<Page>
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 811-8194
---------------------------------------------
FINANCIAL INVESTORS TRUST
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1625 Broadway, Suite 2200, Denver, Colorado 80202
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Erin E. Douglas, Secretary
Financial Investors Trust
1625 Broadway, Suite 2200
Denver, Colorado 80202
- -------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 303-623-2577
----------------------------
Date of fiscal year end: April 30
-----------
Date of reporting period: April 30, 2005
---------------
<Page>
Item 1. REPORTS TO STOCKHOLDERS.
2
<Page>
INVESTMENT ADVISER
SSgA Funds Management, Inc.
1 International Place, 25th Floor
Boston, Massachusetts 02110
ADMINISTRATOR, TRANSFER AGENT &
FUND ACCOUNTANT
ALPS Mutual Funds Services, Inc.
1625 Broadway
Suite 2200
Denver, Colorado 80202
DISTRIBUTOR
ALPS Distributors, Inc.
1625 Broadway
Suite 2200
Denver, Colorado 80202
LEGAL COUNSEL
Davis Graham & Stubbs LLP
1550 Seventeenth Street
Suite 500
Denver, Colorado 80202
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
555 Seventeenth Street
Suite 3600
Denver, Colorado 80202
CUSTODIAN
State Street Bank & Trust Company
of Connecticut N.A.
750 Main Street
Suite 1114
Hartford, Connecticut 06103
SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, Massachusetts 02171
Must be accompanied or preceded by a current prospectus.
For more information, please call
800.298.3442 or visit
www.fitfunds.com
An investment in the Funds is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Funds seeks
to preserve the value of your investment at $1.00 per share,it is possible to
lose money by investing in the Funds.
[GRAPHIC]
ANNUAL REPORT
[FINANCIAL INVESTORS TRUST LOGO]
April 30, 2005
<Page>
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
As a shareholder to the Funds, you will incur no transaction costs, including
sales charges (loads) on purchases, on reinvested dividends, or on other
distributions. There are also no redemption fees or exchange fees. However, the
Funds do incur ongoing costs, including management fees; distribution (12b-1)
fees; and other Fund expenses. The following examples are intended to help you
understand your ongoing costs (in dollars) of investing in a Fund and to compare
these costs with the ongoing costs of investing in other mutual funds. The
examples are based on an investment of $1,000 invested on November 1, 2004 and
held until May 1, 2005.
ACTUAL RETURN. The first line of the table below provides information about
actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value by $1,000 (for example,
an $8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the first line under the heading "Expense Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL 5% RETURN. The second line of the table below provides information
about hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in a Fund and other mutual funds. To do so, compare
this 5% hypothetical example with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
The expenses shown in the table are meant to highlight ongoing Fund costs only
and do not reflect transaction fees, such as redemption fees. Therefore, the
second line of the table is useful in comparing ongoing costs only, and may not
help you determine the relative total costs of owning different funds.
FINANCIAL INVESTORS TRUST U.S. TREASURY MONEY MARKET FUND
<Table>
<Caption>
EXPENSE PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD
VALUE 11/01/04 VALUE 5/01/05 11/01/04 - 5/01/05*
- ---------------------------------------------------------------------------------------------------
Actual Fund Return $ 1,000.00 $ 1,010.50 $ 1.65
Hypothetical Fund Return $ 1,000.00 $ 1,023.29 $ 1.66
</Table>
FINANCIAL INVESTORS TRUST U.S. GOVERNMENT MONEY MARKET FUND
<Table>
<Caption>
EXPENSE PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD
VALUE 11/01/04 VALUE 5/01/05 11/01/04 - 5/01/05*
- ---------------------------------------------------------------------------------------------------------------
Class I Actual Fund Return $ 1,000.00 $ 1,011.00 $ 1.00
Hypothetical Fund Return $ 1,000.00 $ 1,023.93 $ 1.01
Class II Actual Fund Return $ 1,000.00 $ 1,009.60 $ 2.25
Hypothetical Fund Return $ 1,000.00 $ 1,022.69 $ 2.27
</Table>
1
<Page>
FINANCIAL INVESTORS TRUST PRIME MONEY MARKET FUND
<Table>
<Caption>
EXPENSE PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD
VALUE 11/01/04 VALUE 5/01/05 11/01/04 - 5/01/05*
- ---------------------------------------------------------------------------------------------------------------
Class I Actual Fund Return $ 1,000.00 $ 1,011.20 $ 1.00
Hypothetical Fund Return $ 1,000.00 $ 1,023.93 $ 1.01
Class II Actual Fund Return** $ 1,000.00 $ - $ -
Hypothetical Fund Return $ 1,000.00 $ 1,021.94 $ 3.03
</Table>
* Expenses are equal to the Financial Investors Trust U.S. Treasury Money Market
Fund, U.S. Government Money Market Fund Class I and II, and Prime Money Market
Fund Class I and Class II annualized expense ratios of .33%, .20% and .45%, .20%
and .00%, multiplied by the average account value over the period, multiplied by
the number of days in the second fiscal half-year divided by 365 days in the
current year (to reflect the one-half year period).
** A full redemption of Prime Class II shares was made on January 5, 2005. As of
April 30, 2005 there were no assets in the Fund.
ASSET ALLOCATION (UNAUDITED)
April 30, 2005
<Table>
U.S. TREASURY MONEY MARKET FUND
U.S. Treasury Obligations 25.03%
Repurchase Agreements 75.16%
U.S. GOVERNMENT MONEY MARKET FUND
U.S. Governement & Agency
Obligations 38.38%
Repurchase Agreements 61.76%
PRIME MONEY MARKET FUND
Certificate of Deposit 16.85%
Commercial Paper 14.73%
Repurchase Agreements 68.61%
</Table>
Percentage of Fund's Total Net Assets
2
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Financial Investors Trust
We have audited the accompanying statements of assets and liabilities of the
U.S. Treasury Money Market Fund, U.S. Government Money Market Fund and Prime
Money Market Fund of the Financial Investors Trust (the "Trust"), including the
statements of investments, as of April 30, 2005, 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, and the financial highlights for
each of the periods presented. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Trust
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of April 30, 2005, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
U.S. Treasury Money Market Fund, U.S. Government Money Market Fund and Prime
Money Market Fund of the Financial Investors Trust as of April 30, 2005, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for the periods presented, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
June 14, 2005
3
<Page>
STATEMENT OF INVESTMENTS
U.S. TREASURY MONEY MARKET FUND
APRIL 30, 2005
<Table>
<Caption>
FACE VALUE VALUE
- ------------- --------------
U.S. TREASURY OBLIGATIONS 25.03%
U.S. Treasury Bills:
$ 4,000,000 1.23%, 5/05/05 DN $ 3,999,190
5,000,000 2.21%, 5/19/05 DN 4,993,956
--------------
TOTAL U.S. TREASURY OBLIGATIONS 8,993,146
(Cost $8,993,146) --------------
<Caption>
COLLATERAL VALUE
----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 75.16%
Agreement with Bank of America and Bank of New York
(Tri-party), 2.85%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Bill, due 10/06/05 with a
repurchase amount of $1,500,356 1,500,000 $ 1,530,527
Agreement with Bear Stearns Companies, Inc., 2.86%, dated
4/29/05 and maturing 5/02/05, collateralized by U.S. Treasury
Strip, due 5/15/12 with a repurchase amount of $7,001,668 7,000,000 7,134,698
Agreement with Credit Suisse First Boston and J.P. Morgan
Chase & Co. (Tri-party), 2.82%, dated 4/29/05 and maturing
5/02/05, collateralized by U.S. Treasury Note, 1.50% due
3/31/06 with a repurchase amount of $1,500,353 1,500,000 1,531,642
Agreement with Deutsche Bank and Bank of New York
(Tri-party), 2.88%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Notes, 5.25-10.75% due
8/15/05-11/15/28 with a repurchase amount of $1,500,360 1,500,000 1,530,783
Agreement with Goldman Sachs & Co. and Bank of New York
(Tri-party), 2.79%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Note, 13.88% due 5/15/11 with
a repurchase amount of $1,500,349 1,500,000 1,530,970
Agreement with HSBC Bank and J.P. Morgan Chase & Co.
(Tri-party), 2.87%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Principal Strip, 5.75% due
8/15/10 with a repurchase amount of $1,500,359 1,500,000 1,532,524
Agreement with J.P. Morgan Chase & Co. and J.P. Morgan
Chase & Co. (Tri-party), 2.85%, dated 4/29/05 and maturing
5/02/05, collateralized by U.S. Treasury Strips, due 2/15/13-
11/15/14 with a repurchase amount of $1,500,356 1,500,000 1,531,067
</Table>
4
<Page>
<Table>
<Caption>
VALUE COLLATERAL VALUE
------------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
Agreement with Lehman Brothers, Inc. and J.P. Morgan
Chase & Co. (Tri-party), 2.84%, dated 4/29/05 and
maturing 5/02/05, collateralized by U.S. Treasury Note,
6.50% due 8/15/05 with a repurchase amount of $6,509,540 $ 6,508,000 $ 6,643,019
Agreement with Merrill Lynch and J.P. Morgan Chase &
Co. (Tri-party), 2.80%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Strips, due 11/15/10-11/15/14,
and U.S. Treasury Principal Strips, 3.88-5.75% due
8/15/10-5/15/14 with a repurchase amount of $1,500,350 1,500,000 1,533,934
Agreement with Morgan Stanley & Co., Inc. and Bank of
New York (Tri-party), 2.84%, dated 4/29/05 and maturing
5/02/05, collateralized by U.S. Treasury Bill, due 10/06/05
with a repurchase amount of $1,500,355 1,500,000 1,530,527
Agreement with UBS Warburg and J.P. Morgan Chase &
Co. (Tri-party), 2.86%, dated 4/29/05 and maturing 5/02/05,
collateralized by U.S. Treasury Note, 3.38% due 2/15/08
with a repurchase amount of $1,500,358 1,500,000 1,534,180
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $27,008,000) 27,008,000 27,563,871
------------------------------------
<Caption>
TOTAL INVESTMENTS
(Cost $36,001,146) 100.19% $ 36,001,146
Liabilities in Excess of Other Assets (0.19%) (67,400)
--------------------------
NET ASSETS 100.00% $ 35,933,746
==========================
</Table>
DN - Discount Notes
Income Tax Information:
Total cost for federal income tax purposes: $36,001,146
See Notes to Financial Statements.
5
<Page>
U.S. GOVERNMENT MONEY MARKET FUND
APRIL 30, 2005
<Table>
<Caption>
FACE VALUE VALUE
- ------------- --------------
U.S. GOVERNMENT AGENCY & OBLIGATIONS 38.38%
Federal Home Loan Bank
$ 10,000,000 2.77%, 5/03/05* $ 9,998,171
Federal Home Loan Mortgage Corp.
