# EDGAR Filing Document

**Accession Number:** 0000915802
**File Stem:** 0001398344-23-000458
**Filing Date:** 2023-1
**Character Count:** 1006002
**Document Hash:** 5811990e46646aaf7f03f27869ada527
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000458.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000458

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FINANCIAL INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000915802
- **IRS NUMBER:** 841255767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08194
- **FILM NUMBER:** 23518325

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328
- **BUSINESS PHONE:** 3036232577

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 328
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80201-0328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FGIC PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERAL PUBLIC TRUST
- **DATE OF NAME CHANGE:** 19931206

## Series and Classes Contracts Data

### ALPS/Red Rocks Global Opportunity Fund (Series ID: S000019569)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000054404 | Investor Shares | LPEFX           |
| C000054405 | Class I         | LPEIX           |
| C000054406 | Class R         | LPERX           |
| C000090359 | Class C         | LPFCX           |
| C000200954 | Class A         | LPFAX           |

### ALPS/CoreCommodity Management CompleteCommodities Strategy Fund (Series ID: S000028470)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000087089 | Investor Shares | JCRAX           |
| C000087090 | Class C         | JCRCX           |
| C000087091 | Class I         | JCRIX           |
| C000200957 | Class A         | JCCSX           |

### RiverFront Asset Allocation Growth & Income (Series ID: S000029518)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000090577 | Investor Shares | RLGAX           |
| C000090578 | Class C         | RLGCX           |
| C000090579 | Class I         | RLIIX           |
| C000200960 | Class A         | RAGIX           |

### ALPS | Kotak India ESG Fund (Series ID: S000030224)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000093015 | Investor Shares | INDAX           |
| C000093016 | Class C         | INFCX           |
| C000093017 | Class I         | INDIX           |
| C000200962 | Class A         | INAAX           |
| C000215313 | Class II        |  |

### ALPS/Smith Short Duration Bond Fund (Series ID: S000062209)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000201375 | Class A         |  |
| C000201376 | Class C         |  |
| C000201377 | Class I         |  |
| C000201378 | Investor Shares |  |

### ALPS/Smith Total Return Bond Fund (Series ID: S000062210)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000201379 | Class A         |  |
| C000201380 | Class C         |  |
| C000201381 | Class I         |  |
| C000201382 | Investor Shares |  |

### ALPS | Smith Balanced Opportunity Fund (Series ID: S000069460)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000221738 | Investor Class | ALIBX           |
| C000221739 | Class C        | ALCBX           |
| C000221740 | Class I        | ALPBX           |
| C000221741 | Class A        | ALABX           |

### ALPS | Smith Credit Opportunities Fund (Series ID: S000069461)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000221742 | Investor Class | SMCVX           |
| C000221743 | Class A        | SMCAX           |
| C000221744 | Class C        | SMCCX           |
| C000221745 | Class I        | SMCRX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

<u>Investment Company Act file number: 811-08194</u>

<u>FINANCIAL INVESTORS TRUST</u>

(Exact name of registrant as specified in charter)

<u>1290 Broadway, Suite 1000, Denver, Colorado 80203</u>

(Address of principal executive offices) (Zip code)

Michael Lawlor, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

<u>Denver, Colorado 80203</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>303-623-2577</u>

Date of fiscal year end: <u>October 31</u>

Date of reporting period: <u>November 1, 2021 - October 31, 2022</u>

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report
 of Shareholders.

![](fp0081443_01-1.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Disclosure of Fund Expenses | 1 |
| ALPS \| CoreCommodity Management<br> CompleteCommodities<sup>®</sup> Strategy Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Commentary | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Update | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statement of Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statement of Assets and Liabilities | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statement of Operations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Net Assets | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Highlights | 17 |
| ALPS \| Kotak India ESG Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Commentary | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Update | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Investments | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 30 |
| ALPS \| Red Rocks Global Opportunity Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Commentary | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Update | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Investments | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 46 |

---

---

| | |
|:---|:---|
| RiverFront Asset Allocation Growth & Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Commentary | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Update | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Investments | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 59 |
| Notes to Financial Statements | 63 |
| Report of Independent<br> Registered Public Accounting Firm | 86 |
| Additional Information | 87 |
| Trustees and Officers | 95 |
| Privacy Policy | 98 |

---

alpsfunds.com

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

**Example.** As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads) and redemption fees; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder service fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2022 and held until October 31, 2022.

**Actual Expenses.** The first line under each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period May 1, 2022 - October 31, 2022" to estimate the expenses you paid on your account during this period.

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

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

1 \| October 31, 2022

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account Value** <br> **May 1, 2022** | **Ending Account Value** <br> **October 31, 2022** | **Expense** <br> **Ratio<sup>(a)</sup>** | **Expenses Paid** <br> **During Period** <br> **May 1, 2022 -**<br> **October 31, 2022**<sup>(b)</sup> |
| **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(c)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(c)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(c)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(c)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(c)</sup>** |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $883.20 | 1.33% | $6.31 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.50 | 1.33% | $6.77 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $882.40 | 1.25% | $5.93 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $879.40 | 2.02% | $9.57 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1015.02 | 2.02% | $10.26 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $884.00 | 1.11% | $5.27 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.61 | 1.11% | $5.65 |
| **ALPS \| Kotak India ESG Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $964.50 | 1.29% | $6.39 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.70 | 1.29% | $6.56 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $966.80 | 0.97% | $4.81 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $961.10 | 2.00% | $9.89 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1015.12 | 2.00% | $10.16 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $966.40 | 1.00% | $4.96 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.16 | 1.00% | $5.09 |
| **Class II** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $967.20 | 0.75% | $3.72 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **ALPS \| Red Rocks Global Opportunity Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $862.70 | 1.38% | $6.48 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.25 | 1.38% | $7.02 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $863.50 | 1.45% | $6.81 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1017.90 | 1.45% | $7.38 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $857.10 | 2.30% | $10.77 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1013.61 | 2.30% | $11.67 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $862.10 | 1.30% | $6.10 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.65 | 1.30% | $6.61 |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $861.00 | 1.73% | $8.11 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1016.48 | 1.73% | $8.79 |

---

2 \| October 31, 2022

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account Value**<br> **May 1, 2022** | **Ending Account Value**<br> **October 31, 2022** | **Expense** <br> **Ratio<sup>(a)</sup>** | **Expenses Paid**<br> **During Period**<br> **May 1, 2022 -**<br> **October 31, 2022**<sup>(b)</sup> |
| **RiverFront Asset Allocation Growth & Income** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $923.90 | 0.50% | $2.42 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.68 | 0.50% | $2.55 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $924.60 | 0.50% | $2.43 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.68 | 0.50% | $2.55 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $921.00 | 1.25% | $6.05 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual | $1000.00 | $925.60 | 0.25% | $1.21 |
| &nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1023.95 | 0.25% | $1.28 |

---

*<sup>(a)</sup>* *Annualized, based on the Fund's most recent fiscal half year expenses.* 

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

*<sup>(c)</sup>* *Includes expenses of the CoreCommodity Management Cayman Commodity Fund Ltd. (wholly-owned subsidiary), exclusive of the subsidiary's management fee.* 

3 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Management Commentary *October 31, 2022 (Unaudited)*

The twelve-month period ending on October 31, 2022 produced positive returns for commodities as measured by the diversified Bloomberg Commodity Total Return Index ("BCOM"), which was up 11.15%. The ALPS CoreCommodity Complete Commodities Strategy Fund ("I" Shares – "JCRIX" or the "Fund") delivered a net positive return of 9.85% (JCRAX was up 9.65%, JCCSX was up 3.54% at MOP and JCRCX was up 7.90% with CDSC).

The Fund underperformed its benchmark, the Bloomberg Commodity Total Return Index, by 130 basis points during the period. The Fund employs a strategy that combines an actively managed portfolio of commodity futures (collateralized by nominal and inflation-adjusted Treasuries), commodity equities, and physical commodity ETFs. On average, for the past twelve months, the Fund allocated approximately 73% of its assets toward commodity futures-related investments and approximately 27% of its assets toward commodity equities. The Fund was more than 99% invested at the end of the period.

The past one-year period ending in October 2022 marked an incredibly volatile period for commodity prices but nonetheless a continuation of the ongoing bull market. Entering 2022, the macro picture was largely dictated by a rapid surge in COVID-19 cases given the emergence of the omicron variant. In late February 2022, the focus for global investors shifted dramatically as Russian forces underwent a largescale invasion of neighboring Ukraine. Given Russia's stance as the top global supplier of natural resources, commodity prices responded in-kind with the BCOM advancing over 30% at its peak. The Russia-Ukraine War upended global trade relations, particularly those related to the energy, fertilizer, and grain markets. Despite significant tightening by monetary authorities and a reduction in global growth forecasts, the commodity market ended the period in a state of widespread shortages with little prospects for new supply-side investment.

