313
02/28/2015	10938	10793	10505	10661	10505
03/31/2015	10599	10311	10070	10258	10070
04/30/2015	10045	9769	9412	9717	9412
05/31/2015	10290	10071	9678	10014	9678
06/30/2015	10251	10024	9706	9991	9706
07/31/2015	10662	10299	9879	10218	9879
08/31/2015	9682	9323	9011	9272	9011
09/30/2015	9903	9425	9052	9332	9052
10/31/2015	9927	9601	9194	9553	9194
11/30/2015	9745	9347	8755	9204	8755
12/31/2015	9712	9449	8970	9405	8969
01/31/2016	9009	8695	8352	8679	8352
02/29/2016	8150	7966	7734	7960	7734
03/31/2016	9393	9117	8746	9052	8746
04/30/2016	9539	9272	8787	9167	8787
05/31/2016	9795	9488	8952	9294	8952
06/30/2016	10105	9704	9071	9484	9071
07/31/2016	10754	10320	9586	10055	9586
08/31/2016	11010	10535	9697	10249	9697
09/30/2016	11165	10459	9608	10209	9608
10/31/2016	11257	10590	9561	10283	9561
11/30/2016	10279	9744	8848	9509	8848
12/31/2016	10114	9693	8841	9460	8841
01/31/2017	10743	10316	9226	9948	9226
02/28/2017	11345	10925	9770	10602	9770
03/31/2017	12122	11351	10355	11288	10355
04/30/2017	12594	11668	10554	11641	10554
05/31/2017	12668	11824	10740	11738	10740
06/30/2017	12539	11810	10656	11714	10656
07/31/2017	13233	12582	11477	12525	11477
08/31/2017	13131	12492	11391	12487	11390
09/30/2017	12761	12106	10970	12106	10970
10/31/2017	13446	13030	11779	13031	11779
11/30/2017	13575	13057	11696	13060	11696
12/31/2017	14133	13689	12267	13709	12267
01/31/2018	14448	14027	12690	14060	12690
02/28/2018	13495	13111	11839	13182	11839
03/31/2018	13219	12640	11414	12688	11414
04/30/2018	13476	13167	11884	13231	11884
05/31/2018	13124	12766	11457	12737	11457
06/30/2018	12771	12363	11346	12455	11345
07/31/2018	13390	13057	12084	13173	12085
08/31/2018	13229	13059	12201	13276	12201
09/30/2018	11886	11638	11090	11839	11090
10/31/2018	11171	10957	10316	11094	10316
11/30/2018	12371	12109	11386	12219	11386
12/31/2018	12372	12190	11371	12268	11371
01/31/2019	12026	11754	11152	11918	11152
02/28/2019	11924	11713	11156	11885	11156
03/31/2019	13135	12914	12185	13057	12185
04/30/2019	13104	12865	12253	13025	12254
05/31/2019	13287	13053	12280	13137	12280
06/30/2019	13236	12981	12246	13081	12246
07/31/2019	12555	12200	11608	12404	11608
08/31/2019	12097	11685	11268	12010	11268
09/30/2019	12768	12308	11615	12458	11615
10/31/2019	13247	12713	12117	12996	12117
11/30/2019	13277	12753	12049	12983	12049
12/31/2019	13411	12929	12233	13162	12233
01/31/2020	13545	12855	12136	13132	12136
02/29/2020	12885	11905	11253	12178	11253
03/31/2020	9277	8703	8425	8976	8425
04/30/2020	10452	9988	9785	10405	9785
05/31/2020	10143	9714	9516	10114	9513
06/30/2020	11071	10533	10164	10948	10159
07/31/2020	12009	11362	11231	11971	11214
08/31/2020	12648	12048	11627	12509	11606
09/30/2020	12865	11982	11700	12548	11678
10/31/2020	13050	12139	11840	12753	11809
11/30/2020	14246	13703	12865	14028	12828
12/31/2020	15380	14917	14177	15401	14135
01/31/2021	15380	14676	13848	15140	13806
02/28/2021	16215	15628	14577	16083	14528
03/31/2021	16679	15969	14911	16490	14858
04/30/2021	16287	15860	14775	16416	14720
05/31/2021	17380	17336	16063	17845	15867
06/30/2021	17575	17253	15956	17843	15885
07/31/2021	18101	17529	16106	18089	16022
08/31/2021	19451	19038	17870	19731	17775
09/30/2021	19390	19376	17983	20051	17882
10/31/2021	19276	19248	17845	19901	17739
11/30/2021	18823	18663	17307	19336	17201
12/31/2021	19438	19286	17956	20062	17843
01/31/2022	19308	19168	17712	19788	17599
02/28/2022	18143	18181	17009	18833	16895
03/31/2022	18361	18842	17632	19537	17512
04/30/2022	17806	18554	17339	19290	17219
05/31/2022	16891	17531	16341	18097	16216
06/30/2022	16010	16369	15248	16849	15122
07/31/2022	17240	17862	16678	18394	16532
08/31/2022	17414	18640	17372	19200	17211
09/30/2022	16772	17659	16277	18118	16105
10/31/2022	17174	18062	16701	18482	16518
11/30/2022	17925	19006	17574	19404	17375
12/31/2022	16983	18145	16612	18510	16424
01/31/2023	16916	17759	16120	17977	15933
02/28/2023	16430	17113	15388	17262	15205
03/31/2023	16585	17271	15568	17412	15381
04/30/2023	16950	18152	16219	18211	16022
05/31/2023	17348	18635	16699	18696	16489
06/30/2023	18177	19614	17493	19683	17263
07/31/2023	18553	20342	18021	20392	17778
08/31/2023	18409	20115	17687	20175	17440
09/30/2023	18520	20456	17994	20532	17732
10/31/2023	18044	19847	17463	19895	17204
11/30/2023	19039	21250	18637	21294	18354
12/31/2023	19831	23005	20149	23026	19841
01/31/2024	20120	23517	20636	23676	20320
02/29/2024	20375	23924	21209	24150	20876
03/31/2024	20559	23988	21382	24157	21046
04/30/2024	20929	24841	21878	24968	21533
05/31/2024	21184	25032	22044	25135	21686
06/30/2024	22570	26833	23596	26980	23194
07/31/2024	22836	27915	24541	28071	24116
08/31/2024	23033	28141	24812	28268	24369
09/30/2024	23610	28756	25344	28872	24884
10/31/2024	22351	26929	23406	26811	22828

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| Kotak India ESG Fund - Investor - NAV	23.87%	11.03%	8.38%
MSCI India Index (Net Total Return)^#***	32.69%	13.50%	8.60%
Morningstar India Index	34.76%	15.59%	10.37%
MSCI India Index (Gross Total Return)****	34.03%	14.07%	8.88%
Nifty 500 Index	35.69%	16.20%	10.41%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^***	Effective September 20, 2024 , the MSCI India Index (Net Total Return) replaced the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile.
^****	Effective February 28, 2024, The MSCI India Index (Gross Total Return) replaced the Nifty 500 Index as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is a globally recognized and more widely followed index compared to the Nifty 500 index and more representative of the Fund's investment profile.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$396,576,901
Number of Portfolio Holdings	42
Portfolio Turnover Rate	75%
Total Advisory Fees Paid	$2,056,987

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


ICICI Bank, Ltd.	8.76%
Reliance Industries, Ltd.	6.61%
Axis Bank, Ltd.	6.13%
HDFC Bank, Ltd.	4.86%
Larsen & Toubro, Ltd.	4.72%
Bharti Airtel, Ltd.	4.48%
Cognizant Technology Solutions Corp.	3.79%
Fortis Healthcare, Ltd.	3.26%
Infosys, Ltd.	3.22%
UltraTech Cement, Ltd.	3.05%

Sector Allocation**


Financials	25.43%
Industrials	15.42%
Information Technology	9.80%
Consumer Discretionary	9.19%
Health Care	8.34%
Communication Services	7.63%
Energy	6.61%
Materials	6.49%
Consumer Staples	5.63%
Real Estate	3.98%
Utilities	1.91%
Cash, Cash Equivalents, & Other Net Assets	-0.43%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-INDAX-103124

ALPS \| Kotak India ESG Fund - Class A	FINANCIAL INVESTORS TRUST
INAAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Kotak India ESG Fund (the "Fund" or "INAAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/indix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$131	1.17%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS | Kotak India ESG Fund Class A shares increased by 23.85%. The Fund underperformed the MSCI India Index -net of fees, which was up 32.69%.

Geopolitical concerns, US elections outcome, China recovery and earnings moderation in India corporations led global equity markets to correct from highs in October 2024, which also impacted the Fund's performance.
Top 5 additions to the Fund: Cognizant Technology, Ultratech Cement, Uno Minda, Thermax and Ashok Leyland
Top 5 exits from the Fund: Infosys, Hindustan Unilever, Persistent Systems, Maruti Suzuki India and Bajaj Finance

What contributed and detracted to/from performance?

Top contributors to relative performance

Overweight in Healthcare and Real Estate

Top detractors from relative performance

Overweight industrials and Utilities

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Kotak India ESG Fund- A- Maximum sales charge (load)	Nifty 500 Index	MSCI India Index (Gross Total Return)	Morningstar India Index	MSCI India Index (Net Total Return)
10/31/2014	9449	10000	10000	10000	10000
11/30/2014	9728	10207	10160	10214	10160
12/31/2014	9499	9845	9555	9760	9555
01/31/2015	10335	10611	10313	10524	10313
02/28/2015	10335	10793	10505	10661	10505
03/31/2015	10014	10311	10070	10258	10070
04/30/2015	9492	9769	9412	9717	9412
05/31/2015	9723	10071	9678	10014	9678
06/30/2015	9686	10024	9706	9991	9706
07/31/2015	10074	10299	9879	10218	9879
08/31/2015	9148	9323	9011	9272	9011
09/30/2015	9357	9425	9052	9332	9052
10/31/2015	9380	9601	9194	9553	9194
11/30/2015	9208	9347	8755	9204	8755
12/31/2015	9177	9449	8970	9405	8969
01/31/2016	8512	8695	8352	8679	8352
02/29/2016	7701	7966	7734	7960	7734
03/31/2016	8875	9117	8746	9052	8746
04/30/2016	9013	9272	8787	9167	8787
05/31/2016	9255	9488	8952	9294	8952
06/30/2016	9548	9704	9071	9484	9071
07/31/2016	10161	10320	9586	10055	9586
08/31/2016	10403	10535	9697	10249	9697
09/30/2016	10550	10459	9608	10209	9608
10/31/2016	10636	10590	9561	10283	9561
11/30/2016	9712	9744	8848	9509	8848
12/31/2016	9557	9693	8841	9460	8841
01/31/2017	10151	10316	9226	9948	9226
02/28/2017	10720	10925	9770	10602	9770
03/31/2017	11454	11351	10355	11288	10355
04/30/2017	11900	11668	10554	11641	10554
05/31/2017	11970	11824	10740	11738	10740
06/30/2017	11848	11810	10656	11714	10656
07/31/2017	12503	12582	11477	12525	11477
08/31/2017	12407	12492	11391	12487	11390
09/30/2017	12057	12106	10970	12106	10970
10/31/2017	12704	13030	11779	13031	11779
11/30/2017	12827	13057	11696	13060	11696
12/31/2017	13354	13689	12267	13709	12267
01/31/2018	13651	14027	12690	14060	12690
02/28/2018	12751	13111	11839	13182	11839
03/31/2018	12490	12640	11414	12688	11414
04/30/2018	12733	13167	11884	13231	11884
05/31/2018	12400	12766	11457	12737	11457
06/30/2018	12067	12363	11346	12455	11345
07/31/2018	12652	13057	12084	13173	12085
08/31/2018	12490	13059	12201	13276	12201
09/30/2018	11222	11638	11090	11839	11090
10/31/2018	10547	10957	10316	11094	10316
11/30/2018	11690	12109	11386	12219	11386
12/31/2018	11681	12190	11371	12268	11371
01/31/2019	11354	11754	11152	11918	11152
02/28/2019	11258	11713	11156	11885	11156
03/31/2019	12402	12914	12185	13057	12185
04/30/2019	12363	12865	12253	13025	12254
05/31/2019	12536	13053	12280	13137	12280
06/30/2019	12479	12981	12246	13081	12246
07/31/2019	11835	12200	11608	12404	11608
08/31/2019	11412	11685	11268	12010	11268
09/30/2019	12036	12308	11615	12458	11615
10/31/2019	12488	12713	12117	12996	12117
11/30/2019	12517	12753	12049	12983	12049
12/31/2019	12644	12929	12233	13162	12233
01/31/2020	12770	12855	12136	13132	12136
02/29/2020	12157	11905	11253	12178	11253
03/31/2020	8747	8703	8425	8976	8425
04/30/2020	9858	9988	9785	10405	9785
05/31/2020	9565	9714	9516	10114	9513
06/30/2020	10403	10533	10164	10948	10159
07/31/2020	11290	11362	11231	11971	11214
08/31/2020	11884	12048	11627	12509	11606
09/30/2020	12088	11982	11700	12548	11678
10/31/2020	12264	12139	11840	12753	11809
11/30/2020	13394	13703	12865	14028	12828
12/31/2020	14465	14917	14177	15401	14135
01/31/2021	14465	14676	13848	15140	13806
02/28/2021	15244	15628	14577	16083	14528
03/31/2021	15683	15969	14911	16490	14858
04/30/2021	15303	15860	14775	16416	14720
05/31/2021	16335	17336	16063	17845	15867
06/30/2021	16520	17253	15956	17843	15885
07/31/2021	17017	17529	16106	18089	16022
08/31/2021	18293	19038	17870	19731	17775
09/30/2021	18225	19376	17983	20051	17882
10/31/2021	18137	19248	17845	19901	17739
11/30/2021	17699	18663	17307	19336	17201
12/31/2021	18285	19286	17956	20062	17843
01/31/2022	18161	19168	17712	19788	17599
02/28/2022	17060	18181	17009	18833	16895
03/31/2022	17277	18842	17632	19537	17512
04/30/2022	16752	18554	17339	19290	17219
05/31/2022	15908	17531	16341	18097	16216
06/30/2022	15075	16369	15248	16849	15122
07/31/2022	16237	17862	16678	18394	16532
08/31/2022	16402	18640	17372	19200	17211
09/30/2022	15805	17659	16277	18118	16105
10/31/2022	16196	18062	16701	18482	16518
11/30/2022	16896	19006	17574	19404	17375
12/31/2022	16005	18145	16612	18510	16424
01/31/2023	15942	17759	16120	17977	15933
02/28/2023	15492	17113	15388	17262	15205
03/31/2023	15649	17271	15568	17412	15381
04/30/2023	15994	18152	16219	18211	16022
05/31/2023	16370	18635	16699	18696	16489
06/30/2023	17154	19614	17493	19683	17263
07/31/2023	17510	20342	18021	20392	17778
08/31/2023	17364	20115	17687	20175	17440
09/30/2023	17468	20456	17994	20532	17732
10/31/2023	17029	19847	17463	19895	17204
11/30/2023	17970	21250	18637	21294	18354
12/31/2023	18719	23005	20149	23026	19841
01/31/2024	18992	23517	20636	23676	20320
02/29/2024	19232	23924	21209	24150	20876
03/31/2024	19407	23988	21382	24157	21046
04/30/2024	19746	24841	21878	24968	21533
05/31/2024	19997	25032	22044	25135	21686
06/30/2024	21309	26833	23596	26980	23194
07/31/2024	21549	27915	24541	28071	24116
08/31/2024	21735	28141	24812	28268	24369
09/30/2024	22281	28756	25344	28872	24884
10/31/2024	21090	26929	23406	26811	22828

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| Kotak India ESG Fund - A - NAV**	23.85%	11.05%	8.36%
ALPS \| Kotak India ESG Fund - A -Maximum sales charge (load)*^	17.02%	9.79%	7.75%
MSCI India Index (Net Total Return)^#***	32.69%	13.50%	8.60%
Morningstar India Index	34.76%	15.59%	10.37%
MSCI India Index (Gross Total Return)****	34.03%	14.07%	8.88%
Nifty 500 Index	35.69%	16.20%	10.41%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 5.50%.
^**	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.
^***	Effective September 20, 2024 , the MSCI India Index (Net Total Return) replaced the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile.
^****	Effective February 28, 2024, The MSCI India Index (Gross Total Return) replaced the Nifty 500 Index as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is a globally recognized and more widely followed index compared to the Nifty 500 index and more representative of the Fund's investment profile.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$396,576,901
Number of Portfolio Holdings	42
Portfolio Turnover Rate	75%
Total Advisory Fees Paid	$2,056,987

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


ICICI Bank, Ltd.	8.76%
Reliance Industries, Ltd.	6.61%
Axis Bank, Ltd.	6.13%
HDFC Bank, Ltd.	4.86%
Larsen & Toubro, Ltd.	4.72%
Bharti Airtel, Ltd.	4.48%
Cognizant Technology Solutions Corp.	3.79%
Fortis Healthcare, Ltd.	3.26%
Infosys, Ltd.	3.22%
UltraTech Cement, Ltd.	3.05%

Sector Allocation**


Financials	25.43%
Industrials	15.42%
Information Technology	9.80%
Consumer Discretionary	9.19%
Health Care	8.34%
Communication Services	7.63%
Energy	6.61%
Materials	6.49%
Consumer Staples	5.63%
Real Estate	3.98%
Utilities	1.91%
Cash, Cash Equivalents, & Other Net Assets	-0.43%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-INAAX-103124

ALPS \| Kotak India ESG Fund - Class C	FINANCIAL INVESTORS TRUST
INFCX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Kotak India ESG Fund (the "Fund" or "INFCX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/indix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$219	1.97%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS | Kotak India ESG Fund Class C shares increased by 22.83%. The Fund underperformed the MSCI India Index -net of fees, which was up 32.69%.

Geopolitical concerns, US elections outcome, China recovery and earnings moderation in India corporations led global equity markets to correct from highs in October 2024, which also impacted the Fund's performance.
Top 5 additions to the Fund: Cognizant Technology, Ultratech Cement, Uno Minda, Thermax and Ashok Leyland
Top 5 exits from the Fund: Infosys, Hindustan Unilever, Persistent Systems, Maruti Suzuki India and Bajaj Finance

What contributed and detracted to/from performance?

Top contributors to relative performance

Overweight in Healthcare and Real Estate

Top detractors from relative performance

Overweight industrials and Utilities

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Kotak India ESG Fund- C - Maximum sales charge (load)	Nifty 500 Index	MSCI India Index (Gross Total Return)	Morningstar India Index	MSCI India Index (Net Total Return)
10/31/2014	10000	10000	10000	10000	10000
11/30/2014	10280	10207	10160	10214	10160
12/31/2014	10036	9845	9555	9760	9555
01/31/2015	10915	10611	10313	10524	10313
02/28/2015	10907	10793	10505	10661	10505
03/31/2015	10568	10311	10070	10258	10070
04/30/2015	10003	9769	9412	9717	9412
05/31/2015	10245	10071	9678	10014	9678
06/30/2015	10197	10024	9706	9991	9706
07/31/2015	10600	10299	9879	10218	9879
08/31/2015	9624	9323	9011	9272	9011
09/30/2015	9842	9425	9052	9332	9052
10/31/2015	9866	9601	9194	9553	9194
11/30/2015	9673	9347	8755	9204	8755
12/31/2015	9639	9449	8970	9405	8969
01/31/2016	8937	8695	8352	8679	8352
02/29/2016	8075	7966	7734	7960	7734
03/31/2016	9302	9117	8746	9052	8746
04/30/2016	9452	9272	8787	9167	8787
05/31/2016	9696	9488	8952	9294	8952
06/30/2016	9995	9704	9071	9484	9071
07/31/2016	10632	10320	9586	10055	9586
08/31/2016	10867	10535	9697	10249	9697
09/30/2016	11017	10459	9608	10209	9608
10/31/2016	11101	10590	9561	10283	9561
11/30/2016	10136	9744	8848	9509	8848
12/31/2016	9967	9693	8841	9460	8841
01/31/2017	10574	10316	9226	9948	9226
02/28/2017	11173	10925	9770	10602	9770
03/31/2017	11922	11351	10355	11288	10355
04/30/2017	12378	11668	10554	11641	10554
05/31/2017	12444	11824	10740	11738	10740
06/30/2017	12312	11810	10656	11714	10656
07/31/2017	12986	12582	11477	12525	11477
08/31/2017	12881	12492	11391	12487	11390
09/30/2017	12511	12106	10970	12106	10970
10/31/2017	13166	13030	11779	13031	11779
11/30/2017	13280	13057	11696	13060	11696
12/31/2017	13824	13689	12267	13709	12267
01/31/2018	14127	14027	12690	14060	12690
02/28/2018	13188	13111	11839	13182	11839
03/31/2018	12914	12640	11414	12688	11414
04/30/2018	13149	13167	11884	13231	11884
05/31/2018	12806	12766	11457	12737	11457
06/30/2018	12454	12363	11346	12455	11345
07/31/2018	13051	13057	12084	13173	12085
08/31/2018	12875	13059	12201	13276	12201
09/30/2018	11564	11638	11090	11839	11090
10/31/2018	10859	10957	10316	11094	10316
11/30/2018	12033	12109	11386	12219	11386
12/31/2018	12014	12190	11371	12268	11371
01/31/2019	11678	11754	11152	11918	11152
02/28/2019	11573	11713	11156	11885	11156
03/31/2019	12738	12914	12185	13057	12185
04/30/2019	12696	12865	12253	13025	12254
05/31/2019	12864	13053	12280	13137	12280
06/30/2019	12790	12981	12246	13081	12246
07/31/2019	12129	12200	11608	12404	11608
08/31/2019	11689	11685	11268	12010	11268
09/30/2019	12318	12308	11615	12458	11615
10/31/2019	12780	12713	12117	12996	12117
11/30/2019	12801	12753	12049	12983	12049
12/31/2019	12918	12929	12233	13162	12233
01/31/2020	13046	12855	12136	13132	12136
02/29/2020	12407	11905	11253	12178	11253
03/31/2020	8928	8703	8425	8976	8425
04/30/2020	10045	9988	9785	10405	9785
05/31/2020	9747	9714	9516	10114	9513
06/30/2020	10588	10533	10164	10948	10159
07/31/2020	11481	11362	11231	11971	11214
08/31/2020	12077	12048	11627	12509	11606
09/30/2020	12279	11982	11700	12548	11678
10/31/2020	12450	12139	11840	12753	11809
11/30/2020	13588	13703	12865	14028	12828
12/31/2020	14663	14917	14177	15401	14135
01/31/2021	14663	14676	13848	15140	13806
02/28/2021	15440	15628	14577	16083	14528
03/31/2021	15876	15969	14911	16490	14858
04/30/2021	15493	15860	14775	16416	14720
05/31/2021	16525	17336	16063	17845	15867
06/30/2021	16706	17253	15956	17843	15885
07/31/2021	17185	17529	16106	18089	16022
08/31/2021	18462	19038	17870	19731	17775
09/30/2021	18387	19376	17983	20051	17882
10/31/2021	18281	19248	17845	19901	17739
11/30/2021	17834	18663	17307	19336	17201
12/31/2021	18408	19286	17956	20062	17843
01/31/2022	18284	19168	17712	19788	17599
02/28/2022	17168	18181	17009	18833	16895
03/31/2022	17359	18842	17632	19537	17512
04/30/2022	16829	18554	17339	19290	17219
05/31/2022	15949	17531	16341	18097	16216
06/30/2022	15115	16369	15248	16849	15122
07/31/2022	16265	17862	16678	18394	16532
08/31/2022	16423	18640	17372	19200	17211
09/30/2022	15803	17659	16277	18118	16105
10/31/2022	16175	18062	16701	18482	16518
11/30/2022	16863	19006	17574	19404	17375
12/31/2022	15965	18145	16612	18510	16424
01/31/2023	15896	17759	16120	17977	15933
02/28/2023	15437	17113	15388	17262	15205
03/31/2023	15575	17271	15568	17412	15381
04/30/2023	15907	18152	16219	18211	16022
05/31/2023	16275	18635	16699	18696	16489
06/30/2023	17044	19614	17493	19683	17263
07/31/2023	17388	20342	18021	20392	17778
08/31/2023	17239	20115	17687	20175	17440
09/30/2023	17331	20456	17994	20532	17732
10/31/2023	16883	19847	17463	19895	17204
11/30/2023	17801	21250	18637	21294	18354
12/31/2023	18531	23005	20149	23026	19841
01/31/2024	18785	23517	20636	23676	20320
02/29/2024	19014	23924	21209	24150	20876
03/31/2024	19170	23988	21382	24157	21046
04/30/2024	19496	24841	21878	24968	21533
05/31/2024	19725	25032	22044	25135	21686
06/30/2024	21003	26833	23596	26980	23194
07/31/2024	21232	27915	24541	28071	24116
08/31/2024	21413	28141	24812	28268	24369
09/30/2024	21932	28756	25344	28872	24884
10/31/2024	20738	26929	23406	26811	22828

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| Kotak India ESG Fund - C - NAV	22.83%	10.17%	7.57%
ALPS \| Kotak India ESG Fund - C - Maximum deferred sales charge**	21.83%	10.17%	7.57%
MSCI India Index (Net Total Return)^#***	32.69%	13.50%	8.60%
Morningstar India Index	34.76%	15.59%	10.37%
MSCI India Index (Gross Total Return)****	34.03%	14.07%	8.88%
Nifty 500 Index	35.69%	16.20%	10.41%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.
^***	Effective September 20, 2024 , the MSCI India Index (Net Total Return) replaced the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile.
^****	Effective February 28, 2024, The MSCI India Index (Gross Total Return) replaced the Nifty 500 Index as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is a globally recognized and more widely followed index compared to the Nifty 500 index and more representative of the Fund's investment profile.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$396,576,901
Number of Portfolio Holdings	42
Portfolio Turnover Rate	75%
Total Advisory Fees Paid	$2,056,987

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


ICICI Bank, Ltd.	8.76%
Reliance Industries, Ltd.	6.61%
Axis Bank, Ltd.	6.13%
HDFC Bank, Ltd.	4.86%
Larsen & Toubro, Ltd.	4.72%
Bharti Airtel, Ltd.	4.48%
Cognizant Technology Solutions Corp.	3.79%
Fortis Healthcare, Ltd.	3.26%
Infosys, Ltd.	3.22%
UltraTech Cement, Ltd.	3.05%

Sector Allocation**


Financials	25.43%
Industrials	15.42%
Information Technology	9.80%
Consumer Discretionary	9.19%
Health Care	8.34%
Communication Services	7.63%
Energy	6.61%
Materials	6.49%
Consumer Staples	5.63%
Real Estate	3.98%
Utilities	1.91%
Cash, Cash Equivalents, & Other Net Assets	-0.43%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-INFCX-103124

ALPS \| Kotak India ESG Fund - Class I	FINANCIAL INVESTORS TRUST
INDIX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Kotak India ESG Fund (the "Fund" or "INDIX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/indix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$104	0.93%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS | Kotak India ESG Fund Class I shares increased by 24.18%. The Fund underperformed the MSCI India Index -net of fees, which was up 32.69%.

Geopolitical concerns, US elections outcome, China recovery and earnings moderation in India corporations led global equity markets to correct from highs in October 2024, which also impacted the Fund's performance.
Top 5 additions to the Fund: Cognizant Technology, Ultratech Cement, Uno Minda, Thermax and Ashok Leyland
Top 5 exits from the Fund: Infosys, Hindustan Unilever, Persistent Systems, Maruti Suzuki India and Bajaj Finance

What contributed and detracted to/from performance?

Top contributors to relative performance

Overweight in Healthcare and Real Estate

Top detractors from relative performance

Overweight industrials and Utilities

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS \| Kotak India ESG Fund (Class I)	Nifty 500 Index	MSCI India Index (Gross Total Return)	Morningstar India Index	MSCI India Index (Net Total Return)
10/31/2014	100000	100000	100000	100000	100000
11/30/2014	103010	102068	101600	102142	101601
12/31/2014	100710	98449	95546	97601	95545
01/31/2015	109546	106111	103134	105239	103135
02/28/2015	109624	107927	105051	106614	105052
03/31/2015	106184	103107	100702	102585	100702
04/30/2015	100710	97688	94116	97169	94116
05/31/2015	103212	100707	96779	100143	96779
06/30/2015	102821	100237	97064	99912	97063
07/31/2015	106966	102988	98787	102177	98786
08/31/2015	97192	93232	90111	92723	90112
09/30/2015	99459	94255	90521	93319	90522
10/31/2015	99772	96006	91943	95531	91942
11/30/2015	97895	93468	87552	92042	87551
12/31/2015	97657	94495	89695	94048	89695
01/31/2016	90624	86953	83522	86785	83522
02/29/2016	81967	79662	77341	79603	77341
03/31/2016	94501	91169	87457	90524	87456
04/30/2016	96034	92723	87872	91666	87873
05/31/2016	98559	94882	89523	92944	89523
06/30/2016	101805	97036	90712	94835	90712
07/31/2016	108298	103199	95860	100552	95860
08/31/2016	110823	105351	96971	102490	96971
09/30/2016	112446	104593	96083	102094	96082
10/31/2016	113438	105903	95609	102830	95609
11/30/2016	103609	97436	88479	95088	88479
12/31/2016	101892	96933	88409	94596	88410
01/31/2017	108192	103155	92257	99479	92257
02/28/2017	114400	109252	97704	106019	97705
03/31/2017	122252	113509	103546	112875	103546
04/30/2017	127000	116675	105544	116409	105543
05/31/2017	127822	118236	107397	117376	107397
06/30/2017	126543	118101	106557	117138	106557
07/31/2017	133574	125819	114767	125249	114767
08/31/2017	132661	124925	113905	124872	113905
09/30/2017	128917	121063	109704	121056	109703
10/31/2017	135765	130299	117791	130312	117790
11/30/2017	137134	130569	116960	130602	116960
12/31/2017	142826	136888	122674	137091	122673
01/31/2018	146018	140270	126896	140601	126896
02/28/2018	136440	131106	118389	131820	118390
03/31/2018	133717	126403	114144	126879	114143
04/30/2018	136346	131666	118842	132313	118842
05/31/2018	132872	127660	114569	127374	114569
06/30/2018	129304	123630	113455	124546	113454
07/31/2018	135595	130568	120844	131732	120846
08/31/2018	133905	130591	122010	132760	122010
09/30/2018	120383	116375	110902	118395	110903
10/31/2018	113153	109573	103164	110944	103165
11/30/2018	125454	121090	113862	122194	113862
12/31/2018	125466	121899	113712	122684	113712
01/31/2019	121961	117542	111521	119179	111521
02/28/2019	120960	117132	111556	118855	111556
03/31/2019	133276	129141	121852	130571	121853
04/30/2019	132875	128648	122535	130253	122535
05/31/2019	134878	130530	122801	131370	122800
06/30/2019	134177	129806	122464	130806	122464
07/31/2019	127368	121998	116078	124036	116078
08/31/2019	122762	116847	112684	120098	112684
09/30/2019	129571	123077	116151	124585	116151
10/31/2019	134478	127128	121174	129956	121174
11/30/2019	134778	127532	120494	129833	120494
12/31/2019	136196	129290	122326	131622	122326
01/31/2020	137717	128547	121360	131320	121360
02/29/2020	131024	119047	112534	121781	112534
03/31/2020	94313	87029	84250	89762	84250
04/30/2020	106279	99882	97853	104053	97850
05/31/2020	103135	97136	95159	101141	95128
06/30/2020	112161	105329	101643	109481	101592
07/31/2020	121694	113622	112308	119709	112140
08/31/2020	128184	120483	116268	125094	116061
09/30/2020	130415	119824	117004	125478	116782
10/31/2020	132342	121388	118401	127532	118094
11/30/2020	144511	137032	128650	140283	128280
12/31/2020	156072	149173	141771	154010	141354
01/31/2021	156174	146759	138478	151397	138060
02/28/2021	164692	156284	145773	160826	145280
03/31/2021	169459	159689	149110	164900	148576
04/30/2021	165504	158598	147750	164162	147201
05/31/2021	176659	173358	160626	178447	158674
06/30/2021	178687	172527	159560	178428	158848
07/31/2021	184062	175294	161060	180894	160215
08/31/2021	197854	190381	178704	197313	177746
09/30/2021	197245	193765	179833	200511	178819
10/31/2021	196231	192480	178452	199007	177394
11/30/2021	191566	186632	173067	193363	172010
12/31/2021	197953	192860	179565	200616	178433
01/31/2022	196670	191679	177122	197875	175995
02/28/2022	184799	181810	170087	188328	168948
03/31/2022	187152	188422	176320	195366	175118
04/30/2022	181484	185538	173393	192897	172192
05/31/2022	172287	175310	163411	180969	162162
06/30/2022	163304	163689	152480	168491	151223
07/31/2022	175923	178616	166783	183935	165320
08/31/2022	177741	186402	173720	192005	172113
09/30/2022	171217	176590	162775	181177	161046
10/31/2022	175388	180623	167013	184824	165177
11/30/2022	183088	190055	175743	194036	173754
12/31/2022	173505	181447	166120	185098	164241
01/31/2023	172854	177594	161196	179773	159328
02/28/2023	167968	171132	153883	172624	152048
03/31/2023	169596	172709	155679	174122	153811
04/30/2023	173396	181517	162190	182114	160219
05/31/2023	177522	186355	166990	186962	164886
06/30/2023	186100	196138	174925	196833	172629
07/31/2023	189900	203422	180211	203924	177785
08/31/2023	188489	201149	176875	201747	174399
09/30/2023	189683	204564	179937	205320	177318
10/31/2023	184906	198467	174627	198950	172044
11/30/2023	195112	212496	186371	212945	183540
12/31/2023	203327	230050	201486	230260	198413
01/31/2024	206272	235168	206364	236759	203197
02/29/2024	208991	239243	212088	241496	208763
03/31/2024	210916	239885	213817	241569	210456
04/30/2024	214654	248414	218775	249684	215331
05/31/2024	217486	250324	220445	251352	216859
06/30/2024	231759	268333	235959	269804	231937
07/31/2024	234477	279146	245412	280707	241156
08/31/2024	236630	281407	248118	282681	243692
09/30/2024	242633	287562	253442	288717	248837
10/31/2024	229607	269291	234059	268115	228278

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| Kotak India ESG Fund - I - NAV	24.18%	11.29%	8.67%
MSCI India Index (Net Total Return)^#***	32.69%	13.50%	8.60%
Morningstar India Index	34.76%	15.59%	10.37%
MSCI India Index (Gross Total Return)****	34.03%	14.07%	8.88%
Nifty 500 Index	35.69%	16.20%	10.41%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^***	Effective September 20, 2024 , the MSCI India Index (Net Total Return) replaced the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile.
^****	Effective February 28, 2024, The MSCI India Index (Gross Total Return) replaced the Nifty 500 Index as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is a globally recognized and more widely followed index compared to the Nifty 500 index and more representative of the Fund's investment profile.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$396,576,901
Number of Portfolio Holdings	42
Portfolio Turnover Rate	75%
Total Advisory Fees Paid	$2,056,987

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


ICICI Bank, Ltd.	8.76%
Reliance Industries, Ltd.	6.61%
Axis Bank, Ltd.	6.13%
HDFC Bank, Ltd.	4.86%
Larsen & Toubro, Ltd.	4.72%
Bharti Airtel, Ltd.	4.48%
Cognizant Technology Solutions Corp.	3.79%
Fortis Healthcare, Ltd.	3.26%
Infosys, Ltd.	3.22%
UltraTech Cement, Ltd.	3.05%

Sector Allocation**


Financials	25.43%
Industrials	15.42%
Information Technology	9.80%
Consumer Discretionary	9.19%
Health Care	8.34%
Communication Services	7.63%
Energy	6.61%
Materials	6.49%
Consumer Staples	5.63%
Real Estate	3.98%
Utilities	1.91%
Cash, Cash Equivalents, & Other Net Assets	-0.43%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-INDIX-103124

ALPS \| Kotak India ESG Fund - Class II	FINANCIAL INVESTORS TRUST
INDSX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Kotak India ESG Fund (the "Fund" or "INDSX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/indix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$84	0.75%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS | Kotak India ESG Fund Class II shares increased by 24.35%. The Fund underperformed the MSCI India Index -net of fees, which was up 32.69%.

Geopolitical concerns, US elections outcome, China recovery and earnings moderation in India corporations led global equity markets to correct from highs in October 2024, which also impacted the Fund's performance.
Top 5 additions to the Fund: Cognizant Technology, Ultratech Cement, Uno Minda, Thermax and Ashok Leyland
Top 5 exits from the Fund: Infosys, Hindustan Unilever, Persistent Systems, Maruti Suzuki India and Bajaj Finance

What contributed and detracted to/from performance?

Top contributors to relative performance

Overweight in Healthcare and Real Estate

Top detractors from relative performance

Overweight industrials and Utilities

Comparison of change in value of a $10,000,000 investment in the Fund and the Indexes

Date	ALPS \| Kotak India ESG Fund (Class II)	Nifty 500 Index	MSCI India Index (Gross Total Return)	Morningstar India Index	MSCI India Index (Net Total Return)
10/31/2014	10000000	10000000	10000000	10000000	10000000
11/30/2014	10300978	10206810	10160048	10214226	10160093
12/31/2014	10071032	9844897	9554619	9760139	9554531
01/31/2015	10954593	10611125	10313416	10523888	10313472
02/28/2015	10962412	10792703	10505092	10661415	10505195
03/31/2015	10618371	10310690	10070208	10258457	10070151
04/30/2015	10071032	9768801	9411612	9716864	9411578
05/31/2015	10321244	10070657	9677859	10014268	9677870
06/30/2015	10282149	10023728	9706351	9991167	9706319
07/31/2015	10696562	10298759	9878669	10217727	9878605
08/31/2015	9719172	9323209	9011083	9272259	9011168
09/30/2015	9945926	9425485	9052118	9331915	9052163
10/31/2015	9977203	9600629	9194307	9553142	9194232
11/30/2015	9789544	9346827	8755197	9204202	8755124
12/31/2015	9765741	9449483	8969504	9404809	8969466
01/31/2016	9062391	8695282	8352215	8678545	8352241
02/29/2016	8196730	7966226	7734108	7960311	7734132
03/31/2016	9450135	9116947	8745655	9052356	8745582
04/30/2016	9603430	9272273	8787234	9166628	8787284
05/31/2016	9855914	9488178	8952326	9294444	8952325
06/30/2016	10180537	9703569	9071204	9483507	9071247
07/31/2016	10829783	10319862	9585975	10055227	9585984
08/31/2016	11082268	10535134	9697081	10248961	9697130
09/30/2016	11244579	10459323	9608332	10209390	9608249
10/31/2016	11343769	10590264	9560890	10283034	9560892
11/30/2016	10360883	9743636	8847900	9508823	8847894
12/31/2016	10189208	9693310	8840947	9459604	8841002
01/31/2017	10819186	10315533	9225662	9947942	9225686
02/28/2017	11440034	10925222	9770425	10601924	9770462
03/31/2017	12225224	11350891	10354587	11287522	10354644
04/30/2017	12699990	11667547	10554442	11640854	10554319
05/31/2017	12782161	11823635	10739711	11737626	10739681
06/30/2017	12654339	11810121	10655733	11713773	10655746
07/31/2017	13357358	12581912	11476695	12524922	11476710
08/31/2017	13266057	12492505	11390536	12487208	11390479
09/30/2017	12891722	12106262	10970376	12105633	10970278
10/31/2017	13576481	13029933	11779068	13031156	11779050
11/30/2017	13713433	13056931	11696045	13060227	11695999
12/31/2017	14282572	13688834	12267392	13709092	12267282
01/31/2018	14601840	14026976	12689597	14060056	12689603
02/28/2018	13644035	13110594	11838916	13181958	11838952
03/31/2018	13371717	12640343	11414393	12687943	11414334
04/30/2018	13634644	13166586	11884177	13231318	11884189
05/31/2018	13287205	12765966	11456927	12737366	11456920
06/30/2018	12930375	12362970	11345548	12454561	11345420
07/31/2018	13559522	13056767	12084441	13173239	12084570
08/31/2018	13390498	13059065	12201001	13276044	12201018
09/30/2018	12038302	11637547	11090208	11839476	11090260
10/31/2018	11315252	10957309	10316415	11094425	10316476
11/30/2018	12545375	12108977	11386174	12219409	11386238
12/31/2018	12546566	12189865	11371178	12268425	11371219
01/31/2019	12196103	11754199	11152100	11917920	11152106
02/28/2019	12095971	11713212	11155645	11885464	11155640
03/31/2019	13327597	12914098	12185187	13057131	12185291
04/30/2019	13287544	12864843	12253487	13025319	12253499
05/31/2019	13487809	13052992	12280070	13137033	12280004
06/30/2019	13417716	12980626	12246398	13080627	12246431
07/31/2019	12736817	12199776	11607842	12403585	11607824
08/31/2019	12276209	11684677	11268387	12009759	11268377
09/30/2019	12957108	12307728	11615067	12458471	11615069
10/31/2019	13447756	12712837	12117432	12995580	12117437
11/30/2019	13477795	12753238	12049405	12983338	12049406
12/31/2019	13619560	12928990	12232629	13162226	12232648
01/31/2020	13771677	12854700	12135973	13132023	12135991
02/29/2020	13112503	11904725	11253391	12178075	11253357
03/31/2020	9441408	8702949	8425013	8976187	8425042
04/30/2020	10638063	9988236	9785285	10405342	9784952
05/31/2020	10333828	9713649	9515903	10114115	9512829
06/30/2020	11236390	10532927	10164274	10948067	10159210
07/31/2020	12199799	11362185	11230761	11970882	11213952
08/31/2020	12848833	12048279	11626791	12509358	11606057
09/30/2020	13071938	11982399	11700408	12547839	11678152
10/31/2020	13264620	12138817	11840143	12753216	11809443
11/30/2020	14491699	13703207	12865050	14028338	12827962
12/31/2020	15657930	14917311	14177062	15400960	14135390
01/31/2021	15668072	14675949	13847832	15139705	13806015
02/28/2021	16519928	15628374	14577318	16082640	14528025
03/31/2021	17006703	15968854	14911047	16490026	14857577
04/30/2021	16611198	15859803	14774992	16416249	14720102
05/31/2021	17736865	17335811	16062601	17844675	15867437
06/30/2021	17949830	17252669	15955994	17842806	15884754
07/31/2021	18487310	17529367	16105953	18089388	16021522
08/31/2021	19876647	19038085	17870435	19731271	17774597
09/30/2021	19825942	19376468	17983314	20051097	17881856
10/31/2021	19724530	19247982	17845214	19900715	17739433
11/30/2021	19258037	18663152	17306722	19336277	17201018
12/31/2021	19905661	19286016	17956457	20061637	17843335
01/31/2022	19788003	19167908	17712159	19787521	17599484
02/28/2022	18590026	18180952	17008711	18832839	16894791
03/31/2022	18825343	18842157	17631999	19536619	17511839
04/30/2022	18269140	18553835	17339304	19289740	17219218
05/31/2022	17338569	17530980	16341118	18096923	16216250
06/30/2022	16440086	16368904	15248047	16849075	15122279
07/31/2022	17712936	17861552	16678254	18393530	16532019
08/31/2022	17905468	18640226	17372023	19200466	17211267
09/30/2022	17242303	17658967	16277453	18117652	16104573
10/31/2022	17670152	18062298	16701294	18482402	16517706
11/30/2022	18440279	19005547	17574332	19403568	17375424
12/31/2022	17481712	18144691	16612000	18509780	16424053
01/31/2023	17427421	17759407	16119586	17977327	15932817
02/28/2023	16938802	17113195	15388328	17262368	15204799
03/31/2023	17112533	17270928	15567870	17412197	15381149
04/30/2023	17492570	18151659	16218969	18211430	16021876
05/31/2023	17905182	18635473	16698976	18696235	16488550
06/30/2023	18773839	19613798	17492536	19683298	17262864
07/31/2023	19175592	20342235	18021076	20392439	17778485
08/31/2023	19023577	20114910	17687484	20174729	17439921
09/30/2023	19153876	20456381	17993674	20531967	17731835
10/31/2023	18676115	19846679	17462680	19894964	17204375
11/30/2023	19707644	21249640	18637138	21294494	18354008
12/31/2023	20540352	23005031	20148597	23025953	19841320
01/31/2024	20846080	23516754	20636375	23675851	20319656
02/29/2024	21129161	23924323	21208812	24149579	20876272
03/31/2024	21310333	23988464	21381675	24156852	21045554
04/30/2024	21695323	24841374	21877496	24968439	21533079
05/31/2024	21978404	25032429	22044497	25135196	21685927
06/30/2024	23427778	26833337	23595899	26980411	23193738
07/31/2024	23710859	27914587	24541191	28070749	24115599
08/31/2024	23926000	28140667	24811800	28268141	24369169
09/30/2024	24537455	28756244	25344158	28871738	24883729
10/31/2024	23223960	26929101	23405859	26811460	22827785

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS \| Kotak India ESG Fund - II - NAV*	24.35%	11.55%	8.79%
MSCI India Index (Net Total Return)^#***	32.69%	13.50%	8.60%
Morningstar India Index	34.76%	15.59%	10.37%
MSCI India Index (Gross Total Return)****	34.03%	14.07%	8.88%
Nifty 500 Index	35.69%	16.20%	10.41%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	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.
^***	Effective September 20, 2024 , the MSCI India Index (Net Total Return) replaced the MSCI India Index (Gross Total Return) as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is more representative of the Fund's investment profile.
^****	Effective February 28, 2024, The MSCI India Index (Gross Total Return) replaced the Nifty 500 Index as the Fund's broad-based securities market index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index is a globally recognized and more widely followed index compared to the Nifty 500 index and more representative of the Fund's investment profile.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$396,576,901
Number of Portfolio Holdings	42
Portfolio Turnover Rate	75%
Total Advisory Fees Paid	$2,056,987

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


ICICI Bank, Ltd.	8.76%
Reliance Industries, Ltd.	6.61%
Axis Bank, Ltd.	6.13%
HDFC Bank, Ltd.	4.86%
Larsen & Toubro, Ltd.	4.72%
Bharti Airtel, Ltd.	4.48%
Cognizant Technology Solutions Corp.	3.79%
Fortis Healthcare, Ltd.	3.26%
Infosys, Ltd.	3.22%
UltraTech Cement, Ltd.	3.05%

Sector Allocation**


Financials	25.43%
Industrials	15.42%
Information Technology	9.80%
Consumer Discretionary	9.19%
Health Care	8.34%
Communication Services	7.63%
Energy	6.61%
Materials	6.49%
Consumer Staples	5.63%
Real Estate	3.98%
Utilities	1.91%
Cash, Cash Equivalents, & Other Net Assets	-0.43%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-INDSX-103124

ALPS Global Opportunity Fund - Investor Shares	FINANCIAL INVESTORS TRUST
LPEFX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Global Opportunity Fund (the "Fund" or "LPEFX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/lpeix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$188	1.58%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS Global Opportunity Fund Investor Class shares increased by 37.47%. The Fund outperformed the Morningstar Developed Markets Index-net of fees, which was up 33.13%.

Top contributors to performance included:

U.S. alternative asset managers KKR & Co Inc, Ares Management Corp, Blackstone Inc, and Apollo Global Management
Financial services sector exposure
Private Equity investors 3i Group Plc and HgCapital Trust

Top detractors from performance included:

Small and mid-capitalization stocks which underperformed large company stocks
French private equity investors Eurazeo and Altamir
Reverse merger of Liberty Sirius XM with Sirius XM

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Global Opportunity Fund (Investor Shares)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/31/2014	10000	10000	10000
11/30/2014	10318	10254	10186
12/31/2014	10333	10214	10084
01/31/2015	10364	10161	9910
02/28/2015	10850	10848	10487
03/31/2015	10694	10757	10349
04/30/2015	11054	11329	10575
05/31/2015	11289	11566	10621
06/30/2015	11086	11358	10389
07/31/2015	11244	11531	10553
08/31/2015	10648	10816	9876
09/30/2015	10209	10244	9510
10/31/2015	10601	10797	10238
11/30/2015	10382	10733	10200
12/31/2015	10275	10348	10018
01/31/2016	9493	9404	9404
02/29/2016	9324	9329	9350
03/31/2016	10190	10331	9998
04/30/2016	10360	10396	10162
05/31/2016	10479	10537	10225
06/30/2016	9901	10073	10096
07/31/2016	10377	10708	10538
08/31/2016	10445	10910	10544
09/30/2016	10852	11088	10607
10/31/2016	10682	10849	10384
11/30/2016	10767	11184	10557
12/31/2016	11021	11505	10811
01/31/2017	11435	11927	11071
02/28/2017	11642	12064	11368
03/31/2017	11676	12215	11480
04/30/2017	12383	12821	11659
05/31/2017	13004	13228	11899
06/30/2017	13194	13420	11959
07/31/2017	13591	13830	12244
08/31/2017	13522	13551	12259
09/30/2017	13815	14180	12552
10/31/2017	13884	14319	12787
11/30/2017	13815	14120	13065
12/31/2017	14001	14413	13243
01/31/2018	15000	15418	13916
02/28/2018	14236	14649	13345
03/31/2018	13982	14276	13081
04/30/2018	14158	14506	13228
05/31/2018	13884	14397	13333
06/30/2018	13806	14375	13315
07/31/2018	14197	14966	13699
08/31/2018	14256	15055	13878
09/30/2018	14589	15145	13930
10/31/2018	13296	13618	12865
11/30/2018	13140	13436	13017
12/31/2018	12237	12319	12009
01/31/2019	13403	13626	12970
02/28/2019	13772	14032	13363
03/31/2019	13894	14117	13511
04/30/2019	14631	14913	13982
05/31/2019	14038	14127	13174
06/30/2019	14856	14959	14024
07/31/2019	14973	15025	14090
08/31/2019	14891	14793	13788
09/30/2019	15280	15094	14078
10/31/2019	15792	15547	14445
11/30/2019	16366	16106	14850
12/31/2019	17131	16837	15295
01/31/2020	17367	16903	15173
02/29/2020	15642	15118	13878
03/31/2020	11909	11107	11950
04/30/2020	13255	12606	13266
05/31/2020	13964	13619	13941
06/30/2020	14366	14200	14294
07/31/2020	15193	14778	14955
08/31/2020	16020	15674	15939
09/30/2020	15618	15176	15420
10/31/2020	15288	14978	14986
11/30/2020	17414	17622	16935
12/31/2020	18730	19129	17694
01/31/2021	18262	19281	17563
02/28/2021	18952	20105	18053
03/31/2021	19370	20711	18618
04/30/2021	20699	22328	19462
05/31/2021	20921	22822	19726
06/30/2021	21216	22636	19969
07/31/2021	22053	23857	20266
08/31/2021	22545	24175	20776
09/30/2021	21585	22946	19939
10/31/2021	23111	24980	21008
11/30/2021	22299	23886	20470
12/31/2021	23211	24476	21340
01/31/2022	21578	22276	20146
02/28/2022	20698	20933	19694
03/31/2022	20730	20766	20191
04/30/2022	18531	18153	18525
05/31/2022	18468	18322	18527
06/30/2022	16395	15837	16892
07/31/2022	18060	17616	18238
08/31/2022	16866	16192	17489
09/30/2022	14856	13843	15840
10/31/2022	15987	14969	16974
11/30/2022	17400	16319	18166
12/31/2022	16521	15568	17465
01/31/2023	17997	17550	18690
02/28/2023	17589	17471	18245
03/31/2023	17212	16687	18705
04/30/2023	17652	17140	19012
05/31/2023	17683	16765	18783
06/30/2023	18437	17723	19920
07/31/2023	19128	18881	20609
08/31/2023	18877	18148	20097
09/30/2023	18625	17683	19222
10/31/2023	17714	16366	18618
11/30/2023	19819	19401	20361
12/31/2023	21192	21559	21428
01/31/2024	21358	21513	21627
02/29/2024	22024	22279	22524
03/31/2024	22556	23013	23263
04/30/2024	22090	22167	22375
05/31/2024	23188	22885	23362
06/30/2024	22889	22476	23749
07/31/2024	24253	24189	24258
08/31/2024	24386	24269	24861
09/30/2024	24885	25520	25315
10/31/2024	24353	25119	24786

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Fund - Investor - NAV	37.47%	9.05%	9.31%
Morningstar Developed Markets Index^#	33.13%	11.40%	9.50%
Red Rocks Global Listed Private Equity Index	53.48%	10.07%	9.65%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$65,060,543
Number of Portfolio Holdings	53
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$503,602

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


KKR & Co., Inc.	6.04%
3i Group PLC	4.78%
Ares Management LP	4.76%
HgCapital Trust PLC	4.45%
Blackstone, Inc.	4.05%
Partners Group Holding AG	3.29%
Brederode SA	3.25%
Intermediate Capital Group PLC	3.21%
Apollo Global Management, Inc.	3.18%
HarbourVest Global Private Equity, Ltd.	3.11%

Sector Allocation**


Financials	76.48%
Technology	8.16%
Industrials	6.60%
Consumer Staples	2.79%
Communications	2.23%
Consumer Discretionary	1.51%
Health Care	1.43%
Cash, Cash Equivalents, & Other Net Assets	0.80%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-LPEFX-103124

ALPS Global Opportunity Fund - Class A	FINANCIAL INVESTORS TRUST
LPFAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Global Opportunity Fund (the "Fund" or "LPFAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/lpeix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$185	1.56%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS Global Opportunity Fund Class A shares increased by 37.31%. The Fund outperformed the Morningstar Developed Markets Index-net of fees, which was up 33.13%.

Top contributors to performance included:

U.S. alternative asset managers KKR & Co Inc, Ares Management Corp, Blackstone Inc, and Apollo Global Management
Financial services sector exposure
Private Equity investors 3i Group Plc and HgCapital Trust

Top detractors from performance included:

Small and mid-capitalization stocks which underperformed large company stocks
French private equity investors Eurazeo and Altamir
Reverse merger of Liberty Sirius XM with Sirius XM

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Global Opportunity Fund- A- Maximum sales charge (load)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/31/2014	9456	10000	10000
11/30/2014	9757	10254	10186
12/31/2014	9771	10214	10084
01/31/2015	9801	10161	9910
02/28/2015	10260	10848	10487
03/31/2015	10112	10757	10349
04/30/2015	10453	11329	10575
05/31/2015	10676	11566	10621
06/30/2015	10483	11358	10389
07/31/2015	10633	11531	10553
08/31/2015	10070	10816	9876
09/30/2015	9654	10244	9510
10/31/2015	10025	10797	10238
11/30/2015	9817	10733	10200
12/31/2015	9716	10348	10018
01/31/2016	8977	9404	9404
02/29/2016	8817	9329	9350
03/31/2016	9636	10331	9998
04/30/2016	9796	10396	10162
05/31/2016	9909	10537	10225
06/30/2016	9363	10073	10096
07/31/2016	9812	10708	10538
08/31/2016	9877	10910	10544
09/30/2016	10262	11088	10607
10/31/2016	10102	10849	10384
11/30/2016	10182	11184	10557
12/31/2016	10422	11505	10811
01/31/2017	10813	11927	11071
02/28/2017	11009	12064	11368
03/31/2017	11042	12215	11480
04/30/2017	11710	12821	11659
05/31/2017	12297	13228	11899
06/30/2017	12477	13420	11959
07/31/2017	12852	13830	12244
08/31/2017	12787	13551	12259
09/30/2017	13064	14180	12552
10/31/2017	13129	14319	12787
11/30/2017	13064	14120	13065
12/31/2017	13240	14413	13243
01/31/2018	14185	15418	13916
02/28/2018	13462	14649	13345
03/31/2018	13222	14276	13081
04/30/2018	13388	14506	13228
05/31/2018	13129	14397	13333
06/30/2018	13055	14375	13315
07/31/2018	13425	14966	13699
08/31/2018	13481	15055	13878
09/30/2018	13796	15145	13930
10/31/2018	12574	13618	12865
11/30/2018	12425	13436	13017
12/31/2018	11580	12319	12009
01/31/2019	12669	13626	12970
02/28/2019	13038	14032	13363
03/31/2019	13135	14117	13511
04/30/2019	13834	14913	13982
05/31/2019	13271	14127	13174
06/30/2019	14048	14959	14024
07/31/2019	14140	15025	14090
08/31/2019	14081	14793	13788
09/30/2019	14431	15094	14078
10/31/2019	14918	15547	14445
11/30/2019	15462	16106	14850
12/31/2019	16189	16837	15295
01/31/2020	16414	16903	15173
02/29/2020	14797	15118	13878
03/31/2020	11249	11107	11950
04/30/2020	12529	12606	13266
05/31/2020	13203	13619	13941
06/30/2020	13585	14200	14294
07/31/2020	14370	14778	14955
08/31/2020	15156	15674	15939
09/30/2020	14775	15176	15420
10/31/2020	14483	14978	14986
11/30/2020	16481	17622	16935
12/31/2020	17732	19129	17694
01/31/2021	17287	19281	17563
02/28/2021	17942	20105	18053
03/31/2021	18340	20711	18618
04/30/2021	19580	22328	19462
05/31/2021	19814	22822	19726
06/30/2021	20071	22636	19969
07/31/2021	20867	23857	20266
08/31/2021	21334	24175	20776
09/30/2021	20422	22946	19939
10/31/2021	21872	24980	21008
11/30/2021	21100	23886	20470
12/31/2021	21968	24476	21340
01/31/2022	20414	22276	20146
02/28/2022	19577	20933	19694
03/31/2022	19607	20766	20191
04/30/2022	17515	18153	18525
05/31/2022	17485	18322	18527
06/30/2022	15512	15837	16892
07/31/2022	17096	17616	18238
08/31/2022	15931	16192	17489
09/30/2022	14048	13843	15840
10/31/2022	15124	14969	16974
11/30/2022	16439	16319	18166
12/31/2022	15602	15568	17465
01/31/2023	17007	17550	18690
02/28/2023	16648	17471	18245
03/31/2023	16289	16687	18705
04/30/2023	16708	17140	19012
05/31/2023	16738	16765	18783
06/30/2023	17455	17723	19920
07/31/2023	18113	18881	20609
08/31/2023	17844	18148	20097
09/30/2023	17634	17683	19222
10/31/2023	16768	16366	18618
11/30/2023	18740	19401	20361
12/31/2023	20047	21559	21428
01/31/2024	20205	21513	21627
02/29/2024	20839	22279	22524
03/31/2024	21346	23013	23263
04/30/2024	20902	22167	22375
05/31/2024	21916	22885	23362
06/30/2024	21631	22476	23749
07/31/2024	22929	24189	24258
08/31/2024	23056	24269	24861
09/30/2024	23531	25520	25315
10/31/2024	23024	25119	24786

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Fund - A - NAV**	37.31%	9.07%	9.31%
ALPS Global Opportunity Fund - A - Maximum sales charge (load)*^	29.68%	7.83%	8.70%
Morningstar Developed Markets Index^#	33.13%	11.40%	9.50%
Red Rocks Global Listed Private Equity Index	53.48%	10.07%	9.65%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 5.50%.
^**	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.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$65,060,543
Number of Portfolio Holdings	53
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$503,602

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


KKR & Co., Inc.	6.04%
3i Group PLC	4.78%
Ares Management LP	4.76%
HgCapital Trust PLC	4.45%
Blackstone, Inc.	4.05%
Partners Group Holding AG	3.29%
Brederode SA	3.25%
Intermediate Capital Group PLC	3.21%
Apollo Global Management, Inc.	3.18%
HarbourVest Global Private Equity, Ltd.	3.11%

Sector Allocation**


Financials	76.48%
Technology	8.16%
Industrials	6.60%
Consumer Staples	2.79%
Communications	2.23%
Consumer Discretionary	1.51%
Health Care	1.43%
Cash, Cash Equivalents, & Other Net Assets	0.80%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-LPFAX-103124

ALPS Global Opportunity Fund - Class C	FINANCIAL INVESTORS TRUST
LPFCX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Global Opportunity Fund (the "Fund" or "LPFCX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/lpeix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$266	2.25%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS Global Opportunity Fund Class C shares increased by 36.58%. The Fund outperformed the Morningstar Developed Markets Index-net of fees, which was up 33.13%.

Top contributors to performance included:

U.S. alternative asset managers KKR & Co Inc, Ares Management Corp, Blackstone Inc, and Apollo Global Management
Financial services sector exposure
Private Equity investors 3i Group Plc and HgCapital Trust

Top detractors from performance included:

Small and mid-capitalization stocks which underperformed large company stocks
French private equity investors Eurazeo and Altamir
Reverse merger of Liberty Sirius XM with Sirius XM

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Global Opportunity Fund- C - Maximum sales charge (load)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/31/2014	10000	10000	10000
11/30/2014	10311	10254	10186
12/31/2014	10319	10214	10084
01/31/2015	10335	10161	9910
02/28/2015	10818	10848	10487
03/31/2015	10657	10757	10349
04/30/2015	11011	11329	10575
05/31/2015	11252	11566	10621
06/30/2015	11027	11358	10389
07/31/2015	11190	11531	10553
08/31/2015	10594	10816	9876
09/30/2015	10143	10244	9510
10/31/2015	10514	10797	10238
11/30/2015	10304	10733	10200
12/31/2015	10200	10348	10018
01/31/2016	9414	9404	9404
02/29/2016	9239	9329	9350
03/31/2016	10077	10331	9998
04/30/2016	10252	10396	10162
05/31/2016	10357	10537	10225
06/30/2016	9798	10073	10096
07/31/2016	10252	10708	10538
08/31/2016	10304	10910	10544
09/30/2016	10706	11088	10607
10/31/2016	10549	10849	10384
11/30/2016	10619	11184	10557
12/31/2016	10854	11505	10811
01/31/2017	11262	11927	11071
02/28/2017	11440	12064	11368
03/31/2017	11475	12215	11480
04/30/2017	12167	12821	11659
05/31/2017	12770	13228	11899
06/30/2017	12947	13420	11959
07/31/2017	13320	13830	12244
08/31/2017	13249	13551	12259
09/30/2017	13533	14180	12552
10/31/2017	13586	14319	12787
11/30/2017	13497	14120	13065
12/31/2017	13689	14413	13243
01/31/2018	14656	15418	13916
02/28/2018	13911	14649	13345
03/31/2018	13648	14276	13081
04/30/2018	13810	14506	13228
05/31/2018	13527	14397	13333
06/30/2018	13447	14375	13315
07/31/2018	13810	14966	13699
08/31/2018	13870	15055	13878
09/30/2018	14173	15145	13930
10/31/2018	12923	13618	12865
11/30/2018	12761	13436	13017
12/31/2018	11875	12319	12009
01/31/2019	12987	13626	12970
02/28/2019	13343	14032	13363
03/31/2019	13448	14117	13511
04/30/2019	14162	14913	13982
05/31/2019	13574	14127	13174
06/30/2019	14371	14959	14024
07/31/2019	14470	15025	14090
08/31/2019	14386	14793	13788
09/30/2019	14743	15094	14078
10/31/2019	15226	15547	14445
11/30/2019	15772	16106	14850
12/31/2019	16497	16837	15295
01/31/2020	16717	16903	15173
02/29/2020	15055	15118	13878
03/31/2020	11438	11107	11950
04/30/2020	12733	12606	13266
05/31/2020	13393	13619	13941
06/30/2020	13760	14200	14294
07/31/2020	14542	14778	14955
08/31/2020	15324	15674	15939
09/30/2020	14933	15176	15420
10/31/2020	14615	14978	14986
11/30/2020	16644	17622	16935
12/31/2020	17907	19129	17694
01/31/2021	17447	19281	17563
02/28/2021	18086	20105	18053
03/31/2021	18469	20711	18618
04/30/2021	19721	22328	19462
05/31/2021	19925	22822	19726
06/30/2021	20181	22636	19969
07/31/2021	20973	23857	20266
08/31/2021	21432	24175	20776
09/30/2021	20513	22946	19939
10/31/2021	21943	24980	21008
11/30/2021	21177	23886	20470
12/31/2021	22019	24476	21340
01/31/2022	20448	22276	20146
02/28/2022	19613	20933	19694
03/31/2022	19613	20766	20191
04/30/2022	17542	18153	18525
05/31/2022	17475	18322	18527
06/30/2022	15470	15837	16892
07/31/2022	17040	17616	18238
08/31/2022	15904	16192	17489
09/30/2022	14000	13843	15840
10/31/2022	15036	14969	16974
11/30/2022	16372	16319	18166
12/31/2022	15537	15568	17465
01/31/2023	16907	17550	18690
02/28/2023	16539	17471	18245
03/31/2023	16172	16687	18705
04/30/2023	16573	17140	19012
05/31/2023	16573	16765	18783
06/30/2023	17308	17723	19920
07/31/2023	17943	18881	20609
08/31/2023	17675	18148	20097
09/30/2023	17441	17683	19222
10/31/2023	16573	16366	18618
11/30/2023	18544	19401	20361
12/31/2023	19819	21559	21428
01/31/2024	19962	21513	21627
02/29/2024	20568	22279	22524
03/31/2024	21031	23013	23263
04/30/2024	20604	22167	22375
05/31/2024	21602	22885	23362
06/30/2024	21317	22476	23749
07/31/2024	22600	24189	24258
08/31/2024	22707	24269	24861
09/30/2024	23170	25520	25315
10/31/2024	22636	25119	24786

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Fund - C - NAV	36.58%	8.25%	8.51%
ALPS Global Opportunity Fund - C - Maximim deferred sales charge**	35.58%	8.25%	8.51%
Morningstar Developed Markets Index^#	33.13%	11.40%	9.50%
Red Rocks Global Listed Private Equity Index	53.48%	10.07%	9.65%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$65,060,543
Number of Portfolio Holdings	53
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$503,602

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


KKR & Co., Inc.	6.04%
3i Group PLC	4.78%
Ares Management LP	4.76%
HgCapital Trust PLC	4.45%
Blackstone, Inc.	4.05%
Partners Group Holding AG	3.29%
Brederode SA	3.25%
Intermediate Capital Group PLC	3.21%
Apollo Global Management, Inc.	3.18%
HarbourVest Global Private Equity, Ltd.	3.11%

Sector Allocation**


Financials	76.48%
Technology	8.16%
Industrials	6.60%
Consumer Staples	2.79%
Communications	2.23%
Consumer Discretionary	1.51%
Health Care	1.43%
Cash, Cash Equivalents, & Other Net Assets	0.80%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-LPFCX-103124

ALPS Global Opportunity Fund - Class I	FINANCIAL INVESTORS TRUST
LPEIX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Global Opportunity Fund (the "Fund" or "LPEIX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/lpeix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$149	1.25%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS Global Opportunity Fund Class I shares increased by 37.77%. The Fund outperformed the Morningstar Developed Markets Index-net of fees, which was up 33.13%.

Top contributors to performance included:

U.S. alternative asset managers KKR & Co Inc, Ares Management Corp, Blackstone Inc, and Apollo Global Management
Financial services sector exposure
Private Equity investors 3i Group Plc and HgCapital Trust

Top detractors from performance included:

Small and mid-capitalization stocks which underperformed large company stocks
French private equity investors Eurazeo and Altamir
Reverse merger of Liberty Sirius XM with Sirius XM

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS Global Opportunity Fund (Class I)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/31/2014	100000	100000	100000
11/30/2014	103148	102544	101862
12/31/2014	103482	102139	100843
01/31/2015	103793	101615	99104
02/28/2015	108617	108484	104872
03/31/2015	107061	107571	103488
04/30/2015	110795	113290	105749
05/31/2015	113130	115665	106211
06/30/2015	111107	113580	103889
07/31/2015	112838	115305	105527
08/31/2015	106924	108157	98758
09/30/2015	102410	102435	95097
10/31/2015	106301	107967	102381
11/30/2015	104278	107329	101998
12/31/2015	103271	103479	100181
01/31/2016	95353	94037	94044
02/29/2016	93668	93292	93501
03/31/2016	102260	103313	99980
04/30/2016	104113	103955	101619
05/31/2016	105293	105366	102245
06/30/2016	99565	100735	100956
07/31/2016	104282	107075	105375
08/31/2016	105124	109100	105436
09/30/2016	109167	110881	106068
10/31/2016	107651	108487	103843
11/30/2016	108494	111840	105567
12/31/2016	110938	115053	108113
01/31/2017	115218	119270	110707
02/28/2017	117272	120638	113683
03/31/2017	117615	122146	114798
04/30/2017	124805	128210	116593
05/31/2017	130968	132275	118990
06/30/2017	133023	134199	119587
07/31/2017	137132	138297	122438
08/31/2017	136447	135512	122586
09/30/2017	139528	141798	125525
10/31/2017	140042	143195	127868
11/30/2017	139357	141198	130650
12/31/2017	141436	144129	132434
01/31/2018	151553	154180	139157
02/28/2018	143771	146485	133455
03/31/2018	141242	142760	130808
04/30/2018	142993	145059	132282
05/31/2018	140269	143969	133334
06/30/2018	139491	143754	133151
07/31/2018	143576	149663	136993
08/31/2018	144160	150545	138782
09/30/2018	147467	151447	139299
10/31/2018	134627	136177	128654
11/30/2018	133071	134356	130165
12/31/2018	123893	123192	120090
01/31/2019	135527	136257	129698
02/28/2019	139405	140321	133635
03/31/2019	140630	141165	135105
04/30/2019	148182	149133	139818
05/31/2019	142262	141272	131740
06/30/2019	150631	149588	140243
07/31/2019	151593	150249	140902
08/31/2019	150980	147935	137876
09/30/2019	154862	150938	140778
10/31/2019	160174	155470	144452
11/30/2019	165895	161058	148504
12/31/2019	173831	168368	152949
01/31/2020	176183	169033	151727
02/29/2020	158777	151178	138778
03/31/2020	120670	111073	119496
04/30/2020	134548	126058	132664
05/31/2020	141605	136194	139407
06/30/2020	145839	142004	142939
07/31/2020	154072	147780	149545
08/31/2020	162540	156744	159392
09/30/2020	158541	151765	154199
10/31/2020	155483	149783	149856
11/30/2020	177124	176217	169351
12/31/2020	190462	191286	176939
01/31/2021	185811	192811	175630
02/28/2021	192910	201045	180528
03/31/2021	197072	207105	186180
04/30/2021	210537	223280	194615
05/31/2021	212985	228221	197257
06/30/2021	215922	226361	199689
07/31/2021	224491	238574	202661
08/31/2021	229632	241752	207757
09/30/2021	219839	229461	199391
10/31/2021	235262	249804	210076
11/30/2021	227429	238863	204699
12/31/2021	236663	244759	213400
01/31/2022	219891	222756	201465
02/28/2022	210884	209328	196940
03/31/2022	211506	207664	201907
04/30/2022	189144	181534	185246
05/31/2022	188523	183218	185268
06/30/2022	167092	158366	168923
07/31/2022	184174	176163	182383
08/31/2022	172062	161916	174893
09/30/2022	151563	138425	158397
10/31/2022	163055	149694	169740
11/30/2022	177652	163192	181664
12/31/2022	168645	155683	174652
01/31/2023	183864	175501	186901
02/28/2023	179826	174714	182454
03/31/2023	175789	166872	187051
04/30/2023	180447	171401	190119
05/31/2023	180758	167654	187832
06/30/2023	188833	177233	199196
07/31/2023	195977	188812	206094
08/31/2023	193181	181476	200967
09/30/2023	191007	176832	192216
10/31/2023	181690	163660	186180
11/30/2023	203120	194005	203608
12/31/2023	217140	215592	214285
01/31/2024	219111	215130	216269
02/29/2024	226009	222795	225240
03/31/2024	231265	230126	232635
04/30/2024	226666	221673	223749
05/31/2024	238164	228848	233618
06/30/2024	234879	224756	237494
07/31/2024	249004	241887	242584
08/31/2024	250647	242690	248607
09/30/2024	255903	255196	253149
10/31/2024	250318	251189	247860

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Fund - Institutional - NAV	37.77%	9.34%	9.61%
Morningstar Developed Markets Index^#	33.13%	11.40%	9.50%
Red Rocks Global Listed Private Equity Index	53.48%	10.07%	9.65%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$65,060,543
Number of Portfolio Holdings	53
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$503,602

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


KKR & Co., Inc.	6.04%
3i Group PLC	4.78%
Ares Management LP	4.76%
HgCapital Trust PLC	4.45%
Blackstone, Inc.	4.05%
Partners Group Holding AG	3.29%
Brederode SA	3.25%
Intermediate Capital Group PLC	3.21%
Apollo Global Management, Inc.	3.18%
HarbourVest Global Private Equity, Ltd.	3.11%

Sector Allocation**


Financials	76.48%
Technology	8.16%
Industrials	6.60%
Consumer Staples	2.79%
Communications	2.23%
Consumer Discretionary	1.51%
Health Care	1.43%
Cash, Cash Equivalents, & Other Net Assets	0.80%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-LPEIX-103124

ALPS Global Opportunity Fund - Class R	FINANCIAL INVESTORS TRUST
LPERX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Global Opportunity Fund (the "Fund" or "LPERX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/lpeix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class R	$208	1.75%

HOW DID THE FUND PERFORM FOR THE PERIOD?

For the twelve months ended October 31, 2024, the ALPS Global Opportunity Fund Class R shares increased by 37.41%. The Fund outperformed the Morningstar Developed Markets Index-net of fees, which was up 33.13%.

Top contributors to performance included:

U.S. alternative asset managers KKR & Co Inc, Ares Management Corp, Blackstone Inc, and Apollo Global Management
Financial services sector exposure
Private Equity investors 3i Group Plc and HgCapital Trust

Top detractors from performance included:

Small and mid-capitalization stocks which underperformed large company stocks
French private equity investors Eurazeo and Altamir
Reverse merger of Liberty Sirius XM with Sirius XM

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Global Opportunity Fund (Class R)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/31/2014	10000	10000	10000
11/30/2014	10307	10254	10186
12/31/2014	10336	10214	10084
01/31/2015	10354	10161	9910
02/28/2015	10834	10848	10487
03/31/2015	10691	10757	10349
04/30/2015	11047	11329	10575
05/31/2015	11278	11566	10621
06/30/2015	11082	11358	10389
07/31/2015	11226	11531	10553
08/31/2015	10640	10816	9876
09/30/2015	10196	10244	9510
10/31/2015	10587	10797	10238
11/30/2015	10374	10733	10200
12/31/2015	10269	10348	10018
01/31/2016	9472	9404	9404
02/29/2016	9316	9329	9350
03/31/2016	10153	10331	9998
04/30/2016	10328	10396	10162
05/31/2016	10444	10537	10225
06/30/2016	9880	10073	10096
07/31/2016	10347	10708	10538
08/31/2016	10405	10910	10544
09/30/2016	10814	11088	10607
10/31/2016	10658	10849	10384
11/30/2016	10736	11184	10557
12/31/2016	10972	11505	10811
01/31/2017	11388	11927	11071
02/28/2017	11586	12064	11368
03/31/2017	11625	12215	11480
04/30/2017	12318	12821	11659
05/31/2017	12932	13228	11899
06/30/2017	13130	13420	11959
07/31/2017	13526	13830	12244
08/31/2017	13447	13551	12259
09/30/2017	13744	14180	12552
10/31/2017	13804	14319	12787
11/30/2017	13724	14120	13065
12/31/2017	13921	14413	13243
01/31/2018	14909	15418	13916
02/28/2018	14151	14649	13345
03/31/2018	13898	14276	13081
04/30/2018	14059	14506	13228
05/31/2018	13784	14397	13333
06/30/2018	13715	14375	13315
07/31/2018	14105	14966	13699
08/31/2018	14151	15055	13878
09/30/2018	14473	15145	13930
10/31/2018	13209	13618	12865
11/30/2018	13048	13436	13017
12/31/2018	12141	12319	12009
01/31/2019	13280	13626	12970
02/28/2019	13668	14032	13363
03/31/2019	13789	14117	13511
04/30/2019	14516	14913	13982
05/31/2019	13910	14127	13174
06/30/2019	14734	14959	14024
07/31/2019	14824	15025	14090
08/31/2019	14776	14793	13788
09/30/2019	15140	15094	14078
10/31/2019	15649	15547	14445
11/30/2019	16207	16106	14850
12/31/2019	16968	16837	15295
01/31/2020	17199	16903	15173
02/29/2020	15496	15118	13878
03/31/2020	11774	11107	11950
04/30/2020	13101	12606	13266
05/31/2020	13794	13619	13941
06/30/2020	14198	14200	14294
07/31/2020	15006	14778	14955
08/31/2020	15814	15674	15939
09/30/2020	15410	15176	15420
10/31/2020	15121	14978	14986
11/30/2020	17199	17622	16935
12/31/2020	18488	19129	17694
01/31/2021	18033	19281	17563
02/28/2021	18731	20105	18053
03/31/2021	19126	20711	18618
04/30/2021	20431	22328	19462
05/31/2021	20644	22822	19726
06/30/2021	20917	22636	19969
07/31/2021	21767	23857	20266
08/31/2021	22253	24175	20776
09/30/2021	21281	22946	19939
10/31/2021	22769	24980	21008
11/30/2021	21980	23886	20470
12/31/2021	22887	24476	21340
01/31/2022	21264	22276	20146
02/28/2022	20390	20933	19694
03/31/2022	20432	20766	20191
04/30/2022	18268	18153	18525
05/31/2022	18185	18322	18527
06/30/2022	16146	15837	16892
07/31/2022	17769	17616	18238
08/31/2022	16604	16192	17489
09/30/2022	14606	13843	15840
10/31/2022	15730	14969	16974
11/30/2022	17103	16319	18166
12/31/2022	16229	15568	17465
01/31/2023	17685	17550	18690
02/28/2023	17311	17471	18245
03/31/2023	16895	16687	18705
04/30/2023	17353	17140	19012
05/31/2023	17394	16765	18783
06/30/2023	18102	17723	19920
07/31/2023	18809	18881	20609
08/31/2023	18559	18148	20097
09/30/2023	18310	17683	19222
10/31/2023	17394	16366	18618
11/30/2023	19475	19401	20361
12/31/2023	20795	21559	21428
01/31/2024	20975	21513	21627
02/29/2024	21606	22279	22524
03/31/2024	22146	23013	23263
04/30/2024	21696	22167	22375
05/31/2024	22731	22885	23362
06/30/2024	22461	22476	23749
07/31/2024	23811	24189	24258
08/31/2024	23901	24269	24861
09/30/2024	24396	25520	25315
10/31/2024	23901	25119	24786

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Fund - Retirement - NAV	37.41%	8.84%	9.10%
Morningstar Developed Markets Index^#	33.13%	11.40%	9.50%
Red Rocks Global Listed Private Equity Index	53.48%	10.07%	9.65%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$65,060,543
Number of Portfolio Holdings	53
Portfolio Turnover Rate	37%
Total Advisory Fees Paid	$503,602

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


KKR & Co., Inc.	6.04%
3i Group PLC	4.78%
Ares Management LP	4.76%
HgCapital Trust PLC	4.45%
Blackstone, Inc.	4.05%
Partners Group Holding AG	3.29%
Brederode SA	3.25%
Intermediate Capital Group PLC	3.21%
Apollo Global Management, Inc.	3.18%
HarbourVest Global Private Equity, Ltd.	3.11%

Sector Allocation**


Financials	76.48%
Technology	8.16%
Industrials	6.60%
Consumer Staples	2.79%
Communications	2.23%
Consumer Discretionary	1.51%
Health Care	1.43%
Cash, Cash Equivalents, & Other Net Assets	0.80%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-LPERX-103124

ALPS Balanced Opportunity Fund - Investor Class	FINANCIAL INVESTORS TRUST
ALIBX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Balanced Opportunity Fund (formerly, ALPS | Smith Balanced Opportunity Fund) (the "Fund" or "ALIBX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/alpbx. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$90	0.79%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS Balanced Opportunity Fund returned 27.42% for Investor Class shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 55% Bloomberg U.S. 1000 TR Index and 45% Bloomberg U.S. Aggregate Bond Index, which returned 24.99%.