20,000,000 2.70%, 5/02/05 DN 20,000,000
10,000,000 2.73%, 5/07/05* 9,999,352
10,000,000 2.93%, 6/09/05* 10,000,766
9,298,000 2.94%, 6/14/05 DN 9,265,349
7,000,000 2.97%, 6/28/05 DN 6,967,083
Federal National Mortgage Association
10,000,000 2.86%, 6/09/05* 9,998,371
10,000,000 2.96%, 6/22/05 DN 9,958,067
8,000,000 2.99%, 7/13/05 DN 7,952,160
--------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost $94,139,319) 94,139,319
--------------
<Caption>
COLLATERAL VALUE
----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 61.76%
Agreement with Bank of America and Bank of New York
(Tri-party), 2.95%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal National Mortgage Association Discount
Note, 0.00% due 10/05/05 with a repurchase amount of $10,002,458 10,000,000 $ 10,200,024
Agreement with Barclays and Bank of New York (Tri-party), 2.94%,
dated 4/29/05 and maturing 5/02/05, collateralized by Federal Home
Loan Mortgage Corp. Note, 3.55% due 11/15/07 with a repurchase amount
of $10,002,450 10,000,000 10,200,514
Agreement with Bear Stearns Companies, Inc., 2.92%, dated
4/29/05 and maturing 5/02/05, collateralized by Federal National
Mortgage Association Note, 3.25% due 2/15/09 with a repurchase
amount of $10,002,433 10,000,000 10,205,100
</Table>
6
<Page>
<Table>
<Caption>
VALUE COLLATERAL VALUE
------------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
Agreement with HSBC Bank and J.P. Morgan Chase & Co.
(Tri-party), 2.93%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Mortgage Corp. Notes,
2.88-6.63% due 4/15/08-1/15/14, and Federal National
Mortgage Association Notes, 2.50-6.63% due 6/15/06-11/15/30
with a repurchase amount of $10,002,442 $ 10,000,000 $ 10,202,000
Agreement with Lehman Brothers, Inc. and J.P. Morgan Chase &
Co. (Tri-party), 2.94%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Bank Bond, 3.75% due 8/15/08,
and Federal Home Loan Mortgage Corp. Note, 4.13% due 9/01/09
with a repurchase amount of $51,509,617 51,497,000 52,527,201
Agreement with Smith Barney Citigroup and Bank of New York
(Tri-party), 2.95%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Bank Bonds, 3.38-4.13% due
2/15/08-4/18/08 with a repurchase amount of $50,012,292 50,000,000 51,004,584
Agreement with UBS Warburg and J.P. Morgan Chase & Co. (Tri-party),
2.94%, dated 4/29/05 and maturing 5/02/05, collateralized by Federal
Home Loan Bank Bonds, 3.63-6.38% due 8/15/06-1/15/10 with a
repurchase amount of $10,002,450 10,000,000 10,203,882
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $151,497,000) 151,497,000 154,543,305
------------------------------------
<Caption>
TOTAL INVESTMENTS
(Cost $245,636,319) 100.14% $ 245,636,319
Liabilities in Excess of Other Assets (0.14%) (340,116)
--------------------------
NET ASSETS 100.00% $ 245,296,203
==========================
</Table>
* Floating rate security - rate disclosed as of April 30, 2005. Maturity date
represents the next interest rate reset date.
DN - Discount Note
Income Tax Information:
Total cost for federal income tax purposes: $245,636,319
See Notes to Financial Statements.
7
<Page>
PRIME MONEY MARKET FUND
APRIL 30, 2005
<Table>
<Caption>
PRINCIPAL AMOUNT VALUE
------------------------------------
CERTIFICATES OF DEPOSIT 16.85%
Barclays Bank, PLC
5/18/05 2.94%* $ 1,500,000 $ 1,499,570
HBOS Tresury Services
5/31/05 3.02%* 1,500,000 1,500,000
HSBC Bank USA
5/04/05 2.76%* 1,500,000 1,500,609
Wells Fargo Bank
5/04/05 2.79% 1,500,000 1,499,999
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,000,178) 6,000,178
--------------
COMMERCIAL PAPER 14.73%
Amstel Funding Corp., 144A**
6/29/05 3.08% 1,500,000 1,492,726
Atlantis One Funding, 144A**
5/05/05 2.80% 1,472,000 1,471,657
Klio II Funding Corp., 144A**
5/20/05 3.03% 784,000 782,824
Sheffield Receivables, 144A**
5/03/05 2.75% 1,500,000 1,499,883
--------------
TOTAL COMMERCIAL PAPER
(Cost $5,247,090) 5,247,090
--------------
</Table>
8
<Page>
<Table>
<Caption>
VALUE COLLATERAL VALUE
------------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 68.61%
Agreement with ABN AMRO Bank and Bank of New York
(Tri-party), 2.90%, dated 4/29/05 and maturing
5/02/05, collateralized by Federal National Mortgage Association
Note, 6.00% due 5/15/11 with a repurchase amount of $1,500,363 $ 1,500,000 $ 1,530,841
Agreement with Bank of America and Bank of New York (Tri-party),
2.95%, dated 4/29/05 and maturing 5/02/05, collateralized by
Federal National Mortgage Association Discount Note, 0.00% due
9/07/05 with a repurchase amount of $1,500,369 1,500,000 1,530,198
Agreement with Barclays and Bank of New York (Tri-party),
2.94%, dated 4/29/05 and maturing 5/02/05, collateralized by
Federal National Mortgage Association Note, 3.41% due
8/30/07 with a repurchase amount of $1,500,368 1,500,000 1,530,261
Agreement with Bear Stearns Companies, Inc., 2.92%, dated
4/29/05 and maturing 5/02/05, collateralized by Federal
National Mortgage Association Note, 3.25% due 2/15/09
with a repurchase amount of $1,500,365 1,500,000 1,534,675
Agreement with Credit Suisse First Boston and J.P. Morgan
Chase & Co. (Tri-party), 2.95%, dated 4/29/05 and maturing
5/02/05, collateralized by Federal National Mortgage Association
Note, 2.88% due 10/15/05 with a repurchase amount of $1,500,369 1,500,000 1,532,728
Agreement with HSBC Bank and J.P. Morgan Chase & Co.
(Tri-party), 2.93%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Mortgage Corp. Notes,
2.38-4.88% due 4/15/06-7/15/13 and Federal National Mortgage
Association Notes, 2.00-5.50% due 1/15/06-10/15/13 with a
repurchase amount of $1,500,366 1,500,000 1,533,250
Agreement with Lehman Brothers, Inc. and J.P. Morgan Chase &
Co. (Tri-party), 2.94%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Mortgage Corp. Note,
4.13% due 9/01/09 with a repurchase amount of $4,438,087 4,437,000 4,528,705
</Table>
9
<Page>
<Table>
<Caption>
VALUE COLLATERAL VALUE
------------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
Agreement with Morgan Stanley & Co., Inc. and Bank of New York
(Tri-party), 2.96%, dated 4/29/05 and maturing 5/02/05, collateralized
by Federal National Mortgage Association Discount Note, 0.00%,
due 12/19/05 with a repurchase amount of $1,500,370 $ 1,500,000 $ 1,515,251
Agreement with Smith Barney Citigroup and Bank of New York (Tri-party),
2.95%, dated 4/29/05 and maturing 5/02/05, collateralized by Federal
Home Loan Bank Discount Note, 0.00% due 5/10/05 with a repurchase amount
of $8,001,967 8,000,000 8,160,649
Agreement with UBS Warburg and J.P. Morgan Chase & Co. (Tri-party),
2.94%, dated 4/29/05 and maturing 5/02/05, collateralized by Federal Home
Loan Bank Bond, 3.63% due 11/14/08 with a repurchase amount of $1,500,368 1,500,000 1,530,937
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $24,437,000) 24,437,000 24,927,495
------------------------------------
<Caption>
TOTAL INVESTMENTS
(Cost $35,684,268) 100.19% $ 35,684,268
Liabilities in Excess of Other Assets (0.19%) (67,329)
--------------------------
NET ASSETS 100.00% $ 35,616,939
==========================
</Table>
*Floating rate security - rate disclosed as of April 30, 2005. Maturity date
represents the next interest rate reset date.
**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.
DN - Discount Note
Income Tax Information:
Total cost for federal income tax purposes: $35,684,268
See Notes to Financial Statements.
10
<Page>
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2005
<Table>
<Caption>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
----------------------------------------------------------
ASSETS
Investments, at amortized cost (which
approximates market value) (1) $ 36,001,146 $ 245,636,319 $ 35,684,268
Interest receivable 6,403 209,762 22,719
Receivable from administration 395 18,975 -
Prepaid and other assets 5,042 21,739 5,273
----------------------------------------------------------
Total Assets 36,012,986 245,886,795 35,712,260
----------------------------------------------------------
LIABILITIES
Dividends payable 69,546 535,318 83,481
Accrued investment advisory fee 2,047 14,239 2,227
Accrued administration fee 4,442 17,494 1,989
Accrued board of trustees fee 466 5,007 1,256
Accrued SEC registration fee - 1,954 -
Accrued distribution fee - 75 -
Other payables 2,739 16,505 6,368
----------------------------------------------------------
Total Liabilities 79,240 590,592 95,321
----------------------------------------------------------
NET ASSETS $ 35,933,746 $ 245,296,203 $ 35,616,939
==========================================================
COMPOSITION OF NET ASSETS
Paid-in capital $ 35,933,991 $ 245,297,171 $ 35,627,747
Undistributed net investment income 464 1,490 -
Accumulated net realized loss (709) (2,458) (10,808)
----------------------------------------------------------
NET ASSETS $ 35,933,746 $ 245,296,203(2) $ 35,616,939(2)
----------------------------------------------------------
Shares of beneficial interest outstanding
(no par value, unlimited shares authorized) 35,968,422 245,149,394(2) 35,627,759(2)
----------------------------------------------------------
Net asset value and redemption value per share $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------
</Table>
(1) Including repurchase agreements for the U.S. Treasury Money Market,
U.S. Government Money Market, and Prime Money Market Funds in the amounts of
$27,008,000, $151,497,000, and $24,437,000, respectively.
<Table>
<Caption>
NET ASSETS SHARES OUTSTANDING
-------------- ------------------
(2) U.S. Government Money Market Fund
Class I $ 245,040,446 244,894,110
Class II $ 255,757 255,284
Prime Money Market Fund
Class I $ 35,616,939 35,627,759
Class II $ - -
</Table>
See Notes to Financial Statements.
11
<Page>
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED APRIL 30, 2005
<Table>
<Caption>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
----------------------------------------------------------
INVESTMENT INCOME $ 706,198 $ 5,032,814 $ 1,405,532
----------------------------------------------------------
EXPENSES
Investment advisory fee 41,988 286,973 87,017
Administration services 598,358 437,293 358,927
Legal 1,612 12,808 3,900
Reports to Shareholders 1,583 17,676 5,340
Insurance 3,919 33,175 13,519
State Registration 7,144 6,956 2,755
Distribution - Class II - 1,984 100,578
Board of Trustees 3,096 24,367 5,840
Miscellaneous 1,993 15,026 6,140
----------------------------------------------------------
Total Expenses before fee waiver 659,693 836,258 584,016
Expenses waived by administrator (513,374) (172,475) (288,717)
Expenses reimbursed by administrator (395) (18,975) -
Expenses waived by investment advisor (13,996) (95,658) (29,006)
----------------------------------------------------------
Net Expenses 131,928 549,150 266,293
----------------------------------------------------------
NET INVESTMENT INCOME 574,270 4,483,664 1,139,239
----------------------------------------------------------
Net realized gain/(loss) on investments (709) 1,408 (10,808)
----------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 573,561 $ 4,485,072 $ 1,128,431
==========================================================
</Table>
See Notes to Financial Statements.