During the timeframe under review, the Fund was underweight agriculture relative to the BCOM by 1.1%. The Fund's agriculture sector underperformed the respective BCOM sub-index by 3.1%, 14.7% versus 17.7%. A higher concentration of certain "luxury" commodities such as coffee (-11.4%), cotton (-21.0%), and sugar (-2.1%) detracted from performance. Staple crops were supported during the year by the loss of exports out of the key Black Sea region, in addition to a confluence of extreme weather events. The inclusion of orange juice (+47.2%) in the Fund, which is not a constituent of the BCOM, was a positive contributor to performance due to hurricane damage and falling domestic stockpiles. On a weighted basis, the sector detracted 1.1% from alpha, gross of fees.

Livestock marked another underweight relative to the BCOM, 4.7% versus 5.1%. The Fund's agriculture holdings underperformed that of the benchmark primarily due to the Fund's equity exposure. Livestock producers were down 14.6%, whereas the BCOM livestock sub-index advanced 9.2%. Margins for animal producers were stretched thin in an environment of rising feed costs and diesel prices. On a weighted basis, the sector detracted 0.5% from alpha, gross of fees.

As the Fund's second largest overweight, the energy sector rose 33.3% as measured by the BCOM energy sub-index. Energy markets in general have been the poster child of the commodity bull market with crude oil (+40.5%), gasoline (+43.3%), and heating oil (+95.6%) all rising significantly on the year. A slight underweight to natural gas (+13.2%) and up-front positioning in gasoil (+85.9%) both added to relative outperformance, whereas an allocation to energy equities (+29.0%) was detractive. Extreme levels of backwardation within the space contributed to total return, as did reduced power output from renewable sources. On a weighted basis, the sector added 2.0% to alpha, gross of fees.

Industrial metals represented the largest sector overweight within the Fund, boasting a position of 17.7% compared to 13.7% in the BCOM. Having advanced significantly in the first half of the twelve-month period, the sector retraced in later months as China's COVID-zero policy escalated and economic growth concerns damaged cyclical assets. Despite falling 13.4% for the year as measured by the BCOM industrial metals sub-index, the sector remains well-supported by historically low stockpiles and tremendous growth potential from the energy transition. The Fund's performance was supported by exposure to various mining companies which outpaced the BCOM sub-index by nearly 7.0%. On a weighted basis, the sector detracted 0.4% from alpha, gross of fees.

The precious metals sector comprised the Fund's largest underweight relative to the BCOM at nearly 3.7%. The underweight proved favorable as markets like gold (-8.6%) and silver (-20.6%) depreciated during the period. In spite of more frequent calls for recession, a strong dollar and positive real yields kept precious metal prices at bay. Relative to gold and silver, the inclusion of platinum (-7.5%) in the Fund was additive; however, it was not enough to offset a negative year for precious metal miners. On a weighted basis, the sector performed in-line with the benchmark index, gross of fees.

{The Fund's top equity holdings at the end of October 2022 included FMC Corp (FMC US) +9.7% YTD, B2Gold Corp (BTG US) -19.4% YTD, Northern Star Resources Ltd (NST AU) -4.7% YTD, Yara International ASA (YAR NO) +11.3% YTD, TotalEnergies SE (TTE US) +15.3% YTD, K+S AG (SDF GR) +48.1% YTD, CF Industries Holdings Inc (CF US) +51.9% YTD, Lynas Rare Earths Ltd (LYC AU) -18.1% YTD, Bayer AG (BAYN GR) +17.1% YTD, Gold Fields Ltd (GFI US) -26.0% YTD.}

US Treasury Inflation Protected Securities ("TIPS") and nominal US Treasuries are held by the Fund to invest excess cash and are used as collateral for commodity futures-related investments held in the Cayman Island subsidiary. Over the previous year, rates rose significantly to combat widespread inflation. The yield on US 10-year notes rose from roughly 1.6% to 4.1% in twelve months' time. At the end of the period, the average maturity of the Fund's collateral was approximately 0.2 years.

The previous year, albeit volatile, marked a positive continuation of the prevailing bull market. The asset class has proven its merit as one of the top tools for combatting inflation in the past, and that

4 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Management Commentary *October 31, 2022 (Unaudited)*

hedging ability continues to ring true through the end of the fiscal year. Whereas both domestic stocks and bonds have fallen precipitously, commodities delivered strong performance in a period of significant uncertainty and conflict. Inflation, now at 8.2% in the United States and even higher throughout the Eurozone, remains top of mind and well-supported by many structural components of the price basket (most notably, wages). Fundamentally speaking, the asset class is also bolstered by broad-based deficits, rising production costs, and massive infrastructure/industrial agendas by the world's leading economies. We believe that the outlook moving forward is predominately skewed to the upside and will continue to offer opportunity as the industry fails to garner the capital investment necessary to feed, fuel, and construct the agendas of tomorrow.

Bob Hyman<br> Portfolio Manager<br> CoreCommodity Management, LLC

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

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

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

*An investor may not invest directly in an index.*

*Diversification cannot guarantee gain or prevent losses.*

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

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

5 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Performance Update *October 31, 2022 (Unaudited)*

**Performance of $10,000 Initial Investment** *(as of October 31, 2022)*

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

![](fp0081443_02-1.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since**<br> **Inception<sup>^</sup>** | **Total**<br> **Expense Ratio\*** | **What You**<br> **Pay\*** |
| **Investor<sup>#</sup> (NAV)** | 9.65% | 16.44% | 7.82% | 0.40% | 2.02% | **1.40%** | **1.40%** |
| **Class A (NAV)** | 9.52% | 16.48% | 7.84% | 0.41% | 2.03% | **1.40%** | **1.40%** |
| **Class A (LOAD)** | 3.54% | 14.30% | 6.61% | -0.16% | 1.56% | **1.40%** | **1.40%** |
| **Class C (NAV)** | 8.78% | 15.69% | 7.12% | -0.24% | 1.38% | **2.00%** | **2.00%** |
| **Class C (LOAD)** | 7.90% | 15.69% | 7.12% | -0.24% | 1.38% | **2.00%** | **2.00%** |
| **Class I** | 9.85% | 16.74% | 8.11% | 0.67% | 2.29% | **1.09%** | **1.09%** |
| Refinitiv/CoreCommodity CRB Commodity Total Return Index<sup>1</sup> | 16.89% | 16.51% | 9.20% | -0.03% | 1.16% |  |  |
| Bloomberg Commodity TR Index<sup>2</sup> | 11.15% | 13.44% | 6.92% | -1.56% | -0.13% |  |  |

---

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

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

6 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Performance Update *October 31, 2022 (Unaudited)*

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

*<sup>1</sup>* *Refinitiv / CoreCommodity CRB Index: a basket of 19 commodities, including energy contracts, agriculture, precious metals, and industrial metals, the Index acts as a representative indicator of commodity markets. An investor may not invest directly in the index.*

*<sup>2</sup>* *Bloomberg Commodity Index: an unmanaged index used as a measurement of change in commodity market conditions based on the performance of a basket of different commodities. An investor may not invest directly in the index.*

<sup>^</sup> *Fund Inception date of June 29, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.*

<sup>\*</sup> *Please see the prospectus dated February 28, 2022 for additional information. Pursuant to a written agreement (the "Expense Agreement"), the Sub-Adviser has agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund operating expenses after fee waiver/expense reimbursements (excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes, and extraordinary expenses) to 1.05% (for Investor Class, Class A shares and Class C shares) and 1.15% (for Class I shares) of average daily net assets through February 28, 2023.*

<sup>#</sup> *Prior to December 1, 2017, Investor Class was known as Class A.*

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

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

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

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value*

**Asset Type Allocation** *(as a % of Net Assets) **<sup>†</sup>***

---

| | |
|:---|:---|
| Government Bonds | 66.84% |
| Common Stocks | 20.83% |
| Master Limited Partnerships | 0.03% |
| Cash, Cash Equivalents, & Other Net Assets | 12.30% |
| **Total** | **100.00%** |

---

*<sup>†</sup>* *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.*

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

![](fp0081443_03-1.jpg)