Top contributors to relative performance:

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations. Duration position generally moved higher during relatively higher interest rates and vice versa.
Security selection was strong across the equity sleeve of the portfolio.
Technology stocks contributed to both absolute and relative performance. Leading contributors were Taiwan Semiconductor, Nvidia, and Apple.
Consumer Staples stocks were also a standout with overweight positions in Walmart and Costco Wholesale contributing.

Top detractors from relative performance:

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.
The Fund was hurt by an underweight position to the Technology Sector, but the stock selection overcame the sector underweight decision.
An overweight in the Energy sector also was a drag on performance as the sector meaningfully lagged the performance of the broad index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Balanced Opportunity Fund (Investor Class)	55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. 1000 TR Index	Bloomberg U.S. Aggregate Bond Index
09/15/2020	10000	10000	10000	10000
09/30/2020	9950	9943	9911	9980
10/31/2020	9882	9795	9679	9935
11/30/2020	10538	10472	10818	10033
12/31/2020	10803	10719	11270	10047
01/31/2021	10736	10641	11186	9975
02/28/2021	11121	10745	11517	9831
03/31/2021	11395	10901	11939	9708
04/30/2021	11798	11261	12578	9785
05/31/2021	11827	11300	12625	9817
06/30/2021	11877	11502	12963	9886
07/31/2021	12077	11695	13240	9996
08/31/2021	12201	11874	13628	9977
09/30/2021	11814	11529	13006	9891
10/31/2021	12249	11969	13911	9888
11/30/2021	12110	11898	13727	9917
12/31/2021	12481	12138	14259	9892
01/31/2022	11921	11633	13430	9679
02/28/2022	11790	11396	13056	9571
03/31/2022	11932	11460	13486	9305
04/30/2022	11156	10694	12266	8952
05/31/2022	11090	10710	12234	9009
06/30/2022	10296	10148	11226	8868
07/31/2022	11043	10783	12277	9085
08/31/2022	10710	10418	11806	8828
09/30/2022	10025	9683	10708	8447
10/31/2022	10391	10050	11560	8337
11/30/2022	10916	10512	12178	8644
12/31/2022	10465	10153	11467	8605
01/31/2023	11039	10670	12240	8870
02/28/2023	10787	10404	11944	8640
03/31/2023	11032	10705	12324	8860
04/30/2023	11106	10804	12470	8914
05/31/2023	11111	10784	12540	8816
06/30/2023	11494	11168	13388	8785
07/31/2023	11735	11376	13850	8779
08/31/2023	11550	11233	13605	8723
09/30/2023	11132	10815	12968	8501
10/31/2023	10920	10593	12651	8367
11/30/2023	11675	11356	13839	8746
12/31/2023	12179	11861	14525	9081
01/31/2024	12318	11936	14724	9056
02/29/2024	12721	12217	15525	8928
03/31/2024	13060	12484	16024	9010
04/30/2024	12615	12046	15334	8783
05/31/2024	13039	12451	16057	8932
06/30/2024	13306	12733	16594	9016
07/31/2024	13560	12966	16829	9227
08/31/2024	13832	13213	17215	9359
09/30/2024	14067	13447	17580	9485
10/31/2024	13914	13241	17446	9249

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS Balanced Opportunity Fund - Investor - NAV	27.42%	8.33%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	24.99%	7.04%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. 1000 TR Index^#	37.91%	14.44%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$12,616,896
Number of Portfolio Holdings	66
Portfolio Turnover Rate	131%
Total Advisory Fees Paid*	($125,395)

* Represents reimbursement from the adviser to the Fund.

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Common Stock	71.98%
Exchange Traded Fund	30.71%
Collateralized Mortgage Obligations	0.01%
Cash, Cash Equivalents, & Other Net Assets	-2.70%


**	As a percentage of net assets.

Holdings are subject to change

Top Ten Holdings**


ALPS Smith Core Plus Bond ETF	30.71%
Apple, Inc.	4.44%
NVIDIA Corp.	3.38%
Microsoft Corp.	2.57%
Amazon.com, Inc.	2.47%
Alphabet, Inc.	2.23%
JPMorgan Chase & Co.	2.08%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.96%
UnitedHealth Group, Inc.	1.79%
Walmart, Inc.	1.71%

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

Change to Fund Name: The ALPS | Smith Balanced Opportunity Fund changed its name to the ALPS Balanced Opportunity Fund.

Termination of Sub-Adviser: Smith Capital Investors, LLC ceased to serve as sub-adviser to the Fund and ALPS Advisors, Inc (the "Adviser"), the Fund's investment adviser, assumed all responsibility for selecting the Fund's investments.

Change to Principal Investment Strategy and Principal Risks: The Fund will now invest, as a principal investment strategy, in underlying exchange-traded funds (ETFs) that are advised by the Adviser to gain fixed income exposure as opposed to making such investments directly. The following are now Principal Risks of the Fund: Affiliated ETF Risk and ETF Investment Risk.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-ALIBX-103124

ALPS Balanced Opportunity Fund - Class A	FINANCIAL INVESTORS TRUST
ALABX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Balanced Opportunity Fund (formerly, ALPS | Smith Balanced Opportunity Fund) (the "Fund" or "ALABX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/alpbx. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$89	0.78%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS Balanced Opportunity Fund returned 27.40% for Class A shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 55% Bloomberg U.S. 1000 TR Index and 45% Bloomberg U.S. Aggregate Bond Index, which returned 24.99%.

Top contributors to relative performance:

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations. Duration position generally moved higher during relatively higher interest rates and vice versa.
Security selection was strong across the equity sleeve of the portfolio.
Technology stocks contributed to both absolute and relative performance. Leading contributors were Taiwan Semiconductor, Nvidia, and Apple.
Consumer Staples stocks were also a standout with overweight positions in Walmart and Costco Wholesale contributing.

Top detractors from relative performance:

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.
The Fund was hurt by an underweight position to the Technology Sector, but the stock selection overcame the sector underweight decision.
An overweight in the Energy sector also was a drag on performance as the sector meaningfully lagged the performance of the broad index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Balanced Opportunity Fund- A- Maximum sales charge (load)	55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. 1000 TR Index	Bloomberg U.S. Aggregate Bond Index
09/15/2020	9671	10000	10000	10000
09/30/2020	9623	9943	9911	9980
10/31/2020	9559	9795	9679	9935
11/30/2020	10194	10472	10818	10033
12/31/2020	10441	10719	11270	10047
01/31/2021	10385	10641	11186	9975
02/28/2021	10758	10745	11517	9831
03/31/2021	11023	10901	11939	9708
04/30/2021	11412	11261	12578	9785
05/31/2021	11441	11300	12625	9817
06/30/2021	11489	11502	12963	9886
07/31/2021	11683	11695	13240	9996
08/31/2021	11803	11874	13628	9977
09/30/2021	11429	11529	13006	9891
10/31/2021	11849	11969	13911	9888
11/30/2021	11715	11898	13727	9917
12/31/2021	12074	12138	14259	9892
01/31/2022	11532	11633	13430	9679
02/28/2022	11396	11396	13056	9571
03/31/2022	11543	11460	13486	9305
04/30/2022	10793	10694	12266	8952
05/31/2022	10728	10710	12234	9009
06/30/2022	9960	10148	11226	8868
07/31/2022	10673	10783	12277	9085
08/31/2022	10361	10418	11806	8828
09/30/2022	9698	9683	10708	8447
10/31/2022	10052	10050	11560	8337
11/30/2022	10560	10512	12178	8644
12/31/2022	10124	10153	11467	8605
01/31/2023	10669	10670	12240	8870
02/28/2023	10436	10404	11944	8640
03/31/2023	10671	10705	12324	8860
04/30/2023	10743	10804	12470	8914
05/31/2023	10737	10784	12540	8816
06/30/2023	11107	11168	13388	8785
07/31/2023	11350	11376	13850	8779
08/31/2023	11161	11233	13605	8723
09/30/2023	10766	10815	12968	8501
10/31/2023	10561	10593	12651	8367
11/30/2023	11291	11356	13839	8746
12/31/2023	11778	11861	14525	9081
01/31/2024	11913	11936	14724	9056
02/29/2024	12303	12217	15525	8928
03/31/2024	12629	12484	16024	9010
04/30/2024	12198	12046	15334	8783
05/31/2024	12608	12451	16057	8932
06/30/2024	12866	12733	16594	9016
07/31/2024	13112	12966	16829	9227
08/31/2024	13375	13213	17215	9359
09/30/2024	13603	13447	17580	9485
10/31/2024	13455	13241	17446	9249

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS Balanced Opportunity Fund - A - NAV	27.40%	8.33%
ALPS Balanced Opportunity Fund - A - Maximum sales charge (load)*^	23.31%	7.46%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	24.99%	7.04%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. 1000 TR Index^#	37.91%	14.44%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 3.25%
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$12,616,896
Number of Portfolio Holdings	66
Portfolio Turnover Rate	131%
Total Advisory Fees Paid*	($125,395)

* Represents reimbursement from the adviser to the Fund.

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Common Stock	71.98%
Exchange Traded Fund	30.71%
Collateralized Mortgage Obligations	0.01%
Cash, Cash Equivalents, & Other Net Assets	-2.70%


**	As a percentage of net assets.

Holdings are subject to change

Top Ten Holdings**


ALPS Smith Core Plus Bond ETF	30.71%
Apple, Inc.	4.44%
NVIDIA Corp.	3.38%
Microsoft Corp.	2.57%
Amazon.com, Inc.	2.47%
Alphabet, Inc.	2.23%
JPMorgan Chase & Co.	2.08%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.96%
UnitedHealth Group, Inc.	1.79%
Walmart, Inc.	1.71%

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

Change to Fund Name: The ALPS | Smith Balanced Opportunity Fund changed its name to the ALPS Balanced Opportunity Fund.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-ALABX-103124

ALPS Balanced Opportunity Fund - Class C	FINANCIAL INVESTORS TRUST
ALCBX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Balanced Opportunity Fund (formerly, ALPS | Smith Balanced Opportunity Fund) (the "Fund" or "ALCBX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/alpbx. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$209	1.85%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS Balanced Opportunity Fund returned 26.04% for Class C shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 55% Bloomberg U.S. 1000 TR Index and 45% Bloomberg U.S. Aggregate Bond Index, which returned 24.99%.

Top contributors to relative performance:

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations. Duration position generally moved higher during relatively higher interest rates and vice versa.
Security selection was strong across the equity sleeve of the portfolio.
Technology stocks contributed to both absolute and relative performance. Leading contributors were Taiwan Semiconductor, Nvidia, and Apple.
Consumer Staples stocks were also a standout with overweight positions in Walmart and Costco Wholesale contributing.

Top detractors from relative performance:

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.
The Fund was hurt by an underweight position to the Technology Sector, but the stock selection overcame the sector underweight decision.
An overweight in the Energy sector also was a drag on performance as the sector meaningfully lagged the performance of the broad index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS Balanced Opportunity Fund- C- Maximum sales charge (load)	55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. 1000 TR Index	Bloomberg U.S. Aggregate Bond Index
09/15/2020	10000	10000	10000	10000
09/30/2020	9950	9943	9911	9980
10/31/2020	9870	9795	9679	9935
11/30/2020	10530	10472	10818	10033
12/31/2020	10780	10719	11270	10047
01/31/2021	10710	10641	11186	9975
02/28/2021	11090	10745	11517	9831
03/31/2021	11350	10901	11939	9708
04/30/2021	11740	11261	12578	9785
05/31/2021	11771	11300	12625	9817
06/30/2021	11811	11502	12963	9886
07/31/2021	12001	11695	13240	9996
08/31/2021	12115	11874	13628	9977
09/30/2021	11725	11529	13006	9891
10/31/2021	12155	11969	13911	9888
11/30/2021	12005	11898	13727	9917
12/31/2021	12369	12138	14259	9892
01/31/2022	11808	11633	13430	9679
02/28/2022	11661	11396	13056	9571
03/31/2022	11795	11460	13486	9305
04/30/2022	11023	10694	12266	8952
05/31/2022	10959	10710	12234	9009
06/30/2022	10165	10148	11226	8868
07/31/2022	10890	10783	12277	9085
08/31/2022	10563	10418	11806	8828
09/30/2022	9877	9683	10708	8447
10/31/2022	10234	10050	11560	8337
11/30/2022	10737	10512	12178	8644
12/31/2022	10295	10153	11467	8605
01/31/2023	10846	10670	12240	8870
02/28/2023	10601	10404	11944	8640
03/31/2023	10824	10705	12324	8860
04/30/2023	10902	10804	12470	8914
05/31/2023	10888	10784	12540	8816
06/30/2023	11259	11168	13388	8785
07/31/2023	11489	11376	13850	8779
08/31/2023	11300	11233	13605	8723
09/30/2023	10891	10815	12968	8501
10/31/2023	10676	10593	12651	8367
11/30/2023	11411	11356	13839	8746
12/31/2023	11889	11861	14525	9081
01/31/2024	12019	11936	14724	9056
02/29/2024	12397	12217	15525	8928
03/31/2024	12720	12484	16024	9010
04/30/2024	12276	12046	15334	8783
05/31/2024	12693	12451	16057	8932
06/30/2024	12936	12733	16594	9016
07/31/2024	13176	12966	16829	9227
08/31/2024	13433	13213	17215	9359
09/30/2024	13655	13447	17580	9485
10/31/2024	13457	13241	17446	9249

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS Balanced Opportunity Fund - C - NAV	26.04%	7.46%
ALPS Balanced Opportunity Fund - C - Maximim deferred sales charge**	25.04%	7.46%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	24.99%	7.04%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. 1000 TR Index^#	37.91%	14.44%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$12,616,896
Number of Portfolio Holdings	66
Portfolio Turnover Rate	131%
Total Advisory Fees Paid*	($125,395)

* Represents reimbursement from the adviser to the Fund.

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Common Stock	71.98%
Exchange Traded Fund	30.71%
Collateralized Mortgage Obligations	0.01%
Cash, Cash Equivalents, & Other Net Assets	-2.70%


**	As a percentage of net assets.

Holdings are subject to change

Top Ten Holdings**


ALPS Smith Core Plus Bond ETF	30.71%
Apple, Inc.	4.44%
NVIDIA Corp.	3.38%
Microsoft Corp.	2.57%
Amazon.com, Inc.	2.47%
Alphabet, Inc.	2.23%
JPMorgan Chase & Co.	2.08%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.96%
UnitedHealth Group, Inc.	1.79%
Walmart, Inc.	1.71%

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

Change to Fund Name: The ALPS | Smith Balanced Opportunity Fund changed its name to the ALPS Balanced Opportunity Fund.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-ALCBX-103124

ALPS Balanced Opportunity Fund - Class I	FINANCIAL INVESTORS TRUST
ALPBX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS Balanced Opportunity Fund (formerly, ALPS | Smith Balanced Opportunity Fund) (the "Fund" or "ALPBX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/alpbx. You can also request this information by contacting us at 866-759-5679.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$97	0.85%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS Balanced Opportunity Fund returned 27.38% for Class I shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 55% Bloomberg U.S. 1000 TR Index and 45% Bloomberg U.S. Aggregate Bond Index, which returned 24.99%.

Top contributors to relative performance:

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations. Duration position generally moved higher during relatively higher interest rates and vice versa.
Security selection was strong across the equity sleeve of the portfolio.
Technology stocks contributed to both absolute and relative performance. Leading contributors were Taiwan Semiconductor, Nvidia, and Apple.
Consumer Staples stocks were also a standout with overweight positions in Walmart and Costco Wholesale contributing.

Top detractors from relative performance:

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.
The Fund was hurt by an underweight position to the Technology Sector, but the stock selection overcame the sector underweight decision.
An overweight in the Energy sector also was a drag on performance as the sector meaningfully lagged the performance of the broad index.

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS Balanced Opportunity Fund (Class I)	55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. 1000 TR Index	Bloomberg U.S. Aggregate Bond Index
09/15/2020	100000	100000	100000	100000
09/30/2020	99500	99430	99113	99800
10/31/2020	98853	97949	96791	99354
11/30/2020	105437	104718	108176	100329
12/31/2020	108119	107195	112705	100467
01/31/2021	107471	106408	111862	99747
02/28/2021	111354	107448	115172	98307
03/31/2021	114125	109010	119392	97079
04/30/2021	118186	112605	125780	97846
05/31/2021	118492	113001	126247	98166
06/30/2021	119020	115025	129632	98855
07/31/2021	121056	116954	132401	99961
08/31/2021	122310	118739	136280	99771
09/30/2021	118464	115294	130058	98907
10/31/2021	122852	119694	139110	98879
11/30/2021	121497	118982	137268	99172
12/31/2021	125250	121383	142593	98918
01/31/2022	119662	116326	134305	96787
02/28/2022	118273	113959	130562	95707
03/31/2022	119828	114595	134856	93048
04/30/2022	112070	106937	122656	89517
05/31/2022	111416	107098	122345	90094
06/30/2022	103465	101485	112257	88681
07/31/2022	111001	107826	122766	90848
08/31/2022	107681	104181	118058	88281
09/30/2022	100809	96830	107085	84467
10/31/2022	104516	100499	115598	83373
11/30/2022	109822	105117	121778	86439
12/31/2022	105317	101529	114671	86049
01/31/2023	111022	106697	122396	88696
02/28/2023	108614	104038	119440	86403
03/31/2023	111084	107050	123244	88598
04/30/2023	111864	108039	124704	89135
05/31/2023	111821	107842	125400	88164
06/30/2023	115707	111677	133875	87850
07/31/2023	118264	113763	138497	87789
08/31/2023	116328	112332	136053	87228
09/30/2023	112234	108152	129678	85011
10/31/2023	110124	105930	126508	83670
11/30/2023	117762	113561	138390	87458
12/31/2023	122878	118611	145246	90806
01/31/2024	124316	119362	147244	90557
02/29/2024	128306	122173	155251	89278
03/31/2024	131849	124841	160243	90102
04/30/2024	127282	120463	153336	87826
05/31/2024	131688	124508	160571	89315
06/30/2024	134310	127328	165939	90161
07/31/2024	136918	129657	168286	92267
08/31/2024	139794	132132	172148	93592
09/30/2024	142104	134470	175801	94846
10/31/2024	140273	132406	174463	92494

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS Balanced Opportunity Fund - I - NAV	27.38%	8.55%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index	24.99%	7.04%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. 1000 TR Index^#	37.91%	14.44%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$12,616,896
Number of Portfolio Holdings	66
Portfolio Turnover Rate	131%
Total Advisory Fees Paid*	($125,395)

* Represents reimbursement from the adviser to the Fund.

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Common Stock	71.98%
Exchange Traded Fund	30.71%
Collateralized Mortgage Obligations	0.01%
Cash, Cash Equivalents, & Other Net Assets	-2.70%


**	As a percentage of net assets.

Holdings are subject to change

Top Ten Holdings**


ALPS Smith Core Plus Bond ETF	30.71%
Apple, Inc.	4.44%
NVIDIA Corp.	3.38%
Microsoft Corp.	2.57%
Amazon.com, Inc.	2.47%
Alphabet, Inc.	2.23%
JPMorgan Chase & Co.	2.08%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.96%
UnitedHealth Group, Inc.	1.79%
Walmart, Inc.	1.71%

HOW HAS THE FUND CHANGED OVER THE PAST YEAR?

Change to Fund Name: The ALPS | Smith Balanced Opportunity Fund changed its name to the ALPS Balanced Opportunity Fund.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-ALPBX-103124

RiverFront Asset Allocation Growth & Income - Investor Shares	FINANCIAL INVESTORS TRUST
RLGAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about RiverFront Asset Allocation Growth & Income (the "Fund" or "RLGAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/rliix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$56	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

RiverFront Asset Allocation Growth & Income returned 23.67% for Investor Class shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 60% Morningstar Global Markets Index and 40% Bloomberg US Aggregate Bond Index which returned 23.14%.

Top contributors to relative performance

Overweight allocation to domestic equities.
Underweight allocation to fixed income.
Selection within fixed income.

Top detractors from relative performance

Selection within domestic equities; not owning enough mega-cap technology.
Selection within international equities
Allocation to cash

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	RiverFront Asset Allocation Growth & Income (Investor Shares)	60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond Index	Morningstar Global Markets Index#
10/31/2014	10000	10000	10000	10000
11/30/2014	10153	10122	10071	10155
12/31/2014	10006	10023	10080	9983
01/31/2015	10038	10021	10292	9841
02/28/2015	10526	10312	10195	10379
03/31/2015	10550	10252	10242	10246
04/30/2015	10582	10407	10206	10530
05/31/2015	10638	10398	10181	10531
06/30/2015	10341	10212	10070	10293
07/31/2015	10477	10280	10140	10359
08/31/2015	9810	9863	10125	9670
09/30/2015	9440	9677	10194	9322
10/31/2015	10156	10119	10196	10030
11/30/2015	10260	10065	10169	9959
12/31/2015	9977	9943	10136	9780
01/31/2016	9663	9630	10275	9176
02/29/2016	9489	9626	10348	9126
03/31/2016	9931	10095	10443	9812
04/30/2016	10047	10206	10483	9967
05/31/2016	10138	10216	10486	9982
06/30/2016	10122	10247	10674	9913
07/31/2016	10430	10546	10742	10353
08/31/2016	10414	10560	10730	10383
09/30/2016	10505	10598	10723	10449
10/31/2016	10338	10447	10641	10255
11/30/2016	10414	10410	10390	10356
12/31/2016	10632	10553	10404	10584
01/31/2017	10868	10731	10425	10868
02/28/2017	11111	10938	10495	11168
03/31/2017	11184	11012	10489	11298
04/30/2017	11310	11151	10570	11477
05/31/2017	11495	11326	10651	11719
06/30/2017	11528	11357	10641	11780
07/31/2017	11773	11559	10687	12096
08/31/2017	11841	11625	10782	12138
09/30/2017	12010	11747	10731	12389
10/31/2017	12238	11894	10737	12643
11/30/2017	12339	12031	10723	12896
12/31/2017	12473	12173	10773	13110
01/31/2018	13003	12509	10649	13814
02/28/2018	12586	12151	10548	13241
03/31/2018	12430	12039	10615	12982
04/30/2018	12447	12076	10536	13113
05/31/2018	12525	12128	10612	13145
06/30/2018	12381	12077	10598	13063
07/31/2018	12608	12282	10601	13431
08/31/2018	12643	12382	10669	13555
09/30/2018	12606	12369	10600	13589
10/31/2018	11745	11756	10517	12538
11/30/2018	11745	11890	10579	12728
12/31/2018	11062	11470	10774	11822
01/31/2019	11876	12071	10888	12771
02/28/2019	12051	12265	10882	13118
03/31/2019	12160	12437	11091	13256
04/30/2019	12397	12684	11094	13693
05/31/2019	11736	12328	11291	12890
06/30/2019	12323	12861	11432	13711
07/31/2019	12313	12891	11458	13745
08/31/2019	12053	12837	11755	13411
09/30/2019	12293	12971	11692	13692
10/31/2019	12533	13205	11727	14077
11/30/2019	12731	13398	11721	14424
12/31/2019	13080	13673	11713	14924
01/31/2020	12902	13675	11938	14736
02/29/2020	12115	13102	12153	13530
03/31/2020	10675	11954	12082	11608
04/30/2020	11552	12819	12297	12870
05/31/2020	11943	13202	12354	13471
06/30/2020	12197	13479	12432	13886
07/31/2020	12662	13972	12617	14594
08/31/2020	13084	14435	12515	15479
09/30/2020	12875	14163	12509	14998
10/31/2020	12567	13952	12453	14670
11/30/2020	13480	15062	12575	16519
12/31/2020	13967	15510	12592	17323
01/31/2021	13903	15437	12502	17269
02/28/2021	14063	15587	12321	17716
03/31/2021	14364	15747	12168	18166
04/30/2021	14802	16205	12264	18952
05/31/2021	15015	16370	12304	19232
06/30/2021	15198	16525	12390	19446
07/31/2021	15444	16648	12529	19542
08/31/2021	15668	16886	12505	20031
09/30/2021	14971	16426	12397	19239
10/31/2021	15507	16897	12393	20162
11/30/2021	15336	16644	12430	19618
12/31/2021	15817	17028	12398	20406
01/31/2022	15267	16349	12131	19344
02/28/2022	14933	16057	11996	18911
03/31/2022	15068	16074	11662	19294
04/30/2022	14286	15069	11220	17773
05/31/2022	14427	15111	11292	17778
06/30/2022	13508	14234	11115	16244
07/31/2022	14215	14973	11387	17386
08/31/2022	13649	14487	11065	16773
09/30/2022	12603	13400	10587	15158
10/31/2022	13209	13814	10450	16070
11/30/2022	13990	14658	10834	17312
12/31/2022	13555	14319	10785	16696
01/31/2023	14204	15097	11117	17867
02/28/2023	13845	14689	10829	17369
03/31/2023	14145	15062	11104	17810
04/30/2023	14273	15221	11172	18052
05/31/2023	14156	15044	11050	17833
06/30/2023	14686	15544	11011	18864
07/31/2023	14991	15891	11003	19574
08/31/2023	14675	15583	10933	19024
09/30/2023	14151	15040	10655	18243
10/31/2023	13808	14651	10487	17647
11/30/2023	14790	15726	10962	19273
12/31/2023	15460	16449	11381	20258
01/31/2024	15484	16466	11350	20330
02/29/2024	15758	16785	11190	21177
03/31/2024	16213	17163	11293	21841
04/30/2024	15721	16647	11008	21116
05/31/2024	16344	17158	11194	21957
06/30/2024	16586	17418	11300	22372
07/31/2024	16912	17783	11564	22806
08/31/2024	17190	18137	11731	23345
09/30/2024	17454	18486	11888	23884
10/31/2024	17076	18041	11593	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
RiverFront Asset Allocation Growth & Income - Investor - NAV	23.67%	6.38%	5.50%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.49%
60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	23.14%	6.44%	6.08%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$77,544,232
Number of Portfolio Holdings	20
Portfolio Turnover Rate	36%
Total Advisory Fees Paid	$0

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**

Holdings	% of Net Assets
Domestic Equity	52.31%
Traditional Fixed Income	23.83%
International Equity	19.30%
Alternative Fixed Income	3.45%
Cash, Cash Equivalents, & Other Net Assets	1.11%

Top Ten Holdings**


RiverFront Dynamic US Dividend Advantage ETF	20.22%
First Trust RiverFront Dynamic Developed International ETF	13.71%
JPMorgan Equity Premium Income ETF	11.22%
Vanguard® Long-Term Corporate Bond ETF	9.56%
iShares® Core S&P 500® ETF	7.23%
RiverFront Dynamic Core Income ETF	6.57%
iShares® Core S&P 500® U.S. Technology ETF	5.28%
ALPS Active Equity Opportunity ETF	3.97%
First Trust RiverFront Dynamic Emerging Markets ETF	3.59%
Riverfront Strategic Income Fund	3.45%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-RLGAX-103124

RiverFront Asset Allocation Growth & Income - Class A	FINANCIAL INVESTORS TRUST
RAGIX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about RiverFront Asset Allocation Growth & Income (the "Fund" or "RAGIX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/rliix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$56	0.50%

HOW DID THE FUND PERFORM FOR THE PERIOD?

RiverFront Asset Allocation Growth & Income returned 23.60% for Class A shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 60% Morningstar Global Markets Index and 40% Bloomberg US Aggregate Bond Index which returned 23.14%.

Top contributors to relative performance

Overweight allocation to domestic equities.
Underweight allocation to fixed income.
Selection within fixed income.

Top detractors from relative performance

Selection within domestic equities; not owning enough mega-cap technology.
Selection within international equities
Allocation to cash

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	RiverFront Asset Allocation Growth & Income- A- Maximum sales charge (load)	60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond Index	Morningstar Global Markets Index#
10/31/2014	9452	10000	10000	10000
11/30/2014	9596	10122	10071	10155
12/31/2014	9458	10023	10080	9983
01/31/2015	9488	10021	10292	9841
02/28/2015	9949	10312	10195	10379
03/31/2015	9972	10252	10242	10246
04/30/2015	10002	10407	10206	10530
05/31/2015	10055	10398	10181	10531
06/30/2015	9774	10212	10070	10293
07/31/2015	9903	10280	10140	10359
08/31/2015	9273	9863	10125	9670
09/30/2015	8923	9677	10194	9322
10/31/2015	9599	10119	10196	10030
11/30/2015	9698	10065	10169	9959
12/31/2015	9430	9943	10136	9780
01/31/2016	9133	9630	10275	9176
02/29/2016	8969	9626	10348	9126
03/31/2016	9387	10095	10443	9812
04/30/2016	9496	10206	10483	9967
05/31/2016	9582	10216	10486	9982
06/30/2016	9567	10247	10674	9913
07/31/2016	9859	10546	10742	10353
08/31/2016	9843	10560	10730	10383
09/30/2016	9930	10598	10723	10449
10/31/2016	9772	10447	10641	10255
11/30/2016	9843	10410	10390	10356
12/31/2016	10050	10553	10404	10584
01/31/2017	10272	10731	10425	10868
02/28/2017	10502	10938	10495	11168
03/31/2017	10571	11012	10489	11298
04/30/2017	10690	11151	10570	11477
05/31/2017	10865	11326	10651	11719
06/30/2017	10896	11357	10641	11780
07/31/2017	11128	11559	10687	12096
08/31/2017	11192	11625	10782	12138
09/30/2017	11352	11747	10731	12389
10/31/2017	11567	11894	10737	12643
11/30/2017	11663	12031	10723	12896
12/31/2017	11790	12173	10773	13110
01/31/2018	12291	12509	10649	13814
02/28/2018	11896	12151	10548	13241
03/31/2018	11749	12039	10615	12982
04/30/2018	11765	12076	10536	13113
05/31/2018	11839	12128	10612	13145
06/30/2018	11702	12077	10598	13063
07/31/2018	11917	12282	10601	13431
08/31/2018	11950	12382	10669	13555
09/30/2018	11917	12369	10600	13589
10/31/2018	11095	11756	10517	12538
11/30/2018	11095	11890	10579	12728
12/31/2018	10458	11470	10774	11822
01/31/2019	11227	12071	10888	12771
02/28/2019	11392	12265	10882	13118
03/31/2019	11492	12437	11091	13256
04/30/2019	11717	12684	11094	13693
05/31/2019	11091	12328	11291	12890
06/30/2019	11648	12861	11432	13711
07/31/2019	11639	12891	11458	13745
08/31/2019	11393	12837	11755	13411
09/30/2019	11620	12971	11692	13692
10/31/2019	11847	13205	11727	14077
11/30/2019	12034	13398	11721	14424
12/31/2019	12365	13673	11713	14924
01/31/2020	12196	13675	11938	14736
02/29/2020	11451	13102	12153	13530
03/31/2020	10089	11954	12082	11608
04/30/2020	10919	12819	12297	12870
05/31/2020	11289	13202	12354	13471
06/30/2020	11529	13479	12432	13886
07/31/2020	11969	13972	12617	14594
08/31/2020	12369	14435	12515	15479
09/30/2020	12171	14163	12509	14998
10/31/2020	11879	13952	12453	14670
11/30/2020	12743	15062	12575	16519
12/31/2020	13204	15510	12592	17323
01/31/2021	13144	15437	12502	17269
02/28/2021	13295	15587	12321	17716
03/31/2021	13581	15747	12168	18166
04/30/2021	13984	16205	12264	18952
05/31/2021	14186	16370	12304	19232
06/30/2021	14370	16525	12390	19446
07/31/2021	14592	16648	12529	19542
08/31/2021	14815	16886	12505	20031
09/30/2021	14145	16426	12397	19239
10/31/2021	14653	16897	12393	20162
11/30/2021	14490	16644	12430	19618
12/31/2021	14946	17028	12398	20406
01/31/2022	14425	16349	12131	19344
02/28/2022	14109	16057	11996	18911
03/31/2022	14237	16074	11662	19294
04/30/2022	13508	15069	11220	17773
05/31/2022	13642	15111	11292	17778
06/30/2022	12772	14234	11115	16244
07/31/2022	13442	14973	11387	17386
08/31/2022	12906	14487	11065	16773
09/30/2022	11917	13400	10587	15158
10/31/2022	12490	13814	10450	16070
11/30/2022	13219	14658	10834	17312
12/31/2022	12817	14319	10785	16696
01/31/2023	13421	15097	11117	17867
02/28/2023	13091	14689	10829	17369
03/31/2023	13364	15062	11104	17810
04/30/2023	13486	15221	11172	18052
05/31/2023	13386	15044	11050	17833
06/30/2023	13888	15544	11011	18864
07/31/2023	14177	15891	11003	19574
08/31/2023	13877	15583	10933	19024
09/30/2023	13382	15040	10655	18243
10/31/2023	13057	14651	10487	17647
11/30/2023	13976	15726	10962	19273
12/31/2023	14621	16449	11381	20258
01/31/2024	14632	16466	11350	20330
02/29/2024	14903	16785	11190	21177
03/31/2024	15322	17163	11293	21841
04/30/2024	14857	16647	11008	21116
05/31/2024	15446	17158	11194	21957
06/30/2024	15675	17418	11300	22372
07/31/2024	15983	17783	11564	22806
08/31/2024	16246	18137	11731	23345
09/30/2024	16497	18486	11888	23884
10/31/2024	16138	18041	11593	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
RiverFront Asset Allocation Growth & Income - A - NAV**	23.60%	6.38%	5.50%
RiverFront Asset Allocation Growth & Income - A - Maximum sales charge (load)*^	16.79%	5.18%	4.90%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.49%
60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	23.14%	6.44%	6.08%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 5.50%.
^**	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.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$77,544,232
Number of Portfolio Holdings	20
Portfolio Turnover Rate	36%
Total Advisory Fees Paid	$0

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**

Holdings	% of Net Assets
Domestic Equity	52.31%
Traditional Fixed Income	23.83%
International Equity	19.30%
Alternative Fixed Income	3.45%
Cash, Cash Equivalents, & Other Net Assets	1.11%

Top Ten Holdings**


RiverFront Dynamic US Dividend Advantage ETF	20.22%
First Trust RiverFront Dynamic Developed International ETF	13.71%
JPMorgan Equity Premium Income ETF	11.22%
Vanguard® Long-Term Corporate Bond ETF	9.56%
iShares® Core S&P 500® ETF	7.23%
RiverFront Dynamic Core Income ETF	6.57%
iShares® Core S&P 500® U.S. Technology ETF	5.28%
ALPS Active Equity Opportunity ETF	3.97%
First Trust RiverFront Dynamic Emerging Markets ETF	3.59%
Riverfront Strategic Income Fund	3.45%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-RAGIX-103124

RiverFront Asset Allocation Growth & Income - Class C	FINANCIAL INVESTORS TRUST
RLGCX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about RiverFront Asset Allocation Growth & Income (the "Fund" or "RLGCX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/rliix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$139	1.25%

HOW DID THE FUND PERFORM FOR THE PERIOD?

RiverFront Asset Allocation Growth & Income returned 22.77% for Class C shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 60% Morningstar Global Markets Index and 40% Bloomberg US Aggregate Bond Index which returned 23.14%.

Top contributors to relative performance

Overweight allocation to domestic equities.
Underweight allocation to fixed income.
Selection within fixed income.

Top detractors from relative performance

Selection within domestic equities; not owning enough mega-cap technology.
Selection within international equities
Allocation to cash

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	RiverFront Asset Allocation Growth & Income- C - Maximum sales charge (load)	60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond Index	Morningstar Global Markets Index#
10/31/2014	10000	10000	10000	10000
11/30/2014	10154	10122	10071	10155
12/31/2014	9994	10023	10080	9983
01/31/2015	10027	10021	10292	9841
02/28/2015	10511	10312	10195	10379
03/31/2015	10519	10252	10242	10246
04/30/2015	10551	10407	10206	10530
05/31/2015	10600	10398	10181	10531
06/30/2015	10289	10212	10070	10293
07/31/2015	10426	10280	10140	10359
08/31/2015	9754	9863	10125	9670
09/30/2015	9381	9677	10194	9322
10/31/2015	10086	10119	10196	10030
11/30/2015	10183	10065	10169	9959
12/31/2015	9893	9943	10136	9780
01/31/2016	9577	9630	10275	9176
02/29/2016	9393	9626	10348	9126
03/31/2016	9827	10095	10443	9812
04/30/2016	9935	10206	10483	9967
05/31/2016	10027	10216	10486	9982
06/30/2016	10000	10247	10674	9913
07/31/2016	10302	10546	10742	10353
08/31/2016	10276	10560	10730	10383
09/30/2016	10360	10598	10723	10449
10/31/2016	10184	10447	10641	10255
11/30/2016	10260	10410	10390	10356
12/31/2016	10466	10553	10404	10584
01/31/2017	10693	10731	10425	10868
02/28/2017	10929	10938	10495	11168
03/31/2017	10988	11012	10489	11298
04/30/2017	11106	11151	10570	11477
05/31/2017	11283	11326	10651	11719
06/30/2017	11301	11357	10641	11780
07/31/2017	11546	11559	10687	12096
08/31/2017	11597	11625	10782	12138
09/30/2017	11758	11747	10731	12389
10/31/2017	11969	11894	10737	12643
11/30/2017	12062	12031	10723	12896
12/31/2017	12189	12173	10773	13110
01/31/2018	12693	12509	10649	13814
02/28/2018	12285	12151	10548	13241
03/31/2018	12120	12039	10615	12982
04/30/2018	12137	12076	10536	13113
05/31/2018	12198	12128	10612	13145
06/30/2018	12048	12077	10598	13063
07/31/2018	12266	12282	10601	13431
08/31/2018	12293	12382	10669	13555
09/30/2018	12241	12369	10600	13589
10/31/2018	11401	11756	10517	12538
11/30/2018	11393	11890	10579	12728
12/31/2018	10723	11470	10774	11822
01/31/2019	11515	12071	10888	12771
02/28/2019	11670	12265	10882	13118
03/31/2019	11777	12437	11091	13256
04/30/2019	11993	12684	11094	13693
05/31/2019	11344	12328	11291	12890
06/30/2019	11905	12861	11432	13711
07/31/2019	11885	12891	11458	13745
08/31/2019	11626	12837	11755	13411
09/30/2019	11857	12971	11692	13692
10/31/2019	12075	13205	11727	14077
11/30/2019	12262	13398	11721	14424
12/31/2019	12583	13673	11713	14924
01/31/2020	12406	13675	11938	14736
02/29/2020	11645	13102	12153	13530
03/31/2020	10254	11954	12082	11608
04/30/2020	11082	12819	12297	12870
05/31/2020	11459	13202	12354	13471
06/30/2020	11699	13479	12432	13886
07/31/2020	12139	13972	12617	14594
08/31/2020	12537	14435	12515	15479
09/30/2020	12316	14163	12509	14998
10/31/2020	12022	13952	12453	14670
11/30/2020	12883	15062	12575	16519
12/31/2020	13348	15510	12592	17323
01/31/2021	13274	15437	12502	17269
02/28/2021	13421	15587	12321	17716
03/31/2021	13695	15747	12168	18166
04/30/2021	14106	16205	12264	18952
05/31/2021	14295	16370	12304	19232
06/30/2021	14464	16525	12390	19446
07/31/2021	14685	16648	12529	19542
08/31/2021	14895	16886	12505	20031
09/30/2021	14212	16426	12397	19239
10/31/2021	14719	16897	12393	20162
11/30/2021	14550	16644	12430	19618
12/31/2021	14994	17028	12398	20406
01/31/2022	14464	16349	12131	19344
02/28/2022	14136	16057	11996	18911
03/31/2022	14256	16074	11662	19294
04/30/2022	13510	15069	11220	17773
05/31/2022	13638	15111	11292	17778
06/30/2022	12762	14234	11115	16244
07/31/2022	13423	14973	11387	17386
08/31/2022	12879	14487	11065	16773
09/30/2022	11883	13400	10587	15158
10/31/2022	12453	13814	10450	16070
11/30/2022	13175	14658	10834	17312
12/31/2022	12754	14319	10785	16696
01/31/2023	13355	15097	11117	17867
02/28/2023	13015	14689	10829	17369
03/31/2023	13280	15062	11104	17810
04/30/2023	13394	15221	11172	18052
05/31/2023	13280	15044	11050	17833
06/30/2023	13771	15544	11011	18864
07/31/2023	14046	15891	11003	19574
08/31/2023	13748	15583	10933	19024
09/30/2023	13245	15040	10655	18243
10/31/2023	12911	14651	10487	17647
11/30/2023	13822	15726	10962	19273
12/31/2023	14444	16449	11381	20258
01/31/2024	14455	16466	11350	20330
02/29/2024	14699	16785	11190	21177
03/31/2024	15111	17163	11293	21841
04/30/2024	14646	16647	11008	21116
05/31/2024	15216	17158	11194	21957
06/30/2024	15431	17418	11300	22372
07/31/2024	15724	17783	11564	22806
08/31/2024	15970	18137	11731	23345
09/30/2024	16206	18486	11888	23884
10/31/2024	15851	18041	11593	23322

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
RiverFront Asset Allocation Growth & Income - C - NAV	22.77%	5.59%	4.71%
RiverFront Asset Allocation Growth & Income - C - Maximim deferred sales charge**	21.77%	5.59%	4.71%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.49%
60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	23.14%	6.44%	6.08%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$77,544,232
Number of Portfolio Holdings	20
Portfolio Turnover Rate	36%
Total Advisory Fees Paid	$0

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**

Holdings	% of Net Assets
Domestic Equity	52.31%
Traditional Fixed Income	23.83%
International Equity	19.30%
Alternative Fixed Income	3.45%
Cash, Cash Equivalents, & Other Net Assets	1.11%

Top Ten Holdings**


RiverFront Dynamic US Dividend Advantage ETF	20.22%
First Trust RiverFront Dynamic Developed International ETF	13.71%
JPMorgan Equity Premium Income ETF	11.22%
Vanguard® Long-Term Corporate Bond ETF	9.56%
iShares® Core S&P 500® ETF	7.23%
RiverFront Dynamic Core Income ETF	6.57%
iShares® Core S&P 500® U.S. Technology ETF	5.28%
ALPS Active Equity Opportunity ETF	3.97%
First Trust RiverFront Dynamic Emerging Markets ETF	3.59%
Riverfront Strategic Income Fund	3.45%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-RLGCX-103124

RiverFront Asset Allocation Growth & Income - Class I	FINANCIAL INVESTORS TRUST
RLIIX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about RiverFront Asset Allocation Growth & Income (the "Fund" or "RLIIX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/rliix. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$28	0.25%

HOW DID THE FUND PERFORM FOR THE PERIOD?

RiverFront Asset Allocation Growth & Income returned 23.94% for Class I shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 60% Morningstar Global Markets Index and 40% Bloomberg US Aggregate Bond Index which returned 23.14%.

Top contributors to relative performance

Overweight allocation to domestic equities.
Underweight allocation to fixed income.
Selection within fixed income.

Top detractors from relative performance

Selection within domestic equities; not owning enough mega-cap technology.
Selection within international equities
Allocation to cash

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	RiverFront Asset Allocation Growth & Income (Class I)	60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Aggregate Bond Index	Morningstar Global Markets Index#
10/31/2014	100000	100000	100000	100000
11/30/2014	101613	101216	100710	101553
12/31/2014	100102	100226	100804	99834
01/31/2015	100505	100206	102917	98406
02/28/2015	105417	103121	101950	103793
03/31/2015	105578	102517	102423	102459
04/30/2015	105981	104074	102056	105299
05/31/2015	106625	103981	101810	105310
06/30/2015	103616	102119	100700	102934
07/31/2015	105075	102797	101400	103594
08/31/2015	98346	98633	101254	96701
09/30/2015	94698	96771	101939	93221
10/31/2015	101832	101188	101956	100304
11/30/2015	102886	100652	101687	99595
12/31/2015	100152	99431	101358	97795
01/31/2016	96897	96299	102753	91764
02/29/2016	95228	96257	103482	91263
03/31/2016	99630	100949	104431	98119
04/30/2016	100883	102059	104832	99665
05/31/2016	101801	102165	104859	99821
06/30/2016	101701	102472	106743	99125
07/31/2016	104816	105463	107418	103531
08/31/2016	104648	105595	107295	103825
09/30/2016	105649	105975	107232	104489
10/31/2016	103877	104474	106412	102554
11/30/2016	104720	104101	103895	103562
12/31/2016	106976	105531	104041	105835
01/31/2017	109353	107313	104246	108675
02/28/2017	111815	109379	104946	111675
03/31/2017	112536	110123	104891	112980
04/30/2017	113810	111510	105701	114771
05/31/2017	115765	113261	106514	117186
06/30/2017	116085	113570	106407	117797
07/31/2017	118651	115594	106865	120959
08/31/2017	119250	116249	107823	121377
09/30/2017	121047	117470	107310	123887
10/31/2017	123356	118945	107372	126432
11/30/2017	124383	120310	107234	128958
12/31/2017	125790	121728	107726	131098
01/31/2018	131160	125091	106486	138141
02/28/2018	126934	121505	105476	132413
03/31/2018	125438	120389	106153	129819
04/30/2018	125614	120758	105363	131126
05/31/2018	126406	121282	106115	131452
06/30/2018	125025	120767	105984	130629
07/31/2018	127330	122821	106010	134310
08/31/2018	127685	123818	106692	135551
09/30/2018	127301	123686	106005	135892
10/31/2018	118571	117557	105167	125385
11/30/2018	118660	118902	105795	127278
12/31/2018	111785	114701	107738	118224
01/31/2019	120046	120710	108883	127710
02/28/2019	121824	122651	108820	131181
03/31/2019	123018	124366	110909	132558
04/30/2019	125432	126837	110938	136926
05/31/2019	118714	123276	112907	128898
06/30/2019	124757	128610	114325	137115
07/31/2019	124652	128913	114576	137452
08/31/2019	122008	128370	117545	134112
09/30/2019	124513	129711	116919	136924
10/31/2019	126952	132052	117272	140767
11/30/2019	128967	133981	117212	144242
12/31/2019	132472	136729	117130	149241
01/31/2020	130763	136747	119384	147359
02/29/2020	122857	131015	121533	135296
03/31/2020	108181	119544	120818	116084
04/30/2020	117115	128188	122965	128697
05/31/2020	121098	132023	123538	134715
06/30/2020	123789	134792	124316	138859
07/31/2020	128525	139723	126173	145941
08/31/2020	132831	144354	125154	154789
09/30/2020	130673	141634	125086	149985
10/31/2020	127536	139520	124527	146700
11/30/2020	136947	150620	125749	165192
12/31/2020	141864	155097	125922	173225
01/31/2021	141321	154366	125019	172692
02/28/2021	142950	155869	123214	177156
03/31/2021	146010	157467	121676	181659
04/30/2021	150471	162055	122637	189522
05/31/2021	152647	163699	123037	192315
06/30/2021	154615	165254	123902	194458
07/31/2021	157014	166483	125287	195420
08/31/2021	159413	168856	125049	200309
09/30/2021	152283	164264	123966	192386
10/31/2021	157874	168973	123932	201615
11/30/2021	156120	166441	124299	196182
12/31/2021	161106	170281	123981	204059
01/31/2022	155486	163495	121310	193437
02/28/2022	152070	160569	119956	189105
03/31/2022	153537	160737	116624	192938
04/30/2022	145655	150693	112198	177726
05/31/2022	147098	151110	112921	177782
06/30/2022	137678	142337	111150	162438
07/31/2022	145030	149733	113866	173861
08/31/2022	139238	144873	110649	167730
09/30/2022	128620	134001	105868	151581
10/31/2022	134820	138143	104496	160700
11/30/2022	142711	146579	108339	173116
12/31/2022	138425	143187	107851	166960
01/31/2023	144960	150973	111169	178666
02/28/2023	141396	146890	108294	173693
03/31/2023	144440	150618	111045	178099
04/30/2023	145758	152211	111718	180518
05/31/2023	144680	150441	110502	178330
06/30/2023	150210	155445	110107	188640
07/31/2023	153340	158914	110031	195744
08/31/2023	150090	155827	109328	190240
09/30/2023	144811	150402	106550	182426
10/31/2023	141285	146507	104868	176469
11/30/2023	151256	157259	109617	192728
12/31/2023	158194	164490	113813	202580
01/31/2024	158439	164660	113501	203299
02/29/2024	161382	167847	111897	211773
03/31/2024	166027	171625	112931	218414
04/30/2024	160977	166472	110078	211162
05/31/2024	167382	171580	111944	219573
06/30/2024	169965	174175	113004	223723
07/31/2024	173320	177828	115644	228057
08/31/2024	176177	181371	117305	233446
09/30/2024	179010	184859	118876	238845
10/31/2024	175113	180414	115928	233222

Performance (as of October 31, 2024)

	1 Year	5 Year	10 Year
RiverFront Asset Allocation Growth & Income - I - NAV	23.94%	6.64%	5.76%
Morningstar Global Markets Index^#	32.16%	10.63%	8.84%
Bloomberg U.S. Aggregate Bond Index	10.55%	-0.23%	1.49%
60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index	23.14%	6.44%	6.08%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$77,544,232
Number of Portfolio Holdings	20
Portfolio Turnover Rate	36%
Total Advisory Fees Paid	$0

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**

Holdings	% of Net Assets
Domestic Equity	52.31%
Traditional Fixed Income	23.83%
International Equity	19.30%
Alternative Fixed Income	3.45%
Cash, Cash Equivalents, & Other Net Assets	1.11%

Top Ten Holdings**


RiverFront Dynamic US Dividend Advantage ETF	20.22%
First Trust RiverFront Dynamic Developed International ETF	13.71%
JPMorgan Equity Premium Income ETF	11.22%
Vanguard® Long-Term Corporate Bond ETF	9.56%
iShares® Core S&P 500® ETF	7.23%
RiverFront Dynamic Core Income ETF	6.57%
iShares® Core S&P 500® U.S. Technology ETF	5.28%
ALPS Active Equity Opportunity ETF	3.97%
First Trust RiverFront Dynamic Emerging Markets ETF	3.59%
Riverfront Strategic Income Fund	3.45%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-RLIIX-103124

ALPS \| Smith Short Duration Bond Fund - Investor Shares	FINANCIAL INVESTORS TRUST
SMRSX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Short Duration Bond Fund (the "Fund" or "SMRSX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smdsx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$82	0.79%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Short Duration Bond Fund returned 6.79% for Investor Class shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg 1-3 Year US Government/Credit Index, which returned 6.25%.

Top contributors to relative performance

Asset allocation, specifically an overweight positioning in corporate credit and short duration government guaranteed securitized assets, benefited from tightening risk asset spreads throughout the period.
Security selection across both the investment grade and high yield credit universes.
Underweight positioning in U.S. Treasuries, which underperformed compared to the Bloomberg U.S. Aggregate Bond Index given lower yield profiles.

Top detractors from relative performance

Shorter aggregate portfolio duration compared to that of the index.
Yield curve positioning focused on an underweight of the 2–3 year key rate duration with overweight positioning in the 5 year key rate sector which underperformed relative to the U.S. Aggregate Bond Index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Short Duration Bond Fund (Investor Shares)	Bloomberg US Government/ Credit Index	Bloomberg 1-3 Year US Government/Credit Index
06/29/2018	10000	10000	10000
06/30/2018	10000	10000	10000
07/31/2018	9990	10008	10005
08/31/2018	10024	10073	10041
09/30/2018	10018	10006	10033
10/31/2018	10025	9919	10044
11/30/2018	10052	9966	10073
12/31/2018	10108	10152	10152
01/31/2019	10168	10271	10191
02/28/2019	10196	10265	10207
03/31/2019	10267	10483	10274
04/30/2019	10299	10488	10298
05/31/2019	10349	10694	10369
06/30/2019	10398	10852	10427
07/31/2019	10417	10869	10420
08/31/2019	10486	11223	10504
09/30/2019	10493	11138	10499
10/31/2019	10531	11170	10535
11/30/2019	10536	11159	10535
12/31/2019	10568	11137	10561
01/31/2020	10635	11403	10619
02/29/2020	10702	11641	10706
03/31/2020	10530	11512	10739
04/30/2020	10804	11769	10807
05/31/2020	10933	11836	10843
06/30/2020	11028	11940	10865
07/31/2020	11113	12180	10885
08/31/2020	11131	12039	10889
09/30/2020	11129	12033	10890
10/31/2020	11147	11960	10892
11/30/2020	11196	12120	10903
12/31/2020	11231	12131	10913
01/31/2021	11235	12005	10917
02/28/2021	11218	11794	10913
03/31/2021	11211	11612	10908
04/30/2021	11236	11714	10917
05/31/2021	11251	11774	10930
06/30/2021	11244	11893	10913
07/31/2021	11258	12050	10931
08/31/2021	11263	12026	10932
09/30/2021	11256	11897	10923
10/31/2021	11232	11903	10887
11/30/2021	11201	11958	10878
12/31/2021	11201	11919	10861
01/31/2022	11133	11628	10784
02/28/2022	11084	11492	10736
03/31/2022	10974	11164	10591
04/30/2022	10906	10722	10534
05/31/2022	10960	10773	10599
06/30/2022	10843	10602	10524
07/31/2022	10920	10832	10579
08/31/2022	10872	10549	10497
09/30/2022	10761	10119	10369
10/31/2022	10748	9994	10356
11/30/2022	10844	10350	10441
12/31/2022	10882	10301	10461
01/31/2023	10984	10611	10545
02/28/2023	10933	10336	10466
03/31/2023	10974	10627	10619
04/30/2023	11025	10695	10655
05/31/2023	11012	10562	10622
06/30/2023	11001	10528	10579
07/31/2023	11069	10520	10624
08/31/2023	11103	10458	10661
09/30/2023	11096	10213	10656
10/31/2023	11112	10068	10690
11/30/2023	11260	10504	10814
12/31/2023	11397	10890	10943
01/31/2024	11458	10865	10986
02/29/2024	11434	10718	10946
03/31/2024	11495	10812	10990
04/30/2024	11468	10555	10953
05/31/2024	11541	10723	11032
06/30/2024	11604	10817	11094
07/31/2024	11736	11059	11226
08/31/2024	11822	11212	11328
09/30/2024	11914	11368	11422
10/31/2024	11866	11098	11358

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Short Duration Bond Fund - Investor - NAV	6.79%	2.42%	2.74%
Bloomberg 1-3 Year US Government/Credit Index	6.25%	1.51%	2.03%
Bloomberg US Government/ Credit Index^#	10.23%	-0.13%	1.66%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$577,017,028
Number of Portfolio Holdings	161
Portfolio Turnover Rate	157%
Total Advisory Fees Paid	$1,695,999

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	68.04%
Government Bonds	29.13%
Mortgage-Backed Securities	1.08%
Bank Loan	0.26%
Commercial Mortgage-Backed Securities	0.05%
Collateralized Mortgage Obligations	0.04%
Cash, Cash Equivalents, & Other Net Assets	1.40%

Top Ten Holdings**


U.S. Treasury Note 3.50% 09/30/2026	4.55%
U.S. Treasury Note 4.375% 07/31/2026	4.33%
U.S. Treasury Note 3.75% 08/31/2026	4.09%
U.S. Treasury Note 4.25% 03/15/2027	4.08%
U.S. Treasury Note 4.50% 04/15/2027	3.91%
U.S. Treasury Note 4.50% 05/15/2027	3.44%
U.S. Treasury Note 3.50% 09/30/2029	3.04%
U.S. Treasury Note 4.875% 05/31/2026	1.69%
Danske Bank A/S 1Y US TI + 2.10% 01/09/2026	1.48%
Gray Oak Pipeline LLC 2.60% 10/15/2025	1.29%

Sector Allocation**


Sovereign	29.13%
Banks	18.34%
Diversified Finan Serv	5.90%
Auto Manufacturers	5.24%
Healthcare-Products	4.47%
Oil&Gas	3.91%
Electric	3.44%
Pipelines	3.22%
Food	3.21%
Aerospace/Defense	3.12%
Commercial Services	1.57%
Biotechnology	1.45%
Healthcare-Services	1.34%
Mortgage Securities	1.17%
Iron/Steel	1.14%
Entertainment	1.13%
REITS	1.04%
Other Industries (each less than 1%)	9.78%
Cash, Cash Equivalents, & Other Net Assets	1.40%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMRSX-103124

ALPS \| Smith Short Duration Bond Fund - Class A	FINANCIAL INVESTORS TRUST
SMASX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Short Duration Bond Fund (the "Fund" or "SMASX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smdsx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$78	0.75%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Short Duration Bond Fund returned 6.82% for Class A shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg 1-3 Year US Government/Credit Index, which returned 6.25%.

Top contributors to relative performance

Asset allocation, specifically an overweight positioning in corporate credit and short duration government guaranteed securitized assets, benefited from tightening risk asset spreads throughout the period.
Security selection across both the investment grade and high yield credit universes.
Underweight positioning in U.S. Treasuries, which underperformed compared to the Bloomberg U.S. Aggregate Bond Index given lower yield profiles.

Top detractors from relative performance

Shorter aggregate portfolio duration compared to that of the index.
Yield curve positioning focused on an underweight of the 2–3 year key rate duration with overweight positioning in the 5 year key rate sector which underperformed relative to the U.S. Aggregate Bond Index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Short Duration Bond Fund- A- Maximum sales charge (load)	Bloomberg US Government/ Credit Index	Bloomberg 1-3 Year US Government/Credit Index
06/29/2018	9452	10000	10000
06/30/2018	9452	10000	10000
07/31/2018	9452	10008	10005
08/31/2018	9474	10073	10041
09/30/2018	9470	10006	10033
10/31/2018	9478	9919	10044
11/30/2018	9503	9966	10073
12/31/2018	9555	10152	10152
01/31/2019	9612	10271	10191
02/28/2019	9641	10265	10207
03/31/2019	9698	10483	10274
04/30/2019	9729	10488	10298
05/31/2019	9776	10694	10369
06/30/2019	9832	10852	10427
07/31/2019	9850	10869	10420
08/31/2019	9915	11223	10504
09/30/2019	9921	11138	10499
10/31/2019	9947	11170	10535
11/30/2019	9962	11159	10535
12/31/2019	9992	11137	10561
01/31/2020	10046	11403	10619
02/29/2020	10119	11641	10706
03/31/2020	9956	11512	10739
04/30/2020	10206	11769	10807
05/31/2020	10337	11836	10843
06/30/2020	10417	11940	10865
07/31/2020	10496	12180	10885
08/31/2020	10524	12039	10889
09/30/2020	10511	12033	10890
10/31/2020	10528	11960	10892
11/30/2020	10584	12120	10903
12/31/2020	10617	12131	10913
01/31/2021	10611	12005	10917
02/28/2021	10605	11794	10913
03/31/2021	10599	11612	10908
04/30/2021	10612	11714	10917
05/31/2021	10637	11774	10930
06/30/2021	10630	11893	10913
07/31/2021	10643	12050	10931
08/31/2021	10648	12026	10932
09/30/2021	10631	11897	10923
10/31/2021	10609	11903	10887
11/30/2021	10581	11958	10878
12/31/2021	10590	11919	10861
01/31/2022	10526	11628	10784
02/28/2022	10479	11492	10736
03/31/2022	10376	11164	10591
04/30/2022	10311	10722	10534
05/31/2022	10353	10773	10599
06/30/2022	10254	10602	10524
07/31/2022	10326	10832	10579
08/31/2022	10270	10549	10497
09/30/2022	10176	10119	10369
10/31/2022	10164	9994	10356
11/30/2022	10255	10350	10441
12/31/2022	10291	10301	10461
01/31/2023	10388	10611	10545
02/28/2023	10329	10336	10466
03/31/2023	10377	10627	10619
04/30/2023	10425	10695	10655
05/31/2023	10406	10562	10622
06/30/2023	10405	10528	10579
07/31/2023	10460	10520	10624
08/31/2023	10502	10458	10661
09/30/2023	10497	10213	10656
10/31/2023	10512	10068	10690
11/30/2023	10652	10504	10814
12/31/2023	10783	10890	10943
01/31/2024	10830	10865	10986
02/29/2024	10817	10718	10946
03/31/2024	10876	10812	10990
04/30/2024	10849	10555	10953
05/31/2024	10920	10723	11032
06/30/2024	10979	10817	11094
07/31/2024	11104	11059	11226
08/31/2024	11187	11212	11328
09/30/2024	11274	11368	11422
10/31/2024	11228	11098	11358

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Short Duration Bond Fund - A - NAV	6.82%	2.45%	2.75%
ALPS \| Smith Short Duration Bond Fund - A - Maximum sales charge (load)*^	4.41%	1.29%	1.84%
Bloomberg 1-3 Year US Government/Credit Index	6.25%	1.51%	2.03%
Bloomberg US Government/ Credit Index^#	10.23%	-0.13%	1.66%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 2.25%.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$577,017,028
Number of Portfolio Holdings	161
Portfolio Turnover Rate	157%
Total Advisory Fees Paid	$1,695,999

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	68.04%
Government Bonds	29.13%
Mortgage-Backed Securities	1.08%
Bank Loan	0.26%
Commercial Mortgage-Backed Securities	0.05%
Collateralized Mortgage Obligations	0.04%
Cash, Cash Equivalents, & Other Net Assets	1.40%

Top Ten Holdings**


U.S. Treasury Note 3.50% 09/30/2026	4.55%
U.S. Treasury Note 4.375% 07/31/2026	4.33%
U.S. Treasury Note 3.75% 08/31/2026	4.09%
U.S. Treasury Note 4.25% 03/15/2027	4.08%
U.S. Treasury Note 4.50% 04/15/2027	3.91%
U.S. Treasury Note 4.50% 05/15/2027	3.44%
U.S. Treasury Note 3.50% 09/30/2029	3.04%
U.S. Treasury Note 4.875% 05/31/2026	1.69%
Danske Bank A/S 1Y US TI + 2.10% 01/09/2026	1.48%
Gray Oak Pipeline LLC 2.60% 10/15/2025	1.29%

Sector Allocation**


Sovereign	29.13%
Banks	18.34%
Diversified Finan Serv	5.90%
Auto Manufacturers	5.24%
Healthcare-Products	4.47%
Oil&Gas	3.91%
Electric	3.44%
Pipelines	3.22%
Food	3.21%
Aerospace/Defense	3.12%
Commercial Services	1.57%
Biotechnology	1.45%
Healthcare-Services	1.34%
Mortgage Securities	1.17%
Iron/Steel	1.14%
Entertainment	1.13%
REITS	1.04%
Other Industries (each less than 1%)	9.78%
Cash, Cash Equivalents, & Other Net Assets	1.40%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMASX-103124

ALPS \| Smith Short Duration Bond Fund - Class C	FINANCIAL INVESTORS TRUST
SMCMX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Short Duration Bond Fund (the "Fund" or "SMCMX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smdsx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$154	1.49%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Short Duration Bond Fund returned 6.07% for Class C shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund underperformed the Bloomberg 1-3 Year US Government/Credit Index, which returned 6.25%.

Top contributors to relative performance

Asset allocation, specifically an overweight positioning in corporate credit and short duration government guaranteed securitized assets, benefited from tightening risk asset spreads throughout the period.
Security selection across both the investment grade and high yield credit universes.
Underweight positioning in U.S. Treasuries, which underperformed compared to the Bloomberg U.S. Aggregate Bond Index given lower yield profiles.

Top detractors from relative performance

Shorter aggregate portfolio duration compared to that of the index.
Yield curve positioning focused on an underweight of the 2–3 year key rate duration with overweight positioning in the 5 year key rate sector which underperformed relative to the U.S. Aggregate Bond Index.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Short Duration Bond Fund- C - Maximum sales charge (load)	Bloomberg US Government/ Credit Index	Bloomberg 1-3 Year US Government/Credit Index
06/29/2018	10000	10000	10000
06/30/2018	10000	10000	10000
07/31/2018	9990	10008	10005
08/31/2018	10017	10073	10041
09/30/2018	10006	10006	10033
10/31/2018	10009	9919	10044
11/30/2018	10031	9966	10073
12/31/2018	10071	10152	10152
01/31/2019	10134	10271	10191
02/28/2019	10157	10265	10207
03/31/2019	10211	10483	10274
04/30/2019	10235	10488	10298
05/31/2019	10279	10694	10369
06/30/2019	10333	10852	10427
07/31/2019	10344	10869	10420
08/31/2019	10396	11223	10504
09/30/2019	10407	11138	10499
10/31/2019	10428	11170	10535
11/30/2019	10427	11159	10535
12/31/2019	10452	11137	10561
01/31/2020	10513	11403	10619
02/29/2020	10573	11641	10706
03/31/2020	10406	11512	10739
04/30/2020	10661	11769	10807
05/31/2020	10792	11836	10843
06/30/2020	10870	11940	10865
07/31/2020	10946	12180	10885
08/31/2020	10958	12039	10889
09/30/2020	10949	12033	10890
10/31/2020	10960	11960	10892
11/30/2020	11001	12120	10903
12/31/2020	11030	12131	10913
01/31/2021	11020	12005	10917
02/28/2021	11009	11794	10913
03/31/2021	10989	11612	10908
04/30/2021	11009	11714	10917
05/31/2021	11020	11774	10930
06/30/2021	11009	11893	10913
07/31/2021	11009	12050	10931
08/31/2021	11009	12026	10932
09/30/2021	10989	11897	10923
10/31/2021	10959	11903	10887
11/30/2021	10928	11958	10878
12/31/2021	10923	11919	10861
01/31/2022	10850	11628	10784
02/28/2022	10798	11492	10736
03/31/2022	10684	11164	10591
04/30/2022	10612	10722	10534
05/31/2022	10648	10773	10599
06/30/2022	10540	10602	10524
07/31/2022	10598	10832	10579
08/31/2022	10544	10549	10497
09/30/2022	10429	10119	10369
10/31/2022	10410	9994	10356
11/30/2022	10498	10350	10441
12/31/2022	10528	10301	10461
01/31/2023	10632	10611	10545
02/28/2023	10566	10336	10466
03/31/2023	10609	10627	10619
04/30/2023	10642	10695	10655
05/31/2023	10623	10562	10622
06/30/2023	10616	10528	10579
07/31/2023	10665	10520	10624
08/31/2023	10692	10458	10661
09/30/2023	10679	10213	10656
10/31/2023	10687	10068	10690
11/30/2023	10835	10504	10814
12/31/2023	10961	10890	10943
01/31/2024	11003	10865	10986
02/29/2024	10984	10718	10946
03/31/2024	11025	10812	10990
04/30/2024	10993	10555	10953
05/31/2024	11068	10723	11032
06/30/2024	11111	10817	11094
07/31/2024	11232	11059	11226
08/31/2024	11307	11212	11328
09/30/2024	11390	11368	11422
10/31/2024	11336	11098	11358

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Short Duration Bond Fund - C - NAV*	6.07%	1.68%	2.00%
ALPS \| Smith Short Duration Bond Fund - C - Maximim deferred sales charge**	5.07%	1.68%	2.00%
Bloomberg 1-3 Year US Government/Credit Index	6.25%	1.51%	2.03%
Bloomberg US Government/ Credit Index^#	10.23%	-0.13%	1.66%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	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.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$577,017,028
Number of Portfolio Holdings	161
Portfolio Turnover Rate	157%
Total Advisory Fees Paid	$1,695,999

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	68.04%
Government Bonds	29.13%
Mortgage-Backed Securities	1.08%
Bank Loan	0.26%
Commercial Mortgage-Backed Securities	0.05%
Collateralized Mortgage Obligations	0.04%
Cash, Cash Equivalents, & Other Net Assets	1.40%

Top Ten Holdings**


U.S. Treasury Note 3.50% 09/30/2026	4.55%
U.S. Treasury Note 4.375% 07/31/2026	4.33%
U.S. Treasury Note 3.75% 08/31/2026	4.09%
U.S. Treasury Note 4.25% 03/15/2027	4.08%
U.S. Treasury Note 4.50% 04/15/2027	3.91%
U.S. Treasury Note 4.50% 05/15/2027	3.44%
U.S. Treasury Note 3.50% 09/30/2029	3.04%
U.S. Treasury Note 4.875% 05/31/2026	1.69%
Danske Bank A/S 1Y US TI + 2.10% 01/09/2026	1.48%
Gray Oak Pipeline LLC 2.60% 10/15/2025	1.29%

Sector Allocation**


Sovereign	29.13%
Banks	18.34%
Diversified Finan Serv	5.90%
Auto Manufacturers	5.24%
Healthcare-Products	4.47%
Oil&Gas	3.91%
Electric	3.44%
Pipelines	3.22%
Food	3.21%
Aerospace/Defense	3.12%
Commercial Services	1.57%
Biotechnology	1.45%
Healthcare-Services	1.34%
Mortgage Securities	1.17%
Iron/Steel	1.14%
Entertainment	1.13%
REITS	1.04%
Other Industries (each less than 1%)	9.78%
Cash, Cash Equivalents, & Other Net Assets	1.40%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCMX-103124

ALPS \| Smith Short Duration Bond Fund - Class I	FINANCIAL INVESTORS TRUST
SMDSX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Short Duration Bond Fund (the "Fund" or "SMDSX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smdsx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$51	0.49%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Short Duration Bond Fund returned 7.10% for Class I shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg 1-3 Year US Government/Credit Index, which returned 6.25%.

Top contributors to relative performance

Asset allocation, specifically an overweight positioning in corporate credit and short duration government guaranteed securitized assets, benefited from tightening risk asset spreads throughout the period.
Security selection across both the investment grade and high yield credit universes.
Underweight positioning in U.S. Treasuries, which underperformed compared to the Bloomberg U.S. Aggregate Bond Index given lower yield profiles.

Top detractors from relative performance

Shorter aggregate portfolio duration compared to that of the index.
Yield curve positioning focused on an underweight of the 2–3 year key rate duration with overweight positioning in the 5 year key rate sector which underperformed relative to the U.S. Aggregate Bond Index.

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Short Duration Bond Fund (Class I)	Bloomberg US Government/ Credit Index	Bloomberg 1-3 Year US Government/Credit Index
06/29/2018	100000	100000	100000
06/30/2018	100000	100000	100000
07/31/2018	100000	100077	100054
08/31/2018	100310	100728	100406
09/30/2018	100388	100058	100334
10/31/2018	100498	99190	100444
11/30/2018	100699	99660	100734
12/31/2018	101284	101515	101518
01/31/2019	101911	102710	101915
02/28/2019	102312	102647	102073
03/31/2019	102944	104825	102742
04/30/2019	103271	104880	102977
05/31/2019	103801	106940	103690
06/30/2019	104419	108522	104267
07/31/2019	104625	108686	104205
08/31/2019	105341	112233	105044
09/30/2019	105437	111382	104987
10/31/2019	105734	111695	105355
11/30/2019	105911	111593	105351
12/31/2019	106261	111373	105609
01/31/2020	106965	114029	106192
02/29/2020	107656	116411	107059
03/31/2020	105952	115123	107391
04/30/2020	108631	117685	108070
05/31/2020	110050	118364	108432
06/30/2020	110925	119398	108650
07/31/2020	111787	121795	108851
08/31/2020	112109	120387	108893
09/30/2020	112001	120328	108902
10/31/2020	112206	119604	108921
11/30/2020	112830	121204	109030
12/31/2020	113214	121313	109129
01/31/2021	113182	120047	109166
02/28/2021	113139	117940	109132
03/31/2021	113099	116118	109082
04/30/2021	113270	117141	109167
05/31/2021	113550	117739	109299
06/30/2021	113506	118931	109130
07/31/2021	113674	120500	109314
08/31/2021	113742	120257	109318
09/30/2021	113589	118974	109227
10/31/2021	113381	119030	108868
11/30/2021	113112	119578	108780
12/31/2021	113242	119191	108613
01/31/2022	112470	116283	107836
02/28/2022	112107	114919	107364
03/31/2022	111020	111643	105909
04/30/2022	110362	107219	105341
05/31/2022	110824	107730	105986
06/30/2022	109785	106024	105240
07/31/2022	110484	108318	105793
08/31/2022	110013	105495	104968
09/30/2022	108914	101191	103687
10/31/2022	108809	99937	103556
11/30/2022	109811	103501	104410
12/31/2022	110223	103009	104609
01/31/2023	111397	106113	105449
02/28/2023	110797	103361	104664
03/31/2023	111334	106271	106188
04/30/2023	111771	106946	106550
05/31/2023	111677	105618	106224
06/30/2023	111696	105282	105793
07/31/2023	112309	105200	106236
08/31/2023	112677	104580	106613
09/30/2023	112640	102129	106563
10/31/2023	112824	100676	106898
11/30/2023	114471	105036	108142
12/31/2023	115896	108902	109434
01/31/2024	116429	108649	109859
02/29/2024	116323	107175	109458
03/31/2024	116856	108115	109895
04/30/2024	116610	105548	109528
05/31/2024	117502	107233	110325
06/30/2024	118050	108165	110941
07/31/2024	119428	110590	112257
08/31/2024	120444	112119	113279
09/30/2024	121300	113684	114223
10/31/2024	120837	110976	113576

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Short Duration Bond Fund - I - NAV	7.10%	2.71%	3.03%
Bloomberg 1-3 Year US Government/Credit Index	6.25%	1.51%	2.03%
Bloomberg US Government/ Credit Index^#	10.23%	-0.13%	1.66%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$577,017,028
Number of Portfolio Holdings	161
Portfolio Turnover Rate	157%
Total Advisory Fees Paid	$1,695,999

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	68.04%
Government Bonds	29.13%
Mortgage-Backed Securities	1.08%
Bank Loan	0.26%
Commercial Mortgage-Backed Securities	0.05%
Collateralized Mortgage Obligations	0.04%
Cash, Cash Equivalents, & Other Net Assets	1.40%

Top Ten Holdings**


U.S. Treasury Note 3.50% 09/30/2026	4.55%
U.S. Treasury Note 4.375% 07/31/2026	4.33%
U.S. Treasury Note 3.75% 08/31/2026	4.09%
U.S. Treasury Note 4.25% 03/15/2027	4.08%
U.S. Treasury Note 4.50% 04/15/2027	3.91%
U.S. Treasury Note 4.50% 05/15/2027	3.44%
U.S. Treasury Note 3.50% 09/30/2029	3.04%
U.S. Treasury Note 4.875% 05/31/2026	1.69%
Danske Bank A/S 1Y US TI + 2.10% 01/09/2026	1.48%
Gray Oak Pipeline LLC 2.60% 10/15/2025	1.29%

Sector Allocation**


Sovereign	29.13%
Banks	18.34%
Diversified Finan Serv	5.90%
Auto Manufacturers	5.24%
Healthcare-Products	4.47%
Oil&Gas	3.91%
Electric	3.44%
Pipelines	3.22%
Food	3.21%
Aerospace/Defense	3.12%
Commercial Services	1.57%
Biotechnology	1.45%
Healthcare-Services	1.34%
Mortgage Securities	1.17%
Iron/Steel	1.14%
Entertainment	1.13%
REITS	1.04%
Other Industries (each less than 1%)	9.78%
Cash, Cash Equivalents, & Other Net Assets	1.40%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMDSX-103124

ALPS \| Smith Total Return Bond Fund - Investor Shares	FINANCIAL INVESTORS TRUST
SMTRX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Total Return Bond Fund (the "Fund" or "SMTRX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smthx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Shares	$94	0.89%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Total Return Bond Fund returned 11.63% for Investor Class shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 10.55%.

Top contributors to relative performance

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations, during the period. Duration position generally moved higher during relatively higher interest rates and vice versa.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.