12
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
U.S. TREASURY
MONEY MARKET
FUND
-----------------------------------
FOR THE FOR THE
YEAR ENDED YEAR ENDED
APRIL 30, 2005 APRIL 30, 2004
-----------------------------------
OPERATIONS
Net investment income $ 574,270 $ 447,265
Net realized gain/(loss) on investments (709) 11,941
-----------------------------------
Net increase in net assets resulting
from operations 573,561 459,206
-----------------------------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income (574,264) (447,265)
Dividends to shareholders from net
realized gains (19,015) -
-----------------------------------
Net decrease in net assets from
distributions (593,279) (447,265)
-----------------------------------
BENEFICIAL INTEREST
TRANSACTIONS (1)
Shares sold 97,567,083 116,973,962
Dividends reinvested 541,184 461,228
Shares redeemed (107,916,710) (152,620,186)
-----------------------------------
Net decrease in net assets from
beneficial interest transactions (9,808,443) (35,184,996)
-----------------------------------
Net decrease in net assets (9,828,161) (35,173,055)
NET ASSETS
Beginning of period 45,761,907 80,934,962
-----------------------------------
End of period* $ 35,933,746 $ 45,761,907
===================================
* Includes undistributed net
investment incomeof: $ 464 $ 19,384
</Table>
(1) At net asset value of $1.00 per share.
See Notes to Financial Statements.
13
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET
FUND FUND
----------------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
APRIL 30, 2005 APRIL 30, 2004 APRIL 30, 2005 APRIL 30, 2004
----------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,483,664 $ 3,492,263 $ 1,139,239 $ 1,283,490
Net realized gain/(loss) on investments 1,408 86,553 (10,808) 14,656
----------------------------------------------------------------------------
Net increase in net assets resulting
from operations 4,485,072 3,578,816 1,128,431 1,298,146
----------------------------------------------------------------------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income
Class I (4,474,605) (3,479,530) (911,114) (1,009,315)
Class II (9,059) (12,733) (228,152) (274,252)
Dividends to shareholders from net
realized gains
Class I - - (9,155) (36,572)
Class II - - (3,866) (14,842)
----------------------------------------------------------------------------
Net decrease in net assets from
distributions (4,483,664) (3,492,263) (1,152,287) (1,334,981)
----------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 581,137,163 1,045,693,823 121,305,924 506,321,941
Dividends reinvested 3,887,041 3,438,053 174,183 467,012
Shares redeemed (585,467,356) (1,210,882,693) (203,716,806) (486,962,494)
Class II
Shares sold 958,150 1,914,017 58,014,162 110,896,619
Dividends reinvested 9,513 13,191 5,482 12,377
Shares redeemed (2,447,664) (2,355,839) (102,797,252) (117,872,870)
----------------------------------------------------------------------------
Net increase/(decrease) in net assets
from beneficial interest transactions (1,923,153) (162,179,448) (127,014,307) 12,862,585
----------------------------------------------------------------------------
Net increase/(decrease) in net assets (1,921,745) (162,092,895) (127,038,163) 12,825,750
----------------------------------------------------------------------------
NET ASSETS
Beginning of period 247,217,948 409,310,843 162,655,102 149,829,352
----------------------------------------------------------------------------
End of period* $ 245,296,203 $ 247,217,948 $ 35,616,939 $ 162,655,102
============================================================================
* Includes undistributed net
investment income of: $ 1,490 $ 1,490 $ - $ -
</Table>
(1) At net asset value of $1.00 per share.
See Notes to Financial Statements.
14
<Page>
FINANCIAL HIGHLIGHTS
U.S. TREASURY MONEY MARKET FUND
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEARS ENDED APRIL 30,
2005 2004 2003 2002 2001
----------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.01 0.03 0.06
Net realized gain 0.00^ - - - -
----------------------------------------------------------------------
Total from investment operations 0.01 0.01 0.01 0.03 0.06
----------------------------------------------------------------------
DISTRIBUTIONS
From net investment income (0.01) (0.01) (0.01) (0.03) (0.06)
From net realized gain 0.00^ - - - -
----------------------------------------------------------------------
Total distributions (0.01) (0.01) (0.01) (0.03) (0.06)
----------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======================================================================
TOTAL RETURN+ 1.54% 0.76% 1.26% 2.53% 5.92%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 35,934 $ 45,762 $ 80,935 $ 88,395 $ 74,590
Ratio of expenses to average net assets 0.33% 0.33% 0.33% 0.33% 0.33%
Ratio of net investment income to
average net assets 1.44% 0.78% 1.25% 2.51% 5.82%
Ratio of expenses to average net assets
without fee waivers 1.65% 1.18% 0.76% 0.69% 0.80%
Ratio of net investment income to
average net assets without fee waivers 0.12% (0.07)% 0.81% 2.15% 5.34%
</Table>
^ Less than $.005 per share.
+ Total return would have been lower had various fees not been waived during the
period.
See Notes to Financial Statements.
15
<Page>
FINANCIAL HIGHLIGHTS
U.S. GOVERNMENT MONEY MARKET FUND - CLASS I
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEARS ENDED APRIL 30,
2005 2004 2003 2002 2001
----------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.01 0.01 0.03 0.06
----------------------------------------------------------------------
DISTRIBUTIONS
From net investment income (0.02) (0.01) (0.01) (0.03) (0.06)
----------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======================================================================
TOTAL RETURN+ 1.68% 0.93% 1.43% 2.87% 6.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 245,040 $ 245,482 $ 407,147 $ 466,482 $ 343,856
Ratio of expenses to average net assets 0.20% 0.20% 0.20% 0.20% 0.20%
Ratio of net investment income to
average net assets 1.64% 0.94% 1.42% 2.78% 5.96%
Ratio of expenses to average net assets
without fee waivers 0.30% 0.28% 0.21% 0.21% 0.21%
Ratio of net investment income to
average net assets without fee waivers 1.54% 0.86% 1.41% 2.77% 5.95%
</Table>
+Total return would have been lower had various fees not been waived during the
period.
See Notes to Financial Statements.
16
<Page>
U.S. GOVERNMENT MONEY MARKET FUND - CLASS II
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEARS ENDED APRIL 30, FOR THE PERIOD ENDED
2005 2004 APRIL 30, 2003(1)
----------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.01 0.01
----------------------------------------------------------------------
DISTRIBUTIONS
From net investment income (0.01) (0.01) (0.01)
----------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
======================================================================
TOTAL RETURN+ 1.42% 0.67% 1.03%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 256 $ 1,736 $ 2,164
Ratio of expenses to average net assets 0.45% 0.45% 0.45%*
Ratio of net investment income to
average net assets 1.39% 0.68% 0.92%*
Ratio of expenses to average net assets
without fee waivers 0.55% 0.53% 0.46%*
Ratio of net investment income to
average net assets without fee waivers 1.29% 0.60% 0.91%*
</Table>
*Annualized.
+Total return would have been lower had various fees not been waived during the
period.
(1) Class II commenced operations on June 18, 2002.
See Notes to Financial Statements.
17
<Page>
PRIME MONEY MARKET FUND - CLASS I
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEARS ENDED APRIL 30,
2005 2004 2003 2002 2001
----------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.01 0.01 0.03 0.06
Net realized gain 0.00^ 0.00^ - - -
----------------------------------------------------------------------
Total from investment operations 0.02 0.01 0.01 0.03 0.06
----------------------------------------------------------------------
DISTRIBUTIONS
From net investment income (0.02) (0.01) (0.01) (0.03) (0.06)
From net realized gain 0.00^ 0.00^ - - -
----------------------------------------------------------------------
Total distributions (0.02) (0.01) (0.01) (0.03) (0.06)
----------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======================================================================
TOTAL RETURN+ 1.73% 0.95% 1.42% 2.88% 6.23%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 35,617 $ 117,879 $ 98,079 $ 138,272 $ 120,383
Ratio of expenses to average net assets 0.20% 0.20% 0.20% 0.20% 0.20%
Ratio of net investment income to
average net assets 1.58% 0.95% 1.46% 2.74% 6.06%
Ratio of expenses to average net assets
without fee waivers 0.62% 0.35% 0.26% 0.28% 0.33%
Ratio of net investment income to
average net assets without fee waivers 1.16% 0.79% 1.41% 2.66% 5.93%
</Table>
+Total return would have been lower had various fees not been waived during the
period.
^Less than $.005 per share.
See Notes to Financial Statements.
18
<Page>
PRIME MONEY MARKET FUND - CLASS II
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEARS ENDED APRIL 30,
2005* 2004 2003 2002 2001
----------------------------------------------------------------------
Net asset value, beginning of period - $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income - 0.01 0.01 0.03 0.06
Net realized gain - 0.00^ - - -
----------------------------------------------------------------------
Total from investment operations - 0.01 0.01 0.03 0.06
----------------------------------------------------------------------
DISTRIBUTIONS
From net investment income - (0.01) (0.01) (0.03) (0.06)
From net realized gain - 0.00^ - - -
----------------------------------------------------------------------
Total distributions - (0.01) (0.01) (0.03) (0.06)
----------------------------------------------------------------------
Net asset value, end of period - $ 1.00 $ 1.00 $ 1.00 $ 1.00
======================================================================
TOTAL RETURN+ - 0.55% 1.02% 2.62% 5.97%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) - $ 44,776 $ 51,750 $ 2,591 $ 39
Ratio of expenses to average net assets - 0.60% 0.60% 0.51% 0.45%
Ratio of net investment income to
average net assets - 0.55% 0.96% 2.17% 5.88%
Ratio of expenses to average net assets
without fee waivers - 0.75% 0.66% 0.60% 0.58%
Ratio of net investment income to
average net assets without fee waivers - 0.39% 0.91% 2.08% 5.75%
</Table>
* A full redemption of Class II shares was made on January 5, 2005. Thus, there
were no assets to derive any financial highlight information for the year
ended April 30, 2005.
+Total return would have been lower had various fees not been waived during the
period.
^ Less than $.005 per share.
See Notes to Financial Statements.
19
<Page>
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Financial Investors Trust, a Delaware statutory trust, is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company. The financial statements included herein relate to the U.S.
Treasury Money Market Fund, U.S. Government Money Market Fund and the Prime
Money Market Fund (the "Funds"). The financial statements of the remaining funds
are presented separately.
The U.S. Government Money Market Fund and the Prime Money Market Fund offer
two classes of shares (Class I and Class II). Class I and Class II are identical
in all respects with the exception that Class II shares charge a distribution
fee and have a lower investment minimum. Each Class of shares has equal rights
as to earnings, assets and voting privileges except that Class II has exclusive
voting rights with respect to its Distribution Plan. Income, expenses (other
than expenses incurred under the Class II Distribution Plan and other class
specific expenses) and realized gains or losses on investments are allocated to
each Class based upon their relative net assets.