<sup>^</sup> *Notional Value of Derivative Exposure included*

7 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| **COMMON STOCKS (20.83%)** | | |
| ***Argentina (0.07%)*** | | |
| &nbsp;&nbsp;&nbsp;Adecoagro SA | 132776 | $1149840 |
| ***Australia (1.59%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Allkem, Ltd.<sup>(a)</sup> | 239467 | 2211855 |
| &nbsp;&nbsp;&nbsp;Beach Energy, Ltd. | 684196 | 695859 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. | 130978 | 3130034 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | 31560 | 317548 |
| &nbsp;&nbsp;&nbsp;Champion Iron, Ltd. | 340883 | 1020458 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | 2177124 | 2896612 |
| &nbsp;&nbsp;&nbsp;Fortescue Metals Group, Ltd. | 293733 | 2761938 |
| &nbsp;&nbsp;&nbsp;GrainCorp, Ltd., Class A | 85256 | 456451 |
| &nbsp;&nbsp;&nbsp;IGO, Ltd. | 80717 | 789435 |
| &nbsp;&nbsp;&nbsp;Iluka Resources, Ltd. | 195693 | 1082767 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. | 3708 | 173452 |
| &nbsp;&nbsp;&nbsp;Newcrest Mining, Ltd. | 140552 | 1556948 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | 1019847 | 5701514 |
| &nbsp;&nbsp;&nbsp;Nufarm, Ltd. | 147504 | 525536 |
| &nbsp;&nbsp;&nbsp;Perseus Mining, Ltd. | 532660 | 621809 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources NL | 94873 | 211186 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | 1248951 | 2876019 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | 22986 | 529015 |
|  |  | 27558436 |
| ***Austria (0.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;OMV AG | 11477 | 528998 |
| &nbsp;&nbsp;&nbsp;voestalpine AG | 18655 | 405219 |
|  |  | 934217 |
| ***Brazil (0.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 102006 | 1179189 |
| &nbsp;&nbsp;&nbsp;Gerdau SA, Sponsored ADR | 55683 | 277301 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA, Sponsored ADR | 112860 | 1446865 |
| &nbsp;&nbsp;&nbsp;Vale SA, Sponsored ADR | 162613 | 2104212 |
|  |  | 5007567 |
| ***Canada (3.19%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico-Eagle Mines, Ltd. | 32194 | 1416219 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 158569 | 1251109 |
| &nbsp;&nbsp;&nbsp;ARC Resources, Ltd. | 185600 | 2612991 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 1971479 | 6052440 |
| &nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 19282 | 289808 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp.<sup>(a)</sup> | 380600 | 2067340 |
| &nbsp;&nbsp;&nbsp;Birchcliff Energy, Ltd. | 272300 | 2116679 |
| &nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | 11600 | 328923 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 3100 | 89950 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 19320 | 458270 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. | 4400 | 263900 |
| &nbsp;&nbsp;&nbsp;Canfor Corp.<sup>(a)</sup> | 73700 | 1107380 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 15500 | 313334 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 227200 | 1055658 |
| &nbsp;&nbsp;&nbsp;Crescent Point Energy Corp. | 326900 | 2555500 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.<sup>(a)</sup> | 135739 | 758781 |
| &nbsp;&nbsp;&nbsp;Enerplus Corp. | 19440 | 336506 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| ***Canada (continued)*** | | |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 159311 | $1342992 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals, Ltd. | 101200 | 1785030 |
| &nbsp;&nbsp;&nbsp;Freehold Royalties, Ltd. | 9800 | 121929 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 258800 | 982124 |
| &nbsp;&nbsp;&nbsp;Imperial Oil, Ltd. | 27100 | 1474203 |
| &nbsp;&nbsp;&nbsp;Innergex Renewable Energy, Inc. | 67100 | 738797 |
| &nbsp;&nbsp;&nbsp;Interfor Corp. | 76000 | 1350020 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Mines, Ltd., Class A<sup>(a)</sup> | 76600 | 531339 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 711650 | 2583290 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 499700 | 2618900 |
| &nbsp;&nbsp;&nbsp;MAG Silver Corp.<sup>(a)</sup> | 12745 | 169381 |
| &nbsp;&nbsp;&nbsp;Maple Leaf Foods, Inc. | 36300 | 537965 |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp.<sup>(a)</sup> | 11800 | 176435 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | 9000 | 760443 |
| &nbsp;&nbsp;&nbsp;NuVista Energy, Ltd.<sup>(a)</sup> | 73000 | 723918 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 98692 | 1577098 |
| &nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 47000 | 716894 |
| &nbsp;&nbsp;&nbsp;Peyto Exploration & Development Corp. | 71800 | 670383 |
| &nbsp;&nbsp;&nbsp;PrairieSky Royalty, Ltd. | 56500 | 877557 |
| &nbsp;&nbsp;&nbsp;Saputo, Inc. | 87700 | 2134644 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 71400 | 2455906 |
| &nbsp;&nbsp;&nbsp;Teck Resources, Ltd., Class B | 121809 | 3707866 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 24200 | 1363520 |
| &nbsp;&nbsp;&nbsp;Turquoise Hill Resources, Ltd.<sup>(a)</sup> | 36269 | 1019522 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | 27300 | 637037 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 27437 | 896916 |
| &nbsp;&nbsp;&nbsp;Whitecap Resources, Inc. | 100300 | 777457 |
|  |  | 55806354 |
| ***Chile (0.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA, Sponsored ADR | 8858 | 829817 |
| ***Colombia (0.01%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA, Sponsored ADR | 12675 | 124976 |
| ***Denmark (0.31%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Orsted AS<sup>(b)(c)</sup> | 48902 | 4033247 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 77635 | 1529145 |
|  |  | 5562392 |
| ***Faroe Islands (0.02%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bakkafrost P/F | 6869 | 343247 |
| ***Finland (0.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Metso Outotec Oyj | 159987 | 1214579 |
| &nbsp;&nbsp;&nbsp;Outokumpu Oyj | 694232 | 2787521 |
|  |  | 4002100 |
| ***France (0.29%)*** |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE, ADR | 96017 | 5258850 |
| ***Germany (0.81%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bayer AG | 92118 | 4844914 |
| &nbsp;&nbsp;&nbsp;K+S AG | 230042 | 5083299 |

---

*See Notes to Financial Statements.*

8 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| ***Germany (continued)*** | | |
| &nbsp;&nbsp;&nbsp;Nordex SE<sup>(a)</sup> | 369880 | $3457219 |
| &nbsp;&nbsp;&nbsp;Salzgitter AG | 10429 | 233338 |
| &nbsp;&nbsp;&nbsp;thyssenkrupp AG<sup>(a)</sup> | 17747 | 93515 |
| &nbsp;&nbsp;&nbsp;VERBIO Vereinigte BioEnergie AG | 4013 | 316078 |
|  |  | 14028363 |
| ***Great Britain (0.72%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 24783 | 741367 |
| &nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC | 66880 | 1853245 |
| &nbsp;&nbsp;&nbsp;BP PLC, Sponsored ADR | 18933 | 630090 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 141506 | 1831088 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 239300 | 4256057 |
| &nbsp;&nbsp;&nbsp;Evraz PLC<sup>(d)(e)</sup> | 91946 | 1054 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 19443 | 835077 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC, Sponsored ADR | 25332 | 1351462 |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | 62311 | 623341 |
| &nbsp;&nbsp;&nbsp;Weir Group PLC | 17675 | 308607 |
|  |  | 12431388 |
| ***Israel (0.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | 159956 | 1442803 |
| ***Italy (0.13%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Eni SpA, Sponsored ADR | 70519 | 1857470 |
| &nbsp;&nbsp;&nbsp;ERG SpA | 13743 | 431077 |
|  |  | 2288547 |
| ***Japan (1.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Ezaki Glico Co., Ltd. | 4600 | 103480 |
| &nbsp;&nbsp;&nbsp;Hitachi Metals, Ltd.<sup>(a)</sup> | 20700 | 302367 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | 440633 | 4498341 |
| &nbsp;&nbsp;&nbsp;Japan Petroleum Exploration Co., Ltd. | 39800 | 1033175 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | 70900 | 649899 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | 187600 | 2619802 |
| &nbsp;&nbsp;&nbsp;Kurita Water Industries, Ltd. | 53616 | 1968751 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | 75000 | 3086856 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Materials Corp. | 14000 | 183221 |
| &nbsp;&nbsp;&nbsp;NH Foods, Ltd. | 44400 | 1058529 |
| &nbsp;&nbsp;&nbsp;Sumitomo Forestry Co., Ltd. | 73459 | 1151078 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | 43500 | 1223424 |
|  |  | 17878923 |
| ***Luxembourg (0.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;APERAM SA | 14100 | 368563 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 14925 | 335066 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | 48939 | 1095685 |
| &nbsp;&nbsp;&nbsp;Tenaris SA, ADR | 27417 | 861442 |
| &nbsp;&nbsp;&nbsp;Ternium SA, Sponsored ADR | 63021 | 1814375 |
|  |  | 4475131 |
| ***Malaysia (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths, Ltd.<sup>(a)</sup> | 917755 | 4890075 |
| ***Mexico (0.16%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | 21852 | 182687 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| ***Mexico (continued)*** | | |
| &nbsp;&nbsp;&nbsp;Gruma SAB de CV | 72195 | $833159 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Series B | 473800 | 1706713 |
|  |  | 2722559 |
| ***Netherlands (0.21%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fugro NV<sup>(a)</sup> | 79333 | 1030971 |
| &nbsp;&nbsp;&nbsp;OCI N.V. | 50525 | 1933341 |
| &nbsp;&nbsp;&nbsp;SBM Offshore N.V. | 47369 | 641330 |
|  |  | 3605642 |
| ***New Zealand (0.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;a2 Milk Co., Ltd.<sup>(a)</sup> | 438702 | 1476043 |
| ***Norway (1.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 92028 | 2933594 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 121115 | 4431071 |
| &nbsp;&nbsp;&nbsp;Leroy Seafood Group ASA | 70514 | 324213 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | 109429 | 1632043 |
| &nbsp;&nbsp;&nbsp;NEL ASA<sup>(a)</sup> | 476921 | 582839 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 182328 | 1157159 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | 12666 | 429098 |
| &nbsp;&nbsp;&nbsp;Scatec ASA<sup>(b)(c)</sup> | 126055 | 892412 |
| &nbsp;&nbsp;&nbsp;TGS ASA | 50202 | 685704 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 119851 | 5349179 |
|  |  | 18417312 |
| ***Peru (0.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA, ADR | 108938 | 756030 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 52309 | 2456954 |
|  |  | 3212984 |
| ***South Africa (0.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;African Rainbow Minerals, Ltd. | 79688 | 1122129 |
| &nbsp;&nbsp;&nbsp;Anglo Platinum, Ltd. | 10455 | 831630 |
| &nbsp;&nbsp;&nbsp;AngloGold Ashanti, Ltd., Sponsored ADR | 36943 | 482106 |
| &nbsp;&nbsp;&nbsp;Gold Fields, Ltd., Sponsored ADR | 600540 | 4732255 |
| &nbsp;&nbsp;&nbsp;Grindrod, Ltd. | 32732 | 18461 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings, Ltd. | 103984 | 1064819 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore, Ltd. | 51422 | 968574 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings, Ltd.<sup>(a)</sup> | 40527 | 380322 |
| &nbsp;&nbsp;&nbsp;Remgro, Ltd. | 106592 | 793314 |
| &nbsp;&nbsp;&nbsp;Sasol, Ltd. | 24442 | 411218 |
|  |  | 10804828 |
| ***Spain (0.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 6621 | 1191517 |
| &nbsp;&nbsp;&nbsp;Acerinox SA | 44206 | 387150 |
| &nbsp;&nbsp;&nbsp;Fluidra SA | 105756 | 1434968 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 112448 | 1141827 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 21441 | 291244 |
| &nbsp;&nbsp;&nbsp;Siemens Gamesa Renewable Energy SA<sup>(a)</sup> | 37541 | 666314 |
| &nbsp;&nbsp;&nbsp;Solaria Energia y Medio Ambiente SA | 18123 | 286561 |
|  |  | 5399581 |