Comparison of change in value of a $10,000 investment in the Fund and the Index

Date	ALPS \| Smith Total Return Bond Fund (Investor Shares)	Bloomberg US Aggregate Bond Index
06/29/2018	10000	10000
06/30/2018	10000	10000
07/31/2018	10070	10002
08/31/2018	10165	10067
09/30/2018	10141	10002
10/31/2018	10100	9923
11/30/2018	10142	9982
12/31/2018	10322	10166
01/31/2019	10445	10273
02/28/2019	10485	10268
03/31/2019	10681	10465
04/30/2019	10713	10467
05/31/2019	10878	10653
06/30/2019	10997	10787
07/31/2019	11035	10811
08/31/2019	11308	11091
09/30/2019	11272	11032
10/31/2019	11289	11065
11/30/2019	11283	11059
12/31/2019	11285	11052
01/31/2020	11475	11264
02/29/2020	11648	11467
03/31/2020	11299	11400
04/30/2020	11646	11602
05/31/2020	11787	11656
06/30/2020	11921	11730
07/31/2020	12234	11905
08/31/2020	12157	11809
09/30/2020	12120	11802
10/31/2020	12073	11750
11/30/2020	12279	11865
12/31/2020	12341	11881
01/31/2021	12260	11796
02/28/2021	12113	11626
03/31/2021	12001	11481
04/30/2021	12102	11571
05/31/2021	12142	11609
06/30/2021	12243	11691
07/31/2021	12345	11821
08/31/2021	12331	11799
09/30/2021	12238	11697
10/31/2021	12225	11693
11/30/2021	12224	11728
12/31/2021	12233	11698
01/31/2022	11964	11446
02/28/2022	11824	11318
03/31/2022	11559	11004
04/30/2022	11175	10586
05/31/2022	11189	10654
06/30/2022	10956	10487
07/31/2022	11238	10744
08/31/2022	10962	10440
09/30/2022	10550	9989
10/31/2022	10425	9860
11/30/2022	10763	10222
12/31/2022	10714	10176
01/31/2023	11082	10489
02/28/2023	10849	10218
03/31/2023	11006	10477
04/30/2023	11073	10541
05/31/2023	10962	10426
06/30/2023	10976	10389
07/31/2023	10979	10382
08/31/2023	10924	10316
09/30/2023	10641	10053
10/31/2023	10449	9895
11/30/2023	10939	10343
12/31/2023	11349	10739
01/31/2024	11353	10709
02/29/2024	11240	10558
03/31/2024	11340	10655
04/30/2024	11086	10386
05/31/2024	11271	10562
06/30/2024	11359	10662
07/31/2024	11603	10911
08/31/2024	11752	11068
09/30/2024	11911	11216
10/31/2024	11664	10938

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Total Return Bond Fund - Investor - NAV	11.63%	0.66%	2.46%
Bloomberg US AggregateBond Index^#	10.55%	-0.23%	1.42%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$3,251,025,895
Number of Portfolio Holdings	1,640
Portfolio Turnover Rate	135%
Total Advisory Fees Paid	$11,583,263

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	34.47%
Government Bonds	34.08%
Mortgage-Backed Securities	14.23%
Collateralized Mortgage Obligations	8.51%
Bank Loans	2.08%
Commercial Mortgage-Backed Securities	1.71%
Preferred Stock	2.56%
Cash, Cash Equivalents, & Other Net Assets	2.36%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	4.64%
U.S. Treasury Note 3.75% 08/31/2026	4.40%
U.S. Treasury Bond 4.125% 08/15/2044	3.55%
U.S. Treasury Bond 4.25% 08/15/2054	3.04%
U.S. Treasury Bond 4.625% 05/15/2044	2.62%
U.S. Treasury Bond 4.625% 05/15/2054	2.60%
U.S. Treasury Note 3.50% 09/30/2026	2.47%
U.S. Treasury Note 4.875% 05/31/2026	2.25%
U.S. Treasury Note 4.125% 10/31/2029	1.98%
U.S. Treasury Note 3.50% 09/30/2029	1.71%

Sector Allocation**


Sovereign	34.52%
Mortgage Securities	24.45%
Banks	5.89%
Aerospace/Defense	3.77%
Oil & Gas	3.12%
Pipelines	3.09%
Food	2.38%
Diversified Finan Serv	2.02%
Media	1.92%
Auto Manufacturers	1.78%
Biotechnology	1.52%
Healthcare-Products	1.30%
Other Industries (each less than 1%)	11.88%
Cash, Cash Equivalents, & Other Net Assets	2.36%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMTRX-103124

ALPS \| Smith Total Return Bond Fund - Class A	FINANCIAL INVESTORS TRUST
SMAMX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Total Return Bond Fund (the "Fund" or "SMAMX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smthx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$93	0.88%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Total Return Bond Fund returned 11.64% for Class A shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 10.55%.

Top contributors to relative performance

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations, during the period. Duration position generally moved higher during relatively higher interest rates and vice versa.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.

Comparison of change in value of a $10,000 investment in the Fund and the Index

Date	ALPS \| Smith Total Return Bond Fund- A- Maximum sales charge (load)	Bloomberg US Aggregate Bond Index
06/29/2018	9452	10000
06/30/2018	9452	10000
07/31/2018	9518	10002
08/31/2018	9606	10067
09/30/2018	9587	10002
10/31/2018	9550	9923
11/30/2018	9589	9982
12/31/2018	9760	10166
01/31/2019	9876	10273
02/28/2019	9916	10268
03/31/2019	10101	10465
04/30/2019	10132	10467
05/31/2019	10287	10653
06/30/2019	10399	10787
07/31/2019	10436	10811
08/31/2019	10693	11091
09/30/2019	10651	11032
10/31/2019	10676	11065
11/30/2019	10671	11059
12/31/2019	10673	11052
01/31/2020	10853	11264
02/29/2020	11016	11467
03/31/2020	10676	11400
04/30/2020	11014	11602
05/31/2020	11148	11656
06/30/2020	11284	11730
07/31/2020	11570	11905
08/31/2020	11497	11809
09/30/2020	11473	11802
10/31/2020	11419	11750
11/30/2020	11624	11865
12/31/2020	11682	11881
01/31/2021	11595	11796
02/28/2021	11466	11626
03/31/2021	11361	11481
04/30/2021	11446	11571
05/31/2021	11484	11609
06/30/2021	11580	11691
07/31/2021	11687	11821
08/31/2021	11673	11799
09/30/2021	11586	11697
10/31/2021	11564	11693
11/30/2021	11563	11728
12/31/2021	11570	11698
01/31/2022	11316	11446
02/28/2022	11184	11318
03/31/2022	10932	11004
04/30/2022	10580	10586
05/31/2022	10594	10654
06/30/2022	10363	10487
07/31/2022	10629	10744
08/31/2022	10379	10440
09/30/2022	9991	9989
10/31/2022	9872	9860
11/30/2022	10182	10222
12/31/2022	10135	10176
01/31/2023	10484	10489
02/28/2023	10263	10218
03/31/2023	10411	10477
04/30/2023	10474	10541
05/31/2023	10368	10426
06/30/2023	10381	10389
07/31/2023	10385	10382
08/31/2023	10333	10316
09/30/2023	10075	10053
10/31/2023	9883	9895
11/30/2023	10346	10343
12/31/2023	10745	10739
01/31/2024	10737	10709
02/29/2024	10631	10558
03/31/2024	10726	10655
04/30/2024	10486	10386
05/31/2024	10660	10562
06/30/2024	10744	10662
07/31/2024	10975	10911
08/31/2024	11116	11068
09/30/2024	11267	11216
10/31/2024	11033	10938

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Total Return Bond Fund - A - NAV	11.64%	0.66%	2.47%
ALPS \| Smith Total Return Bond Fund - A - Maximum sales charge (load)*^	9.10%	-0.47%	1.56%
Bloomberg US AggregateBond Index^#	10.55%	-0.23%	1.42%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 2.25%.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$3,251,025,895
Number of Portfolio Holdings	1,640
Portfolio Turnover Rate	135%
Total Advisory Fees Paid	$11,583,263

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	34.47%
Government Bonds	34.08%
Mortgage-Backed Securities	14.23%
Collateralized Mortgage Obligations	8.51%
Bank Loans	2.08%
Commercial Mortgage-Backed Securities	1.71%
Preferred Stock	2.56%
Cash, Cash Equivalents, & Other Net Assets	2.36%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	4.64%
U.S. Treasury Note 3.75% 08/31/2026	4.40%
U.S. Treasury Bond 4.125% 08/15/2044	3.55%
U.S. Treasury Bond 4.25% 08/15/2054	3.04%
U.S. Treasury Bond 4.625% 05/15/2044	2.62%
U.S. Treasury Bond 4.625% 05/15/2054	2.60%
U.S. Treasury Note 3.50% 09/30/2026	2.47%
U.S. Treasury Note 4.875% 05/31/2026	2.25%
U.S. Treasury Note 4.125% 10/31/2029	1.98%
U.S. Treasury Note 3.50% 09/30/2029	1.71%

Sector Allocation**


Sovereign	34.52%
Mortgage Securities	24.45%
Banks	5.89%
Aerospace/Defense	3.77%
Oil & Gas	3.12%
Pipelines	3.09%
Food	2.38%
Diversified Finan Serv	2.02%
Media	1.92%
Auto Manufacturers	1.78%
Biotechnology	1.52%
Healthcare-Products	1.30%
Other Industries (each less than 1%)	11.88%
Cash, Cash Equivalents, & Other Net Assets	2.36%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMAMX-103124

ALPS \| Smith Total Return Bond Fund - Class C	FINANCIAL INVESTORS TRUST
SMCHX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Total Return Bond Fund (the "Fund" or "SMCHX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smthx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$168	1.59%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Total Return Bond Fund returned 10.87% for Class C shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 10.55%.

Top contributors to relative performance

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations, during the period. Duration position generally moved higher during relatively higher interest rates and vice versa.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.

Comparison of change in value of a $10,000 investment in the Fund and the Index

Date	ALPS \| Smith Total Return Bond Fund- C - Maximum sales charge (load)	Bloomberg US Aggregate Bond Index
06/29/2018	10000	10000
06/30/2018	10000	10000
07/31/2018	10060	10002
08/31/2018	10149	10067
09/30/2018	10124	10002
10/31/2018	10079	9923
11/30/2018	10116	9982
12/31/2018	10291	10166
01/31/2019	10407	10273
02/28/2019	10441	10268
03/31/2019	10640	10465
04/30/2019	10656	10467
05/31/2019	10813	10653
06/30/2019	10927	10787
07/31/2019	10958	10811
08/31/2019	11226	11091
09/30/2019	11176	11032
10/31/2019	11186	11065
11/30/2019	11184	11059
12/31/2019	11170	11052
01/31/2020	11352	11264
02/29/2020	11517	11467
03/31/2020	11164	11400
04/30/2020	11502	11602
05/31/2020	11634	11656
06/30/2020	11770	11730
07/31/2020	12062	11905
08/31/2020	11979	11809
09/30/2020	11946	11802
10/31/2020	11883	11750
11/30/2020	12079	11865
12/31/2020	12133	11881
01/31/2021	12046	11796
02/28/2021	11895	11626
03/31/2021	11788	11481
04/30/2021	11870	11571
05/31/2021	11901	11609
06/30/2021	11994	11691
07/31/2021	12087	11821
08/31/2021	12065	11799
09/30/2021	11967	11697
10/31/2021	11948	11693
11/30/2021	11940	11728
12/31/2021	11941	11698
01/31/2022	11671	11446
02/28/2022	11518	11318
03/31/2022	11262	11004
04/30/2022	10881	10586
05/31/2022	10898	10654
06/30/2022	10654	10487
07/31/2022	10922	10744
08/31/2022	10658	10440
09/30/2022	10251	9989
10/31/2022	10113	9860
11/30/2022	10436	10222
12/31/2022	10381	10176
01/31/2023	10733	10489
02/28/2023	10501	10218
03/31/2023	10646	10477
04/30/2023	10705	10541
05/31/2023	10590	10426
06/30/2023	10597	10389
07/31/2023	10583	10382
08/31/2023	10535	10316
09/30/2023	10254	10053
10/31/2023	10063	9895
11/30/2023	10530	10343
12/31/2023	10920	10739
01/31/2024	10916	10709
02/29/2024	10804	10558
03/31/2024	10891	10655
04/30/2024	10640	10386
05/31/2024	10811	10562
06/30/2024	10890	10662
07/31/2024	11118	10911
08/31/2024	11254	11068
09/30/2024	11389	11216
10/31/2024	11156	10938

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Total Return Bond Fund - C - NAV	10.87%	-0.05%	1.74%
ALPS \| Smith Total Return Bond Fund - C - Maximim deferred sales charge**	9.87%	-0.05%	1.74%
Bloomberg US AggregateBond Index^#	10.55%	-0.23%	1.42%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$3,251,025,895
Number of Portfolio Holdings	1,640
Portfolio Turnover Rate	135%
Total Advisory Fees Paid	$11,583,263

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	34.47%
Government Bonds	34.08%
Mortgage-Backed Securities	14.23%
Collateralized Mortgage Obligations	8.51%
Bank Loans	2.08%
Commercial Mortgage-Backed Securities	1.71%
Preferred Stock	2.56%
Cash, Cash Equivalents, & Other Net Assets	2.36%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	4.64%
U.S. Treasury Note 3.75% 08/31/2026	4.40%
U.S. Treasury Bond 4.125% 08/15/2044	3.55%
U.S. Treasury Bond 4.25% 08/15/2054	3.04%
U.S. Treasury Bond 4.625% 05/15/2044	2.62%
U.S. Treasury Bond 4.625% 05/15/2054	2.60%
U.S. Treasury Note 3.50% 09/30/2026	2.47%
U.S. Treasury Note 4.875% 05/31/2026	2.25%
U.S. Treasury Note 4.125% 10/31/2029	1.98%
U.S. Treasury Note 3.50% 09/30/2029	1.71%

Sector Allocation**


Sovereign	34.52%
Mortgage Securities	24.45%
Banks	5.89%
Aerospace/Defense	3.77%
Oil & Gas	3.12%
Pipelines	3.09%
Food	2.38%
Diversified Finan Serv	2.02%
Media	1.92%
Auto Manufacturers	1.78%
Biotechnology	1.52%
Healthcare-Products	1.30%
Other Industries (each less than 1%)	11.88%
Cash, Cash Equivalents, & Other Net Assets	2.36%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCHX-103124

ALPS \| Smith Total Return Bond Fund - Class I	FINANCIAL INVESTORS TRUST
SMTHX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Total Return Bond Fund (the "Fund" or "SMTHX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smthx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$63	0.59%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Total Return Bond Fund returned 11.97% for Class I shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Bloomberg US Aggregate Bond Index, which returned 10.55%.

Top contributors to relative performance

Asset allocation, specifically an overweight position in corporate credit—generically including investment grade, high yield, and preferred securities—benefited from tightening risk asset spreads throughout the period.
Security selection across investment grade and high yield credit allocations.
Active portfolio duration positioning throughout market yield fluctuations, during the period. Duration position generally moved higher during relatively higher interest rates and vice versa.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries, with an overweight to the short and long duration areas of the market and a relative underweight to the belly of the yield curve, which outperformed.
Agency mortgage security selection, with a relative underweight to low-coupon mortgage-backed securities, which outperformed during the period.
Allocations to longer duration AA and A-rated corporates, which underperformed compared to the broader investment grade corporate universe.

Comparison of change in value of a $100,000 investment in the Fund and the Index

Date	ALPS \| Smith Total Return Bond Fund (Class I)	Bloomberg US Aggregate Bond Index
06/29/2018	100000	100000
06/30/2018	100000	100000
07/31/2018	100700	100024
08/31/2018	101626	100668
09/30/2018	101453	100019
10/31/2018	101088	99229
11/30/2018	101541	99821
12/31/2018	103368	101655
01/31/2019	104626	102735
02/28/2019	105049	102675
03/31/2019	107142	104647
04/30/2019	107385	104673
05/31/2019	109154	106532
06/30/2019	110270	107869
07/31/2019	110681	108107
08/31/2019	113547	110908
09/30/2019	113112	110317
10/31/2019	113410	110650
11/30/2019	113382	110593
12/31/2019	113434	110516
01/31/2020	115375	112643
02/29/2020	117135	114671
03/31/2020	113548	113996
04/30/2020	117069	116022
05/31/2020	118514	116562
06/30/2020	119995	117297
07/31/2020	123063	119049
08/31/2020	122422	118087
09/30/2020	122084	118023
10/31/2020	121643	117496
11/30/2020	123750	118649
12/31/2020	124401	118812
01/31/2021	123620	117960
02/28/2021	122163	116257
03/31/2021	121065	114805
04/30/2021	122115	115712
05/31/2021	122429	116090
06/30/2021	123485	116906
07/31/2021	124658	118213
08/31/2021	124538	117988
09/30/2021	123630	116966
10/31/2021	123426	116934
11/30/2021	123446	117280
12/31/2021	123564	116980
01/31/2022	120875	114460
02/28/2022	119494	113183
03/31/2022	116832	110038
04/30/2022	113090	105863
05/31/2022	113254	106545
06/30/2022	110814	104874
07/31/2022	113692	107436
08/31/2022	111036	104401
09/30/2022	106895	99890
10/31/2022	105656	98596
11/30/2022	109000	102222
12/31/2022	108524	101761
01/31/2023	112288	104892
02/28/2023	109947	102180
03/31/2023	111674	104775
04/30/2023	112383	105410
05/31/2023	111155	104262
06/30/2023	111325	103890
07/31/2023	111389	103818
08/31/2023	110858	103155
09/30/2023	108117	100533
10/31/2023	106074	98947
11/30/2023	111201	103428
12/31/2023	115404	107387
01/31/2024	115351	107092
02/29/2024	114231	105579
03/31/2024	115269	106554
04/30/2024	112716	103862
05/31/2024	114620	105623
06/30/2024	115668	106624
07/31/2024	118191	109114
08/31/2024	119611	110682
09/30/2024	121264	112164
10/31/2024	118772	109382

Performance (as of October 31, 2024)

	1 Year	5 Year	Since Inception (06/29/2018)
ALPS \| Smith Total Return Bond Fund - I - NAV	11.97%	0.93%	2.75%
Bloomberg US AggregateBond Index^#	10.55%	-0.23%	1.42%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$3,251,025,895
Number of Portfolio Holdings	1,640
Portfolio Turnover Rate	135%
Total Advisory Fees Paid	$11,583,263

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	34.47%
Government Bonds	34.08%
Mortgage-Backed Securities	14.23%
Collateralized Mortgage Obligations	8.51%
Bank Loans	2.08%
Commercial Mortgage-Backed Securities	1.71%
Preferred Stock	2.56%
Cash, Cash Equivalents, & Other Net Assets	2.36%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	4.64%
U.S. Treasury Note 3.75% 08/31/2026	4.40%
U.S. Treasury Bond 4.125% 08/15/2044	3.55%
U.S. Treasury Bond 4.25% 08/15/2054	3.04%
U.S. Treasury Bond 4.625% 05/15/2044	2.62%
U.S. Treasury Bond 4.625% 05/15/2054	2.60%
U.S. Treasury Note 3.50% 09/30/2026	2.47%
U.S. Treasury Note 4.875% 05/31/2026	2.25%
U.S. Treasury Note 4.125% 10/31/2029	1.98%
U.S. Treasury Note 3.50% 09/30/2029	1.71%

Sector Allocation**


Sovereign	34.52%
Mortgage Securities	24.45%
Banks	5.89%
Aerospace/Defense	3.77%
Oil & Gas	3.12%
Pipelines	3.09%
Food	2.38%
Diversified Finan Serv	2.02%
Media	1.92%
Auto Manufacturers	1.78%
Biotechnology	1.52%
Healthcare-Products	1.30%
Other Industries (each less than 1%)	11.88%
Cash, Cash Equivalents, & Other Net Assets	2.36%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMTHX-103124

ALPS \| Smith Credit Opportunities Fund - Investor Class	FINANCIAL INVESTORS TRUST
SMCVX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Credit Opportunities Fund (the "Fund" or "SMCVX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smcrx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Investor Class	$93	0.87%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Credit Opportunities Fund returned 14.78% for Investor Class shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index, which returned 13.49%.

Top contributors to relative performance

Asset allocation across investment grade, high yield, and preferred corporate securities, all of which benefited from tightening risk asset spreads over the period.
Corporate credit security selection.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries.
Agency mortgage security selection, with a relative underweight to low coupon MBS, which outperformed during the period.
An underweight to the lowest quality sections of the high yield market, where during the period, these bands saw outsized risk compression.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Credit Opportunities Fund (Investor Class)	50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate HY Bond Index
09/15/2020	10000	10000	10000	10000
09/30/2020	9940	9951	9980	9921
10/31/2020	9977	9954	9935	9972
11/30/2020	10307	10199	10033	10366
12/31/2020	10480	10302	10047	10561
01/31/2021	10478	10283	9975	10596
02/28/2021	10451	10227	9831	10635
03/31/2021	10415	10171	9708	10651
04/30/2021	10546	10266	9785	10767
05/31/2021	10591	10298	9817	10799
06/30/2021	10701	10404	9886	10943
07/31/2021	10765	10482	9996	10985
08/31/2021	10789	10498	9977	11041
09/30/2021	10758	10452	9891	11040
10/31/2021	10738	10442	9888	11021
11/30/2021	10659	10407	9917	10914
12/31/2021	10796	10491	9892	11119
01/31/2022	10524	10235	9679	10815
02/28/2022	10374	10125	9571	10704
03/31/2022	10231	9926	9305	10581
04/30/2022	9875	9561	8952	10205
05/31/2022	9883	9604	9009	10230
06/30/2022	9383	9205	8868	9541
07/31/2022	9774	9589	9085	10104
08/31/2022	9616	9343	8828	9871
09/30/2022	9272	8956	8447	9479
10/31/2022	9419	9014	8337	9726
11/30/2022	9593	9278	8644	9937
12/31/2022	9561	9228	8605	9875
01/31/2023	9908	9546	8870	10251
02/28/2023	9722	9361	8640	10119
03/31/2023	9681	9530	8860	10227
04/30/2023	9740	9606	8914	10329
05/31/2023	9650	9510	8816	10234
06/30/2023	9735	9573	8785	10406
07/31/2023	9865	9635	8779	10549
08/31/2023	9843	9618	8723	10579
09/30/2023	9686	9439	8501	10453
10/31/2023	9541	9309	8367	10332
11/30/2023	10012	9731	8746	10800
12/31/2023	10352	10099	9081	11202
01/31/2024	10464	10085	9056	11202
02/29/2024	10414	10028	8928	11235
03/31/2024	10543	10134	9010	11368
04/30/2024	10398	9958	8783	11261
05/31/2024	10529	10097	8932	11384
06/30/2024	10599	10193	9016	11492
07/31/2024	10800	10411	9227	11715
08/31/2024	10924	10571	9359	11906
09/30/2024	11051	10727	9485	12099
10/31/2024	10951	10565	9249	12034

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS \| Smith Credit Opportunities Fund - Investor - NAV*	14.78%	2.23%
50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	13.49%	1.34%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. Corporate HY Bond Index	16.47%	4.59%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	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.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$210,517,517
Number of Portfolio Holdings	325
Portfolio Turnover Rate	181%
Total Advisory Fees Paid	$1,468,024

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	74.02%
Bank Loans	8.54%
Government Bonds	4.14%
Collateralized Mortgage Obligations	3.67%
Mortgage-Backed Securities	1.73%
Preferred Stock	3.40%
Commercial Mortgage-Backed Securities	1.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	1.83%
U.S. Treasury Bond 4.25% 08/15/2054	1.48%
UBS Group AG 1D US SOFR + 3.92% 08/12/2033	1.32%
National Rural Utilities Cooperative Finance Corp. 3M US SOFR + 3.17% 04/30/2043	1.28%
Six Flags Entertainment Corp. 7.25% 05/15/2031	1.27%
Fortrea Holdings, Inc. 7.50% 07/01/2030	1.20%
Penn Entertainment, Inc. 5.63% 01/15/2027	1.16%
Chobani LLC 1M US SOFR + 3.75% 10/25/2027	1.14%
Discover Bank 5Y US TI + 1.73% 08/09/2028	1.13%
Kennedy-Wilson, Inc. 4.75% 02/01/2030	1.09%

Sector Allocation**


Oil&Gas	10.63%
Banks	8.47%
Pipelines	8.00%
Mortgage Securities	6.73%
Media	5.03%
Entertainment	4.79%
Sovereign	4.14%
Aerospace/Defense	3.87%
Leisure Time	3.74%
Diversified Finan Serv	2.99%
Commercial Services	2.92%
Healthcare-Services	2.83%
Airlines	2.83%
Auto Manufacturers	2.61%
Food	2.50%
Retail	2.48%
Electric	1.90%
Real Estate	1.87%
Advertising	1.55%
Software	1.53%
Pharmaceuticals	1.52%
Environmental Control	1.47%
Home Builders	1.40%
Apparel	1.35%
Healthcare-Products	1.21%
Food - Dairy Products	1.14%
Other Industries (each less than 1%)	7.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCVX-103124

ALPS \| Smith Credit Opportunities Fund - Class A	FINANCIAL INVESTORS TRUST
SMCAX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Credit Opportunities Fund (the "Fund" or "SMCAX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smcrx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class A	$89	0.83%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Credit Opportunities Fund returned 14.04% for Class A shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index, which returned 13.49%.

Top contributors to relative performance

Asset allocation across investment grade, high yield, and preferred corporate securities, all of which benefited from tightening risk asset spreads over the period.
Corporate credit security selection.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries.
Agency mortgage security selection, with a relative underweight to low coupon MBS, which outperformed during the period.
An underweight to the lowest quality sections of the high yield market, where during the period, these bands saw outsized risk compression.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Credit Opportunities Fund- A- Maximum sales charge (load)	50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate HY Bond Index
09/15/2020	9775	10000	10000	10000
09/30/2020	9717	9951	9980	9921
10/31/2020	9753	9954	9935	9972
11/30/2020	10075	10199	10033	10366
12/31/2020	10245	10302	10047	10561
01/31/2021	10243	10283	9975	10596
02/28/2021	10217	10227	9831	10635
03/31/2021	10181	10171	9708	10651
04/30/2021	10309	10266	9785	10767
05/31/2021	10354	10298	9817	10799
06/30/2021	10462	10404	9886	10943
07/31/2021	10525	10482	9996	10985
08/31/2021	10549	10498	9977	11041
09/30/2021	10519	10452	9891	11040
10/31/2021	10499	10442	9888	11021
11/30/2021	10422	10407	9917	10914
12/31/2021	10566	10491	9892	11119
01/31/2022	10300	10235	9679	10815
02/28/2022	10143	10125	9571	10704
03/31/2022	10003	9926	9305	10581
04/30/2022	9656	9561	8952	10205
05/31/2022	9663	9604	9009	10230
06/30/2022	9175	9205	8868	9541
07/31/2022	9556	9589	9085	10104
08/31/2022	9402	9343	8828	9871
09/30/2022	9076	8956	8447	9479
10/31/2022	9221	9014	8337	9726
11/30/2022	9381	9278	8644	9937
12/31/2022	9351	9228	8605	9875
01/31/2023	9680	9546	8870	10251
02/28/2023	9508	9361	8640	10119
03/31/2023	9468	9530	8860	10227
04/30/2023	9526	9606	8914	10329
05/31/2023	9436	9510	8816	10234
06/30/2023	9519	9573	8785	10406
07/31/2023	9646	9635	8779	10549
08/31/2023	9624	9618	8723	10579
09/30/2023	9470	9439	8501	10453
10/31/2023	9339	9309	8367	10332
11/30/2023	9788	9731	8746	10800
12/31/2023	10120	10099	9081	11202
01/31/2024	10174	10085	9056	11202
02/29/2024	10125	10028	8928	11235
03/31/2024	10251	10134	9010	11368
04/30/2024	10109	9958	8783	11261
05/31/2024	10249	10097	8932	11384
06/30/2024	10303	10193	9016	11492
07/31/2024	10490	10411	9227	11715
08/31/2024	10624	10571	9359	11906
09/30/2024	10736	10727	9485	12099
10/31/2024	10650	10565	9249	12034

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS \| Smith Credit Opportunities Fund - A - NAV	14.04%	2.10%
ALPS \| Smith Credit Opportunities Fund - A - Maximum sales charge (load)*^	11.42%	1.54%
50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	13.49%	1.34%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. Corporate HY Bond Index	16.47%	4.59%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	Includes the Fund's maximum sales charge of 2.25%.
^{^}	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class A shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$210,517,517
Number of Portfolio Holdings	325
Portfolio Turnover Rate	181%
Total Advisory Fees Paid	$1,468,024

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	74.02%
Bank Loans	8.54%
Government Bonds	4.14%
Collateralized Mortgage Obligations	3.67%
Mortgage-Backed Securities	1.73%
Preferred Stock	3.40%
Commercial Mortgage-Backed Securities	1.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	1.83%
U.S. Treasury Bond 4.25% 08/15/2054	1.48%
UBS Group AG 1D US SOFR + 3.92% 08/12/2033	1.32%
National Rural Utilities Cooperative Finance Corp. 3M US SOFR + 3.17% 04/30/2043	1.28%
Six Flags Entertainment Corp. 7.25% 05/15/2031	1.27%
Fortrea Holdings, Inc. 7.50% 07/01/2030	1.20%
Penn Entertainment, Inc. 5.63% 01/15/2027	1.16%
Chobani LLC 1M US SOFR + 3.75% 10/25/2027	1.14%
Discover Bank 5Y US TI + 1.73% 08/09/2028	1.13%
Kennedy-Wilson, Inc. 4.75% 02/01/2030	1.09%

Sector Allocation**


Oil&Gas	10.63%
Banks	8.47%
Pipelines	8.00%
Mortgage Securities	6.73%
Media	5.03%
Entertainment	4.79%
Sovereign	4.14%
Aerospace/Defense	3.87%
Leisure Time	3.74%
Diversified Finan Serv	2.99%
Commercial Services	2.92%
Healthcare-Services	2.83%
Airlines	2.83%
Auto Manufacturers	2.61%
Food	2.50%
Retail	2.48%
Electric	1.90%
Real Estate	1.87%
Advertising	1.55%
Software	1.53%
Pharmaceuticals	1.52%
Environmental Control	1.47%
Home Builders	1.40%
Apparel	1.35%
Healthcare-Products	1.21%
Food - Dairy Products	1.14%
Other Industries (each less than 1%)	7.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCAX-103124

ALPS \| Smith Credit Opportunities Fund - Class C	FINANCIAL INVESTORS TRUST
SMCCX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Credit Opportunities Fund (the "Fund" or "SMCCX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smcrx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class C	$202	1.90%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Credit Opportunities Fund returned 12.86% for Class C shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund underperformed the blended benchmark of 50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index, which returned 13.49%.

Top contributors to relative performance

Asset allocation across investment grade, high yield, and preferred corporate securities, all of which benefited from tightening risk asset spreads over the period.
Corporate credit security selection.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries.
Agency mortgage security selection, with a relative underweight to low coupon MBS, which outperformed during the period.
An underweight to the lowest quality sections of the high yield market, where during the period, these bands saw outsized risk compression.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Credit Opportunities Fund- C - Maximum sales charge (load)	50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate HY Bond Index
09/15/2020	10000	10000	10000	10000
09/30/2020	9940	9951	9980	9921
10/31/2020	9969	9954	9935	9972
11/30/2020	10292	10199	10033	10366
12/31/2020	10459	10302	10047	10561
01/31/2021	10451	10283	9975	10596
02/28/2021	10419	10227	9831	10635
03/31/2021	10376	10171	9708	10651
04/30/2021	10500	10266	9785	10767
05/31/2021	10539	10298	9817	10799
06/30/2021	10645	10404	9886	10943
07/31/2021	10702	10482	9996	10985
08/31/2021	10719	10498	9977	11041
09/30/2021	10681	10452	9891	11040
10/31/2021	10655	10442	9888	11021
11/30/2021	10571	10407	9917	10914
12/31/2021	10700	10491	9892	11119
01/31/2022	10424	10235	9679	10815
02/28/2022	10270	10125	9571	10704
03/31/2022	10122	9926	9305	10581
04/30/2022	9765	9561	8952	10205
05/31/2022	9766	9604	9009	10230
06/30/2022	9266	9205	8868	9541
07/31/2022	9646	9589	9085	10104
08/31/2022	9485	9343	8828	9871
09/30/2022	9150	8956	8447	9479
10/31/2022	9279	9014	8337	9726
11/30/2022	9445	9278	8644	9937
12/31/2022	9411	9228	8605	9875
01/31/2023	9736	9546	8870	10251
02/28/2023	9547	9361	8640	10119
03/31/2023	9509	9530	8860	10227
04/30/2023	9562	9606	8914	10329
05/31/2023	9466	9510	8816	10234
06/30/2023	9543	9573	8785	10406
07/31/2023	9654	9635	8779	10549
08/31/2023	9637	9618	8723	10579
09/30/2023	9467	9439	8501	10453
10/31/2023	9329	9309	8367	10332
11/30/2023	9772	9731	8746	10800
12/31/2023	10099	10099	9081	11202
01/31/2024	10158	10085	9056	11202
02/29/2024	10103	10028	8928	11235
03/31/2024	10211	10134	9010	11368
04/30/2024	10064	9958	8783	11261
05/31/2024	10185	10097	8932	11384
06/30/2024	10246	10193	9016	11492
07/31/2024	10435	10411	9227	11715
08/31/2024	10549	10571	9359	11906
09/30/2024	10666	10727	9485	12099
10/31/2024	10529	10565	9249	12034

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS \| Smith Credit Opportunities Fund - C - NAV*	12.86%	1.26%
ALPS \| Smith Credit Opportunities Fund - C - Maximim deferred sales charge**	11.86%	1.26%
50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	13.49%	1.34%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. Corporate HY Bond Index	16.47%	4.59%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.
^*	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.
^**	A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$210,517,517
Number of Portfolio Holdings	325
Portfolio Turnover Rate	181%
Total Advisory Fees Paid	$1,468,024

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	74.02%
Bank Loans	8.54%
Government Bonds	4.14%
Collateralized Mortgage Obligations	3.67%
Mortgage-Backed Securities	1.73%
Preferred Stock	3.40%
Commercial Mortgage-Backed Securities	1.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	1.83%
U.S. Treasury Bond 4.25% 08/15/2054	1.48%
UBS Group AG 1D US SOFR + 3.92% 08/12/2033	1.32%
National Rural Utilities Cooperative Finance Corp. 3M US SOFR + 3.17% 04/30/2043	1.28%
Six Flags Entertainment Corp. 7.25% 05/15/2031	1.27%
Fortrea Holdings, Inc. 7.50% 07/01/2030	1.20%
Penn Entertainment, Inc. 5.63% 01/15/2027	1.16%
Chobani LLC 1M US SOFR + 3.75% 10/25/2027	1.14%
Discover Bank 5Y US TI + 1.73% 08/09/2028	1.13%
Kennedy-Wilson, Inc. 4.75% 02/01/2030	1.09%

Sector Allocation**


Oil&Gas	10.63%
Banks	8.47%
Pipelines	8.00%
Mortgage Securities	6.73%
Media	5.03%
Entertainment	4.79%
Sovereign	4.14%
Aerospace/Defense	3.87%
Leisure Time	3.74%
Diversified Finan Serv	2.99%
Commercial Services	2.92%
Healthcare-Services	2.83%
Airlines	2.83%
Auto Manufacturers	2.61%
Food	2.50%
Retail	2.48%
Electric	1.90%
Real Estate	1.87%
Advertising	1.55%
Software	1.53%
Pharmaceuticals	1.52%
Environmental Control	1.47%
Home Builders	1.40%
Apparel	1.35%
Healthcare-Products	1.21%
Food - Dairy Products	1.14%
Other Industries (each less than 1%)	7.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCCX-103124

ALPS \| Smith Credit Opportunities Fund - Class I	FINANCIAL INVESTORS TRUST
SMCRX	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | Smith Credit Opportunities Fund (the "Fund" or "SMCRX") for the period of November 1, 2023 to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/mutual-funds/smcrx. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$96	0.90%

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | Smith Credit Opportunities Fund returned 13.98% for Class I shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the blended benchmark of 50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index, which returned 13.49%.

Top contributors to relative performance

Asset allocation across investment grade, high yield, and preferred corporate securities, all of which benefited from tightening risk asset spreads over the period.
Corporate credit security selection.

Top detractors from relative performance

Yield curve positioning with U.S. Treasuries.
Agency mortgage security selection, with a relative underweight to low coupon MBS, which outperformed during the period.
An underweight to the lowest quality sections of the high yield market, where during the period, these bands saw outsized risk compression.

Comparison of change in value of a $100,000 investment in the Fund and the Indexes

Date	ALPS \| Smith Credit Opportunities Fund (Class I)	50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate HY Bond Index
09/15/2020	100000	100000	100000	100000
09/30/2020	99400	99507	99800	99214
10/31/2020	99852	99537	99354	99718
11/30/2020	103170	101995	100329	103663
12/31/2020	104931	103025	100467	105614
01/31/2021	104939	102826	99747	105963
02/28/2021	104690	102272	98307	106353
03/31/2021	104350	101710	97079	106512
04/30/2021	105689	102664	97846	107668
05/31/2021	106167	102984	98166	107987
06/30/2021	107299	104035	98855	109433
07/31/2021	107969	104815	99961	109850
08/31/2021	108232	104985	99771	110414
09/30/2021	107945	104525	98907	110403
10/31/2021	107669	104421	98879	110213
11/30/2021	106904	104067	99172	109141
12/31/2021	108407	104910	98918	111187
01/31/2022	105703	102345	96787	108147
02/28/2022	104226	101249	95707	107037
03/31/2022	102813	99262	93048	105810
04/30/2022	99269	95614	89517	102047
05/31/2022	99360	96039	90094	102297
06/30/2022	94259	92053	88681	95410
07/31/2022	98205	95894	90848	101042
08/31/2022	96645	93435	88281	98714
09/30/2022	93306	89561	84467	94793
10/31/2022	94814	90144	83373	97256
11/30/2022	96587	92780	86439	99367
12/31/2022	96204	92281	86049	98747
01/31/2023	99719	95458	88696	102507
02/28/2023	97863	93610	86403	101189
03/31/2023	97560	95299	88598	102270
04/30/2023	98179	96064	89135	103292
05/31/2023	97168	95101	88164	102345
06/30/2023	98040	95727	87850	104058
07/31/2023	99373	96354	87789	105493
08/31/2023	99289	96180	87228	105786
09/30/2023	97613	94389	85011	104534
10/31/2023	96286	93094	83670	103317
11/30/2023	100942	97311	87458	107998
12/31/2023	104394	100987	90806	112024
01/31/2024	104977	100847	90557	112019
02/29/2024	104491	100281	89278	112346
03/31/2024	105814	101338	90102	113676
04/30/2024	104378	99582	87826	112607
05/31/2024	105718	100973	89315	113844
06/30/2024	106443	101928	90161	114919
07/31/2024	108498	104109	92267	117154
08/31/2024	109771	105706	93592	119064
09/30/2024	111079	107269	94846	120991
10/31/2024	109742	105649	92494	120337

Performance (as of October 31, 2024)

	1 Year	Since Inception (09/15/2020)
ALPS \| Smith Credit Opportunities Fund - I - NAV	13.98%	2.28%
50% Bloomberg U.S. Aggregate Bond Index and 50% Bloomberg U.S. Corporate HY Bond Index	13.49%	1.34%
Bloomberg U.S. Aggregate Bond Index^#	10.55%	-1.87%
Bloomberg U.S. Corporate HY Bond Index	16.47%	4.59%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$210,517,517
Number of Portfolio Holdings	325
Portfolio Turnover Rate	181%
Total Advisory Fees Paid	$1,468,024

WHAT DID THE FUND INVEST IN?

Asset Type Allocation**


Corporate Bonds	74.02%
Bank Loans	8.54%
Government Bonds	4.14%
Collateralized Mortgage Obligations	3.67%
Mortgage-Backed Securities	1.73%
Preferred Stock	3.40%
Commercial Mortgage-Backed Securities	1.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%

Top Ten Holdings**


U.S. Treasury Bond 3.875% 08/15/2034	1.83%
U.S. Treasury Bond 4.25% 08/15/2054	1.48%
UBS Group AG 1D US SOFR + 3.92% 08/12/2033	1.32%
National Rural Utilities Cooperative Finance Corp. 3M US SOFR + 3.17% 04/30/2043	1.28%
Six Flags Entertainment Corp. 7.25% 05/15/2031	1.27%
Fortrea Holdings, Inc. 7.50% 07/01/2030	1.20%
Penn Entertainment, Inc. 5.63% 01/15/2027	1.16%
Chobani LLC 1M US SOFR + 3.75% 10/25/2027	1.14%
Discover Bank 5Y US TI + 1.73% 08/09/2028	1.13%
Kennedy-Wilson, Inc. 4.75% 02/01/2030	1.09%

Sector Allocation**


Oil&Gas	10.63%
Banks	8.47%
Pipelines	8.00%
Mortgage Securities	6.73%
Media	5.03%
Entertainment	4.79%
Sovereign	4.14%
Aerospace/Defense	3.87%
Leisure Time	3.74%
Diversified Finan Serv	2.99%
Commercial Services	2.92%
Healthcare-Services	2.83%
Airlines	2.83%
Auto Manufacturers	2.61%
Food	2.50%
Retail	2.48%
Electric	1.90%
Real Estate	1.87%
Advertising	1.55%
Software	1.53%
Pharmaceuticals	1.52%
Environmental Control	1.47%
Home Builders	1.40%
Apparel	1.35%
Healthcare-Products	1.21%
Food - Dairy Products	1.14%
Other Industries (each less than 1%)	7.34%
Cash, Cash Equivalents, & Other Net Assets	3.16%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-SMCRX-103124

ALPS \| CoreCommodity Natural Resources ETF	FINANCIAL INVESTORS TRUST
NASDAQ: CCNR	Annual Shareholder Report October 31, 2024

This annual shareholder report contains important information about ALPS | CoreCommodity Natural Resources ETF (the "Fund" or "CCNR") for the period of July 10, 2024 (Fund inception) to October 31, 2024 (the "Period"). You can find additional information about the Fund at https://www.alpsfunds.com/exchange-traded-funds/ccnr. You can also request this information by contacting us at 866-759-5679.

WHAT WERE THE FUND COSTS SINCE INCEPTION?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
ALPS \| CoreCommodity Natural Resources ETF	$12^*	0.39%

^*	The period from inception to the date of this report is less than a full reporting period. Expenses for a full reporting period would be higher.

HOW DID THE FUND PERFORM FOR THE PERIOD?

The ALPS | CoreCommodity Natural Resources ETF (the "Fund") returned -1.04% at net asset value (NAV) for the period from July 10, 2024 (Fund inception) through October 31, 2024. The Fund slightly underperformed the Bloomberg Commodity Total Return Index (the "BCOM"), which returned -0.83% over the same period.

Top contributors to relative performance:

Within the energy sector, the Fund's holdings outperformed the BCOM's energy sector by approximately 5.7%, with investments in renewable energy companies materially contributing to that outperformance. An overweight to the sector was also additive to relative performance.
Within the agriculture sector, the Fund's holdings outperformed the BCOM's agriculture and livestock sector by roughly 5.4%, with nearly all industries outperforming. Despite an underweight, the sector was additive to relative performance.

Top detractors from relative performance:

Within the base metals sector, the Fund's holdings underperformed the BCOM's base metals sector by approximately (3.1%), mainly as a result of underperformance from holdings in copper miners, specialty metals producers, and diversified mining companies. Combined with an overweight to the sector, this was a detractor to relative performance.
Within the precious metals sector, the Fund's holdings outperformed the BCOM's precious metals sector by approximately 12.7%, led by outperformance from gold mining companies. Despite this, an underweight to the sector was a net detractor to relative performance.

Comparison of change in value of a $10,000 investment in the Fund and the Indexes

Date	ALPS \| CoreCommodity Natural Resources ETF (NAV)	Bloomberg Commodity Total Return Index	Bloomberg US 1000 Total Return Index
07/10/2024	10000	10000	10000
07/31/2024	10208	9632	9849
08/31/2024	10056	9636	10075
09/30/2024	10232	10105	10288
10/31/2024	9896	9917	10210

Performance (as of October 31, 2024)

	Since Inception (07/10/2024)
ALPS \| CoreCommodity Natural Resources ETF - NAV	-1.04%
Bloomberg Commodity Total Return Index	-0.83%
Bloomberg US 1000 Total Return Index^#	2.10%

^#	This index represents a broad measure of market performance for purposes of new regulatory requirements.

For the most current month-end performance data, please call 1-866-759-5679.

WHAT ARE SOME KEY FUND STATISTICS?

Net Assets	$284,676,505
Number of Portfolio Holdings	251
Portfolio Turnover Rate^#	61%
Total Advisory Fees Paid^#	$358,638


#	During the period.

WHAT DID THE FUND INVEST IN?

Top Ten Holdings**


CNH Industrial NV	1.66%
FMC Corp.	1.56%
Lundin Mining Corp.	1.44%
Cal-Maine Foods, Inc.	1.39%
Boliden AB	1.37%
Hudbay Minerals, Inc.	1.33%
Hormel Foods Corp.	1.30%
B2Gold Corp.	1.29%
Ingredion, Inc.	1.17%
Archer-Daniels-Midland Co.	1.14%

Sector Allocation**


Materials	35.59%
Energy	35.47%
Consumer Staples	13.59%
Industrials	7.60%
Utilities	5.73%
Technology	0.63%
Consumer Discretionary	0.52%
Real Estate	0.27%
Financials	0.24%
Cash, Cash Equivalents, & Other Net Assets	0.36%


**	As a percentage of net assets.

Holdings are subject to change

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 866-759-5679.

AR-CCNR-103124

(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, 2024 and October 31, 2023, the aggregate fees billed for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements were $141,000 and $127,000, respectively.

(b)

Audit-Related Fees: For the Registrant’s fiscal years ended October 31, 2024 and October 31, 2023, 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 $1,000 and $0, respectively.

(c)

Tax Fees: For the Registrant’s fiscal years ended October 31, 2024 and October 31, 2023, the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $37,000 and $33,500, respectively. The fiscal year 2024 and 2023 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, 2024 and October 31, 2023, 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 $37,000 in the fiscal year ended October 31, 2024 and $33,500 in the fiscal year ended October 31, 2023. These fees consisted of non-audit fees billed to (i) the Registrant of $37,000 in the fiscal year ended October 31, 2024 and $33,500 in the fiscal year ended October 31, 2023 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, 2024 and $0 in the fiscal year ended October 31, 2023. 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.

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the Reports to Stockholders filed under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table of Contents

ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund

Consolidated Statement of Investments	1
Consolidated Statement of Assets and Liabilities	4
Consolidated Statement of Operations	5
Consolidated Statements of Changes in Net Assets	6
Consolidated Financial Highlights	7

ALPS \| Kotak India ESG Fund

Statement of Investments	11
Statement of Assets and Liabilities	13
Statement of Operations	14
Statements of Changes in Net Assets	15
Financial Highlights	16

ALPS Global Opportunity Fund

Statement of Investments	21
Statement of Assets and Liabilities	24
Statement of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	27

ALPS Balanced Opportunity Fund

Statement of Investments	32
Statement of Assets and Liabilities	35
Statement of Operations	36
Statements of Changes in Net Assets	37
Financial Highlights	38

RiverFront Asset Allocation Growth & Income

Statement of Investments	42
Statement of Assets and Liabilities	43
Statement of Operations	44
Statements of Changes in Net Assets	45
Financial Highlights	46

Notes to Financial Statements and Financial Highlights	50

Report of Independent Registered Public Accounting Firm	72

Additional Information	73

Changes in and Disagreements with Accountants for Open-End Management Investment Companies	74

Proxy Disclosures for Open-End Management Investment Companies	75

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	76

Statement Regarding Basis for Approval of Investment Advisory Contract	77

alpsfunds.com

ALPS | CoreCommodity Management
CompleteCommodities^® Strategy Fund

Consolidated Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
COMMON STOCKS (0.00%)
*Great Britain (0.00%)^(a)*
Evraz PLC^(b)(c)(d)(e)		91,946	$	1,186

TOTAL COMMON STOCKS
(Cost $681,663)				1,186

EXCHANGE TRADED FUNDS (30.12%)
United States (30.12%)
ALPS \| CoreCommodity Natural Resources ETF^(b)(f)		11,455,594		283,263,618

TOTAL EXCHANGE TRADED FUNDS
(Cost $250,318,618)				283,263,618

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (64.31%)
U.S. Treasury Bonds (64.31%)
United States Treasury Bill
5.160%, 11/14/24^(g)	$	25,900,000	$	25,856,683
5.135%, 12/5/24		5,000,000		4,978,312
5.085%, 1/2/25^(g)		20,700,000		20,539,263
4.627%, 1/23/25^(g)		15,400,000		15,242,689
4.360%, 2/6/25		46,100,000		45,549,298
4.390%, 2/20/25^(g)		151,000,000		148,944,450
4.370%, 3/6/25^(g)		63,150,000		62,191,238
4.224%, 3/20/25		74,700,000		73,439,703
United States Treasury Inflation Indexed Bonds
0.125%, 4/15/26		112,700,000		131,420,562
0.125%, 7/15/26		60,100,000		76,741,177
				604,903,375
TOTAL GOVERNMENT BONDS
(Cost $603,668,588)				604,903,375

7-Day

Yield

Value

(Note 2)

SHORT TERM INVESTMENTS (6.76%)

Money Market Fund (6.76%)

BlackRock Liquidity Funds Treasury Trust Fund Portfolio

4.661

63,583,424

TOTAL SHORT TERM INVESTMENTS

(Cost $63,583,424)

63,583,424

	Value (Note 2)
TOTAL INVESTMENTS (101.19%)
(Cost $918,252,293)	$	951,751,603

Liabilities in Excess of Other Assets (-1.19%)		(11,222,954	)
NET ASSETS - 100.00%	$	940,528,649

^(a)

Less than 0.005%.

^(b)

Non-Income Producing Security.

^(c)

Security deemed to be illiquid under the procedures utilized by the Valuation Designee. As of October 31, 2024, the fair value of illiquid securities in the aggregate was $1,186, representing less than 0.005% of the Fund's net assets.

^(d)

Fair valued security; valued by the valuation designee in accordance with the procedures utilized by the valuation designee. As of October 31, 2024, these securities had a total value of $1,186 or less than 0.005% of total net assets.

^(e)

As a result of the use of significant unobservable inputs to determine fair value, these investments have been classified as level 3 assets. See also Note 2 to the financial statements for additional information.

^(f)

Affiliated Company. See Note 7 in Notes to Financial Statements and Financial Highlights. Financials for the affiliated company can be found at www.alpsfunds.com/exchange-traded-funds/ccnr

^(g)

Security, or portion of security, is being held as collateral for total return swap contracts and futures contracts aggregating a total market value of $89,297,911.

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 and Financial Highlights.

4 | October 31, 2024

ALPS | CoreCommodity Management
CompleteCommodities^® Strategy Fund

Consolidated Statement of Investments

October 31, 2024

FUTURES CONTRACTS

Description	Counterparty	Position	Contracts	Expiration Date	Notional Value (Note 2)			Unrealized Appreciation
Cocoa Future	Morgan Stanley	Long	19	03/14/25	$	1,309,100		$	41,231
Coffee Robusta Future	Morgan Stanley	Short	(215)	03/25/25		(9,204,150	)		773,252
Copper Future	Morgan Stanley	Long	30	12/27/24		3,255,000			6,765
Corn Future	Morgan Stanley	Short	(76)	03/14/25		(1,618,800	)		30,139
Frzn Concentrated OJ Future	Morgan Stanley	Long	3	03/11/25		214,695			9,509
Gasoline RBOB Future	Morgan Stanley	Long	49	03/28/25		4,062,698			35,415
Gold 100 Oz. Future	Morgan Stanley	Long	108	04/28/25		30,180,600			858,092
Lean Hogs Future	Morgan Stanley	Long	91	04/14/25		3,206,840			144,476
LME Aluminum Future	Morgan Stanley	Long	77	12/16/24		5,019,033			169,702
LME Aluminum Future	Morgan Stanley	Short	(2)	03/17/25		(131,282	)		429
LME Zinc Future	Morgan Stanley	Short	(1)	03/17/25		(75,750	)		2,029
Low Su Gasoil G Future	Morgan Stanley	Long	49	03/12/25		3,268,300			61,182
NY Harbor ULSD Future	Morgan Stanley	Long	40	03/28/25		3,750,096			50,975
Silver Future	Morgan Stanley	Long	90	03/27/25		14,957,550			224,811
Soybean Oil Future	Morgan Stanley	Long	150	03/14/25		4,063,500			163,455
WTI Crude Future	Morgan Stanley	Long	218	03/20/25		14,865,420			18,716
					$	77,122,850		$	2,590,178

Description	Counterparty	Position	Contracts	Expiration Date	Notional Value (Note 2)			Unrealized Depreciation
Brent Crude Future	Morgan Stanley	Long	43	01/29/25	$	3,130,830		$	(251,786	)
Brent Crude Future	Morgan Stanley	Long	130	05/31/25		9,349,600			(511,463	)
Coffee 'C' Future	Morgan Stanley	Long	160	03/19/25		14,730,000			(1,578,180	)
Copper Future	Morgan Stanley	Long	84	03/27/25		9,213,750			(582,932	)
Cotton No.2 Future	Morgan Stanley	Short	(92)	03/07/25		(3,304,180	)		(93,142	)
Hard Red Winter Wheat Future	Morgan Stanley	Long	75	03/14/25		2,186,250			(41,454	)
Live Cattle Future	Morgan Stanley	Long	86	04/30/25		6,444,840			(31,148	)
LME Aluminum Future	Morgan Stanley	Short	(77)	12/16/24		(5,019,033	)		(489,241	)
LME Aluminum Future	Morgan Stanley	Long	171	03/17/25		11,224,611			(44,807	)
LME Lead Future	Morgan Stanley	Long	22	03/17/25		1,122,479			(72,446	)
LME Nickel Future	Morgan Stanley	Long	37	03/17/25		3,516,387			(248,996	)
LME Zinc Future	Morgan Stanley	Long	51	03/17/25		3,863,250			(104,258	)
Low Su Gasoil G Future	Morgan Stanley	Long	24	01/10/25		1,600,800			(97,952	)
Natural Gas Future	Morgan Stanley	Long	220	01/27/25		6,529,600			(262,932	)
Natural Gas Future	Morgan Stanley	Long	439	03/26/25		11,738,860			(1,819,154	)
Soybean Future	Morgan Stanley	Long	148	03/14/25		7,470,300			(472,079	)
Soybean Meal Future	Morgan Stanley	Long	124	03/14/25		3,769,600			(325,217	)
Sugar #11 (World) Future	Morgan Stanley	Long	210	03/28/25		5,348,448			(117,627	)
Wheat (CBT) Future	Morgan Stanley	Long	69	03/14/25		2,036,362			(49,351	)
					$	94,952,754		$	(7,194,165	)

See Notes to Financial Statements and Financial Highlights.

5 | October 31, 2024

ALPS | CoreCommodity Management
CompleteCommodities^® Strategy Fund

Consolidated Statement of Investments

October 31, 2024

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund*	Termination Date	Value		Unrealized Appreciation
UBS Group AG	CRB 3m Fwd TR Index^**	$	43,378,280	USB3MTA + 25 bps	11/29/2024	$	43,378,489	$	209
Citigroup	CRB 3m Fwd TR Index^**		15,261,424	USB3MTA + 24 bps	10/31/2025		15,261,498		74
Bank of America - Merrill Lynch	CRB 3m Fwd TR Index^**		13,841,470	USB3MTA + 25 bps	7/1/2025		13,841,538		68
Citigroup	BCOM 3m Fwd TR Index^***		188,525,233	USB3MTA + 11 bps	10/31/2025		188,525,262		29
RBC	BCOM 3m Fwd TR Index^***		92,659,557	USB3MTA + 12 bps	10/31/2025		92,659,571		14
Bank of America - Merrill Lynch	BCOM 3m Fwd TR Index^***		77,985,762	USB3MTA + 12 bps	10/31/2025		77,985,775		13
Goldman Sachs	BCOM 3m Fwd TR Index^***		27,728,789	USB3MTA + 11 bps	10/31/2025		27,728,793		4
Societe Generale	BCOM 3m Fwd TR Index^***		25,656,530	USB3MTA + 12 bps	10/31/2025		25,656,534		4
		$	485,037,045			$	485,037,460	$	415

^(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

***

BCOM – Bloomberg Commodity Index

See Notes to Financial Statements and Financial Highlights.

6 | October 31, 2024

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Assets and Liabilities

October 31, 2024

ASSETS
Investments, at value	$	668,487,985
Investments in affiliates, at value		283,263,618
Cash		1,077,366
Unrealized appreciation on total return swap contracts		415
Receivable for shares sold		1,038,816
Dividends and interest receivable		490,413
Prepaid expenses and other assets		47,956
Total Assets		954,406,569
LIABILITIES
Payable for variation margin on futures contracts		1,344,935
Payable for interest expense on total return swap contracts		2,193,903
Payable for total return swap contract resets		6,045,035
Payable due to broker for futures contracts (Note 3)		771,780
Payable for shares redeemed		2,457,585
Investment advisory fees payable		726,317
Administration and transfer agency fees payable		246,521
Distribution and services fees payable		13,652
Trustees' fees and expenses payable		5,795
Professional fees payable		28,677
Accrued expenses and other liabilities		43,720
Total Liabilities		13,877,920
NET ASSETS	$	940,528,649
NET ASSETS CONSIST OF
Paid-in capital	$	904,919,921
Total distributable earnings/(accumulated losses)		35,608,728
NET ASSETS	$	940,528,649
INVESTMENTS, AT COST	$	667,933,675
INVESTMENTS IN AFFILIATES, AT COST	$	250,318,618

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	7.29
Net Assets	$	17,849,116
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		2,447,223
Class A:
Net Asset Value, offering and redemption price per share	$	7.32
Net Assets	$	6,726,337
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		918,983
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	7.75
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	6.58
Net Assets	$	9,574,200
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,455,405
Class I:
Net Asset Value, offering and redemption price per share	$	7.45
Net Assets	$	906,378,996
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		121,719,194

^(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 and Financial Highlights.

7 | October 31, 2024

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statement of Operations

For the Year Ended October 31, 2024

INVESTMENT INCOME
Dividends	$	7,108,594
Foreign taxes withheld on dividends		(634,793	)
Interest and other income, net of premium amortization and accretion of discount		41,102,522
Total Investment Income		47,576,323

EXPENSES
Investment advisory fees		10,030,637
Investment advisory fees - subsidiary (Note 8)		2,069,206
Administrative fees		1,458,472
Delegated transfer agent equivalent services fees		1,634,832
Distribution and service fees
Investor Class		61,741
Class A		18,025
Class C		122,151
Professional fees		60,604
Reports to shareholders and printing fees		93,370
State registration fees		155,720
Insurance fees		24,718
Custody fees		108,150
Trustees' fees and expenses		135,624
Repayment of previously waived fees
Class I		210,903
Miscellaneous expenses		49,106
Total Expenses		16,233,259
Less fees waived/reimbursed by investment advisor (Note 8)
Waiver of investment advisory fees - subsidiary		(2,069,206	)
Class C		(6,857	)
Class I		(451,573	)
Less fees waived from investments in affiliated securities		(356,841	)
Net Expenses		13,348,782
Net Investment Income		34,227,541
Net realized gain on investments		6,323,585
Net realized loss on investments - affiliated securities^(a)		(16,994,749	)
Net realized loss on futures contracts		(87,025,216	)
Net realized loss on total return swap contracts		(12,945,511	)
Net realized loss on foreign currency transactions		(375,255	)
Net Realized Loss		(111,017,146	)
Net change in unrealized appreciation on investments		1,656,156
Net change in unrealized appreciation on affiliate investments		32,945,000
Net change in unrealized appreciation on futures contracts		26,383,223
Net change in unrealized appreciation on total return swap contracts		387
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		6,544
Net Change in Unrealized Appreciation		60,991,310
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(50,025,836	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,798,295	)

^(a)

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

See Notes to Financial Statements and Financial Highlights.

8 | October 31, 2024

ALPS | CoreCommodity Management

CompleteCommodities^®Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	34,227,541		$	54,020,452
Net realized loss		(111,017,146	)		(39,551,997	)
Net change in unrealized appreciation/(depreciation)		60,991,310			(84,133,655	)
Net Decrease in Net Assets Resulting from Operations		(15,798,295	)		(69,665,200	)

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(628,729	)		(5,853,087	)
Class A		(321,104	)		(1,025,116	)
Class C		(556,037	)		(1,863,383	)
Class I		(48,168,669	)		(104,122,024	)
Net Decrease in Net Assets from Distributions		(49,674,539	)		(112,863,610	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		6,405,379			24,927,696
Class A		718,516			2,221,315
Class C		708,915			3,485,981
Class I		289,585,856			998,720,942
Dividends reinvested
Investor Class		504,697			4,625,429
Class A		233,759			732,350
Class C		319,589			984,573
Class I		38,805,976			72,055,995
Shares redeemed, net of redemption fees
Investor Class		(10,658,023	)		(87,608,141	)
Class A		(5,258,139	)		(6,069,300	)
Class C		(8,628,856	)		(11,166,968	)
Class I		(960,357,350	)		(913,800,802	)
Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions		(647,619,681	)		89,109,070

Net decrease in net assets		(713,092,515	)		(93,419,740	)

NET ASSETS
Beginning of year		1,653,621,164			1,747,040,904
End of year	$	940,528,649		$	1,653,621,164

See Notes to Financial Statements and Financial Highlights.

9 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period^(a)	$	7.51		$	8.47		$	9.50		$	6.06		$	6.68
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.20			0.21			0.05			0.11			0.02
Net realized and unrealized gain/(loss)		(0.19	)		(0.61	)		0.62			3.35			(0.58	)
Total from investment operations		0.01			(0.40	)		0.67			3.46			(0.56	)
DISTRIBUTIONS:
From net investment income		(0.20	)		(0.56	)		(1.70	)		(0.02	)		(0.06	)
From net realized gains		(0.03	)		–			–			–			–
Total distributions		(0.23	)		(0.56	)		(1.70	)		(0.02	)		(0.06	)
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		(0.22	)		(0.96	)		(1.03	)		3.44			(0.62	)
Net asset value, end of year	$	7.29		$	7.51		$	8.47		$	9.50		$	6.06
TOTAL RETURN^(d)		0.36	%		(5.01	)%		9.65	%		57.25	%		(8.44	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	17,849		$	22,202		$	89,645		$	89,300		$	49,060
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.36	%^(e)		1.34	%^(e)		1.36	%^(e)		1.37	%^(e)		1.40	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.32	%		1.34	%		1.36	%		1.37	%		1.40	%
Ratio of net investment income to average net assets		2.79	%		2.66	%		0.55	%		1.36	%		0.40	%
Portfolio turnover rate^(f)		72	%		59	%		54	%		54	%		98	%

^(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)

Total returns are for the period indicated. 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.

^(e)

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, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively, 1.50%, 1.52%, 1.53%, 1.55% and 1.58%.

^(f)

Portfolio turnover does not include securities received or delivered in-kind.

See Notes to Financial Statements and Financial Highlights.

10 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period^(a)	$	7.53		$	8.48		$	9.52		$	6.07		$	6.68

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.21			0.22			0.06			0.13			0.04
Net realized and unrealized gain/(loss)		(0.19	)		(0.61	)		0.60			3.34			(0.59	)
Total from investment operations		0.02			(0.39	)		0.66			3.47			(0.55	)

DISTRIBUTIONS:
From net investment income		(0.20	)		(0.56	)		(1.70	)		(0.02	)		(0.06	)
From net realized gains		(0.03	)		–			–			–			–
Total distributions		(0.23	)		(0.56	)		(1.70	)		(0.02	)		(0.06	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			–			0.00	^(c)
Net increase/(decrease) in net asset value		(0.21	)		(0.95	)		(1.04	)		3.45			(0.61	)
Net asset value, end of year	$	7.32		$	7.53		$	8.48		$	9.52		$	6.07
TOTAL RETURN^(d)		0.49	%		(4.88	)%		9.52	%		57.33	%		(8.29	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	6,726		$	11,362		$	16,246		$	7,349		$	1,254
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%^(e)		1.25	%^(e)		1.30	%^(e)		1.32	%^(e)		1.34	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.22	%		1.25	%		1.30	%		1.32	%		1.34	%
Ratio of net investment income to average net assets		2.90	%		2.83	%		0.64	%		1.56	%		0.62	%
Portfolio turnover rate^(f)		72	%		59	%		54	%		54	%		98	%

^(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)

Total returns are for the period indicated. 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.

^(e)

^(f)

Portfolio turnover does not include securities received or delivered in-kind.

See Notes to Financial Statements and Financial Highlights.

11 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period^(a)	$	6.84		$	7.80		$	8.94		$	5.73		$	6.35
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.14			0.14			(0.01	)^(c)		0.07			(0.02	)^(c)
Net realized and unrealized gain/(loss)		(0.17	)		(0.54	)		0.56			3.14			(0.54	)
Total from investment operations		(0.03	)		(0.40	)		0.55			3.21			(0.56	)
DISTRIBUTIONS:
From net investment income		(0.20	)		(0.56	)		(1.69	)		(0.01	)		(0.06	)
From net realized gains		(0.03	)		–			–			–			–
Total distributions		(0.23	)		(0.56	)		(1.69	)		(0.01	)		(0.06	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			0.01			–
Net increase/(decrease) in net asset value		(0.26	)		(0.96	)		(1.14	)		3.21			(0.62	)
Net asset value, end of year	$	6.58		$	6.84		$	7.80		$	8.94		$	5.73
TOTAL RETURN^(d)		(0.31	)%		(5.58	)%		8.78	%		56.37	%		(8.97	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	9,574		$	17,910		$	27,856		$	13,789		$	2,354
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.11	%^(e)		2.01	%^(e)		2.00	%^(e)		2.00	%^(e)		2.05	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		2.02	%		2.01	%		2.00	%		2.00	%		2.05	%
Ratio of net investment income/(loss) to average net assets		2.08	%		2.03	%		(0.08	)%		0.84	%		(0.28	)%
Portfolio turnover rate^(f)		72	%		59	%		54	%		54	%		98	%

^(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)

^(e)

^(f)

Portfolio turnover does not include securities received or delivered in-kind.

See Notes to Financial Statements and Financial Highlights.

12 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period^(a)	$	7.65		$	8.61		$	9.62		$	6.12		$	6.73
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.22			0.24			0.08			0.14			0.04
Net realized and unrealized gain/(loss)		(0.18	)		(0.63	)		0.61			3.38			(0.58	)
Total from investment operations		0.04			(0.39	)		0.69			3.52			(0.54	)
DISTRIBUTIONS:
From net investment income		(0.21	)		(0.57	)		(1.70	)		(0.02	)		(0.07	)
From net realized gains		(0.03	)		–			–			–			–
Total distributions		(0.24	)		(0.57	)		(1.70	)		(0.02	)		(0.07	)
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		(0.20	)		(0.96	)		(1.01	)		3.50			(0.61	)
Net asset value, end of year	$	7.45		$	7.65		$	8.61		$	9.62		$	6.12
TOTAL RETURN^(d)		0.67	%		(4.87	)%		9.85	%		57.74	%		(8.18	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	906,379		$	1,602,146		$	1,613,293		$	1,154,123		$	439,254
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.17	%^(e)		1.16	%^(e)		1.08	%^(e)		1.09	%^(e)		1.15	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.12	%		1.15	%		1.08	%		1.09	%		1.15	%
Ratio of net investment income to average net assets		2.92	%		3.02	%		0.84	%		1.68	%		0.64	%
Portfolio turnover rate^(f)		72	%		59	%		54	%		54	%		98	%

^(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)

Total returns are for the period indicated. 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.

^(e)

^(f)

Portfolio turnover does not include securities received or delivered in-kind.

See Notes to Financial Statements and Financial Highlights.

13 | October 31, 2024

ALPS | Kotak India ESG Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
COMMON STOCKS (100.43%)
Communication Services (7.63%)
Diversified Telecommunication Services (1.78%)
Indus Towers, Ltd.^(a)		1,751,179	$	7,065,891

Entertainment (1.37%)
PVR Inox, Ltd.^(a)		292,388		5,436,589

Wireless Telecommunication Services (4.48%)
Bharti Airtel, Ltd.		868,727		16,627,859
Bharti Airtel, Ltd. partly paid		78,914		1,128,816
				17,756,675

TOTAL COMMUNICATION SERVICES				30,259,155

Consumer Discretionary (9.19%)
Automobile Components (4.35%)
Apollo Tyres, Ltd.		1,362,962		8,148,178
UNO Minda, Ltd.		780,321		9,088,981
				17,237,159

Automobiles (0.98%)
Hyundai Motor India, Ltd.^(a)		178,642		3,872,024

Hotels, Restaurants & Leisure (2.85%)
Zomato, Ltd.^(a)		3,946,985		11,323,928

Specialty Retail (1.01%)
BrainBees Solutions, Ltd.^(a)		536,605		4,007,008

TOTAL CONSUMER DISCRETIONARY				36,440,119

Consumer Staples (5.63%)
Food Products (1.43%)
Nestle India, Ltd.		212,012		5,701,662

Personal Care Products (4.20%)
Dabur India, Ltd.		1,216,970		7,803,632
Godrej Consumer Products, Ltd.		580,469		8,844,495
				16,648,127

TOTAL CONSUMER STAPLES				22,349,789

Energy (6.61%)
Oil, Gas & Consumable Fuels (6.61%)
Reliance Industries, Ltd.		1,657,310		26,205,345

TOTAL ENERGY				26,205,345

Financials (25.43%)
Banks (22.37%)
Axis Bank, Ltd.		1,770,305		24,318,965
HDFC Bank, Ltd., ADR		62,825		3,959,860
HDFC Bank, Ltd.		745,000		15,313,261

	Shares		Value (Note 2)
Banks (continued)
ICICI Bank, Ltd., Sponsored ADR		800,000	$	24,328,000
ICICI Bank, Ltd.		679,743		10,426,955
IndusInd Bank, Ltd.		828,031		10,359,142
				88,706,183

Financial Services (0.29%)
Bajaj Housing Finance, Ltd.^(a)		728,664		1,162,153

Insurance (2.77%)
Max Financial Services, Ltd.^(a)		721,572		10,994,521

TOTAL FINANCIALS				100,862,857

Health Care (8.34%)
Health Care Providers & Services (5.75%)
Fortis Healthcare, Ltd.		1,739,937		12,917,400
Max Healthcare Institute, Ltd.		820,056		9,899,202
				22,816,602

Pharmaceuticals (2.59%)
Sun Pharmaceutical Industries, Ltd.		466,852		10,245,191

TOTAL HEALTH CARE				33,061,793

Industrials (15.42%)
Aerospace & Defense (1.30%)
Bharat Electronics, Ltd.		1,533,706		5,177,175

Building Products (0.90%)
Apollo Pipes, Ltd.		567,537		3,571,196

Construction & Engineering (4.72%)
Larsen & Toubro, Ltd.		435,716		18,716,930

Electrical Equipment (1.30%)
GE Vernova T&D India Ltd^(a)		245,809		5,173,415

Machinery (4.53%)
Ashok Leyland, Ltd.		3,450,524		8,523,385
Kross, Ltd.^(a)		395,158		788,425
Thermax, Ltd.		147,796		8,650,303
				17,962,113

Passenger Airlines (2.67%)
InterGlobe Aviation, Ltd.^(a)(b)(c)		220,139		10,575,362

TOTAL INDUSTRIALS				61,176,191

Information Technology (9.80%)
IT Services (9.80%)
Cognizant Technology Solutions Corp., Class A		201,336		15,017,652
Infosys, Ltd., Sponsored ADR		609,984		12,754,766

See Notes to Financial Statements and Financial Highlights.

14 | October 31, 2024

ALPS | Kotak India ESG Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
IT Services (continued)
Tech Mahindra, Ltd.		581,974	$	11,077,303
				38,849,721

TOTAL INFORMATION TECHNOLOGY				38,849,721

Materials (6.49%)
Chemicals (2.05%)
Carborundum Universal, Ltd.		497,294		8,135,853

Construction Materials (3.05%)
UltraTech Cement, Ltd.		92,080		12,091,566

Paper & Forest Products (1.39%)
Century Plyboards India, Ltd.		547,415		5,510,133

TOTAL MATERIALS				25,737,552

Real Estate (3.98%)
Real Estate Management & Development (3.98%)
Brigade Enterprises, Ltd.		664,637		9,278,229
Sobha Developers, Ltd.		326,401		6,148,793
Sobha, Ltd.		40,728		363,778
				15,790,800

TOTAL REAL ESTATE				15,790,800

Utilities (1.91%)
Electric Utilities (1.91%)
Power Grid Corp. of India, Ltd.		1,989,305		7,567,277

TOTAL UTILITIES				7,567,277

TOTAL COMMON STOCKS
(Cost $316,413,664)				398,300,599

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.06%)
Money Market Funds (1.06%)
Goldman Sachs Financial Square Government Fund - Institutional Class		4.778	%		4,189,000		4,189,000

TOTAL MONEY MARKET FUNDS							4,189,000

TOTAL SHORT TERM INVESTMENTS
(Cost $4,189,000)							4,189,000

	Value (Note 2)
TOTAL INVESTMENTS (101.49%)
(Cost $320,602,664)	$	402,489,599

Liabilities In Excess Of Other Assets (-1.49%)		(5,912,698	)

NET ASSETS (100.00%)	$	396,576,901

^(a)

Non-Income Producing Security.

^(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2024, the aggregate market value of those securities was $10,575,362, representing 2.67% 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 utilized by the Valuation Designee. As of October 31, 2024 the aggregate market value of those securities was $10,575,362, representing 2.67% of net assets.

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 and Financial Highlights.

15 | October 31, 2024

ALPS | Kotak India ESG Fund

Statement of Assets and Liabilities

October 31, 2024

ASSETS
Investments, at value	$	402,489,599
Cash		1,963,640
Foreign currency, at value (Cost $5,563,678)		4,819,303
Receivable for investments sold		43,797
Receivable for shares sold		2,332
Dividends and interest receivable		246,084
Prepaid expenses and other assets		26,017
Total Assets		409,590,772
LIABILITIES
Payable for shares redeemed		45,560
Payable for foreign capital gains tax		12,658,937
Investment advisory fees payable		194,490
Administration and transfer agency fees payable		59,249
Distribution and services fees payable		6,000
Trustees' fees and expenses payable		737
Professional fees payable		25,092
Accrued expenses and other liabilities		23,806
Total Liabilities		13,013,871
NET ASSETS	$	396,576,901
NET ASSETS CONSIST OF
Paid-in capital	$	279,395,083
Total distributable earnings/(accumulated losses)		117,181,818
NET ASSETS	$	396,576,901
INVESTMENTS, AT COST	$	320,602,664
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	19.34
Net Assets	$	5,302,616
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		274,213
Class A:
Net Asset Value, offering and redemption price per share	$	19.30
Net Assets	$	2,589,843
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		134,159
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	20.43
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	17.20
Net Assets	$	2,351,013
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		136,655
Class I:
Net Asset Value, offering and redemption price per share	$	20.27
Net Assets	$	35,065,504
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,730,069
Class II:
Net Asset Value, offering and redemption price per share	$	20.51
Net Assets	$	351,267,925
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		17,123,586

^(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 and Financial Highlights.

16 | October 31, 2024

ALPS | Kotak India ESG Fund

Statement of Operations

For the Year Ended October 31, 2024

INVESTMENT INCOME
Dividends	$	3,215,135
Foreign taxes withheld on dividends		(534,422	)
Interest and other income		575,812
Total Investment Income		3,256,525

EXPENSES
Investment advisory fees		2,476,675
Administrative fees		600,800
Delegated transfer agent equivalent services fees		17,832
Distribution and service fees
Investor Class		17,296
Class A		6,290
Class C		18,320
Professional fees		35,831
Reports to shareholders and printing fees		11,182
State registration fees		79,043
Custody fees		55,905
Trustees' fees and expenses		32,427
Repayment of previously waived fees
Investor Class		28
Class C		157
Class I		641
Miscellaneous expenses		37,909
Total Expenses		3,390,336
Less fees waived/reimbursed by investment advisor (Note 8)
Class II		(420,514	)
Net Expenses		2,969,822
Net Investment Income		286,703
Net realized gain on investments		66,813,502
Net realized loss on foreign currency transactions		(63,407	)
Net realized loss on foreign capital gains tax		(11,277,291	)
Net Realized Gain		55,472,804
Net change in unrealized appreciation on investments		25,589,391
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(41,214	)
Net change in unrealized depreciation on foreign capital gains tax		(3,905,986	)
Net Change in Unrealized Appreciation		21,642,191
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		77,114,995
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	77,401,698

See Notes to Financial Statements and Financial Highlights.

17 | October 31, 2024

ALPS | Kotak India ESG Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	286,703		$	526,318
Net realized gain		55,472,804			18,596,925
Net change in unrealized appreciation		21,642,191			2,624,176
Net Increase in Net Assets Resulting from Operations		77,401,698			21,747,419

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(214,130	)		(59,404	)
Class A		(68,855	)		(14,494	)
Class C		(66,560	)		(17,218	)
Class I		(1,081,718	)		(235,995	)
Class II		(12,029,229	)		(5,145,390	)
Net Decrease in Net Assets from Distributions		(13,460,492	)		(5,472,501	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		2,929,288			1,656,774
Class A		931,483			654,565
Class C		946,442			485,951
Class I		8,395,129			10,278,948
Class II		35,000,000			10,000,000
Dividends reinvested
Investor Class		179,515			48,934
Class A		60,735			12,562
Class C		66,069			17,218
Class I		1,045,519			233,078
Class II		12,029,229			5,145,390
Shares redeemed, net of redemption fees
Investor Class		(3,237,236	)		(962,391	)
Class A		(229,770	)		(60,747	)
Class C		(121,084	)		(393,111	)
Class I		(3,506,538	)		(3,062,056	)
Class II		(45,000,000	)		(75,000,000	)
Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions		9,488,781			(50,944,885	)

Net increase/(decrease) in net assets		73,429,987			(34,669,967	)

NET ASSETS
Beginning of year		323,146,914			357,816,881
End of year	$	396,576,901		$	323,146,914

See Notes to Financial Statements and Financial Highlights.

18 | October 31, 2024

ALPS | Kotak India ESG Fund – Investor Class

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	16.32		$	15.78		$	18.70		$	12.66		$	13.02	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.07	)^(c)		(0.07	)^(c)		(0.12	)		(0.12	)		(0.07	)^(c)
Net realized and unrealized gain/(loss)		3.85			0.85			(1.82	)		6.16			(0.93	)
Total from investment operations		3.78			0.78			(1.94	)		6.04			(1.00	)
DISTRIBUTIONS:
From net investment income		–			–			(0.44	)		–			–
From net realized gains		(0.76	)		(0.25	)		(0.54	)		–			(0.17	)
Total distributions		(0.76	)		(0.25	)		(0.98	)		–			(0.17	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		0.01			0.00	^(d)		0.00	^(d)		0.81
Net increase/(decrease) in net asset value		3.02			0.54			(2.92	)		6.04			(0.36	)
Net asset value, end of year	$	19.34		$	16.32		$	15.78		$	18.70		$	12.66
TOTAL RETURN^(e)		23.87	%		5.06	%		(10.90	)%		47.71	%		(1.48	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	5,303		$	4,596		$	3,711		$	3,814		$	2,704
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.22	%		1.37	%		1.33	%		1.35	%		1.72	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.22	%		1.37	%		1.33	%		1.35	%		1.40	%^(f)
Ratio of net investment loss to average net assets		(0.37	)%		(0.43	)%		(0.74	)%		(0.73	)%		(0.64	)%
Portfolio turnover rate		75	%		24	%		18	%		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)

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)

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.