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States of America.
INVESTMENT VALUATION: Each of the Money Market Funds values securities
utilizing the amortized cost method of valuation under Rule 2a-7 of the 1940
Act, pursuant to which each Money Market Fund must adhere to certain conditions.
Under this method, investments are valued initially at cost and thereafter
assume a constant amortization to maturity of any discount or premium.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME: Investment transactions are
accounted for on the date the investments are purchased or sold (trade date).
Realized gains and losses from investment transactions are reported on an
identified cost basis which is the same basis the Funds use for federal income
tax purposes. Interest income is accrued and recorded as earned.
REPURCHASE AGREEMENTS: In some cases, the Funds' custodian takes possession
of the collateral pledged for investments in repurchase agreements, unless it is
a tri-party repurchase agreement. The underlying collateral is valued daily on a
mark-to-market basis to ensure that value, including accrued interest, is at
least equal to the repurchase price. In the event of default on the obligation
to repurchase, the Funds have the right to liquidate the collateral and apply
the proceeds in satisfaction of the obligation. Under certain circumstances, in
the event of default by or bankruptcy of the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
FEDERAL INCOME TAXES: It is the Funds' policy to continue to comply with
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of their taxable income to shareholders.
Therefore, no provision for federal income tax is included in the accompanying
Financial Statements.
At April 30, 2005 the funds had available for federal income tax purposes
unused capital loss carryovers of:
<Table>
<Caption>
YEAR OF
FUND CAPITAL LOSS CARRYOVERS EXPIRATION
---------------------------------------------------------------------------
U.S. Treasury Money Market Fund $ 709 2013
U.S. Government Money Market Fund $ 1,265 2006
$ 1,193 2008
Prime Money Market Fund $ 10,808 2013
</Table>
The U.S. Government Money Market Fund used $1,408 of capital loss
carryovers in the current period to offset net realized gains for federal income
tax purposes.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net
investment income are declared daily and paid monthly. Distributions of
accumulated net realized gains, if any, are declared at least once a year.
Net investment income (loss) and net realized gain (loss) may differ
for financial statement and tax purposes. The character of distributions made
during the year from net investment income or net realized gains may differ from
its ultimate
20
<Page>
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 was recorded by
the Fund.
The tax character of the distributions paid by the Funds during the years ended
April 30, 2005 and 2004 were as follows:
<Table>
<Caption>
U.S. TREASURY MONEY U.S. GOVERNMENT MONEY PRIME MONEY
MARKET FUND MARKET FUND MARKET FUND
2005 2004 2005 2004 2005 2004
----------------------------------------------------------------------------
Distributions paid from:
Ordinary income $ 593,279 $ 447,265 $ 4,483,664 $ 3,492,263 $ 1,152,287 $ 1,334,981
Long-Term capital gains - - - - - -
----------------------------------------------------------------------------
Total $ 593,279 $ 447,265 $ 4,483,664 $ 3,492,263 $ 1,152,287 $ 1,334,981
============================================================================
</Table>
As of April 30, 2005, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
U.S. TREASURY MONEY U.S. GOVERNMENT MONEY PRIME MONEY
MARKET FUND MARKET FUND MARKET FUND
-----------------------------------------------------------
Undistributed net
investment income $ 464 $ 1,490 $ -
Accumulated net realized loss (709) (2,458) (10,808)
-----------------------------------------------------------
Total $ (245) $ (968) $ (10,808)
===========================================================
</Table>
The Funds adjust the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended April 30, 2005, amounts have been reclassified on the U.S. Treasury
Money Market Fund to reflect a decrease in undistributed net investment income
of $18,926 to accumulated net realized loss. In addition, amounts have been
reclassified on the Prime Money Market Fund to reflect an increase in
overdistributed net investment income of $27, a decrease in accumulated net
realized loss on investments of $15 and a decrease in paid capital of $12. The
U.S. Government Money Market Fund had no reclassifications. Net assets of the
Funds were unaffected by the reclassifications and the calculation of net
investment income in the Financial Highlights excludes these adjustments.
These reclassifications are primarily the result of differing book/tax
treatment of organization costs and expiration of capital loss carryovers.
EXPENSES: Some expenses of the Trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned among all funds in
the Trust based on average net assets.
USE OF ESTIMATES: The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
21
<Page>
2. INVESTMENT ADVISORY FEES, ADMINISTRATION FEES AND OTHER RELATED PARTY
TRANSACTIONS
At a special meeting on June 10, 2003, shareholders of each of the Funds
approved an Investment Advisory Agreement between the Trust and SSgA Funds
Management, Inc. ("SSgA FM" or the "Adviser"). Pursuant to these advisory
agreements, SSgA FM is entitled to an advisory fee at the annual rate of .105%
of each Fund's average net assets. SSgA FM has voluntarily agreed to waive .035%
of their advisory fee until assets for each Fund reach $1 billion.
Prior to June 10, 2003, SSgA FM assumed the interim investment advisory
responsibility for the Financial Investors Trust Money Market Funds. Pursuant to
the interim advisory agreement, SSgA FM was entitled to the following advisory
fee schedule:
<Table>
<Caption>
U.S. TREASURY U.S. GOVERNMENT PRIME
AVERAGE NET ASSETS MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
- ------------------ ------------------ ------------------ -----------------
First $500 million 0.05% 0.04% 0.04%
Next $500 million 0.075% 0.06% 0.06%
Next $500 million 0.10% 0.08% 0.08%
In excess of $1.5 billion 0.15% 0.08% 0.08%
</Table>
Any information contained in this report prior to January 13, 2003, reflects the
operations of the Funds while GE Asset Management, Inc ("GEAM") was the adviser.
GEAM had the following fee schedule:
<Table>
<Caption>
U.S. TREASURY U.S. GOVERNMENT PRIME
AVERAGE NET ASSETS MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
- ------------------ ------------------ ------------------ ------------------
First $500 million 0.05% 0.04% 0.04%
Next $500 million 0.075% 0.06% 0.06%
Next $500 million 0.10% 0.08% 0.08%
In excess of $1.5 billion 0.15% 0.08% 0.08%
</Table>
ALPS Mutual Funds Services, Inc. ("ALPS") serves as the Funds'
administrator. ALPS is entitled to receive a fee from each Fund for its
administrative services, computed daily and payable monthly, based on the
following fee schedule:
<Table>
<Caption>
U.S. TREASURY U.S. GOVERNMENT PRIME
AVERAGE NET ASSETS MONEY MARKET FUND* MONEY MARKET FUND* MONEY MARKET FUND*
- ------------------ ------------------ ------------------ ------------------
First $500 million 0.26% 0.16% 0.16%
Next $500 million 0.24% 0.14% 0.14%
In excess of $1 billion 0.22% 0.12% 0.12%
</Table>
*Subject to a minimum monthly fee of $50,000, $30,000 and $30,000 for the U.S.
Treasury Money Market Fund, U.S. Government Money Market Fund and Prime Money
Market Fund, respectively.
22
<Page>
ALPS has contractually agreed to waive a portion of its administration fees
until April 30, 2006, to the extent necessary for U.S. Treasury to maintain a
total expense ratio of no more than .33% of its average net assets, U.S.
Government Class I to maintain a total expense ratio of no more than .20% of its
average net assets, U.S. Government Class II to maintain a total expense ratio
of no more than .45% of its average net assets, Prime Class I to maintain a
total expense ratio of no more than .20% of its average net assets, and Prime
Class II to maintain a total expense ratio of no more than .60% of its average
net assets, respectively. After that date, the fee waivers by ALPS are voluntary
and may be terminated at any time.
Administration fee includes: fund administration, fund accounting, daily
pricing, registration, shareholder servicing, transfer agency, fund ratings and
audit.
The Trustees have adopted a Distribution Plan on behalf of Class II of the
U.S. Government Money Market Fund and the Prime Money Market Fund ("Class II")
pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The
Distribution Plan provides for payment of a fee to the Distributor, ALPS
Distributors, Inc., at the annual rate of .25% of the average net assets of
Class II of the U.S. Government Money Market Fund and .40% of the average net
assets of Class II of the Prime Money Market Fund.
Shareholders holding more than 5.00% of the Funds' outstanding shares as of
April 30, 2005, constituted 23.76% of the U.S. Treasury Money Market Fund,
32.56% of the U.S. Government Money Market Fund and 78.10% of the Prime Money
Market Fund.
FUND HOLDINGS (UNAUDITED)
The Funds file complete schedules of portfolio holdings with the Securities
Exchange Commission ("SEC") for the first and third quarters of each fiscal year
on Form N-Q within 60 days after the end of the period. Copies of the Fund's
Forms N-Q are available without charge, upon request, by contacting the Fund at
1-800-298-3442 and on the SEC's website at http://www.sec.gov. You may also
review and copy Form N-Q at the SEC's Public Reference Room in Washington, D.C.
For more information about the operation of the Public Reference Room, please
call the SEC at 1-800-SEC-0330.
DISCLOSURE REGARDING APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)
On March 22, 2005, the Board of Trustees met in person to discuss, among
other things, the renewal and approval of the Investment Advisory Agreement
("Advisory Agreement") between the Trust and SSgA FM in accordance with
Section 15(c) of the Investment Company Act of 1940. The Trustees were
informed that SSgA FM, as the investment adviser, has responsibility for the
investment and management of the Funds' assets and securities. The Trustees last
approved the Advisory Agreement for the U.S. Treasury, U.S. Government and Prime
Money Market Funds in April 2003. It was also noted that the Independent
Trustees met with Fund Counsel before the Board meeting commenced and had
discussed the Advisory Agreement and other related materials.
In approving the Advisory Agreements the Trustees, including the
Independent Trustees, considered the following factors with respect to the
Funds:
INVESTMENT ADVISORY FEE RATE: The Trustees reviewed and considered the
contractual advisory fee annual rate of 0.105% of each Fund's average daily
total assets paid by the Trust to SSgA FM in light of the extent and quality of
the advisory services provided by SSgA FM.
The Board received and considered information comparing the Funds'
contractual advisory fee and overall expenses with
23
<Page>
those of funds in both the relevant expense group and universe of funds provided
by Lipper, an independent provider of investment company data.
The Trustees further determined that the total expense ratios of 0.332% for
the U.S. Treasury Money Market Fund, 0.201% for the U.S. Government Money Market
Fund Class I, 0.452% for the U.S. Government Money Market Fund Class II, 0.200%
for the Prime Money Market Fund Class I, and 0.600% for the Prime Money Market
Fund Class II, all net of any fee waivers in place, are comparable to others
within such Fund's peer universe.
NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENTS:
The Trustees received and considered information regarding the nature, extent
and quality of services provided to each Fund under the Advisory Agreements. The
Trustees reviewed certain background materials supplied by SSgA FM.
The Trustees noted having received reports from SSgA FM at each regular
Board meeting throughout the year related to the services rendered by SSgA FM.