---

*See Notes to Financial Statements.*

9 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| ***Sweden (0.42%)*** | | |
| &nbsp;&nbsp;&nbsp;AAK AB | 17147 | $250033 |
| &nbsp;&nbsp;&nbsp;Boliden AB | 119939 | 3493495 |
| &nbsp;&nbsp;&nbsp;Holmen AB, B Shares | 8330 | 302231 |
| &nbsp;&nbsp;&nbsp;SSAB AB, A Shares | 190388 | 916315 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | 217622 | 2568212 |
|  |  | 7530286 |
| ***Switzerland (0.09%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Bucher Industries AG | 799 | 269219 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | 206097 | 1180581 |
|  |  | 1449800 |
| ***United States (8.32%)*** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 30591 | 3798483 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 6983 | 631683 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 10923 | 1587549 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 32728 | 1154316 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 3650 | 133809 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 32807 | 1491406 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 7106 | 689140 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 110524 | 830035 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.<sup>(a)</sup> | 6393 | 115713 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.<sup>(a)</sup> | 63988 | 1904283 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 16972 | 469446 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.<sup>(a)</sup> | 65541 | 1028994 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A<sup>(a)</sup> | 8876 | 166070 |
| &nbsp;&nbsp;&nbsp;Bunge, Ltd. | 7565 | 746666 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 26453 | 1641673 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.<sup>(a)</sup> | 55348 | 2433098 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 19260 | 1088383 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 46260 | 4915588 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 96065 | 2749379 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 101629 | 2909638 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 8124 | 1469632 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 24990 | 1747051 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | 21936 | 284949 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 16086 | 270406 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 14599 | 664255 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 72767 | 1366564 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 21693 | 2735270 |
| &nbsp;&nbsp;&nbsp;Continental Resources, Inc. | 28149 | 2082182 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 67422 | 4405353 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 16274 | 506610 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(a)</sup> | 30413 | 2386812 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 6454 | 2554622 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 20591 | 1592714 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 21197 | 3330262 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | 6010 | 1845070 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 29494 | 4026520 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 25797 | 2858566 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 9470 | 1378548 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 51702 | 6147369 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 82278 | 2607390 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.<sup>(a)</sup> | 33207 | 959350 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 43016 | 1566643 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 416401 | 1902953 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**<br> **(Note 2)**  |
| ***United States (continued)*** | | |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 29275 | $1449405 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 5274 | 744056 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 22080 | 1350634 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 83199 | 3864594 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 10232 | 911876 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 5763 | 104426 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy, Ltd.<sup>(a)</sup> | 13654 | 88614 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc., Class A | 36672 | 620124 |
| &nbsp;&nbsp;&nbsp;Livent Corp.<sup>(a)</sup> | 29345 | 926422 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 50517 | 1297277 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 99890 | 3041650 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 24420 | 2774600 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 41014 | 2725380 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 8373 | 450049 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.<sup>(a)</sup> | 29775 | 894441 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 36727 | 1781627 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 3154 | 212863 |
| &nbsp;&nbsp;&nbsp;National Oilwell Varco, Inc. | 18715 | 419216 |
| &nbsp;&nbsp;&nbsp;New WEI, Inc.<sup>(a)(d)(e)</sup> | 68768 | 103 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 109743 | 4644324 |
| &nbsp;&nbsp;&nbsp;NexTier Oilfield Solutions, Inc.<sup>(a)</sup> | 33972 | 342438 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 6053 | 206649 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 61986 | 1094053 |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 19574 | 1412068 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp.<sup>(a)</sup> | 55131 | 538630 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 8398 | 875827 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 67463 | 1555022 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 5663 | 1452050 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.<sup>(a)</sup> | 4791 | 76560 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp., REIT | 42484 | 1890113 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 28383 | 808348 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc., REIT | 64894 | 2186928 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 7901 | 1591893 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 8866 | 841915 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 103331 | 1150074 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 25372 | 1320105 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 53814 | 2420554 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc. | 222808 | 3074272 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 12424 | 1168477 |
| &nbsp;&nbsp;&nbsp;SunPower Corp.<sup>(a)</sup> | 15675 | 289831 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.<sup>(a)</sup> | 138744 | 2952472 |
| &nbsp;&nbsp;&nbsp;Tellurian, Inc.<sup>(a)</sup> | 18598 | 50215 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.<sup>(a)</sup> | 58216 | 579831 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.<sup>(a)</sup> | 366708 | 1349485 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC, Class A | 12233 | 146796 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 25330 | 1731306 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 102871 | 2094454 |
| &nbsp;&nbsp;&nbsp;US Silica Holdings, Inc.<sup>(a)</sup> | 105682 | 1520764 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 15840 | 1988712 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co., REIT | 29479 | 911785 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 1855 | 60714 |
| &nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | 4148 | 197279 |
|  |  | 145355744 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $332,791,253)** |  | 363987805 |

---

*See Notes to Financial Statements.*

10 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| **MASTER LIMITED PARTNERSHIPS (0.03%)** |  |  |
| ***United States (0.03%)*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 4974 | $63518 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 10676 | 269569 |
| &nbsp;&nbsp;&nbsp;Magellan Midstream Partners LP | 2054 | 110813 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 1555 | 52155 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP | 3090 | 36987 |
|  |  | 533042 |
| **TOTAL MASTER LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $900,221)** |  | 533042 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value<br> (Note 2)** |
| **GOVERNMENT BONDS (66.84%)** |  |  |
| ***U.S. Treasury Bonds (66.84%)*** |  |  |
| &nbsp;&nbsp;&nbsp;United States Cash Management Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.231%, 1/17/23 | $88100000 | $87354923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.315%, 1/24/23<sup>(f)</sup> | 65500000 | 64882095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.620%, 1/31/23<sup>(f)</sup> | 55000000 | 54445418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.667%, 2/7/23<sup>(f)</sup> | 120500000 | 119160499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.020%, 2/14/23 | 136000000 | 134373071 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bill |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.676%, 12/6/22<sup>(f)</sup> | 293500000 | 292497361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.040%, 12/20/22<sup>(f)</sup> | 55000000 | 54723027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.070%, 12/27/22<sup>(f)</sup> | 240800000 | 239370050 |
| &nbsp;&nbsp;&nbsp;United States Treasury Inflation Indexed Bonds, 0.625%, 4/15/23 | 102000000 | 120867036 |
|  |  | 1167673480 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,171,055,293)** |  | 1167673480 |

---

---

| | |
|:---|:---|
| | **Value<br> (Note 2)** |
| **TOTAL INVESTMENTS (87.69%)** |  |
| **(Cost $1,504,746,767)** | $1532194327 |
| **Other Assets In Excess Of Liabilities (12.31%)** | 214846577 |
| **NET ASSETS - 100.00%** | $1747040904 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *Security exempt from registration under rule 144A of the securities act of 1933. This Security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the market value of those securities was $4,925,659 representing 0.28% of the Fund's net assets.*