See Notes to Financial Statements and Financial Highlights.

19 | October 31, 2024

ALPS | Kotak India ESG Fund – Class A

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	16.29		$	15.74		$	18.62		$	12.59		$	12.99	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.06	)^(c)		(0.04	)^(c)		(0.08	)		(0.11	)		(0.07	)^(c)
Net realized and unrealized gain/(loss)		3.83			0.84			(1.82	)		6.14			(0.16	)
Total from investment operations		3.77			0.80			(1.90	)		6.03			(0.23	)

DISTRIBUTIONS:
From net investment income		–			–			(0.44	)		–			–
From net realized gains		(0.76	)		(0.25	)		(0.54	)		–			(0.17	)
Total distributions		(0.76	)		(0.25	)		(0.98	)		–			(0.17	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(d)		–			0.00	^(d)		–
Net increase/(decrease) in net asset value		3.01			0.55			(2.88	)		6.03			(0.40	)
Net asset value, end of year	$	19.30		$	16.29		$	15.74		$	18.62		$	12.59
TOTAL RETURN^(e)		23.85	%		5.14	%		(10.70	)%		47.90	%		(1.80	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	2,590		$	1,499		$	847		$	762		$	89
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.17	%		1.23	%		1.10	%		1.30	%		1.62	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.17	%		1.23	%		1.10	%		1.30	%		1.31	%^(f)
Ratio of net investment loss to average net assets		(0.30	)%		(0.26	)%		(0.51	)%		(0.68	)%		(0.56	)%
Portfolio turnover rate		75	%		24	%		18	%		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)

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)

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.

See Notes to Financial Statements and Financial Highlights.

20 | October 31, 2024

ALPS | Kotak India ESG Fund – Class C

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	14.71		$	14.34		$	17.18		$	11.70		$	12.18	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.18	)^(c)		(0.15	)^(c)		(0.21	)		(0.21	)		(0.14	)^(c)
Net realized and unrealized gain/(loss)		3.43			0.77			(1.67	)		5.69			(0.17	)
Total from investment operations		3.25			0.62			(1.88	)		5.48			(0.31	)
DISTRIBUTIONS:
From net investment income		–			–			(0.42	)		–			–
From net realized gains		(0.76	)		(0.25	)		(0.54	)		–			(0.17	)
Total distributions		(0.76	)		(0.25	)		(0.96	)		–			(0.17	)
Net increase/(decrease) in net asset value		2.49			0.37			(2.84	)		5.48			(0.48	)
Net asset value, end of year	$	17.20		$	14.71		$	14.34		$	17.18		$	11.70
TOTAL RETURN^(d)		22.83	%		4.38	%		(11.52	)%		46.84	%		(2.58	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	2,351		$	1,210		$	1,060		$	1,598		$	1,868
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.97	%		2.00	%		2.00	%		2.00	%		2.37	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.97	%		2.00	%		2.00	%		2.00	%		2.06	%^(e)
Ratio of net investment loss to average net assets		(1.10	)%		(1.02	)%		(1.42	)%		(1.37	)%		(1.29	)%
Portfolio turnover rate		75	%		24	%		18	%		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)

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

^(d)

^(e)

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.

See Notes to Financial Statements and Financial Highlights.

21 | October 31, 2024

ALPS | Kotak India ESG Fund – Class I

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	17.03		$	16.40		$	19.35		$	13.05		$	13.43	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.01	)^(c)		(0.00	)^(c)(d)		(0.07	)		(0.07	)		(0.03	)^(c)
Net realized and unrealized gain/(loss)		4.01			0.88			(1.89	)		6.37			(0.18	)
Total from investment operations		4.00			0.88			(1.96	)		6.30			(0.21	)
DISTRIBUTIONS:
From net investment income		–			–			(0.45	)		–			–
From net realized gains		(0.76	)		(0.25	)		(0.54	)		–			(0.17	)
Total distributions		(0.76	)		(0.25	)		(0.99	)		–			(0.17	)
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		3.24			0.63			(2.95	)		6.30			(0.38	)
Net asset value, end of year	$	20.27		$	17.03		$	16.40		$	19.35		$	13.05
TOTAL RETURN^(e)		24.18	%		5.43	%		(10.62	)%		48.28	%		(1.59	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	35,066		$	24,026		$	15,664		$	16,053		$	21,861
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.93	%		1.00	%		1.00	%		1.00	%		1.36	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.93	%		1.00	%		1.00	%		1.00	%		1.06	%^(f)
Ratio of net investment loss to average net assets		(0.06	)%		(0.02	)%		(0.41	)%		(0.45	)%		(0.28	)%
Portfolio turnover rate		75	%		24	%		18	%		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)

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)

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.

See Notes to Financial Statements and Financial Highlights.

22 | October 31, 2024

ALPS | Kotak India ESG Fund – Class II

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			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	$	17.20		$	16.52		$	19.45		$	13.08		$	13.50	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.02			0.03			(0.03	)		(0.02	)		0.02
Net realized and unrealized gain/(loss)		4.05			0.90			(1.90	)		6.39			(0.44	)
Total from investment operations		4.07			0.93			(1.93	)		6.37			(0.42	)

DISTRIBUTIONS:
From net investment income		–			–			(0.46	)		–			–
From net realized gains		(0.76	)		(0.25	)		(0.54	)		–			–
Total distributions		(0.76	)		(0.25	)		(1.00	)		–			–

Net increase/(decrease) in net asset value		3.31			0.68			(2.93	)		6.37			(0.42	)
Net asset value, end of year	$	20.51		$	17.20		$	16.52		$	19.45		$	13.08
TOTAL RETURN^(c)		24.35	%		5.69	%		(10.42	)%		48.70	%		(3.11	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	351,268		$	291,815		$	336,535		$	375,605		$	136,115
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.87	%		0.88	%		0.88	%		0.91	%		1.18	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%^(d)
Ratio of net investment income/(loss) to average net assets		0.10	%		0.16	%		(0.16	)%		(0.11	)%		0.24	%^(d)
Portfolio turnover rate^(e)		75	%		24	%		18	%		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 and Financial Highlights.

23 | October 31, 2024

ALPS Global Opportunity Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
CLOSED-END FUNDS (16.37%)
Abrdn Private Equity Opportunities Trust PLC		140,251	$	944,025
HarbourVest Global Private Equity, Ltd.^(a)		70,138		2,022,471
HBM Healthcare Investments AG, Class A		3,148		683,880
HgCapital Trust PLC		437,969		2,896,974
NB Private Equity Partners, Ltd.		52,090		1,046,475
Oakley Capital Investments, Ltd.		306,830		1,954,482
Pantheon International PLC Fund^(a)		272,520		1,103,405

TOTAL CLOSED-END FUNDS
(Cost $8,237,170)				10,651,712

COMMON STOCKS (76.47%)
Communications (2.23%)
Internet (2.23%)
Amazon.com, Inc.^(a)		3,400		633,760
GoDaddy, Inc.^(a)		4,895		816,486
				1,450,246

TOTAL COMMUNICATIONS				1,450,246

Consumer Discretionary (1.51%)
Retail (1.51%)
Wesfarmers, Ltd.		22,395		985,178

TOTAL CONSUMER DISCRETIONARY				985,178

Consumer Staples (2.79%)
Retail (2.79%)
Costco Wholesale Corp.		2,075		1,813,924

TOTAL CONSUMER STAPLES				1,813,924

Financials (54.26%)
Diversified Financial Services (29.92%)
Apollo Global Management, Inc.		14,425		2,066,526
Ares Management LP, Class A		18,455		3,094,534
Berkshire Hathaway, Inc., Class B^(a)		4,450		2,006,594
Blackstone, Inc., Class A		15,715		2,636,191
Blue Owl Capital, Inc.		21,195		473,920
Houlihan Lokey, Inc.		6,105		1,054,761
KKR & Co., Inc., Class A		28,405		3,926,707
Mastercard, Inc., Class A		1,355		676,944
Partners Group Holding AG		1,556		2,140,790
StepStone Group, Inc., Class A		14,535		873,990
TPG, Inc.		7,605		514,706
				19,465,663

Investment Companies (9.95%)
3i Group PLC		75,850		3,110,453
Eurazeo SE		6,657		507,748

	Shares		Value (Note 2)
Investment Companies (continued)
Investor AB, B Shares		48,375	$	1,369,209
Italmobiliare SpA		20,740		623,781
Mutares SE & Co. KGaA		32,155		861,650
				6,472,841

Private Equity (14.39%)
Altamir		38,218		935,361
Brederode SA		18,169		2,114,385
Bridgepoint Group PLC^(b)(c)		209,705		842,584
Clairvest Group, Inc.		12,085		603,230
CVC Capital Partners PLC^(a)(b)(c)		51,840		1,087,742
EQT AB		29,405		853,128
Intermediate Capital Group PLC		78,687		2,090,286
Petershill Partners PLC^(b)(c)		298,802		835,275
				9,361,991

TOTAL FINANCIALS				35,300,495

Health Care (1.43%)
Healthcare-Services (1.43%)
Chemed Corp.		1,720		929,213

TOTAL HEALTH CARE				929,213

Industrials (6.09%)
Aerospace/Defense (1.11%)
Lockheed Martin Corp.		1,325		723,516

Electronics (1.71%)
Atmus Filtration Technologies, Inc.		12,530		487,918
OEM International AB, Class B		53,460		624,862
				1,112,780
Machinery-Diversified (3.27%)
Carlisle Cos., Inc.		1,585		669,235
CSW Industrials, Inc.		2,215		782,116
Dover Corp.		3,560		674,015
				2,125,366

TOTAL INDUSTRIALS				3,961,662

Technology (8.16%)
Computers (2.06%)
Accenture PLC, Class A		1,955		674,123
Dell Technologies, Inc.		5,375		664,512
				1,338,635

Software (6.10%)
Constellation Software, Inc.		649		1,957,250
Fiserv, Inc.^(a)		3,820		755,978
Microsoft Corp.		1,420		577,017

See Notes to Financial Statements and Financial Highlights.

24 | October 31, 2024

ALPS Global Opportunity Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
Software (continued)
Paychex, Inc.		4,895	$	682,020
				3,972,265

TOTAL TECHNOLOGY				5,310,900

TOTAL COMMON STOCKS
(Cost $33,371,221)				49,751,618

BUSINESS DEVELOPMENT COMPANIES (4.80%)
Financials (4.80%)
Investment Companies (3.62%)
Ares Capital Corp.		57,535		1,216,290
FS KKR Capital Corp.		56,340		1,140,322
				2,356,612
Private Equity (1.18%)
Hercules Capital, Inc.		38,945		769,553

TOTAL FINANCIALS				3,126,165

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $2,955,479)				3,126,165

PREFERRED STOCK (1.56%)
Financials (1.05%)
Investment Companies (1.05%)
Compass Diversified Holdings, Series C, 7.875%^(d)		27,876		684,634

TOTAL FINANCIALS				684,634

Industrials (0.51%)
Metal Fabricate/Hardware (0.51%)
Steel Partners Holdings LP, 6.00%		13,442		329,329

TOTAL INDUSTRIALS				329,329

TOTAL PREFERRED STOCK
(Cost $1,013,401)				1,013,963

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (0.65%)
*Money Market Fund (0.65%)*
State Street Institutional Treasury Plus Money Market Fund - Premier Class		4.823	%		419,903	$	419,903

TOTAL MONEY MARKET FUND							419,903

TOTAL SHORT-TERM INVESTMENTS
(Cost $419,903)							419,903

TOTAL INVESTMENTS (99.85%)
(Cost $45,997,174)						$	64,963,361

Assets In Excess Of Other Liabilities (0.15%)							97,182

NET ASSETS (100.00%)						$	65,060,543

^(a)

Non-Income Producing Security.

^(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2024, the aggregate market value of those securities was $2,765,601, representing 4.25% of net assets.

^(c)

^(d)

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

See Notes to Financial Statements and Financial Highlights.

25 | October 31, 2024

ALPS Global Opportunity Fund

Statement of Investments

October 31, 2024

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at October 31, 2024		Fund Delivering	U.S. $ Value at October 31, 2024		Unrealized Appreciation
State Street Bank & Trust Company	11/22/24	USD	$	2,625,520	GBP	$	2,617,516	$	8,004
State Street Bank & Trust Company	01/24/25	USD	$	2,661,634	GBP	$	2,597,607		64,027
								$	72,031

See Notes to Financial Statements and Financial Highlights.

26 | October 31, 2024

ALPS Global Opportunity Fund

Statement of Assets and Liabilities

October 31, 2024

ASSETS
Investments, at value	$	64,963,361
Foreign currency, at value (Cost $2)		2
Unrealized appreciation on forward foreign currency contracts		72,031
Receivable for shares sold		7,077
Dividends and interest receivable		127,615
Prepaid expenses and other assets		25,415
Total Assets		65,195,501
LIABILITIES
Payable for investments purchased		5,455
Payable for shares redeemed		354
Investment advisory fees payable		44,585
Administration and transfer agency fees payable		11,328
Distribution and services fees payable		24,557
Trustees' fees and expenses payable		1,217
Professional fees payable		20,891
Custody fees payable		19,151
Accrued expenses and other liabilities		7,420
Total Liabilities		134,958
NET ASSETS	$	65,060,543
NET ASSETS CONSIST OF
Paid-in capital	$	43,640,944
Total distributable earnings/(accumulated losses)		21,419,599
NET ASSETS	$	65,060,543
INVESTMENTS, AT COST	$	45,997,174
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	7.32
Net Assets	$	10,665,404
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,456,763
Class A:
Net Asset Value, offering and redemption price per share	$	7.27
Net Assets	$	10,873,511
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,495,035
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	7.70
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	6.35
Net Assets	$	1,523,206
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		239,812
Class I:
Net Asset Value, offering and redemption price per share	$	7.62
Net Assets	$	37,731,791
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		4,951,661
Class R:
Net Asset Value, offering and redemption price per share	$	5.31
Net Assets	$	4,266,631
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		804,249

^(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 and Financial Highlights.

27 | October 31, 2024

ALPS Global Opportunity Fund

Statement of Operations

For the Year Ended October 31, 2024

INVESTMENT INCOME
Dividends	$	1,773,413
Foreign taxes withheld on dividends		(35,281	)
Total Investment Income		1,738,132

EXPENSES
Investment advisory fees		529,283
Administrative fees		85,661
Delegated transfer agent equivalent services fees		28,992
Distribution and service fees
Investor Class		35,509
Class A		28,431
Class C		18,864
Class R		22,310
Professional fees		23,062
Reports to shareholders and printing fees		9,597
State registration fees		90,738
Insurance fees		784
Custody fees		12,690
Trustees' fees and expenses		4,974
Repayment of previously waived fees
Investor Class		423
Class A		181
Class C		253
Class R		535
Miscellaneous expenses		18,528
Total Expenses		910,815
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(104	)
Class C		(1,640	)
Class I		(24,606	)
Class R		(723	)
Net Expenses		883,742
Net Investment Income		854,390
Net realized gain on investments		6,354,443
Net realized loss on foreign currency transactions		(8,747	)
Net realized loss on forward contracts		(216,380	)
Net Realized Gain		6,129,316
Net change in unrealized appreciation on investments		11,868,240
Net change in unrealized appreciation on forward contract		62,634
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		2,192
Net Change in Unrealized Appreciation		11,933,066
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		18,062,382
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,916,772

See Notes to Financial Statements and Financial Highlights.

28 | October 31, 2024

ALPS Global Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023^(a)
OPERATIONS
Net investment income	$	854,390		$	769,160
Net realized gain		6,129,316			818,981
Net change in unrealized appreciation		11,933,066			5,072,477
Net Increase in Net Assets Resulting from Operations		18,916,772			6,660,618

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(569,724	)		–
Class A		(315,706	)		–
Class C		(136,355	)		–
Class I		(1,810,004	)		–
Class R		(339,038	)		–
Net Decrease in Net Assets from Distributions		(3,170,827	)		–

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		578,558			188,818
Class A		9,406,025			2,103,737
Class C		101,738			–
Class I		4,907,533			8,125,624
Class R		115,518			301,435
Dividends reinvested
Investor Class		486,607			–
Class A		289,805			–
Class C		122,517			–
Class I		1,706,420			–
Class R		339,038			–
Shares redeemed, net of redemption fees
Investor Class		(2,520,970	)		(2,152,999	)
Class A		(6,446,342	)		(1,914,379	)
Class C		(1,291,869	)		(2,892,700	)
Class I		(8,262,125	)		(18,427,379	)
Class R		(1,270,444	)		(873,064	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(1,737,991	)		(15,540,907	)

Net increase/(decrease) in net assets		14,007,954			(8,880,289	)

NET ASSETS
Beginning of year		51,052,589			59,932,878
End of year	$	65,060,543		$	51,052,589

^(a)

Prior to January 24, 2023, the ALPS Global Opportunity Fund was known as the ALPS/Red Rocks Global Opportunity Fund.

See Notes to Financial Statements and Financial Highlights.

29 | October 31, 2024

ALPS 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, 2024			For the Year Ended October 31, 2023^(a)			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
Net asset value, beginning of period	$	5.64		$	5.09		$	9.39		$	6.47		$	7.71
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.08			0.07			0.05			0.00	^(c)		0.06
Net realized and unrealized gain/(loss)		1.95			0.48			(2.37	)		3.22			(0.23	)
Total from investment operations		2.03			0.55			(2.32	)		3.22			(0.17	)
DISTRIBUTIONS:
From net investment income		(0.35	)		–			(1.25	)		–			(0.60	)
From net realized gains		–			–			(0.73	)		(0.30	)		(0.47	)
Total distributions		(0.35	)		–			(1.98	)		(0.30	)		(1.07	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		1.68			0.55			(4.30	)		2.92			(1.24	)
Net asset value, end of year	$	7.32		$	5.64		$	5.09		$	9.39		$	6.47
TOTAL RETURN^(d)		37.47	%		10.81	%		(30.83	)%		51.18	%		(3.20	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,665		$	9,379		$	10,256		$	20,967		$	15,580
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.58	%		1.59	%		1.46	%		1.49	%		1.47	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.58	%		1.59	%		1.46	%		1.49	%		1.47	%
Ratio of net investment income to average net assets^(e)		1.20	%		1.20	%		0.81	%		0.01	%		0.86	%
Portfolio turnover rate		37	%		21	%		27	%		43	%		41	%

^(a)

Prior to January 24, 2023, the ALPS Global Opportunity Fund was known as the ALPS/Red Rocks Global Opportunity Fund. 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.

See Notes to Financial Statements and Financial Highlights.

30 | October 31, 2024

ALPS 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, 2024			For the Year Ended October 31, 2023^(a)			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
Net asset value, beginning of period	$	5.61		$	5.06		$	9.35		$	6.45		$	7.67

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.09			0.07			0.05			0.00	^(c)		0.04
Net realized and unrealized gain/(loss)		1.92			0.48			(2.36	)		3.20			(0.20	)
Total from investment operations		2.01			0.55			(2.31	)		3.20			(0.16	)

DISTRIBUTIONS:
From net investment income		(0.35	)		–			(1.25	)		–			(0.60	)
From net realized gains		–			–			(0.73	)		(0.30	)		(0.47	)
Total distributions		(0.35	)		–			(1.98	)		(0.30	)		(1.07	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			0.00	^(c)		0.01
Net increase/(decrease) in net asset value		1.66			0.55			(4.29	)		2.90			(1.22	)
Net asset value, end of year	$	7.27		$	5.61		$	5.06		$	9.35		$	6.45
TOTAL RETURN^(d)		37.31	%		10.87	%		(30.85	)%		51.02	%		(2.92	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,874		$	5,379		$	4,710		$	4,188		$	2,544
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.56	%		1.57	%		1.49	%		1.47	%		1.51	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.56	%		1.57	%		1.49	%		1.47	%		1.51	%
Ratio of net investment income to average net assets^(e)		1.27	%		1.24	%		0.88	%		0.05	%		0.62	%
Portfolio turnover rate		37	%		21	%		27	%		43	%		41	%

^(a)

^(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.

See Notes to Financial Statements and Financial Highlights.

31 | October 31, 2024

ALPS 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, 2024			For the Year Ended October 31, 2023^(a)			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
Net asset value, beginning of period	$	4.96		$	4.50		$	8.59		$	5.98		$	7.25
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.03			0.03			0.00	^(c)		(0.06	)		0.01
Net realized and unrealized gain/(loss)		1.71			0.43			(2.12	)		2.97			(0.22	)
Total from investment operations		1.74			0.46			(2.12	)		2.91			(0.21	)
DISTRIBUTIONS:
From net investment income		(0.35	)		–			(1.24	)		–			(0.59	)
From net realized gains		–			–			(0.73	)		(0.30	)		(0.47	)
Total distributions		(0.35	)		–			(1.97	)		(0.30	)		(1.06	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			–			0.00	^(c)
Net increase/(decrease) in net asset value		1.39			0.46			(4.09	)		2.61			(1.27	)
Net asset value, end of year	$	6.35		$	4.96		$	4.50		$	8.59		$	5.98
TOTAL RETURN^(d)		36.58	%		10.22	%		(31.48	)%		50.14	%		(4.01	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,523		$	2,098		$	4,507		$	10,883		$	9,061
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		2.34	%		2.32	%		2.23	%		2.20	%		2.22	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		2.25	%		2.25	%		2.23	%		2.20	%		2.22	%
Ratio of net investment income/(loss) to average net assets^(e)		0.53	%		0.52	%		0.03	%		(0.73	)%		0.12	%
Portfolio turnover rate		37	%		21	%		27	%		43	%		41	%

(a)

(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.

See Notes to Financial Statements and Financial Highlights.

32 | October 31, 2024

ALPS 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, 2024			For the Year Ended October 31, 2023^(a)			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
Net asset value, beginning of period	$	5.85		$	5.25		$	9.61		$	6.61		$	7.84
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.11			0.09			0.07			0.02			0.07
Net realized and unrealized gain/(loss)		2.02			0.51			(2.44	)		3.28			(0.23	)
Total from investment operations		2.13			0.60			(2.37	)		3.30			(0.16	)
DISTRIBUTIONS:
From net investment income		(0.36	)		–			(1.26	)		–			(0.60	)
From net realized gains		–			–			(0.73	)		(0.30	)		(0.47	)
Total distributions		(0.36	)		–			(1.99	)		(0.30	)		(1.07	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		1.77			0.60			(4.36	)		3.00			(1.23	)
Net asset value, end of year	$	7.62		$	5.85		$	5.25		$	9.61		$	6.61
TOTAL RETURN^(d)		37.77	%		11.43	%		(30.69	)%		51.31	%		(2.93	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	37,732		$	30,176		$	36,321		$	69,176		$	55,950
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.32	%		1.31	%		1.22	%		1.20	%		1.22	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.25	%		1.25	%		1.22	%		1.20	%		1.22	%
Ratio of net investment income to average net assets^(e)		1.53	%		1.55	%		1.07	%		0.29	%		1.08	%
Portfolio turnover rate		37	%		21	%		27	%		43	%		41	%

(a)

(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.

See Notes to Financial Statements and Financial Highlights.

33 | October 31, 2024

ALPS 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, 2024			For the Year Ended October 31, 2023^(a)			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020^(a)
Net asset value, beginning of period	$	4.18		$	3.78		$	7.50		$	5.23		$	6.45
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.05			0.04			0.03			(0.01	)		0.03
Net realized and unrealized gain/(loss)		1.43			0.36			(1.77	)		2.58			(0.18	)
Total from investment operations		1.48			0.40			(1.74	)		2.57			(0.15	)
DISTRIBUTIONS:
From net investment income		(0.35	)		–			(1.25	)		–			(0.60	)
From net realized gains		–			–			(0.73	)		(0.30	)		(0.47	)
Total distributions		(0.35	)		–			(1.98	)		(0.30	)		(1.07	)
Net increase/(decrease) in net asset value		1.13			0.40			(3.72	)		2.27			(1.22	)
Net asset value, end of year	$	5.31		$	4.18		$	3.78		$	7.50		$	5.23
TOTAL RETURN^(c)		37.41	%		10.58	%		(30.92	)%		50.86	%		(3.56	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	4,267		$	4,021		$	4,140		$	6,987		$	5,231
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(d)		1.77	%		1.76	%		1.68	%		1.65	%		1.68	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		1.75	%		1.75	%		1.68	%		1.65	%		1.68	%
Ratio of net investment income/(loss) to average net assets^(d)		1.03	%		1.04	%		0.61	%		(0.17	)%		0.61	%
Portfolio turnover rate		37	%		21	%		27	%		43	%		41	%

(a)

(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.

See Notes to Financial Statements and Financial Highlights.

34 | October 31, 2024

ALPS Balanced Opportunity Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
COMMON STOCKS (71.98%)
Communications (5.97%)
Entertainment Content (0.86%)
Walt Disney Co.		1,134	$	109,091

Internet Media & Services (3.90%)
Alphabet, Inc., Class A		1,645		281,476
Meta Platforms, Inc., Class A		372		211,140
				492,616

Telecommunications (1.21%)
AT&T, Inc.		6,755		152,258

TOTAL COMMUNICATIONS				753,965

Consumer Discretionary (6.79%)
Apparel & Textile Products (0.74%)
NIKE, Inc., Class B		1,215		93,713

E-Commerce Discretionary (2.47%)
Amazon.com, Inc.^(a)		1,670		311,288

Leisure Facilities & Services (1.74%)
Marriott International, Inc., Class A		364		94,647
McDonald's Corp.		427		124,731
				219,378

Retail - Discretionary (1.84%)
Lowe's Cos., Inc.		511		133,795
O'Reilly Automotive, Inc.^(a)		85		98,017
				231,812

TOTAL CONSUMER DISCRETIONARY				856,191

Consumer Staples (5.55%)
Food (0.76%)
Campbell Soup Co.		2,065		96,332

Household Products (0.66%)
Procter & Gamble Co.		505		83,416

Retail - Consumer Staples (3.57%)
Costco Wholesale Corp.		199		173,962
Target Corp.		401		60,166
Walmart, Inc.		2,635		215,938
				450,066

Wholesale - Consumer Staples (0.56%)
ITOCHU Corp., ADR		715		70,785

TOTAL CONSUMER STAPLES				700,599

	Shares		Value (Note 2)
Energy (3.21%)
Oil & Gas Producers (2.57%)
ConocoPhillips		1,575	$	172,526
Enbridge, Inc.		3,742		151,177
				323,703

Oil & Gas Services & Equipment (0.64%)
Baker Hughes Co.		2,135		81,301

TOTAL ENERGY				405,004

Financials (9.56%)
Asset Management (0.86%)
Blackstone, Inc.		645		108,199

Banking (3.47%)
JPMorgan Chase & Co.		1,180		261,866
M&T Bank Corp.		340		66,191
Wells Fargo & Co.		1,695		110,039
				438,096

Institutional Financial Svcs (2.31%)
Goldman Sachs Group, Inc.		235		121,681
Intercontinental Exchange, Inc.		1,088		169,586
				291,267

Specialty Finance (2.92%)
American Express Co.		695		187,706
Mastercard, Inc., Class A		361		180,352
				368,058

TOTAL FINANCIALS				1,205,620

Health Care (8.25%)
Biotech & Pharma (1.95%)
Amgen, Inc.		430		137,669
Vertex Pharmaceuticals, Inc.^(a)		227		108,047
				245,716

Health Care Facilities & Svcs (4.02%)
HCA Healthcare, Inc.		506		181,522
IQVIA Holdings, Inc.^(a)		485		99,823
UnitedHealth Group, Inc.		399		225,236
				506,581

Medical Equipment & Devices (2.28%)
Boston Scientific Corp.^(a)		1,670		140,313
Thermo Fisher Scientific, Inc.		269		146,960
				287,273

TOTAL HEALTH CARE				1,039,570

See Notes to Financial Statements and Financial Highlights.

35 | October 31, 2024

ALPS Balanced Opportunity Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
Industrials (9.17%)
Aerospace & Defense (1.20%)
Lockheed Martin Corp.		278	$	151,802

Commercial Support Services (1.05%)
Waste Management, Inc.		615		132,748

Electrical Equipment (3.46%)
Amphenol Corp., Class A		985		66,015
Schneider Electric SE, ADR		2,780		143,698
TE Connectivity PLC		625		92,138
Trane Technologies PLC		365		135,108
				436,959

Machinery (2.37%)
Caterpillar, Inc.		509		191,486
Deere & Co.		265		107,243
				298,729
Transportation & Logistics (1.09%)
Old Dominion Freight Line, Inc.		683		137,502

TOTAL INDUSTRIALS				1,157,740

Materials (1.76%)
Chemicals (0.89%)
Linde PLC		245		111,757

Metals & Mining (0.87%)
Freeport-McMoRan, Inc.		1,455		65,504
Norsk Hydro ASA, ADR		7,165		43,707
				109,211

TOTAL MATERIALS				220,968

Real Estate (1.42%)
REIT (1.42%)
Equity LifeStyle Properties, Inc.		1,521		106,652
Prologis, Inc.		640		72,282
				178,934

TOTAL REAL ESTATE				178,934

Technology (18.56%)
Semiconductors (6.32%)
Lam Research Corp.		1,670		124,164
NVIDIA Corp.		3,210		426,159
Taiwan Semiconductor
Manufacturing Co., Ltd.,
Sponsored ADR		1,301		247,893
				798,216

	Shares		Value (Note 2)
Software (5.05%)
Adobe, Inc.^(a)		107	$	51,155
Microsoft Corp.		797		323,860
Salesforce, Inc.		400		116,548
Synopsys, Inc.^(a)		283		145,351
				636,914

Technology Hardware (6.19%)
Apple, Inc.		2,482		560,707
Dell Technologies, Inc.		810		100,140
Motorola Solutions, Inc.		270		121,324
				782,171

Technology Services (1.00%)
International Business Machines Corp.		610		126,099

TOTAL TECHNOLOGY				2,343,400

Utilities (1.74%)
Electric Utilities (1.74%)
Duke Energy Corp.		770		88,758
PPL Corp.		4,030		131,217
				219,975

TOTAL UTILITIES				219,975

TOTAL COMMON STOCKS
(Cost $5,702,099)				9,081,966

EXCHANGE TRADED FUNDS (30.71%)
ALPS Smith Core Plus Bond ETF^(b)		150,000		3,874,500

TOTAL EXCHANGE TRADED FUNDS
(Cost $3,946,625)				3,874,500

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (0.01%)
Mortgage Securities (0.01%)

Fannie Mae REMICS, Series 2012-64 3.000%, 08/25/2041	$	185		184
Freddie Mac REMICS, Series 1996-1843 7.000%, 04/15/2026		25		25
Government National Mortgage Association, Series 2009-104 4.500%, 08/16/2039		314		314
Government National Mortgage Association, Series 2013-98 3.500%, 07/20/2042		1,093		1,088

Total Mortgage Securities				1,611

See Notes to Financial Statements and Financial Highlights.

36 | October 31, 2024

ALPS Balanced Opportunity Fund

Statement of Investments

October 31, 2024

Principal

Amount

Value

(Note 2)

TOTAL COLLATERALIZED MORTGAGE

OBLIGATIONS

(Cost $1,645)

1,611

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (2.98%)
Money Market Fund (2.98%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio		4.779	%		46,489		46,489
State Street Institutional Treasury Plus Money Market Fund - Premier Class		4.823	%		329,294		329,294

TOTAL SHORT TERM INVESTMENTS
(Cost $375,783)							375,783

TOTAL INVESTMENTS (105.68%)
(Cost $10,026,152)						$	13,333,860

Liabilities In Excess Of Other Assets (-5.68%)							(716,964	)

NET ASSETS (100.00%)						$	12,616,896

(a)

Non-Income Producing Security.

(b)

Affiliated Company. See Note 7 in Notes to Financial Statements and Financial Highlights. Financials for the affiliated company can be found at www.alpsfunds.com/exchange-traded-funds/smth

See Notes to Financial Statements and Financial Highlights.

37 | October 31, 2024

ALPS Balanced Opportunity Fund

Statement of Assets and Liabilities

October 31, 2024

ASSETS
Investments, at value	$	9,459,360
Investments in affiliates, at value		3,874,500
Dividends and interest receivable		25,053
Receivable due from advisor		71,013
Prepaid expenses and other assets		7,298
Total Assets		13,437,224
LIABILITIES
Payable for shares redeemed		692,684
Payable due to custodian - overdraft		1,267
Administration and transfer agency fees payable		34,435
Distribution and services fees payable		1,627
Trustees' fees and expenses payable		7
Professional fees payable		64,122
Accrued expenses and other liabilities		26,186
Total Liabilities		820,328
NET ASSETS	$	12,616,896
NET ASSETS CONSIST OF
Paid-in capital	$	8,287,352
Total distributable earnings/(accumulated losses)		4,329,544
NET ASSETS	$	12,616,896
INVESTMENTS, AT COST	$	6,079,527
INVESTMENTS IN AFFILIATES, AT COST	$	3,946,625
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	13.24
Net Assets	$	738,893
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		55,791
Class A:
Net Asset Value, offering and redemption price per share	$	13.24
Net Assets	$	1,324,451
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		100,003
Maximum offering price per share ((NAV/0.9675), based on maximum sales charge of 3.25% of the offering price)	$	13.69
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	13.13
Net Assets	$	656,735
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		50,000
Class I:
Net Asset Value, offering and redemption price per share	$	13.20
Net Assets	$	9,896,817
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		749,893

^(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 and Financial Highlights.

38 | October 31, 2024

ALPS Balanced Opportunity Fund

Statement of Operations

For the Year Ended October 31, 2024

INVESTMENT INCOME
Dividends	$	240,025
Dividends from affiliated securities		13,766
Foreign taxes withheld on dividends		(7,082	)
Interest		316,232
Total Investment Income		562,941

EXPENSES
Investment advisory fees		145,150
Administrative fees		99,981
Delegated transfer agent equivalent services fees		25,064
Distribution and service fees
Investor Class		4,192
Class A		7,766
Class C		6,177
Professional fees		67,335
Reports to shareholders and printing fees		7,630
State registration fees		62,023
Insurance fees		309
Custody fees		11,901
Trustees' fees and expenses		1,764
Miscellaneous expenses		10,986
Total Expenses		450,278
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(14,090	)
Class A		(25,663	)
Class C		(8,564	)
Class I		(220,718	)
Less fees waived from investments in affiliated securities (Note 8)		(1,510	)
Net Expenses		179,733
Net Investment Income		383,208
Net realized gain on investments		2,708,902
Net realized gain on foreign currency transactions		989
Net Realized Gain		2,709,891
Net change in unrealized appreciation on investments		2,153,011
Net change in unrealized depreciation on investments - affiliated securities		(72,125	)
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		51
Net Change in Unrealized Appreciation		2,080,937
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		4,790,828
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,174,036

See Notes to Financial Statements and Financial Highlights.

39 | October 31, 2024

ALPS Balanced Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	383,208		$	415,777
Net realized gain/(loss)		2,709,891			(142,874	)
Net change in unrealized appreciation		2,080,937			1,143,221
Net Increase in Net Assets Resulting from Operations		5,174,036			1,416,124

DISTRIBUTIONS
From distributable earnings
Investor Class		(10,981	)		(11,437	)
Class A		(19,827	)		(17,999	)
Class C		(5,448	)		(5,145	)
Class I		(349,404	)		(398,778	)
Net Decrease in Net Assets from Distributions		(385,660	)		(433,359	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold
Investor Class		15,660			20,506
Class A		–			6,422
Class I		4,892,899			6,444,319
Dividends reinvested
Investor Class		1,002			2,260
Class A		–			103
Class C		14			84
Class I		311,292			346,445
Shares redeemed
Investor Class		(7,273	)		(115,047	)
Class A		(1	)		(47,835	)
Class C		(3,145	)		(14,000	)
Class I		(17,537,750	)		(13,884,987	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(12,327,302	)		(7,241,730	)

Net decrease in net assets		(7,538,926	)		(6,258,965	)

NET ASSETS
Beginning of year		20,155,822			26,414,787
End of year	$	12,616,896		$	20,155,822

See Notes to Financial Statements and Financial Highlights.

40 | October 31, 2024

ALPS Balanced 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, 2024^(a)			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	10.56		$	10.22		$	12.19		$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.23			0.17			0.10			0.04			0.00	^(c)
Net realized and unrealized gain/(loss)		2.65			0.35			(1.94	)		2.32			(0.12	)
Total from investment operations		2.88			0.52			(1.84	)		2.36			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.20	)		(0.18	)		(0.11	)		(0.05	)		(0.00	)^(c)
From net realized gains		–			–			(0.02	)		–			–
From tax return of capital		–			–			(0.00	)^(c)		–			–
Total distributions		(0.20	)		(0.18	)		(0.13	)		(0.05	)		(0.00	)^(c)

Net increase/(decrease) in net asset value		2.68			0.34			(1.97	)		2.31			(0.12	)
Net asset value, end of year	$	13.24		$	10.56		$	10.22		$	12.19		$	9.88
TOTAL RETURN^(d)		27.42	%		5.09	%		(15.17	)%		23.95	%		(1.18	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	739		$	582		$	651		$	784		$	601
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.20	%^(e)		1.82	%		1.56	%		1.67	%		3.00	%^(f)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.79	%^(e)		1.09	%		1.12	%		1.12	%		1.15	%^(f)
Ratio of net investment income to average net assets		1.89	%		1.60	%		0.86	%		0.38	%		0.25	%^(f)
Portfolio turnover rate^(g)		131	%		74	%		108	%		126	%		26	%

^(a)

Prior to October 3, 2024, the ALPS Balanced Opportunity Fund was known as the ALPS | Smith Balanced Opportunity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

According to the Fund's shareholder services plan with respect to the Fund's Investor Class shares, any amount of fees accrued according to the plan, but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practical. Ratios may be lower than the expense cap due to the amounts reimbursed to the Fund.

^(f)

Annualized.

^(g)

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

See Notes to Financial Statements and Financial Highlights.

41 | October 31, 2024

ALPS Balanced 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, 2024^(a)			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	10.56		$	10.22		$	12.19		$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.24			0.17			0.10			0.04			0.00	^(c)
Net realized and unrealized gain/(loss)		2.64			0.35			(1.94	)		2.32			(0.12	)
Total from investment operations		2.88			0.52			(1.84	)		2.36			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.20	)		(0.18	)		(0.11	)		(0.05	)		(0.00	)^(c)
From net realized gains		–			–			(0.02	)		–			–
From tax return of capital		–			–			(0.00	)^(c)		–			–
Total distributions		(0.20	)		(0.18	)		(0.13	)		(0.05	)		(0.00	)^(c)

Net increase/(decrease) in net asset value		2.68			0.34			(1.97	)		2.31			(0.12	)
Net asset value, end of year	$	13.24		$	10.56		$	10.22		$	12.19		$	9.88
TOTAL RETURN^(d)		27.40	%		5.06	%		(15.16	)%		23.96	%		(1.16	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,324		$	1,056		$	1,063		$	1,219		$	988
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.18	%^(e)		1.87	%		1.56	%		1.66	%		3.03	%^(f)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.78	%^(e)		1.12	%		1.11	%		1.11	%		1.15	%^(f)
Ratio of net investment income to average net assets		1.90	%		1.57	%		0.87	%		0.39	%		0.26	%^(f)
Portfolio turnover rate^(g)		131	%		74	%		108	%		126	%		26	%

^(a)

Prior to October 3, 2024, the ALPS Balanced Opportunity Fund was known as the ALPS | Smith Balanced Opportunity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

According to the Fund's shareholder services plan with respect to the Fund's Class A shares, any amount of fees accrued according to the plan, but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practical. Ratios may be lower than the expense cap due to the amounts reimbursed to the Fund.

^(f)

Annualized.

^(g)

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

See Notes to Financial Statements and Financial Highlights.

42 | October 31, 2024

ALPS Balanced 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, 2024^(a)			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	10.51		$	10.17		$	12.14		$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.10			0.09			0.01			(0.04	)		(0.01	)
Net realized and unrealized gain/(loss)		2.63			0.35			(1.92	)		2.31			(0.11	)
Total from investment operations		2.73			0.44			(1.91	)		2.27			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.11	)		(0.10	)		(0.04	)		(0.01	)		—
From net realized gains		–			–			(0.02	)		–			–
From tax return of capital		–			–			(0.00	)^(c)		–			–
Total distributions		(0.11	)		(0.10	)		(0.06	)		(0.01	)		–

Net increase/(decrease) in net asset value		2.62			0.34			(1.97	)		2.26			(0.12	)
Net asset value, end of year	$	13.13		$	10.51		$	10.17		$	12.14		$	9.88
TOTAL RETURN^(d)		26.04	%		4.32	%		(15.81	)%		22.93	%		(1.20	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	657		$	528		$	524		$	607		$	494
Ratio of expenses to average net assets excluding fee waivers and reimbursements		3.22	%		2.60	%		2.30	%		2.40	%		3.73	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%^(e)
Ratio of net investment income/(loss) to average net assets		0.84	%		0.84	%		0.13	%		(0.35	)%		(0.44	)%^(e)
Portfolio turnover rate^(f)		131	%		74	%		108	%		126	%		26	%

^(a)

Prior to October 3, 2024, the ALPS Balanced Opportunity Fund was known as the ALPS | Smith Balanced Opportunity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

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

See Notes to Financial Statements and Financial Highlights.

43 | October 31, 2024

ALPS Balanced 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, 2024^(a)			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	10.56		$	10.22		$	12.19		$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.23			0.20			0.12			0.08			0.01
Net realized and unrealized gain/(loss)		2.64			0.35			(1.93	)		2.31			(0.12	)
Total from investment operations		2.87			0.55			(1.81	)		2.39			(0.11	)

DISTRIBUTIONS:
From net investment income		(0.23	)		(0.21	)		(0.14	)		(0.08	)		(0.01	)
From net realized gains		–			–			(0.02	)		–			–
From tax return of capital		–			–			(0.00	)^(c)		–			–
Total distributions		(0.23	)		(0.21	)		(0.16	)		(0.08	)		(0.01	)

Net increase/(decrease) in net asset value		2.64			0.34			(1.97	)		2.31			(0.12	)
Net asset value, end of year	$	13.20		$	10.56		$	10.22		$	12.19		$	9.88
TOTAL RETURN^(d)		27.38	%		5.37	%		(14.93	)%		24.28	%		(1.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	9,897		$	17,990		$	24,176		$	37,410		$	12,289
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.06	%		1.72	%		1.41	%		1.39	%		2.69	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%^(e)
Ratio of net investment income to average net assets		1.88	%		1.83	%		1.10	%		0.67	%		0.57	%^(e)
Portfolio turnover rate^(f)		131	%		74	%		108	%		126	%		26	%

^(a)

Prior to October 3, 2024, the ALPS Balanced Opportunity Fund was known as the ALPS | Smith Balanced Opportunity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

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

See Notes to Financial Statements and Financial Highlights.

44 | October 31, 2024

RiverFront Asset Allocation Growth & Income

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (98.89%)
Debt (27.28%)
Invesco BulletShares 2029 Corporate Bond ETF		40,062	$	737,942
iShares^® 7-10 Year Treasury Bond ETF		18,197		1,719,980
JPMorgan USD Emerging Markets Sovereign Bond ETF		14,183		556,582
PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF		15,415		1,164,912
RiverFront Dynamic Core Income ETF^(a)		227,112		5,094,281
Riverfront Strategic Income Fund^(a)		116,542		2,677,482
VanEck Fallen Angel High Yield Bond ETF		62,049		1,791,355
Vanguard^® Long-Term Corporate Bond ETF		95,827		7,413,177
				21,155,711
Equity (71.61%)
ALPS Active Equity Opportunity ETF^(a)		53,896		3,078,000
Energy Select Sector SPDR^® Fund		8,941		792,083
First Trust RiverFront Dynamic Developed International ETF^(a)		165,359		10,632,584
First Trust RiverFront Dynamic Emerging Markets ETF^(a)		42,789		2,782,025
iShares^® Core S&P 500^® ETF		9,819		5,609,006
iShares^® MSCI Europe Financials ETF		33,635		807,240
iShares^® U.S. Technology ETF		27,162		4,093,042
JPMorgan Equity Premium Income ETF		148,245		8,700,499
JPMorgan Nasdaq Equity Premium Income ETF		35,640		1,945,231
RiverFront Dynamic US Dividend Advantage ETF^(a)		286,978		15,680,105
VanEck Semiconductor ETF		2,723		658,095
WisdomTree^® Europe Hedged Equity Fund		17,282		747,101
				55,525,011

TOTAL EXCHANGE TRADED FUNDS
(Cost $63,332,638)				76,680,722

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (1.15%)
Money Market Fund (1.15%)
State Street Institutional Treasury Plus Money Market Fund- Premier Class		4.823	%		895,170		895,170

TOTAL MONEY MARKET FUND							895,170

TOTAL SHORT-TERM INVESTMENTS
(Cost $895,170)							895,170

	Value (Note 2)
TOTAL INVESTMENTS (100.04%)
(Cost $64,227,808)	$	77,575,892

Liabilities In Excess Of Other Assets (-0.04%)		(31,660	)

NET ASSETS (100.00%)	$	77,544,232

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements and Financial Highlights.

See Notes to Financial Statements and Financial Highlights.

45 | October 31, 2024

RiverFront Asset Allocation Growth & Income

Statement of Assets and Liabilities

October 31, 2024

	RiverFront Asset Allocation Growth & Income
ASSETS
Investments, at value	$	37,631,415
Investments in affiliates, at value		39,944,477
Receivable for shares sold		8,905
Dividends and interest receivable		4,763
Total Assets		77,589,560
LIABILITIES
Payable for shares redeemed		1,725
Unitary administrative fees payable		32,946
Distribution and services fees payable		10,657
Total Liabilities		45,328
NET ASSETS	$	77,544,232
NET ASSETS CONSIST OF
Paid-in capital	$	65,516,169
Total distributable earnings/(accumulated losses)		12,028,063
NET ASSETS	$	77,544,232
INVESTMENTS, AT COST	$	34,456,137
INVESTMENTS IN AFFILIATES, AT COST	$	29,771,671

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	13.98
Net Assets	$	8,380,148
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		599,394
Class A:
Net Asset Value, offering and redemption price per share	$	13.96
Net Assets	$	21,604,262
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,547,331
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	14.77
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	13.41
Net Assets	$	4,819,682
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		359,484
Class I:
Net Asset Value, offering and redemption price per share	$	13.93
Net Assets	$	42,740,140
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		3,067,969

^(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 and Financial Highlights.

46 | October 31, 2024

RiverFront Asset Allocation Growth & Income

Statement of Operations

For the Year Ended October 31, 2024

	RiverFront Asset Allocation Growth & Income
INVESTMENT INCOME
Dividends	$	1,483,481
Dividends from affiliated securities		1,257,850
Total Investment Income		2,741,331

EXPENSES
Unitary administrative fees		195,775
Distribution and service fees
Investor Class		20,698
Class A		53,205
Class C		60,427
Total Expenses		330,105
Net Expenses		330,105
Net Investment Income		2,411,226
Net realized loss on investments		(861,524	)
Net realized gain on investments - affiliated securities		1,115,840
Net realized gain		254,316
Net change in unrealized appreciation on investments		7,120,740
Net change in unrealized appreciation on investments - affiliated securities		6,708,903
Net change in unrealized appreciation		13,829,643
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		14,083,959
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,495,185

See Notes to Financial Statements and Financial Highlights.

47 | October 31, 2024

RiverFront Asset Allocation Growth & Income

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	2,411,226		$	2,785,844
Net realized gain/(loss)		254,316			(726,577	)
Net change in unrealized appreciation		13,829,643			2,228,140
Net Increase in Net Assets Resulting from Operations		16,495,185			4,287,407
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(260,033	)		(647,846	)
Class A		(669,037	)		(1,384,895	)
Class C		(146,313	)		(779,705	)
Class I		(1,435,407	)		(3,343,761	)
Net Decrease in Net Assets from Distributions		(2,510,790	)		(6,156,207	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		54,187			78,472
Class A		2,588,064			3,733,571
Class C		361,187			205,272
Class I		3,713,854			3,084,085
Dividends reinvested
Investor Class		254,438			636,855
Class A		649,196			1,366,683
Class C		141,151			756,170
Class I		1,413,318			3,255,904
Shares redeemed
Investor Class		(1,078,857	)		(2,105,984	)
Class A		(4,478,867	)		(4,238,648	)
Class C		(3,996,604	)		(7,143,443	)
Class I		(10,033,679	)		(12,937,619	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(10,412,612	)		(13,308,682	)
Net increase/(decrease) in net assets		3,571,783			(15,177,482	)
NET ASSETS
Beginning of year		73,972,449			89,149,931
End of year	$	77,544,232		$	73,972,449

See Notes to Financial Statements and Financial Highlights.

48 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	11.66		$	12.00		$	14.45		$	11.84		$	12.02
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.40			0.40			0.37			0.14			0.18
Net realized and unrealized gain/(loss)		2.35			0.14			(2.49	)		2.62			(0.16	)
Total from investment operations		2.75			0.54			(2.12	)		2.76			0.02
DISTRIBUTIONS:
From net investment income		(0.43	)		(0.42	)		(0.33	)		(0.14	)		(0.20	)
From net realized gains		–			(0.46	)		–			–			–
Tax return of capital		–			–			–			(0.01	)		–
Total distributions		(0.43	)		(0.88	)		(0.33	)		(0.15	)		(0.20	)
Net increase/(decrease) in net asset value		2.32			(0.34	)		(2.45	)		2.61			(0.18	)
Net asset value, end of year	$	13.98		$	11.66		$	12.00		$	14.45		$	11.84
TOTAL RETURN^(b)		23.67	%		4.53	%		(14.82	)%		23.40	%		0.27	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	8,380		$	7,687		$	9,269		$	6,921		$	6,802
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets^(c)(d)		3.01	%		3.29	%		2.84	%		1.04	%		1.57	%
Portfolio turnover rate		36	%		13	%		127	%		13	%		33	%

(a)

Calculated using the average shares method.

(b)

(c)

Does not include expenses of the investment companies in which the Fund invests.

(d)

The recognition of net investment income is affected by the timing and declaration of dividends by the investment companies in which the Fund invests.

See Notes to Financial Statements and Financial Highlights.

49 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	11.65		$	11.99		$	14.43		$	11.83		$	12.01

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.40			0.40			0.37			0.14			0.18
Net realized and unrealized gain/(loss)		2.34			0.14			(2.48	)		2.61			(0.16	)
Total from investment operations		2.74			0.54			(2.11	)		2.75			0.02

DISTRIBUTIONS:
From net investment income		(0.43	)		(0.42	)		(0.33	)		(0.14	)		(0.20	)
From net realized gains		–			(0.46	)		–			–			–
From tax return of capital		–			–			–			(0.01	)		–
Total distributions		(0.43	)		(0.88	)		(0.33	)		(0.15	)		(0.20	)

Net increase/(decrease) in net asset value		2.31			(0.34	)		(2.44	)		2.60			(0.18	)
Net asset value, end of year	$	13.96		$	11.65		$	11.99		$	14.43		$	11.83
TOTAL RETURN^(b)		23.60	%		4.54	%		(14.76	)%		23.34	%		0.28	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	21,604		$	19,110		$	18,794		$	6,139		$	4,489
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(c)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets^(c)(d)		3.00	%		3.26	%		2.89	%		1.05	%		1.52	%
Portfolio turnover rate		36	%		13	%		127	%		13	%		33	%

(a)

Calculated using the average shares method.

(b)

(c)

Does not include expenses of the investment companies in which the Fund invests.

(d)

The recognition of net investment income is affected by the timing and declaration of dividends by the investment companies in which the Fund invests.

See Notes to Financial Statements and Financial Highlights.

50 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	11.20		$	11.57		$	13.94		$	11.45		$	11.65
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.29			0.31			0.26			0.04			0.09
Net realized and unrealized gain/(loss)		2.25			0.11			(2.39	)		2.52			(0.15	)
Total from investment operations		2.54			0.42			(2.13	)		2.56			(0.06	)
DISTRIBUTIONS:
From net investment income		(0.33	)		(0.33	)		(0.24	)		(0.06	)		(0.14	)
From net realized gains		–			(0.46	)		–			–			–
Tax return of capital		–			–			–			(0.01	)		–
Total distributions		(0.33	)		(0.79	)		(0.24	)		(0.07	)		(0.14	)
Net increase/(decrease) in net asset value		2.21			(0.37	)		(2.37	)		2.49			(0.20	)
Net asset value, end of year	$	13.41		$	11.20		$	11.57		$	13.94		$	11.45
TOTAL RETURN^(b)		22.77	%		3.68	%		(15.39	)%		22.44	%		(0.44	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	4,820		$	7,118		$	13,432		$	11,049		$	13,642
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(c)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(c)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of net investment income to average net assets^(c)(d)		2.24	%		2.60	%		2.03	%		0.29	%		0.82	%
Portfolio turnover rate		36	%		13	%		127	%		13	%		33	%

(a)

Calculated using the average shares method.

(b)

(c)

Does not include expenses of the investment companies in which the Fund invests.

(d)

The recognition of net investment income is affected by the timing and declaration of dividends by the investment companies in which the Fund invests.

See Notes to Financial Statements and Financial Highlights.

51 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	11.62		$	11.96		$	14.40		$	11.79		$	11.97
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.43			0.43			0.40			0.18			0.22
Net realized and unrealized gain/(loss)		2.34			0.14			(2.48	)		2.61			(0.18	)
Total from investment operations		2.77			0.57			(2.08	)		2.79			0.04
DISTRIBUTIONS:
From net investment income		(0.46	)		(0.45	)		(0.36	)		(0.16	)		(0.22	)
From net realized gains		–			(0.46	)		–			–			–
Tax return of capital		–			–			–			(0.02	)		–
Total distributions		(0.46	)		(0.91	)		(0.36	)		(0.18	)		(0.22	)
Net increase/(decrease) in net asset value		2.31			(0.34	)		(2.44	)		2.61			(0.18	)
Net asset value, end of year	$	13.93		$	11.62		$	11.96		$	14.40		$	11.79
TOTAL RETURN^(b)		23.94	%		4.80	%		(14.60	)%		23.79	%		0.46	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	42,740		$	40,057		$	47,655		$	40,106		$	34,529
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(c)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets^(c)(d)		3.25	%		3.54	%		3.06	%		1.29	%		1.83	%
Portfolio turnover rate		36	%		13	%		127	%		13	%		33	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Does not include expenses of the investment companies in which the Fund invests.

^(d)

The recognition of net investment income is affected by the timing and declaration of dividends by the investment companies in which the Fund invests.

See Notes to Financial Statements and Financial Highlights.

52 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

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 five funds: ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, ALPS | Kotak India ESG Fund, ALPS Global Opportunity Fund, ALPS Balanced Opportunity Fund (formerly ALPS | Smith Balanced Opportunity Fund) and RiverFront Asset Allocation Growth & Income (each, a “Fund” and collectively, the “Funds”).

The ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund seeks to maximize real returns, consistent with prudent investment management. ALPS | Kotak India ESG Fund seeks to achieve long-term capital appreciation. The ALPS Global Opportunity Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. The ALPS Balanced Opportunity Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. RiverFront Asset Allocation Growth & Income seeks to achieve long-term growth and 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, 2024, net assets of the CoreCommodity Fund were $940,528,649 of which $188,494,740 or 20.04%, 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 increases and decreases in net assets during the reporting 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 an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies”.

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 utilized by ALPS Advisors, Inc. (the "Adviser") as the the valuation designee (the "Valuation Designee"), 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.

53 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

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 limited 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 ESG Fund and ALPS Global Opportunity 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 the Valuation Designee. 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 Funds' portfolio is believed to have been materially affected by a 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.

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Trust’s Board of Trustees (the “Board” or "Trustees") has appointed the Adviser to serve as the Valuation Designee to perform fair value determinations for investments in the Funds. When such prices or quotations are not available, or when the Valuation Designee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures utilized by the Valuation Designee. The fair valuation policies and procedures (“FV Procedures”) are utilized by the Valuation Designee for the fair valuation of portfolio assets held by the Funds in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the 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 Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Funds.

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.

54 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

The following is a summary of each Fund’s investments/financial instruments in the fair value hierarchy as of October 31, 2024:

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)	$	–		$	–	$	1,186	$	1,186
Exchange Traded Funds		283,263,618			–		–		283,263,618
Government Bonds		–			604,903,375		–		604,903,375
Short Term Investments		63,583,424			–		–		63,583,424
Total	$	346,847,042		$	604,903,375	$	1,186	$	951,751,603
Other Financial Instruments
Assets
Total Return Swap Contracts	$	–		$	415	$	–	$	415
Futures Contracts		2,590,178			–		–		2,590,178
Liabilities
Futures Contracts		(7,194,165	)		–		–		(7,194,165	)
Total	$	(4,603,987	)	$	415	$	–	$	(4,603,572	)

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 ESG Fund
Common Stocks
Communication Services	$	–	$	30,259,155	$	–	$	30,259,155
Consumer Discretionary		7,879,032		28,561,087		–		36,440,119
Consumer Staples		–		22,349,789		–		22,349,789
Energy		–		26,205,345		–		26,205,345
Financials		29,450,013		71,412,844		–		100,862,857
Health Care		–		33,061,793		–		33,061,793
Industrials		788,425		60,387,766		–		61,176,191
Information Technology		27,772,418		11,077,303		–		38,849,721
Materials		–		25,737,552		–		25,737,552
Real Estate		363,778		15,427,022		–		15,790,800
Utilities		–		7,567,277		–		7,567,277
Short Term Investments		4,189,000		–		–		4,189,000
Total	$	70,442,666	$	332,046,933	$	–	$	402,489,599

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS Global Opportunity Fund
Closed-End Funds	$	5,732,267	$	4,919,445	$	–	$	10,651,712
Common Stocks
Communications		1,450,246		–		–		1,450,246
Consumer Discretionary		–		985,178		–		985,178
Consumer Staples		1,813,924		–		–		1,813,924
Financials		21,417,571		13,882,924		–		35,300,495
Health Care		929,213		–		–		929,213
Industrials		3,336,800		624,862		–		3,961,662
Technology		5,310,900		–		–		5,310,900
Business Development Companies^(a)		3,126,165		–		–		3,126,165
Preferred Stock		1,013,963		–		–		1,013,963
Short-Term Investments		419,903		–		–		419,903
Total	$	44,550,952	$	20,412,409	$	–	$	64,963,361
Other Financial Instruments
Assets:
Forward Contract	$	–	$	72,031	$	–	$	72,031
Total	$	–	$	72,031	$	–	$	72,031

55 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS Balanced Opportunity Fund
Common Stocks^(a)	$	9,081,966	$	–	$	–	$	9,081,966
Exchange Traded Funds		3,874,500		–		–		3,874,500
Collateralized Mortgage Obligations		–		1,611		–		1,611
Short Term Investments		375,783		–		–		375,783
Total	$	13,332,249	$	1,611	$	–	$	13,333,860

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	$	76,680,722	$	–	$	–	$	76,680,722
Short-Term Investments		895,170		–		–		895,170
Total	$	77,575,892	$	–	$	–	$	77,575,892

^(a)

For detailed descriptions of country, sector and/or industry, see the accompanying Consolidated Statement of Investments or Statements of Investments.

The Funds, except for the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended October 31, 2024. As of October 31, 2024, the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund held securities classified as Level 3 in the fair value hierarchy valued at $1,186, which represents less than 0.005% of net assets.

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.

As of and during the year ended October 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations or Consolidated Statement of Operation. 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. For tax purposes, the Subsidiary is an exempt Cayman Islands investment company and has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation ("CFC") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund's taxable income.

Distributions to Shareholders: Each Fund, except ALPS Balanced Opportunity Fund and RiverFront Asset Allocation Growth & Income, normally pays dividends and distributes capital gains, if any, on an annual basis. ALPS Balanced Opportunity Fund normally pays dividends, if any, on a monthly basis and distributes capital gains, if any, annually. RiverFront Asset Allocation Growth & Income normally pays dividends, if any, on a quarterly basis and distributes capital gains, if any, annually. Income dividend distributions are derived from interest, dividends, and other income a Fund receives from its investments, including distributions of short-term capital gains, if any. 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

56 | October 31, 2024

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October 31, 2024

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 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 withholding taxes or certain foreign securities, as soon as information is available to each Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations or Consolidated Statement of Operations.

Cash Management Transactions: ALPS | Kotak India ESG 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, 2024, the ALPS | Kotak India ESG Fund had $1,963,640 cash balance participating in the BBH CMS. As of October 31, 2024, the ALPS | Kotak India ESG 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: Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

57 | October 31, 2024

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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 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.

Master Limited Partnerships (“MLPs”): 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.

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 or Consolidated Statement 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.

58 | October 31, 2024

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October 31, 2024

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 Funds to increase their market value exposure relative to their 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.

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 primarily enters 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 or Consolidated Statement 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 or Consolidated 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 Funds will receive a

59 | October 31, 2024

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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, 2024 are disclosed after the Statements of Investments or Consolidated Statement of Investments.

The average notional amount of the swap positions held in the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund for the year ended October 31, 2024 was $750,952,259. Only the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund held swap positions as of October 31, 2024.

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 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 year ended October 31, 2024 was $391,620,001 for long futures and $312,328,559 for short futures. Only the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund invested in futures contracts as of October 31, 2024.

Forward Foreign Currency Contracts: Each Fund may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through delivery, the 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 of the contract at the time it was extinguished. The average value of forward foreign currency contracts held in the ALPS Global Opportunity Fund for the year ended October 31, 2024 was $4,113,278. Only the ALPS Global Opportunity Fund invested in forward foreign currency contracts as of October 31, 2024.

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

60 | October 31, 2024

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October 31, 2024

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 or Consolidated Statement of Operations. As of October 31, 2024, the Funds were not invested in option contracts.

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, 2024:

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)	$	2,590,178	Unrealized depreciation on futures contracts^(b)	$	(7,194,165	)
Commodity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts		415	Unrealized depreciation on total return swap contracts		-
Total		$	2,590,593		$	(7,194,165	)
ALPS Global Opportunity Fund
Foreign Exchange Rate Contracts (Forward Foreign Currency Contracts)	Unrealized appreciation on forward foreign currency contracts	$	72,031	Unrealized depreciation on forward foreign currency contracts	$	–
Total		$	72,031		$	–

^(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.

The effect of derivatives instruments on the Statements of Operations for the fiscal year ended October 31, 2024:

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)
Commodity Contracts (Futures Contracts)	Net realized loss on futures contracts/ Net change in unrealized appreciation on futures contracts	$	(87,025,216	)	$	26,383,223
Commodity Contracts (Total Return Swap Contracts)	Net realized loss on total return swap contracts/ Net change in unrealized appreciation on total return swap contracts		(12,945,511	)		387
Total		$	(99,970,727	)	$	26,383,610
ALPS Global Opportunity Fund
Foreign Exchange Rate Contracts (Forward Foreign Currency Contracts)	Net realized loss on forward foreign currency contracts/Net change in unrealized appreciation on forward foreign currency contracts		(216,380	)		62,634
Total		$	(216,380	)	$	62,634

^(a)

The ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund consolidates the statements of operations.

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

61 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

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, 2024:

Offsetting of Derivatives Asset

October 31, 2024

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	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	$	415	$	–	$	415	$	–	$	–	$	415
Total	$	415	$	–	$	415	$	–	$	–	$	415

^(a)

These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

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, 2024 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund	$	43,887,247	$	5,787,292
ALPS \| Kotak India ESG Fund		–		13,460,492
ALPS Global Opportunity Fund		3,170,827		–
ALPS Balanced Opportunity Fund		385,660		–
RiverFront Asset Allocation Growth & Income		2,510,790		–

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2023 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund	$	112,863,610	$	–
ALPS \| Kotak India ESG Fund		–		5,472,501
ALPS Global Opportunity Fund		–		–
ALPS Balanced Opportunity Fund		433,359		–
RiverFront Asset Allocation Growth & Income		2,911,079		3,245,128

Components of Distributable Earnings on a Tax Basis: At October 31, 2024, 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, prior year tax return true ups, in-kind redemptions, partnership basis transfers, and passive foreign investment company (PFICs) transfers.

62 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

For the fiscal year ended October 31, 2024, 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	$	(92,012,667	)	$	92,012,667
ALPS Global Opportunity Fund		80,910			(80,910	)
ALPS Balanced Opportunity Fund		10			(10	)

As of October 31, 2024, 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	$	18,429,958	$	(9,211,902	)	$	–	$	26,390,672	$	35,608,728
ALPS \| Kotak India ESG Fund		1,492,225		50,340,248			–		65,349,345		117,181,818
ALPS Global Opportunity Fund		6,740,454		2,452,787			–		12,226,358		21,419,599
ALPS Balanced Opportunity Fund		9,038		1,068,767			–		3,251,739		4,329,544
RiverFront Asset Allocation Growth & Income		113,517		(821,959	)		–		12,736,505		12,028,063

Capital loss carryovers used during the year ended October 31, 2024 for ALPS Global Opportunity Fund, ALPS Balanced Opportunity Fund and RiverFront Asset Allocation Growth & Income were $712,292, $1,552,371 and $67,420, respectively.

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, 2024 the following amounts are available as carry forwards to the next tax year:

Fund	Short-Term		Long-Term
ALPS \| CoreCommodity Management CompleteCommodities^®Strategy Fund	$	162,694	$	9,049,208
RiverFront Asset Allocation Growth & Income		107,350		714,609

Unrealized Appreciation and Depreciation on Investments: As of October 31, 2024, 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/ (Depreciation) of Foreign Currency			Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	528,570,227	$	(502,178,518	)	$	(1,037	)	$	26,390,672	$	920,756,323
ALPS \| Kotak India ESG Fund		100,357,870		(34,264,150	)*		(744,375	)		65,349,345		323,736,942
ALPS Global Opportunity Fund		13,065,444		(824,989	)		(14,097	)		12,226,358		52,722,906
ALPS Balanced Opportunity Fund		3,410,026		(158,338	)		51			3,251,739		10,082,172
RiverFront Asset Allocation Growth & Income		13,070,174		(449,792	)		116,123			12,736,505		64,955,510

* Net of foreign capital gains tax accrual of $12,658,937.

The differences between book cost and tax cost of investments and unrealized appreciation/depreciation are primarily attributed to the tax deferral of losses on wash sales, PFICs, partnership basis adjustments, and C-corp basis adjustments.

63 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities, in-kind transactions and U.S. Government Obligations during the fiscal year ended October 31, 2024 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)	$	233,107,468	$	289,507,199
ALPS \| Kotak India ESG Fund		283,536,387		279,634,374
ALPS Global Opportunity Fund		22,717,273		25,451,665
ALPS Balanced Opportunity Fund		19,481,874		28,481,702
RiverFront Asset Allocation Growth & Income		27,200,968		37,354,154

Purchases and sales of U.S. Government Obligations during the fiscal year ended October 31, 2024 were as follows:

Fund

Purchases of Securities

Proceeds from Sales of

Securities

ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)

205,251,652

459,056,731

ALPS Balanced Opportunity Fund

7,075,528

9,539,718

Cost of in-kind purchases and proceeds from in-kind sales during the fiscal year ended October 31, 2024 were as follows:

Fund

Purchases of Securities

Proceeds from Sales

of Securities

ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)

291,145,392

^(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).

For the fiscal year ended October 31, 2024, the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund had in-kind net realized gain of $0.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

6. BENEFICIAL INTEREST TRANSACTIONS

Shares redeemed within 30 days of purchase for ALPS | Kotak India ESG Fund may incur a 2% short-term redemption fee deducted from the redemption amount.

For the fiscal year ended October 31, 2024, the amounts listed below were retained by the Funds. These amounts are reflected in “Shares redeemed” in the Consolidated Statements of Changes in Net Assets and Statements of Changes in Net Assets.

	Redemption Fee Retained
Fund	For the Year Ended October 31, 2024		For the Year Ended October 31, 2023
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Investor Class	$	15	$	–
ALPS \| Kotak India ESG Fund - Investor Class		1,034		1,876
ALPS \| Kotak India ESG Fund - Class A		–		146
ALPS \| Kotak India ESG Fund - Class I		627		485

64 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Transactions in shares of capital stock were as follows:

	ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		888,033			3,219,600
Dividends reinvested		72,723			585,497
Shares redeemed		(1,470,539	)		(11,437,658	)
Net decrease in shares outstanding		(509,783	)		(7,632,561	)
Class A
Shares sold		98,246			280,034
Dividends reinvested		33,586			92,468
Shares redeemed		(722,582	)		(778,344	)
Net decrease in shares outstanding		(590,750	)		(405,842	)
Class C
Shares sold		108,607			475,768
Dividends reinvested		50,728			135,991
Shares redeemed		(1,324,208	)		(1,561,645	)
Net decrease in shares outstanding		(1,164,873	)		(949,886	)
Class I
Shares sold		39,402,274			129,590,732
Dividends reinvested		5,488,823			8,962,188
Shares redeemed		(132,628,021	)		(116,512,020	)
Net increase/(decrease) in shares outstanding		(87,736,924	)		22,040,900

65 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

	ALPS \| Kotak India ESG Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		162,526			104,836
Dividends reinvested		10,685			3,076
Shares redeemed		(180,609	)		(61,422	)
Net increase/(decrease) in shares outstanding		(7,398	)		46,490
Class A
Shares sold		50,117			41,233
Dividends reinvested		3,622			792
Shares redeemed		(11,623	)		(3,815	)
Net increase in shares outstanding		42,116			38,210
Class C
Shares sold		57,289			34,717
Dividends reinvested		4,390			1,194
Shares redeemed		(7,295	)		(27,529	)
Net increase in shares outstanding		54,384			8,382
Class I
Shares sold		442,493			627,523
Dividends reinvested		59,506			14,083
Shares redeemed		(182,924	)		(185,614	)
Net increase in shares outstanding		319,075			455,992
Class II
Shares sold		1,956,553			572,864
Dividends reinvested		677,703			308,477
Shares redeemed		(2,479,609	)		(4,281,312	)
Net increase/(decrease) in shares outstanding		154,647			(3,399,971	)

66 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

	ALPS Global Opportunity Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		86,871			33,762
Dividends reinvested		81,372			–
Shares redeemed		(373,297	)		(388,202	)
Net decrease in shares outstanding		(205,054	)		(354,440	)
Class A
Shares sold		1,455,931			369,287
Dividends reinvested		48,789			–
Shares redeemed		(968,586	)		(341,974	)
Net increase in shares outstanding		536,134			27,313
Class C
Shares sold		18,042			–
Dividends reinvested		23,471			–
Shares redeemed		(224,245	)		(578,422	)
Net decrease in shares outstanding		(182,732	)		(578,422	)
Class I
Shares sold		703,860			1,373,891
Dividends reinvested		274,786			–
Shares redeemed		(1,188,494	)		(3,129,198	)
Net decrease in shares outstanding		(209,848	)		(1,755,307	)
Class R
Shares sold		25,705			72,272
Dividends reinvested		78,119			–
Shares redeemed		(260,862	)		(207,229	)
Net decrease in shares outstanding		(157,038	)		(134,957	)

67 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

	ALPS Balanced Opportunity Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		1,192			1,882
Dividends reinvested		81			210
Shares redeemed		(589	)		(10,672	)
Net increase/(decrease) in shares outstanding		684			(8,580	)
Class A
Shares sold		–			576
Dividends reinvested		–			10
Shares redeemed		–			(4,603	)
Net decrease in shares outstanding		–			(4,017	)
Class C
Dividends reinvested		1			8
Shares redeemed		(254	)		(1,297	)
Net decrease in shares outstanding		(253	)		(1,289	)
Class I
Shares sold		406,157			598,629
Dividends reinvested		25,388			32,248
Shares redeemed		(1,385,290	)		(1,292,168	)
Net decrease in shares outstanding		(953,745	)		(661,291	)

68 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

	RiverFront Asset Allocation Growth & Income
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		4,094			6,399
Dividends reinvested		18,586			53,811
Shares redeemed		(82,469	)		(173,157	)
Net decrease in shares outstanding		(59,789	)		(112,947	)
Class A
Shares sold		195,337			305,675
Dividends reinvested		47,526			115,455
Shares redeemed		(336,373	)		(347,816	)
Net increase/(decrease) in shares outstanding		(93,510	)		73,314
Class C
Shares sold		28,662			17,634
Dividends reinvested		10,814			66,638
Shares redeemed		(315,434	)		(610,193	)
Net decrease in shares outstanding		(275,958	)		(525,921	)
Class I
Shares sold		278,523			255,047
Dividends reinvested		103,652			275,802
Shares redeemed		(761,891	)		(1,067,572	)
Net decrease in shares outstanding		(379,716	)		(536,723	)

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 ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund for the year ended October 31, 2024 were as follows:

Security Name

Fair Value as

of October

31, 2023

Purchases

Sales

Fair Value as

of October

31, 2024

Share Balance

as of October

31, 2024

Dividends

Change in

Unrealized

Gain (Loss)

Realized

Gain/Loss

ALPS | CoreCommodity Natural Resources ETF

–

291,145,417

(23,832,050

)

283,263,618

11,455,594

–

32,945,000

(16,994,749

)

–

291,145,417

(23,832,050

)

283,263,618

11,455,594

–

32,945,000

(16,994,749

)

The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for ALPS Balanced Opportunity Fund for the year ended October 31, 2024 were as follows:

Security Name

Fair Value as

of October

31, 2023

Purchases

Sales

Fair Value as

of October

31, 2024

Share Balance

as of October

31, 2024

Dividends

Change in

Unrealized

Gain (Loss)

Realized

Gain/Loss

Alps Smith Core Plus Bond ETF

–

3,946,625

–

3,874,500

150,000

13,766

(72,125

)

–

3,946,625

–

3,874,500

150,000

13,766

(72,125

)

–

69 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for RiverFront Asset Allocation Growth & Income for the year ended October 31, 2024 were as follows:

Security Name	Fair Value as of October 31, 2023		Purchases		Sales			Fair Value as of October 31, 2024		Share Balance as of October 31, 2024		Dividends		Change in Unrealized Gain (Loss)		Realized Gain (Loss)
RiverFront Dynamic Core Income ETF	$	5,034,204	$	488,571	$	(732,160	)	$	5,094,281		227,112	$	221,089	$	363,584	$	(59,918	)
Riverfront Strategic Income Fund		2,353,789		544,977		(343,244	)		2,677,482		116,542		116,904		147,744		(25,784	)
First Trust RiverFront Dynamic Developed International ETF		10,198,579		–		(1,497,105	)		10,632,584		165,359		371,089		1,897,490		33,620
First Trust RiverFront Dynamic Emerging Markets ETF		2,592,781		–		(395,037	)		2,782,025		42,789		74,959		590,995		(6,714	)
RiverFront Dynamic US Dividend Advantage ETF		14,234,833		–		(2,248,371	)		15,680,105		286,978		436,382		2,835,879		857,764
ALPS Active Equity Opportunity ETF		4,347,880		–		(2,461,296	)		3,078,000		53,896		37,427		873,211		316,872
	$	38,762,066	$	1,033,548	$	(7,677,213	)	$	39,944,477			$	1,257,850	$	6,708,903	$	1,115,840

8. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

ALPS Advisors, Inc. (“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 each 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 ESG Fund	Kotak Mahindra Asset Management (Singapore) Pte. Ltd
ALPS Balanced Opportunity Fund	Smith Capital Investors, LLC^(a)
RiverFront Asset Allocation Growth & Income	RiverFront Investment Group, LLC

^(a)

Effective October 4, 2024, the ALPS | Smith Balanced Opportunity Fund changed its name to the ALPS Balanced Opportunity Fund. Additionally, Smith Capital Investors, LLC ceased to serve as sub-adviser to the Fund and ALPS Advisors, Inc., the Fund’s investment adviser, assumed all responsibility for selecting the Fund’s investments.

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 ESG Fund	0.65%
ALPS Global Opportunity Fund	0.85%
ALPS Balanced Opportunity Fund	0.70%

70 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Pursuant to the Administrative Services Agreement, the RiverFront Asset Allocation Growth & Income pays 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 Fund's contractual unitary administrative fee rate (expressed as an annual rate).

Fund	Contractual Unitary Fee
RiverFront Asset Allocation Growth & Income	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 ESG Fund	All Asset Levels	0.56%
ALPS Balanced Opportunity Fund*	All Asset Levels	0.37%

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 ESG Fund

AAI and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. 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.

ALPS Global Opportunity Fund

AAI has 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.

ALPS Balanced Opportunity Fund

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, 2024 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 ESG Fund	1.00%	1.00%	1.00%	1.00%	0.75%	N/A
ALPS Global Opportunity Fund	1.25%	1.25%	1.25%	1.25%	N/A	1.25%
ALPS Balanced Opportunity Fund	0.85%	0.85%	0.85%	0.85%	N/A	N/A

See each Fund’s Prospectus for Expense Limitation agreement expiration dates.

71 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Pursuant to the Expense Limitation agreement (the “Expense Agreement”), the Adviser has agreed to waive and/or reimburse the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund Investor Class, Class A, Class C and Class I shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund’s investment in any exchangetraded funds advised by the Adviser and sub-advised by the Sub-Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The Expense Agreement has no termination date. This waiver may not be modified or discontinued without the approval of the Fund's Board of Trustees.

Pursuant to a written agreement (the “AFFE Agreement”), the Adviser has agreed to waive and/or reimburse the ALPS Balanced Opportunity Fund Investor Class, Class A, Class C and Class I shares for any acquired fund fees and expenses incurred by the Fund in connection with the Fund’s investment in any exchange-traded funds advised by the Adviser. The amount of such waived fees shall not be subject to recapture by the Adviser. The AFFE Agreement has no termination date. This waiver may not be modified or discontinued without the approval of the Fund's Board of Trustees.