The Trustees reviewed background information about SSgA FM, including their Form
ADV. The Trustees considered the background and experience of SSgA FM's
management in connection with the Funds including reviewing the qualifications,
backgrounds and responsibilities of the management team primarily responsible
for the day-to-day portfolio management of each 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, SSgA FM's method of
determining credit risk as required by Rule 2a-7, client transactions, insider
trading policies and procedures and a description of SSgA FM's code of ethics.
MONEY MARKET FUNDS' PERFORMANCE: The Trustees received and considered the
one, three and five year performance, as applicable, of each Fund. The Trustees
also reviewed information comparing the performance of similarly managed SSgA FM
products for the same time periods.
SSgA FM PROFITABILITY: The Trustees received and considered a profitability
analysis of SSgA FM based on the fees payable under the Advisory Agreements. The
Trustees considered the profits, if any, realized by SSgA FM in connection with
the operation of the Funds and whether the amount of the profit, if any, is fair
to the Trust.
ECONOMIES OF SCALE: The Trustees considered whether economies of scale in
the provision of services to each Fund were being passed along to the
shareholders. The Trustees considered whether any economies of scale, fall out
benefits or any other direct or indirect benefits would result from the
relationship with SSgA FM.
OTHER BENEFITS TO SSgA FM: The Trustees reviewed and considered any other
benefits derived or to be derived by SSgA FM from the relationship with the
Funds. The Trustees also reviewed the top ten broker-dealers used by SSgA FM as
well as SSgA FM's brokerage practices.
CONCLUSIONS: In selecting SSgA FM and approving the Advisory Agreement and
the investment advisory fee under such 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 the Advisory
Agreement. Further, the Independent Trustees were advised by separate
independent legal counsel throughout the process.
24
<Page>
THE TRUSTEES CONCLUDED THAT:
- the investment advisory fees received by SSgA FM with respect to each
Fund are comparable to others with in such Fund's peer universe;
- the nature, extent and quality of services rendered by SSgA FM under the
Advisory Agreement is adequate;
- the performance of each Fund is comparable to the performance of
similarly managed SSgA FM products for the same time periods;
- the profit, if any, realized by SSgA FM in connection with the operation
of the Funds is fair to the Trust;
- the relatively small size of each Fund does not permit for economies of
scale in SSgA FM's provision of services to the Funds; and
- there are no material other benefits accruing to SSgA FM in connection
with SSgA FM's relationship with the Funds.
Based on the Trustees' deliberations and their evaluation of the
information described above, the Trustees, including all of the Independent
Trustees, concluded that SSgA FM's compensation for investment advisory services
is consistent with the best interest of the Funds and their shareholders and
re-approved the Investment Advisory Agreement.
25
<Page>
TRUSTEES & OFFICERS (UNAUDITED)
As of April 30, 2005, the Funds represented three of four separate series under
the Trust. The Trust's Board of Trustees oversees the overall management of each
series of the Trust and elects the officers of the Trust. The principal
occupations for the past five years of the Trustees and executive officers of
the Trust are listed below.
INTERESTED TRUSTEES & OFFICERS
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND
POSITION(S) HELD NUMBER OF PORTFOLIOS PRINCIPAL OCCUPATION DURING THE PAST 5 YEARS
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN AND OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------
W. Robert Alexander, (77) Trustee and W. Robert Alexander was Mr. Alexander is the Chief Executive Officer of ALPS
Chairman elected by the initial Mutual Funds Services, Inc., ("ALPS") and ALPS
1625 Broadway shareholder in December Distributors, Inc., ("ADI") which provide
Suite 2200 1993 and oversees 4 administration and distribution services,
Denver, CO 80202 funds in the trust. respectively, for proprietary mutual fund complexes.
Mr. Alexander is also the Chairman of ALPS Financial
Services, Inc. and ALPS Advisors, Inc. Mr. Alexander
was Vice Chairman of First Interstate Bank of
Denver, responsible for Trust, Private Banking,
Retail Banking, Cash Management Services and
Marketing. Because of his affiliation with ALPS and
ADI, Mr. Alexander is considered an "interested"
Trustee of the Trust. Mr. Alexander is currently a
member of the Board of Trustees of the Hunter and
Hughes Trusts, Financial Investors Variable
Insurance Trust, Clough Global Allocation Fund,
Clough Global Equity Fund and Reaves Utility Income
Fund.
Edmund J. Burke, (44) President Edmund J. Burke was Mr. Burke is President and Director of ALPS and ADI.
elected as President at Mr. Burke joined ALPS in 1991 as Vice President and
1625 Broadway the December 17, 2002 National Sales Manager. Because of his positions
Suite 2200 meeting of the Board of with ADI and ALPS, Mr. Burke is deemed an affiliate
Denver, CO 80202 Trustees. of the Trust as defined under the 1940 Act. Mr. Burke
is currently President of the Financial Investors
Variable Insurance Trust, Reaves Utility Income Fund,
Clough Global Equity Fund and Clough Global Allocation
Fund.
</Table>
26
<Page>
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND
POSITION(S) HELD NUMBER OF PORTFOLIOS PRINCIPAL OCCUPATION DURING THE PAST 5 YEARS
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN AND OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------- ---------------- ------------------------ ----------------------------------------------------
Jeremy O. May, (35) Treasurer Jeremy May was elected Mr. May is Managing Director, Operations & Client
at the October 7, 1997 Services of ALPS and ADI. Mr. May joined ALPS in
1625 Broadway meeting of the Board of 1995 as a Controller. Mr. May was an auditor with
Suite 2200 Trustees. Deloitte & Touche LLP in their Denver office.
Denver, CO 80202 Because of his positions with ALPS and ADI, Mr. May
is deemed an affiliate of the Trust as defined under
the 1940 Act. Mr. May is currently Treasurer of
Financial Investors Variable Insurance Trust, Reaves
Utility Income Fund, Clough Global Allocation Fund,
Clough Global Equity Fund and First Funds Trust.
Erin Douglas, (28)* Secretary Erin Douglas was elected Ms. Douglas is Associate Counsel of ALPS. Ms. Douglas
as Secretary at the June joined ALPS as Associate Counsel in January 2003.
1625 Broadway 15, 2004 meeting of the Ms. Douglas is deemed an affiliate of the Trust as
Suite 2200 Board of Trustees. defined under the 1940 Act. Ms. Douglas is currently
Denver, CO 80202 Secretary of the Clough Global Allocation Fund and
the Clough Global Equity Fund.
Bradley J. Swensen (32) Chief Mr. Swenson was Mr. Swenson joined ALPS as Chief Compliance Officer
Compliance appointed as Chief ("CCO") in May 2004. Prior to joining ALPS, Mr. Swenson
1625 Broadway Officer Compliance Officer at served as the Senior Audit manager at Janus Capital
Suite 2200 the March 22, 2005 Group. Before joining Janus Mr. Swenson was a senior
Denver, CO 80202 meeting of the Board of Internal Auditor for Oppenhiemer Funds. Because of
Trustees. his position with ALPS and ADI, Mr. Swenson is deemed
an affiliate of the Trust as defined under the 1940 Act.
Mr. Swenson is currently the CCO of Clough Global
Allocation Fund, Clough Global Equity Fund, Reaves
Utility Income Fund, SPDR Trust, Midcap SPDR Trust,
and DIAMONDS Trust.
</Table>
27
<Page>
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND
POSITION(S) HELD NUMBER OF PORTFOLIOS PRINCIPAL OCCUPATION DURING THE PAST 5 YEARS
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN AND OTHER DIRECTORSHIPS HELD BY TRUSTEE
- ------------------------- ---------------- ------------------------ ----------------------------------------------------
Mary K. Anstine, (64) Trustee Mary K. Anstine was Ms. Anstine was President/Chief Executive Officer,
elected at a special HealthONE Alliance, Denver, Colorado; Former
1625 Broadway meeting of shareholders Executive Vice President, First Interstate Bank of
Suite 2200 held on March 21, 1997 Denver. Ms. Anstine is currently a Trustee of the
Denver, CO 80202 and oversees 4 funds in Denver Area Council of the Boy Scouts of America and
the trust. a Director of the Colorado Uplift Board. Ms. Anstine
is also Director of AV Hunter Trust and Denver
Chapter of the Alzheimer's Association. Ms. Anstine
is a Trustee of Financial Investors Variable
Insurance Trust and Reaves Utility Income Fund.
Edwin B. Crowder, (73) Trustee Edwin B. Crowder was Mr. Crowder is the President and owner of Eddie
elected at a special Crowder Associates, Inc. Mr. Crowder is a former
1625 Broadway meeting of shareholders Director of Athletics and Head Football Coach at the
Suite 2200 held on March 21, 1997 University of Colorado.
Denver, CO 80202 and oversees 4 funds in
the trust.
Robert E. Lee, (70) Trustee Robert E. Lee was Mr. Lee is a Director of Storage Technology
appointed as a Trustee Corporation and ING Financial Services - North
1625 Broadway at the December 15, America. Mr. Lee is also a Director of Meredith
Suite 2200 1998, meeting of the Capital Corporation and Source Capital Corporation.
Denver, CO 80202 Board of Trustees and Mr. Lee is a Trustee of the Financial Investors
oversees 4 funds in the Variable Insurance Trust and Reaves Utility Income
trust. Fund.
John R. Moran, Jr., (75) Trustee John R. Moran was Mr. Moran is President and CEO of The Colorado
elected at a special Trust, a private foundation serving the health and
1625 Broadway meeting of shareholders hospital community in the State of Colorado. An
Suite 2200 held on March 21, 1997 attorney, Mr. Moran was formerly a partner with the
Denver, CO 80202 and oversees 4 funds in firm of Kutak Rock & Campbell in Denver, Colorado
the trust. and a member of the Colorado House of
Representatives. Currently, Mr. Moran is a member of
the Treasurer's Office Investment Advisory Committee
for the University of Colorado; Trustee of the
Robert J. Kutak Foundation, Hill Foundation and
Financial Investors Variable Insurance Trust.
</Table>
* Except as otherwise indicated, each individual has held the office shown or
other offices in the same company for the last five years.
28
<Page>
INTENTIONALLY LEFT BLANK
<Page>
INVESTMENT ADVISER
SSgA Funds Management, Inc.
1 International Place, 25th Floor
Boston, Massachusetts 02110
ADMINISTRATOR, TRANSFER AGENT &
FUND ACCOUNTANT
ALPS Mutual Funds Services, Inc.
1625 Broadway
Suite 2200
Denver, Colorado 80202
DISTRIBUTOR
ALPS Distributors, Inc.
1625 Broadway
Suite 2200
Denver, Colorado 80202
LEGAL COUNSEL
Davis Graham & Stubbs LLP
1550 Seventeenth Street
Suite 500
Denver, Colorado 80202
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
555 Seventeenth Street
Suite 3600
Denver, Colorado 80202
CUSTODIAN
State Street Bank & Trust Company
of Connecticut N.A.
750 Main Street
Suite 1114
Hartford, Connecticut 06103
SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, Massachusetts 02171
Must be accompanied or preceded by a current prospectus.