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of October 31, 2022 the aggregate market value of those securities was $4,925,659 representing 0.28% of net assets.*

*<sup>(d)</sup>* *Fair valued security; valued by the valuation designee in accordance with the procedures approved by the Fund's Board of Trustees. As of October 31, 2022, these securities had a total fair value of $1,157 or less than 0.005% of total net assets.*

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

*<sup>(f)</sup>* *Security, or portion of security, is being held as collateral for total return swap contracts and futures contracts aggregating a total market value of $200,686,135.*

*For Fund compliance purposes, the Fund's industry and geographical classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine sub-classifications for reporting ease. Industries and regions are shown as a percent of net assets.*

*See Notes to Financial Statements.*

11 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

**FUTURES CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position** | **Contracts** | **Expiration** <br> **Date**  | **Notional Value** <br> **(Note 2)**  | **Fair** <br> **Value/Unrealized** <br> **Appreciation**  |
| Brent Crude Future | Morgan Stanley | Long | 1245 | 01/30/23 | $115548450 | $1116668 |
| Cocoa Future | Morgan Stanley | Short | (1591) | 03/16/23 | (37277130) | 337889 |
| Coffee 'C' Future | Morgan Stanley | Short | (84) | 12/19/22 | (5597550) | 1309734 |
| Coffee 'C' Future | Morgan Stanley | Short | (116) | 03/21/23 | (7571175) | 183991 |
| Copper Future | Morgan Stanley | Short | (14) | 12/28/22 | (1181250) | 50234 |
| Copper Future | Morgan Stanley | Short | (162) | 03/29/23 | (13597875) | 645640 |
| Corn Future | Morgan Stanley | Long | 331 | 12/14/22 | 11444325 | 1152944 |
| Cotton No.2 Future | Morgan Stanley | Short | (433) | 03/09/23 | (15510060) | 2594287 |
| Hard Red Winter Wheat Future | Morgan Stanley | Long | 152 | 12/14/22 | 7438500 | 1014865 |
| Heating Oil Future | Morgan Stanley | Long | 3 | 12/30/22 | 462937 | 12442 |
| Heating Oil Future | Morgan Stanley | Short | (76) | 03/28/23 | (10417730) | 427195 |
| Lean Hogs Future | Morgan Stanley | Long | 93 | 12/14/22 | 3159210 | 32615 |
| LME Aluminum Future | Morgan Stanley | Short | (1177) | 03/13/23 | (65669244) | 4829843 |
| Low Su Gasoil G Future | Morgan Stanley | Long | 488 | 11/10/22 | 53692200 | 7989028 |
| Natural Gas Future | Morgan Stanley | Long | 1438 | 01/28/23 | 95008660 | 3030094 |
| Platinum Future | Morgan Stanley | Long | 299 | 01/27/23 | 13904995 | 480405 |
| Soybean Future | Morgan Stanley | Long | 695 | 12/14/22 | 30528570 | 1949313 |
| Soybean Future | Morgan Stanley | Short | (178) | 01/13/23 | (12633550) | 175710 |
| Soybean Meal | Morgan Stanley | Long | 988 | 12/14/22 | 42296280 | 2265312 |
| Wheat (CBT) | Morgan Stanley | Long | 692 | 12/14/22 | 30525850 | 3273070 |
| WTI Crude Future | Morgan Stanley | Long | 19 | 02/20/23 | 1597900 | 20584 |
| WTI Crude Future | Morgan Stanley | Short | (1306) | 03/21/23 | (108241280) | 300777 |
|  |  |  |  |  | $127911033 | $33192640 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Position**  | **Contracts** | **Expiration** <br> **Date**  | **Notional Value** <br> **(Note 2)**  | **Fair** <br> **Value/Unrealized** <br> **Depreciation**  |
| Frzn Concentrated OJ | Morgan Stanley | Short | (13) | 01/10/23 | $(392145) | $(1042) |
| Gasoline RBOB Future | Morgan Stanley | Short | (121) | 03/28/23 | (12421424) | (118184) |
| Gold 100 Oz Future | Morgan Stanley | Long | 216 | 12/28/22 | 35439120 | (2046826) |
| Live Cattle Future | Morgan Stanley | Short | (241) | 12/30/22 | (14698590) | (500371) |
| Live Cattle Future | Morgan Stanley | Short | (329) | 02/28/23 | (20506570) | (224755) |
| LME Aluminum Future | Morgan Stanley | Long | 930 | 11/14/22 | 51615000 | (95539) |
| LME Nickel Future | Morgan Stanley | Long | 178 | 11/14/22 | 23193756 | (270690) |
| LME Nickel Future | Morgan Stanley | Short | (37) | 03/13/23 | (4859358) | (80021) |
| LME Zinc Future | Morgan Stanley | Long | 596 | 11/14/22 | 40609950 | (3383927) |
| Low Su Gasoil G Future | Morgan Stanley | Long | 66 | 12/12/22 | 6730350 | (38773) |
| Natural Gas Future | Morgan Stanley | Long | 428 | 12/28/22 | 27199400 | (369678) |
| Silver Future | Morgan Stanley | Long | 454 | 12/28/22 | 43400130 | (880093) |
| Soybean Future | Morgan Stanley | Short | (47) | 03/14/23 | (3354625) | (22054) |
| Sugar #11 (World) | Morgan Stanley | Short | (955) | 02/28/23 | (19220712) | (17697) |
| WTI Crude Future | Morgan Stanley | Short | (524) | 12/21/22 | (45341720) | (547909) |
|  |  |  |  |  | $107392562 | $(8597559) |

---

*See Notes to Financial Statements.*

12 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Investments *October 31, 2022*

**TOTAL RETURN SWAP CONTRACTS<sup>(a)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty**  | **Reference Obligation** | **Notional<br> Amount** | **Floating Rate/Fixed Amount<br> Paid by Fund\***  | **Termination<br> Date**  | **Value** | **Unrealized<br> Appreciation** |
| Bank of America - Merrill Lynch | CRB 3m Fwd TR Index\*\* | $325642100 | USB3MTA + 25 bps | 6/30/2023 | $325642181 | $81 |
| UBS Group AG | CRB 3m Fwd TR Index\*\* | 289787305 | USB3MTA + 25 bps | 11/30/2022 | 289787312 | 7 |
| Citigroup | CRB 3m Fwd TR Index\*\* | 285864883 | USB3MTA + 24 bps | 9/29/2023 | 285864888 | 5 |
| Societe Generale | CRB 3m Fwd TR Index\*\* | 116708337 | USB3MTA + 24 bps | 11/30/2022 | 116708340 | 3 |
| Goldman Sachs | CRB 3m Fwd TR Index\*\* | 127931610 | USB3MTA + 25 bps | 9/29/2023 | 127931612 | 2 |
|  |  | $1145934235 |  |  | $1145934333 | $98 |

---

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

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

\*\* *CRB - Commodity Research Bureau*

*See Notes to Financial Statements.*

13 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Assets and Liabilities *October 31, 2022*

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments, at value | $1532194327 |
| Cash | 179771918 |
| Foreign currency, at value (Cost $953,458) | 956589 |
| Unrealized appreciation on total return swap contracts | 98 |
| Receivable for shares sold | 2348440 |
| Receivable for variation margin on futures contracts | 12170542 |
| Receivable for total return swap resets | 24406225 |
| Deposit with broker for futures contracts (Note 3) | 2096643 |
| Dividends and interest receivable | 474494 |
| Prepaid expenses and other assets | 95421 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1754514697 |
| **LIABILITIES** |  |
| Payable for interest expense on total return swap contracts | 3752050 |
| Payable for shares redeemed | 1539945 |
| Investment advisory fees payable | 1254277 |
| Administration and transfer agency fees payable | 486942 |
| Distribution and services fees payable | 77618 |
| Trustees' fees and expenses payable | 60337 |
| Professional fees payable | 34583 |
| Accrued expenses and other liabilities | 268041 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 7473793 |
| **NET ASSETS** | $1747040904 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $1621202743 |
| Total distributable earnings/(accumulated losses) | 125838161 |
| **NET ASSETS** | $1747040904 |
| **INVESTMENTS, AT COST** | $1504746767 |
| **PRICING OF SHARES** |  |
| **Investor Class:** |  |
| Net Asset Value, offering and redemption price per share | $8.47 |
| Net Assets | $89645418 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 10589567 |
| **Class A:** |  |
| Net Asset Value, offering and redemption price per share | $8.48 |
| Net Assets | $16246409 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1915575 |
| Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price) | $8.97 |
| **Class C:** |  |
| Net Asset Value, offering and redemption price per share<sup>(a)</sup> | $7.80 |
| Net Assets | $27856046 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 3570164 |
| **Class I:** |  |
| Net Asset Value, offering and redemption price per share | $8.61 |
| Net Assets | $1613293031 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 187415218 |