AAI 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 ESG Fund, ALPS Global Opportunity Fund, and ALPS Balanced Opportunity Fund are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees were waived or expenses were deferred, as calculated on a monthly basis. As of the fiscal year ended October 31, 2024, the Advisor and Sub-Advisor(s) may seek reimbursement of previously waived and reimbursed fees as follows:

Fund

Expires

10/31/2025

Expires

10/31/2026

Expires

10/31/2027

Total

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund - Investor Class

N/A

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund - Class A

N/A

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund - Class C

N/A

6,857

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund - Class I

N/A

451,573

ALPS | Kotak India ESG Fund - Investor Class

N/A

ALPS | Kotak India ESG Fund - Class A

N/A

ALPS | Kotak India ESG Fund - Class C

N/A

ALPS | Kotak India ESG Fund - Class I

N/A

ALPS | Kotak India ESG Fund - Class II

441,782

431,570

420,514

1,293,866

ALPS Global Opportunity Fund - Investor Class

N/A

104

ALPS Global Opportunity Fund - Class A

N/A

ALPS Global Opportunity Fund - Class C

N/A

2,197

1,640

3,837

ALPS Global Opportunity Fund - Class I

N/A

21,039

24,606

45,645

ALPS Global Opportunity Fund - Class R

N/A

723

ALPS Balanced Opportunity Fund - Investor Class

3,187

5,043

14,090

22,320

ALPS Balanced Opportunity Fund - Class A

5,161

8,125

25,663

38,949

ALPS Balanced Opportunity Fund - Class C

2,577

4,092

8,564

15,233

ALPS Balanced Opportunity Fund - Class I

169,876

182,588

220,718

573,182

The ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund recouped $210,903 during the fiscal year ended October 31, 2024.

The ALPS | Kotak India ESG Fund recouped $826 of expenses during the fiscal year ended October 31, 2024.

The ALPS Global Opportunity Fund recouped $1,392 during the fiscal year ended October 31, 2024.

The ALPS Balanced Opportunity Fund did not recoup fees during the fiscal year ended October 31, 2024.

72 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

The CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”) has 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, 2024, this amount equaled $2,069,206 and is disclosed in the Consolidated Statement of Operations. These waivers are not subject to reimbursement/recoupment.

RiverFront Asset Allocation Growth & Income does not pay a management fee or have a contractual limitation with respect to the amount of its annual total operating expenses.

Kotak Mahindra Asset Management (Singapore) Pte. Ltd. executed purchase and sale trades in the ALPS | Kotak India ESG Fund with the sub-adviser’s affiliated broker-dealer, Kotak Securities, (the “affiliate broker”). Fund commissions paid to the affiliate broker were $45,468 during the year ended October 31, 2024.

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 Global Opportunity Fund only) shares. The Plans allow a Fund to use Investor Class, Class A, Class C, and Class R assets to pay fees in connection with the distribution and marketing of Investor Class, Class A, Class C, and Class R shares and/or the provision of shareholder services to Investor Class, Class A, Class C and Class R shareholders. The Plans permit payment for services in connection with the administration of plans or programs that use Investor Class, Class A, Class C, and Class R 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 and Class A shares, 0.75% of a Fund’s average daily net assets attributable to its Class C shares and 0.50% of the ALPS 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, 2024 are included as an offset to distribution and service fees as disclosed in the Statements of Operations or Consolidated Statement of Operations.

The Funds 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, 2024 are included as an offset to distribution and service fees as disclosed in the Statements of Operations or Consolidated Statement of Operations.

73 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

The Funds have adopted a shareholder services plan with respect to their 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 or Consolidated Statement of Operations.

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 or Consolidated Statement of Operations, if applicable to the Funds.

Fund Administrator

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. Administrative fees paid by the Funds for the fiscal year ended October 31, 2024 are disclosed in the Statements of Operations or Consolidated Statement of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the fiscal year ended October 31, 2024, are included in the Administrative fees disclosed in the Statements of Operations or Consolidated Statement of Operations.

Trustees

Effective January 1, 2024, all Trustees receive a quarterly retainer of $31,000, plus $12,500 for each regular quarterly Board meeting attended. Trustees receive $5,000 for each non-quarterly special Board meeting attended. Trustees receive $5,000 for each non-quarterly special Committee meeting attended for which a corresponding non-quarterly special Board meeting is not held. The Chairman of the Board and the Chairman of the Audit Committee also receive an additional quarterly retainer of $7,500 and $6,000, respectively. The Chairman of the Nominating and Governance Committee receives an additional quarterly retainer of $2,000. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations or Consolidated Statement 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

Subsequent events after the date of the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

74 | October 31, 2024

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Financial Investors Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated statement of investments, of ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, and the statements of assets and liabilities, including the statements of investments, of ALPS | Kotak India ESG Fund, ALPS Global Opportunity Fund, ALPS Balanced Opportunity Fund (formerly ALPS | Smith Balanced Opportunity Fund), and RiverFront Asset Allocation Growth & Income (the “Funds”), each a series of Financial Investors Trust, as of October 31, 2024, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the three years in the period then ended, and the related notes, of ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes, of ALPS | Kotak India ESG Fund, ALPS Global Opportunity Fund, ALPS Balanced Opportunity Fund (formerly ALPS | Smith Balanced Opportunity Fund), and RiverFront Asset Allocation Growth & Income (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial highlights for the years or periods ended October 31, 2021, and prior, were audited by other auditors whose report dated December 30, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements 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 are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2024

75 | October 31, 2024

Additional Information

October 31, 2024 (Unaudited)

1. TAX INFORMATION (UNAUDITED)

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2023, the following percentages met the requiremetns 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		25.19	%		7.21	%
ALPS\|Kotak India ESG Fund		–			–
ALPS Global Opportunity Fund		10.59	%		4.36	%
ALPS Balanced Opportunity Fund		45.58	%		34.80	%
RiverFront Asset Allocation Growth & Income		48.19	%		29.99	%

In early 2024, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

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	$	5,787,292
ALPS\|Kotak India ESG Fund	$	13,460,492
ALPS Global Opportunity Fund	$	–
ALPS Balanced Opportunity Fund	$	–
RiverFront Asset Allocation Growth & Income	$	–

76 | October 31, 2024

Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

77 | October 31, 2024

Proxy Disclosures

for Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

78 | October 31, 2024

Remuneration Paid to Directors, Officers, and Others

for Open-End Management Investment Companies

October 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the fiscal year ended October 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation From the Trust		Total Compensation From the Trust
Mary K. Anstine	$	191,500	$	–	$	191,500
Jeremy W. Deems		200,500		–		200,500
Jerry G. Rutledge		176,500		–		176,500
Michael “Ross” Shell		197,500		–		197,500
Edmund J. Burke		176,500		–		176,500
Total	$	942,500	$	–	$	942,500

Officers who are employed by the Adviser receive no compensaton or expense reimbursement from the Trust.

Pursuant to the RiverFront Fund's administrative fee arrangements, the RiverFront Fund does not pay any Trustee fees.

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations or Consolidated Statement of Operations.

79 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

CoreCommodity Fund

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to the ALPS | CoreCommodity Management CompleteCommodities Strategy Fund (the “CoreCommodity Fund”) and the sub-advisory agreement with CoreCommodity Management, LLC (the “Sub-Adviser” or “CoreCommodity”) with respect to the CoreCommodity Fund (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the Advisory Agreements.

In approving AAI as the CoreCommodity Fund’s investment adviser and the Sub-Adviser as the CoreCommodity Fund’s sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

In renewing and approving the investment advisory agreement with AAI and the investment sub-advisory agreement with the Sub-Adviser, the Trustees, including the Independent Trustees, considered the following factors with respect to the CoreCommodity Fund:

Investment Advisory and Sub-Advisory Fee Rate: 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 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 advisory fee rate for each class of the CoreCommodity Fund was higher than the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.25%, 2.01%, 1.15%, and 1.34% 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 higher than the Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: 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 Codes of Ethics.

80 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

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 group of comparable funds selected by the Data Provider for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable. The Trustees noted that, for the three-year period, each of the CoreCommodity Fund’s classes underperformed the Data Provider peer group median, except for Class C, which outperformed the Data Provider peer group median; for the one-year period, each of the CoreCommodity Fund’s classes underperformed the Data Provider peer group median; for the five-year and ten-year periods, as applicable, each of the CoreCommodity Fund’s classes outperformed the Data Provider peer group median; and for the since inception period, each of the CoreCommodity Fund’s classes outperformed the Data Provider peer group median, except that Class A underperformed the Data Provider peer group median. 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 Advisory 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.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual advisory fee rate payable to AAI for each class of the CoreCommodity Fund was higher than the Data Provider peer group median rate;

●

CoreCommodity’s fees under the Sub-Advisory Agreement is paid directly by AAI;

●

the total net expense ratio of each class of the CoreCommodity Fund was higher than the 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;

●

for the three-year period, each of the CoreCommodity Fund’s classes underperformed the Data Provider peer group median, except for Class C, which outperformed the Data Provider peer group median; for the one-year period, each of the CoreCommodity Fund’s classes underperformed the Data Provider peer group median; for the five-year and ten-year periods, as applicable, each of the CoreCommodity Fund’s classes outperformed the Data Provider peer group median; and for the since inception period, each of the CoreCommodity Fund’s classes outperformed the Data Provider peer group median, except that Class A underperformed the Data Provider peer group median;

●

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

●

at this time, 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.

81 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (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 CoreCommodity’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the CoreCommodity Fund and its shareholders.

The Trustees applied the same analysis to the advisory arrangements between AAI, CoreCommodity, and the wholly owned Cayman Island subsidiary of the CoreCommodity Fund.

Kotak Fund

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to the ALPS | Kotak India ESG Fund (the “Kotak Fund”) and the sub-advisory agreement with Kotak Mahindra Asset Management (Singapore) Pte Ltd. (the “Sub-Adviser” or “Kotak”) with respect to the Kotak Fund (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

In approving AAI as the Kotak Fund’s investment adviser and the Sub-Adviser as the Kotak Fund’s sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

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 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 for each class of the Kotak Fund was lower than the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.23%, 2.00%, 1.00%, 0.75%, and 1.37% 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 lower than 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 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.

82 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

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 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 for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable. The Trustees noted that each of the Kotak Fund’s classes underperformed the Data Provider peer group median for each applicable period, except that Class C outperformed the peer group median for the ten-year and since inception periods, Class I had performance equal to the peer group median for the ten-year and since inception periods, and Investor Class had performance equal to the peer group median for the since inception period. 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.

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 Advisory 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 advisory fee rate payable to AAI for each class of the Kotak Fund was lower than the 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 lower than the 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;

●

for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable, each of the Kotak Fund’s classes underperformed the Data Provider peer group median, except that Class C outperformed the peer group median for the ten-year and since inception periods, Class I had performance equal to the peer group median for the ten-year and since inception periods, and Investor Class had performance equal to the peer group median for the since inception period;

●

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

●

at this time, 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.

83 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (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 Kotak’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the Kotak Fund and its shareholders.

Global Opportunity Fund

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to the ALPS Global Opportunity Fund (the “Global Opportunity Fund”) (the “Advisory Agreement”), legal counsel to the Independent Trustees requested certain information from AAI. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and discussed the services the firm provided pursuant to the Advisory Agreement, as well as the information they provided.

In approving AAI as the Global Opportunity Fund’s investment adviser, and the fees to be charged under the Advisory Agreement, 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

In renewing and approving the Advisory Agreement with AAI, the Trustees, including the Independent Trustees, considered the following factors with respect to the Global Opportunity Fund:

Investment Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Global Opportunity Fund, to AAI, of 0.85% of the Global Opportunity Fund’s daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Global Opportunity 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 Global Opportunity 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 for the Global Opportunity Fund was lower than the Data Provider peer group median rate for each class of the Fund, except for Class R, which was higher than the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.57%, 2.25%, 1.25%, 1.59%, and 1.75% for the Class A, Class C, Class I, Investor Class, and Class R shares, respectively, of the Global Opportunity Fund. The Trustees noted that the total net expense ratio for each class of the Global Opportunity Fund was higher than the Data Provider peer group median ratio, except for Class I, which was lower than the Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Global Opportunity Fund under the Investment Advisory Agreement. The Trustees reviewed certain background materials supplied by AAI in its presentation, including its Form ADV.

The Trustees reviewed and considered AAI’s investment advisory personnel, its history as an asset manager and its performance and the amount of assets currently under management by AAI and its affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Global Opportunity Fund.

The Trustees considered the background and experience of AAI’s management in connection with the Global Opportunity Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Global Opportunity 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 Codes of Ethics.

84 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

Performance: The Trustees reviewed performance information for the Global Opportunity Fund, which included a comparison of the Global Opportunity Fund’s performance to the performance of a peer group selected by the Data Provider for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable. The Trustees noted that each class of the Global Opportunity Fund outperformed the Data Provider peer group median for each applicable period, except that Investor Class and Class R underperformed the Data Provider peer group median for the since inception period. The Trustees also considered AAI’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 AAI regarding fees charged to its other clients utilizing a strategy similar to that employed by the Global Opportunity Fund.

Profitability: The Trustees received and considered a profitability analysis prepared by AAI based on the fees payable under the Investment Advisory Agreement with AAI, with respect to the Global Opportunity Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Global Opportunity Fund will be passed along to the shareholders under the Advisory Agreement.

Other Benefits to the Adviser: The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI from its relationship with the Global Opportunity Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual advisory fee rate for the Global Opportunity Fund was lower than the Data Provider peer group median rate for each class of the Global Opportunity Fund, except for Class R, which was higher than the Data provider peer group median rate;

●

the total net expense ratio for each class of the Global Opportunity Fund was higher than the Data Provider peer group median ratio, except for Class I, which was lower than the Data Provider peer group median ratio;

●

the nature, extent, and quality of services rendered by AAI under the Investment Advisory Agreement with respect to the Global Opportunity Fund were adequate;

●

for the one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable, the Trustees noted that each class of the Global Opportunity Fund outperformed the Data Provider peer group median for each period, except that Investor Class and Class R underperformed the Data Provider peer group median for the since inception period;

●

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 other clients employing a comparable strategy to the Global Opportunity Fund was not indicative of any unreasonableness with respect to the advisory fees payable by the Global Opportunity Fund;

●

the profit, if any, realized by AAI in connection with the operation of the Global Opportunity Fund is not unreasonable to the Global Opportunity Fund; and

●

at this time, there were no material economies of scale or other incidental benefits accruing to AAI in connection with its relationship with the Global Opportunity 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 compensation for investment advisory services is consistent with the best interests of the Global Opportunity Fund and its shareholders.

Balanced Opportunity Fund

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to the ALPS Balanced Opportunity Fund (formerly, the ALPS | Smith Balanced Opportunity Fund) and the sub-advisory agreement with Smith Capital Investors, LLC (the “Sub-Adviser” or “Smith Capital”) with respect to the Balanced Opportunity Fund (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory

85 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

In approving AAI as the Balanced Opportunity Fund’s investment adviser and the Sub-Adviser as the Balanced Opportunity Fund’s sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

In renewing and approving the investment advisory agreements with AAI and the investment sub-advisory agreement with the Sub-Adviser, the Trustees, including the Independent Trustees, considered the following factors with respect to the Balanced Opportunity Fund:

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 Balanced Opportunity Fund, to AAI, of 0.70% of the Balanced Opportunity Fund’s average daily net assets, in light of the extent and quality of the advisory services provided by AAI to the Balanced Opportunity Fund. The Trustees also reviewed and considered the contractual annual sub- advisory fee rates paid by AAI to Smith Capital of 0.37% of the Balanced Opportunity Fund’s average daily net assets, in light of the extent and quality of the advisory services provided by Smith Capital to the Balanced Opportunity 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 Balanced Opportunity Fund’s contractual 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 advisory fee for Class A and Class C of the Balanced Opportunity Fund was higher than the Data provider peer group median rate; the contractual advisory fee for the Investor Class of the Balanced Opportunity Fund was equal to the Data Provider peer group median rate; and the contractual advisory fees for Class I of the Balanced Opportunity Fund was lower than the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 1.12%, 1.85%, 0.85%, 1.09% for the Class A, Class C, Class I, and Investor Class shares of the Balanced Opportunity Fund, respectively. The Trustees noted that the total net expense ratio for each class of the Balanced Opportunity Fund was lower than 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 Balanced Opportunity Fund 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 Balanced Opportunity Fund.

The Trustees considered the background and experience of AAI’s and Smith Capital’s management in connection with the Balanced Opportunity Fund, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Balanced Opportunity 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 Smith Capital’s Codes of Ethics.

Performance: The Trustees reviewed performance information for the Balanced Opportunity Fund, which included a comparison of the Balanced Opportunity Fund’s performance to the performance of a group of comparable funds selected by the Data Provider for the one-year, three-year, five-year and since inception periods ended March 31, 2024, as applicable.

86 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

The Trustees noted that for the one-year period, each class of the Balanced Opportunity Fund outperformed the Data Provider peer group median; for the three-year period, Class A and Class I of the Balanced Opportunity Fund underperformed the Data Provider peer group median and Class C and Investor Class of the Balanced Opportunity Fund outperformed the Data Provider peer group median; for the since inception period, Class A and Class I of the Balanced Opportunity Fund underperformed the Data Provider peer group median, Class C of the Balanced Opportunity Fund had performance equal to the Data Provider peer group median, and Investor Class of the Balanced Opportunity Fund outperformed the Data Provider peer group median.

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 Smith Capital indicated it had no other clients utilizing a strategy similar to that employed by the Balanced Opportunity Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the Balanced Opportunity Fund.

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 Balanced Opportunity Fund, respectively. The Trustees considered the profits, if any, realized by AAI and Smith Capital in connection with the operation of the Balanced Opportunity Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Balanced Opportunity Fund will be passed along to the shareholders under the Advisory 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 Balanced Opportunity Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

●

the contractual advisory fee for Class A and Class C of the Balanced Opportunity Fund was higher than the Data provider peer group median rate; the contractual advisory fee for the Investor Class of the Balanced Opportunity Fund was equal to the Data Provider peer group median rate; and the contractual advisory fees for Class I of the Balanced Opportunity Fund was lower than the Data Provider peer group median rate;

●

Smith Capital’s fees under its sub-advisory agreement are paid directly by AAI;

●

the total net expense ratio for each class of the Balanced Opportunity Fund was lower than 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 Balanced Opportunity Fund were adequate;

●

for the one-year period, each class of the Balanced Opportunity Fund outperformed the Data Provider peer group median; for the three-year period, Class A and Class I of the Balanced Opportunity Fund underperformed the Data Provider peer group median and Class C and Investor Class of the Balanced Opportunity Fund outperformed the Data Provider peer group median; for the since inception period, Class A and Class I of the Balanced Opportunity Fund underperformed the Data Provider peer group median, Class C of the Balanced Opportunity Fund had performance equal to the Data Provider peer group median, and Investor Class of the Balanced Opportunity Fund outperformed the Data Provider peer group median;

●

that (a) AAI had no other clients utilizing a strategy similar to that employed by the Balanced Opportunity Fund; and (b) Smith Capital indicated it had no other clients utilizing a strategy similar to that employed by the Balanced Opportunity Fund;

●

the profit, if any, realized by AAI and Smith Capital in connection with the operation of the Smith Funds is not unreasonable to the Balanced Opportunity Fund; and

●

at this time, there were no material economies of scale or other incidental benefits accruing to AAI and Smith Capital in connection with their relationship with the Balanced Opportunity Fund.

87 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (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 Smith Capital’s compensation for investment advisory and sub-advisory services is consistent with the best interests of the Balanced Opportunity Fund and its shareholders.

RiverFront Fund

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to RiverFront Asset Allocation Growth & Income (the “RiverFront Fund”) and the sub-advisory agreement with RiverFront Investment Group, LLC (the “Sub-Adviser” or “RiverFront”) with respect to the RiverFront Fund (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

In approving AAI as the RiverFront Fund’s investment adviser and the Sub-Adviser as the RiverFront Fund’s sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

Investment Advisory and Sub-Advisory Fee Rates: There are no investment advisory or sub-advisory fees paid with respect to the RiverFront 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.

Total Net Expense Ratios: The Trustees reviewed and considered the total net expense ratios of 0.50%, 1.25%, 0.25%, and 0.50%, for the Class A, Class C, Class I, and Investor Class shares, respectively, of the RiverFront Fund. The Trustees noted that the total net expense ratio for each Class of the RiverFront Fund was lower than 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 provided to the RiverFront Fund 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.

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 Fund.

The Trustees considered the background and experience of AAI’s and RiverFront’s management in connection with the RiverFront Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the RiverFront 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 RiverFront’s Codes of Ethics.

Performance: The Trustees reviewed performance information for the RiverFront Fund, which included a comparison of the RiverFront Fund’s performance to the performance of a group of comparable funds selected by the Data Provider for the one-year, three- year, five-year, ten-year, and since inception periods ended March 31, 2024, as applicable. The Trustees noted that for the one-year and three-year periods, each of the RiverFront Fund’s classes outperformed the Data Provider peer group median; for the five-year period, each of the RiverFront Fund’s classes

88 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

underperformed the Data Provider peer group median; for the ten-year period, Class C outperformed the Data Provider peer group median, Class I had performance equal to the Data Provider peer group median, and Investor Class underperformed the Data Provider peer group median; and for the since inception period, each of the RiverFront Fund’s classes underperformed the Data Provider peer group median, except for Class I, which outperformed the Data Provider peer group median. 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 Fund.

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 Fund, respectively. The Trustees considered the profits, if any, realized by AAI and RiverFront in connection with the operation of the RiverFront Fund.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the RiverFront Fund will be passed along to the shareholders under the Advisory 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 Fund, including whether soft dollar arrangements were used and that when the RiverFront Fund invests in RiverFront sub-advised ETFs, RiverFront will benefit from growth in assets of the RiverFront sub-advised ETFs, and AAI will benefit from growth in assets of the RiverFront sub-advised ETFs for which AAI serves as the investment adviser.

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 Fund;

●

the total net expense ratio for each Class of the RiverFront Fund was lower than the Data Provider peer group median ratio;

●

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 Fund were adequate;

●

for the one-year and three-year periods, each of the RiverFront Fund’s classes outperformed the Data Provider peer group median; for the five-year period, each of the RiverFront Fund’s classes underperformed the Data Provider peer group median; for the ten-year period, Class C outperformed the Data Provider peer group median, Class I had performance equal to the Data Provider peer group median, and Investor Class underperformed the Data Provider peer group median; and for the since inception period, each of the RiverFront Fund’s classes underperformed the Data Provider peer group median, except for Class I, which outperformed the Data Provider peer group median;

●

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 Fund were not indicative of any unreasonableness with respect to the advisory and sub-advisory fees payable by the RiverFront Fund;

●

the profit, if any, realized by AAI and RiverFront in connection with the operation of the RiverFront Fund, as applicable, is not unreasonable to the RiverFront Fund;

●

at this time, there were no material economies of scale accruing to AAI or RiverFront in connection with their relationship with the RiverFront Fund; and

●

at this time, there were no other incidental benefits accruing to AAI or RiverFront in connection with their relationships with the RiverFront Fund, except that when the RiverFront Fund invests in RiverFront sub-advised ETFs, RiverFront will benefit from growth in assets of the RiverFront sub-advised ETFs, and AAI will benefit from growth in assets of the RiverFront sub-advised ETFs for which AAI serves as the investment adviser.

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 Fund and its shareholders.

89 | October 31, 2024

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Statements of Investments	1
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	51
Financial Highlights	54
Notes to Financial Statements and Financial Highlights	66
Report of Independent Registered Public Accounting Firm	75
Additional Information	76
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	77
Proxy Disclosures for Open-End Management Investment Companies	78
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	79
Statement Regarding Basis for Approval of Investment Advisory Contract	80

alpsfunds.com

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
BANK LOANS (0.26%)
Pipeline (0.26%)
Buckeye Partners LP
1M US SOFR + 2.00%, 11/22/2030^(a)	$	1,492,509	$	1,491,241

TOTAL BANK LOANS
(Cost $1,492,509)				1,491,241

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (0.04%)

Fannie Mae
Series 1997-12, Class FA, 30D US SOFR + 1.11%, 04/18/2027^(a)	$	6,055	$	6,077
Series 1997-49, Class F, 30D US SOFR + 0.61%, 06/17/2027^(a)		7,791		7,785
Series 2004-95, Class AK, 5.500%, 01/25/2025		6		6
Series 2005-121, Class DY, 5.500%, 01/25/2026		270		269
Series 2011-40, Class KA, 3.500%, 03/25/2026		18,026		17,838
Series 2011-44, Class EB, 3.000%, 05/25/2026		4,251		4,201
Series 2011-61, Class B, 3.000%, 07/25/2026		8,271		8,166
Series 2011-80, Class KB, 3.500%, 08/25/2026		5,891		5,831
Series 2012-47, Class HA, 1.500%, 05/25/2027		12,173		11,843
Series 2013-5, Class DB, 2.000%, 02/25/2028		35,652		34,545
Series 2015-96, Class EA, 3.000%, 12/25/2026		94,218		92,278
				188,839
Freddie Mac
Series 1996-1810, Class D, 6.000%, 02/15/2026		4,182		4,155
Series 1996-1885, Class FA, 30D US SOFR + 0.56%, 09/15/2026^(a)		1,397		1,396
Series 2001-2332, Class FB, 30D US SOFR + 0.56%, 01/15/2028^(a)		30,682		30,640
Series 2005-3005, Class ED, 5.000%, 07/15/2025		3,661		3,650
Series 2006-3104, Class DH, 5.000%, 01/15/2026		3,782		3,770
Series 2010-3661, Class B, 4.000%, 04/15/2025		328		327

	Principal Amount		Value (Note 2)
Series 2010-3710, Class MG, 4.000%, 08/15/2025^(b)	$	4,889	$	4,867
Series 2011-3829, Class BE, 3.500%, 03/15/2026		2,929		2,902
Series 2013-4177, Class NB, 1.500%, 03/15/2028		8,427		8,086
				59,793
Ginnie Mae
Series 2010-101, Class GU, 4.000%, 08/20/2025^(b)		1,653		1,643
Series 2013-53, Class KN, 1.500%, 08/20/2025		1,227		1,214
				2,857
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $257,482)				251,489

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.05%)

Freddie Mac Multifamily Structured Pass Through Certificates
Series 2015-KF07, Class A, 30D US SOFR + 0.40%, 02/25/2025^(a)		8,618		8,616
Series 2015-KPLB, Class A, 2.770%, 05/25/2025		195,000		192,484
Series 2017-KL1P, Class A1P, 2.544%, 10/25/2025		63,343		62,531
				263,631
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $263,194)				263,631

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (1.08%)

Fannie Mae Pool
Series 2011-,
3.500%, 12/01/2026		83,149		82,116
5.270%, 07/01/2028		475,974		474,641
Series 2011-MA0717, 3.500%, 04/01/2026		73,591		72,780
Series 2014-AM7158, 3.150%, 11/01/2024		175,000		174,420
Series 2015-, 2.680%, 05/01/2025		122,168		120,592
Series 2015-AM9288, 2.930%, 07/01/2025		3,613,048		3,563,051
Series 2016-AL9448, 2.935%, 07/01/2026		178,060		173,475

See Notes to Financial Statements and Financial Highlights.

1 | October 31, 2024

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2016-AN2079, 2.910%, 07/01/2026	$	33,815	$	32,786
Series 2017-, 3.030%, 07/01/2029		118,939		111,291
Series 2021-, 1.580%, 12/01/2028		110,000		97,973
Series 2023-, 4.550%, 03/01/2028		200,000		197,808
4.900%, 03/01/2028		750,000		751,242
				5,852,175
Freddie Mac Gold Pool
Series 2011-,
3.500%, 02/01/2026		86,316		85,379
Series 2012-T40090,
3.000%, 05/01/2027		29,848		29,293
				114,672
Freddie Mac Pool
Series 2018-,
3.500%, 04/01/2028		78,997		77,655
Series 2023-,
4.170%, 04/01/2028		113,000		110,539
				188,194
Ginnie Mae I Pool
Series 2010-745222,
4.500%, 07/15/2025		14,534		14,488
Series 2013-AF1057,
2.000%, 07/15/2028		46,087		44,393
				58,881
Ginnie Mae II Pool
Series 2010-4898,
3.000%, 12/20/2025		13,374		13,221
Series 2011-4954,
3.000%, 02/20/2026		9,753		9,635
				22,856
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $6,269,956)				6,236,778

	Principal Amount		Value (Note 2)
CORPORATE BONDS (68.04%)

Aerospace & Defense (3.13%)
BAE Systems PLC
5.00%, 03/26/2027^(c)		4,500,000		4,530,245
Boeing Co.
2.20%, 02/04/2026		5,000,000		4,816,778
L3Harris Technologies, Inc.
5.40%, 01/15/2027		6,500,000		6,606,659
RTX Corp.
5.75%, 11/08/2026		2,000,000		2,043,169
Total Aerospace & Defense				17,996,851
Airlines (0.51%)
AS Mileage Plan IP, Ltd.
5.02%, 10/20/2029^(c)		3,000,000		2,915,071

	Principal Amount		Value (Note 2)
Automobiles Manufacturing (4.88%)
Ford Motor Credit Co. LLC
3.38%, 11/13/2025	$	6,465,000	$	6,342,764
6.95%, 03/06/2026		3,750,000		3,824,949
General Motors Financial Co., Inc.
5.40%, 05/08/2027		1,500,000		1,516,894
6.05%, 10/10/2025		7,000,000		7,072,603
SOFRINDX + 1.30%, 04/07/2025^(a)(d)		2,000,000		2,007,654
Hyundai Capital America
5.45%, 06/24/2026^(c)		3,000,000		3,028,041
Volkswagen Group of America Finance LLC
5.40%, 03/20/2026^(c)		4,400,000		4,417,588
Total Automobiles Manufacturing				28,210,493
Banks (9.05%)
Associated Bank NA/Green Bay WI
4.25%, 01/15/2025		4,330,000		4,314,686
Bank of Ireland Group PLC
1Y US TI + 2.65%, 09/16/2026^(a)(c)		4,000,000		4,036,263
Bank of New York Mellon
1D US SOFR + 0.80%, 11/21/2025^(a)		5,000,000		4,999,089
Danske Bank A/S
1Y US TI + 2.10%, 01/09/2026^(a)(c)		8,535,000		8,550,368
Discover Bank
5Y US TI + 1.73%, 08/09/2028^(a)		2,711,000		2,768,668
Goldman Sachs Bank USA
1D US SOFR + 0.777%, 03/18/2027^(a)		6,000,000		6,039,945
KeyCorp
SOFRINDX + 1.25%, 05/23/2025^(a)(d)		1,000,000		1,003,041
Morgan Stanley Bank NA
1D US SOFR + 1.08%, 01/14/2028^(a)		3,500,000		3,514,985
Synovus Financial Corp.
5.20%, 08/11/2025		3,450,000		3,449,243
Truist Bank
3.30%, 05/15/2026		3,500,000		3,419,121
Wells Fargo & Co.
1D US SOFR + 1.07%, 04/22/2028^(a)		5,000,000		5,097,874
Wells Fargo Bank NA
4.81%, 01/15/2026		5,000,000		5,014,074
Total Banks				52,207,357
Biotechnology (1.10%)
Amgen, Inc.
5.15%, 03/02/2028		3,300,000		3,345,872
5.51%, 03/02/2026		3,000,000		3,000,720
Total Biotechnology				6,346,592
Cable & Satellite (0.68%)
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026^(c)		2,900,000		2,892,568

See Notes to Financial Statements and Financial Highlights.

2 | October 31, 2024

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Cox Communications, Inc.
5.45%, 09/15/2028^(c)	$	1,000,000	$	1,017,506
Total Cable & Satellite				3,910,074
Casinos & Gaming (0.53%)
Las Vegas Sands Corp.
5.90%, 06/01/2027		3,000,000		3,048,344
Chemicals (0.78%)
LG Chem, Ltd.
4.38%, 07/14/2025^(c)		1,500,000		1,491,394
Sherwin-Williams Co.
4.25%, 08/08/2025		3,000,000		2,990,678
Total Chemicals				4,482,072
Commercial Finance (1.12%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.50%, 07/15/2025		3,400,000		3,430,794
Penske Truck Leasing Co. Lp / PTL Finance Corp.
5.75%, 05/24/2026^(c)		3,000,000		3,035,156
Total Commercial Finance				6,465,950
Consumer Finance (2.45%)
American Express Co.
2.25%, 03/04/2025		3,000,000		2,973,572
1D US SOFR + 0.93%, 07/26/2028^(a)		3,000,000		3,021,067
SOFRINDX + 0.75%, 04/23/2027^(a)(d)		5,000,000		5,063,790
SOFRINDX + 1.28%, 07/27/2029^(a)(d)		3,000,000		3,049,303
Total Consumer Finance				14,107,732
Consumer Products (0.69%)
Haleon UK Capital PLC
3.13%, 03/24/2025		4,000,000		3,973,009
Containers & Packaging (0.85%)
Sonoco Products Co.
4.45%, 09/01/2026		3,000,000		2,981,154
4.60%, 09/01/2029		2,000,000		1,951,539
Total Containers & Packaging				4,932,693
Diversified Banks (2.41%)
Bank of America Corp.
1D US SOFR + 1.29%, 01/20/2027^(a)		4,000,000		4,011,028
JPMorgan Chase & Co.
1D US SOFR + 1.07%, 12/15/2025^(a)		3,875,000		3,876,207
1D US SOFR + 1.19%, 01/23/2028^(a)		3,000,000		3,016,482
Toronto-Dominion Bank
Series GMTN
4.98%, 04/05/2027		3,000,000		3,023,110
Total Diversified Banks				13,926,827

	Principal Amount		Value (Note 2)
Electrical Equipment Manufacturing (0.55%)
Vontier Corp.
1.80%, 04/01/2026	$	3,350,000	$	3,200,520

Entertainment Content (1.36%)
Paramount Global
3.70%, 06/01/2028		1,500,000		1,403,449
Warnermedia Holdings, Inc.
6.41%, 03/15/2026		6,500,000		6,500,286
Total Entertainment Content				7,903,735
Exploration & Production (3.73%)
Diamondback Energy, Inc.
5.20%, 04/18/2027		1,000,000		1,010,411
Occidental Petroleum Corp.
5.00%, 08/01/2027		7,000,000		6,996,354
5.20%, 08/01/2029		4,000,000		3,993,053
Permian Resources Operating LLC
5.38%, 01/15/2026^(c)		5,081,000		5,060,308
Range Resources Corp.
4.88%, 05/15/2025		4,483,000		4,471,400
Total Exploration & Production				21,531,526
Financial Services (9.74%)
Charles Schwab Corp.
5.88%, 08/24/2026		5,000,000		5,105,478
SOFRINDX + 1.05%, 03/03/2027^(a)(d)		2,471,000		2,492,185
Goldman Sachs Group, Inc.
1D US SOFR + 1.075%, 08/10/2026^(a)		7,000,000		7,044,719
LPL Holdings, Inc.
5.70%, 05/20/2027		2,900,000		2,944,972
Lseg US Fin Corp.
4.88%, 03/28/2027^(c)		2,500,000		2,509,730
Morgan Stanley
1D US SOFR + 1.295%, 01/28/2027^(a)		2,000,000		2,006,041
1D US SOFR + 1.59%, 04/20/2029^(a)		3,000,000		3,026,245
Nasdaq, Inc.
5.65%, 06/28/2025		500,000		502,306
National Securities Clearing Corp.
4.90%, 06/26/2029^(c)		5,000,000		5,055,835
5.05%, 11/21/2024^(c)		7,000,000		7,000,619
5.15%, 06/26/2026^(c)		5,000,000		5,047,966
State Street Corp.
1D US SOFR + 1.353%, 11/04/2026^(a)		3,250,000		3,282,194
UBS Group AG
1Y US TI + 1.60%, 12/22/2027^(a)(c)		7,000,000		7,205,899
USAA Capital Corp.
3.38%, 05/01/2025^(c)		3,000,000		2,983,688
Total Financial Services				56,207,877

See Notes to Financial Statements and Financial Highlights.

3 | October 31, 2024

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Food & Beverage (1.22%)
Campbell Soup Co.
5.20%, 03/19/2027	$	3,000,000	$	3,044,819
5.30%, 03/20/2026		1,000,000		1,008,174
Mondelez International Holdings Netherlands BV
4.25%, 09/15/2025^(c)		3,000,000		2,988,701
Total Food & Beverage				7,041,694
Hardware (0.35%)
Hewlett Packard Enterprise Co.
4.45%, 09/25/2026		2,000,000		1,991,557

Health Care Facilities & Services (1.34%)
HCA, Inc.
5.20%, 06/01/2028		2,000,000		2,018,844
5.38%, 02/01/2025		5,700,000		5,700,717
Total Health Care Facilities & Services				7,719,561

Industrial Other (1.57%)
Element Fleet Management Corp.
6.27%, 06/26/2026^(c)		4,000,000		4,080,361
Quanta Services, Inc.
4.75%, 08/09/2027		5,000,000		4,993,065
Total Industrial Other				9,073,426
Medical Equipment & Devices Manufacturing (4.82%)
Alcon Finance Corp.
2.75%, 09/23/2026^(c)		6,150,000		5,924,024
GE HealthCare Technologies, Inc.
4.80%, 08/14/2029		5,800,000		5,791,882
5.55%, 11/15/2024		2,000,000		2,000,291
5.60%, 11/15/2025		3,000,000		3,025,268
Illumina, Inc.
4.65%, 09/09/2026		2,000,000		1,995,858
Solventum Corp.
5.40%, 03/01/2029^(c)		2,000,000		2,026,352
5.45%, 02/25/2027^(c)		5,000,000		5,066,694
Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		2,000,000		1,995,517
Total Medical Equipment & Devices Manufacturing				27,825,886
Metals & Mining (1.14%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		6,592,000		6,584,868

Pharmaceuticals (0.52%)
Bristol-Myers Squibb Co.
4.95%, 02/20/2026		3,000,000		3,020,035

Pipeline (2.96%)
Buckeye Partners LP
4.13%, 03/01/2025^(c)		604,000		600,177
Columbia Pipelines Holding Co. LLC
6.04%, 08/15/2028^(c)		1,000,000		1,029,810
6.06%, 08/15/2026^(c)		1,500,000		1,524,838

	Principal Amount		Value (Note 2)
EnLink Midstream LLC
5.63%, 01/15/2028^(c)	$	660,000	$	668,521
Gray Oak Pipeline LLC
2.60%, 10/15/2025^(c)		7,604,000		7,425,671
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.50%, 07/15/2027		5,786,000		5,838,728
Total Pipeline				17,087,745

Power Generation (0.66%)
Vistra Operations Co. LLC
5.13%, 05/13/2025^(c)		3,787,000		3,786,617

Property & Casualty Insurance (0.87%)
Chubb INA Holdings LLC
4.65%, 08/15/2029		5,000,000		5,007,297

Real Estate (1.04%)
VICI Properties LP
4.38%, 05/15/2025		6,000,000		5,975,312

Refining & Marketing (0.18%)
HF Sinclair Corp.
6.38%, 04/15/2027		1,000,000		1,012,868

Retail - Consumer Discretionary (0.35%)
Home Depot, Inc.
5.15%, 06/25/2026		2,000,000		2,025,606

Semiconductors (0.70%)
Broadcom, Inc.
5.05%, 07/12/2027		4,000,000		4,040,818

Software & Services (0.26%)
VMware LLC
4.65%, 05/15/2027		1,500,000		1,498,317

Supermarkets & Pharmacies (1.99%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028^(c)		5,330,000		5,459,237
Kroger Co.
4.70%, 08/15/2026		6,000,000		6,020,996
Total Supermarkets & Pharmacies				11,480,233
Transportation & Logistics (0.35%)
Daimler Truck Finance North America LLC
5.60%, 08/08/2025^(c)		2,000,000		2,013,434

Utilities (2.78%)
American Electric Power Co., Inc.
5.70%, 08/15/2025		3,000,000		3,016,825

See Notes to Financial Statements and Financial Highlights.

4 | October 31, 2024

ALPS | Smith Short Duration Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
DTE Energy Co.
4.95%, 07/01/2027	$	2,000,000	$	2,011,475
Duke Energy Corp.
5.00%, 12/08/2025		6,000,000		6,016,113
NextEra Energy Capital Holdings, Inc.
6.05%, 03/01/2025		3,000,000		3,010,061
Sempra
5.40%, 08/01/2026		2,000,000		2,021,279
Total Utilities				16,075,753

Waste & Environment Services & Equipment (0.51%)
GFL Environmental, Inc.
5.13%, 12/15/2026^(c)		2,971,000		2,943,987

Wireless Telecommunications Services (0.87%)
T-Mobile USA, Inc.
4.80%, 07/15/2028		5,000,000		5,004,242

TOTAL CORPORATE BONDS
(Cost $390,799,504)				392,575,979

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (29.13%)

U.S. Treasury Bonds (29.13%)
United States Treasury Notes
3.50%, 09/30/2026		26,563,000		26,241,339
3.50%, 09/30/2029		18,043,000		17,525,673
3.75%, 08/31/2026		23,773,000		23,594,703
4.25%, 03/15/2027		23,494,000		23,558,700
4.38%, 07/31/2026		24,898,000		24,973,861
4.50%, 04/15/2027		22,386,000		22,576,194
4.50%, 05/15/2027		19,696,000		19,867,186
4.88%, 05/31/2026		9,632,000		9,727,756
Total U.S. Treasury Bonds				168,065,412

TOTAL GOVERNMENT BONDS
(Cost $167,894,532)				168,065,412

7-Day

Yield

Value

(Note 2)

SHORT TERM INVESTMENTS (0.26%)

Money Market Fund (0.26%)

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

4.78

1,527,965

TOTAL SHORT TERM INVESTMENTS

(Cost $1,527,965)

1,527,965

	Value (Note 2)
TOTAL INVESTMENTS (98.86%)
(Cost $568,505,142)	$	570,412,495

Other Assets In Excess Of Liabilities (1.14%)		6,604,533

NET ASSETS (100.00%)	$	577,017,028

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

SOFRINDX - Secured Overnight Financing Rate Index

TI - Treasury Index

Reference Rates:

1M US SOFR- 1 Month SOFR as of October 31, 2024 was 4.66% 30D US SOFR - 30 Day SOFR as of October 31, 2024 was 4.66% 1D US SOFR - 1 Day SOFR as of October 31, 2024 was 4.90% 1Y US TI - 1 Year US TI as of October 31, 2024 was 4.27%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(b)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2024.

^(c)

^(d)

The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.

See Notes to Financial Statements and Financial Highlights.

5 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
BANK LOANS (2.08%)

Aerospace & Defense (0.51%)
TransDigm, Inc.
3M US SOFR + 3.25%, 02/28/2031^(a)	$	16,080,276	$	16,113,563

Casinos & Gaming (0.22%)
Caesars Entertainment, Inc.
1M US SOFR + 2.75%, 02/06/2031^(a)		7,412,750		7,428,391

Consumer Finance (0.47%)
Boost Newco Borrower LLC
3M US SOFR + 2.50%, 01/31/2031^(a)		15,240,000		15,301,950

Financial Services (0.07%)
Jane Street Group LLC
3M US SOFR + 2.50%, 01/26/2028^(a)		2,284,134		2,284,329

Industrials (0.15%)
GFL Environmental 6/24
3M US SOFR + 2.00%, 06/27/2031		4,944,000		4,942,467

Manufactured Goods (0.22%)
Chart Industries, Inc.
3M US SOFR + 2.50%, 03/18/2030^(a)		7,076,211		7,098,359

Pipeline (0.28%)
Buckeye Partners LP
1M US SOFR + 2.00%, 11/22/2030^(a)		9,253,423		9,245,558

Travel & Lodging (0.16%)
Carnival Corp.
1M US SOFR + 2.75%, 08/09/2027^(a)		5,027,426		5,048,642

TOTAL BANK LOANS
(Cost $67,467,110)				67,463,259

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (8.51%)

Fannie Mae
Series 1997-76, Class FO, 30D US SOFR + 0.61%, 09/17/2027^(a)	$	5,402	$	5,331
Series 1999-58, Class F, 30D US SOFR + 0.51%, 11/18/2029^(a)		22,197		22,120
Series 2000-40, Class FA, 30D US SOFR + 0.61%, 07/25/2030^(a)		8,169		8,170
Series 2000-45, Class F, 30D US SOFR + 0.56%, 12/25/2030^(a)		6,325		6,306
Series 2001-27, Class F, 30D US SOFR + 0.61%, 06/25/2031^(a)		4,962		4,900
Series 2001-29, Class Z, 6.500%, 07/25/2031		39,399		40,199
Series 2001-51, Class OD, 6.500%, 10/25/2031		321		322
Series 2001-52, Class XZ, 6.500%, 10/25/2031		15,410		15,898
Series 2001-59, Class F, 30D US SOFR + 0.71%, 11/25/2031^(a)		67,700		67,710
Series 2001-60, Class OF, 30D US SOFR + 1.06%, 10/25/2031^(a)		109,373		110,567
Series 2001-63, Class FD, 30D US SOFR + 0.71%, 12/18/2031^(a)		6,845		6,861
Series 2001-63, Class TC, 6.000%, 12/25/2031		13,091		13,446
Series 2001-68, Class PH, 6.000%, 12/25/2031		11,331		11,644
Series 2001-71, Class FS, 30D US SOFR + 0.71%, 11/25/2031^(a)		39,842		39,853
Series 2001-71, Class FE, 30D US SOFR + 0.76%, 11/25/2031^(a)		48,718		48,795
Series 2001-81, Class GE, 6.000%, 01/25/2032		9,285		9,544
Series 2002-11, Class JF, 30D US SOFR + 0.84%, 03/25/2032^(a)		30,461		30,560
Series 2002-12, Class FH, 30D US SOFR + 1.16%, 01/25/2032^(a)		32,198		32,484
Series 2002-13, Class FE, 30D US SOFR + 1.01%, 03/25/2032^(a)		26,929		27,089
Series 2002-16, Class TM, 7.000%, 04/25/2032		7,828		8,068

See Notes to Financial Statements and Financial Highlights.

6 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2002-17, Class JF, 30D US SOFR + 1.11%, 04/25/2032^(a)	$	17,388	$	17,571
Series 2002-18, Class FD, 30D US SOFR + 0.91%, 02/25/2032^(a)		31,926		32,033
Series 2002-23, Class FA, 30D US SOFR + 1.01%, 04/25/2032^(a)		25,770		26,016
Series 2002-34, Class EO, -%, 05/18/2032^(b)		16,791		16,046
Series 2002-36, Class FS, 30D US SOFR + 0.61%, 06/25/2032^(a)		4,966		4,968
Series 2002-44, Class FJ, 30D US SOFR + 1.11%, 04/25/2032^(a)		44,879		44,703
Series 2002-47, Class FC, 30D US SOFR + 0.71%, 11/25/2031^(a)		9,285		9,270
Series 2002-48, Class F, 30D US SOFR + 1.11%, 07/25/2032^(a)		27,390		27,629
Series 2002-49, Class FC, 30D US SOFR + 1.11%, 11/18/2031^(a)		26,195		26,432
Series 2002-60, Class FV, 30D US SOFR + 1.11%, 04/25/2032^(a)		64,543		65,221
Series 2002-63, Class EZ, 6.000%, 10/25/2032		5,458		5,622
Series 2002-64, Class PG, 5.500%, 10/25/2032		36,310		37,019
Series 2002-68, Class AF, 30D US SOFR + 1.11%, 10/25/2032^(a)		12,067		12,193
Series 2002-7, Class FC, 30D US SOFR + 0.86%, 01/25/2032^(a)		38,022		38,172
Series 2002-71, Class AQ, 4.000%, 11/25/2032		24,725		24,111
Series 2002-8, Class FA, 30D US SOFR + 0.86%, 03/18/2032^(a)		18,837		18,945
Series 2002-80, Class CZ, 4.500%, 09/25/2032		107,450		100,839
Series 2002-9, Class FW, 30D US SOFR + 0.66%, 03/25/2032^(a)		9,671		9,548
Series 2002-91, Class F, 30D US SOFR + 0.66%, 01/25/2033^(a)		13,615		13,590
Series 2003-107, Class FD, 30D US SOFR + 0.61%, 11/25/2033^(a)		8,968		8,953

	Principal Amount		Value (Note 2)
Series 2003-110, Class CK, 3.000%, 11/25/2033	$	14,808	$	14,308
Series 2003-116, Class FA, 30D US SOFR + 0.51%, 11/25/2033^(a)		17,751		17,690
Series 2003-119, Class ZP, 4.000%, 12/25/2033		43,496		41,712
Series 2003-119, Class FH, 30D US SOFR + 0.61%, 12/25/2033^(a)		27,325		27,278
Series 2003-128, Class MF, 30D US SOFR + 0.71%, 01/25/2034^(a)		37,135		37,190
Series 2003-131, Class CH, 5.500%, 01/25/2034		59,017		60,558
Series 2003-134, Class FC, 30D US SOFR + 0.71%, 12/25/2032^(a)		20,794		20,825
Series 2003-14, Class AP, 4.000%, 03/25/2033		22,818		22,612
Series 2003-14, Class AN, 3.500%, 03/25/2033		15,212		15,058
Series 2003-19, Class MB, 4.000%, 05/25/2031		23,098		22,287
Series 2003-21, Class OG, 4.000%, 01/25/2033		11,222		11,019
Series 2003-22, Class BZ, 6.000%, 04/25/2033		19,486		19,951
Series 2003-27, Class EK, 5.000%, 04/25/2033		18,471		18,595
Series 2003-30, Class JQ, 5.500%, 04/25/2033		18,396		18,805
Series 2003-32, Class UJ, 5.500%, 05/25/2033		32,856		33,614
Series 2003-41, Class OZ, 3.750%, 05/25/2033		173,343		161,248
Series 2003-41, Class OB, 4.000%, 05/25/2033		100,571		95,516
Series 2003-42, Class JH, 5.500%, 05/25/2033		43,711		44,677
Series 2003-46, Class PJ, 5.500%, 06/25/2033		24,584		25,155
Series 2003-47, Class PE, 5.750%, 06/25/2033		33,733		34,664
Series 2003-64, Class JK, 3.500%, 07/25/2033		33,478		32,328
Series 2003-64, Class ZC, 5.000%, 07/25/2033		19,677		19,818
Series 2003-71, Class HD, 5.500%, 08/25/2033		79,739		80,748
Series 2003-76, Class EZ, 5.000%, 08/25/2033		101,713		102,790
Series 2003-94, Class CE, 5.000%, 10/25/2033		3,139		3,112
Series 2004-10, Class ZB, 6.000%, 02/25/2034		142,629		147,282

See Notes to Financial Statements and Financial Highlights.

7 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2004-101, Class TB, 5.500%, 01/25/2035	$	84,710	$	86,636
Series 2004-14, Class QB, 5.250%, 03/25/2034		116,841		118,677
Series 2004-17, Class DZ, 5.500%, 04/25/2034		9,979		10,103
Series 2004-17, Class BA, 6.000%, 04/25/2034		118,388		120,168
Series 2004-36, Class FA, 30D US SOFR + 0.51%, 05/25/2034^(a)		17,673		17,565
Series 2004-36, Class CB, 5.000%, 05/25/2034		64,680		65,193
Series 2004-53, Class FC, 30D US SOFR + 0.56%, 07/25/2034^(a)		139,969		139,465
Series 2004-54, Class FL, 30D US SOFR + 0.51%, 07/25/2034^(a)		84,888		84,723
Series 2004-60, Class AC, 5.500%, 04/25/2034		58,575		58,219
Series 2004-68, Class LC, 5.000%, 09/25/2029		23,847		23,968
Series 2004-77, Class AY, 4.500%, 10/25/2034		12,720		12,594
Series 2004-82, Class HK, 5.500%, 11/25/2034		35,590		36,549
Series 2004-92, Class TB, 5.500%, 12/25/2034		59,778		61,428
Series 2005-110, Class MP, 5.500%, 12/25/2035		10,931		11,118
Series 2005-120, Class FE, 30D US SOFR + 0.63%, 01/25/2036^(a)		15,953		15,826
Series 2005-122, Class PY, 6.000%, 01/25/2036		221,261		228,119
Series 2005-17, Class EZ, 4.500%, 03/25/2035		169,328		166,951
Series 2005-17, Class EX, 5.250%, 03/25/2035		25,000		24,677
Series 2005-29, Class ZA, 5.500%, 04/25/2035		895,821		921,845
Series 2005-3, Class CH, 5.250%, 02/25/2035		62,533		63,445
Series 2005-35, Class DZ, 5.000%, 04/25/2035		100,813		101,570
Series 2005-48, Class TD, 5.500%, 06/25/2035		93,910		96,654
Series 2005-52, Class FE, 30D US SOFR + 1.91%, 05/25/2035^(a)		82,242		83,835
Series 2005-62, Class GZ, 5.750%, 07/25/2035		318,855		328,159
Series 2005-64, Class PL, 5.500%, 07/25/2035		44,967		45,772

	Principal Amount		Value (Note 2)
Series 2005-68, Class PG, 5.500%, 08/25/2035	$	20,229	$	20,503
Series 2005-68, Class BE, 5.250%, 08/25/2035		51,120		51,551
Series 2005-68, Class CZ, 5.500%, 08/25/2035		227,269		232,551
Series 2005-69, Class GZ, 4.500%, 08/25/2035		11,326		10,977
Series 2005-7, Class MZ, 4.750%, 02/25/2035		17,961		17,610
Series 2005-70, Class NA, 5.500%, 08/25/2035		8,632		8,794
Series 2005-70, Class KP, 5.000%, 06/25/2035		39,899		40,146
Series 2005-72, Class FB, 30D US SOFR + 0.36%, 08/25/2035^(a)		7,716		7,658
Series 2005-79, Class DB, 5.500%, 09/25/2035		61,649		63,193
Series 2005-84, Class XM, 5.750%, 10/25/2035		40,406		41,283
Series 2005-89, Class F, 30D US SOFR + 0.41%, 10/25/2035^(a)		14,895		14,749
Series 2005-99, Class AC, 5.500%, 12/25/2035		541,000		536,345
Series 2005-99, Class FA, 30D US SOFR + 0.41%, 11/25/2035^(a)		8,919		8,905
Series 2005-99, Class ZA, 5.500%, 12/25/2035		127,065		127,729
Series 2006-112, Class QC, 5.500%, 11/25/2036		15,970		16,428
Series 2006-114, Class HE, 5.500%, 12/25/2036		71,574		73,034
Series 2006-115, Class EF, 30D US SOFR + 0.47%, 12/25/2036^(a)		12,161		12,011
Series 2006-16, Class HZ, 5.500%, 03/25/2036		193,021		198,765
Series 2006-39, Class EF, 30D US SOFR + 0.51%, 05/25/2036^(a)		11,815		11,710
Series 2006-46, Class UD, 5.500%, 06/25/2036		30,158		30,834
Series 2006-48, Class TF, 30D US SOFR + 0.51%, 06/25/2036^(a)		30,847		30,517
Series 2006-48, Class DZ, 6.000%, 06/25/2036		177,720		181,609
Series 2006-56, Class F, 30D US SOFR + 0.41%, 07/25/2036^(a)		8,336		8,261
Series 2006-62, Class FX, 30D US SOFR + 1.86%, 07/25/2036^(a)		153,247		152,386

See Notes to Financial Statements and Financial Highlights.

8 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2006-63, Class QH, 5.500%, 07/25/2036	$	26,062	$	26,819
Series 2006-70, Class AF, 30D US SOFR + 0.51%, 08/25/2036^(a)		62,419		61,715
Series 2006-71, Class ZH, 6.000%, 07/25/2036		31,955		33,296
Series 2006-95, Class FH, 30D US SOFR + 0.56%, 10/25/2036^(a)		59,753		59,215
Series 2007-100, Class YF, 30D US SOFR + 0.66%, 10/25/2037^(a)		12,877		12,799
Series 2007-109, Class GF, 30D US SOFR + 0.79%, 12/25/2037^(a)		36,958		36,920
Series 2007-111, Class FC, 30D US SOFR + 0.71%, 12/25/2037^(a)		24,910		24,860
Series 2007-117, Class FM, 30D US SOFR + 0.81%, 01/25/2038^(a)		148,233		147,374
Series 2007-12, Class BZ, 6.000%, 03/25/2037		481,711		479,817
Series 2007-12, Class ZA, 6.000%, 03/25/2037		138,501		134,385
Series 2007-14, Class GZ, 5.500%, 03/25/2037		129,528		133,823
Series 2007-18, Class MZ, 6.000%, 03/25/2037		122,049		126,870
Series 2007-22, Class FC, 30D US SOFR + 0.53%, 03/25/2037^(a)		66,452		65,591
Series 2007-26, Class ZB, 5.500%, 04/25/2037		214,276		213,098
Series 2007-30, Class MB, 4.250%, 04/25/2037		45,431		44,861
Series 2007-33, Class HE, 5.500%, 04/25/2037		32,449		33,516
Series 2007-34, Class F, 30D US SOFR + 0.50%, 04/25/2037^(a)		18,813		18,578
Series 2007-41, Class FA, 30D US SOFR + 0.51%, 05/25/2037^(a)		6,502		6,417
Series 2007-51, Class PB, 5.500%, 06/25/2037		21,541		21,084
Series 2007-51, Class CP, 5.500%, 06/25/2037		22,123		22,281
Series 2007-55, Class PH, 6.000%, 06/25/2047		254,781		265,663
Series 2007-57, Class FA, 30D US SOFR + 0.34%, 06/25/2037^(a)		16,494		16,292

	Principal Amount		Value (Note 2)
Series 2007-6, Class FC, 30D US SOFR + 0.53%, 02/25/2037^(a)	$	33,486	$	33,072
Series 2007-63, Class FC, 30D US SOFR + 0.46%, 07/25/2037^(a)		16,734		16,496
Series 2007-63, Class VZ, 5.500%, 07/25/2037		150,601		150,164
Series 2007-65, Class ZE, 5.500%, 07/25/2037		542,692		539,496
Series 2007-65, Class KF, 30D US SOFR + 0.49%, 07/25/2037^(a)		48,286		47,646
Series 2007-70, Class FA, 30D US SOFR + 0.46%, 07/25/2037^(a)		19,123		18,869
Series 2007-77, Class JE, 6.000%, 08/25/2037		276,193		282,793
Series 2007-85, Class FC, 30D US SOFR + 0.65%, 09/25/2037^(a)		81,713		81,380
Series 2007-85, Class FL, 30D US SOFR + 0.65%, 09/25/2037^(a)		27,716		27,543
Series 2007-86, Class FA, 30D US SOFR + 0.56%, 09/25/2037^(a)		23,078		22,911
Series 2007-9, Class FB, 30D US SOFR + 0.46%, 03/25/2037^(a)		19,031		18,756
Series 2008-18, Class FA, 30D US SOFR + 1.01%, 03/25/2038^(a)		131,230		132,265
Series 2008-24, Class WD, 5.500%, 02/25/2038		153,997		153,098
Series 2008-25, Class EF, 30D US SOFR + 1.06%, 04/25/2038^(a)		33,178		33,514
Series 2008-27, Class B, 5.500%, 04/25/2038		629,285		648,151
Series 2008-46, Class LA, 5.500%, 06/25/2038		9,167		9,118
Series 2008-66, Class FT, 30D US SOFR + 1.06%, 08/25/2038^(a)		18,997		19,076
Series 2008-86, Class FC, 30D US SOFR + 1.21%, 12/25/2038^(a)		136,223		137,881
Series 2009-103, Class FM, 30D US SOFR + 0.81%, 11/25/2039^(a)		26,471		26,510
Series 2009-104, Class FA, 30D US SOFR + 0.91%, 12/25/2039^(a)		32,613		32,756
Series 2009-11, Class MP, 7.000%, 03/25/2049		98,179		104,332

See Notes to Financial Statements and Financial Highlights.

9 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2009-110, Class FG, 30D US SOFR + 0.86%, 01/25/2040^(a)	$	66,950	$	67,111
Series 2009-111, Class CY, 5.000%, 03/25/2038		131,832		131,920
Series 2009-12, Class LA, 15.018%, 03/25/2039^(a)		244,459		294,492
Series 2009-12, Class LD, 16.661%, 03/25/2039^(a)		334,697		451,234
Series 2009-19, Class ZA, 6.500%, 04/25/2039		403,790		418,358
Series 2009-36, Class MX, 5.000%, 06/25/2039		58,000		57,299
Series 2009-39, Class Z, 6.000%, 06/25/2039		1,730,036		1,752,169
Series 2009-42, Class TZ, 4.500%, 03/25/2039		218,036		207,451
Series 2009-47, Class BN, 4.500%, 07/25/2039		27,464		27,180
Series 2009-62, Class WA, 5.590%, 08/25/2039^(a)		79,986		80,144
Series 2009-68, Class FD, 30D US SOFR + 1.36%, 09/25/2039^(a)		40,580		41,484
Series 2009-70, Class CO, -%, 01/25/2037^(b)		61,267		51,180
Series 2009-70, Class FA, 30D US SOFR + 1.31%, 09/25/2039^(a)		20,425		20,420
Series 2009-86, Class OT, -%, 10/25/2037^(b)		25,288		21,146
Series 2009-87, Class FG, 30D US SOFR + 0.86%, 11/25/2039^(a)		43,325		43,509
Series 2009-90, Class UZ, 4.500%, 11/25/2039		686,544		650,479
Series 2010-1, Class WA, 6.277%, 02/25/2040^(a)		12,264		12,463
Series 2010-1, Class EL, 4.500%, 02/25/2040		234,018		226,112
Series 2010-102, Class B, 4.500%, 07/25/2040		210,541		203,543
Series 2010-102, Class HA, 4.000%, 09/25/2050		52,286		48,753
Series 2010-103, Class DZ, 4.500%, 09/25/2040		230,518		222,664
Series 2010-103, Class PJ, 4.500%, 09/25/2040		26,493		26,127
Series 2010-111, Class FC, 30D US SOFR + 0.63%, 10/25/2040^(a)		38,656		38,339
Series 2010-118, Class LZ, 4.750%, 10/25/2040		32,110		31,328
Series 2010-122, Class JA, 7.000%, 07/25/2040		13,589		13,762

	Principal Amount		Value (Note 2)
Series 2010-123, Class FL, 30D US SOFR + 0.54%, 11/25/2040^(a)	$	14,749	$	14,629
Series 2010-123, Class KU, 4.500%, 11/25/2040		163,486		155,015
Series 2010-129, Class PZ, 4.500%, 11/25/2040		36,196		33,103
Series 2010-130, Class BZ, 4.500%, 11/25/2040		1,158,307		1,126,742
Series 2010-14, Class FJ, 30D US SOFR + 0.71%, 03/25/2040^(a)		64,395		64,416
Series 2010-141, Class LZ, 4.500%, 12/25/2040		728,447		688,592
Series 2010-141, Class MN, 4.000%, 12/25/2040		90,000		84,653
Series 2010-141, Class FB, 30D US SOFR + 0.58%, 12/25/2040^(a)		37,304		36,921
Series 2010-141, Class AL, 4.000%, 12/25/2040		267,844		257,965
Series 2010-142, Class FM, 30D US SOFR + 0.58%, 12/25/2040^(a)		13,515		13,367
Series 2010-154, Class JA, 3.000%, 11/25/2040		247,707		234,386
Series 2010-16, Class PL, 5.000%, 03/25/2040		71,000		70,057
Series 2010-19, Class PY, 5.000%, 03/25/2040		220,856		222,295
Series 2010-33, Class KN, 4.500%, 03/25/2040		24,410		24,200
Series 2010-37, Class CY, 5.000%, 04/25/2040		28,110		28,341
Series 2010-39, Class EF, 30D US SOFR + 0.63%, 06/25/2037^(a)		29,692		29,555
Series 2010-45, Class WD, 5.000%, 05/25/2040		180,000		171,320
Series 2010-54, Class LX, 5.000%, 06/25/2040		272,000		269,566
Series 2010-57, Class HA, 3.500%, 02/25/2040		910		906
Series 2010-58, Class FY, 30D US SOFR + 0.84%, 06/25/2040^(a)		39,033		39,047
Series 2010-64, Class DM, 5.000%, 06/25/2040		23,870		23,878
Series 2010-67, Class BD, 4.500%, 06/25/2040		538,323		530,632
Series 2010-68, Class WB, 4.500%, 07/25/2040		85,000		78,820
Series 2010-82, Class WZ, 5.000%, 08/25/2040		270,661		272,709
Series 2010-9, Class ME, 5.000%, 02/25/2040		825,483		826,575

See Notes to Financial Statements and Financial Highlights.

10 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2011-114, Class B, 3.500%, 11/25/2041	$	138,737	$	129,460
Series 2011-118, Class KL, 3.250%, 07/25/2040		71,041		68,796
Series 2011-121, Class JP, 4.500%, 12/25/2041		102,432		98,655
Series 2011-128, Class KB, 4.500%, 12/25/2041		800,000		774,421
Series 2011-130, Class KB, 4.000%, 12/25/2041		30,193		28,307
Series 2011-132, Class PE, 4.500%, 12/25/2041		112,671		110,096
Series 2011-145, Class JA, 4.500%, 12/25/2041		5,709		5,624
Series 2011-148, Class PL, 4.000%, 01/25/2042		425,000		383,990
Series 2011-15, Class AF, 30D US SOFR + 0.62%, 03/25/2041^(a)		21,418		21,248
Series 2011-17, Class PD, 4.000%, 03/25/2041		5,446		5,260
Series 2011-26, Class PA, 4.500%, 04/25/2041		82,764		81,888
Series 2011-27, Class ZD, 2.500%, 09/25/2040		171,272		151,769
Series 2011-3, Class FA, 30D US SOFR + 0.79%, 02/25/2041^(a)		128,677		128,345
Series 2011-30, Class ZA, 5.000%, 04/25/2041		837,556		812,831
Series 2011-43, Class B, 3.500%, 05/25/2031		15,050		14,601
Series 2011-45, Class ZA, 4.000%, 05/25/2031		13,019		12,806
Series 2011-47, Class GF, 30D US SOFR + 0.68%, 06/25/2041^(a)		86,471		86,123
Series 2011-5, Class PO, -%, 09/25/2040^(b)		7,502		5,457
Series 2011-55, Class BZ, 3.500%, 06/25/2041		407,185		379,730
Series 2011-74, Class UB, 4.000%, 07/25/2040		129,352		117,940
Series 2011-86, Class NF, 30D US SOFR + 0.66%, 09/25/2041^(a)		76,944		76,543
Series 2011-86, Class AF, 30D US SOFR + 0.61%, 02/25/2040^(a)		19,637		19,566
Series 2011-93, Class ST, 4.000%, 09/25/2041		16,116		15,208
Series 2011-93, Class GA, 4.000%, 04/25/2039		13,020		12,623
Series 2012-100, Class DB, 3.000%, 09/25/2042		929,486		826,804

	Principal Amount		Value (Note 2)
Series 2012-103, Class PY, 3.000%, 09/25/2042	$	180,000	$	150,665
Series 2012-106, Class QN, 3.500%, 10/25/2042		55,646		51,230
Series 2012-108, Class PL, 3.000%, 10/25/2042		539,827		485,488
Series 2012-110, Class JB, 2.500%, 10/25/2042		204,000		152,852
Series 2012-111, Class B, 7.000%, 10/25/2042		67,912		72,483
Series 2012-112, Class DA, 3.000%, 10/25/2042		155,456		139,869
Series 2012-115, Class DY, 2.500%, 10/25/2042		225,000		175,356
Series 2012-120, Class AH, 2.500%, 02/25/2032		15,123		14,820
Series 2012-125, Class GY, 2.000%, 11/25/2042		621,000		480,466
Series 2012-126, Class TA, 3.000%, 10/25/2042		156,804		140,927
Series 2012-128, Class NP, 2.500%, 11/25/2042		8,143		5,335
Series 2012-129, Class HT, 2.000%, 12/25/2032		28,713		25,088
Series 2012-13, Class JP, 4.500%, 02/25/2042		411,199		396,177
Series 2012-131, Class FG, 30D US SOFR + 0.46%, 09/25/2042^(a)		38,068		37,504
Series 2012-137, Class CF, 30D US SOFR + 0.41%, 08/25/2041^(a)		8,509		8,492
Series 2012-139, Class CY, 2.000%, 12/25/2042		235,000		173,175
Series 2012-139, Class GB, 2.500%, 12/25/2042		210,538		144,025
Series 2012-14, Class FL, 30D US SOFR + 0.56%, 12/25/2040^(a)		1,379		1,378
Series 2012-141, Class PD, 1.750%, 10/25/2041		77,304		72,042
Series 2012-149, Class KB, 3.000%, 01/25/2043		117,001		111,296
Series 2012-149, Class DA, 1.750%, 01/25/2043		20,799		19,169
Series 2012-149, Class ZA, 3.000%, 01/25/2041		58,077		56,114
Series 2012-151, Class NX, 1.500%, 01/25/2043		308,280		258,894
Series 2012-151, Class WC, 2.500%, 01/25/2043		249,000		180,919
Series 2012-152, Class PB, 3.500%, 01/25/2043		55,000		52,563
Series 2012-153, Class B, 7.000%, 07/25/2042		23,049		24,872

See Notes to Financial Statements and Financial Highlights.

11 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2012-17, Class JB, 3.500%, 03/25/2042	$	200,000	$	168,083
Series 2012-17, Class JA, 3.500%, 12/25/2041		221,457		205,543
Series 2012-19, Class CB, 3.500%, 03/25/2042		197,000		179,845
Series 2012-20, Class TD, 4.500%, 02/25/2042		23,882		23,676
Series 2012-26, Class MA, 3.500%, 03/25/2042		112,806		104,763
Series 2012-27, Class KB, 2.000%, 03/25/2042		150,407		116,411
Series 2012-33, Class F, 30D US SOFR + 0.63%, 04/25/2042^(a)		23,354		23,167
Series 2012-37, Class BF, 30D US SOFR + 0.61%, 12/25/2035^(a)		41,636		41,385
Series 2012-38, Class MC, 3.000%, 04/25/2042		147,000		119,461
Series 2012-46, Class YB, 3.500%, 05/25/2042		61,440		55,458
Series 2012-46, Class CD, 2.500%, 04/25/2041		36,040		35,447
Series 2012-47, Class JM, 3.500%, 05/25/2042		140,340		118,067
Series 2012-47, Class HF, 30D US SOFR + 0.51%, 05/25/2027^(a)		25,808		25,810
Series 2012-49, Class TG, 2.000%, 07/25/2041		17,296		16,967
Series 2012-50, Class HC, 2.000%, 03/25/2042		95,157		87,412
Series 2012-51, Class ZX, 3.500%, 05/25/2042		2,087,217		1,638,060
Series 2012-51, Class HJ, 3.500%, 05/25/2042		364,384		309,549
Series 2012-52, Class BM, 4.500%, 01/25/2042		491,058		484,228
Series 2012-53, Class AP, 2.000%, 04/25/2041		21,243		20,947
Series 2012-56, Class WB, 3.500%, 05/25/2042		65,500		60,805
Series 2012-56, Class UB, 4.000%, 06/25/2042		416,000		384,456
Series 2012-64, Class NA, 3.000%, 08/25/2041		2,362		2,352
Series 2012-69, Class PL, 3.000%, 01/25/2042		71,217		69,293
Series 2012-70, Class WC, 3.000%, 07/25/2042		172,000		139,456
Series 2012-80, Class GZ, 3.000%, 08/25/2042		366,213		329,746
Series 2012-82, Class E, 2.000%, 04/25/2042		20,209		19,014

	Principal Amount		Value (Note 2)
Series 2012-83, Class AC, 3.000%, 08/25/2042	$	85,000	$	72,571
Series 2012-90, Class PH, 3.000%, 01/25/2042		55,466		53,387
Series 2012-90, Class PB, 2.500%, 01/25/2042		249,595		236,517
Series 2012-93, Class TL, 3.000%, 09/25/2042		420,000		344,433
Series 2012-98, Class ZP, 6.000%, 09/25/2042		724,958		770,548
Series 2012-99, Class DC, 2.000%, 08/25/2041		102,014		95,600
Series 2013-104, Class CY, 5.000%, 10/25/2043		50,000		47,796
Series 2013-108, Class GU, 3.000%, 10/25/2033		33,169		31,576
Series 2013-114, Class LM, 4.000%, 03/25/2042		201,436		193,350
Series 2013-130, Class FB, 30D US SOFR + 0.56%, 01/25/2044^(a)		30,331		29,949
Series 2013-136, Class QB, 3.500%, 03/25/2042		153,807		142,840
Series 2013-17, Class YM, 4.000%, 03/25/2033		10,943		10,743
Series 2013-2, Class QF, 30D US SOFR + 0.61%, 02/25/2043^(a)		11,137		11,071
Series 2013-20, Class CA, 2.500%, 01/25/2043		164,004		144,057
Series 2013-35, Class CV, 3.000%, 02/25/2043		200,000		182,419
Series 2013-4, Class PL, 2.000%, 02/25/2043		120,000		87,204
Series 2013-52, Class GM, 5.000%, 06/25/2043		89,000		85,335
Series 2013-53, Class CV, 3.500%, 05/25/2030		37,415		37,174
Series 2013-68, Class P, 3.500%, 10/25/2042		99,509		95,553
Series 2013-68, Class LE, 2.000%, 04/25/2043		65,889		59,562
Series 2013-70, Class CE, 2.500%, 01/25/2043		146,410		135,116
Series 2013-72, Class YA, 3.000%, 06/25/2033		2,612		2,387
Series 2013-72, Class AF, 30D US SOFR + 0.36%, 11/25/2042^(a)		3,633		3,626
Series 2013-81, Class YK, 4.000%, 08/25/2043		200,000		181,704
Series 2013-9, Class BC, 6.500%, 07/25/2042		190,389		199,243
Series 2013-9, Class CB, 5.500%, 04/25/2042		426,713		433,743

See Notes to Financial Statements and Financial Highlights.

12 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2013-91, Class PB, 4.000%, 09/25/2043	$	140,000	$	125,207
Series 2014-10, Class BA, 5.330%, 03/25/2054^(a)		257,423		262,821
Series 2014-20, Class AC, 3.000%, 08/25/2036		24,355		24,099
Series 2014-21, Class MA, 2.000%, 09/25/2041		54,807		51,699
Series 2014-23, Class Z, 3.500%, 05/25/2044		463,366		426,937
Series 2014-23, Class A, 3.000%, 05/25/2044		724,445		649,676
Series 2014-26, Class YW, 3.500%, 04/25/2044		50,538		48,038
Series 2014-3, Class BM, 2.500%, 06/25/2043		48,297		44,554
Series 2014-43, Class PZ, 3.000%, 07/25/2043		249,037		203,734
Series 2014-49, Class CA, 3.000%, 08/25/2044		68,288		65,295
Series 2014-52, Class LM, 3.500%, 09/25/2044		1,089,776		915,759
Series 2014-6, Class Z, 2.500%, 02/25/2044		130,796		112,316
Series 2014-63, Class LN, 3.000%, 10/25/2044		125,000		97,874
Series 2014-67, Class PL, 3.000%, 04/25/2043		143,252		136,046
Series 2014-73, Class FA, 30D US SOFR + 0.46%, 11/25/2044^(a)		12,020		11,798
Series 2014-80, Class DZ, 3.000%, 12/25/2044		3,139,143		2,798,211
Series 2014-81, Class GC, 3.000%, 03/25/2038		19,824		19,417
Series 2014-86, Class PA, 2.000%, 12/25/2044		846,093		737,088
Series 2014-88, Class ER, 2.500%, 02/25/2036		17,996		17,217
Series 2015-16, Class ZY, 2.500%, 04/25/2045		10,752,690		8,910,686
Series 2015-2, Class CD, 3.500%, 02/25/2045		162,467		134,012
Series 2015-51, Class CD, 3.000%, 07/25/2044		89,845		86,028
Series 2015-53, Class KB, 3.000%, 01/25/2045		733,574		653,440
Series 2015-56, Class MH, 3.500%, 08/25/2045		945,415		852,148
Series 2015-65, Class CZ, 3.500%, 09/25/2045		137,763		116,574
Series 2015-75, Class LB, 3.000%, 10/25/2045		125,000		93,722
Series 2015-96, Class EA, 3.000%, 12/25/2026		94,218		92,278

	Principal Amount		Value (Note 2)
Series 2016-14, Class NC, 2.500%, 03/25/2046	$	115,424	$	109,454
Series 2016-2, Class BH, 2.700%, 07/25/2045		169,531		156,036
Series 2016-23, Class PL, 3.000%, 11/25/2045		298,685		242,518
Series 2016-27, Class HK, 3.000%, 01/25/2041		234,719		221,786
Series 2016-31, Class TM, 3.000%, 12/25/2045		360,000		309,727
Series 2016-33, Class JA, 3.000%, 07/25/2045		124,776		116,001
Series 2016-33, Class LE, 2.500%, 11/25/2033		31,655		29,314
Series 2016-48, Class UF, 30D US SOFR + 0.51%, 08/25/2046^(a)		57,650		57,109
Series 2016-52, Class MZ, 3.000%, 08/25/2046		256,085		192,496
Series 2016-55, Class EA, 1.750%, 07/25/2043		754,206		628,281
Series 2016-57, Class PC, 1.750%, 06/25/2046		221,912		185,714
Series 2016-75, Class FC, 30D US SOFR + 0.51%, 10/25/2046^(a)		29,265		28,962
Series 2016-8, Class CB, 3.500%, 03/25/2046		893,000		810,943
Series 2016-83, Class KL, 2.500%, 11/25/2046		132,408		84,155
Series 2016-85, Class BA, 2.500%, 11/25/2046		5,543		3,703
Series 2016-9, Class D, 3.000%, 03/25/2046		27,741		25,018
Series 2016-9, Class PA, 2.500%, 06/25/2045		138,456		128,828
Series 2017-1, Class JP, 3.500%, 04/25/2045		76,792		74,774
Series 2017-10, Class FA, 30D US SOFR + 0.51%, 03/25/2047^(a)		22,148		21,893
Series 2017-100, Class ZE, 3.500%, 12/25/2047		125,137		112,567
Series 2017-110, Class PB, 3.000%, 02/25/2057		140,000		109,370
Series 2017-15, Class PE, 3.500%, 04/25/2046		41,019		38,953
Series 2017-19, Class B, 3.000%, 01/25/2047		205,413		186,646
Series 2017-24, Class H, 3.000%, 08/25/2043		21,709		21,521
Series 2017-25, Class QE, 2.500%, 04/25/2047		149,905		127,301
Series 2017-35, Class AH, 3.500%, 04/25/2053		8,124		8,016

See Notes to Financial Statements and Financial Highlights.