For more information, please call
800.862.3040 or visit
WWW.AMERICANFREEDOMFUNDS.COM
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
[AMERICAN FREEDOM FUNDS LOGO]
ANNUAL REPORT
APRIL 30, 2005
<Page>
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
As a shareholder to the Fund, you will incur no transaction costs, including
sales charges (loads) on purchases, on reinvested dividends, or on other
distributions. There are also no redemption fees or exchange fees. However, the
Fund does incur ongoing costs, including management fees; distribution (12b-1)
fees; and other Fund expenses. The following examples are intended to help you
understand your ongoing costs (in dollars) of investing in a Fund and to compare
these costs with the ongoing costs of investing in other mutual funds. The
examples are based on an investment of $1,000 invested on November 1, 2004 and
held until May 1, 2005.
ACTUAL RETURN. The first line of the table below provides information about
actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value by $1,000 (for example,
an $8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the first line under the heading "Expense Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL 5% RETURN. The second line of the table below provides information
about hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in a Fund and other mutual funds. To do so, compare
this 5% hypothetical example with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
The expenses shown in the table are meant to highlight ongoing Fund costs only
and do not reflect transaction fees, such as redemption fees. Therefore, the
second line of the table is useful in comparing ongoing costs only, and may not
help you determine the relative total costs of owning different funds.
<Table>
<Caption>
EXPENSE PAID
BEGINNING ACCOUNT ENDING ACCOUNT DURING PERIOD
VALUE 11/01/04 VALUE 5/01/05 11/01/04 - 5/01/05*
- -------------------------------------------------------------------------------------------------
Class I Actual Fund Return $ 1,000.00 $ 1,011.10 $ 1.00
Hypothetical Fund Return $ 1,000.00 $ 1,023.93 $ 1.01
Class II Actual Fund Return $ 1,000.00 $ 1,009.80 $ 2.15
Hypothetical Fund Return $ 1,000.00 $ 1,022.79 $ 2.17
</Table>
* Expenses are equal to the American Freedom U.S. Government Money Market Fund
Class I and Class II annualized expense ratios of .20% and .43%, multiplied by
the average account value over the period, multiplied by the number of days in
the second fiscal half-year divided by 365 days in the current year (to reflect
the one-half year period).
ASSET ALLOCATION (UNAUDITED)
April 30, 2005
<Table>
U.S. Government & Agency Obligations 38.99%
Repurchase Agreements 61.18%
</Table>
Percnetage of Fund's Total Net Assets
1
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Financial Investors Trust
We have audited the accompanying statements of assets and liabilities of the
American Freedom U.S. Government Money Market Fund of the Financial Investors
Trust (the "Trust"), including the statements of investments, as of April 30,
2005, and the related statements of operations for the year then ended, the
statements of changes in net assets for the year then ended and the period from
September 11, 2003 (commencement of operations) to April 30, 2004, and the
financial highlights for each of the periods presented. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Trust
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of April 30, 2005, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
American Freedom U.S. Government Money Market Fund of the Financial Investors
Trust as of April 30, 2005, the results of its operations for the year then
ended, the changes in its net assets for the year then ended and the period from
September 11, 2003 (commencement of operations) to April 30, 2004, and the
financial highlights for the periods presented, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
June 14, 2005
2
<Page>
STATEMENT OF INVESTMENTS
APRIL 30, 2005
<Table>
<Caption>
FACE VALUE VALUE
- -------------- --------------
U.S. GOVERNMENT & AGENCY OBLIGATIONS 38.99%
Federal Home Loan Mortgage Corp.
$ 10,000,000 2.70%, 5/02/05 DN $ 10,000,000
5,185,000 2.95%, 6/15/05 DN 5,166,305
4,000,000 2.97%, 6/28/05 DN 3,981,190
5,000,000 2.73%, 11/07/05* 4,999,676
Federal National Mortgage Assocation
10,000,000 2.95%, 5/29/05* 9,998,059
3,000,000 2.86%, 6/09/05* 2,999,515
4,000,000 2.96%, 6/22/05 DN 3,983,227
4,000,000 2.99%, 7/13/05 DN 3,976,080
--------------
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS 45,104,052
(Cost $45,104,052) --------------
</Table>
3
<Page>
<Table>
<Caption>
VALUE COLLATERAL VALUE
----------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 61.18%
Agreement with Bank of America and Bank of New York
(Tri-party), 2.95%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal National Mortgage Association DN,
0.00% due 9/07/05 with a repurchase amount of $5,001,229 $ 5,000,000 $ 5,100,660
Agreement with Barclays and Bank of New York (Tri-party), 2.94%,
dated 4/29/05 and maturing 5/02/05, collateralized by Federal
National Mortgage Association Note, 3.41% due 8/30/07 with
a repurchase amount of $5,001,225 5,000,000 5,100,539
Agreement with Bear Stearns Companies, Inc. and Bank of
New York (Tri-party), 2.92%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal National Mortgage Association Note,
3.25% due 2/15/09 with a repurchase amount of $5,001,217 5,000,000 5,102,550
Agreement with HSBC Bank and J.P. Morgan Chase & Co.
(Tri-party), 2.93%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal National Mortgage Association Notes,
4.25-6.00% due 10/15/06-5/15/09, and Federal Home Loan
Mortgage Corp. Notes, 5.75% due 4/15/08-1/15/12 with a
repurchase amount of $5,001,221 5,000,000 5,104,831
Agreement with Lehman Brothers, Inc. and J.P. Morgan Chase
& Co. (Tri-party), 2.94%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Bank Bond, 5.25% due
6/18/04 with a repurchase amount of $20,776,088 20,771,000 21,190,178
Agreement with Smith Barney Citigroup and Bank of New
York (Tri-party), 2.95%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Mortgage Corp. Note,
3.05% due 1/19/07 with a repurchase amount of $25,006,146 25,000,000 25,500,873
Agreement with UBS Warburg, Inc. and J.P. Morgan Chase &
Co. (Tri-party), 2.94%, dated 4/29/05 and maturing 5/02/05,
collateralized by Federal Home Loan Bank Bonds, 2.63-6.38%
due 8/15/06-5/15/12 with a repurchase amount of $5,001,225 5,000,000 5,104,969
----------------------------------
TOTAL REPURCHASE AGREEMENTS 70,771,000 72,204,600
(Cost $70,771,000) ----------------------------------
TOTAL INVESTMENTS 100.17% $ 115,875,052
(Cost $115,875,052)
Liabilities in Excess of Other Assets (0.17%) (202,869)
-----------------------------
NET ASSETS 100.00% $ 115,672,183
=============================
</Table>
*Floating rate security - rate disclosed as of April 30, 2005. Maturity date
represents the next interest rate reset date.
DN - Discount Note
INCOME TAX INFORMATION:
Total cost for federal income tax purposes: $115,875,052
See Notes to Financial Statements.
4
<Page>
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2005
<Table>
<Caption>
ASSETS
Investments, at amortized cost (which $ 115,875,052
approximates market value) (1)
Interest receivable 65,895
Receivable from administration 4,460
Prepaid and other assets 9,741
------------------
Total Assets 115,955,148
------------------
LIABILITIES
Dividends payable 260,943
Accrued investment advisory fee 6,927
Accrued administration fee 9,329
Accrued board of trustees fee 2,111
Accrued distribution fee 8
Other payables 3,647
------------------
Total Liabilities 282,965
------------------
NET ASSETS $ 115,672,183
==================
COMPOSITION OF NET ASSETS
Paid-in capital $ 115,672,183
Overdistributed net investment income 0
Accumulated net realized gain 0
------------------
NET ASSETS $ 115,672,183(2)
==================
Shares of beneficial interest outstanding
(no par value, unlimited
shares authorized) 115,672,161(2)
------------------
Net asset value and redemption value per share $ 1.00
------------------
</Table>
(1) Including repurchase agreements in the amount of $70,771,000.
<Table>
<Caption>
NET ASSETS SHARES OUTSTANDING
-------------- ------------------
(2) U.S. Government Money Market Fund
Class I $ 115,669,143 115,669,121
Class II $ 3,040 3,040
</Table>
See Notes to Financial Statements.
5
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED APRIL 30, 2005
<Table>
INVESTMENT INCOME $ 2,203,251
----------------
EXPENSES
Investment advisory fee 122,755
Administration services 358,919
Legal 2,442
Insurance 6,688
State Registration 1,750
Distribution - Class II 7
Board of Trustees 6,197
Miscellaneous 1,742
----------------
Total Expenses before fee waivers 500,500
Expenses waived by administrator (221,339)
Expenses reimbursed by administrator (4,460)
Expenses waived by investment advisor (40,918)
----------------
Net Expenses 233,783
----------------
NET INVESTMENT INCOME 1,969,468
----------------
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 1,969,468
================
</Table>
See Notes to Financial Statements.
6
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE PERIOD ENDED
APRIL 30, 2005 APRIL 30, 2004
-----------------------------------------
OPERATIONS
Net investment income $ 1,969,468 $ 683,441
-----------------------------------------
Net increase in net assets resulting
from operations 1,969,468 669,051
-----------------------------------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income
Class I (1,969,430) (683,431)
Class II (43) (3)
Dividends to shareholders from net
realized gains
Class I (15,590) -
Class II - -
-----------------------------------------
Net decrease in net assets from
distributions (1,985,063) (683,434)
-----------------------------------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 126,687,386 268,683,223
Dividends reinvested 1,517,388 522,218
Shares redeemed (117,272,289) (164,468,805)
Class II
Shares sold - 3,000
Dividends reinvested 39 1
Shares redeemed - -
-----------------------------------------
Net increase in net assets derived
from beneficial interest transactions 10,932,524 104,739,637
-----------------------------------------
Net increase in net assets 10,916,929 104,755,254
NET ASSETS
Beginning of period 104,755,254 -
-----------------------------------------
End of period* $ 115,672,183 $ 104,755,254
=========================================
*Includes overdistributed
net investment income of: $ 0 $ 0
</Table>
(1) At net asset value of $1.00 per share.
See Notes to Financial Statements.
7
<Page>
FINANCIAL HIGHLIGHTS
U.S. GOVERNMENT MONEY MARKET FUND - CLASS I
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE PERIOD ENDED
APRIL 30, 2005 APRIL 30, 2004**
-------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00
-------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.01
Net realized gain 0.00^ -
-------------------------------------------
Total from investment operations 0.02 0.01
-------------------------------------------
DISTRIBUTIONS
From net investment income (0.02) (0.01)
Net realized gain 0.00^ -
-------------------------------------------
Total distributions (0.02) (0.01)
-------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00
===========================================
TOTAL RETURN+ 1.68% 0.55%#
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 115,669 $ 104,752
Ratio of expenses to average net assets 0.20% 0.20%*
Ratio of net investment income to
average net assets 1.68% 0.88%*
Ratio of expenses to average net assets
without fee waivers 0.43% 0.43%*
Ratio of net investment income to
average net assets without fee waivers 1.45% 0.65%*
</Table>
* Annualized.
** Class I commenced operations on September 11, 2003.
+ Total return would have been lower had various fees not been waived during the
period.
# Total returns for periods of less than one year are not annualized.
^ Less than $.005 per share.
See Notes to Financial Statements.