---

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

*See Notes to Financial Statements.* 

14 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statement of Operations *For the Year Ended October 31, 2022*

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Dividends | $15466627 |
| Foreign taxes withheld on dividends | (1441282) |
| Interest and other income, net of premium amortization and accretion of discount | 17812244 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 31837589 |
| **EXPENSES** |  |
| Investment advisory fees | 14094629 |
| Investment advisory fees - subsidiary (Note 8) | 2936151 |
| Administrative fees | 1753036 |
| Transfer agency fees | 1342205 |
| Distribution and service fees |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 337121 |
| &nbsp;&nbsp;&nbsp;Class A | 38444 |
| &nbsp;&nbsp;&nbsp;Class C | 241541 |
| Professional fees | 42723 |
| Reports to shareholders and printing fees | 40473 |
| State registration fees | 374157 |
| Insurance fees | 11962 |
| Custody fees | 64091 |
| Trustees' fees and expenses | 90436 |
| Miscellaneous expenses | 25192 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 21392161 |
| Less fees waived/reimbursed by investment advisor (Note 8) |  |
| &nbsp;&nbsp;&nbsp;Waiver of investment advisory fees - subsidiary | (2936151) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 18456010 |
| Net Investment Income | 13381579 |
| Net realized gain on investments | 25338009 |
| Net realized loss on futures contracts | (17381931) |
| Net realized gain on total return swap contracts | 88315661 |
| Net realized loss on foreign currency transactions | (241343) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 96030396 |
| Net change in unrealized depreciation on investments | (33595285) |
| Net change in unrealized appreciation on futures contracts | 26517365 |
| Net change in unrealized appreciation on total return swap contracts | 363 |
| Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies | (3770) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (7081327) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 88949069 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $102330648 |

---

*See Notes to Financial Statements.*

15 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** |  |  |
| Net investment income | $13381579 | $14005719 |
| Net realized gain | 96030396 | 246879451 |
| Net change in unrealized appreciation/(depreciation) | (7081327) | 75964516 |
| Net Increase in Net Assets Resulting from Operations | 102330648 | 336849686 |
| **TOTAL DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (15456243) | (174393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1363415) | (5446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2848568) | (5670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (201615631) | (1745843) |
| Net Decrease in Net Assets from Distributions | (221283857) | (1931352) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 41853019 | 36968075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 11230606 | 5771217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 18872221 | 10727794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1128168065 | 583450695 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 14698816 | 167790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 871533 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1419872 | 4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 141806630 | 1555689 |
| &nbsp;&nbsp;&nbsp;Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (50064058) | (27008696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1848093) | (1052463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (4302809) | (1304792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (701272116) | (171560901) |
| Net Increase in Net Assets Derived from Beneficial Interest Transactions | 601433686 | 437721375 |
| Net increase in net assets | 482480477 | 772639709 |
| **NET ASSETS** |  |  |
| Beginning of year | 1264560427 | 491920718 |
| End of year | $1747040904 | $1264560427 |

---

*See Notes to Financial Statements.* 

16 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund – Investor Class

Consolidated Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended October 31, 2018<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period<sup>(b)</sup> | $9.50 | $6.06 | $6.68 | $7.54 | $7.64 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(c)</sup> | 0.05 | 0.11 | 0.02 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.62 | 3.35 | (0.58) | (0.71) | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 3.46 | (0.56) | (0.65) | 0.09 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.70) | (0.02) | (0.06) | (0.21) | (0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (0.02) | (0.06) | (0.21) | (0.19) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.03) | 3.44 | (0.62) | (0.86) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.47 | $9.50 | $6.06 | $6.68 | $7.54 |
| **TOTAL RETURN<sup>(e)</sup>** | 9.65% | 57.25% | (8.44)% | (8.71)% | 1.23% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $89645 | $89300 | $49060 | $39226 | $48728 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.36 %<sup>(f)</sup> | 1.37 %<sup>(f)</sup> | 1.40 %<sup>(f)</sup> | 1.39 %<sup>(f)</sup> | 1.40 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.36% | 1.37% | 1.40% | 1.39% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.55% | 1.36% | 0.40% | 0.82% | 0.66% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 54% | 98% | 81% | 42% |

---

*<sup>(a)</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.* 

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

*<sup>(c)</sup>* *Calculated using the average shares method.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

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

*<sup>(f)</sup>* *The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 8 for additional detail). The ratio inclusive of that fee would be for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 1.53%, 1.55%, 1.58%, 1.54% and 1.56%.* 

*See Notes to Financial Statements.* 

17 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund – Class A

Consolidated Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period<sup>(a)</sup> | $9.52 | $6.07 | $6.68 | $7.54 | $8.16 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.06 | 0.13 | 0.04 | 0.07 | (0.00)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.60 | 3.34 | (0.59) | (0.72) | (0.62) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.66 | 3.47 | (0.55) | (0.65) | (0.62) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.70) | (0.02) | (0.06) | (0.21) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (0.02) | (0.06) | (0.21) | – |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | – | 0.00 <sup>(c)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.04) | 3.45 | (0.61) | (0.86) | (0.62) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.48 | $9.52 | $6.07 | $6.68 | $7.54 |
| **TOTAL RETURN<sup>(d)</sup>** | 9.52% | 57.33% | (8.29)% | (8.71)% | (7.60)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $16246 | $7349 | $1254 | $751 | $191 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.30 %<sup>(e)</sup> | 1.32 %<sup>(e)</sup> | 1.34 %<sup>(e)</sup> | 1.40 %<sup>(e)</sup> | 1.48 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.30% | 1.32% | 1.34% | 1.40% | 1.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.64% | 1.56% | 0.62% | 0.99% | (0.10)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 54% | 98% | 81% | 42% |

---

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

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(d)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(e)</sup>* *The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 8 for additional detail). The ratio inclusive of that fee would be for the periods ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 1.47%, 1.50%, 1.52%, 1.55% and 1.64%.* 

*<sup>(f)</sup>* *Annualized.* 

*See Notes to Financial Statements.* 

18 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund – Class C

Consolidated Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period<sup>(a)</sup> | $8.94 | $5.73 | $6.35 | $7.22 | $7.36 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.01)<sup>(c)</sup> | 0.07 | (0.02)<sup>(c)</sup> | 0.01 | (0.00)<sup>(c)(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.56 | 3.14 | (0.54) | (0.68) | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.55 | 3.21 | (0.56) | (0.67) | 0.04 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.69) | (0.01) | (0.06) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.69) | (0.01) | (0.06) | (0.20) | (0.18) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.01 | – | 0.00 <sup>(d)</sup> | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.14) | 3.21 | (0.62) | (0.87) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $7.80 | $8.94 | $5.73 | $6.35 | $7.22 |
| **TOTAL RETURN<sup>(e)</sup>** | 8.78% | 56.37% | (8.97)% | (9.35)% | 0.62% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $27856 | $13789 | $2354 | $6702 | $9510 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 2.00 %<sup>(f)</sup> | 2.00 %<sup>(f)</sup> | 2.05 %<sup>(f)</sup> | 2.05 %<sup>(f)</sup> | 2.05 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 2.00% | 2.00% | 2.05% | 2.05% | 2.05% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.08)% | 0.84% | (0.28)% | 0.17% | (0.04)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 54% | 98% | 81% | 42% |

---

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

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(e)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(f)</sup>* *The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 8 for additional detail). The ratio inclusive of that fee would be for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 2.18%, 2.18%, 2.23%, 2.20% and 2.21%.* 

*See Notes to Financial Statements.*

19 \| October 31, 2022

ALPS \| CoreCommodity Management

CompleteCommodities<sup>®</sup> Strategy Fund – Class I

Consolidated Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period<sup>(a)</sup> | $9.62 | $6.12 | $6.73 | $7.58 | $7.67 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.08 | 0.14 | 0.04 | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.61 | 3.38 | (0.58) | (0.72) | 0.03 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.69 | 3.52 | (0.54) | (0.64) | 0.10 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.70) | (0.02) | (0.07) | (0.21) | (0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (0.02) | (0.07) | (0.21) | (0.19) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.01) | 3.50 | (0.61) | (0.85) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.61 | $9.62 | $6.12 | $6.73 | $7.58 |
| **TOTAL RETURN<sup>(d)</sup>** | 9.85% | 57.74% | (8.18)% | (8.48)% | 1.42% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1613293 | $1154123 | $439254 | $500305 | $647195 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.08 %<sup>(e)</sup> | 1.09 %<sup>(e)</sup> | 1.15 %<sup>(e)</sup> | 1.14 %<sup>(e)</sup> | 1.13 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.08% | 1.09% | 1.15% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.84% | 1.68% | 0.64% | 1.09% | 0.90% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 54% | 98% | 81% | 42% |

---

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

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.* 

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

*<sup>(e)</sup>* *The ratio of operating expenses excluding fee waiver/reimbursements to average net assets is calculated excluding the waived Subsidiary management fee (see Note 8 for additional detail). The ratio inclusive of that fee would be for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 1.26%, 1.27%, 1.33%, 1.29% and 1.29%.* 

*See Notes to Financial Statements.* 

20 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Management Commentary *October 31, 2022 (Unaudited)*

**Performance**

For the 1-year period ending October 31, 2022, the ALPS/Kotak India ESG Fund returned -10.62% for Class I compared to its benchmark the Nifty 500 Index, which returned -6.16% over the same period (all in USD terms).