13 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2017-38, Class JA, 3.000%, 03/25/2047	$	107,335	$	95,401
Series 2017-46, Class P, 3.500%, 06/25/2047		2,412,286		2,165,532
Series 2017-56, Class BY, 3.000%, 07/25/2047		128,765		105,429
Series 2017-56, Class BA, 3.000%, 03/25/2045		70,293		67,884
Series 2017-68, Class HQ, 3.000%, 07/25/2046		714,163		662,626
Series 2017-84, Class JP, 2.750%, 10/25/2047		113,215		98,618
Series 2017-90, Class WB, 3.000%, 11/25/2047		1,119,992		889,441
Series 2017-96, Class PA, 3.000%, 12/25/2054		103,007		99,129
Series 2017-99, Class DZ, 3.500%, 12/25/2047		133,442		119,999
Series 2018-15, Class KG, 2.500%, 01/25/2048		99,492		83,736
Series 2018-19, Class KB, 3.000%, 04/25/2046		38,055		36,640
Series 2018-2, Class HD, 3.000%, 02/25/2047		18,430		17,754
Series 2018-25, Class AL, 3.500%, 04/25/2048		187,296		162,585
Series 2018-38, Class PA, 3.500%, 06/25/2047		59,009		57,175
Series 2018-39, Class FG,30D US SOFR + 0.36%, 11/25/2033^(a)		78,192		77,104
Series 2018-41, Class PZ, 4.000%, 06/25/2048		1,009,101		816,051
Series 2018-43, Class FE,30D US SOFR + 0.36%, 09/25/2038^(a)		81,001		79,691
Series 2018-45, Class GA, 3.000%, 06/25/2048		33,711		29,656
Series 2018-5, Class JP, 3.000%, 09/25/2047		39,086		35,969
Series 2018-50, Class DY, 3.000%, 10/25/2047		467,604		424,569
Series 2018-56, Class CH, 3.000%, 08/25/2048		27,677		24,350
Series 2018-6, Class PA, 3.000%, 02/25/2048		174,920		151,930
Series 2018-60, Class KL, 4.000%, 08/25/2048		96,000		83,543
Series 2018-67, Class DY, 4.000%, 09/25/2048		304,029		259,060
Series 2018-70, Class HB, 3.500%, 10/25/2058		314,994		266,932
Series 2018-74, Class AB, 3.500%, 10/25/2048		303,753		277,299
Series 2018-8, Class KL, 2.500%, 03/25/2047		259,581		228,639

	Principal Amount		Value (Note 2)
Series 2018-83, Class LH, 4.000%, 11/25/2048	$	17,751	$	16,585
Series 2018-83, Class AC, 3.500%, 11/25/2048		141,708		126,356
Series 2018-9, Class PL, 3.500%, 02/25/2048		395,045		347,586
Series 2018-94, Class KZ, 4.500%, 01/25/2049		198,829		153,890
Series 2018-94, Class KD, 3.500%, 12/25/2048		42,687		39,084
Series 2019-10, Class MA, 3.000%, 03/25/2049		65,221		57,773
Series 2019-11, Class EA, 3.000%, 05/25/2048		198,966		184,628
Series 2019-12, Class HA, 3.500%, 11/25/2057		236,277		223,778
Series 2019-13, Class MH, 3.000%, 03/25/2049		274,603		245,892
Series 2019-34, Class PZ, 3.000%, 07/25/2049		118,347		60,543
Series 2019-45, Class PT, 3.000%, 08/25/2049		218,650		195,287
Series 2019-50, Class CZ, 2.750%, 09/25/2049		179,973		82,580
Series 2019-55, Class MQ, 3.500%, 10/25/2049		567,562		506,787
Series 2019-60, Class BF, 30D US SOFR + 0.56%, 10/25/2049^(a)		10,613		10,407
Series 2019-65, Class HA, 2.500%, 11/25/2049		144,202		122,435
Series 2019-75, Class PA, 3.000%, 10/25/2049		484,415		427,295
Series 2019-81, Class LB, 1.500%, 12/25/2049		485,680		387,778
Series 2019-82, Class HZ, 3.000%, 01/25/2050		395,244		332,180
Series 2020-10, Class B, 3.000%, 03/25/2050		226,812		194,961
Series 2020-11, Class JW, 3.000%, 03/25/2050		237,000		178,365
Series 2020-36, Class GD, 2.000%, 12/25/2037		115,148		103,909
Series 2020-45, Class NB, 1.500%, 07/25/2050		259,992		110,668
Series 2020-47, Class GZ, 2.000%, 07/25/2050		218,091		127,809
Series 2020-73, Class ED, 0.827%, 11/25/2049^(a)		753,544		556,126
Series 2021-12, Class GA, 1.000%, 07/25/2050		124,787		90,434
Series 2021-15, Class JB, 1.250%, 04/25/2051		120,361		47,305
Series 2021-17, Class ZA, 1.500%, 04/25/2051		162,499		65,476

See Notes to Financial Statements and Financial Highlights.

14 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2021-43, Class JC, 2.000%, 05/25/2051	$	120,393	$	96,568
Series 2021-47, Class PD, 1.500%, 07/25/2051		759,616		578,749
Series 2021-47, Class PE, 1.750%, 07/25/2051		759,616		591,315
Series 2021-59, Class H, 2.000%, 06/25/2048		213,238		171,099
Series 2021-6, Class KU, 1.500%, 02/25/2051		181,291		102,292
Series 2021-66, Class HU, 1.500%, 10/25/2051		259,998		124,524
Series 2021-66, Class JG, 1.000%, 10/25/2051		505,657		398,989
Series 2021-68, Class A, 2.000%, 07/25/2049		2,402,825		1,893,935
Series 2021-69, Class WA, 2.000%, 04/25/2049		302,677		246,935
Series 2021-72, Class NL, 1.500%, 10/25/2051		316,302		194,893
Series 2021-72, Class NB, 1.500%, 10/25/2051		140,000		59,127
Series 2021-8, Class HZ, 2.000%, 03/25/2051		473,175		237,774
Series 2021-80, Class KE, 2.000%, 11/25/2051		208,106		169,890
Series 2022-17, Class GV, 2.500%, 01/25/2052		3,569,000		2,631,085
Series 2022-37, Class QL, 4.000%, 07/25/2052		1,683,000		1,591,828
Series 2022-4, Class CK, 1.500%, 04/25/2051		103,750		55,430
Series 2022-43, Class AN, 4.250%, 07/25/2052		240,932		197,666
Series 2022-43, Class ZA, 4.500%, 07/25/2052		248,750		236,286
Series 2022-64, Class GM, 4.500%, 10/25/2052		3,161,000		2,803,880
Series 2022-68, Class Z, 5.000%, 10/25/2052		626,044		615,542
Series 2022-81, Class DO, -%, 11/25/2052^(b)		1,474,485		674,269
Series 2022-88, Class EZ, 6.000%, 12/25/2052		4,407,699		4,476,669
Series 2022-90, Class AY, 4.500%, 12/25/2041		180,000		170,850
Series 2023-19, Class BZ, 5.000%, 05/25/2053		5,823,247		5,870,361
				96,542,424
Fannie Mae Grantor Trust 2002-T12
Series 2002-T12, Class A1, 6.500%, 05/25/2042		122,794		126,357

	Principal Amount		Value (Note 2)
Freddie Mac
Series 1996-1863, Class Z, 6.500%, 07/15/2026	$	25	$	25
Series 1997-1935, Class FK, 30D US SOFR + 0.81%, 02/15/2027^(a)		3,817		3,820
Series 1997-1980, Class Z, 7.000%, 07/15/2027		13,447		13,514
Series 1998-2034, Class Z, 6.500%, 02/15/2028		8,361		8,493
Series 1998-2035, Class PC, 6.950%, 03/15/2028		2,106		2,126
Series 1998-2053, Class Z, 6.500%, 04/15/2028		7,239		7,283
Series 1998-2060, Class Z, 6.500%, 05/15/2028		3,691		3,743
Series 1998-2079, Class FA, 30D US SOFR + 0.61%, 07/17/2028^(a)		3		3
Series 1998-2095, Class PE, 6.000%, 11/15/2028		7,846		7,918
Series 1998-2102, Class Z, 6.000%, 12/15/2028		23,992		24,239
Series 1999-2115, Class FB, 30D US SOFR + 0.56%, 01/15/2029^(a)		8,670		8,660
Series 1999-2126, Class CB, 6.250%, 02/15/2029		8,771		8,855
Series 1999-2137, Class TH, 6.500%, 03/15/2029		2,767		2,808
Series 1999-2154, Class PL, 6.500%, 05/15/2029		75,270		75,687
Series 2000-2224, Class CB, 8.000%, 03/15/2030		7,244		7,557
Series 2001-2274, Class ZM, 6.500%, 01/15/2031		5,422		5,474
Series 2001-2279, Class Z, 6.000%, 01/15/2031		5,426		5,450
Series 2001-2320, Class FI, 30D US SOFR + 0.61%, 09/15/2029^(a)		15,614		15,593
Series 2001-2322, Class FV, 30D US SOFR + 0.61%, 06/15/2030^(a)		15,980		15,728
Series 2001-2324, Class PZ, 6.500%, 06/15/2031		87,125		90,108
Series 2001-2334, Class KB, 6.500%, 05/15/2028		36,402		36,764
Series 2001-2341, Class FP, 30D US SOFR + 1.01%, 07/15/2031^(a)		16,790		16,898
Series 2001-2367, Class FA, 30D US SOFR + 0.63%, 06/15/2031^(a)		16,518		16,469

See Notes to Financial Statements and Financial Highlights.

15 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2001-2372, Class F, 30D US SOFR + 0.61%, 10/15/2031^(a)	$	10,471	$	10,460
Series 2001-2388, Class FR, 30D US SOFR + 0.76%, 06/15/2031^(a)		14,147		14,146
Series 2001-2388, Class FB, 30D US SOFR + 0.71%, 01/15/2029^(a)		12,326		12,331
Series 2001-2391, Class HF, 30D US SOFR + 0.66%, 06/15/2031^(a)		5,668		5,655
Series 2001-2396, Class FM, 30D US SOFR + 0.56%, 12/15/2031^(a)		12,367		12,366
Series 2001-2396, Class FN, 30D US SOFR + 0.76%, 12/15/2031^(a)		92,602		92,871
Series 2002-2411, Class F, 30D US SOFR + 0.66%, 02/15/2032^(a)		11,428		11,442
Series 2002-2412, Class OF, 30D US SOFR + 1.06%, 12/15/2031^(a)		18,938		19,144
Series 2002-2417, Class FY, 30D US SOFR + 0.71%, 12/15/2031^(a)		5,893		5,878
Series 2002-2424, Class FY, 30D US SOFR + 0.56%, 03/15/2032^(a)		30,434		29,873
Series 2002-2430, Class WF, 6.500%, 03/15/2032		5,486		5,698
Series 2002-2433, Class FA, 30D US SOFR + 1.06%, 02/15/2032^(a)		24,534		24,801
Series 2002-2460, Class FA, 30D US SOFR + 1.11%, 03/15/2032^(a)		42,431		42,742
Series 2002-2466, Class FV, 30D US SOFR + 0.66%, 03/15/2032^(a)		36,875		36,830
Series 2002-2470, Class EF, 30D US SOFR + 1.11%, 03/15/2032^(a)		45,488		45,964
Series 2002-2478, Class FD, 30D US SOFR + 1.11%, 02/15/2032^(a)		13,221		13,120
Series 2002-2481, Class FE, 30D US SOFR + 1.11%, 03/15/2032^(a)		12,853		12,988
Series 2002-2488, Class FU, 30D US SOFR + 0.71%, 03/15/2032^(a)		43,515		43,428
Series 2002-2494, Class F, 30D US SOFR + 1.16%, 06/15/2031^(a)		21,944		22,138

	Principal Amount		Value (Note 2)
Series 2002-2495, Class ZB, 4.500%, 09/15/2032	$	24,583	$	23,814
Series 2002-2510, Class FE, 30D US SOFR + 0.51%, 10/15/2032^(a)		3,871		3,850
Series 2002-2513, Class AF, 30D US SOFR + 1.11%, 02/15/2032^(a)		35,340		34,130
Series 2002-2516, Class FD, 30D US SOFR + 1.11%, 02/15/2032^(a)		33,584		33,937
Series 2002-2517, Class FR, 30D US SOFR + 0.46%, 10/15/2032^(a)		26,306		26,105
Series 2002-2524, Class DH, 6.000%, 11/15/2032		25,652		26,486
Series 2002-2525, Class NU, 5.000%, 04/15/2032		53,671		52,824
Series 2002-2535, Class AW, 5.500%, 12/15/2032		6,970		7,133
Series 2002-2538, Class F, 30D US SOFR + 0.71%, 12/15/2032^(a)		97,391		97,534
Series 2002-2541, Class BL, 5.500%, 12/15/2032		28,664		29,209
Series 2003-2554, Class MN, 5.500%, 01/15/2033		31,999		32,596
Series 2003-2557, Class HL, 5.300%, 01/15/2033		111,496		111,226
Series 2003-2557, Class NU, 5.250%, 03/15/2032		35,963		35,859
Series 2003-2557, Class WF, 30D US SOFR + 0.51%, 01/15/2033^(a)		27,777		27,636
Series 2003-2568, Class D, 5.500%, 02/15/2033		26,292		26,812
Series 2003-2571, Class FY, 30D US SOFR + 0.86%, 12/15/2032^(a)		14,550		14,634
Series 2003-2577, Class FC, 30D US SOFR + 0.61%, 02/15/2033^(a)		64,062		63,683
Series 2003-2587, Class FW, 30D US SOFR + 0.58%, 03/15/2033^(a)		26,403		26,286
Series 2003-2590, Class OZ, 4.000%, 03/15/2033		169,132		162,856
Series 2003-2614, Class FV, 30D US SOFR + 1.61%, 05/15/2033^(a)		159,328		162,914
Series 2003-2624, Class QH, 5.000%, 06/15/2033		9,124		9,203
Series 2003-2626, Class ZX, 5.000%, 06/15/2033		218,902		209,592
Series 2003-2627, Class CN, 5.000%, 06/15/2033		26,970		27,203

See Notes to Financial Statements and Financial Highlights.

16 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2003-2631, Class DB, 5.000%, 06/15/2033	$	148,000	$	143,949
Series 2003-2647, Class A, 3.250%, 04/15/2032		47,349		45,844
Series 2003-2648, Class WZ, 5.000%, 07/15/2033		288,722		281,524
Series 2003-2668, Class LH, 5.000%, 09/15/2033		17,149		17,301
Series 2003-2707, Class FH, 30D US SOFR + 0.76%, 04/15/2032^(a)		51,937		52,125
Series 2003-2711, Class FA, 30D US SOFR + 1.11%, 11/15/2033^(a)		101,701		103,097
Series 2003-2717, Class LH, 5.500%, 12/15/2033		4,415		4,536
Series 2003-2725, Class TA, 4.500%, 12/15/2033		141,963		140,762
Series 2004-2750, Class TC, 5.250%, 02/15/2034		3,010		3,038
Series 2004-2768, Class PW, 4.250%, 03/15/2034		123,336		120,717
Series 2004-2802, Class OH, 6.000%, 05/15/2034		7,877		8,046
Series 2004-2835, Class KZ, 5.500%, 08/15/2034		27,246		28,003
Series 2004-2835, Class TB, 4.500%, 08/15/2034		277,675		271,652
Series 2004-2896, Class BZ, 5.000%, 11/15/2034		53,264		53,768
Series 2004-2901, Class KB, 5.000%, 12/15/2034		74,659		75,392
Series 2005-2916, Class MY, 5.500%, 01/15/2035		117,175		120,457
Series 2005-2927, Class EZ, 5.500%, 02/15/2035		7,250		7,131
Series 2005-2929, Class PG, 5.000%, 02/15/2035		28,187		28,460
Series 2005-2933, Class HD, 5.500%, 02/15/2035		15,271		15,544
Series 2005-2942, Class ZN, 5.500%, 03/15/2035		544,628		540,350
Series 2005-2953, Class PG, 5.500%, 03/15/2035		13,375		13,686
Series 2005-2962, Class KF, 30D US SOFR + 0.31%, 04/15/2035^(a)		7,957		7,898
Series 2005-2973, Class GE, 5.500%, 05/15/2035		243,000		244,041
Series 2005-2980, Class QA, 6.000%, 05/15/2035		25,011		26,033
Series 2005-2996, Class GX, 5.500%, 06/15/2035		72,000		71,322
Series 2005-3012, Class WZ, 5.500%, 08/15/2035		255,010		251,998

	Principal Amount		Value (Note 2)
Series 2005-3012, Class ZE, 5.750%, 08/15/2035	$	53,797	$	55,737
Series 2005-3028, Class FM, 30D US SOFR + 0.36%, 09/15/2035^(a)		6,916		6,865
Series 2005-3028, Class PG, 5.500%, 09/15/2035		32,933		33,504
Series 2005-3028, Class ZE, 5.500%, 09/15/2035		941,435		935,403
Series 2005-3033, Class WY, 5.500%, 09/15/2035		60,815		62,526
Series 2005-3036, Class NE, 5.000%, 09/15/2035		73,837		74,731
Series 2005-3042, Class PZ, 5.750%, 09/15/2035		170,327		174,428
Series 2005-3052, Class WH, 5.500%, 10/15/2035		14,662		15,032
Series 2005-3059, Class ZM, 5.000%, 02/15/2035		68,241		68,878
Series 2005-3062, Class DE, 5.500%, 11/15/2035		97,823		100,657
Series 2005-3068, Class Z, 5.500%, 11/15/2035		120,330		123,326
Series 2005-3070, Class FT, 30D US SOFR + 0.46%, 11/15/2035^(a)		10,878		10,838
Series 2005-3072, Class NF, 30D US SOFR + 0.61%, 11/15/2035^(a)		27,518		27,343
Series 2005-3085, Class FE, 30D US SOFR + 0.91%, 08/15/2035^(a)		32,494		32,679
Series 2006-3098, Class PG, 5.000%, 01/15/2036		49,381		49,982
Series 2006-3122, Class OH, -%, 03/15/2036^(b)		16,729		14,437
Series 2006-3123, Class HT, 5.000%, 03/15/2026		3,753		3,742
Series 2006-3136, Class KF, 30D US SOFR + 0.41%, 04/15/2036^(a)		10,375		10,309
Series 2006-3137, Class XP, 6.000%, 04/15/2036		16,253		16,961
Series 2006-3143, Class BC, 5.500%, 02/15/2036		72,368		74,661
Series 2006-3145, Class FN, 30D US SOFR + 0.54%, 04/15/2036^(a)		10,435		10,336
Series 2006-3148, Class CY, 6.000%, 04/15/2036		14,920		15,492
Series 2006-3153, Class UG, 30D US SOFR + 0.56%, 05/15/2036^(a)		16,966		16,893
Series 2006-3154, Class PN, 5.500%, 05/15/2036		51,599		53,244

See Notes to Financial Statements and Financial Highlights.

17 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2006-3201, Class FL, 30D US SOFR + 0.71%, 08/15/2036^(a)	$	73,793	$	73,540
Series 2006-3202, Class HF, 30D US SOFR + 0.46%, 08/15/2036^(a)		29,966		29,662
Series 2006-3203, Class ZM, 5.000%, 08/15/2036		154,323		156,167
Series 2006-3204, Class ZM, 5.000%, 08/15/2034		71,136		71,801
Series 2006-3206, Class FE, 30D US SOFR + 0.51%, 08/15/2036^(a)		33,486		33,040
Series 2006-3235, Class Z, 6.500%, 11/15/2036		658,955		695,252
Series 2006-3236, Class EF, 30D US SOFR + 0.41%, 11/15/2036^(a)		9,406		9,271
Series 2006-3237, Class CD, 5.500%, 09/15/2036		57,317		57,247
Series 2006-3237, Class CE, 5.500%, 11/15/2036		122,000		122,901
Series 2006-3240, Class FG, 30D US SOFR + 1.22%, 11/15/2036^(a)		151,194		149,097
Series 2006-3249, Class CB, 4.250%, 12/15/2036		266,812		260,887
Series 2007-3279, Class FB, 30D US SOFR + 0.43%, 02/15/2037^(a)		57,984		57,091
Series 2007-3284, Class AZ, 4.500%, 03/15/2037		20,725		20,091
Series 2007-3301, Class FY, 30D US SOFR + 0.53%, 04/15/2037^(a)		13,079		12,929
Series 2007-3311, Class DF, 30D US SOFR + 0.45%, 05/15/2037^(a)		79,483		78,698
Series 2007-3312, Class PA, 5.500%, 05/15/2037		12,005		12,417
Series 2007-3316, Class FB, 30D US SOFR + 0.41%, 08/15/2035^(a)		23,042		22,762
Series 2007-3349, Class HG, 5.500%, 07/15/2037		13,740		14,074
Series 2007-3361, Class AF, 30D US SOFR + 0.46%, 11/15/2036^(a)		51,901		51,245
Series 2007-3367, Class YF, 30D US SOFR + 0.66%, 09/15/2037^(a)		13,850		13,767
Series 2007-3368, Class AF, 30D US SOFR + 0.83%, 09/15/2037^(a)		49,252		49,285

	Principal Amount		Value (Note 2)
Series 2007-3378, Class FA, 30D US SOFR + 0.69%, 06/15/2037^(a)	$	24,842	$	24,755
Series 2007-3380, Class FM, 30D US SOFR + 0.70%, 10/15/2037^(a)		61,670		61,424
Series 2007-3382, Class FG, 30D US SOFR + 0.71%, 11/15/2037^(a)		31,312		31,205
Series 2007-3382, Class FL, 30D US SOFR + 0.81%, 11/15/2037^(a)		57,522		57,549
Series 2007-3387, Class PF, 30D US SOFR + 0.53%, 11/15/2037^(a)		20,137		19,937
Series 2007-3388, Class FJ, 30D US SOFR + 0.81%, 11/15/2037^(a)		96,605		96,583
Series 2008-3404, Class DC, 5.500%, 01/15/2038		285,000		289,675
Series 2008-3405, Class PE, 5.000%, 01/15/2038		36,074		36,363
Series 2008-3409, Class DB, 6.000%, 01/15/2038		147,216		152,888
Series 2008-3411, Class FL, 30D US SOFR + 0.81%, 02/15/2038^(a)		14,293		14,295
Series 2008-3415, Class DF, 30D US SOFR + 0.81%, 08/15/2035^(a)		67,450		67,513
Series 2008-3415, Class PC, 5.000%, 12/15/2037		25,243		25,395
Series 2008-3415, Class TF, 30D US SOFR + 0.85%, 08/15/2035^(a)		33,408		33,486
Series 2008-3450, Class PE, 5.000%, 05/15/2038		46,069		46,675
Series 2008-3469, Class CF, 30D US SOFR + 0.90%, 07/15/2038^(a)		17,353		15,945
Series 2009-3536, Class FM, 30D US SOFR + 1.11%, 05/15/2039^(a)		16,236		16,331
Series 2009-3539, Class B, 4.500%, 06/15/2029		44,000		43,879
Series 2009-3545, Class FA, 30D US SOFR + 0.96%, 06/15/2039^(a)		46,201		46,211
Series 2009-3548, Class ZE, 5.500%, 12/15/2032		104,236		105,633
Series 2009-3549, Class FA, 30D US SOFR + 1.31%, 07/15/2039^(a)		16,449		16,457
Series 2009-3564, Class NB, 5.000%, 08/15/2039		280,399		283,723

See Notes to Financial Statements and Financial Highlights.

18 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2009-3574, Class D, 5.000%, 09/15/2039	$	56,254	$	56,990
Series 2009-3584, Class FA, 30D US SOFR + 0.81%, 12/15/2036^(a)		20,214		20,244
Series 2009-3587, Class DA, 4.500%, 10/15/2039		90,491		89,045
Series 2009-3588, Class CW, 7.645%, 10/15/2037^(a)		263,111		273,210
Series 2009-3604, Class PO, -%, 05/15/2036^(b)		50,281		41,784
Series 2009-3605, Class BF, 30D US SOFR + 0.97%, 11/15/2039^(a)		97,485		98,168
Series 2009-3606, Class ZC, 5.000%, 04/15/2036		663,811		669,368
Series 2009-3611, Class FH, 30D US SOFR + 0.86%, 07/15/2034^(a)		8,720		8,743
Series 2010-3620, Class EL, 4.000%, 01/15/2030		13,190		13,065
Series 2010-3622, Class PB, 5.000%, 01/15/2040		322,359		326,388
Series 2010-3626, Class ME, 5.000%, 01/15/2040		415,896		420,776
Series 2010-3631, Class PA, 4.000%, 02/15/2040		138,154		133,818
Series 2010-3653, Class B, 4.500%, 04/15/2030		40,759		40,645
Series 2010-3656, Class PM, 5.000%, 04/15/2040		116,487		117,950
Series 2010-3662, Class PJ, 5.000%, 04/15/2040		145,553		147,324
Series 2010-3664, Class DA, 4.000%, 11/15/2037		58,824		58,130
Series 2010-3747, Class PY, 4.000%, 10/15/2040		282,069		272,231
Series 2010-3747, Class CY, 4.500%, 10/15/2040		211,272		208,068
Series 2010-3770, Class GA, 4.500%, 10/15/2040		322,662		317,102
Series 2010-3770, Class JZ, 4.000%, 12/15/2040		7,398,599		7,112,764
Series 2010-3778, Class JA, 3.500%, 04/15/2040		62,294		61,424
Series 2011-3798, Class PJ, 4.000%, 01/15/2041		44,850		43,347
Series 2011-3800, Class AF, 30D US SOFR + 0.61%, 02/15/2041^(a)		16,478		16,354
Series 2011-3819, Class ZQ, 6.000%, 04/15/2036		11,929		12,447
Series 2011-3822, Class FY, 30D US SOFR + 0.51%, 02/15/2033^(a)		17,649		17,588

	Principal Amount		Value (Note 2)
Series 2011-3825, Class BP, 4.000%, 03/15/2041	$	67,802	$	64,467
Series 2011-3843, Class PZ, 5.000%, 04/15/2041		499,149		500,152
Series 2011-3843, Class FE, 30D US SOFR + 0.66%, 04/15/2041^(a)		35,645		35,378
Series 2011-3844, Class PC, 5.000%, 04/15/2041		195,000		192,658
Series 2011-3852, Class TP, 27.08% - 30D US SOFR, 05/15/2041^(a)		19,785		19,904
Series 2011-3852, Class QN, 26.79% - 30D US SOFR, 05/15/2041^(a)		31,800		30,403
Series 2011-3857, Class ZP, 5.000%, 05/15/2041		1,271,700		1,273,443
Series 2011-3862, Class MA, 5.000%, 04/15/2041		61,962		62,513
Series 2011-3891, Class BF, 30D US SOFR + 0.66%, 07/15/2041^(a)		32,638		32,379
Series 2011-3894, Class ZA, 4.500%, 07/15/2041		334,497		325,293
Series 2011-3905, Class BZ, 3.000%, 08/15/2041		178,038		138,003
Series 2011-3919, Class DL, 4.000%, 08/15/2030		298,000		288,466
Series 2011-3934, Class KB, 5.000%, 10/15/2041		495,806		500,620
Series 2011-3935, Class JZ, 4.500%, 10/15/2041		1,145,745		1,095,906
Series 2011-3939, Class AZ, 4.000%, 03/15/2041		320,951		305,061
Series 2011-3939, Class BZ, 4.500%, 06/15/2041		676,495		658,165
Series 2011-3940, Class MY, 4.000%, 10/15/2041		246,756		234,252
Series 2011-3957, Class HZ, 4.000%, 11/15/2041		582,072		550,796
Series 2011-3958, Class PJ, 4.500%, 09/15/2041		137,788		135,150
Series 2011-3959, Class MB, 4.500%, 11/15/2041		44,199		39,373
Series 2011-3963, Class JB, 4.500%, 11/15/2041		83,375		82,190
Series 2011-3968, Class LA, 4.500%, 12/15/2041		256,711		247,600
Series 2011-3969, Class JP, 4.500%, 09/15/2041		13,162		13,038
Series 2011-3978, Class CZ, 3.500%, 12/15/2041		2,123,344		1,959,635
Series 2012-3984, Class DF, 30D US SOFR + 0.66%, 01/15/2042^(a)		26,782		26,575

See Notes to Financial Statements and Financial Highlights.

19 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2012-3989, Class JW, 3.500%, 01/15/2042	$	165,786	$	154,286
Series 2012-3994, Class JZ, 3.500%, 02/15/2042		887,425		817,789
Series 2012-3997, Class EC, 3.500%, 02/15/2042		59,120		49,941
Series 2012-3997, Class FQ, 30D US SOFR + 0.61%, 02/15/2042^(a)		34,305		33,939
Series 2012-4001, Class FM, 30D US SOFR + 0.61%, 02/15/2042^(a)		22,904		22,626
Series 2012-4010, Class FC, 30D US SOFR + 1.11%, 03/15/2042^(a)		239,601		231,519
Series 2012-4011, Class DC, 4.000%, 09/15/2041		174,495		167,475
Series 2012-4011, Class DB, 4.000%, 09/15/2041		170,486		163,632
Series 2012-4012, Class GC, 3.500%, 06/15/2040		13,525		13,405
Series 2012-4020, Class PG, 2.500%, 03/15/2027		9,180		9,021
Series 2012-4037, Class CA, 3.000%, 04/15/2027		42,576		41,755
Series 2012-4039, Class LT, 3.500%, 05/15/2042		113,000		95,605
Series 2012-4048, Class CE, 4.000%, 05/15/2042		611,000		567,426
Series 2012-4050, Class ND, 2.500%, 09/15/2041		8,461		8,283
Series 2012-4062, Class MZ, 3.500%, 06/15/2042		436,677		404,807
Series 2012-4064, Class AY, 3.000%, 06/15/2027		37,508		36,904
Series 2012-4068, Class PE, 3.000%, 06/15/2042		327,000		292,884
Series 2012-4075, Class PB, 3.000%, 07/15/2042		83,344		75,005
Series 2012-4076, Class MV, 3.000%, 04/15/2031		43,305		42,775
Series 2012-4077, Class BE, 4.000%, 07/15/2042		130,000		116,543
Series 2012-4088, Class PB, 3.000%, 08/15/2042		116,972		103,769
Series 2012-4094, Class CW, 2.000%, 08/15/2042		147,169		125,070
Series 2012-4097, Class CU, 1.500%, 08/15/2027		25,000		23,589
Series 2012-4097, Class UF, 30D US SOFR + 0.46%, 08/15/2032^(a)		40,490		40,444
Series 2012-4101, Class QN, 3.500%, 09/15/2042		342,234		315,225
Series 2012-4102, Class CB, 2.000%, 09/15/2042		150,000		129,148

	Principal Amount		Value (Note 2)
Series 2012-4104, Class AJ, 1.500%, 09/15/2027	$	8,348	$	8,062
Series 2012-4116, Class YB, 2.500%, 05/15/2042		132,000		107,107
Series 2012-4120, Class TC, 1.500%, 10/15/2027		3,902		3,756
Series 2012-4122, Class BA, 2.772%, 05/15/2040^(a)(c)		123,571		114,486
Series 2012-4133, Class TA, 3.000%, 11/15/2042		308,106		248,821
Series 2012-4141, Class PL, 2.500%, 12/15/2042		274,000		191,443
Series 2013-4160, Class HB, 2.500%, 12/15/2032		14,094		13,035
Series 2013-4161, Class LT, 2.500%, 08/15/2042		294,957		266,591
Series 2013-4170, Class FW, 30D US SOFR + 1.06%, 01/15/2033^(a)		11,934		11,869
Series 2013-4171, Class MN, 3.000%, 02/15/2043		144,000		107,533
Series 2013-4176, Class YD, 3.000%, 03/15/2043		50,000		41,127
Series 2013-4183, Class ME, 2.000%, 02/15/2042		306,226		290,186
Series 2013-4185, Class PB, 3.000%, 03/15/2043		447,134		414,403
Series 2013-4203, Class DJ, 2.500%, 04/15/2033		25,574		24,668
Series 2013-4204, Class QP, 3.000%, 05/15/2043		153,000		126,399
Series 2013-4218, Class DG, 2.500%, 07/15/2042		94,268		86,491
Series 2013-4220, Class EH, 2.500%, 06/15/2028		9,166		8,995
Series 2013-4231, Class FD, 30D US SOFR + 0.46%, 10/15/2032^(a)		8,227		8,223
Series 2013-4246, Class PB, 4.000%, 09/15/2043		493,003		427,519
Series 2013-4265, Class FD, 30D US SOFR + 0.51%, 01/15/2035^(a)		41,945		41,564
Series 2013-4283, Class EW, 4.500%, 12/15/2043^(a)		171,297		167,409
Series 2014-4293, Class NM, 4.500%, 06/15/2043		18,581		18,142
Series 2014-4294, Class PF, 30D US SOFR + 0.51%, 01/15/2044^(a)		11,072		10,898
Series 2014-4319, Class PM, 3.000%, 03/15/2043		41,565		40,496
Series 2014-4320, Class AP, 3.500%, 07/15/2039		107,684		104,542
Series 2014-4324, Class AY, 3.000%, 04/15/2029		568,738		550,044

See Notes to Financial Statements and Financial Highlights.

20 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2014-4368, Class GZ, 4.125%, 06/15/2041^(d)	$	1,306,451	$	1,277,579
Series 2014-4370, Class PC, 2.500%, 09/15/2041		10,862		10,634
Series 2014-4403, Class CZ, 3.000%, 10/15/2044		155,462		88,545
Series 2014-4419, Class DC, 3.000%, 12/15/2044		240,000		194,167
Series 2015-4457, Class KZ, 3.000%, 04/15/2045		72,925		63,756
Series 2015-4459, Class CA, 5.000%, 12/15/2034		9,824		9,874
Series 2015-4461, Class EA, 2.000%, 07/15/2037		55,732		54,282
Series 2015-4498, Class JA, 2.500%, 04/15/2037		93,384		81,169
Series 2015-4508, Class UZ, 3.000%, 07/15/2043		55,545		43,156
Series 2016-4555, Class CP, 3.000%, 04/15/2045		312,354		300,002
Series 2016-4564, Class QA, 3.000%, 07/15/2029		11,362		11,310
Series 2016-4582, Class PA, 3.000%, 11/15/2045		103,438		94,965
Series 2016-4583, Class UP, 3.000%, 07/15/2045		132,994		121,943
Series 2016-4590, Class AK, 3.500%, 08/15/2027		32,159		31,935
Series 2016-4601, Class CZ, 3.000%, 12/15/2045		113,958		70,627
Series 2016-4613, Class AF, 30D US SOFR + 1.21%, 11/15/2037^(a)		78,167		76,573
Series 2016-4629, Class KB, 3.000%, 11/15/2046		1,000,000		813,621
Series 2016-4639, Class HZ, 3.250%, 04/15/2053^(d)		1,129,119		896,653
Series 2017-4656, Class EZ, 4.000%, 02/15/2047		339,549		317,777
Series 2017-4661, Class HA, 3.000%, 05/15/2043		20,781		20,684
Series 2017-4670, Class TY, 3.000%, 03/15/2047		346,000		278,003
Series 2017-4672, Class QD, 3.000%, 08/15/2045		25,854		25,286
Series 2017-4680, Class PA, 3.000%, 03/15/2046		88,062		83,705
Series 2017-4707, Class Z, 4.000%, 08/15/2047		127,809		79,589
Series 2017-4710, Class PA, 3.000%, 04/15/2045		85,139		82,245
Series 2017-4714, Class MY, 3.500%, 08/15/2047		1,000,000		904,222
Series 2017-4736, Class CL, 3.000%, 12/15/2047		154,734		130,905

	Principal Amount		Value (Note 2)
Series 2017-4748, Class GA, 3.000%, 01/15/2045	$	22,865	$	22,479
Series 2018-4767, Class Z, 3.000%, 12/15/2047		37,854		21,566
Series 2018-4773, Class DZ, 4.000%, 04/15/2048		158,294		148,043
Series 2018-4787, Class PY, 4.000%, 05/15/2048		40,401		37,739
Series 2018-4808, Class DG, 3.500%, 09/15/2045		521,552		512,821
Series 2018-4813, Class CJ, 3.000%, 08/15/2048		182,617		157,630
Series 2018-4818, Class CA, 3.000%, 04/15/2048		371,143		326,843
Series 2018-4821, Class ZM, 3.500%, 05/15/2048		336,939		297,175
Series 2018-4821, Class YZ, 4.000%, 02/15/2042		1,662,996		1,449,687
Series 2018-4839, Class AE, 4.000%, 04/15/2051		215,471		206,002
Series 2018-4846, Class PA, 4.000%, 06/15/2047		3,227		3,204
Series 2018-4857, Class HM, 3.500%, 11/15/2046		40,509		39,947
Series 2019-4863, Class AJ, 3.500%, 07/15/2038		39,297		37,571
Series 2019-4863, Class H, 7.000%, 03/15/2049		125,402		132,757
Series 2019-4896, Class BD, 3.500%, 07/25/2049		1,062,753		908,157
Series 2019-4911, Class HG, 2.250%, 04/15/2049		1,633,889		1,361,372
Series 2019-4926, Class BP, 3.000%, 10/25/2049		524,824		451,787
Series 2019-4942, Class A, 3.000%, 01/25/2049		93,333		85,908
Series 2020-4954, Class LZ, 2.500%, 02/25/2050		125,216		56,401
Series 2020-4961, Class JB, 2.500%, 12/15/2042		123,930		111,875
Series 2020-4989, Class FA, 30D US SOFR + 0.46%, 08/15/2040^(a)		109,486		107,605
Series 2020-4989, Class FB, 30D US SOFR + 0.46%, 10/15/2040^(a)		104,163		102,363
Series 2020-5000, Class HZ, 1.500%, 08/25/2050		251,525		125,716
Series 2020-5007, Class PY, 1.500%, 08/25/2050		218,000		89,035
Series 2020-5013, Class NH, 1.000%, 09/25/2050		173,579		86,359
Series 2020-5014, Class BP, 1.250%, 09/25/2040		214,828		185,462
Series 2020-5039, Class ZK, 2.500%, 11/25/2050		153,603		73,214

See Notes to Financial Statements and Financial Highlights.

21 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2020-5049, Class JZ, 2.000%, 11/25/2050	$	142,843	$	64,236
Series 2020-5049, Class WB, 0.750%, 12/25/2050		336,378		253,987
Series 2020-5068, Class UB, 0.500%, 01/25/2051		109,000		57,473
Series 2021-5080, Class CA, 2.000%, 02/25/2051		864,862		482,318
Series 2021-5083, Class MA, 2.000%, 03/25/2051		612,856		358,780
Series 2021-5085, Class HA, 1.500%, 03/25/2051		147,216		78,975
Series 2021-5092, Class BC, 2.500%, 06/25/2036		13,711		13,544
Series 2021-5103, Class LM, 1.500%, 05/25/2041		119,098		64,973
Series 2021-5103, Class LQ, 1.500%, 04/25/2050		199,863		102,200
Series 2021-5119, Class LM, 1.500%, 05/25/2041		202,779		106,965
Series 2021-5121, Class KE, 1.500%, 06/25/2051		301,427		147,114
Series 2021-5129, Class KC, 1.500%, 11/25/2049		140,553		121,591
Series 2021-5144, Class PC, 1.500%, 09/25/2051		358,650		297,063
Series 2021-5156, Class EC, 1.500%, 10/25/2051		434,989		215,337
Series 2021-5171, Class KY, 1.750%, 12/25/2051		172,000		90,995
Series 2021-5174, Class TQ, 2.000%, 08/25/2051		480,253		398,754
Series 2021-5178, Class LY, 1.500%, 12/25/2051		178,029		84,363
Series 2021-5182, Class M, 2.500%, 05/25/2049		319,660		280,923
Series 2022-5189, Class PG, 2.500%, 09/25/2051		87,000		78,189
Series 2022-5198, Class ZM, 3.000%, 02/25/2052		643,388		496,512
Series 2022-5200, Class WK, 2.500%, 03/25/2052		217,000		138,673
Series 2022-5201, Class CA, 2.500%, 07/25/2048		604,585		542,353
Series 2022-5207, Class CZ, 3.500%, 03/25/2052		378,793		235,802
Series 2022-5208, Class AL, 2.500%, 04/25/2042		1,386,302		1,019,083
Series 2022-5224, Class HL, 4.000%, 04/25/2052		1,700,000		1,526,212
Series 2022-5230, Class PE, 2.000%, 12/25/2051		600,000		473,224
Series 2022-5234, Class PH, 3.500%, 04/25/2051		758,748		722,923

	Principal Amount		Value (Note 2)
Series 2024-5407, Class LB, 6.000%, 05/25/2054	$	6,901,530	$	6,989,842
				65,875,832
Freddie Mac Strips
Series 2013-299, Class 300, 3.000%, 01/15/2043		148,874		135,395
Series 2013-300, Class 300, 3.000%, 01/15/2043		122,367		110,326
				245,721
Freddie Mac Structured Pass-Through Certificates
Series 2001-32, Class A1, 1M US SOFR + 0.37%, 08/25/2031^(a)		61,082		63,695
Series 2002-41, Class 3A, 4.348%, 07/25/2032^(a)		1,841,032		1,682,413
Series 2003-55, Class 1A3A, 30D US SOFR + 0.51%, 03/25/2043^(a)		229,125		228,246
				1,974,354
Ginnie Mae
Series 2003-76, Class TG, 5.500%, 09/20/2033		121,413		121,047
Series 2003-98, Class FY, 1M US SOFR + 0.46%, 09/20/2033^(a)		4,161		4,159
Series 2004-1, Class TE, 5.000%, 06/20/2033		18,609		18,478
Series 2004-15, Class AY, 5.500%, 02/20/2034		132,215		133,603
Series 2004-22, Class AZ, 5.500%, 04/20/2034		175,559		177,816
Series 2004-26, Class ED, 5.500%, 04/16/2034		54,054		54,660
Series 2004-34, Class QL, 5.500%, 05/16/2034		135,625		136,714
Series 2004-55, Class MC, 5.500%, 07/20/2034		33,658		34,084
Series 2004-7, Class Z, 5.500%, 01/16/2034		1,561,263		1,570,215
Series 2004-87, Class BC, 4.500%, 10/20/2034		10,323		10,280
Series 2005-11, Class PL, 5.000%, 02/20/2035		25,909		25,865
Series 2005-13, Class NB, 5.000%, 02/20/2035		9,257		9,239
Series 2005-13, Class BG, 5.000%, 02/20/2035		145,633		145,974
Series 2005-3, Class JL, 5.000%, 12/16/2034		55,647		55,647
Series 2005-3, Class JM, 4.750%, 01/20/2035		39,853		39,333
Series 2005-3, Class OC, 5.000%, 01/20/2035		135,953		136,001
Series 2005-3, Class QB, 5.000%, 01/16/2035		43,672		43,687

See Notes to Financial Statements and Financial Highlights.

22 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2005-44, Class GZ, 5.000%, 07/20/2035	$	93,113	$	92,993
Series 2005-45, Class BF, 1M US SOFR + 0.41%, 06/20/2035^(a)		27,943		27,682
Series 2005-49, Class B, 5.500%, 06/20/2035		64,156		65,114
Series 2005-51, Class DC, 5.000%, 07/20/2035		98,199		98,445
Series 2005-56, Class JA, 5.000%, 05/17/2035		10,399		10,399
Series 2005-56, Class BD, 5.000%, 07/20/2035		33,554		33,599
Series 2005-69, Class WD, 5.000%, 05/18/2035		35,403		35,401
Series 2005-73, Class PH, 5.000%, 09/20/2035		93,632		93,507
Series 2005-92, Class PB, 6.000%, 12/20/2035		126,872		130,847
Series 2006-10, Class PB, 5.500%, 03/20/2036		213,443		216,921
Series 2006-38, Class OH, 6.500%, 08/20/2036		23,249		23,178
Series 2007-18, Class PH, 5.500%, 03/20/2035		137,000		139,281
Series 2007-18, Class B, 5.500%, 05/20/2035		60,587		61,344
Series 2007-35, Class TE, 6.000%, 06/20/2037		86,886		89,283
Series 2007-35, Class NE, 6.000%, 06/16/2037		38,738		39,764
Series 2007-40, Class FY, 1M US SOFR + 0.44%, 07/16/2037^(a)		27,253		27,113
Series 2007-44, Class PH, 6.000%, 07/20/2037		99,196		102,170
Series 2007-57, Class Z, 5.500%, 10/20/2037		862,778		875,614
Series 2007-6, Class LE, 5.500%, 02/20/2037		221,122		223,382
Series 2007-7, Class PG, 5.000%, 02/16/2037		20,503		20,514
Series 2007-79, Class FC, 1M US SOFR + 0.55%, 12/20/2037^(a)		100,594		100,547
Series 2008-13, Class FB, 1M US SOFR + 0.61%, 02/20/2038^(a)		20,118		20,077
Series 2008-20, Class CE, 5.500%, 06/16/2037		192,325		195,541
Series 2008-21, Class PZ, 5.500%, 11/20/2037		356,038		355,335
Series 2008-31, Class PC, 5.500%, 04/20/2038		40,677		41,183
Series 2008-33, Class PB, 5.500%, 04/20/2038		116,834		118,289

	Principal Amount		Value (Note 2)
Series 2008-37, Class L, 6.000%, 04/20/2038	$	33,914	$	34,432
Series 2008-38, Class BG, 5.000%, 05/16/2038		64,962		64,877
Series 2008-38, Class PL, 5.500%, 05/20/2038		178,578		181,773
Series 2008-38, Class PN, 5.500%, 05/20/2038		34,344		34,959
Series 2008-40, Class PL, 5.250%, 05/16/2038		118,000		119,836
Series 2008-41, Class PE, 5.500%, 05/20/2038		58,644		59,754
Series 2008-43, Class NB, 5.500%, 05/20/2038		113,432		113,988
Series 2008-47, Class ML, 5.250%, 06/16/2038		21,952		22,197
Series 2008-49, Class PB, 4.750%, 06/20/2038		23,968		23,762
Series 2008-50, Class KB, 6.000%, 06/20/2038		188,985		193,797
Series 2008-51, Class PH, 5.250%, 06/20/2038		33,674		34,053
Series 2008-51, Class FG, 1M US SOFR + 0.88%, 06/16/2038^(a)		67,032		67,316
Series 2008-55, Class PL, 5.500%, 06/20/2038		26,495		26,711
Series 2008-58, Class PE, 5.500%, 07/16/2038		67,200		68,258
Series 2008-60, Class JP, 5.500%, 07/20/2038		199,233		200,820
Series 2008-60, Class JN, 5.500%, 07/20/2038		100,328		101,192
Series 2008-65, Class PG, 6.000%, 08/20/2038		179,179		180,387
Series 2008-66, Class FN, 1M US SOFR + 1.06%, 08/20/2038^(a)		71,114		71,627
Series 2008-7, Class PQ, 5.000%, 02/20/2038		78,982		78,543
Series 2008-76, Class QE, 5.750%, 09/20/2038		58,000		58,360
Series 2008-77, Class FC, 1M US SOFR + 0.81%, 09/20/2038^(a)		48,335		48,363
Series 2008-85, Class PG, 5.250%, 10/20/2038		28,431		28,346
Series 2008-89, Class JC, 5.500%, 08/20/2038		33,434		33,327
Series 2008-89, Class JD, 6.000%, 08/20/2038		38,835		38,706
Series 2008-9, Class FA, 1M US SOFR + 0.61%, 02/20/2038^(a)		13,913		13,915

See Notes to Financial Statements and Financial Highlights.

23 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2009-1, Class FA, 1M US SOFR + 1.16%, 01/20/2039^(a)	$	58,293	$	58,919
Series 2009-10, Class PH, 4.500%, 02/20/2039		24,466		24,052
Series 2009-10, Class NB, 5.000%, 02/16/2039		64,499		64,459
Series 2009-118, Class PY, 5.000%, 12/16/2039		15,398		15,326
Series 2009-12, Class NB, 5.000%, 03/20/2039		45,006		44,711
Series 2009-13, Class E, 4.500%, 03/16/2039		81,759		80,401
Series 2009-15, Class FM, 1M US SOFR + 1.15%, 03/20/2039^(a)		55,008		55,208
Series 2009-24, Class WB, 5.000%, 03/20/2039		183,721		182,466
Series 2009-32, Class ZA, 5.500%, 05/20/2039		337,056		346,814
Series 2009-40, Class AD, 4.500%, 06/20/2039		309,000		301,434
Series 2009-47, Class LT, 5.000%, 06/20/2039		95,460		95,277
Series 2009-55, Class FN, 1M US SOFR + 1.11%, 07/20/2039^(a)		20,236		20,429
Series 2009-58, Class PA, 4.500%, 07/20/2039		62,695		61,014
Series 2009-61, Class MP, 5.000%, 08/20/2039		27,315		27,293
Series 2009-61, Class AP, 4.000%, 08/20/2039		30,013		29,141
Series 2009-69, Class PH, 5.500%, 08/16/2039		92,000		91,579
Series 2009-75, Class GZ, 4.500%, 09/20/2039		79,827		78,884
Series 2009-76, Class JB, 4.500%, 07/20/2039		15,527		15,479
Series 2009-76, Class XA, 5.500%, 09/16/2039		425,664		427,064
Series 2009-77, Class KJ, 5.000%, 09/20/2039		95,333		96,067
Series 2009-83, Class TF, 1M US SOFR + 1.01%, 08/20/2039^(a)		32,738		32,968
Series 2009-94, Class FA, 1M US SOFR + 0.81%, 10/16/2039^(a)		66,570		66,682
Series 2010-103, Class WA, 5.662%, 08/20/2034^(a)		186,167		188,912
Series 2010-105, Class BH, 3.000%, 01/16/2040		57,756		55,594
Series 2010-111, Class FA, 1M US SOFR + 0.46%, 09/20/2040^(a)		38,581		38,184

	Principal Amount		Value (Note 2)
Series 2010-134, Class YL, 4.500%, 10/20/2040	$	101,000	$	97,425
Series 2010-14, Class HA, 4.500%, 02/16/2040		104,821		104,005
Series 2010-147, Class PG, 3.500%, 05/20/2040		35,092		34,549
Series 2010-157, Class OP, -%, 12/20/2040^(b)		8,095		6,842
Series 2010-167, Class WL, 4.500%, 09/20/2040		738,957		719,745
Series 2010-169, Class JZ, 4.000%, 12/20/2040		185,475		175,684
Series 2010-19, Class GW, 4.750%, 02/20/2040		108,305		99,853
Series 2010-62, Class AF, 1M US SOFR + 0.56%, 04/16/2034^(a)		12,134		12,132
Series 2010-76, Class NC, 4.500%, 06/20/2040		113,194		106,802
Series 2010-84, Class YB, 4.000%, 07/20/2040		18,150		17,334
Series 2010-H01, Class FA, 1M US SOFR + 0.93%, 01/20/2060^(a)		10,466		10,490
Series 2010-H10, Class FC, 1M US SOFR + 1.11%, 05/20/2060^(a)		54,207		54,456
Series 2010-H20, Class AF, 1M US SOFR + 0.44%, 10/20/2060^(a)		57,386		57,141
Series 2010-H22, Class FE, 1M US SOFR + 0.46%, 05/20/2059^(a)		709		704
Series 2010-H27, Class FA, 1M US SOFR + 0.49%, 12/20/2060^(a)		19,413		19,336
Series 2011-100, Class MY, 4.000%, 07/20/2041		170,743		164,192
Series 2011-128, Class MD, 4.000%, 10/20/2040		87,630		86,747
Series 2011-137, Class WA, 5.591%, 07/20/2040^(a)		178,382		181,203
Series 2011-18, Class PA, 4.000%, 08/20/2040		8,422		8,375
Series 2011-59, Class QC, 4.000%, 12/20/2040		191,081		186,193
Series 2011-66, Class UA, 4.000%, 05/16/2041		148,383		137,734
Series 2011-71, Class ZC, 5.500%, 07/16/2034		150,247		151,702
Series 2011-97, Class WA, 6.087%, 11/20/2038^(a)		26,288		26,977
Series 2011-H01, Class AF, 1M US SOFR + 0.56%, 11/20/2060^(a)		43,832		43,739

See Notes to Financial Statements and Financial Highlights.

24 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2011-H11, Class FB, 1M US SOFR + 0.61%, 04/20/2061^(a)	$	24,042	$	23,987
Series 2011-H11, Class FA, 1M US SOFR + 0.61%, 03/20/2061^(a)		66,988		66,886
Series 2011-H15, Class FA, 1M US SOFR + 0.56%, 06/20/2061^(a)		15,996		15,955
Series 2012-108, Class CB, 2.500%, 09/20/2042		149,000		118,202
Series 2012-116, Class BY, 3.000%, 09/16/2042		267,000		212,324
Series 2012-127, Class PG, 1.750%, 09/16/2042		125,039		112,756
Series 2012-32, Class PE, 3.500%, 03/16/2042		117,000		104,837
Series 2012-38, Class PL, 3.250%, 01/20/2041		17,894		17,685
Series 2012-39, Class GA, 3.000%, 10/16/2040		22,797		22,000
Series 2012-51, Class VM, 3.500%, 04/16/2025		14,070		13,974
Series 2012-56, Class HZ, 3.500%, 06/20/2040		1,341,594		1,194,636
Series 2012-68, Class GE, 3.000%, 05/20/2042		4,247		3,317
Series 2012-76, Class GF, 1M US SOFR + 0.41%, 06/16/2042^(a)		19,431		19,254
Series 2012-84, Class TB, 2.500%, 07/20/2042		390,245		320,795
Series 2012-H08, Class FC, 1M US SOFR + 0.68%, 04/20/2062^(a)		163,242		163,106
Series 2012-H14, Class FK, 1M US SOFR + 0.69%, 07/20/2062^(a)		82,731		82,615
Series 2012-H20, Class PT, 5.648%, 07/20/2062^(a)		10,663		10,630
Series 2012-H24, Class FE, 1M US SOFR + 0.71%, 10/20/2062^(a)		935		932
Series 2013-100, Class MA, 3.500%, 02/20/2043		26,957		26,426
Series 2013-115, Class PM, 4.000%, 08/20/2043		390,178		360,357
Series 2013-169, Class EZ, 3.250%, 11/16/2043		114,016		98,573
Series 2013-22, Class GB, 2.500%, 08/20/2042		115,781		101,857
Series 2013-41, Class MY, 3.000%, 03/20/2043		263,698		235,043
Series 2013-54, Class WA, 4.897%, 11/20/2042^(a)		359,788		360,871

	Principal Amount		Value (Note 2)
Series 2013-6, Class BE, 3.000%, 01/20/2043	$	104,000	$	78,149
Series 2013-69, Class NA, 2.000%, 09/20/2042		168,581		148,348
Series 2013-70, Class LA, 1.000%, 05/20/2043		101,453		83,061
Series 2013-93, Class CA, 6.000%, 06/20/2043		898,775		925,322
Series 2013-98, Class KF, 1M US SOFR + 0.41%, 11/20/2041^(a)		5,085		5,073
Series 2013-99, Class MF, 1M US SOFR + 0.41%, 07/20/2043^(a)		52,805		51,886
Series 2013-H01, Class FA, 1.650%, 01/20/2063		2		2
Series 2013-H04, Class BA, 1.650%, 02/20/2063		1,569		1,441
Series 2013-H07, Class GA, 1M US SOFR + 0.58%, 03/20/2063^(a)		44,710		44,588
Series 2013-H09, Class HA, 1.650%, 04/20/2063		5,035		4,737
Series 2013-H18, Class EA, 1M US SOFR + 0.61%, 07/20/2063^(a)		4,056		4,046
Series 2014-118, Class ZP, 4.000%, 08/20/2044		428,896		402,302
Series 2014-119, Class ZK, 3.500%, 08/16/2044		1,141,293		1,045,386
Series 2014-32, Class DA, 3.500%, 02/20/2044		101,590		86,112
Series 2014-53, Class JM, 6.976%, 04/20/2039^(a)		130,676		137,320
Series 2014-98, Class HE, 3.000%, 07/20/2044		53,984		43,033
Series 2014-98, Class ZP, 3.000%, 07/16/2044		244,159		185,422
Series 2014-H10, Class TA, 1M US SOFR + 0.71%, 04/20/2064^(a)		238,703		238,606
Series 2014-H15, Class FA, 1M US SOFR + 0.61%, 07/20/2064^(a)		16,183		16,157
Series 2014-H16, Class FL, 1M US SOFR + 0.58%, 07/20/2064^(a)		271,858		270,837
Series 2014-H19, Class HA, 3.000%, 09/20/2064		24,804		24,196
Series 2015-100, Class PD, 3.000%, 07/20/2045		190,263		172,704
Series 2015-190, Class LE, 3.500%, 06/20/2045		3,595		3,571
Series 2015-63, Class KA, 3.000%, 04/20/2040		33,494		27,693

See Notes to Financial Statements and Financial Highlights.

25 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2015-84, Class QA, 3.500%, 06/20/2045	$	221,586	$	198,650
Series 2015-91, Class QA, 2.908%, 05/20/2045^(a)		1,391,248		1,212,416
Series 2015-H09, Class FA, 1M US SOFR + 0.73%, 04/20/2065^(a)		197,290		196,926
Series 2015-H12, Class FB, 1M US SOFR + 0.71%, 05/20/2065^(a)		46,745		46,657
Series 2015-H15, Class FC, 1M US SOFR + 0.69%, 06/20/2065^(a)		78,565		78,357
Series 2015-H22, Class FC, 1M US SOFR + 0.71%, 09/20/2065^(a)		32,923		32,852
Series 2015-H26, Class FA, 1M US SOFR + 0.63%, 10/20/2065^(a)		36,784		36,739
Series 2015-H26, Class FG, 1M US SOFR + 0.63%, 10/20/2065^(a)		169,342		168,789
Series 2015-H27, Class FA, 1M US SOFR + 0.86%, 09/20/2065^(a)		1,535,706		1,535,281
Series 2015-H29, Class FA, 1M US SOFR + 0.81%, 10/20/2065^(a)		959		958
Series 2015-H30, Class FE, 1M US SOFR + 0.71%, 11/20/2065^(a)		35,862		35,853
Series 2015-H31, Class FT, 1M US SOFR + 0.76%, 11/20/2065^(a)		8,945		8,942
Series 2015-H32, Class FH, 1M US SOFR + 0.77%, 12/20/2065^(a)		118,351		118,399
Series 2016-116, Class GV, 3.000%, 05/20/2026		17,864		17,494
Series 2016-120, Class KA, 2.000%, 09/20/2046		4,738		3,683
Series 2016-136, Class PJ, 3.500%, 01/20/2046		190,662		160,788
Series 2016-136, Class MY, 2.500%, 10/20/2046		100,000		63,812
Series 2016-163, Class B, 3.000%, 10/20/2046		119,000		88,329
Series 2016-19, Class AC, 3.000%, 02/20/2046		259,000		214,030
Series 2016-46, Class Z, 3.000%, 04/20/2046		125,135		82,473
Series 2016-82, Class BA, 3.000%, 09/20/2045		28,207		27,731
Series 2016-H06, Class FC, 1M US SOFR + 1.03%, 02/20/2066^(a)		93,301		93,464

	Principal Amount		Value (Note 2)
Series 2016-H08, Class FT, 1M US SOFR + 0.83%, 02/20/2066^(a)	$	36,158	$	36,148
Series 2016-H11, Class F, 1M US SOFR + 0.91%, 05/20/2066^(a)		2,469,337		2,470,116
Series 2016-H13, Class FT, 1M US SOFR + 0.69%, 05/20/2066^(a)		3,997		3,995
Series 2016-H14, Class FA, 1M US SOFR + 0.91%, 06/20/2066^(a)		404,145		404,241
Series 2016-H15, Class FA, 1M US SOFR + 0.91%, 07/20/2066^(a)		863,373		863,588
Series 2016-H17, Class FC, 1M US SOFR + 0.94%, 08/20/2066^(a)		144,480		144,582
Series 2016-H17, Class FK, 1M US SOFR + 0.96%, 07/20/2066^(a)		43,931		43,974
Series 2016-H17, Class HA, 2.250%, 03/20/2066		115,638		112,810
Series 2016-H20, Class PT, 7.955%, 09/20/2066^(a)		387,972		397,102
Series 2016-H23, Class PT, 7.752%, 09/20/2066^(a)		505,773		514,511
Series 2016-H23, Class F, 1M US SOFR + 0.86%, 10/20/2066^(a)		124,475		124,633
Series 2016-H24, Class FG, 1M US SOFR + 0.86%, 10/20/2066^(a)		367,914		367,794
Series 2016-H26, Class FC, 1M US SOFR + 1.11%, 12/20/2066^(a)		80,528		80,776
Series 2017-150, Class JE, 3.000%, 07/20/2047		55,239		51,053
Series 2017-170, Class MC, 2.500%, 10/20/2047		50,509		44,579
Series 2017-36, Class MJ, 3.000%, 03/20/2047		32,460		28,017
Series 2017-56, Class AZ, 3.000%, 04/20/2047		119,605		97,210
Series 2017-80, Class BJ, 3.000%, 03/20/2047		79,126		71,602
Series 2017-80, Class LO, -%, 05/20/2047^(b)		98,373		73,665
Series 2017-H06, Class FE, 1M US SOFR + 0.66%, 02/20/2067^(a)		49,592		49,542
Series 2017-H14, Class FD, 1M US SOFR + 0.58%, 06/20/2067^(a)		76,509		76,153

See Notes to Financial Statements and Financial Highlights.

26 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2017-H15, Class FC, 1M US SOFR + 0.58%, 06/20/2067^(a)	$	150,338	$	150,068
Series 2017-H16, Class PT, 4.690%, 05/20/2066^(a)		10,453		10,327
Series 2017-H17, Class FG, 1M US SOFR + 0.61%, 08/20/2067^(a)		14,170		14,145
Series 2017-H22, Class FH, 1Y US SOFR + 0.94%, 11/20/2067^(a)		216,439		215,908
Series 2018-131, Class QA, 3.000%, 12/20/2047		238,906		217,073
Series 2018-160, Class AD, 3.500%, 02/20/2048		200,813		189,015
Series 2018-36, Class CZ, 4.000%, 03/20/2048		289,034		248,400
Series 2018-37, Class C, 2.500%, 01/20/2046		127,141		117,575
Series 2018-H07, Class FD, 1M US SOFR + 0.41%, 05/20/2068^(a)		78,150		78,197
Series 2018-H09, Class FA, 1Y US SOFR + 1.22%, 04/20/2068^(a)		383,770		389,438
Series 2019-1, Class EY, 4.000%, 10/20/2048		1,066,499		960,867
Series 2019-103, Class EK, 4.000%, 04/20/2049		2,921,162		2,684,676
Series 2019-111, Class TE, 2.000%, 09/20/2049		38,093		31,503
Series 2019-128, Class AL, 2.500%, 10/20/2049		300,000		204,519
Series 2019-15, Class A, -%, 07/20/2048^(b)		300,226		182,438
Series 2019-18, Class HD, 3.500%, 02/20/2049		165,000		145,470
Series 2019-36, Class PD, 3.000%, 02/20/2049		226,477		202,563
Series 2019-H01, Class FT, 1M US SOFR + 0.51%, 10/20/2068^(a)		19,561		19,500
Series 2019-H04, Class BA, 3.000%, 01/20/2069		67,735		66,610
Series 2019-H05, Class FT, 1Y US TI + 0.43%, 04/20/2069^(a)		17,311		17,306
Series 2019-H08, Class FM, 1M US SOFR + 0.76%, 05/20/2069^(a)		1,796,256		1,785,684
Series 2020-122, Class GZ, 3.000%, 08/20/2050		265,115		169,646
Series 2020-125, Class GC, 2.500%, 08/20/2050		21,055		17,456
Series 2020-125, Class GA, 2.500%, 03/20/2050		312,674		275,989

	Principal Amount		Value (Note 2)
Series 2020-127, Class LZ, 1.500%, 08/20/2050	$	569,482	$	230,312
Series 2020-134, Class ZU, 3.000%, 09/20/2050		114,664		66,207
Series 2020-148, Class ZP, 2.000%, 10/20/2050		230,725		92,860
Series 2020-149, Class LU, 1.000%, 10/20/2050		199,996		88,458
Series 2020-153, Class MP, 2.500%, 10/20/2050		292,545		253,496
Series 2020-153, Class ML, 2.500%, 10/20/2050		275,384		230,071
Series 2020-187, Class KZ, 2.000%, 12/20/2050		167,340		62,722
Series 2020-32, Class UM, 2.500%, 03/20/2050		1,137,694		1,003,037
Series 2020-5, Class LC, 3.500%, 10/20/2049		122,617		113,157
Series 2020-61, Class AB, 3.000%, 05/20/2048		43,785		43,066
Series 2020-62, Class WD, 0.466%, 05/20/2050^(a)		488,945		278,808
Series 2020-62, Class PD, 3.000%, 05/20/2050		439,311		378,849
Series 2020-83, Class ML, 3.000%, 06/20/2050		113,602		100,914
Series 2020-98, Class CE, 3.000%, 07/20/2050		1,129,115		993,104
Series 2020-H01, Class FT, 1Y US TI + 0.50%, 01/20/2070^(a)		20,468		20,362
Series 2020-H02, Class DA, 2.250%, 12/20/2069		86,137		84,075
Series 2020-H04, Class FP, 1M US SOFR + 0.61%, 06/20/2069^(a)		188,471		188,057
Series 2020-H12, Class FE, 1M US SOFR + 1.21%, 06/20/2070^(a)		958,804		974,382
Series 2020-H13, Class FA, 1M US SOFR + 0.56%, 07/20/2070^(a)		184,651		182,096
Series 2021-104, Class AL, 1.500%, 06/20/2051		120,000		54,820
Series 2021-116, Class WZ, 2.000%, 07/20/2051		381,892		198,937
Series 2021-116, Class LZ, 2.500%, 07/20/2051		340,916		210,712
Series 2021-142, Class PZ, 0.750%, 08/20/2051		307,208		166,891
Series 2021-146, Class PO, -%, 07/20/2051^(b)		338,715		115,452
Series 2021-146, Class DE, 1.750%, 08/20/2051		376,993		332,320
Series 2021-158, Class GK, 2.000%, 09/20/2051		150,493		92,597

See Notes to Financial Statements and Financial Highlights.

27 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2021-205, Class NK, 1.500%, 11/20/2051	$	215,000	$	131,945
Series 2021-25, Class HA, 2.000%, 02/20/2051		721,563		589,690
Series 2021-8, Class KZ, 2.000%, 01/20/2051		157,361		59,028
Series 2021-8, Class AQ, 5.000%, 01/20/2051		137,735		135,533
Series 2021-H01, Class FA, 1M US SOFR + 1.36%, 11/20/2070^(a)		2,799,136		2,844,212
Series 2021-H12, Class GA, 4.567%, 07/20/2071^(a)		85,286		84,451
Series 2022-100, Class EB, 3.000%, 06/20/2052		1,729,475		1,318,710
Series 2022-104, Class KY, 4.500%, 06/20/2052		383,627		342,101
Series 2022-112, Class BM, 3.000%, 06/20/2052		344,718		257,006
Series 2022-126, Class BY, 3.000%, 07/20/2052		960,094		605,561
Series 2022-127, Class WC, 3.500%, 07/20/2052		329,622		217,072
Series 2022-127, Class UL, 2.000%, 07/20/2052		309,557		152,575
Series 2022-137, Class PL, 4.000%, 08/20/2052		288,633		224,456
Series 2022-20, Class KZ, 2.500%, 01/20/2052		111,394		46,748
Series 2022-212, Class DZ, 5.500%, 12/20/2052		2,727,919		2,744,190
Series 2022-44, Class KZ, 4.500%, 03/20/2052		603,028		518,753
Series 2022-51, Class HZ, 3.000%, 03/20/2052		305,961		177,340
Series 2022-68, Class MD, 3.500%, 04/20/2052		223,000		163,171
Series 2022-76, Class PA, 4.000%, 04/20/2052		755,342		725,970
Series 2022-78, Class YX, 4.500%, 01/20/2051		759,860		750,077
Series 2022-H06, Class AB, 3.783%, 07/20/2067		104,570		102,968
Series 2023-150, Class JD, 6.000%, 10/20/2053		407,200		421,831
Series 2023-173, Class DX, 6.000%, 11/20/2053		2,720,000		2,799,198
Series 2023-47, Class HZ, 5.500%, 03/20/2053		1,358,737		1,347,455
Series 2023-55, Class HB, 6.500%, 04/20/2053		3,822,002		3,930,225
Series 2023-55, Class EB, 6.000%, 04/20/2053		23,483,111		23,483,164
Series 2023-57, Class CV, 5.000%, 04/20/2034		1,933,747		1,945,986

	Principal Amount		Value (Note 2)
Series 2023-59, Class GL, 6.000%, 04/20/2053	$	7,761,342	$	7,790,679
Series 2023-68, Class HB, 6.500%, 05/20/2053		10,712,834		11,184,239
				111,065,534
Vendee Mortgage Trust 2011-2
Series 2011-2, Class DZ, 3.750%, 10/15/2041		867,446		803,199

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $285,623,318)			276,633,421

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (1.71%)

Fannie Mae-Aces
Series 2001-M1, Class D, 6.460%, 02/25/2031^(a)		82,277		82,255
Series 2006-M2, Class A3F, 5.345%, 09/25/2031^(a)		139,929		140,325
Series 2013-M6, Class 1AC, 3.388%, 02/25/2043^(a)		9,846,008		9,316,667
Series 2016-M11, Class AL, 2.944%, 07/25/2039		413,200		368,455
Series 2018-M12, Class A1, 3.546%, 08/25/2030		626,432		620,451
Series 2018-M15, Class 1A2, 3.700%, 01/25/2036		470,000		437,120
Series 2019-M10, Class A1, 2.000%, 04/25/2030		154,085		151,894
Series 2019-M14, Class A1, 2.304%, 06/25/2029		7,064		7,018
Series 2019-M24, Class 2XA, 1.143%, 03/25/2031^(a)(c)		4,208,187		211,781
Series 2020-M1, Class A2, 2.444%, 10/25/2029		300,000		270,813
Series 2020-M10, Class X1, 1.771%, 12/25/2030^(a)(c)		754,112		49,425
Series 2020-M10, Class X4, 0.885%, 07/25/2032^(a)(c)		46,531,821		1,874,709
Series 2020-M12, Class IO, 1.285%, 07/25/2029^(a)(c)		54,170,198		2,183,408
Series 2020-M13, Class X2, 1.227%, 09/25/2030^(a)(c)		7,252,652		304,818
Series 2022-M5, Class A1, 2.353%, 01/01/2034^(a)		281,493		257,615
Series 2022-M5, Class A3, 2.353%, 01/01/2034^(a)		1,495,000		1,235,558
Series 2022-M8, Class A2, 1.936%, 12/25/2031^(a)		100,000		83,477
				17,595,789

See Notes to Financial Statements and Financial Highlights.

28 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Freddie Mac Multiclass Certificates Series 2020-P003
Series 2020-P003, Class A3, 1.956%, 09/25/2046	$	1,600,000	$	1,195,840

Freddie Mac Multifamily Structured Pass Through Certificates
Series 2016-KS07, Class A1, 2.018%, 09/25/2025		924,993		912,876
Series 2016-KS07, Class X, 0.600%, 09/25/2025^(a)(c)		64,111,411		322,301
Series 2017-K153, Class X1, 0.271%, 10/25/2031^(a)(c)		98,917,153		1,173,068
Series 2017-Q006, Class A2, 3.734%, 04/25/2028^(a)		3,990,672		3,780,902
Series 2018-K154, Class X1, 0.291%, 11/25/2032^(a)(c)		134,511,391		2,220,030
Series 2018-K156, Class X1, 0.069%, 06/25/2033^(a)(c)		621,468,480		3,904,251
Series 2018-K158, Class X1, 0.071%, 10/25/2033^(a)(c)		348,985,362		2,601,860
Series 2019-KLU2, Class X1, 0.956%, 08/25/2029^(a)(c)		84,806,262		2,926,774
Series 2020-Q013,
Class APT2, 1.165%, 04/25/2027^(a)		3,308,593		3,067,801
Series 2021-1521, Class X1, 0.979%, 08/25/2036^(a)(c)		15,573,521		1,227,914
Series 2021-KLU3, Class X1, 1.932%, 01/25/2031^(a)(c)		174,100,269		14,616,990
				36,754,767
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $59,500,123)				55,546,396

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (14.23%)

Fannie Mae Pool
Series 2003-386375, 4.790%, 08/01/2028		515,920		514,204
Series 2005-843080, 6.000%, 12/01/2034		103,241		104,217
Series 2006-, 6.000%, 02/01/2036		91,829		92,771
Series 2007-943003, 5.500%, 08/01/2047		75,114		74,339
Series 2009-, 4.500%, 06/01/2039		286,190		279,270
Series 2009-463331, 5.250%, 08/01/2029		432,241		439,326
Series 2009-930895, 4.500%, 03/01/2039		140,327		137,420

	Principal Amount		Value (Note 2)
Series 2009-931707, 4.500%, 08/01/2039	$	86,407	$	83,945
Series 2009-958348, 5.440%, 04/01/2027		124,381		123,974
Series 2009-958878, 5.750%, 07/01/2027		1,235,906		1,231,867
Series 2010-, 3.500%, 10/01/2040		282,255		264,121
Series 2011-, 6.210%, 12/01/2029		215,915		222,088
Series 2011-468477, 4.590%, 08/01/2026		374,350		374,376
Series 2011-469013, 5.470%, 08/01/2026		956,447		970,534
Series 2011-AH9290, 4.000%, 04/01/2041		18,941		17,733
Series 2012-, 3.000%, 12/01/2042		93,624		82,626
3.000%, 01/01/2043		117,527		105,527
3.040%, 12/01/2030		1,128,839		1,046,822
3.500%, 04/01/2042		51,046		46,484
Series 2012-470020, 4.200%, 01/01/2030		1,504,027		1,471,586
Series 2012-AM0279, 3.210%, 08/01/2027		274,647		264,856
Series 2012-AM1387, 3.260%, 11/01/2032		93,543		88,756
Series 2012-MA1214, 3.000%, 10/01/2042		534,104		471,409
Series 2013-, 3.000%, 01/01/2043		263,217		236,347
3.000%, 02/01/2043		335,089		295,736
3.000%, 04/01/2043		207,482		183,111
3.000%, 07/01/2043		226,570		196,607
3.000%, 08/01/2043		63,244		56,252
3.380%, 05/01/2028		244,469		236,374
4.370%, 07/01/2028		809,855		805,780
4.410%, 09/01/2028		82,553		81,972
Series 2013-AM4329, 3.870%, 10/01/2025		184,421		182,846
Series 2013-AM4781, 4.180%, 11/01/2028		1,148,047		1,132,565
Series 2013-AM4991, 3.970%, 12/01/2025		151,684		150,449
Series 2013-AR2289, 3.000%, 02/01/2033		166,594		157,499
Series 2013-AT9663, 2.500%, 07/01/2043		398,689		336,825
Series 2013-MA1586, 3.000%, 08/01/2043		148,877		133,677
Series 2014-, 3.000%, 06/01/2053		1,035,945		895,148
3.300%, 11/01/2026		251,425		245,664
3.730%, 07/01/2034		548,280		524,186
4.060%, 03/01/2030		445,620		435,304

See Notes to Financial Statements and Financial Highlights.