8
<Page>
U.S. GOVERNMENT MONEY MARKET FUND - CLASS II
Selected data for a share of beneficial interest outstanding throughout the
periods indicated:
<Table>
<Caption>
FOR THE YEAR ENDED FOR THE PERIOD ENDED
APRIL 30, 2005 APRIL 30, 2004**
-------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00
-------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.01 0.00^
Net realized gain 0.00^ -
-------------------------------------------
Total from investment operations 0.01 0.00^
-------------------------------------------
DISTRIBUTIONS
From net investment income (0.01) (0.00)^
Net realized gain 0.00^ -
-------------------------------------------
Total distributions (0.01) (0.00)^
-------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00
===========================================
TOTAL RETURN+ 1.42% 0.11%#
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000) $ 3 $ 3
Ratio of expenses to average net assets 0.43% 0.43%*
Ratio of net investment income to
average net assets 1.46% 0.62%*
Ratio of expenses to average net assets
without fee waivers 0.66% 0.66%*
Ratio of net investment income to
average net assets without fee waivers 1.23% 0.39%*
</Table>
* Annualized.
** Class II commenced operation on September 17, 2003.
+ Total return would have been lower had various fees not been waived during the
period.
# Total returns for periods of less than one year are not annualized.
^ Less than $.005 per share.
See Notes to Financial Statements.
9
<Page>
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Financial Investors Trust, a Delaware statutory trust, is registered under
the Investment Company Act of 1940, as amended, as an open-end management
investment company. The financial statements included herein relate to the
Trust's American Freedom Family of Funds. The American Freedom Family of Funds
includes the U.S. Government Money Market Fund (the "fund"). The financial
statements of the remaining funds of the Trust are presented separately.
The Fund offers two classes of shares (Class I and Class II). Class I and
Class II are identical in all respects with the exception that Class II shares
charge a distribution fee and have a lower investment minimum. Each Class of
shares has equal rights as to earnings, assets and voting privileges except that
Class II has exclusive voting rights with respect to its Distribution Plan.
Income, expenses (other than expenses incurred under the Class II Distribution
Plan and other class specific expenses) and realized gains or losses on
investments are allocated to each Class based upon their relative net assets.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
policies are in conformity with accounting principles generally accepted in the
United States of America.
INVESTMENT VALUATION: The Fund values securities utilizing the amortized
cost method of valuation under Rule 2a-7 of the 1940 Act, pursuant to which the
Fund must adhere to certain conditions. Under this method, investments are
valued initially at cost and thereafter assume a constant amortization to
maturity of any discount or premium.
INVESTMENT TRANSACTIONS AND INVESTMENT INCOME: Investment transactions are
accounted for on the date the investments are purchased or sold (trade date).
Realized gains and losses from investment transactions are reported on an
identified cost basis which is the same basis the Fund uses for federal income
tax purposes. Interest income is accrued and recorded as earned.
REPURCHASE AGREEMENTS: In some cases, the Fund's custodian takes possession
of the collateral pledged for investments in repurchase agreements, unless it is
a tri-party repurchase agreement. The underlying collateral is valued daily on a
mark-to-market basis to ensure that value, including accrued interest, is at
least equal to the repurchase price. In the event of default on the obligation
to repurchase, the Fund has the right to liquidate the collateral and apply the
proceeds in satisfaction of the obligation. Under certain circumstances, in the
event of default by or bankruptcy of the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings.
FEDERAL INCOME TAXES: It is the Fund's policy to continue to comply with
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of their taxable income to shareholders.
Therefore, no provision for federal income tax is included in the accompanying
Financial Statements.
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS: Dividends from net
investment income are declared daily and paid monthly. Distributions of
accumulated net realized gains, if any, are declared at least once a year. Net
investment income (loss) and net realized gain (loss) may differ for financial
statement and tax purposes. 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 was
recorded by the Fund.
10
<Page>
The tax character of the distributions paid by the Fund during the period ended
April 30, 2005 and April 30, 2004, were as follows:
<Table>
<Caption>
2005 2004
---------------------------
DISTRIBUTIONS PAID FROM:
Ordinary income $ 1,985,063 $ 683,434
Long-Term capital gain - -
---------------------------
Total $ 1,985,063 $ 683,434
===========================
</Table>
As of April 30, 2005, the components of distributable earnings on a tax basis
for the Fund was as follows:
<Table>
<Caption>
2005
------
Overdistributed net investment income $ 0
Accumulated net realized gain 0
----
Total $ 0
====
</Table>
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended April 30, 2005, amounts have been reclassified to reflect an increase
in paid in capital of $15, a decrease to accumulated gain/(loss) of $20 and an
increase of $5 to (over)/undistributed net investment income. Net assets of the
Fund were unaffected by the reclassifications and the calculation of net
investment income in the Financial Highlights excludes these adjustments.
EXPENSES: Some expenses of the Trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned among all funds in
the Trust based on average net assets.
USE OF ESTIMATES: The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from these estimates.
2. INVESTMENT ADVISORY FEES, ADMINISTRATION FEES AND OTHER RELATED PARTY
TRANSACTIONS
The Trust has entered into an Investment Advisory Agreement with SSgA Funds
Management, Inc. ("SSgA FM"). Pursuant to that advisory agreement, SSgA FM is
entitled to an advisory fee at the annual rate of .105% of average net assets of
the U.S. Government Money Market Fund. SSgA FM has voluntarily agreed to waive
..035% of its advisory fee until the assets of the Fund reach $1 billion.
ALPS Mutual Funds Services, Inc. ("ALPS") serves as the Fund's
administrator. ALPS is entitled to receive a fee from the Fund for its
administrative services, computed daily and payable monthly, based on the
following fee schedule:
<Table>
<Caption>
U.S. GOVERNMENT
AVERAGE NET ASSETS MONEY MARKET FUND*
------------------ ------------------
First $500 million 0.16%
Next $500 million 0.14%
In excess of $1 billion 0.12%
</Table>
*Subject to a minimum monthly fee of $30,000.
11
<Page>
ALPS has contractually agreed to waive a portion of its administration fees
until April 30, 2006, to the extent necessary for Class I to maintain a total
expense ratio of no more than .20% of its average net assets, and Class II to
maintain a total expense ratio of no more than .45% of its average net assets,
respectively. After that date, the fee waivers by ALPS are voluntary and may be
terminated at any time.
Administration fee includes: fund administration, fund accounting, daily
pricing, registration, shareholder servicing, transfer agency, fund ratings and
audit.
The Trustees have adopted a Distribution Plan on behalf of Class II
pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. The
Distribution Plan provides for payment of a fee to the Distributor, ALPS
Distributors, Inc., at the annual rate of .25% of the average net assets of
Class II of the Fund.
Shareholders holding more than 5.00% of the Funds' outstanding shares as of
April 30, 2005, constituted 59.44% of the Fund.
FUND HOLDINGS (UNAUDITED)
The Fund files its complete schedule of portfolio holdings with the
Securities Exchange Commission ("SEC") for the first and third quarters of each
fiscal year on Form N-Q within 60 days after the end of the period. Copies of
the Fund's Forms N-Q are available without charge, upon request, by contacting
the Fund at 1-800-862-3040 and on the SEC's website at http://www.sec.gov. You
may also review and copy Form N-Q at the SEC's Public Reference Room in
Washington, D.C. For more information about the operation of the Public
Reference Room, please call the SEC at 1-800-SEC-0330.
DISCLOSURE REGARDING APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)
On March 22, 2005, the Board of Trustees met in person to discuss, among
other things, the renewal and approval of the Investment Advisory Agreement
("Advisory Agreement") between the Trust and SSgA FM in accordance with Section
15(c) of the Investment Company Act of 1940. The Trustees were informed that
SSgA FM, as the investment adviser, has responsibility for the investment and
management of the Funds' assets and securities. The Trustees last approved the
Advisory Agreement for the American Freedom U.S. Government Money Market Fund in
June 2003. It was also noted that the Independent Trustees met with Fund Counsel
before the Board meeting commenced and had discussed the Advisory Agreement and
other related materials.
In approving the Advisory Agreement the Trustees, including the Independent
Trustees, considered the following factors with respect to the Fund:
INVESTMENT ADVISORY FEE RATE: The Trustees reviewed and considered the
contractual advisory fee annual rate of 0.105% of the Fund's average daily total
assets paid by the Trust to SSgA FM in light of the extent and quality of the
advisory services provided by SSgA FM.
The Board received and considered information comparing the Funds'
contractual advisory fee and overall expenses with those of funds in both the
relevant expense group and universe of funds provided by Lipper, an independent
provider of investment company data.
12
<Page>
DISCLOSURE REGARDING APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (UNAUDITED)
The Trustees further determined that the total expense ratios of 0.198% for
the American Freedom U.S. Government Money Market Fund Class I and 0.430% for
the American Freedom U.S. Government Money Market Fund Class II, each net of any
fee waivers in place, are comparable to others within the Fund's peer universe.
NATURE, EXTENT AND QUALITY OF THE SERVICES UNDER THE ADVISORY AGREEMENT:
The Trustees received and considered information regarding the nature, extent
and quality of services provided to the Fund under the Advisory Agreement. The
Trustees reviewed certain background materials supplied by SSgA FM.
The Trustees noted having received reports from SSgA FM at each regular
Board meeting throughout the year related to the services rendered by SSgA FM.
The Trustees reviewed background information about SSgA FM, including their Form
ADV. The Trustees considered the background and experience of SSgA FM's
management in connection with the Fund including reviewing the qualifications,
backgrounds and responsibilities of the management team primarily responsible
for the day-to-day portfolio management of the Fund and the extent of the
resources devoted to research and analysis of actual and potential investments.
The Trustees also reviewed, among other things, SSgA FM's method of
determining credit risk as required by Rule 2a-7, client transactions, insider
trading policies and procedures and a description of SSgA FM's code of ethics.
MONEY MARKET FUNDS' PERFORMANCE: The Trustees received and considered the
one year performance of the Fund. The Trustees also reviewed information
comparing the performance of similarly managed SSgA FM products for the same
time period.
SSgA FM PROFITABILITY: The Trustees received and considered a profitability
analysis of SSgA FM based on the fees payable under the Advisory Agreements. The
Trustees considered the profits, if any, realized by SSgA FM in connection with
the operation of the Fund and whether the amount of the profit, if any, is fair
to the Trust.
ECONOMIES OF SCALE: The Trustees considered whether economies of scale in
the provision of services to the Fund were being passed along to the
shareholders. The Trustees considered whether any economies of scale, fall out
benefits or any other direct or indirect benefits would result from the
relationship with SSgA FM.
OTHER BENEFITS TO SSgA FM: The Trustees reviewed and considered any other
benefits derived or to be derived by SSgA FM from the relationship with the
Funds. The Trustees also reviewed the top ten broker-dealers used by SSgA FM as
well as SSgA FM's brokerage practices.
CONCLUSIONS: In selecting SSgA FM and approving the Advisory Agreement and
the investment advisory fee under such 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 the Advisory
Agreement. Further, the Independent Trustees were advised by separate
independent legal counsel throughout the process.
