Financial Investors Trust N-CSR 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

1

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

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- 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?

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-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

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- 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?

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-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

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 (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?

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-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

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 | 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?

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/indix.

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

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

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 | 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?

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/indix.

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

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

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 | 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