After an exceptional 2021, global economy activity is experiencing a broad-based and sharper-than-expected slowdown. Geopolitical risks are high, with concerns over the economic implications of the Russo-Ukraine war and sustained inflationary pressures higher than seen in several decades, affecting investor sentiment. Even as economic activities in India have seen sharp increases in terms of growth rates, the recovery to above pre-Covid levels is incomplete. Global shocks propagate to the domestic economy through four key channels: (1) trade flows, (2) commodity prices, (3) capital flows, and (4) financial sector. As global demand slows down, India is unlikely to be immune with the trade and capital channel being the key risks and determinants of India's growth. INR too, remained highly volatile with supply disruption amidst geopolitical tension between Russia and Ukraine, which exacerbated the surge in inflation and energy and commodity prices. However, the silver lining in the Indian economic front is that there has been a slowing across many parts of the world despite sustained inflationary pressures.

While the frontline Nifty 50 Index returned -7.80% during the period, the Nifty Midcap 100 Index returned -6.69% during the period (all in USD terms as per Bloomberg reference rate).

Looking at some of the global policies: Regarding asset purchases, the Fed has indicated it will increase its pace of balance sheet reduction by US$95bn per month. The FOMC revised down CY2022 and CY2023 real GDP growth estimates by 150 bps and by 50 bps to 0.2% and 1.2%, respectively. The Bank of England (BOE) hiked its policy rate by 50 bps to 2.25% and started its Quantitative Tightening (QT) process through active sales of government bonds worth GBP80bn over the next 12 months. The BOE also began its corporate bond sales starting September 27, 2022. The Bank of Japan (BOJ) maintained status quo on rates and stance while continuing its purchase of commercial paper (CP) and corporate bonds at its pre-pandemic pace.

Looking back at India, The Union Budget was presented on Feb 1, 2022, just as the country started to navigate the third wave of the Covid-19 pandemic. In our view, this was clearly a pro-growth budget with the Government's key macro focus being infrastructure growth and boosting capex spend in a bid to sustain the investment growth momentum. In our view, the highlight of the budget this year is that it sets the foundation for structural growth over the next few years via investment spend. We believe the Budget provides the necessary impetus through various policies laying the blueprint to steer the economy for the next 25 years and enable job creation.

On the macro side, the International Monetary Fund (IMF) cut India's FY2023 GDP forecast to 6.8% in its attest World Economic Outlook from 7.4% earlier in July. The Reserve Bank of India (RBI) MPC in total had hiked the repo rate by a total of 190bps to 5.9% since May 2020 while continuing to remain focused on the withdrawal of accommodation. India's external sector has faced significant headwinds, led by (1) surge in commodity prices; (2) flight of capital due to the fear of policy divergence; and (3) export caps of select key segments to tame domestic inflation. While risks remain, some of the pressures have eased in recent months, as reflected in the fall in commodity prices, monetary policy tightening and a pick-up in capital flows.

Business momentum in India's manufacturing activity remained robust and expanded at a faster pace in October - Manufacturing PMI hit 55.3 vs 55.1 in September, indicating an improvement in the health of the sector.

Geopolitical tensions have increased over the past few years. With Russia's annexation of Crimea in 2014 and more recently, invasion of Ukraine, the world order has been moving steadily towards a multi-polar world. Further, US-China trade tensions and now issues involving Taiwan indicate risks of fragmented global trade order too. More than domestic factors, external factors such as global slowdown, geopolitics-led risks to energy prices, dollar strengthening, and higher-for-longer global inflation and rates (implying risks of lower-for-longer global growth) will likely weigh on India's macro outlook.

India entered the pandemic amid slowing growth, shrinking fiscal space, and a weak financial sector. The exit from the Covid-19 crisis will see income uncertainty, a weaker fiscal space, and higher risks to the financial sector. Any meaningful, sustainable recovery will require infrastructure-spending, creation of a social security net, and easing of traditional sore points such as a weak financial sector, archaic land/labor laws, and administrative/judicial hurdles. Investor interest in India has conventionally rested on its promise of high growth. As it emerges from a Covid-led crisis, sustainable growth will require the government to address some traditional sore points: a large infrastructure deficit, a weak financial sector, archaic land and labor laws, and administrative and judicial hurdles.

**Market Outlook and Valuation** 

The US Federal Reserve hiked the Fed Funds Rate by another 75 bps in the Nov 2 FOMC meeting, having raised rates 6 times in 2022 and by 75bps in the past 4 meetings. Moreover, the commentary was extremely hawkish reiterating the conviction that the US central bank remains focused on bringing down inflation below their 2% target. This has put to rest the "peak hawkishness" narrative and a Fed pivot to a more accommodative

21 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Management Commentary *October 31, 2022 (Unaudited)*

stance by 2Q next year, since the labour market and wages are still quite strong and will require staying "higher for longer" to bring inflation expectations down durably. The yield on the US 10Y-2Y has remained deeply in the negative territory indicating economic uncertainty. DXY has remained in the ballpark of 111. At the same time the US earnings, especially at the Big Tech firms have started to disappoint and commentary around cost and human resource rationalizations are on the rise.

The selloff in China markets has worsened after the 20th Party Conference that elected President Xi for another term on back of fears of business un-friendly policy-making and insistence on their Covid Zero stance.

For India, we see some worry lines appearing around the growth outlook. The IMF lowered India's economic growth forecast to 6.8% in its latest World Economic Outlook in October, compared to a 7.4% growth forecast in July, external headwinds and earnings downgrade being the risks to growth. CPI Inflation in October has shown stickiness above 7% and has been above the RBI upper tolerance band for the ninth month. Aside from the negative real rates, the RBI must also worry about the rate differentials with the DM central banks in order to protect the currency with an eye on its forex reserves.

On the positive side, GST collections continued to remain robust – clocking INR 1.51 tn in Oct'22 – the second highest ever, on back of festive demand pickup. YoY banking system credit growth at mid- to late-teens is at a decadal high as the inclination for corporate capex is witnessing a cyclical upturn. The INR has remained relatively resilient even when compared to many DM currencies. That such stability is not due to its Current Account strength but due to reserve depletion, is some reason to worry, however. Foreign portfolio flows have turned positive after months of aggressive selling (cumulative CY2022 net outflow of about USD 21.5Bn to Oct'22). The 2QFY23 earnings season has been broadly in-line: the earnings growth has declined 7% YoY (est. 11% decline YoY). The aggregate performance was adversely impacted by a sharp drag from global commodities. Excluding Metals and Oil & Gas, Nifty has posted a solid 25% earnings growth, vs. expectations of 20%, fuelled by BFSI and Autos. Along with Metals and O&G, the Cement sector has also dragged 2QFY23 earnings (source: MOFSL research).

Over the coming months, we are going to keenly watch the RBI's rate trajectory as also the Union Budget that will be presented in Feb'23.

We expect the Indian markets to continue to stay in a consolidation phase until the macro picture improves domestically and globally. We are mindful of the Brent crude price that rose by about 5.5% during Oct'22 to about USD 94/bbl as well as further pressure on the INR that could weigh on India's Current Account. At the same time, it is worth noting that on back of the stark relative performance, the weight of China in the MSCI EM Index has come down to about 22%, while India's weight is now about 16% in the index. We remain positive on the Indian equity markets and view any volatility as an opportunity to add to India assets.

Mr. Nitin Tejpal Jain

Fund Manager

Kotak Mahindra Asset Management (Singapore) Pte Ltd.