29 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2015-, 3.180%, 07/01/2035	$	650,004	$	576,424
3.390%, 07/01/2035		189,185		171,550
3.500%, 10/01/2045		1,427,501		1,306,927
3.600%, 02/01/2040		223,409		206,902
3.610%, 08/01/2030		300,000		285,053
4.000%, 01/01/2041		113,824		108,516
4.500%, 06/01/2045		125,260		121,666
Series 2015-AM8666, 2.960%, 06/01/2030		165,931		153,893
Series 2015-AM8918, 3.250%, 09/01/2030		731,000		680,472
Series 2015-AM9173, 3.110%, 06/01/2027		226,757		218,654
Series 2015-AM9288, 2.930%, 07/01/2025		5,419,572		5,344,579
Series 2016-, 3.159%, 07/01/2036^(a)		1,628,539		1,432,225
6.000%, 07/01/2039		98,320		100,789
Series 2016-AL8405, 4.500%, 05/01/2041		119,537		116,617
Series 2016-AN0665, 3.070%, 02/01/2026		186,904		183,259
Series 2016-AN2228, 2.520%, 08/01/2026		179,281		172,585
Series 2016-AN3542, 3.410%, 11/01/2046		341,023		295,197
Series 2016-AN3749, 2.520%, 12/01/2026		432,889		416,283
Series 2016-BC0943, 3.500%, 05/01/2046		253,728		232,279
Series 2017-, 2.000%, 01/01/2032		100,098		92,803
2.880%, 09/01/2027		4,646,321		4,439,903
3.000%, 10/01/2027		1,225,175		1,176,325
3.010%, 07/01/2027		252,693		242,751
3.160%, 07/01/2027		144,901		140,007
3.170%, 01/01/2029		190,311		179,224
3.200%, 01/01/2029		142,136		135,112
3.210%, 11/01/2032		100,000		89,392
3.235%, 02/01/2032		134,642		123,579
3.350%, 01/01/2029		189,025		181,449
3.450%, 03/01/2029		296,412		284,274
3.500%, 06/01/2047		279,272		251,153
Series 2017-AN4431, 3.220%, 01/01/2027		85,000		82,681
Series 2017-AN4469, 3.640%, 01/01/2029		653,906		630,756
Series 2017-AN4529, 3.620%, 01/01/2027		784,713		770,799
Series 2017-AN4833, 3.320%, 04/01/2027		95,000		92,350
Series 2017-AN5279, 3.340%, 04/01/2029		433,640		411,802
Series 2017-AN5742, 3.190%, 05/01/2030		131,131		122,536

	Principal Amount		Value (Note 2)
Series 2017-AN5796, 3.030%, 06/01/2027	$	260,051	$	250,697
Series 2017-AN6670, 3.210%, 09/01/2027		1,838,555		1,764,190
Series 2017-AN7060, 2.930%, 10/01/2027		1,780,000		1,695,839
Series 2017-AN7234, 3.010%, 12/01/2027		969,626		929,011
Series 2017-AN7384, 2.880%, 12/01/2027		46,552		44,429
Series 2017-AN7547, 3.370%, 11/01/2027		1,045,853		1,006,536
Series 2017-AN7823, 2.890%, 12/01/2027		235,000		224,241
Series 2017-CA0522, 3.000%, 10/01/2047		191,463		165,883
Series 2018-, 3.000%, 02/01/2033		42,007		40,051
3.000%, 04/01/2048		890,346		791,752
3.320%, 04/01/2028		550,000		529,476
3.430%, 03/01/2033		974,130		888,172
3.485%, 04/01/2028		6,350,000		6,144,593
3.500%, 09/01/2028		130,000		124,887
3.500%, 05/01/2048		181,446		173,052
3.545%, 04/01/2028		636,030		617,400
3.660%, 05/01/2033		700,000		645,403
3.740%, 07/01/2028		175,000		169,971
3.940%, 10/01/2036		316,503		292,025
4.010%, 12/01/2030		296,795		288,042
4.500%, 09/01/2040		104,804		100,656
4.500%, 07/01/2041		247,177		239,503
4.500%, 08/01/2041		266,420		262,058
5.500%, 08/01/2048		479,278		481,875
6.000%, 08/01/2048		101,650		103,066
Series 2018-109435, 3.890%, 08/01/2028		1,813,895		1,771,991
Series 2018-387770, 3.625%, 07/01/2028		2,570,000		2,486,079
Series 2018-387853, 3.455%, 08/01/2025		225,000		222,340
Series 2018-387983, 3.630%, 08/01/2028		1,964,976		1,878,396
Series 2018-AN8272, 3.170%, 02/01/2028		100,000		95,978
Series 2018-AN8493, 3.300%, 02/01/2030		406,619		378,453
Series 2018-AN8982, 3.440%, 05/01/2028		994,915		959,069
Series 2018-AN9038, 3.460%, 05/01/2028		135,000		130,555
Series 2018-AN924, 4.210%, 05/01/2033		490,745		482,526
Series 2018-AN9976, 3.960%, 02/01/2030		470,000		453,986
Series 2019-, 2.520%, 11/01/2029		139,313		126,961

See Notes to Financial Statements and Financial Highlights.

30 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
2.820%, 10/01/2039	$	919,279	$	743,335
3.000%, 08/01/2049		69,916		62,238
3.490%, 03/01/2029		189,000		180,831
3.500%, 08/01/2048		114,740		105,047
3.940%, 06/01/2035		2,600,000		2,393,498
4.000%, 07/01/2048		589,093		556,869
4.070%, 11/01/2026		129,885		127,965
4.500%, 08/01/2058		404,221		387,852
5.500%, 06/01/2049		164,765		167,677
6.000%, 05/01/2049		1,743,735		1,790,013
Series 2019-BI2928, 3.410%, 07/01/2027		791,148		769,171
Series 2019-BL1188, 3.480%, 02/01/2026		191,301		188,452
Series 2019-BL1300, 4.200%, 01/01/2029		1,375,000		1,350,593
Series 2019-BL1451, 3.760%, 02/01/2029		678,412		655,116
Series 2019-BL1567, 3.590%, 02/01/2029		2,746,199		2,629,641
Series 2019-BL1596, 3.480%, 03/01/2029		158,367		151,861
Series 2019-BL2356, 3.020%, 05/01/2026		165,000		161,478
Series 2019-BL2460, 3.400%, 05/01/2029		556,831		531,226
Series 2019-BL3182, 2.980%, 07/01/2029		240,215		224,471
Series 2019-BM6011, 3.283%, 11/01/2026^(a)		57,539		56,497
Series 2019-BM6152, 3.500%, 06/01/2044		926,476		849,369
Series 2019-MA3784, 3.500%, 09/01/2049		2,101,847		1,861,639
Series 2020-, 1.400%, 11/01/2032		7,945,000		6,228,370
1.500%, 01/01/2036		648,237		557,379
2.150%, 09/01/2029		500,000		446,291
3.000%, 03/01/2050		221,532		187,808
3.500%, 04/01/2050		172,058		151,541
Series 2021-, 1.710%, 08/01/2031		751,000		622,399
3.500%, 11/01/2051		711,849		626,520
Series 2022-, 2.030%, 12/01/2028		100,000		90,697
2.150%, 03/01/2029		150,000		136,210
2.400%, 03/01/2029		143,383		131,735
3.130%, 01/01/2029		145,652		137,779
3.790%, 05/01/2032		2,148,000		1,990,505
3.890%, 07/01/2032		690,000		652,846
3.910%, 06/01/2032		1,181,000		1,106,877
3.980%, 10/01/2032		700,000		664,563
4.110%, 09/01/2032		1,815,000		1,721,593
4.140%, 08/01/2032		2,038,000		1,932,947
4.240%, 07/01/2032		1,681,304		1,613,467
4.520%, 10/01/2032		1,209,000		1,175,773
5.080%, 10/01/2029		950,000		968,356

	Principal Amount		Value (Note 2)
5.120%, 11/01/2032	$	2,979,000	$	2,986,343
5.250%, 10/01/2032		7,898,000		7,941,692
5.300%, 10/01/2032		8,632,000		8,626,100
5.440%, 12/01/2032		7,633,000		7,676,977
5.500%, 07/01/2042		1,110,887		1,117,442
5.500%, 11/01/2052		10,477,702		10,492,897
5.620%, 11/01/2032		2,901,983		2,917,748
5.730%, 11/01/2032		16,500,000		16,596,520
6.120%, 11/01/2032		1,662,312		1,675,008
6.500%, 11/01/2052		1,963,108		1,986,784
Series 2023-, 1.500%, 01/01/2042		4,073,706		3,317,942
4.885%, 03/01/2033		750,000		756,099
5.030%, 04/01/2028		4,957,000		4,963,162
5.090%, 01/01/2029		816,000		828,994
5.470%, 11/01/2033		1,010,190		1,014,357
5.500%, 02/01/2053		8,399,791		8,384,351
5.555%, 01/01/2030		8,933,000		9,122,982
6.000%, 02/01/2053		957,965		969,100
6.500%, 06/01/2043		3,046,164		3,110,291
6.500%, 04/01/2053		1,597,031		1,646,306
6.500%, 05/01/2053		3,999,166		4,168,824
6.500%, 08/01/2053		8,594,107		8,815,752
7.000%, 04/01/2053		1,254,927		1,287,890
7.500%, 01/01/2054		520,973		548,654
Series 2024-, 5.340%, 07/01/2029		10,000,000		10,109,168
7.000%, 02/01/2054		1,551,241		1,628,359
7.000%, 05/01/2054		1,967,190		2,050,012
7.500%, 01/01/2054		1,693,794		1,747,926
				226,900,676
Freddie Mac
Series 2005-2936, Class FC, 30D US SOFR + 0.51%, 03/15/2029^(a)		11,084		11,059
Freddie Mac Gold Pool
Series 2005-, 5.500%, 12/01/2035		157,067		153,566
Series 2006-, 6.000%, 01/01/2036		28,095		28,392
Series 2007-, 5.500%, 11/01/2037		55,639		55,019
Series 2012-, 3.500%, 08/01/2042		96,844		88,044
Series 2013-G80393, 5.000%, 08/20/2036		113,084		112,124
Series 2013-T65180, 3.000%, 11/01/2043		95,260		84,167
Series 2015-, 3.000%, 08/01/2045		1,888,133		1,666,342
Series 2015-U49046, 4.000%, 02/01/2029		19,612		19,309
Series 2016-, 3.500%, 06/01/2046		314,764		288,522
				2,495,485

See Notes to Financial Statements and Financial Highlights.

31 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Freddie Mac Pool
Series 2018-, 3.000%, 05/01/2045	$	245,433	$	217,993
3.000%, 09/01/2045		677,271		597,585
3.000%, 12/01/2045		357,967		310,070
3.500%, 12/01/2045		53,467		48,350
4.500%, 09/01/2044		452,411		428,787
6.000%, 07/01/2048		229,271		232,444
Series 2020-, 2.000%, 06/01/2050		805,091		623,521
Series 2021-, 2.190%, 06/01/2034		144,913		118,023
Series 2022-, 3.000%, 02/01/2046		3,512,144		3,043,119
Series 2023-, 4.600%, 01/01/2033		6,743,000		6,562,589
4.750%, 01/01/2033		16,673,950		16,391,373
4.900%, 01/01/2033		5,000,000		4,932,244
5.500%, 02/01/2053		9,143,492		9,103,579
6.500%, 04/01/2053		22,655,347		23,216,739
6.500%, 05/01/2053		12,467,526		12,885,951
7.000%, 01/01/2053		3,355,583		3,530,643
Series 2024-, 5.030%, 02/01/2029		5,000,000		4,980,807
				87,223,817

Ginnie Mae I Pool
Series 2010-, 4.500%, 08/15/2040		298,383		285,753
Series 2013-, 3.000%, 03/15/2043		319,771		287,860
				573,613

Ginnie Mae II Pool
Series 2010-, 4.000%, 09/20/2040		76,673		71,871
4.000%, 11/20/2040		75,527		70,798
4.000%, 12/20/2040		148,424		140,111
4.500%, 08/20/2040		247,101		237,743
4.875%, 01/20/2035		121,172		118,362
1M US SOFR + 2.071%, 08/20/2060^(a)		130,147		133,558
Series 2011-, 4.000%, 09/20/2041		227,207		215,890
4.500%, 07/20/2041		73,836		72,179
Series 2012-, 3.500%, 03/20/2042		313,399		281,391
3.500%, 04/20/2042		67,004		60,160
3.500%, 05/20/2042		115,340		103,612
3.500%, 06/20/2042		70,407		63,247
3.500%, 08/20/2042		75,254		67,599
3.500%, 09/20/2042		61,505		55,222
3.500%, 10/20/2042		72,804		65,366
3.500%, 12/20/2042		202,023		181,383
4.000%, 02/20/2042		21,969		20,593
4.000%, 04/20/2042		85,847		80,469
4.000%, 09/20/2042		88,873		84,099

	Principal Amount		Value (Note 2)
Series 2012-5302, 3.500%, 02/20/2042	$	186,324	$	167,290
Series 2013-, 2.500%, 02/20/2043		114,529		97,208
3.000%, 06/20/2043		177,859		156,170
3.000%, 08/20/2043		383,675		343,460
3.250%, 04/20/2033		241,435		229,733
3.500%, 04/20/2043		195,611		175,644
3.500%, 05/20/2043		90,872		82,578
3.500%, 06/20/2043		89,819		81,743
4.000%, 09/20/2043		253,740		238,795
Series 2013-MA1149, 3.000%, 07/20/2043		11,270		9,830
Series 2014-, 4.500%, 02/20/2034		246,443		243,304
4.500%, 06/20/2034		502,736		496,601
4.500%, 02/20/2044		242,712		241,103
4.500%, 05/20/2044		910,573		879,236
1M US SOFR + 2.295%, 02/20/2064^(a)		480,012		491,598
Series 2015-, 3.000%, 01/20/2040		203,900		178,979
3.500%, 06/20/2035		221,076		211,121
3.750%, 05/20/2045		95,623		88,716
4.500%, 08/20/2045		501,479		485,158
Series 2016-, 2.500%, 05/20/2031		183,313		174,387
3.000%, 06/20/2046		212,609		187,875
3.000%, 07/20/2046		207,015		181,688
3.500%, 06/20/2046		349,166		318,205
4.500%, 09/20/2045		217,873		210,386
4.500%, 03/20/2046		145,083		144,122
Series 2016-MA3588, 3.500%, 04/20/2046		238,330		213,959
Series 2016-MA3793, 3.500%, 07/20/2046		653,651		586,806
Series 2016-MA3865, 3.500%, 08/20/2046		406,407		364,877
Series 2017-, 2.500%, 01/20/2032		208,154		197,639
3.000%, 11/20/2032		193,287		184,366
3.500%, 10/20/2047		157,669		143,833
3.500%, 12/20/2047		599,560		542,229
4.490%, 01/20/2067^(a)		113,485		111,131
Series 2018-, 3.500%, 02/20/2036		2,191,881		2,051,628
3.500%, 08/20/2047		107,084		98,199
3.500%, 01/20/2048		59,894		54,655
3.500%, 04/20/2048		414,916		379,938
4.000%, 05/20/2048		2,470,964		2,307,191
4.000%, 09/20/2048		2,150,620		2,008,748
4.500%, 07/20/2048		573,236		542,680
4.500%, 09/20/2048		265,102		256,240
5.500%, 10/20/2048		362,636		367,901
Series 2019-, 3.500%, 12/20/2047		384,403		351,159
3.500%, 08/20/2049		352,158		320,902

See Notes to Financial Statements and Financial Highlights.

32 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
3.500%, 12/20/2049	$	131,790	$	116,676
4.000%, 04/20/2049		100,329		92,545
4.500%, 09/20/2049		348,210		334,726
4.500%, 11/20/2049		724,117		691,609
5.500%, 06/20/2049		98,195		99,258
6.000%, 01/20/2049		301,084		311,477
Series 2019-784688, 5.000%, 02/20/2049		605,538		594,285
Series 2019-MA5864, 3.000%, 04/20/2049		20,794		18,322
Series 2019-MA5920, 3.000%, 05/20/2049		13,208		11,518
Series 2019-MA5936, 6.500%, 05/20/2049		34,095		35,563
Series 2020-, 2.000%, 11/20/2050		2,734,577		2,197,171
2.500%, 01/20/2050		167,519		140,492
3.000%, 11/20/2050		148,160		127,185
3.500%, 12/20/2049		1,679,387		1,483,746
3.500%, 10/20/2050		188,846		168,243
4.000%, 02/20/2050		330,702		308,911
4.000%, 04/20/2050		523,052		481,174
4.000%, 05/20/2050		161,324		148,407
4.000%, 11/20/2050		675,282		617,020
Series 2021-, 2.000%, 09/20/2051		2,157,511		1,702,503
3.000%, 08/20/2051		876,778		779,073
4.000%, 02/20/2051		200,201		184,169
4.000%, 03/20/2051		1,541,251		1,441,480
Series 2022-, 3.000%, 12/20/2044		2,506,590		2,181,036
3.000%, 05/20/2052		3,097,210		2,656,520
4.000%, 08/20/2052		1,825,144		1,699,978
4.000%, 09/20/2052		13,925,716		12,957,519
5.000%, 05/20/2052		982,277		950,444
5.000%, 06/20/2052		612,781		599,757
6.000%, 12/20/2052		1,907,145		1,957,333
Series 2023-, 5.500%, 05/20/2053		6,068,367		6,116,285
6.000%, 08/20/2053		15,657,843		16,078,424
6.500%, 04/20/2053		10,389,062		10,739,715
6.500%, 10/20/2053		13,657,949		14,074,257
6.500%, 11/20/2053		2,697,706		2,775,874
7.000%, 10/20/2053		3,274,586		3,409,524
8.000%, 12/20/2063		4,466,054		4,641,435
Series 2024-, 3.000%, 10/20/2050		4,600,170		3,971,471
6.000%, 06/20/2054		2,269,195		2,297,925
6.500%, 08/20/2054		2,241,961		2,306,578
6.500%, 04/20/2064		2,453,559		2,483,780
6.500%, 05/20/2064		3,663,942		3,718,565
6.500%, 10/20/2064		8,427,000		8,530,795
8.000%, 12/20/2053		1,192,017		1,229,631
8.000%, 08/20/2054		3,806,877		3,998,117

	Principal Amount		Value (Note 2)
8.000%, 12/20/2063	$	4,572,472	$	4,722,297
				145,505,477
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $467,977,721)				462,710,127

	Principal Amount		Value (Note 2)
CORPORATE BONDS (34.47%)

*Aerospace & Defense (3.28%)*
BOEING CO BA
6.53%, 05/01/2034^(e)		15,220,000		16,053,807
Boeing Co.
2.20%, 02/04/2026		10,030,000		9,662,456
7.01%, 05/01/2064^(e)		11,986,000		12,913,364
Howmet Aerospace, Inc.
3.00%, 01/15/2029		7,684,000		7,170,896
L3Harris Technologies, Inc.
5.35%, 06/01/2034		21,890,000		22,157,102
5.40%, 07/31/2033		7,533,000		7,646,456
RTX Corp.
6.10%, 03/15/2034		28,913,000		30,986,382
Total Aerospace & Defense				106,590,463

*Airlines (1.20%)*
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(e)		5,538,817		5,495,061
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(e)		2,029,053		2,052,790
AS Mileage Plan IP, Ltd.
5.02%, 10/20/2029^(e)		11,250,000		10,931,515
5.31%, 10/20/2031^(e)		8,000,000		7,724,221
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(e)		1,058,344		1,010,679
Southwest Airlines Co.
5.25%, 05/04/2025		7,540,000		7,547,289
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1 5.88%, 10/15/2027		4,278,648		4,378,932
Total Airlines				39,140,487

*Automobiles Manufacturing (1.77%)*
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		6,500,000		6,377,102
6.80%, 05/12/2028		9,919,000		10,278,965
7.35%, 03/06/2030		10,487,000		11,128,664
General Motors Financial Co., Inc.
SOFRINDX + 1.30%, 04/07/2025^(a)(f)		14,667,000		14,723,130
Hyundai Capital America
5.45%, 06/24/2026^(e)		5,541,000		5,592,792
Nissan Motor Acceptance Co. LLC
7.05%, 09/15/2028^(e)		6,378,000		6,624,993

See Notes to Financial Statements and Financial Highlights.

33 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Volkswagen Group of America Finance LLC
3.95%, 06/06/2025^(e)	$	3,000,000	$	2,982,106
Total Automobiles Manufacturing				57,707,752

*Banks (2.33%)*
Citizens Financial Group, Inc.
1D US SOFR + 1.91%, 07/23/2032^(a)		7,500,000		7,574,496
Cooperatieve Rabobank UA
3.75%, 07/21/2026		4,500,000		4,404,808
Danske Bank A/S
1Y US TI + 0.95%, 03/01/2028^(a)(e)		6,412,000		6,493,717
1Y US TI + 1.35%, 09/11/2026^(a)(e)		6,500,000		6,304,149
1Y US TI + 1.40%, 03/01/2030^(a)(e)		4,580,000		4,675,943
Discover Bank
5Y US TI + 1.73%, 08/09/2028^(a)		1,503,000		1,534,971
Goldman Sachs Bank USA
1D US SOFR + 0.777%, 03/18/2027^(a)		3,297,000		3,318,950
Intesa Sanpaolo SpA
1Y US TI + 3.90%, 06/20/2054^(a)(e)		5,160,000		5,686,068
Regions Financial Corp.
1D US SOFR + 2.06%, 09/06/2035^(a)		7,890,000		7,821,386
Synovus Financial Corp.
1D US SOFR + 2.347%, 11/01/2030^(a)		3,350,000		3,350,594
Truist Bank
3.30%, 05/15/2026		4,316,000		4,216,265
Truist Financial Corp.
1D US SOFR + 1.571%, 08/05/2032^(a)		788,000		782,531
1D US SOFR + 2.361%, 06/08/2034^(a)		6,897,000		7,094,964
Wells Fargo & Co.
1D US SOFR + 2.02%, 04/24/2034^(a)		12,653,000		12,743,343
Total Banks				76,002,185
*Biotechnology (1.52%)*
Amgen, Inc.
5.25%, 03/02/2033		14,778,000		14,935,947
5.51%, 03/02/2026		8,959,000		8,961,152
5.75%, 03/02/2063		14,472,000		14,504,090
Royalty Pharma PLC
5.40%, 09/02/2034		11,100,000		11,026,512
Total Biotechnology				49,427,701

	Principal Amount		Value (Note 2)
*Cable & Satellite (0.94%)*
CCO Holdings LLC / CCO Holdings Capital Corp.
4.50%, 05/01/2032	$	4,000,000	$	3,406,589
4.50%, 06/01/2033^(e)		5,978,000		4,977,307
6.38%, 09/01/2029^(e)		4,850,000		4,805,785
Cox Communications, Inc.
5.45%, 09/01/2034^(e)		5,490,000		5,353,079
5.95%, 09/01/2054^(e)		5,490,000		5,237,185
Sirius XM Radio, Inc.
5.00%, 08/01/2027^(e)		7,421,000		7,277,242
Total Cable & Satellite				31,057,187
*Casinos & Gaming (0.08%)*
Caesars Entertainment, Inc.
8.13%, 07/01/2027^(e)		2,655,000		2,708,748

*Commercial Finance (0.43%)*
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust
6.50%, 07/15/2025		13,642,000		13,765,555

*Consumer Finance (1.24%)*
American Express Co.
1D US SOFR + 1.42%, 07/26/2035^(a)		3,162,000		3,170,340
Boost Newco Borrower LLC
7.50%, 01/15/2031^(e)		5,915,000		6,241,388
Discover Financial Services
SOFRINDX + 3.37%, 11/02/2034^(a)(f)		20,606,000		23,685,288
Fiserv, Inc.
5.60%, 03/02/2033		3,982,000		4,095,086
Synchrony Financial
3.70%, 08/04/2026		3,192,000		3,115,659
Total Consumer Finance				40,307,761
*Containers & Packaging (0.24%)*
Sonoco Products Co.
5.00%, 09/01/2034		8,084,000		7,749,395
*Diversified Banks (0.96%)*
Bank of America Corp.
1D US SOFR + 1.91%, 04/25/2034^(a)		7,638,000		7,675,327
JPMorgan Chase & Co.
1D US SOFR + 0.93%, 04/22/2028^(a)		4,054,000		4,127,128
1D US SOFR + 1.07%, 12/15/2025^(a)		8,581,000		8,583,672
1D US SOFR + 1.62%, 01/23/2035^(a)		10,386,000		10,479,306
Total Diversified Banks				30,865,433

See Notes to Financial Statements and Financial Highlights.

34 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
*Electrical Equipment Manufacturing (0.10%)*
Trimble, Inc.
4.75%, 12/01/2024	$	3,254,000	$	3,251,929
*Entertainment Content (0.69%)*
Paramount Global
4.20%, 05/19/2032		17,571,000		15,316,908
Warnermedia Holdings, Inc.
4.28%, 03/15/2032		7,800,000		6,838,079
Total Entertainment Content				22,154,987

*Entertainment Resources (0.12%)*
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc.
6.63%, 05/01/2032^(e)		3,651,000		3,722,742

*Exploration & Production (2.37%)*
Coterra Energy, Inc.
5.60%, 03/15/2034		6,212,000		6,213,419
Devon Energy Corp.
5.20%, 09/15/2034		3,914,000		3,769,526
5.75%, 09/15/2054		5,480,000		5,103,235
Hilcorp Energy I LP / Hilcorp Finance Co.
6.00%, 04/15/2030^(e)		1,682,000		1,605,757
6.25%, 11/01/2028^(e)		5,537,000		5,407,006
6.25%, 04/15/2032^(e)		1,682,000		1,579,640
7.25%, 02/15/2035^(e)		10,955,000		10,754,528
Occidental Petroleum Corp.
5.55%, 10/01/2034		3,815,000		3,758,198
6.20%, 03/15/2040		7,155,000		7,146,955
7.88%, 09/15/2031		25,079,000		28,129,207
Permian Resources Operating LLC
9.88%, 07/15/2031^(e)		1,465,000		1,619,813
Range Resources Corp.
4.88%, 05/15/2025		2,000,000		1,994,825
Total Exploration & Production				77,082,109

*Financial Services (2.76%)*
Charles Schwab Corp.
1D US SOFR + 2.01%, 08/24/2034^(a)		12,000,000		12,738,840
SOFRINDX + 1.05%, 03/03/2027^(a)(f)		9,431,000		9,511,855
Goldman Sachs Group, Inc.
1D US SOFR + 1.552%, 04/25/2035^(a)		3,245,000		3,363,500
Jane Street Group / JSG Finance, Inc.
6.13%, 11/01/2032^(e)		5,091,000		5,097,477
7.13%, 04/30/2031^(e)		1,400,000		1,452,276
Morgan Stanley
1D US SOFR + 2.05%, 11/01/2034^(a)		8,443,000		9,259,643
5Y US TI + 1.80%, 02/07/2039^(a)		7,463,000		7,574,791

	Principal Amount		Value (Note 2)
UBS Group AG
1D US SOFR + 1.73%, 05/14/2032^(a)(e)	$	8,750,000	$	7,717,234
1D US SOFR + 3.92%, 08/12/2033^(a)(e)		25,938,000		27,870,829
1Y US TI + 1.80%, 09/22/2029^(a)(e)		4,893,000		5,111,047
Total Financial Services				89,697,492

*Food & Beverage (0.96%)*
J M Smucker Co.
6.20%, 11/15/2033		6,976,000		7,452,981
Pilgrim's Pride Corp.
6.25%, 07/01/2033		10,000,000		10,393,130
6.88%, 05/15/2034		12,266,000		13,342,759
Total Food & Beverage				31,188,870
*Government Agencies (0.07%)*
Tennessee Valley Authority
2.22%, 05/01/2029		109,037		2,436,977

*Health Care Facilities & Services (0.62%)*
HCA, Inc.
2.38%, 07/15/2031		11,927,000		10,050,856
5.38%, 02/01/2025		3,000,000		3,000,377
5.50%, 06/01/2033		6,970,000		7,003,829
Total Health Care Facilities & Services				20,055,062

*Industrial Other (0.66%)*
Honeywell International, Inc.
5.00%, 03/01/2035		14,633,000		14,707,243
Jacobs Engineering Group, Inc.
5.90%, 03/01/2033		6,765,000		6,942,323
Total Industrial Other				21,649,566

*Integrated Oils (0.25%)*
TotalEnergies Capital SA
5.49%, 04/05/2054		8,235,000		8,188,467

*Machinery Manufacturing (0.22%)*
Nordson Corp.
4.50%, 12/15/2029		7,400,000		7,253,261

*Manufactured Goods (0.14%)*
Chart Industries, Inc.
7.50%, 01/01/2030^(e)		4,228,000		4,402,747
*Medical Equipment & Devices Manufacturing (1.30%)*
Alcon Finance Corp.
5.38%, 12/06/2032^(e)		14,770,000		15,045,210
Solventum Corp.
5.45%, 03/13/2031^(e)		7,429,000		7,493,481
5.60%, 03/23/2034^(e)		12,179,000		12,278,124
5.90%, 04/30/2054^(e)		7,423,000		7,441,663
Total Medical Equipment & Devices Manufacturing				42,258,478

See Notes to Financial Statements and Financial Highlights.

35 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
*Metals & Mining (0.33%)*
Steel Dynamics, Inc.
5.00%, 12/15/2026	$	10,905,000	$	10,893,202
*Oil & Gas Services & Equipment (0.07%)*
Transocean Poseidon, Ltd.
6.88%, 02/01/2027^(e)		2,151,600		2,151,999
*Pharmaceuticals (0.98%)*
AbbVie, Inc.
5.05%, 03/15/2034		5,760,000		5,804,906
Bristol-Myers Squibb Co.
5.20%, 02/22/2034		6,525,000		6,644,197
5.55%, 02/22/2054		13,582,000		13,748,443
Pfizer Investment Enterprises Pte, Ltd.
4.75%, 05/19/2033		5,779,000		5,695,462
Total Pharmaceuticals				31,893,008
*Pipeline (2.71%)*
Buckeye Partners LP
4.50%, 03/01/2028^(e)		8,958,000		8,539,955
6.88%, 07/01/2029^(e)		9,749,000		9,917,200
Energy Transfer LP
7.38%, 02/01/2031^(e)		7,123,000		7,501,246
EnLink Midstream LLC
5.63%, 01/15/2028^(e)		3,366,000		3,409,455
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(e)		12,936,000		11,201,655
4.32%, 12/30/2039^(e)		9,061,000		7,074,123
Gray Oak Pipeline LLC
2.60%, 10/15/2025^(e)		10,171,000		9,932,471
Targa Resources Partners LP /
Targa Resources Partners Finance Corp.
6.50%, 07/15/2027		16,103,000		16,249,746
6.88%, 01/15/2029		8,740,000		8,945,973
Western Midstream Operating LP
5.45%, 11/15/2034		5,490,000		5,357,995
Total Pipeline				88,129,819
*Power Generation (0.52%)*
Vistra Operations Co. LLC
5.13%, 05/13/2025^(e)		6,961,000		6,960,296
5.50%, 09/01/2026^(e)		9,846,000		9,822,444
Total Power Generation				16,782,740
*Publishing & Broadcasting (0.50%)*
Gray Television, Inc.
7.00%, 05/15/2027^(e)		4,200,000		4,090,430
Nexstar Media, Inc.
4.75%, 11/01/2028^(e)		8,000,000		7,527,414
5.63%, 07/15/2027^(e)		4,376,000		4,304,019
Total Publishing & Broadcasting				15,921,863

	Principal Amount		Value (Note 2)
*Real Estate (0.78%)*
CoStar Group, Inc.
2.80%, 07/15/2030^(e)	$	9,317,000	$	8,139,080
VICI Properties LP
5.13%, 05/15/2032		9,134,000		8,952,813
VICI Properties LP / VICI Note Co., Inc.
4.63%, 06/15/2025^(e)		8,185,000		8,147,586
Total Real Estate				25,239,479
*Refining & Marketing (0.43%)*
HF Sinclair Corp.
4.50%, 10/01/2030		8,654,000		8,288,352
5.00%, 02/01/2028		2,667,000		2,641,292
5.88%, 04/01/2026		3,177,000		3,208,117
Total Refining & Marketing				14,137,761
*Retail - Consumer Discretionary (0.14%)*
ERAC USA Finance LLC
5.20%, 10/30/2034^(e)		4,403,000		4,442,287
*Software & Services (0.76%)*
Accenture Capital, Inc.
4.50%, 10/04/2034		3,850,000		3,722,962
Leidos, Inc.
5.75%, 03/15/2033		6,942,000		7,194,672
VMware LLC
2.20%, 08/15/2031		4,979,000		4,160,208
4.70%, 05/15/2030		9,961,000		9,788,476
Total Software & Services				24,866,318
*Supermarkets & Pharmacies (1.42%)*
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028^(e)		14,670,000		15,025,703
Kroger Co.
5.00%, 09/15/2034		23,800,000		23,418,956
5.50%, 09/15/2054		7,935,000		7,711,741
Total Supermarkets & Pharmacies				46,156,400
*Travel & Lodging (0.55%)*
Carnival Corp.
10.50%, 06/01/2030^(e)		9,707,000		10,479,667
Royal Caribbean Cruises, Ltd. 6.25%, 03/15/2032^(e)		7,169,000		7,313,427
Total Travel & Lodging				17,793,094
*Utilities (0.22%)*
American Water Capital Corp.
5.15%, 03/01/2034		7,142,000		7,185,986

*Waste & Environment Services & Equipment (0.46%)*
GFL Environmental, Inc.
5.13%, 12/15/2026^(e)		10,756,000		10,658,205
6.75%, 01/15/2031^(e)		4,064,000		4,189,443
Total Waste & Environment Services & Equipment				14,847,648

See Notes to Financial Statements and Financial Highlights.

36 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
*Wireless Telecommunications Services (0.35%)*
AT&T, Inc.
5.54%, 02/20/2026	$	3,982,000	$	3,981,660
Verizon Communications, Inc.
4.78%, 02/15/2035^(e)		7,815,000		7,530,020
Total Wireless Telecommunications Services				11,511,680
TOTAL CORPORATE BONDS
(Cost $1,120,064,456)				1,120,618,638

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (34.08%)
*U.S. Treasury Bonds (34.08%)*
United States Treasury Bonds
3.88%, 08/15/2034		155,803,000		150,763,747
4.13%, 10/31/2029		64,402,000		64,334,076
4.13%, 08/15/2044		122,996,000		115,520,149
4.25%, 08/15/2054		102,828,000		98,963,917
4.63%, 05/15/2044		84,713,000		85,163,038
4.63%, 05/15/2054		82,694,000		84,645,062
United States Treasury Notes
3.50%, 09/30/2026		81,353,000		80,367,866
3.50%, 09/30/2029		57,149,000		55,510,431
3.75%, 08/31/2026		144,085,000		143,004,363
4.13%, 10/31/2026		32,190,000		32,168,624
4.38%, 07/31/2026		30,567,000		30,660,134
4.50%, 05/15/2027		42,165,000		42,531,473
4.88%, 05/31/2026		72,268,000		72,986,446
5.00%, 10/31/2025		50,903,000		51,234,436
Total U.S. Treasury Bonds				1,107,853,762
TOTAL GOVERNMENT BONDS
(Cost $1,112,378,426)				1,107,853,762

	Shares		Value (Note 2)
PREFERRED STOCK (2.56%)
*Energy (0.17%)*
Pipeline (0.17%)
Energy Transfer LP, Series B, 6.625%^(g)		2,506,000		2,462,467
Energy Transfer LP, Series F, 6.750%^(g)		2,985,000		2,980,378
Total Energy				5,442,845

*Financials (1.54%)*
Banks (0.29%)
Bank of Hawaii., 8.000%^(g)		149,327		3,995,991
Huntington Bancshares, Inc.,
Series J, 6.875%^(g)		36,271		942,321

	Shares		Value (Note 2)
Wells Fargo & Co., Series U, 5.875%^(g)
		4,710,000	$	4,710,753
				9,649,065
Consumer Finance (0.19%)
Ally Financial, Inc., Series C, 4.700%^(g)		2,982,000		2,426,871

American Express Co., 3.550%^(g)		4,021,000		3,816,118
				6,242,989
Diversified Banks (0.24%)
HSBC Holdings PLC, 5Y US TI + 3.298%^(a)(g)		3,911,000		3,937,352
HSBC Holdings PLC, 5Y US TI + 3.191%^(a)(g)		3,911,000		3,904,406

Financial Services (0.54%)
Charles Schwab Corp., Series G, 5Y US TI + 4.971%^(a)(g)		11,298,000		11,267,861
Goldman Sachs Group, Inc., Series Y, 10Y US TI + 2.40%^(a)(g)		2,330,000		2,316,849
Goldman Sachs Group, Inc., Series X, 5Y US TI + 2.809%^(a)(g)		3,724,000		3,914,105
				17,498,815
Life Insurance (0.28%)
Jackson Financial, Inc., 8.000%^(g)		98,305		2,664,066
Prudential Financial, Inc., 3M US SOFR + 3.031%^(a)(g)		6,543,000		6,511,536
				9,175,602
Total Financials				50,408,229

*Government (0.37%)*
Government Agencies (0.37%)
Farm Credit Bank of Texas, Series 4,
5Y US TI + 5.415%^(a)(e)(g)		7,900,000		7,860,187
Farm Credit Bank of Texas, 5Y
US TI + 3.291%^(a)(g)		3,980,000		4,176,771
Total Government				12,036,958

*Utilities (0.48%)*
Utilities (0.48%)
Entergy Corp., 5Y US TI + 2.67%^(a)(g)		3,980,000		4,079,018
National Rural Utilities Cooperative Finance Corp.,
3M US SOFR + 3.17%^(a)(g)		3,386,000		3,386,477

See Notes to Financial Statements and Financial Highlights.

37 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
National Rural Utilities
Cooperative Finance Corp., 5Y US TI + 3.533%^(a)(g)		3,775,000	$	3,933,391
Sempra, 5Y US TI + 2.868%^(a)(g)		4,268,000		4,069,594
				15,468,480

Total Utilities				15,468,480

TOTAL PREFERRED STOCK
(Cost $81,896,318)				83,356,512

7-Day
Yield

Shares

Value

(Note 2)

SHORT TERM INVESTMENTS (1.45%)

Money Market Fund (1.45%)

Morgan Stanley Institutional Liquidity Funds – Government Portfolio

4.78

47,248,215

TOTAL SHORT TERM INVESTMENTS

(Cost $47,248,215)

47,248,215

	Value (Note 2)
TOTAL INVESTMENTS (99.09%)
(Cost $3,242,155,687)	$	3,221,430,330

Other Assets In Excess Of Liabilities (0.91%)		29,595,565

NET ASSETS (100.00%)	$	3,251,025,895

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

SOFRINDX - Secured Overnight Financing Rate Index

TI - Treasury Index

Reference Rates:

3M US SOFR - 3 Month SOFR as of October 31, 2024 was 4.56%

30D US SOFR - 30 Day SOFR as of October 31, 2024 was 4.66%

1D US SOFR - 1 Day SOFR as of October 31, 2024 was 4.90%

1Y US SOFR- 1 Year SOFR as of October 31, 2024 was 4.17%

1M US SOFR- 1 Month SOFR as of October 31, 2024 was 4.66%

1Y US TI - 1 Year US TI as of October 31, 2024 was 4.27%

5Y US TI - 5 Year US TI as of October 31, 2024 was 4.15%

10Y US TI - 10 Year US TI as of October 31, 2024 was 4.28%

^(a)	Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date.
^(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, 2024.
^(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2024, the aggregate market value of those securities was $425,959,825, representing 13.10% of net assets.
^(f)	The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.
^(g)	Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

See Notes to Financial Statements and Financial Highlights.

38 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
BANK LOANS (8.54%)

*Aerospace & Defense (1.04%)*
TransDigm, Inc.
3M US SOFR + 3.25%, 02/28/2031^(a)	$	2,194,500	$	2,199,043

*Apparel & Textile Products (1.08%)*
ABG Intermediate Holdings 2 LLC
1M US SOFR + 2.75%, 12/21/2028^(a)		2,280,179		2,287,452

*Casinos & Gaming (1.39%)*
Caesars Entertainment, Inc.
1M US SOFR + 2.75%, 02/06/2031^(a)		1,741,250		1,744,924
Light & Wonder International, Inc.
1M US SOFR + 2.25%, 04/15/2029^(a)		1,194,000		1,195,301
Total Casinos & Gaming				2,940,225
*Consumer Finance (0.58%)*
Boost Newco Borrower LLC
3M US SOFR + 2.50%, 01/31/2031^(a)		1,200,000		1,204,878

*Financial Services (0.08%)*
Jane Street Group LLC
1M US SOFR + 2.50%, 01/26/2028^(a)		176,085		176,100

*Food & Beverage (1.14%)*
Chobani LLC
1M US SOFR + 3.75%, 10/25/2027^(a)		2,382,000		2,396,637

*Health Care Facilities & Services (0.14%)*
Fortrea Holdings, Inc.
1M US SOFR + 3.75%, 07/01/2030^(a)		293,213		293,456

*Industrials (0.36%)*
GFL Environmental 6/24
3M US SOFR + 2.00%, 06/27/2031		757,000		756,765

*Manufactured Goods (0.51%)*
Chart Industries, Inc.
3M US SOFR + 2.50%, 03/18/2030^(a)		1,066,278		1,069,616

	Principal Amount		Value (Note 2)
*Medical Equipment & Devices Manufacturing (0.52%)*
Medline Borrower LP
1M US SOFR + 2.50%, 10/23/2028^(a)	$	1,094,500	$	1,096,750

*Pipeline (0.57%)*
Buckeye Partners LP
1M US SOFR + 2.00%, 11/22/2030^(a)		1,194,008		1,192,993

*Publishing & Broadcasting (0.27%)*
Nexstar Media, Inc.
1M US SOFR + 2.50%, 09/18/2026^(a)		570,205		570,820

*Restaurants (0.24%)*
Raising Cane's Restaurants LLC TLB 1L
1M US SOFR + 2.00%, 09/10/2031		500,000		500,103

*Travel & Lodging (0.62%)*
Carnival Corp.
1M US SOFR + 2.75%, 08/09/2027^(a)		1,294,498		1,299,960

TOTAL BANK LOANS
(Cost $17,970,298)				17,984,798

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (3.67%)
Fannie Mae
Series 2002-71, Class AP, 5.000%, 11/25/2032	$	8,778	$	8,653
Series 2002-90, Class A1, 6.500%, 06/25/2042		46,277		47,321
Series 2008-8, Class FB, 30D US SOFR + 0.93%, 02/25/2038^(a)		89,231		89,694
Series 2010-114, Class TC, 2.250%, 03/25/2037		287,312		259,592
Series 2011-110, Class BX, 4.000%, 10/25/2041		278,511		268,187
Series 2012-110, Class CA, 3.000%, 10/25/2042		95,151		85,739
Series 2012-39, Class NB, 4.000%, 04/25/2042		175,000		156,092
Series 2013-29, Class JE, 1.250%, 04/25/2043		162,670		136,362
Series 2015-27, Class ME, 3.500%, 10/25/2044		128,000		118,360
Series 2019-14, Class CA, 3.500%, 04/25/2049		121,394		115,093

See Notes to Financial Statements and Financial Highlights.

39 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2019-7, Class JA, 3.500%, 03/25/2049	$	102,162	$	97,104
Series 2019-74, Class LB, 3.000%, 10/25/2049		123,876		112,058
Series 2021-94, Class KU, 2.000%, 12/25/2051		148,252		89,279
				1,583,534
Freddie Mac
Series 2002-2455, Class GK, 6.500%, 05/15/2032		10,897		11,327
Series 2002-2505, Class D, 5.500%, 09/15/2032		22,629		23,016
Series 2005-2990, Class GO, -%, 02/15/2035^(b)		25,643		22,058
Series 2011-3965, Class ZA, 4.000%, 11/15/2041		269,041		256,609
Series 2012-4096, Class BY, 2.000%, 08/15/2042		85,000		65,470
Series 2012-4116, Class UC, 2.500%, 10/15/2042		103,000		73,802
Series 2012-4140, Class BW, 2.500%, 12/15/2042		100,000		76,576
Series 2015-4537, Class AZ, 3.000%, 12/15/2045		20,971		18,310
Series 2016-4579, Class W, 6.806%, 01/15/2038^(a)		58,172		60,939
Series 2016-4614, Class PB, 3.000%, 01/15/2046		216,212		197,512
Series 2018-4839, Class PZ, 4.000%, 11/15/2048		127,074		108,283
Series 2021-5142, Class PN, 1.000%, 09/25/2051		67,165		49,500
Series 2021-5151, Class LV, 1.500%, 09/25/2051		262,895		142,566
				1,105,968
Ginnie Mae
Series 2009-93, Class HG, 4.000%, 09/16/2039		9,166		9,021
Series 2011-139, Class KZ, 2.500%, 10/20/2041		48,425		42,260
Series 2011-141, Class GH, 3.000%, 10/16/2041		150,000		112,839
Series 2011-H05, Class FB, 1M US SOFR + 0.61%, 12/20/2060^(a)		14,881		14,858
Series 2011-H14, Class FC, 1M US SOFR + 0.61%, 05/20/2061^(a)		19,465		19,435
Series 2012-137, Class EB, 2.000%, 11/20/2042		100,000		62,106
Series 2012-16, Class ND, 2.000%, 05/20/2039		151,623		141,502
Series 2012-41, Class TJ, 4.000%, 03/20/2042		187,933		168,917

	Principal Amount		Value (Note 2)
Series 2012-H20, Class BA,
1M US SOFR + 0.67%, 09/20/2062^(a)	$	9,304	$	9,174
Series 2012-H29, Class SA, 1M US SOFR + 0.62%, 10/20/2062^(a)		20,498		20,452
Series 2013-28, Class DB, 3.000%, 02/20/2043		170,000		143,356
Series 2013-44, Class CE, 2.500%, 03/16/2043		105,656		81,330
Series 2013-9, Class KY, 3.000%, 01/20/2043		324,000		282,006
Series 2013-H07, Class GA, 1M US SOFR + 0.58%, 03/20/2063^(a)		10,318		10,290
Series 2013-H10, Class FA, 1M US SOFR + 0.51%, 03/20/2063^(a)		6,768		6,749
Series 2013-H22, Class FT, 1Y US TI + 0.65%, 04/20/2063^(a)		2,479		2,473
Series 2013-H23, Class FA, 1M US SOFR + 1.41%, 09/20/2063^(a)		3,711		3,742
Series 2014-21, Class PB, 4.000%, 02/16/2044		150,000		132,596
Series 2014-H03, Class FA, 1M US SOFR + 0.71%, 01/20/2064^(a)		4,582		4,580
Series 2015-3, Class ZD, 4.000%, 01/20/2045		184,503		171,611
Series 2015-31, Class B, 3.000%, 02/20/2045		100,000		88,151
Series 2015-43, Class DM, 2.500%, 03/20/2045		72,053		63,323
Series 2015-H10, Class JA, 2.250%, 04/20/2065		80,188		77,934
Series 2015-H29, Class FL, 1M US SOFR + 0.71%, 11/20/2065^(a)		36,590		36,515
Series 2016-167, Class AD, 2.500%, 03/20/2039		233,714		218,345
Series 2016-H09, Class FA, 1M US SOFR + 0.76%, 03/20/2066^(a)		31,626		31,636
Series 2017-31, Class BY, 3.500%, 02/20/2047		131,000		93,960
Series 2017-H10, Class GZ, 4.492%, 04/20/2067^(a)		248,490		228,171
Series 2017-H11, Class HZ, 4.508%, 04/20/2067^(a)		140,101		127,465
Series 2017-H11, Class GZ, 4.587%, 04/20/2067^(a)		140,828		128,546
Series 2017-H18, Class PZ, 2.000%, 04/20/2066		130,182		107,294
Series 2018-H01, Class JZ, 4.575%, 01/20/2068^(a)		136,188		134,514

See Notes to Financial Statements and Financial Highlights.

40 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2018-H01, Class HZ, 4.616%, 01/20/2068^(a)	$	136,461	$	131,820
Series 2018-H03, Class HZ, 4.519%, 01/20/2068^(a)		135,284		118,037
Series 2018-H07, Class FE, 1M US SOFR + 0.46%, 02/20/2068^(a)		11,996		11,950
Series 2018-H07, Class JZ, 4.570%, 04/20/2068^(a)		99,033		97,829
Series 2018-H07, Class HZ, 4.617%, 04/20/2068^(a)		134,242		128,317
Series 2019-103, Class HY, 3.000%, 08/20/2049		104,493		71,435
Series 2019-31, Class JC, 3.500%, 03/20/2049		86,990		80,407
Series 2020-134, Class XB, 1.000%, 07/20/2048		125,000		69,529
Series 2020-153, Class GP, 0.500%, 10/20/2050		184,688		164,863
Series 2020-160, Class QD, 1.000%, 10/20/2050		162,034		78,277
Series 2020-H09, Class NF, 1M US SOFR + 1.36%, 04/20/2070^(a)		41,914		42,391
Series 2020-H11, Class JZ, 4.161%, 05/20/2069^(a)		172,203		136,780
Series 2020-H12, Class JZ, 4.174%, 08/20/2069^(a)		119,439		97,517
Series 2020-H17, Class KZ, 3.612%, 09/20/2070^(a)		454,669		336,351
Series 2020-H18, Class EY, 3.702%, 09/20/2070^(a)		108,913		79,200
Series 2021-146, Class EH, 2.000%, 08/20/2051		113,536		64,471
Series 2021-159, Class AL, 1.000%, 09/20/2051		118,000		53,970
Series 2021-215, Class TZ, 5.000%, 12/20/2051		140,947		118,268
Series 2021-225, Class EU, 2.000%, 12/20/2051		119,733		70,688
Series 2021-86, Class ML, 1.000%, 05/20/2051		136,000		55,772
Series 2021-H02, Class KB, 3.031%, 01/20/2071^(a)		107,782		74,393
Series 2021-H02, Class PB, 4.635%, 05/20/2070^(a)		101,992		95,297
Series 2021-H03, Class NY, 3.207%, 01/20/2071^(a)		109,865		76,150
				5,028,863
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $7,444,455)				7,718,365

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (1.34%)

Fannie Mae-Aces
Series 2019-M17, Class X, 0.319%, 08/25/2034^(a)(c)	$	22,972,439	$	311,617

Freddie Mac Multifamily Structured Pass Through Certificates
Series 2016-K056, Class X3, 2.117%, 06/25/2044^(a)(c)		591,680		18,949
Series 2016-K059, Class X1, 0.293%, 09/25/2026^(a)(c)		6,000,944		24,273
Series 2017-KW03, Class X1, 0.774%, 06/25/2027^(a)(c)		27,725,939		438,554
Series 2019-K087, Class X1, 0.359%, 12/25/2028^(a)(c)		28,925,558		371,890
Series 2019-K092, Class X1, 0.710%, 04/25/2029^(a)(c)		16,395,021		437,343
Series 2019-K093, Class X1, 0.941%, 05/25/2029(a)(c)		6,010,633		207,108
Series 2019-K094, Class X1, 0.876%, 06/25/2029(a)(c)		14,296,175		484,716
Series 2020-K121, Class X1, 1.019%, 10/25/2030^(a)(c)		2,447,348		115,469
Series 2020-K738, Class X1, 1.505%, 01/25/2027^(a)(c)		12,384,374		308,460
Series 2021-Q016, Class APT2, 1.473%, 05/25/2051^(a)		101,229		92,045
				2,498,807
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $2,724,432)				2,810,424

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (1.73%)
Fannie Mae Pool
Series 1998-,
6.500%, 08/01/2028		17,237		17,777
7.500%, 08/01/2028		17,876		17,847
8.500%, 06/01/2027		489		488
Series 1999-,
8.000%, 04/01/2029		15,502		15,473
Series 2001-,
12.000%, 11/01/2030		48,919		50,296
Series 2002-,
6.000%, 12/01/2032		33,018		33,431
Series 2003-,
4.500%, 09/01/2028		24,069		23,916
4.750%, 09/01/2033		36,497		35,524
5.500%, 10/01/2033		18,013		17,872
5.500%, 12/01/2033		30,848		31,619

See Notes to Financial Statements and Financial Highlights.

41 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Series 2005-,
4.500%, 05/01/2035	$	17,570	$	17,146
6.500%, 01/01/2036		25,668		26,465
Series 2006-,
4.500%, 01/01/2036		26,928		26,583
6.000%, 03/01/2036		30,436		31,144
Series 2007-,
5.500%, 07/01/2037		10,054		10,110
6.000%, 07/01/2037		29,259		29,580
6.000%, 09/01/2037		25,879		26,372
6.500%, 11/01/2037		41,998		43,279
Series 2008-,
5.000%, 06/01/2037		16,062		15,506
5.500%, 04/01/2038		10,303		10,313
5.500%, 08/01/2038		20,138		19,825
6.500%, 07/01/2038		43,006		44,317
Series 2009-,
5.000%, 04/01/2039		37,641		37,182
Series 2010-,
4.000%, 05/01/2040		3,306		3,261
5.500%, 02/01/2038		40,131		40,053
Series 2011-,
4.500%, 05/01/2041		45,848		44,728
Series 2013-,
3.000%, 04/01/2043		83,908		75,947
Series 2015-,
3.500%, 06/01/2045		49,138		46,582
5.000%, 07/01/2044		108,426		108,528
Series 2018-,
3.796%, 02/01/2048^(a)		28,090		25,238
Series 2022-,
5.730%, 11/01/2032		1,500,000		1,508,775
				2,435,177
Freddie Mac Gold Pool
Series 2004-,
5.500%, 01/01/2034		25,665		25,646
Series 2005-,
5.500%, 05/01/2035		14,368		14,278
Series 2006-,
4.500%, 01/01/2036		10,439		10,023
5.500%, 12/01/2034		22,180		22,233
6.000%, 05/01/2036		48,872		49,660
Series 2008-,
4.500%, 05/01/2038		53,015		52,397
6.000%, 08/01/2038		26,866		27,833
Series 2013-,
3.000%, 01/01/2033		40,760		38,793
Series 2014-,
3.500%, 10/01/2044		34,327		31,227
Series 2015-,
4.000%, 03/01/2044		26,957		25,599
				297,689
Freddie Mac Pool
Series 2018-,
3.500%, 08/01/2042		41,757		38,281

	Principal Amount		Value (Note 2)
4.500%, 01/01/2036	$	63,246	$	62,029
				100,310
Ginnie Mae I Pool
Series 2003-,
5.500%, 10/15/2033		42,126		42,919
Series 2010-,
5.000%, 05/15/2040		38,537		38,462
				81,381
Ginnie Mae II Pool
Series 2009-,
4.000%, 11/20/2039		38,895		37,018
6.000%, 11/20/2039		55,327		57,541
Series 2011-,
4.000%, 02/20/2041		30,548		28,635
4.000%, 05/20/2041		29,018		27,200
4.000%, 10/20/2041		13,158		12,334
Series 2012-,
3.500%, 01/20/2042		89,081		80,968
3.500%, 05/20/2042		89,061		80,937
Series 2013-,
3.500%, 03/20/2043		65,345		59,106
5.500%, 11/20/2035		69,913		71,284
Series 2014-,
3.750%, 04/20/2044		66,212		61,059
4.000%, 05/20/2044		65,276		61,457
Series 2016-,
3.500%, 09/20/2046		16,135		14,424
Series 2021-,
4.000%, 05/20/2051		137,338		126,342
				718,305
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $3,790,317)				3,632,862

	Principal Amount		Value (Note 2)
CORPORATE BONDS (74.02%)

Advertising & Marketing (1.55%)
Neptune Bidco US, Inc.
9.29%, 04/15/2029^(d)		2,100,000		1,963,990
Outfront Media Capital LLC / Outfront
Media Capital Corp.
5.00%, 08/15/2027^(d)		1,200,000		1,182,918
7.38%, 02/15/2031^(d)		100,000		105,696
Total Advertising & Marketing				3,252,604
Aerospace & Defense (2.83%)
Boeing Co.
6.53%, 05/01/2034^(d)		1,100,000		1,160,262
7.01%, 05/01/2064^(d)		881,000		949,163
Bombardier, Inc.
7.00%, 06/01/2032^(d)		1,000,000		1,025,050
L3Harris Technologies, Inc.
5.35%, 06/01/2034		560,000		566,833
RTX Corp.
6.10%, 03/15/2034		1,057,000		1,132,799

See Notes to Financial Statements and Financial Highlights.

42 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Spirit AeroSystems, Inc.
9.75%, 11/15/2030^(d)	$	1,000,000	$	1,111,323
Total Aerospace & Defense				5,945,430
Airlines (2.82%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(d)		560,827		556,397
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(d)		771,273		780,295
AS Mileage Plan IP, Ltd.
5.31%, 10/20/2031^(d)		1,200,000		1,158,633
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(d)		1,167,486		1,114,906
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1 5.88%, 10/15/2027		1,706,000		1,745,986
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
9.50%, 06/01/2028^(d)		600,000		590,071
Total Airlines				5,946,288
Apparel & Textile Products (0.27%)
Tapestry, Inc.
7.85%, 11/27/2033		550,000		562,188

Auto Parts Manufacturing (0.24%)
Adient Global Holdings, Ltd.
7.00%, 04/15/2028^(d)		500,000		508,742

Automobiles Manufacturing (2.61%)
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		1,000,000		981,093
5.85%, 05/17/2027		1,000,000		1,009,740
7.35%, 03/06/2030		513,000		544,389
General Motors Financial Co., Inc.
SOFRINDX + 1.30%, 04/07/2025^(a)(e)		1,300,000		1,304,975
Nissan Motor Acceptance Co. LLC
7.05%, 09/15/2028^(d)		1,600,000		1,661,960
Total Automobiles Manufacturing				5,502,157
Banks (6.83%)
Associated Banc-Corp
1D US SOFR + 3.03%, 08/29/2030^(a)		1,050,000		1,068,521
Associated Bank NA/Green Bay WI
4.25%, 01/15/2025		1,000,000		996,463
Citizens Financial Group, Inc.
1D US SOFR + 1.91%, 07/23/2032^(a)		570,000		575,662
1D US SOFR + 2.325%,04/25/2035^(a)		540,000		576,594

	Principal Amount		Value (Note 2)
Comerica, Inc.
1D US SOFR + 2.155%, 01/30/2030^(a)	$	500,000	$	506,753
Discover Bank
5Y US TI + 1.73%, 08/09/2028^(a)		2,330,000		2,379,563
Fifth Third Bancorp
1D US SOFR + 1.66%, 04/25/2033^(a)		550,000		514,886
Huntington National Bank
5.65%, 01/10/2030		560,000		572,186
Intesa Sanpaolo SpA
1Y US TI + 3.90%, 06/20/2054^(a)(d)		575,000		633,622
M&T Bank Corp.
1D US SOFR + 2.80%, 10/30/2029^(a)		1,075,000		1,157,670
Regions Financial Corp.
1D US SOFR + 2.06%, 09/06/2035^(a)		1,137,000		1,127,112
Synovus Bank/Columbus GA
5Y US TI + 3.63%, 10/29/2030^(a)		2,424,000		2,280,147
Synovus Financial Corp.
1D US SOFR + 2.347%, 11/01/2030^(a)		500,000		500,089
Truist Financial Corp.
1D US SOFR + 1.571%, 08/05/2032^(a)		1,000,000		993,060
1D US SOFR + 2.361%, 06/08/2034^(a)		500,000		514,351
Total Banks				14,396,679
Biotechnology (0.52%)
Amgen, Inc.
5.25%, 03/02/2033		550,000		555,879
5.75%, 03/02/2063		535,000		536,186
Total Biotechnology				1,092,065
Cable & Satellite (1.83%)
CCO Holdings LLC / CCO Holdings Capital Corp.
6.38%, 09/01/2029^(d)		1,195,000		1,184,106
Cox Communications, Inc.
5.70%, 06/15/2033^(d)		1,000,000		1,002,420
Sirius XM Radio, Inc.
5.00%, 08/01/2027^(d)		1,700,000		1,667,068
Total Cable & Satellite				3,853,594
Casinos & Gaming (2.46%)
Caesars Entertainment, Inc.
7.00%, 02/15/2030^(d)		1,500,000		1,538,756
MGM Resorts International
6.13%, 09/15/2029		100,000		99,721
Penn Entertainment, Inc.
5.63%, 01/15/2027^(d)		2,484,000		2,438,632
Station Casinos LLC
6.63%, 03/15/2032^(d)		1,100,000		1,106,232
Total Casinos & Gaming				5,183,341

See Notes to Financial Statements and Financial Highlights.

43 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
Consumer Finance (1.40%)
Boost Newco Borrower LLC
7.50%, 01/15/2031^(d)	$	1,066,000	$	1,124,822
Discover Financial Services
SOFRINDX + 3.37%, 11/02/2034^(a)(e)		565,000		649,432
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.
6.75%, 08/15/2032^(d)		1,130,000		1,160,215
Total Consumer Finance				2,934,469

Consumer Products (0.54%)
Perrigo Finance Unlimited Co.
Series USD 6.13%, 09/30/2032		1,150,000		1,136,499

Consumer Services (1.08%)
Brink's Co.
6.50%, 06/15/2029^(d)		1,100,000		1,122,806
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026^(d)		1,150,000		1,148,357
Total Consumer Services				2,271,163

Containers & Packaging (0.68%)
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/2027^(d)		1,000,000		996,048
7.25%, 05/15/2031^(d)		450,000		443,149
Total Containers & Packaging				1,439,197

Department Stores (1.20%)
Macy's Retail Holdings LLC
6.13%, 03/15/2032^(d)		1,200,000		1,148,126
NMG Holding Co. Inc / Neiman Marcus Group LLC
8.50%, 10/01/2028^(d)		1,350,000		1,373,770
Total Department Stores				2,521,896

Electrical Equipment Manufacturing (0.56%)
Vontier Corp.
2.40%, 04/01/2028		1,300,000		1,178,799

Entertainment Content (0.78%)
Paramount Global
4.20%, 05/19/2032		1,293,000		1,127,128
Warnermedia Holdings, Inc.
4.28%, 03/15/2032		565,000		495,322
Total Entertainment Content				1,622,450

Entertainment Resources (1.27%)
Six Flags Entertainment Corp.
7.25%, 05/15/2031^(d)		2,600,000		2,667,359

Exploration & Production (6.85%)
Ascent Resources Utica Holdings LLC /ARU Finance Corp.
6.63%, 10/15/2032^(d)		1,000,000		991,267

	Principal Amount		Value (Note 2)
Baytex Energy Corp.
7.38%, 03/15/2032^(d)	$	100,000	$	97,165
8.50%, 04/30/2030^(d)		1,000,000		1,018,276
Civitas Resources, Inc.
8.75%, 07/01/2031^(d)		1,600,000		1,677,775
Coterra Energy, Inc.
5.60%, 03/15/2034		472,000		472,108

Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028^(d)		1,506,000		1,470,643
7.25%, 02/15/2035^(d)		798,000		783,397
Murphy Oil Corp.
6.00%, 10/01/2032		1,175,000		1,131,752
Occidental Petroleum Corp.
5.55%, 10/01/2034		171,000		168,454
6.20%, 03/15/2040		550,000		549,382
7.88%, 09/15/2031		1,800,000		2,018,922
Permian Resources Operating LLC
6.25%, 02/01/2033^(d)		500,000		496,737
9.88%, 07/15/2031^(d)		107,000		118,307
Range Resources Corp.
8.25%, 01/15/2029		1,400,000		1,443,452
SM Energy Co.
6.75%, 08/01/2029^(d)		1,000,000		994,616
7.00%, 08/01/2032^(d)		1,000,000		992,532
Total Exploration & Production				14,424,785

Financial Services (3.07%)
Charles Schwab Corp.
1D US SOFR + 2.50%,05/19/2034^(a)		500,000		520,552
SOFRINDX + 1.05%,03/03/2027^(a)(e)		1,727,000		1,741,806
Jane Street Group / JSG Finance, Inc.
6.13%, 11/01/2032^(d)		365,000		365,464
7.13%, 04/30/2031^(d)		1,000,000		1,037,340
UBS Group AG
1D US SOFR + 3.92%,08/12/2033^(a)(d)		2,591,000		2,784,074
Total Financial Services				6,449,236

Food & Beverage (1.09%)
Chobani Holdco II LLC
8.75%, 10/01/2029^(d)		100,000		103,415
Pilgrim's Pride Corp.
6.25%, 07/01/2033		1,050,000		1,091,279
6.88%, 05/15/2034		1,001,000		1,088,872
Total Food & Beverage				2,283,566

Hardware (0.55%)
NCR Atleos Corp.
9.50%, 04/01/2029^(d)		1,050,000		1,156,529

Health Care Facilities & Services (2.68%)
Fortrea Holdings, Inc.
7.50%, 07/01/2030^(d)		2,575,000		2,535,364

See Notes to Financial Statements and Financial Highlights.

44 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
HCA, Inc.
5.45%, 09/15/2034	$	2,100,000	$	2,085,881
Star Parent, Inc.
9.00%, 10/01/2030^(d)		1,000,000		1,041,252
Total Health Care Facilities & Services				5,662,497

Home & Office Products Manufacturing (0.48%)
Newell Brands, Inc.
6.38%, 05/15/2030		250,000		251,768
6.63%, 05/15/2032		750,000		754,040
Total Home & Office Products Manufacturing				1,005,808

Home Improvement (0.49%)
Masterbrand, Inc.
7.00%, 07/15/2032^(d)		1,000,000		1,025,389

Homebuilders (1.40%)
Beazer Homes USA, Inc.
7.50%, 03/15/2031^(d)		1,100,000		1,132,205
Forestar Group, Inc.
3.85%, 05/15/2026^(d)		1,850,000		1,804,738
Total Homebuilders				2,936,943

Industrial Other (0.25%)
Brand Industrial Services, Inc.
10.38%, 08/01/2030^(d)		500,000		530,699

Leisure Products Manufacturing (0.53%)
Amer Sports Co.
6.75%, 02/16/2031^(d)		1,100,000		1,118,389

Machinery Manufacturing (0.25%)
Nordson Corp.
4.50%, 12/15/2029		534,000		523,411

Medical Equipment & Devices Manufacturing (0.69%)
Solventum Corp.
5.90%, 04/30/2054^(d)		321,000		321,807
6.00%, 05/15/2064^(d)		1,120,000		1,123,520
Total Medical Equipment & Devices Manufacturing				1,445,327

Oil & Gas Services & Equipment (3.04%)
Diamond Foreign Asset Co. / Diamond Finance LLC
8.50%, 10/01/2030^(d)		1,000,000		1,033,328
Noble Finance II LLC
8.00%, 04/15/2030^(d)		1,350,000		1,369,301
Seadrill Finance, Ltd.
8.38%, 08/01/2030^(d)		1,000,000		1,022,027
Shelf Drilling Holdings, Ltd.
9.63%, 04/15/2029^(d)		625,000		566,028
Transocean Titan Financing, Ltd.
8.38%, 02/01/2028^(d)		1,350,000		1,390,254
Transocean, Inc.
8.50%, 05/15/2031^(d)		1,000,000		1,008,352
Total Oil & Gas Services & Equipment				6,389,290

	Principal Amount		Value (Note 2)
Pharmaceuticals (1.52%)
Organon & Co. / Organon Foreign Debt Co-Issuer BV
5.13%, 04/30/2031^(d)	$	1,629,000	$	1,486,889
7.88%, 05/15/2034^(d)		1,650,000		1,705,265
Total Pharmaceuticals				3,192,154

Pipeline (6.96%)
Blue Racer Midstream LLC / Blue Racer Finance Corp.
7.00%, 07/15/2029^(d)		1,100,000		1,129,213
Buckeye Partners LP
4.50%, 03/01/2028^(d)		1,698,000		1,618,759
6.88%, 07/01/2029^(d)		746,000		758,871
EnLink Midstream LLC
5.63%, 01/15/2028^(d)		252,000		255,253
Flex Intermediate Holdco LLC
3.36%, 06/30/2031^(d)		2,321,000		2,009,822
4.32%, 12/30/2039^(d)		1,733,000		1,352,991
Genesis Energy LP / Genesis Energy Finance Corp.
7.88%, 05/15/2032		550,000		550,069
8.00%, 01/15/2027		1,075,000		1,094,772
8.25%, 01/15/2029		1,750,000		1,788,736
Global Partners LP / GLP Finance Corp.
8.25%, 01/15/2032^(d)		1,570,000		1,603,223
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.88%, 01/15/2029		1,800,000		1,842,420
Venture Global LNG, Inc.
7.00%, 01/15/2030^(d)		100,000		100,686
9.88%, 02/01/2032^(d)		500,000		546,076
Total Pipeline				14,650,891

Power Generation (0.63%)
Vistra Operations Co. LLC
5.50%, 09/01/2026^(d)		1,325,000		1,321,830

Publishing & Broadcasting (2.38%)
Gray Television, Inc.
5.38%, 11/15/2031^(d)		1,050,000		634,363
7.00%, 05/15/2027^(d)		850,000		827,825
10.50%, 07/15/2029^(d)		1,550,000		1,611,419
Nexstar Media, Inc.
5.63%, 07/15/2027^(d)		2,000,000		1,967,102
Total Publishing & Broadcasting				5,040,709

Real Estate (2.18%)
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028^(d)		1,374,000		1,382,669
8.88%, 09/01/2031^(d)		250,000		269,580
Kennedy-Wilson, Inc.
4.75%, 02/01/2030		2,559,000		2,291,514

See Notes to Financial Statements and Financial Highlights.

45 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Principal Amount		Value (Note 2)
VICI Properties LP / VICI Note Co., Inc.
4.63%, 06/15/2025^(d)	$	656,000	$	653,001
Total Real Estate				4,596,764

Refining & Marketing (0.74%)
Sunoco LP
7.00%, 05/01/2029^(d)		1,000,000		1,032,379
7.25%, 05/01/2032^(d)		500,000		520,916
Total Refining & Marketing				1,553,295

Restaurants (1.04%)
Brinker International, Inc.
8.25%, 07/15/2030^(d)		1,050,000		1,118,551
Raising Cane's Restaurants LLC
9.38%, 05/01/2029^(d)		1,000,000		1,076,128
Total Restaurants				2,194,679

Retail - Consumer Discretionary (0.18%)
ERAC USA Finance LLC
5.20%, 10/30/2034^(d)		379,000		382,382

Software & Services (1.53%)
Cloud Software Group, Inc.
6.50%, 03/31/2029^(d)		2,250,000		2,199,214
8.25%, 06/30/2032^(d)		1,000,000		1,028,543
Total Software & Services				3,227,757

Supermarkets & Pharmacies (1.41%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028^(d)		2,100,000		2,150,918
Kroger Co.
5.00%, 09/15/2034		850,000		836,391
Total Supermarkets & Pharmacies				2,987,309

Travel & Lodging (2.60%)
Carnival Corp.
7.00%, 08/15/2029^(d)		500,000		523,305
NCL Corp., Ltd.
8.13%, 01/15/2029^(d)		1,000,000		1,060,826
Royal Caribbean Cruises, Ltd.
6.00%, 02/01/2033^(d)		500,000		503,383
6.25%, 03/15/2032^(d)		1,089,000		1,110,939
Viking Cruises, Ltd.
9.13%, 07/15/2031^(d)		1,000,000		1,080,637
Viking Ocean Cruises Ship VII, Ltd.
5.63%, 02/15/2029^(d)		1,200,000		1,184,381
Total Travel & Lodging				5,463,471

Utilities (0.90%)
AmeriGas Partners LP / AmeriGas Finance Corp.
9.38%, 06/01/2028^(d)		800,000		823,829
Talen Energy
8.63%, 06/01/2030^(d)		1,000,000		1,079,500
Total Utilities				1,903,329

	Principal Amount		Value (Note 2)
Waste & Environment Services & Equipment (1.11%)
GFL Environmental, Inc.
6.75%, 01/15/2031^(d)	$	293,000	$	302,044
Wrangler Holdco Corp.
6.63%, 04/01/2032^(d)		2,000,000		2,044,296
Total Waste & Environment Services & Equipment				2,346,340

TOTAL CORPORATE BONDS
(Cost $154,486,850)				155,827,699

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (4.14%)

U.S. Treasury Bonds (4.14%)
United States Treasury Bonds
3.88%, 08/15/2034		3,987,000		3,858,045
4.13%, 08/15/2044		1,199,000		1,126,123
4.25%, 08/15/2054		3,238,000		3,116,322
4.63%, 05/15/2054		609,000		623,369
Total U.S. Treasury Bonds				8,723,859
TOTAL GOVERNMENT BONDS
(Cost $8,822,232)				8,723,859

	Shares		Value (Note 2)
PREFERRED STOCK (3.40%)

Energy (0.48%)
Pipeline (0.48%)
Venture Global LNG, Inc., 5Y US TI + 5.44%^(a)(d)(f)		1,000,000		1,000,565
Total Energy				1,000,565

Financials (1.64%)
Banks (0.30%)
Bank of Hawaii., 8.000%^(f)		11,359		303,967
Wells Fargo & Co., Series U, 5.875%^(f)		341,000		341,054
				645,021
Consumer Finance (0.58%)
American Express Co., 3.550%^(f)		1,290,000		1,224,271

Financial Services (0.58%)
Charles Schwab Corp., Series G, 5Y
US TI + 4.971%^(a)(f)		1,238,000		1,234,698

Life Insurance (0.18%)
Jackson Financial, Inc., 8.000%^(f)		13,669		370,430

Total Financials				3,474,420

See Notes to Financial Statements and Financial Highlights.

46 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statement of Investments

October 31, 2024

	Shares		Value (Note 2)
Utilities (1.28%)
Utilities (1.28%)
National Rural Utilities Cooperative Finance Corp.,
3M US SOFR + 3.17%^(a)(f)		2,687,000	$	2,687,378
Total Utilities				2,687,378

TOTAL PREFERRED STOCK
(Cost $6,908,333)				7,162,363

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.31%)

Money Market Fund (1.31%)
Morgan Stanley
Institutional Liquidity Funds – Government Portfolio		4.78	%		2,764,002		2,764,002
TOTAL SHORT TERM INVESTMENTS
(Cost $2,764,002)							2,764,002

TOTAL INVESTMENTS (98.15%)
(Cost $204,910,919)						$	206,624,372

Other Assets In Excess Of Liabilities (1.85%)							3,893,145

NET ASSETS (100.00%)						$	210,517,517

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

SOFRINDX - Secured Overnight Financing Rate Index

TI - Treasury Index

Reference Rates:

3M US SOFR - 3 Month SOFR as of October 31, 2024 was 4.56% 30D US SOFR - 30 Day SOFR as of October 31, 2024 was 4.66% 1D US SOFR - 1 Day SOFR as of October 31, 2024 was 4.90% 1M US SOFR- 1 Month SOFR as of October 31, 2024 was 4.66% 1Y US TI - 1 Year US TI as of October 31, 2024 was 4.27% 5Y US TI - 5 Year US TI as of October 31, 2024 was 4.15%

^(a)	Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2024 is based on the reference rate plus the displayed spread as of the security's last reset date.
^(b)	Issued with zero coupon.
^(c)	Interest only security.

^(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2024, the aggregate market value of those securities was $107,192,658, representing 50.92% of net assets.
^(e)	The SOFRINDX is a compounded average of the daily Secured Overnight Financing Rate determined by reference to the SOFR Index for any interest period.
^(f)	Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

See Notes to Financial Statements and Financial Highlights.

47 | October 31, 2024

ALPS | Smith Funds

Statements of Assets and Liabilities

October 31, 2024

	ALPS \| Smith Short Duration Bond Fund			ALPS \| Smith Total Return Bond Fund			ALPS \| Smith Credit Opportunities Fund
ASSETS
Investments, at value	$	570,412,495		$	3,221,430,330		$	206,624,372
Cash		–			139,771			59,021
Receivable for investments sold		5,024,325			131,871,376			5,532,601
Receivable for shares sold		664,236			6,828,654			11,152
Interest receivable		6,575,170			35,893,064			3,166,823
Prepaid expenses and other assets		41,390			83,885			2,779
Total Assets		582,717,616			3,396,247,080			215,396,748
LIABILITIES
Payable for investments purchased		5,051,736			139,900,268			4,654,679
Payable for shares redeemed		304,653			3,250,514			5,347
Investment advisory fees payable		138,335			1,031,659			100,051
Administration and transfer agency fees payable		144,917			835,991			86,715
Distribution and services fees payable		11,342			23,832			190
Trustees' fees and expenses payable		807			5,169			308
Professional fees payable		25,017			50,530			21,345
Custody fees payable		7,278			31,001			5,029
Accrued expenses and other liabilities		16,503			92,221			5,567
Total Liabilities		5,700,588			145,221,185			4,879,231
NET ASSETS	$	577,017,028		$	3,251,025,895		$	210,517,517
NET ASSETS CONSIST OF
Paid-in capital	$	598,250,412		$	3,496,551,071		$	248,985,472
Total distributable earnings/(accumulated losses)		(21,233,384	)		(245,525,176	)		(38,467,955	)
NET ASSETS	$	577,017,028		$	3,251,025,895		$	210,517,517
INVESTMENTS, AT COST	$	568,505,142		$	3,242,155,687		$	204,910,919

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	10.23		$	9.65		$	9.22
Net Assets	$	21,454,089		$	23,457,680		$	329,577
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		2,098,025			2,430,102			35,750
Class A:
Net Asset Value, offering and redemption price per share	$	10.23		$	9.65		$	9.18
Net Assets	$	10,427,440		$	36,552,503		$	1,174,375
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,019,653			3,786,555			127,948
Maximum offering price per share	$	10.46	^(a)	$	9.88	^(a)	$	9.39	^(a)
Class C:
Net Asset Value, offering and redemption price per share^(b)	$	10.18		$	9.63		$	9.14
Net Assets	$	2,290,233		$	4,142,660		$	472,664
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		225,037			430,217			51,699
Class I:
Net Asset Value, offering and redemption price per share	$	10.23		$	9.64		$	9.15
Net Assets	$	542,845,266		$	3,186,873,052		$	208,540,901
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		53,064,773			330,447,787			22,790,222

See Notes to Financial Statements and Financial Highlights.

48 | October 31, 2024

ALPS | Smith Funds

Statements of Assets and Liabilities

October 31, 2024

^(a)	(NAV/0.9775), based on maximum sales charge of 2.25% of the offering price.
^(b)	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 and Financial Highlights.

49 | October 31, 2024

ALPS | Smith Funds

Statements of Operations

For the Year Ended October 31, 2024

	ALPS \| Smith Short Duration Bond Fund			ALPS \| Smith Total Return Bond Fund			ALPS \| Smith Credit Opportunities Fund
INVESTMENT INCOME
Dividends	$	639,913		$	2,988,004		$	367,156
Interest		27,943,241			146,085,900			14,667,412
Total Investment Income		28,583,154			149,073,904			15,034,568

EXPENSES
Investment advisory fees		2,145,759			15,950,861			1,712,191
Administrative fees		511,865			2,669,399			282,044
Delegated transfer agent equivalent services fees		436,545			2,294,487			162,683
Distribution and service fees
Investor Class		57,051			83,978			975
Class A		30,138			93,598			3,502
Class C		23,563			44,923			4,613
Professional fees		30,771			70,929			23,409
Reports to shareholders and printing fees		22,752			99,539			6,503
State registration fees		83,386			144,741			63,005
Insurance fees		6,923			42,054			2,561
Custody fees		26,805			98,725			15,707
Trustees' fees and expenses		48,547			235,537			18,547
Repayment of previously waived fees
Investor Class		462			–			–
Class A		203			–			–
Miscellaneous expenses		16,717			44,935			6,773
Total Expenses		3,441,487			21,873,706			2,302,513
Less fees waived/reimbursed by investment advisor (Note 6)
Investor Class		(5,631	)		(24,232	)		(210	)
Class A		(1,092	)		(27,162	)		(591	)
Class C		(909	)		(6,076	)		(174	)
Class I		(442,793	)		(4,310,128	)		(243,192	)
Net Expenses		2,991,062			17,506,108			2,058,346
Net Investment Income		25,592,092			131,567,796			12,976,222
Net realized gain on investments		1,999,799			1,936,067			1,050,803
Net Realized Gain		1,999,799			1,936,067			1,050,803
Net change in unrealized appreciation on investments		12,102,690			164,518,816			15,203,954
Net Change in Unrealized Appreciation		12,102,690			164,518,816			15,203,954
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		14,102,489			166,454,883			16,254,757
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,694,581		$	298,022,679		$	29,230,979

See Notes to Financial Statements and Financial Highlights.