13
<Page>
THE TRUSTEES CONCLUDED THAT:
- the investment advisory fees received by SSgA FM with respect to the Fund
are comparable to others within such Fund's peer universe;
- the nature, extent and quality of services rendered by SSgA FM under the
Advisory Agreement is adequate;
- the performance of the Fund is comparable to the performance of similarly
managed SSgA FM products for the same time periods;
- the profit, if any, realized by SSgA FM in connection with the operation
of the Fund is fair to the Trust;
- the relatively small size of the Fund does not permit for economies of
scale in SSgA FM's provision of services to the Fund; and
- there are no material other benefits accruing to SSgA FM in connection
with SSgA FM's relationship with the Fund.
Based on the Trustees' deliberations and their evaluation of the
information described above, the Trustees, including all of the Independent
Trustees, concluded that SSgA FM's compensation for investment advisory services
is consistent with the best interest of the Funds and their shareholders and
re-approved the Investment Advisory Agreement.
14
<Page>
TRUSTEES AND OFFICERS (UNAUDITED)
As of April 30, 2005, the U.S. Government Money Market Fund represented one
of four separate series under the Trust. The Trust's Board of Trustees oversees
the overall management of each series of the Trust and elects the officers of
the Trust. The principal occupations for the past five years of the Trustees and
executive officers of the Trust are listed below.
INTERESTED TRUSTEES & OFFICERS
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND
POSITION(S) HELD NUMBER OF PORTFOLIOS PRINCIPAL OCCUPATION DURING THE PAST 5 YEARS
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN AND OTHER DIRECTORSHIPS HELD BY TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------
W. Robert Alexander, (77) Trustee and Chairman W. Robert Alexander was Mr. Alexander is the Chief Executive Officer
elected by the initial of ALPS Mutual Funds Services, Inc.,("ALPS")
1625 Broadway shareholder in December and ALPS Distributors, Inc., ("ADI") which
Suite 2200 1993 and oversees 4 provide administration and distribution
Denver, CO 80202 funds in the trust. services, respectively, for proprietary
mutual fund complexes. Mr. Alexander is also
the Chairman of ALPS Financial Services, Inc.
and ALPS Advisors, Inc. Mr. Alexander was
Vice Chairman of First Interstate Bank of
Denver, responsible for Trust, Private
Banking, Retail Banking, Cash Management
Services and Marketing. Because of his
affiliation with ALPS and ADI, Mr. Alexander
is considered an "interested" Trustee of the
Trust. Mr. Alexander is currently a member of
the Board of Trustees of the Hunter and
Hughes Trusts, Financial Investors Variable
Insurance Trust, Clough Global Allocation
Fund, Clough Global Equity Fund and Reaves
Utility Income Fund.
Edmund J. Burke, (44) President Edmund J. Burke was Mr. Burke is President and Director of
elected as President at ALPS and ADI. Mr. Burke joined ALPS in 1991 as
1625 Broadway the December 17, 2002 Vice President and National Sales Manager.
Suite 2200 meeting of the Board of Because of his positions with ADI and ALPS,
Denver, CO 80202 Trustees. Mr. Burke is deemed an affiliate of the Trust
as defined under the 1940 Act. Mr. Burke is
currently President of the Financial
Investors Trust, Reaves Utility Income Fund,
Clough Global Equity Fund and Clough Global
Allocation Fund.
Jeremy O. May, (35) Treasurer Jeremy May was elected Mr. May is Managing Director, Operations &
at the October 7, 1997 Client Services of ALPS and ADI. Mr. May
1625 Broadway meeting of the Board of joined ALPS in 1995 as a Controller. Mr. May
Suite 2200 Trustees. was an auditor with Deloitte & Touche LLP in
Denver, CO 80202 their Denver office. Because of his positions
with ALPS and ADI, Mr. May is deemed an
affiliate of the Trust as defined under the
1940 Act. Mr. May is currently Treasurer of
Financial Investors Variable Insurance Trust,
Reaves Utility Income Fund, Clough Global
Equity Fund, Clough Global Allocation Fund
and First Funds Trust.
</Table>
15
<Page>
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND PRINCIPAL OCCUPATION DURING THE PAST 5
POSITION(S) HELD NUMBER OF PORTFOLIOS YEARS AND OTHER DIRECTORSHIPS HELD BY
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------
Erin Douglas, (28)* Secretary Erin Douglas was Ms. Douglas is Associate Counsel of ALPS.
elected at the June 15, Ms. Douglas joined ALPS as Associate Counsel
1625 Broadway 2004 meeting of the in January 2003. Ms. Douglas is deemed an
Suite 2200 Board of Trustees. affiliate of the Trust as defined under the
Denver, CO 80202 1940 Act. Ms. Douglas is currently Secretary
of the Clough Global Allocation Fund and the
Clough Global Equity Fund.
Bradley J. Swensen (32) Chief Compliance Mr. Swenson was Mr. Swenson joined ALPS as Chief Compliance
Officer appointed as Chief Officer ("CCO") in May 2004. Prior to joining
1625 Broadway Compliance Officer at ALPS, Mr. Swenson served as the Senior Audit
Suite 2200 the March 22, 2005 manager at Janus Capital Group. Before
Denver, CO 80202 meeting of the Board of joining Janus Mr. Swenson was a senior
Trustees. Internal Auditor for Oppenhiemer Funds.
Because of his position with ALPS and ADI,
Mr. Swenson is deemed an affiliate of the
Trust as defined under the 1940 Act. Mr.
Swenson is currently the CCO of Clough Global
Allocation Fund, Clough Global Equity Fund,
Reaves Utility Income Fund, SPDR Trust,
Midcap SPDR Trust, and DIAMONDS Trust.
</Table>
16
<Page>
INDEPENDENT TRUSTEES
<Table>
<Caption>
TERM OF OFFICE, LENGTH
OF TIME SERVED AND PRINCIPAL OCCUPATION DURING THE PAST 5
POSITION(S) HELD NUMBER OF PORTFOLIOS YEARS AND OTHER DIRECTORSHIPS HELD BY
NAME, ADDRESS & AGE WITH FUNDS OVERSEEN TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------
Mary K. Anstine, (64) Trustee Mary K. Anstine was Ms. Anstine was President/Chief Executive
elected at a special Officer, HealthONE Alliance, Denver,
1625 Broadway meeting of shareholders Colorado; Former Executive Vice President,
Suite 2200 held on March 21, 1997 First Interstate Bank of Denver. Ms. Anstine
Denver, CO 80202 and oversees 4 funds in is currently a Trustee of the Denver Area
the trust. Council of the Boy Scouts of America and a
Director of the Colorado Uplift Board.
Ms. Anstine is also Director of AV Hunter
Trust and Denver Chapter of the Alzheimer's
Association. Ms. Anstine is a Trustee of
Financial Investors Variable Insurance Trust
and Reaves Utility Income Fund.
Edwin B. Crowder, (73) Trustee Edwin B. Crowder was Mr. Crowder is the President and owner of
elected at a special Eddie Crowder Associates, Inc. Mr. Crowder is
1625 Broadway meeting of shareholders a former Director of Athletics and Head
Suite 2200 held on March 21, 1997 Football Coach at the University of Colorado.
Denver, CO 80202 andoversees 4 funds in
the trust.
Robert E. Lee, (70) Trustee Robert E. Lee was Mr. Lee is a Director of Storage Technology
appointed as a Trustee Corporation and ING Financial Services - North
1625 Broadway at the December 15, America. Mr. Lee is also a Director of
Suite 2200 1998, meeting of the Meredith Capital Corporation and Source
Denver, CO 80202 Board of Trustees and Capital Corporation. Mr. Lee is a Trustee of
oversees 4 funds in the the Financial Investors Variable Insurance
trust. Trust and Reaves Utility Income Fund.
John R. Moran, Jr., (75) Trustee John R. Moran was Mr. Moran is President and CEO of The
elected at a special Colorado Trust, a private foundation serving
1625 Broadway meeting of shareholders the health and hospital community in the
Suite 2200 held on March 21, 1997 State of Colorado. An attorney, Mr. Moran was
Denver, CO 80202 and oversees 4 funds in formerly a partner with the firm of Kutak
the trust. Rock & Campbell in Denver, Colorado and a
member of the Colorado House of
Representatives. Currently, Mr. Moran is a
member of the Treasurer's Office Investment
Advisory Committee for the University of
Colorado; Trustee of the Robert J. Kutak
Foundation, Hill Foundation and Financial
Investors Variable Insurance Trust.
</Table>
* Except as otherwise indicated, each individual has held the office shown or
other offices in the same company for the last five years.
17
<Page>
INTENTIONALLY LEFT BLANK
<Page>
Item 2. CODE OF ETHICS.
(a) The Registrant, as of the end of the period covered by the 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 were made to
the provisions of the code of ethics adopted in 2(a) above.
(d) During the period covered by this report, no implicit or explicit
waivers to the provisions of the code of ethics adopted in 2(a) above were
granted.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.
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 has designated Robert E. Lee as the
Registrant's "audit committee financial experts." Mr. Lee 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 April 30, 2005
and April 30, 2004, the aggregate fees billed for professional
services rendered by the principal accountant for the audit of the
Registrant's annual financial statements were $35,900 and $64,000,
respectively.
(b) AUDIT-RELATED FEES: For the Registrant's fiscal years ended April
30, 2005 and April 30, 2004, the aggregate fees billed for
professional services rendered by the principal accountant for the
17f-2 audit of the Registrant's annual financial statements were
$11,200 and $14,400, respectively.
3
<Page>
(c) TAX FEES: For the Registrant's fiscal years ended April 30, 2005 and
April 30, 2004, aggregate fees of $8,600, and $14,000, respectively,
were billed for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. The
fiscal year 2005 and 2004 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 April 30,
2005 and April 30, 2004, 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 auditors must be
pre-approved by the Registrant's audit committee.
(e)(2) No services described in paragraphs (b) through (d) were approved
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
Item 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments is included as part of the Report to Stockholders
filed under Item 1 of this form.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
4
<Page>
Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANIES.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO 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 7(d)(2)(ii)(G) of Schedule 14A, or
this item.
Item 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective based on their evaluation of
these controls and procedures as of a date within 90 days of the
filing date of this document.
(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 second fiscal quarter of
the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal
control over financial reporting.
Item 12. EXHIBITS.
(a)(1) The code of ethics that applies to the Registrant's principal
executive officer and principal financial officer is attached hereto
as EX-12.A.1.
(a)(2) The certifications required by Rule 30a-2(a) of the Investment
Company Act of 1940, as amended, and Section 302 of the
Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.Cert.
(a)(3) 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 906 of the
Sarbanes-Oxley Act of 2002 are attached hereto as Ex99.906Cert.
5
<Page>
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/ Edmund J. Burke
-------------------
Edmund J. Burke (Principal Executive Officer)
President
Date: July 1, 2005
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/ Edmund J. Burke
-------------------
Edmund J. Burke (Principal Executive Officer)
President
Date: July 1, 2005
By: /s/ Jeremy O. May
-----------------
Jeremy O. May (Principal Financial Officer)
Treasurer
Date: July 1, 2005
6