50 | October 31, 2024

ALPS | Smith Short Duration Bond Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	25,592,092		$	25,402,606
Net realized gain/(loss)		1,999,799			(16,316,787	)
Net change in unrealized appreciation		12,102,690			17,314,947
Net Increase in Net Assets Resulting from Operations		39,694,581			26,400,766

DISTRIBUTIONS
From distributable earnings
Investor Class		(790,319	)		(614,727	)
Class A		(485,413	)		(394,923	)
Class C		(80,323	)		(81,323	)
Class I		(24,295,800	)		(24,615,362	)
Net Decrease in Net Assets from Distributions		(25,651,855	)		(25,706,335	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold
Investor Class		7,495,967			9,842,783
Class A		12,933,214			10,699,745
Class C		479,319			778,411
Class I		274,793,069			377,223,916
Dividends reinvested
Investor Class		729,042			532,979
Class A		394,449			295,928
Class C		43,695			52,561
Class I		17,033,030			15,189,435
Shares redeemed, net of redemption fees
Investor Class		(4,699,507	)		(12,149,072	)
Class A		(13,885,383	)		(15,687,648	)
Class C		(612,006	)		(2,306,778	)
Class I		(338,153,242	)		(542,271,611	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(43,448,353	)		(157,799,351	)

Net decrease in net assets		(29,405,627	)		(157,104,920	)

NET ASSETS
Beginning of year		606,422,655			763,527,575
End of year	$	577,017,028		$	606,422,655

See Notes to Financial Statements and Financial Highlights.

51 | October 31, 2024

ALPS | Smith Total Return Bond Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	131,567,796		$	80,836,198
Net realized gain/(loss)		1,936,067			(110,434,356	)
Net change in unrealized appreciation		164,518,816			9,159,506
Net Increase/(Decrease) in Net Assets Resulting from Operations		298,022,679			(20,438,652	)

DISTRIBUTIONS
From distributable earnings
Investor Class		(1,212,511	)		(603,888	)
Class A		(1,414,699	)		(791,155	)
Class C		(158,784	)		(141,367	)
Class I		(130,619,629	)		(80,857,579	)
Net Decrease in Net Assets from Distributions		(133,405,623	)		(82,393,989	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold
Investor Class		16,574,425			23,600,092
Class A		29,968,730			13,727,289
Class C		873,671			1,634,038
Class I		1,656,278,430			1,373,671,577
Dividends reinvested
Investor Class		1,194,922			595,288
Class A		1,260,635			723,544
Class C		130,766			117,024
Class I		102,185,872			60,335,657
Shares redeemed, net of redemption fees
Investor Class		(18,066,597	)		(5,013,925	)
Class A		(18,623,509	)		(7,262,227	)
Class C		(1,622,177	)		(1,351,913	)
Class I		(1,013,141,297	)		(666,482,352	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		757,013,871			794,294,092

Net increase in net assets		921,630,927			691,461,451

NET ASSETS
Beginning of year		2,329,394,968			1,637,933,517
End of year	$	3,251,025,895		$	2,329,394,968

See Notes to Financial Statements and Financial Highlights.

52 | October 31, 2024

ALPS | Smith Credit Opportunities Fund

Statements of Changes in Net Assets

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
OPERATIONS
Net investment income	$	12,976,222		$	12,080,326
Net realized gain/(loss)		1,050,803			(22,017,161	)
Net change in unrealized appreciation		15,203,954			15,894,744
Net Increase in Net Assets Resulting from Operations		29,230,979			5,957,909

DISTRIBUTIONS
From distributable earnings
Investor Class		(17,955	)		(40,695	)
Class A		(64,848	)		(57,183	)
Class C		(22,372	)		(23,390	)
Class I		(13,005,148	)		(12,004,465	)
Net Decrease in Net Assets from Distributions		(13,110,323	)		(12,125,733	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold
Investor Class		104			63,719
Class A		239,123			258,892
Class C		15,413			26,647
Class I		60,154,679			60,166,070
Dividends reinvested
Investor Class		17,955			40,695
Class A		8,937			11,528
Class I		10,465,283			9,192,659
Shares redeemed
Investor Class		(29,413	)		(5,955,982	)
Class A		(359,830	)		(113,345	)
Class C		–			(201,093	)
Class I		(91,761,632	)		(133,782,469	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(21,249,381	)		(70,292,679	)

Net decrease in net assets		(5,128,725	)		(76,460,503	)

NET ASSETS
Beginning of year		215,646,242			292,106,745
End of year	$	210,517,517		$	215,646,242

See Notes to Financial Statements and Financial Highlights.

53 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.98		$	9.98		$	10.57		$	10.62		$	10.25

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.41			0.33			0.14			0.05			0.11
Net realized and unrealized gain/(loss)		0.26			–			(0.59	)		0.03			0.48
Total from investment operations		0.67			0.33			(0.45	)		0.08			0.59

DISTRIBUTIONS:
From net investment income		(0.42	)		(0.33	)		(0.11	)		(0.05	)		(0.14	)
From net realized gains		–			–			(0.03	)		(0.08	)		(0.08	)
Total distributions		(0.42	)		(0.33	)		(0.14	)		(0.13	)		(0.22	)

Net increase/(decrease) in net asset value		0.25			–			(0.59	)		(0.05	)		0.37
Net asset value, end of year	$	10.23		$	9.98		$	9.98		$	10.57		$	10.62
TOTAL RETURN^(b)		6.79	%		3.39	%		(4.31	)%		0.77	%		5.85	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	21,454		$	17,484		$	19,227		$	10,194		$	9,100
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.82	%		0.83	%		0.84	%		0.90	%		0.95	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.79	%		0.78	%		0.78	%		0.76	%		0.78	%
Ratio of net investment income to average net assets		4.07	%		3.23	%		1.41	%		0.51	%		1.02	%
Portfolio turnover rate		157	%		134	%		99	%		165	%		457	%

^(a)

Calculated using the average shares method.

^(b)

See Notes to Financial Statements and Financial Highlights.

54 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.98		$	9.98		$	10.56		$	10.61		$	10.24

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.42			0.32			0.11			0.05			0.12
Net realized and unrealized gain/(loss)		0.25			0.02			(0.55	)		0.03			0.47
Total from investment operations		0.67			0.34			(0.44	)		0.08			0.59

DISTRIBUTIONS:
From net investment income		(0.42	)		(0.34	)		(0.11	)		(0.05	)		(0.14	)
From net realized gains		–			–			(0.03	)		(0.08	)		(0.08	)
Total distributions		(0.42	)		(0.34	)		(0.14	)		(0.13	)		(0.22	)
Net increase/(decrease) in net asset value		0.25			–			(0.58	)		(0.05	)		0.37
Net asset value, end of year	$	10.23		$	9.98		$	9.98		$	10.56		$	10.61
TOTAL RETURN^(b)		6.82	%		3.42	%		(4.19	)%		0.77	%		5.84	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	10,427		$	10,778		$	15,429		$	16,868		$	3,702
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.76	%		0.75	%		0.79	%		0.84	%		0.94	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.75	%		0.75	%		0.74	%		0.76	%		0.77	%
Ratio of net investment income to average net assets		4.13	%		3.22	%		1.08	%		0.51	%		1.10	%
Portfolio turnover rate		157	%		134	%		99	%		165	%		457	%

^(a)

Calculated using the average shares method.

^(b)

See Notes to Financial Statements and Financial Highlights.

55 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.94		$	9.93		$	10.53		$	10.61		$	10.24

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		0.34			0.25			0.04			(0.02	)		0.05
Net realized and unrealized gain/(loss)		0.25			0.02			(0.56	)		0.02			0.47
Total from investment operations		0.59			0.27			(0.52	)		–			0.52

DISTRIBUTIONS:
From net investment income		(0.35	)		(0.26	)		(0.05	)		(0.00	)^(b)		(0.07	)
From net realized gains		–			–			(0.03	)		(0.08	)		(0.08	)
Total distributions		(0.35	)		(0.26	)		(0.08	)		(0.08	)		(0.15	)

Net increase/(decrease) in net asset value		0.24			0.01			(0.60	)		(0.08	)		0.37
Net asset value, end of year	$	10.18		$	9.94		$	9.93		$	10.53		$	10.61
TOTAL RETURN^(c)		5.97	%		2.77	%		(5.01	)%		(0.01	)%		5.10	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	2,290		$	2,321		$	3,784		$	3,472		$	2,193
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.53	%		1.53	%		1.53	%		1.55	%		1.67	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Ratio of net investment income/(loss) to average net assets		3.37	%		2.46	%		0.43	%		(0.22	)%		0.46	%
Portfolio turnover rate		157	%		134	%		99	%		165	%		457	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

See Notes to Financial Statements and Financial Highlights.

56 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.98		$	9.98		$	10.57		$	10.62		$	10.25

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.45			0.35			0.15			0.08			0.16
Net realized and unrealized gain/(loss)		0.25			0.01			(0.57	)		0.03			0.46
Total from investment operations		0.70			0.36			(0.42	)		0.11			0.62

DISTRIBUTIONS:
From net investment income		(0.45	)		(0.36	)		(0.14	)		(0.08	)		(0.17	)
From net realized gains		–			–			(0.03	)		(0.08	)		(0.08	)
Total distributions		(0.45	)		(0.36	)		(0.17	)		(0.16	)		(0.25	)

REDEMPTION FEES ADDED TO PAID-IN
CAPITAL (NOTE 5)		–			–			–			–			0.00	^(b)
Net increase/(decrease) in net asset value		0.25			–			(0.59	)		(0.05	)		0.37
Net asset value, end of year	$	10.23		$	9.98		$	9.98		$	10.57		$	10.62
TOTAL RETURN^(c)		7.10	%		3.69	%		(4.03	)%		1.05	%		6.12	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	542,845		$	575,840		$	725,087		$	492,215		$	166,817
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.57	%		0.56	%		0.56	%		0.58	%		0.70	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assets		4.37	%		3.52	%		1.47	%		0.77	%		1.52	%
Portfolio turnover rate		157	%		134	%		99	%		165	%		457	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

See Notes to Financial Statements and Financial Highlights.

57 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.02		$	9.34		$	11.23		$	11.46		$	10.99

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.41			0.36			0.22			0.18			0.19
Net realized and unrealized gain/(loss)		0.63			(0.33	)		(1.85	)		(0.03	)		0.57
Total from investment operations		1.04			0.03			(1.63	)		0.15			0.76

DISTRIBUTIONS:
From net investment income		(0.41	)		(0.35	)		(0.26	)		(0.19	)		(0.19	)
From net realized gains		–			–			–			(0.19	)		(0.10	)
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.41	)		(0.35	)		(0.26	)		(0.38	)		(0.29	)

REDEMPTION FEES ADDED TO PAID-IN
CAPITAL (NOTE 5)		–			–			–			–			0.00	^(b)
Net increase/(decrease) in net asset value		0.63			(0.32	)		(1.89	)		(0.23	)		0.47
Net asset value, end of year	$	9.65		$	9.02		$	9.34		$	11.23		$	11.46
TOTAL RETURN^(c)		11.63	%		0.23	%		(14.73	)%		1.26	%		6.95	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	23,458		$	22,228		$	4,252		$	9,605		$	10,109
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.97	%		0.96	%		0.97	%		0.98	%		1.01	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		0.89	%		0.90	%		0.93	%		0.95	%		0.96	%
Ratio of net investment income to average net assets		4.22	%		3.78	%		2.14	%		1.55	%		1.66	%
Portfolio turnover rate		135	%		133	%		179	%		178	%		360	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Effective September 1, 2023, the Adviser agreed to limit expenses to 0.59%. Prior to September 1, 2023, the Adviser agreed to limit expenses to 0.64%.

See Notes to Financial Statements and Financial Highlights.

58 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.02		$	9.34		$	11.23		$	11.46		$	10.99

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.41			0.35			0.22			0.18			0.19
Net realized and unrealized gain/(loss)		0.63			(0.32	)		(1.85	)		(0.03	)		0.57
Total from investment operations		1.04			0.03			(1.63	)		0.15			0.76

DISTRIBUTIONS:
From net investment income		(0.41	)		(0.35	)		(0.26	)		(0.19	)		(0.19	)
From net realized gains		–			–			–			(0.19	)		(0.10	)
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.41	)		(0.35	)		(0.26	)		(0.38	)		(0.29	)

REDEMPTION FEES ADDED TO PAID-IN
CAPITAL (NOTE 5)		–			–			–			–			0.00	^(b)
Net increase/(decrease) in net asset value		0.63			(0.32	)		(1.89	)		(0.23	)		0.47
Net asset value, end of year	$	9.65		$	9.02		$	9.34		$	11.23		$	11.46
TOTAL RETURN^(c)		11.64	%		0.21	%		(14.62	)%		1.27	%		6.96	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	36,553		$	22,153		$	16,024		$	27,342		$	15,016
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.96	%		0.97	%		0.96	%		0.97	%		0.99	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		0.88	%		0.92	%		0.92	%		0.94	%		0.95	%
Ratio of net investment income to average net assets		4.22	%		3.69	%		2.14	%		1.57	%		1.66	%
Portfolio turnover rate		135	%		133	%		179	%		178	%		360	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Effective September 1, 2023, the Adviser agreed to limit expenses to 0.59%. Prior to September 1, 2023, the Adviser agreed to limit expenses to 0.64%.

See Notes to Financial Statements and Financial Highlights.

59 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.00		$	9.32		$	11.21		$	11.44		$	10.97

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.34			0.28			0.15			0.09			0.11
Net realized and unrealized gain/(loss)		0.63			(0.32	)		(1.86	)		(0.02	)		0.57
Total from investment operations		0.97			(0.04	)		(1.71	)		0.07			0.68

DISTRIBUTIONS:
From net investment income		(0.34	)		(0.28	)		(0.18	)		(0.11	)		(0.11	)
From net realized gains		–			–			–			(0.19	)		(0.10	)
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.34	)		(0.28	)		(0.18	)		(0.30	)		(0.21	)

Net increase/(decrease) in net asset value		0.63			(0.32	)		(1.89	)		(0.23	)		0.47
Net asset value, end of year	$	9.63		$	9.00		$	9.32		$	11.21		$	11.44
TOTAL RETURN^(c)		10.87	%		(0.49	)%		(15.36	)%		0.55	%		6.23	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	4,143		$	4,451		$	4,223		$	7,184		$	6,508
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.73	%		1.70	%		1.71	%		1.71	%		1.72	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		1.59	%		1.63	%		1.64	%		1.66	%		1.67	%
Ratio of net investment income to average net assets		3.50	%		2.93	%		1.42	%		0.83	%		0.94	%
Portfolio turnover rate		135	%		133	%		179	%		178	%		360	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Effective September 1, 2023, the Adviser agreed to limit expenses to 0.59%. Prior to September 1, 2023, the Adviser agreed to limit expenses to 0.64%.

See Notes to Financial Statements and Financial Highlights.

60 | October 31, 2024

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, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Year Ended October 31, 2020
Net asset value, beginning of period	$	9.01		$	9.34		$	11.22		$	11.46		$	10.99

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.43			0.38			0.25			0.21			0.22
Net realized and unrealized gain/(loss)		0.64			(0.33	)		(1.84	)		(0.04	)		0.57
Total from investment operations		1.07			0.05			(1.59	)		0.17			0.79

DISTRIBUTIONS:
From net investment income		(0.44	)		(0.38	)		(0.29	)		(0.22	)		(0.22	)
From net realized gains		–			–			–			(0.19	)		(0.10	)
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.44	)		(0.38	)		(0.29	)		(0.41	)		(0.32	)

REDEMPTION FEES ADDED TO PAID-IN
CAPITAL (NOTE 5)		–			–			–			–			0.00	^(b)
Net increase/(decrease) in net asset value		0.63			(0.33	)		(1.88	)		(0.24	)		0.47
Net asset value, end of year	$	9.64		$	9.01		$	9.34		$	11.22		$	11.46
TOTAL RETURN^(c)		11.97	%		0.40	%		(14.40	)%		1.47	%		7.26	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	3,186,873		$	2,280,563		$	1,613,435		$	1,738,746		$	1,331,786
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.74	%		0.74	%		0.73	%		0.73	%		0.72	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		0.59	%		0.63	%		0.64	%		0.66	%		0.67	%
Ratio of net investment income to average net assets		4.50	%		3.98	%		2.46	%		1.84	%		1.94	%
Portfolio turnover rate		135	%		133	%		179	%		178	%		360	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Effective September 1, 2023, the Adviser agreed to limit expenses to 0.59%. Prior to September 1, 2023, the Adviser agreed to limit expenses to 0.64%.

See Notes to Financial Statements and Financial Highlights.

61 | October 31, 2024

ALPS | Smith Credit Opportunities Fund - Investor Class

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	8.55		$	8.82		$	10.45		$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.52			0.44			0.33			0.25			0.02
Net realized and unrealized gain/(loss)		0.66			(0.26	)		(1.59	)		0.51			(0.04	)
Total from investment operations		1.18			0.18			(1.26	)		0.76			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.51	)		(0.45	)		(0.33	)		(0.25	)		(0.02	)
From net realized gains		–			–			(0.04	)		(0.02	)		–
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.51	)		(0.45	)		(0.37	)		(0.27	)		(0.02	)

Net increase/(decrease) in net asset value		0.67			0.27			(1.63	)		0.49			(0.04	)
Net asset value, end of year	$	9.22		$	8.55		$	8.82		$	10.45		$	9.96
TOTAL RETURN^(c)		13.97	%		2.01	%		(12.28	)%		7.63	%		(0.23	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	330		$	316		$	6,155		$	6,869		$	699
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.93	%^(d)		0.90	%^(d)		1.17	%		1.25	%		2.36	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.87	%^(d)		0.89	%		1.17	%		1.19	%		1.20	%^(e)
Ratio of net investment income to average net assets		5.72	%		4.93	%		3.44	%		2.35	%		1.37	%^(e)
Portfolio turnover rate^(f)		181	%		176	%		187	%		211	%		66	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

^(e)

Annualized.

^(f)

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

See Notes to Financial Statements and Financial Highlights.

62 | October 31, 2024

ALPS | Smith Credit Opportunities Fund - Class A

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	8.51		$	8.83		$	10.45		$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.52			0.44			0.33			0.25			0.02
Net realized and unrealized gain/(loss)		0.66			(0.32	)		(1.58	)		0.51			(0.04	)
Total from investment operations		1.18			0.12			(1.25	)		0.76			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.51	)		(0.44	)		(0.33	)		(0.25	)		(0.02	)
From net realized gains		–			–			(0.04	)		(0.02	)		–
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.51	)		(0.44	)		(0.37	)		(0.27	)		(0.02	)

Net increase/(decrease) in net asset value		0.67			(0.32	)		(1.62	)		0.49			(0.04	)
Net asset value, end of year	$	9.18		$	8.51		$	8.83		$	10.45		$	9.96
TOTAL RETURN^(c)		14.04	%		1.28	%		(12.18	)%		7.65	%		(0.22	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	1,174		$	1,200		$	1,088		$	1,217		$	996
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.89	%^(d)		1.16	%		1.16	%		1.26	%		2.38	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.83	%^(d)		1.13	%		1.16	%		1.16	%		1.20	%^(e)
Ratio of net investment income to average net assets		5.76	%		4.96	%		3.45	%		2.41	%		1.33	%^(e)
Portfolio turnover rate^(f)		181	%		176	%		187	%		211	%		66	%

^(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)	According to the Fund's shareholder services plan with respect to the Fund's Class A shares, any amount of fees accrued according to the plan, but not paid during the Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practical. Ratios may be lower than the expense cap due to the amounts reimbursed to the Fund.
^(e)	Annualized.
^(f)	Portfolio turnover rate for periods less than one full year have not been annualized.

See Notes to Financial Statements and Financial Highlights.

63 | October 31, 2024

ALPS | Smith Credit Opportunities Fund - Class C

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	8.51		$	8.82		$	10.45		$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.43			0.37			0.26			0.17			0.01
Net realized and unrealized gain/(loss)		0.64			(0.31	)		(1.59	)		0.52			(0.04	)
Total from investment operations		1.07			0.06			(1.33	)		0.69			(0.03	)

DISTRIBUTIONS:
From net investment income		(0.44	)		(0.37	)		(0.26	)		(0.18	)		(0.01	)
From net realized gains		–			–			(0.04	)		(0.02	)		–
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.44	)		(0.37	)		(0.30	)		(0.19	)		(0.01	)

Net increase/(decrease) in net asset value		0.63			(0.31	)		(1.63	)		0.49			(0.04	)
Net asset value, end of year	$	9.14		$	8.51		$	8.82		$	10.45		$	9.96
TOTAL RETURN^(c)		12.73	%		0.65	%		(12.91	)%		6.88	%		(0.31	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	473		$	425		$	617		$	682		$	498
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.94	%		1.93	%		1.90	%		2.00	%		3.09	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%^(d)
Ratio of net investment income to average net assets		4.69	%		4.17	%		2.71	%		1.67	%		0.63	%^(d)
Portfolio turnover rate^(e)		181	%		176	%		187	%		211	%		66	%

^(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 and Financial Highlights.

64 | October 31, 2024

ALPS | Smith Credit Opportunities Fund - Class I

Financial Highlights

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

	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	8.51		$	8.83		$	10.45		$	9.97		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.52			0.46			0.35			0.28			0.02
Net realized and unrealized gain/(loss)		0.65			(0.32	)		(1.57	)		0.50			(0.03	)
Total from investment operations		1.17			0.14			(1.22	)		0.78			(0.01	)

DISTRIBUTIONS:
From net investment income		(0.53	)		(0.46	)		(0.36	)		(0.28	)		(0.02	)
From net realized gains		–			–			(0.04	)		(0.02	)		–
From tax return of capital		–			–			(0.00	)^(b)		–			–
Total distributions		(0.53	)		(0.46	)		(0.40	)		(0.30	)		(0.02	)

Net increase/(decrease) in net asset value		0.64			(0.32	)		(1.62	)		0.48			(0.03	)
Net asset value, end of year	$	9.15		$	8.51		$	8.83		$	10.45		$	9.97
TOTAL RETURN^(c)		13.98	%		1.55	%		(11.94	)%		7.83	%		(0.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	208,541		$	213,705		$	284,247		$	298,535		$	25,051
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.01	%		0.96	%		0.93	%		1.03	%		1.86	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%^(d)
Ratio of net investment income to average net assets		5.69	%		5.17	%		3.70	%		2.66	%		1.79	%^(d)
Portfolio turnover rate^(e)		181	%		176	%		187	%		211	%		66	%

^(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 and Financial Highlights.

65 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

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 ALPS | Smith Short Duration Bond Fund, ALPS | Smith Total Return Bond Fund and ALPS | Smith Credit Opportunities Fund (each, a “Fund” and collectively, the “Funds”).

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 Total Return Bond Fund seeks to obtain maximum total return, consistent with preservation of capital. The ALPS | Smith Credit Opportunities Fund seeks to obtain maximum risk-adjusted return with a secondary focus on high current income.

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 increases and decreases in net assets from operations during the reporting 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 follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services -Investment Companies".

The market price for debt obligations is generally the price supplied by an independent third-party pricing service utilized by ALPS Advisors, Inc. (the "Adviser") as the valuation designee (the "Valuation Designee"), 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 oddlot 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 Funds have odd lot pricing policies they employ to value odd lot securities.

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

66 | October 31, 2024

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October 31, 2024

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, 2024:

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
Bank Loans	$	–	$	1,491,241	$	–	$	1,491,241
Collateralized Mortgage Obligations		–		251,489		–		251,489
Commercial Mortgage-Backed Securities		–		263,631		–		263,631
Mortgage-Backed Securities		–		6,236,778		–		6,236,778
Corporate Bonds		–		392,575,979		–		392,575,979
Government Bonds		–		168,065,412		–		168,065,412
Short Term Investments		1,527,965		–		–		1,527,965
Total	$	1,527,965	$	568,884,530	$	–	$	570,412,495

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
Bank Loans	$	–	$	67,463,259	$	–	$	67,463,259
Collateralized Mortgage Obligations		–		276,633,421		–		276,633,421
Commercial Mortgage-Backed Securities		–		55,546,396		–		55,546,396
Mortgage-Backed Securities		–		462,710,127		–		462,710,127
Corporate Bonds		2,436,977		1,118,181,661		–		1,120,618,638
Government Bonds		–		1,107,853,762		–		1,107,853,762
Preferred Stock		7,602,378		75,754,134		–		83,356,512
Short Term Investments		47,248,215		–		–		47,248,215
Total	$	57,287,570	$	3,164,142,760	$	–	$	3,221,430,330

67 | October 31, 2024

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October 31, 2024

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
Bank Loans	$	–	$	17,984,798	$	–	$	17,984,798
Collateralized Mortgage Obligations		–		7,718,365		–		7,718,365
Commercial Mortgage-Backed Securities		–		2,810,424		–		2,810,424
Mortgage-Backed Securities		–		3,632,862		–		3,632,862
Corporate Bonds		–		155,827,699		–		155,827,699
Government Bonds		–		8,723,859		–		8,723,859
Preferred Stock		674,397		6,487,966		–		7,162,363
Short Term Investments		2,764,002		–		–		2,764,002
Total	$	3,438,399	$	203,185,973	$	–	$	206,624,372

For the year ended October 31, 2024, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

As of and during the fiscal year ended October 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. 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 normally pays dividends, if any, on a monthly basis and distributes capital gains, if any, annually. Income dividend distributions are derived from interest, dividends, and other income a Fund receives from its investments, including distributions of shortterm 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.

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. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations.

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

68 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

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. A Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in a Fund having a contractual relationship only with the lender, not with the borrower. A 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, a 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 a Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a 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, a 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 a Fund purchases assignments of loans from lenders, such 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.

3. 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, 2024 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| Smith Short Duration Bond Fund	$	25,651,855	$	–
ALPS \| Smith Total Return Bond Fund		133,405,623		–
ALPS \| Smith Credit Opportunities Fund		13,110,323		–

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2023 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| Smith Short Duration Bond Fund	$	25,706,335	$	–
ALPS \| Smith Total Return Bond Fund		82,393,989		–
ALPS \| Smith Credit Opportunities Fund		12,125,733		–

For the fiscal year ended October 31, 2024, 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 \| Smith Short Duration Bond Fund	$	(53,623	)	$	53,623
ALPS \| Smith Credit Opportunities Fund		(16,369	)		16,369

As of October 31, 2024, the components of distributable earnings/(accumulated losses) 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 \| Smith Short Duration Bond Fund	$	–	$	(23,129,420	)	$	–	$	1,896,036	$	$	(21,233,384	)
ALPS \| Smith Total Return Bond Fund		37,683		(217,284,112	)		–		(28,278,747	)		(245,525,176	)
ALPS \| Smith Credit Opportunities Fund		–		(39,826,662	)		–		1,358,707			(38,467,955	)

69 | October 31, 2024

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October 31, 2024

Capital loss carryovers used during the year ended October 31, 2024 for ALPS | Smith Short Duration Bond Fund and ALPS | Smith Credit Opportunities Fund, were $1,846,807 and $1,200,220, respectively.

Fund	Short-Term		Long-Term
ALPS \| Smith Short Duration Bond Fund	$	16,662,857	$	6,466,563
ALPS \| Smith Total Return Bond Fund		122,604,591		94,679,521
ALPS \| Smith Credit Opportunities Fund		17,963,199		21,863,463

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
ALPS \| Smith Short Duration Bond Fund	$	3,337,980	$	(1,441,944	)	$	1,896,036		$	568,516,459
ALPS \| Smith Total Return Bond Fund		22,843,654		(51,122,401	)		(28,278,747	)		3,249,709,077
ALPS \| Smith Credit Opportunities Fund		3,915,591		(2,556,884	)		1,358,707			205,265,665

The differences between book cost and tax cost of investments and unrealized appreciation/depreciation are primarily attributed to the tax deferral of losses on wash sales and trust preferred basis adjustments.

4. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the fiscal year ended October 31, 2024 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| Smith Short Duration Bond Fund	$	472,387,675	$	515,479,293
ALPS \| Smith Total Return Bond Fund		1,538,973,498		1,223,655,270
ALPS \| Smith Credit Opportunities Fund		254,092,305		261,655,164

Purchases and sales of U.S. Government Obligations during the fiscal year ended October 31, 2024 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| Smith Short Duration Bond Fund	$	454,240,043	$	410,791,585
ALPS \| Smith Total Return Bond Fund		3,012,471,295		2,536,125,068
ALPS \| Smith Credit Opportunities Fund		153,852,148		157,489,438

70 | October 31, 2024

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October 31, 2024

5. BENEFICIAL INTEREST TRANSACTIONS

Transactions in shares of capital stock were as follows:

	ALPS \| Smith Short Duration Bond Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		736,898			977,756
Dividends reinvested		71,743			53,117
Shares redeemed		(462,303	)		(1,205,712	)
Net increase/(decrease) in shares outstanding		346,338			(174,839	)
Class A
Shares sold		1,271,414			1,063,977
Dividends reinvested		38,836			29,516
Shares redeemed		(1,370,771	)		(1,559,645	)
Net decrease in shares outstanding		(60,521	)		(466,152	)
Class C
Shares sold		47,618			77,686
Dividends reinvested		4,320			5,259
Shares redeemed		(60,490	)		(230,204	)
Net decrease in shares outstanding		(8,552	)		(147,259	)
Class I
Shares sold		26,951,147			37,464,088
Dividends reinvested		1,675,797			1,513,481
Shares redeemed		(33,238,038	)		(53,924,320	)
Net decrease in shares outstanding		(4,611,094	)		(14,946,751	)

	ALPS \| Smith Total Return Bond Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		1,721,733			2,470,424
Dividends reinvested		124,876			62,940
Shares redeemed		(1,881,622	)		(523,399	)
Net increase/(decrease) in shares outstanding		(35,013	)		2,009,965
Class A
Shares sold		3,115,132			1,426,220
Dividends reinvested		131,450			76,177
Shares redeemed		(1,916,329	)		(760,795	)
Net increase in shares outstanding		1,330,253			741,602
Class C
Shares sold		91,504			170,859
Dividends reinvested		13,679			12,339
Shares redeemed		(169,663	)		(141,433	)
Net increase/(decrease) in shares outstanding		(64,480	)		41,765
Class I
Shares sold		172,574,925			143,800,894
Dividends reinvested		10,664,099			6,365,794
Shares redeemed		(105,892,520	)		(69,853,996	)
Net increase in shares outstanding		77,346,504			80,312,692

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October 31, 2024

	ALPS \| Smith Credit Opportunities Fund
	For the Year Ended October 31, 2024			For the Year Ended October 31, 2023
Investor Class
Shares sold		11			7,241
Dividends reinvested		1,972			4,600
Shares redeemed		(3,248	)		(672,281	)
Net decrease in shares outstanding		(1,265	)		(660,440	)
Class A
Shares sold		26,173			29,265
Dividends reinvested		985			1,306
Shares redeemed		(40,185	)		(12,827	)
Net increase/(decrease) in shares outstanding		(13,027	)		17,744
Class C
Shares sold		1,699			2,964
Shares redeemed		–			(22,883	)
Net increase/(decrease) in shares outstanding		1,699			(19,919	)
Class I
Shares sold		6,589,512			6,774,870
Dividends reinvested		1,152,634			1,041,005
Shares redeemed		(10,059,443	)		(14,896,353	)
Net decrease in shares outstanding		(2,317,297	)		(7,080,478	)

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

The Adviser 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.

The Adviser has delegated daily management of the Funds listed below to Smith Capital Investors, LLC (the "Sub-Adviser"). The Sub-Adviser manages the investments of the Funds in accordance with its investment objective, policies and limitations and investment guidelines established jointly by the Adviser and the Board.

Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Funds listed below pay the Adviser 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 \| Smith Short Duration Bond Fund	0.365%
ALPS \| Smith Total Return Bond Fund	0.545%
ALPS \| Smith Credit Opportunities Fund	0.75%

Pursuant to an Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser of the Funds listed below an annual sub-advisory management fee which is based on each Fund's average daily assets. The Adviser is required to pay all fees due to each Sub-Adviser out of the management fee the Adviser 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 \| 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%

The Adviser and Sub-Adviser 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.

72 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Fund*	Investor Class	Class A	Class C	Class I
ALPS \| Smith Short Duration Bond Fund	0.49%	0.49%	0.49%	0.49%
ALPS \| Smith Total Return Bond Fund	0.59%	0.59%	0.59%	0.59%
ALPS \| Smith Credit Opportunities Fund	0.90%	0.90%	0.90%	0.90%

* See each Fund’s Prospectus for Expense Limitation agreement expiration dates.

The Adviser and the Sub-Adviser 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 Funds are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees were waived or expenses were deferred, as calculated on a monthly basis. As of the fiscal year ended October 31, 2024, the Adviser and the Sub-Adviser may seek reimbursement of previously waived and reimbursed fees as follows:

Fund	Expires 10/31/2025		Expires 10/31/2026		Expires 10/31/2027		Total
ALPS \| Smith Short Duration Bond Fund - Investor Class	$	4,469	$	10,424	$	5,631	$	20,524
ALPS \| Smith Short Duration Bond Fund - Class A		8,598		3,016		1,092		12,706
ALPS \| Smith Short Duration Bond Fund - Class C		1,495		1,520		909		3,924
ALPS \| Smith Short Duration Bond Fund - Class I		407,457		457,964		442,793		1,308,214

ALPS \| Smith Total Return Bond Fund - Investor Class		3,056		8,817		24,232		36,105
ALPS \| Smith Total Return Bond Fund - Class A		8,987		11,874		27,162		48,023
ALPS \| Smith Total Return Bond Fund - Class C		3,783		3,350		6,076		13,209
ALPS \| Smith Total Return Bond Fund - Class I		1,505,281		2,107,663		4,310,128		7,923,072

ALPS \| Smith Credit Opportunities Fund - Investor Class		N/A		131		210		341
ALPS \| Smith Credit Opportunities Fund - Class A		N/A		398		591		989
ALPS \| Smith Credit Opportunities Fund - Class C		N/A		185		174		359
ALPS \| Smith Credit Opportunities Fund - Class I		91,465		139,197		243,192		473,854

ALPS | Smith Short Duration Bond Fund recouped fees of $462 (Investor Class) and $203 (Class A) during the fiscal year ended October 31, 2024.

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

The Funds have adopted Distribution and Services Plans (the "Plans”) pursuant to Rule 12b-1 of the 1940 Act for the Investor Class, Class A and Class C shares. The Plans allows each Fund to use Investor Class, Class A and Class C assets to pay fees in connection with the distribution and marketing of Investor Class, Class A and Class C shares and/or the provision of shareholder services to Investor Class, Class A and Class C shareholders. The Plans permit payment for services in connection with the administration of plans or programs that use Investor Class, Class A and Class C 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 and Class A shares and 0.75% of a Fund's average daily net assets attributable to its Class C shares.

73 | October 31, 2024

Notes to Financial Statements and Financial Highlights

October 31, 2024

Shareholder Services Plans

The Funds have adopted a shareholder services plan with respect to the Investor Class shares and Class A shares (the “Investor Class Shareholder Services Plan” and the “Class A Shareholder Services Plan”). Under the Investor Class Shareholder Services Plan and Class A 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 and 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 (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, 2024 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

The Funds have adopted a shareholder services plan with respect to their 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.

Fund Administrator

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. Administrative fees paid by the Funds for the fiscal year ended October 31, 2024 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

Transfer Agent

Trustees

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

7. 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.

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements

74 | October 31, 2024

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Financial Investors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of ALPS | Smith Short Duration Bond Fund, ALPS | Smith Total Return Bond Fund, and ALPS | Smith Credit Opportunities Fund (the "Funds”), each a series of Financial Investors Trust, as of October 31, 2024, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years or periods ended October 31, 2021, and prior, were audited by other auditors whose report dated December 30, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, agent banks, and brokers; when replies were not received from brokers and agent banks, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2024

75 | October 31, 2024

Additional Information

October 31, 2024 (Unaudited)

1. TAX INFORMATION (UNAUDITED)

Qualified Dividend Income

The percentage of ordinary income dividends distributed during the calendar year ended December 31, 2023 are designated as qualified dividend income (QDI) in the following percentages:

	Amount
ALPS Smith Total Return Bond Fund	0.70%
ALPS Smith Credit Opportunities Fund	0.65%

Dividends Received Deduction

For corporate shareholders, the following ordinary dividends paid during the calendar year ended December 31, 2023 qualify for the corporate dividends received deduction:

	Amount
ALPS Smith Total Return Bond Fund	0.70%
ALPS Smith Credit Opportunities Fund	0.76%

76 | October 31, 2024

Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

77 | October 31, 2024

Proxy Disclosures for Open-End

Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

78 | October 31, 2024

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

October 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the fiscal year ended October 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation from the Trust		Total Compensation from the Trust
Mary K. Anstine	$	191,500	$	–	$	191,500
Jeremy W. Deems		200,500		–		200,500
Jerry G. Rutledge		176,500		–		176,500
Michael “Ross” Shell		197,500		–		197,500
Edmund J. Burke		176,500		–		176,500
Total	$	942,500	$	–	$	942,500

Officers who are employed by the Adviser receive no compensaton or expense reimbursement from the Trust.

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

79 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to each of the ALPS | Smith Short Duration Bond Fund (the “Short Duration Bond Fund”), the ALPS | Smith Total Return Bond Fund (the “Total Return Bond Fund”), and the ALPS | Smith Credit Opportunities Fund (the “Credit Opportunities Fund” and, collectively with the Short Duration Bond Fund and Total Return Bond Fund, the “Smith Funds”) and the sub-advisory agreement with Smith Capital Investors, LLC (the “Sub-Adviser” or “Smith Capital”) with respect to each of the Smith Funds (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, the Board met on June 11-12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

In approving AAI as the Smith Funds' investment adviser and the Sub-Adviser as the Smith Funds' sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

In renewing and approving the investment advisory agreements with AAI and the investment sub-advisory agreements with the Sub-Adviser, 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 0.365% of the Short Duration Bond Fund's daily average net assets, 0.545% of the Total Return Bond Fund's daily average daily net assets, and 0.75% of the Credit Opportunities Fund's average daily net assets, 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, 0.42% of the Total Return Bond Fund's daily average daily net assets, and 0.50% of the Credit Opportunities Fund average daily net 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 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 advisory fee for each class of the Total Return Bond Fund and Credit Opportunities Fund was higher than the Data Provider peer group median rate; and the contractual advisory fee for each class of the Short Duration Bond Fund was equal to the Data Provider peer group median rate, except for Class C, which was higher than the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the total net expense ratios of 0.89%, 1.59%, 0.59%, and 0.89% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Total Return Bond Fund; 0.75%, 1.49%, 0.49%, and 0.78% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Short Duration Bond Fund; and 1.13%, 1.90%, 0.90%, and 1.20% for the Class A, Class C, Class I, and Investor Class shares of the Credit Opportunities Fund, respectively. The Trustees noted that the total net expense ratio of each class of Total Return Bond Fund, Short Duration Bond Fund, and Credit Opportunities Fund was higher than 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 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

80 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

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 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 Codes of Ethics.

Performance: The Trustees reviewed performance information for the Smith Funds, which included a comparison of each Fund's performance to the performance of a group of comparable funds selected by the Data Provider for the one-year, three-year, five-year and since inception periods ended March 31, 2024, as applicable.

The Trustees noted that for the one-year period, each class of the Short Duration Fund underperformed the Data Provider peer group median; for the three-year period, each class of the Short Duration Fund outperformed the Data Provider peer group median, except for Class I of the Short Duration Fund, which had performance equal to the Data Provider peer group median; for the five-year and since inception periods, each class of the Short Duration Fund outperformed the Data Provider peer group median.

The Trustees noted that for the one-year period, Class A and Class I of the Credit Opportunities Fund had performance equal to the Data Provider peer group median and Class C and Investor Class of the Credit Opportunities Fund outperformed the Data Provider peer group median; and for the three-year and since inception periods, each class of the Credit Opportunities Fund underperformed the Data Provider peer group median.

The Trustees noted that for the one-year period, each class of the Total Return Fund had performance equal to the Data Provider peer group median, except for Class C of the Total Return Fund, which underperformed the Data Provider peer group median; for the three-year, five-year, and since inception periods, each class of the Total Return Fund outperformed the Data Provider peer group median.

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 certain information provided by Smith Capital regarding fees charged to its other clients utilizing a strategy similar to that employed by the Total Return Fund, but that Smith Capital indicated it had no other clients utilizing a strategy similar to that employed by the other Smith Funds. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by a Smith Fund.

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 Advisory 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 advisory fee for each class of the Total Return Bond Fund and Credit Opportunities Fund was higher than the Data Provider peer group median rate; the contractual advisory fee for each class of the Short Duration Bond Fund was equal to the Data Provider peer group median rate, except for Class C, which was higher than the Data Provider peer group median rate;

Smith Capital's fees under its sub-advisory agreement are paid directly by AAI;

the total net expense ratio of each class of Total Return Bond Fund, Short Duration Bond Fund, and Credit Opportunities Fund was higher than the Data Provider peer group median ratio;

81 | October 31, 2024

Statement Regarding Basis

for Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

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;

for the one-year period, each class of the Short Duration Fund underperformed the Data Provider peer group median; for the three-year period, each class of the Short Duration Fund outperformed the Data Provider peer group median, except for Class I of the Short Duration Fund, which had performance equal to the Data Provider peer group median; for the five-year and since inception periods, each class of the Short Duration Fund outperformed the Data Provider peer group median;

for the one-year period, Class A and Class I of the Credit Opportunities Fund had performance equal to the Data Provider peer group median and Class C and Investor Class of the Credit Opportunities Fund outperformed the Data Provider peer group median; and for the three-year and since inception periods, each class of the Credit Opportunities Fund underperformed the Data Provider peer group median;

for the one-year period, each class of the Total Return Fund had performance equal to the Data Provider peer group median, except for Class C of the Total Return Fund, which underperformed the Data Provider peer group median; for the three-year, five-year, and since inception periods, each class of the Total Return Fund outperformed the Data Provider peer group median;

that (a) AAI had no other clients utilizing a strategy similar to that employed by the Smith Funds; (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 Smith Capital's other clients employing a comparable strategy to the Total Return Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Total Return Fund; and (c) Smith Capital indicated it had no other clients utilizing a strategy similar to that employed by the other 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

at this time, 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.

82 | October 31, 2024

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Schedule of Investments	1
Statement of Assets and Liabilities	5
Statement of Operations	6
Statement of Changes in Net Assets	7
Financial Highlights	8
Notes to Financial Statements and Financial Highlights	9
Report of Independent Registered Public Accounting Firm	15
Additional Information	16
Changes in and Disagreements with Accountants for Open-End Management Investment Companies	17
Proxy Disclosures for Open-End Management Investment Companies	18
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	19
Statement Regarding Basis for Approval of Investment Advisory Contract	20

alpsfunds.com

ALPS | CoreCommodity Natural Resources ETF

Schedule of Investments

October 31, 2024

	Shares		Value (Note 2)
COMMON STOCKS (99.58%)
Consumer Discretionary (0.52%)
Home Construction (0.52%)
Sumitomo Forestry Co., Ltd.		38,139	$	1,493,531

TOTAL CONSUMER DISCRETIONARY				1,493,531

Consumer Staples (13.59%)
Agricultural Producers (0.24%)
Adecoagro SA		59,840		688,160

Food (11.34%)
AAK AB		15,866		454,184
Cal-Maine Foods, Inc.		45,136		3,962,038
China Mengniu Dairy Co., Ltd.		936,402		2,095,856
Darling Ingredients, Inc.^(a)		59,559		2,329,352
Dole PLC		40,064		647,034
Hormel Foods Corp.		121,109		3,699,880
Inghams Group, Ltd.		1,016,830		1,920,529
Ingredion, Inc.		25,125		3,335,595
MEIJI Holdings Co., Ltd.		43,344		1,012,711
Morinaga Milk Industry Co., Ltd.		3,424		79,842
Mowi ASA		101,387		1,742,442
NH Foods, Ltd.		27,231		948,622
Nisshin Seifun Group, Inc.		80,148		942,111
Nissui Corp.		146,080		896,824
Pilgrim's Pride Corp.^(a)		42,474		2,057,441
Salmar ASA		17,059		865,341
Suedzucker AG		144,920		1,738,731
Tyson Foods, Inc., Class A		40,774		2,388,949
WH Group, Ltd.^(b)		1,514,775		1,180,785
				32,298,267

Wholesale - Consumer Staples (2.01%)
Archer-Daniels-Midland Co.		58,933		3,253,691
Bunge Global SA		29,346		2,465,651
				5,719,342

TOTAL CONSUMER STAPLES				38,705,769

Energy (35.41%)
Oil & Gas Producers (22.10%)
Advantage Energy, Ltd.^(a)		82,812		518,040
Aker BP ASA		122,614		2,614,975
Antero Resources Corp.^(a)		2,516		65,114
APA Corp.		8,681		204,872
ARC Resources, Ltd.		44,662		739,689
Athabasca Oil Corp.^(a)		114,511		425,196
Baytex Energy Corp.		131,467		371,074
Beach Energy, Ltd.		596,177		490,429
Birchcliff Energy, Ltd.		50,213		187,170
Canadian Natural Resources, Ltd.		18,226		619,816
Cenovus Energy, Inc.		197,712		3,179,352

	Shares		Value (Note 2)
Oil & Gas Producers (continued)
Chevron Corp.		1,752	$	260,733
Chord Energy Corp.		7,157		895,341
Civitas Resources, Inc.		19,524		952,576
CNX Resources Corp.^(a)		2,050		69,762
ConocoPhillips		24,118		2,641,886
Coterra Energy, Inc.		81,047		1,938,644
Crescent Energy Co.		55,043		684,184
Devon Energy Corp.		74,581		2,884,792
Diamondback Energy, Inc.		1,553		274,524
Eni SpA, Sponsored Sponsored ADR		541		16,463
Eni SpA		145,070		2,211,089
EOG Resources, Inc.		2,756		336,122
EQT Corp.		2,807		102,568
Equinor ASA		122,872		2,949,434
Exxon Mobil Corp.		3,163		369,375
Geopark, Ltd.		184,960		1,450,086
Harbour Energy PLC		212,745		758,236
Hess Corp.		1,142		153,576
HighPeak Energy, Inc.		51,348		657,254
Inpex Corp.		209,872		2,781,212
Japan Petroleum Exploration Co., Ltd.		192,025		1,454,658
Karoon Energy, Ltd.		667,340		610,454
Kosmos Energy, Ltd.^(a)		42,725		160,646
Magnolia Oil & Gas Corp., Class A		52,417		1,325,102
Matador Resources Co.		31,994		1,667,207
MEG Energy Corp.		85,820		1,568,657
Murphy Oil Corp.		86,716		2,729,819
NuVista Energy, Ltd.^(a)		100,809		809,455
Occidental Petroleum Corp.		38,950		1,951,785
OMV AG		2,682		111,151
Parex Resources, Inc.		342,032		3,176,266
Permian Resources Corp.		27,258		371,527
Petroleo Brasileiro SA, Sponsored ADR		23,354		314,111
Peyto Exploration & Development Corp.		89,763		978,635
Range Resources Corp.		3,193		95,886
Repsol SA		10,804		134,561
SandRidge Energy, Inc.		126,826		1,406,500
SM Energy Co.		47,692		2,001,633
Suncor Energy, Inc.		7,459		281,571
Tamarack Valley Energy, Ltd.		295,260		880,044
Topaz Energy Corp.		19,475		373,597
TotalEnergies SE		15,350		958,404
Tourmaline Oil Corp.		29,821		1,374,805
VAALCO Energy, Inc.		104,572		558,414
Var Energi ASA		661,669		2,078,204
Veren, Inc.		133,073		685,268
Vermilion Energy, Inc.		260,612		2,429,521

See Notes to Financial Statements and Financial Highlights.

1 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Schedule of Investments

October 31, 2024

	Shares		Value (Note 2)
Oil & Gas Producers (continued)
Woodside Energy Group, Ltd.		42,912	$	671,554
				62,963,019

Oil & Gas Services & Equipment (9.08%)
Aker Solutions ASA		154,500		733,862
Archrock, Inc.		22,138		443,203
Baker Hughes Co.		21,169		806,116
ChampionX Corp.		56,609		1,597,506
Core Laboratories, Inc.		32,354		611,491
Expro Group Holdings NV^(a)		43,035		548,696
Halliburton Co.		59,617		1,653,775
Helix Energy Solutions Group, Inc.^(a)		58,175		538,119
Helmerich & Payne, Inc.		60,574		2,035,285
Liberty Energy, Inc., Class A		69,700		1,189,779
Nabors Industries, Ltd.^(a)		13,632		1,014,357
National Oilwell Varco, Inc.		49,072		761,107
Noble Corp. PLC		40,264		1,287,643
NOW, Inc.^(a)		56,994		674,239
Oceaneering International, Inc.^(a)		33,336		813,398
Patterson-UTI Energy, Inc.		159,711		1,224,983
ProPetro Holding Corp.^(a)		229,591		1,586,474
RPC, Inc.		263,716		1,497,907
Saipem SpA^(a)		288,966		686,480
Schlumberger NV		29,618		1,186,793
Secure Energy Services, Inc.		84,829		944,948
Select Water Solutions, Inc.		64,638		685,163
Subsea 7 SA		36,734		562,020
TGS ASA		159,706		1,450,394
Tidewater, Inc.^(a)		1,208		72,565
Transocean, Ltd.^(a)		30,033		130,343
Vital Energy, Inc.^(a)		41,055		1,119,570
				25,856,216

Renewable Energy (4.23%)
Array Technologies, Inc.^(a)		73,270		478,453
Corp ACCIONA Energias Renovables SA		17,143		353,552
Daqo New Energy Corp., ADR^(a)		83,240		1,879,559
Encavis AG^(a)		35,770		668,842
Enphase Energy, Inc.^(a)		3,095		257,009
First Solar, Inc.^(a)		4,303		836,847
Flat Glass Group Co., Ltd.		509,504		1,038,132
Fluence Energy, Inc.^(a)		34,796		756,813
GS Yuasa Corp.		23,070		415,955
JinkoSolar Holding Co., Ltd., ADR		40,007		1,062,586
Shoals Technologies Group, Inc., Class A^(a)		268,396		1,452,023
SMA Solar Technology AG		79,773		1,390,971

	Shares		Value (Note 2)
Renewable Energy (continued)
Xinyi Solar Holdings, Ltd.		2,828,032	$	1,451,467
				12,042,209

TOTAL ENERGY				100,861,444

Financials (0.24%)
Asset Management (0.24%)
Remgro, Ltd.		79,039		688,442

TOTAL FINANCIALS				688,442

Industrials (7.60%)
Engineering & Construction (0.62%)
Technip Energies NV		70,551		1,752,782

Machinery (6.75%)
AGCO Corp.		25,358		2,531,743
Bucher Industries AG		1,013		394,736
CNH Industrial NV		420,688		4,724,325
Deere & Co.		7,929		3,208,787
Epiroc AB		47,475		924,142
FLSmidth & Co. A/S		8,240		429,438
Fluidra SA		9,569		257,302
Kubota Corp.		164,659		2,136,535
Kurita Water Industries, Ltd.		37,727		1,436,675
Organo Corp.		18,825		900,735
Sany Heavy Equipment International Holdings Co., Ltd.		1,002,544		656,404
Veralto Corp.		15,586		1,592,733
				19,193,555

Transportation & Logistics (0.23%)
FLEX LNG, Ltd.		26,883		658,634

TOTAL INDUSTRIALS				21,604,971

Materials (35.59%)
Agricultural Chemicals (1.09%)
Mosaic Co.		24,865		665,387
Nutrien, Ltd.		51,530		2,456,950
				3,122,337

Base Metal (1.33%)
Hudbay Minerals, Inc.		422,927		3,793,844

Chemicals (5.21%)
Albemarle Corp.		1,928		182,639
CF Industries Holdings, Inc.		2,716		223,337
Corteva, Inc.		51,974		3,166,256
FMC Corp.		68,329		4,440,702
ICL Group, Ltd.		585,356		2,421,060
ICL Group, Ltd.		64,572		266,037

See Notes to Financial Statements and Financial Highlights.

2 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Schedule of Investments

October 31, 2024

	Shares		Value (Note 2)
Chemicals (continued)
Incitec Pivot, Ltd.		64,914	$	128,587
K+S AG		254,801		3,088,941
Nutrien, Ltd.		9,268		441,917
OCI N.V.		2,852		34,637
Yara International ASA		13,735		413,041
				14,807,154

Forestry, Paper & Wood Products (0.77%)
Canfor Corp.^(a)		52,591		627,383
Svenska Cellulosa AB SCA		57,385		758,613
West Fraser Timber Co., Ltd.		8,819		796,487
				2,182,483

Metals & Mining (25.14%)
African Rainbow Minerals, Ltd.		41,932		422,388
Agnico Eagle Mines, Ltd.		12,656		1,092,086
Agnico-Eagle Mines, Ltd.		15,065		1,300,328
Alamos Gold, Inc., Class A		34,317		692,517
Alcoa Corp.		44,408		1,780,317
Anglo American PLC		11,659		360,811
Antofagasta PLC		10,606		236,868
Aurubis AG		23,046		1,808,675
B2Gold Corp.		1,104,030		3,665,380
BHP Group, Ltd.		65,091		1,826,539
Boliden AB		125,342		3,891,590
Capricorn Metals, Ltd.^(a)		164,660		683,767
Capstone Copper Corp.^(a)		22,970		158,869
Centerra Gold, Inc.		210,486		1,487,544
Century Aluminum Co.^(a)		54,559		962,966
Champion Iron, Ltd.		198,793		766,636
China Hongqiao Group, Ltd.		487,163		785,818
Cia de Minas Buenaventura SAA, ADR		84,834		1,107,932
Coronado Global Resources, Inc.^(b)(c)		532,417		355,638
Deterra Royalties, Ltd.		334,638		814,831
Dowa Holdings Co., Ltd.		40,988		1,417,072
Dundee Precious Metals, Inc.		131,608		1,338,435
Eldorado Gold Corp.^(a)		49,704		863,358
Endeavour Mining PLC		72,805		1,612,079
Eramet SA		15,042		884,362
Evolution Mining, Ltd.		552,822		1,906,371
Fortescue, Ltd.		165,922		2,093,230
Franco-Nevada Corp.		2,684		356,059
Freeport-McMoRan, Inc.		48,946		2,203,549
Gold Fields, Ltd., Sponsored ADR		45,794		754,685
Grupo Mexico SAB de CV, Series B		339,784		1,782,850
Iluka Resources, Ltd.		483,509		1,867,813
Impala Platinum Holdings, Ltd.		48,191		315,333
Industrias Penoles SAB de CV^(a)		41,558		654,622
Kumba Iron Ore, Ltd.		62,652		1,179,833
Labrador Iron Ore Royalty Corp.		43,533		952,358

	Shares		Value (Note 2)
Metals & Mining (continued)
Liontown Resources, Ltd.^(a)		119,163	$	64,697
Lundin Mining Corp.		420,167		4,085,942
Metso Corporation		121,201		1,147,766
Mineral Resources, Ltd.		9,625		249,567
Mitsubishi Materials Corp.		48,657		811,324
MP Materials Corp.^(a)		12,919		232,413
Newmont Corp. - CDI		4,048		189,036
NexGen Energy, Ltd.^(a)		15,177		111,619
Norsk Hydro ASA		290,309		1,786,687
Northern Star Resources, Ltd.		255,960		2,986,563
OceanaGold Corp.		588,780		1,670,328
Pan American Silver Corp.		9,901		231,782
Perseus Mining, Ltd.		477,465		901,808
Pilbara Minerals, Ltd.		159,804		299,725
Ramelius Resources, Ltd.		1,145,390		1,801,532
Sandfire Resources NL^(a)		9,260		63,195
South32, Ltd.		788,087		1,908,590
Southern Copper Corp.		16,863		1,847,342
Sumitomo Metal Mining Co., Ltd.		15,180		428,705
SunCoke Energy, Inc.		44,206		455,764
Teck Resources, Ltd., Class B		49,921		2,320,827
Torex Gold Resources, Inc.^(a)		47,971		1,034,631
Warrior Met Coal, Inc.		24,362		1,537,973
Wheaton Precious Metals Corp.		1,508		99,543
Zhaojin Mining Industry Co., Ltd.		493,192		869,133
				71,520,001

Steel (2.05%)
Acerinox SA		40,973		374,597
ArcelorMittal SA - NY Reg		13,827		340,421
ATI, Inc.^(a)		18,996		1,001,279
Cleveland-Cliffs, Inc.^(a)		10,358		134,447
Daido Steel Co., Ltd.		24,109		188,981
Metallus, Inc.^(a)		9,887		139,308
Nippon Steel Corp.		21,576		435,809
OSAKA Titanium Technologies Co., Ltd.		71,766		1,025,904
Outokumpu Oyj		55,245		197,825
SSAB AB, Class A		83,291		399,313
Steel Dynamics, Inc.		1,456		190,008
thyssenkrupp AG		142,307		495,806
United States Steel Corp.		5,600		217,560
voestalpine AG		29,417		609,567
Yamato Kogyo Co., Ltd.		2,517		121,559
				5,872,384

TOTAL MATERIALS				101,298,203

See Notes to Financial Statements and Financial Highlights.

3 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Schedule of Investments

October 31, 2024

	Shares		Value (Note 2)
Real Estate (0.27%)
REIT (0.27%)
PotlatchDeltic Corp.		18,470	$	767,798

TOTAL REAL ESTATE				767,798

Technology (0.63%)
Semiconductors (0.63%)
SUMCO Corp.		181,699		1,785,419

TOTAL TECHNOLOGY				1,785,419

Utilities (5.73%)
Electric Utilities (2.93%)
Boralex, Inc., Class A		12,446		299,183
China Longyuan Power Group Corp., Ltd.		1,929,976		1,715,457
Drax Group PLC		107,946		867,165
Enlight Renewable Energy, Ltd.^(a)		38,628		615,285
ERG SpA		4,942		110,954
Iberdrola SA		6,906		102,501
Innergex Renewable Energy, Inc.		73,956		484,418
Neoen SA^(b)(c)		21,324		915,049
Northland Power, Inc.		94,047		1,429,263
RENOVA, Inc.^(a)		123,596		708,517
Scatec ASA^(b)(c)		150,391		1,088,264
				8,336,056

Gas & Water Utilities (2.80%)
California Water Service Group		20,560		1,068,298
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR		69,216		1,099,843
Guangdong Investment, Ltd.		1,735,847		1,105,265
National Fuel Gas Co.		2,910		176,142
Severn Trent PLC		40,767		1,349,929
United Utilities Group PLC		9,069		119,572
Veolia Environnement SA		95,303		3,023,928
				7,942,977

TOTAL UTILITIES				16,279,033

TOTAL COMMON STOCKS
(Cost $276,057,061)				283,484,610

	Shares		Value (Note 2)
MASTER LIMITED PARTNERSHIPS (0.06%)
Energy (0.06%)
Oil & Gas Producers (0.06%)
Black Stone Minerals LP		11,524	$	170,094

TOTAL ENERGY				170,094

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $175,713)				170,094

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT-TERM INVESTMENTS (0.23%)
Money Market Fund (0.23%)
Money Market Fund (0.23%)
State Street Institutional Treasury Plus Money Market Fund - Premier Class		4.823	%		649,530		649,530

TOTAL MONEY MARKET FUND							649,530

TOTAL SHORT-TERM INVESTMENTS
(Cost $649,530)							649,530

TOTAL INVESTMENTS (99.87%)
(Cost $276,882,304)						$	284,304,234

Assets In Excess Of Other Liabilities (0.13%)							372,271

NET ASSETS (100.00%)						$	284,676,505

^(a)

Non-Income Producing Security.

^(b)

^(c)

See Notes to Financial Statements and Financial Highlights.

4 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Statement of Assets and Liabilities

October 31, 2024

ASSETS
Investments, at value	$	284,304,234
Cash		38,568
Foreign currency, at value (Cost $218)		218
Dividends and interest receivable		427,114
Prepaid expenses and other assets		4,019
Total Assets		284,774,153
LIABILITIES
Investment advisory fees payable		97,648
Total Liabilities		97,648
NET ASSETS	$	284,676,505
NET ASSETS CONSIST OF
Paid-in capital	$	289,883,821
Total distributable earnings/(accumulated losses)		(5,207,316	)
NET ASSETS	$	284,676,505
INVESTMENTS, AT COST	$	276,882,304

PRICING OF SHARES

Net Asset Value, offering and redemption price per share	$	24.74
Net Assets	$	284,676,505
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		11,504,881

See Notes to Financial Statements and Financial Highlights.

5 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Statement of Operations

For the Period Ended October 31, 2024^(a)

INVESTMENT INCOME
Dividends	$	2,656,765
Foreign taxes withheld on dividends		(221,065	)
Interest and other income		11,015
Total Investment Income		2,446,715

EXPENSES
Investment advisory fees		358,638
Total Expenses		358,638
Net Investment Income		2,088,077
Net realized gain on investments^(b)		6,415,648
Net realized loss on foreign currency transactions		(6,648	)
Net Realized Gain		6,409,000
Net change in unrealized depreciation on investments		(11,929,705	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(6,894	)
Net Change in Unrealized Depreciation		(11,936,599	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(5,527,599	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,439,522	)

^(a)

The ALPS | CoreCommodity Natural Resources ETF commenced operations on July 11, 2024.

^(b)

Includes realized gain or loss as a result of in-kind transactions (See Note 4 in Notes to Financial Statements)

See Notes to Financial Statements and Financial Highlights.

6 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Statement of Changes in Net Assets

	For the Period July 11, 2024 (Commencement) to October 31, 2024
OPERATIONS
Net investment income	$	2,088,077
Net realized gain		6,409,000
Net change in unrealized depreciation		(11,936,599	)
Net Decrease in Net Assets Resulting from Operations		(3,439,522	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)
Shares sold ^*		397,234,695
Shares redeemed		(109,118,668	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		288,116,027

Net increase in net assets		284,676,505

NET ASSETS
Beginning of period		–
End of period	$	284,676,505

On July 10, 2024, the Fund received securities in connection with an in-kind subscription transaction - see Note 1 in Notes to Financial Statements and Financial Highlights.

See Notes to Financial Statements and Financial Highlights.

7 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Financial Highlights

For a Share Outstanding Throughout the Periods Presented

	For the Period July 11, 2024 (Commencement) to October 31, 2024
Net asset value, beginning of period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.18
Net realized and unrealized loss		(0.44	)
Total from investment operations		(0.26	)

Net (decrease) in net asset value		(0.26	)
Net asset value, end of year	$	24.74
TOTAL RETURN^(b)		(1.04	)%
TOTAL RETURN - MARKET VALUE^(c)		(1.12	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000s)	$	284,677
Ratio of expenses to average net assets		0.39	%^(d)
Ratio of net investment income to average net assets		2.27	%^(d)
Portfolio turnover rate^(e)		61	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at the reinvestment prices (lower or market or NAV on ex-date) during the period, if any, and redemptions on the last day of the period at market value. Market value is determined by the composite closing price as defined as the last reported sales price on Nasdaq. The composite closing price is the last reported sale, regardless of volume, and not an average price, and may have occured on a date prior to the close of the reporting period.

^(d)

Annualized.

^(e)

Portfolio turnover rate for periods less than one full year have not been annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

See Notes to Financial Statements and Financial Highlights.

8 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

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 ALPS | CoreCommodity Natural Resources ETF (the “Fund”), which commenced operations on July 11, 2024. The Fund seeks to maximize real returns, consistent with prudent investment management.

The Fund’s Shares (“Shares”) are listed on the Nasdaq Stock Market LLC (“Nasdaq Exchange”). The Fund issues and redeems Shares, at net asset value (“NAV”) in blocks of 15,000 Shares, each of which is called a “Creation Unit”. Creation Units are issued and redeemed principally in-kind for securities. Except when aggregated in Creation Units, Shares are not redeemable securities of the Fund.

The Adviser manages separately the ALPS | CoreCommodity Management CompleteCommodities Strategy Fund that contributed specific assets to the Fund (the “Contribution”). The Adviser and Sub-Adviser paid all costs surrounding the Contribution. The Contribution received on July 10, 2024, was tax free, and the cost basis of the assets were carried forward to the Fund for tax and financial reporting purposes. The Contribution resulted in seed shares totaling 12,419,881 with a Net Asset Value of $25. The details of the Contribution are shown below:

Net Assets	Market Value of Investments	Cost of Investments	Unrealized Appreciation
$ 310,497,027	$ 310,497,027	$ 291,145,392	$ 19,351,635

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The 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 increases and decreases in net assets during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Fund, as applicable, in preparation of their financial statements. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies”.

Investment Valuation: The Fund generally values its securities based on market prices determined at the close of regular trading on the 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.

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Trust’s Board of Trustees (the “Board” or "Trustees") has appointed ALPS Advisors, Inc. (the “Adviser”) to serve as the valuation designee (the "Valuation Designee") to perform fair value determinations for investments in the Fund. When such prices or quotations are not available, or when the Valuation Designee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures utilized by the Valuation Designee. The fair valuation policies and procedures (“FV Procedures”) are utilized by the Valuation Designee for the fair valuation of portfolio assets held by the Fund 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 Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Fund.

Fair Value Measurements: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

9 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 –

Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 –

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

Level 3 –

Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the Fund’s investments/financial instruments in the fair value hierarchy as of October 31, 2024:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
ALPS \| CoreCommodity Natural Resources ETF
Common Stocks^(a)	$	282,800,843	$	683,767	$	–	$	283,484,610
Master Limited Partnerships^(a)		170,094		–		–		170,094
Short-Term Investments		649,530		–		–		649,530
Total	$	283,620,467	$	683,767	$	–	$	284,304,234

^(a)

For detailed descriptions of sectors, see the accompanying Schedule of Investments.

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the period ended October 31, 2024.

Federal Income Taxes: The Fund complies with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains, if any, each year. The Fund is not subject to income taxes to the extent such distributions are made.

As of and during the period ended October 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return, 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: The Fund normally pays dividends and distributes capital gains, if any, on an annual basis. Income dividend distributions are derived from interest, dividends, and other income the Fund receives from its investments, including distributions of short-term capital gains, if any. Capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than a year or from long- term capital gain distributions from underlying investments. The 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.

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 is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for withholding taxes or certain foreign securities, as soon as information is available to the Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations.

Foreign Securities: The 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.

10 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

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 Spot Contracts: The Fund 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 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.

Master Limited Partnerships (“MLPs”): The Fund 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.

Lending of Portfolio Securities: The Fund has entered into a securities lending agreement with State Street Bank & Trust Co. (“SSB”), the Fund’s lending agent. The Fund may lend its portfolio securities only to borrowers that are approved by SSB. The Fund will limit such lending to not more than 33 1/3% of the value of its total assets. The Fund’s securities held at SSB as custodian shall be available to be lent except those securities the Fund or ALPS Advisors, Inc. specifically identifies in writing as not being available for lending. The borrower pledges and maintains with the Fund collateral consisting of cash (U.S. Dollars only), securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and cash equivalents (including irrevocable bank letters of credit) issued by a person other than the borrower or an affiliate of the borrower. The initial collateral received by the Fund is required to have a value of no less than 102% of the market value of the loaned securities for U.S equity securities and a value of no less than 105% of the market value for non-U.S. equity securities. The collateral is maintained thereafter, at a market value equal to not less than 102% of the current value of the U.S. equity securities on loan and not less than 105% of the current value of the non-U.S. equity securities on loan. The market value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the

11 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the customary time period for settlement of securities transactions.

Any cash collateral received is reinvested in a money market fund managed by SSB as disclosed in the Fund’s Schedule of Investments and is reflected in the Statement of Assets and Liabilities as a payable for collateral upon return of securities loaned. Non-cash collateral, in the form of securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, is not disclosed in the Fund’s Statement of Assets and Liabilities or the contractual maturity table below as it is held by the lending agent on behalf of the Fund, and the Fund does not have the ability to re-hypothecate these securities. Income earned by the Fund from securities lending activity is disclosed in the Statement of Operations. As of October 31, 2024, the Fund did not have any securities on loan.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by SSB. SSB’s indemnity allows for full replacement of securities lent wherein SSB will purchase the unreturned loaned securities on the open market by applying the proceeds of the collateral, or to the extent such proceeds are insufficient or the collateral is unavailable, SSB will purchase the unreturned loan securities at SSB’s expense. However, the Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

3. TAX BASIS INFORMATION

There were no distributions made by the Fund for the fiscal period ending October 31, 2024.

Components of Distributable Earnings on a Tax Basis: At October 31, 2024, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in in-kind redemptions, partnership basis transfers, and passive foreign investment companies (PFICs) transfers.

For the fiscal period ended October 31, 2024, 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 Natural Resources ETF		$	21,119,429			$	(21,119,429	)

As of October 31, 2024, 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 Natural Resources ETF

2,269,567

(10,898,585

)

–

3,421,702

(5,207,316

)

Fund		Short-Term				Long-Term
ALPS \| CoreCommodity Natural Resources ETF		$	5,097,187			$	5,801,398

12 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

Fund

Gross

Appreciation

(excess of value

over tax cost)

Gross

Depreciation

(excess of tax cost

over value)

Net

Appreciation/

(Depreciation)

of Foreign Currency

Net Unrealized

Appreciation/

(Depreciation)

Cost of

Investments for

Income Tax

Purposes

ALPS | CoreCommodity Natural Resources ETF

22,341,482

(18,912,886

)

(6,894

)

3,421,702

280,875,638

4. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and in-kind transactions during the fiscal period ended October 31, 2024 were as follows:

Fund		Purchases				Sales
ALPS \| CoreCommodity Natural Resources ETF		$	186,581,679			$	180,494,690

For fiscal period ended October 31, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Fund		Purchases				Sales
ALPS \| CoreCommodity Natural Resources ETF		$	373,350,204			$	108,240,835

For the fiscal period ended October 31, 2024, the Fund had in-kind net realized gains of $19,871,925.

Gains on in-kind transactions are not considered taxable for federal income tax purposes and losses on in-kind transactions are also not deductible for tax purposes.

5. BENEFICIAL INTEREST TRANSACTIONS

Transactions in shares of capital stock were as follows:

	ALPS \| CoreCommodity Natural Resources ETF
	For the Period July 11, 2024 (Commencement) to October 31, 2024
Shares sold		15,839,881
Shares redeemed		(4,335,000	)
Net increase in shares outstanding		11,504,881

13 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Notes to Financial Statements and Financial Highlights

October 31, 2024

6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

ALPS Advisors, Inc. (“AAI” or "Adviser") acts as the Fund’s 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 Fund to CoreCommodity Management, LLC (the “Sub-Advisor”). The 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.

Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Fund will pay AAI an annual management fee of 0.39% based on the Fund’s average daily net assets. The management fee is paid on a monthly basis.

The Adviser pays the Sub-Adviser an annual sub-advisory management fee pursuant to the Sub-Advisory Agreement as follows: The Adviser will pay the Sub-Adviser an annual management fee of 0.25% based on the Fund’s average daily net assets. The sub-advisory management fee is paid on a monthly basis. The Adviser is required to pay all fees due to the Sub-Adviser out of the management fee the Adviser receives from the Fund.

Under the terms of the Advisory Agreement, the Adviser pays all of the fees and expenses of the Fund, except that the Fund will be required to pay brokerage and other expenses of executing Fund transactions, taxes or governmental fees, interest charges and other costs of borrowing funds, litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.

ALPS Fund Services, Inc., an affiliate of the Adviser, is the administrator of the Fund. Pursuant to the Administrative Services Agreement, the administrative fee of 0.03% is accrued daily and paid monthly based on the Fund's average daily net assets. The administrative fee is paid from the unitary fee. Officers of the Trust are employees of ALPS and are not paid from the unitary fee.

7. INDEMNIFICATIONS

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

14 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

Financial Investors Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of ALPS | CoreCommodity Natural Resources ETF (the “Fund”), a series of Financial Investors Trust, as of October 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for the period July 11, 2024 (commencement of operations) through October 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations, the changes in net assets, and the financial highlights for the period July 11, 2024 (commencement of operations) through October 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 Fund 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 audit 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 are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 27, 2024

15 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Additional Information

October 31, 2024 (Unaudited)

1. TAX INFORMATION (UNAUDITED)

The Fund will notify shareholders in early 2025 of amounts paid to them by the Fund, if any, during the calendar year 2024.

16 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Changes in and Disagreements with Accountants

for Open-End Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

17 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Proxy Disclosures for Open-End

Management Investment Companies

October 31, 2024 (Unaudited)

Not applicable for this reporting period.

18 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Remuneration Paid to Directors, Officers, and Others

of Open-End Management Investment Companies

October 31, 2024 (Unaudited)

The following chart provides certain information about the Trustee fees paid by the Trust for the fiscal year ended October 31, 2024:

	Aggregate Regular Compensation From the Trust		Aggregate Special Compensation from the Trust		Total Compensation from the Trust
Mary K. Anstine	$	191,500	$	–	$	191,500
Jeremy W. Deems		200,500		–		200,500
Jerry G. Rutledge		176,500		–		176,500
Michael “Ross” Shell		197,500		–		197,500
Edmund J. Burke		176,500		–		176,500
Total	$	942,500	$	–	$	942,500

Officers who are employed by the Adviser receive no compensaton or expense reimbursement from the Trust.

Pursuant to the Fund's unitary fee arrangements, the Fund does not pay any Trustee fees.

19 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Statement Regarding Basis for
Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

In anticipation of and as part of the process to consider the approval of the investment advisory agreement with ALPS Advisors, Inc. (“AAI”) with respect to the ALPS | CoreCommodity Natural Resources ETF (the “CoreCommodity ETF”) and the sub-advisory agreement with CoreCommodity Management, LLC (the “Sub-Adviser” or “CoreCommodity”) with respect to the CoreCommodity ETF (the “Advisory Agreements”), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Board of Trustees (the “Board” or the “Trustees”) received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met on March 12, 2024 with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the Advisory Agreements, as well as the information they provided.

In approving AAI as the CoreCommodity ETF’s investment adviser and the Sub-Adviser as the CoreCommodity ETF’s sub-adviser, and the fees to be charged under the 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 approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

Investment Advisory and Sub-Advisory Fee Rate: The Trustees reviewed and considered the contractual annual advisory fee rate to be paid by the Trust, on behalf of the CoreCommodity ETF, of 0.39% 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 CoreCommodity ETF. 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 Trustees also considered the contractual annual sub-advisory fees to be paid by AAI to CoreCommodity of 0.25% of the CoreCommodity ETF’s daily average net assets allocated to CoreCommodity, in light of the extent and quality of the sub-advisory services to be provided by CoreCommodity to the CoreCommodity ETF. The Board also received and considered information provided by CoreCommodity with respect to its operating expense structure.

The Board received and considered information including a comparison of the CoreCommodity ETF’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 proposed contractual advisory fee rate of the CoreCommodity ETF was below the Data Provider peer group median rate.

Total Net Expense Ratios: The Trustees further reviewed and considered the proposed total net expense ratio of 0.39% of the CoreCommodity ETF. The Trustees noted that the total net expense ratio of the CoreCommodity ETF was below than the Data Provider peer group median ratio.

Nature, Extent, and Quality of the Services under the Investment Advisory Agreement: The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the CoreCommodity ETF under the CoreCommodity ETF 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 proposed methods adopted to seek to achieve compliance with the proposed investment objective, policies, and restrictions of the CoreCommodity ETF.

The Trustees considered the background and experience of AAI’s and CoreCommodity’s management in connection with the CoreCommodity ETF, including reviewing the qualifications, backgrounds, and responsibilities of the management team that would be primarily responsible for the day-to-day portfolio management of the CoreCommodity ETF 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 CoreCommodity’s Codes of Ethics.

20 | October 31, 2024

ALPS | CoreCommodity Natural Resources ETF

Statement Regarding Basis for
Approval of Investment Advisory Contract

October 31, 2024 (Unaudited)

Performance: The Trustees noted that since the CoreCommodity ETF has not yet begun operations, there is no performance to be reviewed or analyzed at this time. The Trustees further considered the reputation of CoreCommodity’s personnel generally and its investment techniques, risk management controls, and decision-making processes.

Comparable Accounts: The Trustees noted that neither AAI nor CoreCommodity currently manages other accounts with a similar investment strategy to the CoreCommodity ETF.

Profitability: The Trustees received and considered the projected profitability analyses prepared by AAI and CoreCommodity based on the fees to be paid under the Investment Advisory Agreement with AAI, with respect to the CoreCommodity ETF. The Trustees considered the profits, if any, anticipated to be realized by AAI in connection with the operation of the CoreCommodity ETF.

Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the CoreCommodity ETF would be passed along to the shareholders under the agreement.

Other Benefits to the Adviser and Sub-Adviser: The Trustees reviewed and considered any other incidental benefits to be derived by AAI and CoreCommodity from their relationships with the CoreCommodity ETF, 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 CoreCommodity ETF was below the Data Provider peer group median;

the total net expense ratio of the CoreCommodity ETF was below the Data Provider peer group median;

the nature, extent, and quality of services to be rendered by AAI and CoreCommodity under the Investment Advisory Agreement with respect to the CoreCommodity ETF were adequate;

since the CoreCommodity ETF has not yet begun operations, there was no performance to be reviewed or analyzed at this time;

that neither AAI nor CoreCommodity currently manages other accounts with a similar investment strategy to the CoreCommodity ETF;

since the CoreCommodity ETF was not yet in existence, no profit had been realized by AAI or CoreCommodity in connection with the operation of the CoreCommodity ETF; and

there were no material economies of scale or other incidental benefits accruing to AAI or CoreCommodity in connection with their relationships with the CoreCommodity ETF.

21 | October 31, 2024

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Any changes in and disagreements with accountants are filed under Item 7 of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Any remunerations paid are filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)

Not applicable.

(b)

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19. 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)

Not applicable.

(a)(3)

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.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(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 1350 of Chapter 63 of Title 18 of the United States Code are attached hereto.

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/ Lucas Foss
	Lucas Foss (Principal Executive Officer)
	President

Date:	January 7, 2025

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/ Lucas Foss
	Lucas Foss (Principal Executive Officer)
	President

Date:	January 7, 2025

By:	/s/ Jennell Panella
	Jennell Panella (Principal Financial Officer)
	Treasurer

Date:	January 7, 2025

Financial Investors Trust N-CSRCertified annual shareholder report (management investment company)