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

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

*Diversification cannot guarantee gain or prevent losses.*

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

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

22 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Performance Update *October 31, 2022 (Unaudited)*

**Performance of $10, 000 Initial Investment** *(as of October 31, 2022)* 

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

![](fp0081443_04-1.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Since** <br> **Inception<sup>^</sup>**  | **Total** <br> **Expense**<br> **Ratio\***  | **What You**<br> **Pay\*** |
| **Investor<sup>#</sup> (NAV)** | -10.90% | 9.04% | 5.02% | 9.79% | 7.25% | **1.40%** | **1.40%** |
| **Class A (NAV)** | -10.70% | 9.05% | 4.98% | 9.77% | 7.23% | **1.40%** | **1.40%** |
| **Class A (LOAD)** | -15.60% | 7.01% | 3.79% | 9.15% | 6.71% | **1.40%** | **1.40%** |
| **Class C (NAV)** | -11.52% | 8.17% | 4.20% | 8.99% | 6.48% | **2.00%** | **2.00%** |
| **Class C (LOAD)** | -12.35% | 8.17% | 4.20% | 8.99% | 6.48% | **2.00%** | **2.00%** |
| **Class I** | -10.62% | 9.26% | 5.25% | 10.09% | 7.55% | **1.00%** | **1.00%** |
| **Class II** | -10.42% | 9.53% | 5.41% | 10.17% | 7.62% | **0.91%** | **0.75%** |
| Nifty 500 Index<sup>1</sup> | -6.16% | 12.42% | 6.75% | 9.41% | 6.87% |  |  |
| Morningstar India Index<sup>2</sup> | -7.13% | 12.46% | 7.24% | 9.54% | 6.89% |  |  |

---

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

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

23 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Performance Update *October 31, 2022 (Unaudited)*

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

*<sup>1</sup>* *Nifty 500 Index (formerly the CNX 500 Index) - India's first broad based benchmark of the Indian capital market. The Nifty 500 companies are disaggregated into 72 industry indices. Industry weightages in the index reflect the industry weightages in the market. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.*

*<sup>2</sup>* *Morningstar India NR Index: measures the performance of India's equity markets targeting the top 97% of stocks by market capitalization.*

<sup>^</sup> *Fund Inception date of February 14, 2011 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A; Fund Inception date of December 19, 2019 for Class II.*

<sup>\*</sup> *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. (the "Adviser") and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (the "Sub-Adviser") have agreed to waive and/or reimburse fees or expenses in order to limit Total annual Fund operating expenses after fee waiver/expense reimbursements (excluding Distribution and Service (12b-1) Fees, Shareholder Services Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes, and extraordinary expenses) to 1.00% of Investor Class, Class A, Class C, and Class I shares and 0.75% for Class II shares of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.*

*<sup>#</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.*

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value*

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

---

| | |
|:---|:---|
| **Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>* |  |
| Infosys, Ltd. | 7.91% |
| ICICI Bank, Ltd. | 7.59% |
| Reliance Industries, Ltd. | 6.79% |
| HDFC Bank, Ltd. | 4.93% |
| Axis Bank, Ltd. | 4.25% |
| Bajaj Finance, Ltd. | 3.41% |
| State Bank of India | 3.08% |
| Bharti Airtel, Ltd. | 3.07% |
| Max Healthcare Institute, Ltd. | 2.62% |
| Larsen & Toubro, Ltd. | 2.61% |
| **Top Ten Holdings** | **46.26%** |

---

*<sup>†</sup>* *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.*

**Industry Sector Allocation** *(as a % of Net Assets)*

![](fp0081443_05-1.jpg)

24 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value**<br> **(Note 2)** |
| **COMMON STOCKS (97.08%)** |  |  |
| ***Communication Services (4.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Entertainment (0.99%)* |  |  |
| &nbsp;&nbsp;&nbsp;Nazara Technologies, Ltd.<sup>(a)</sup> | 180526 | $1437600 |
| &nbsp;&nbsp;&nbsp;PVR, Ltd. | 98675 | 2118635 |
|  |  | 3556235 |
| &nbsp;&nbsp;&nbsp;*Wireless Telecommunication Services (3.07%)* | &nbsp;&nbsp;&nbsp;*Wireless Telecommunication Services (3.07%)* |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | 1049150 | 10551082 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. partly paid | 78914 | 419723 |
|  |  | 10970805 |
| **TOTAL COMMUNICATION SERVICES** | **TOTAL COMMUNICATION SERVICES** | 14527040 |
| ***Consumer Discretionary (10.42%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Auto Components (1.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;MRF, Ltd. | 3487 | 3825015 |
| &nbsp;&nbsp;&nbsp;Sansera Engineering, Ltd.<sup>(b)(c)</sup> | 193310 | 1688926 |
| &nbsp;&nbsp;&nbsp;Varroc Engineering, Ltd.<sup>(b)(c)</sup> | 316097 | 1188601 |
|  |  | 6702542 |
| &nbsp;&nbsp;&nbsp;*Automobiles (3.10%)* |  |  |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | 277646 | 4531471 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India, Ltd. | 56917 | 6561981 |
|  |  | 11093452 |
| &nbsp;&nbsp;&nbsp;*Hotels, Restaurants & Leisure (0.59%)* | &nbsp;&nbsp;&nbsp;*Hotels, Restaurants & Leisure (0.59%)* |  |
| &nbsp;&nbsp;&nbsp;Jubilant Foodworks, Ltd. | 284986 | 2102320 |
| &nbsp;&nbsp;&nbsp;*Household Durables (2.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;Crompton Greaves Consumer Electricals, Ltd. | 1339873 | 5866785 |
| &nbsp;&nbsp;&nbsp;Orient Electric, Ltd. | 831599 | 2702311 |
|  |  | 8569096 |
| &nbsp;&nbsp;&nbsp;*Internet & Direct Marketing Retail (1.21%)* | &nbsp;&nbsp;&nbsp;*Internet & Direct Marketing Retail (1.21%)* |  |
| &nbsp;&nbsp;&nbsp;Cartrade Tech, Ltd.<sup>(a)</sup> | 136844 | 903126 |
| &nbsp;&nbsp;&nbsp;Zomato, Ltd.<sup>(a)</sup> | 4506678 | 3437348 |
|  |  | 4340474 |
| &nbsp;&nbsp;&nbsp;*Textiles, Apparel & Luxury Goods (1.25%)* | &nbsp;&nbsp;&nbsp;*Textiles, Apparel & Luxury Goods (1.25%)* |  |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. | 134337 | 4482567 |
| **TOTAL CONSUMER DISCRETIONARY** | **TOTAL CONSUMER DISCRETIONARY** | 37290451 |
| ***Consumer Staples (4.95%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Personal Products (4.95%)* |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India, Ltd. | 679907 | 4558529 |
| &nbsp;&nbsp;&nbsp;Emami, Ltd. | 823442 | 4717500 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever, Ltd. | 273518 | 8439021 |
|  |  | 17715050 |
| **TOTAL CONSUMER STAPLES** | **TOTAL CONSUMER STAPLES** | 17715050 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** <br> **(Note 2)** |
| ***Energy (7.70%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil, Gas & Consumable Fuels (7.70%)* | &nbsp;&nbsp;&nbsp;*Oil, Gas & Consumable Fuels (7.70%)* |  |
| &nbsp;&nbsp;&nbsp;Aegis Logistics, Ltd. | 866064 | $3255383 |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. | 787168 | 24289470 |
|  |  | 27544853 |
| **TOTAL ENERGY** |  | 27544853 |
| ***Financials (31.61%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (21.26%)* |  |  |
| &nbsp;&nbsp;&nbsp;AU Small Finance Bank, Ltd.<sup>(b)(c)</sup> | 705364 | 5024709 |
| &nbsp;&nbsp;&nbsp;Axis Bank, Ltd. | 1386870 | 15209078 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR | 82825 | 5160826 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | 687523 | 12477482 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd., Sponsored ADR | 591286 | 13031943 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | 1285213 | 14131368 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 1587184 | 11022264 |
|  |  | 76057670 |
| &nbsp;&nbsp;&nbsp;*Consumer Finance (5.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | 141125 | 12198850 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Financial Services, Ltd. | 879748 | 2148949 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, Ltd. | 122426 | 1544805 |
| &nbsp;&nbsp;&nbsp;SBI Cards & Payment Services, Ltd. | 498115 | 4977459 |
|  |  | 20870063 |
| &nbsp;&nbsp;&nbsp;*Insurance (2.84%)* |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co., Ltd.<sup>(b)(c)</sup> | 817335 | 5341406 |
| &nbsp;&nbsp;&nbsp;ICICI Lombard General Insurance Co., Ltd.<sup>(b)(c)</sup> | 211650 | 2993173 |
| &nbsp;&nbsp;&nbsp;PB Fintech, Ltd.<sup>(a)</sup> | 394829 | 1844246 |
|  |  | 10178825 |
| &nbsp;&nbsp;&nbsp;*Thrifts & Mortgage Finance (1.68%)* |  |  |
| &nbsp;&nbsp;&nbsp;Aavas Financiers, Ltd.<sup>(a)</sup> | 245732 | 6001114 |
| **TOTAL FINANCIALS** |  | 113107672 |
| ***Health Care (8.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care Providers & Services (4.99%)* | &nbsp;&nbsp;&nbsp;*Health Care Providers & Services (4.99%)* |  |
| &nbsp;&nbsp;&nbsp;Dr Lal PathLabs, Ltd.<sup>(b)(c)</sup> | 59599 | 1846294 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare, Ltd.<sup>(a)</sup> | 1236363 | 4146184 |
| &nbsp;&nbsp;&nbsp;Max Healthcare Institute, Ltd.<sup>(a)</sup> | 1702946 | 9387642 |
| &nbsp;&nbsp;&nbsp;Vijaya Diagnostic Centre Pvt, Ltd. | 463594 | 2446705 |
|  |  | 17826825 |
| &nbsp;&nbsp;&nbsp;*Life Sciences Tools & Services (0.46%)* | &nbsp;&nbsp;&nbsp;*Life Sciences Tools & Services (0.46%)* |  |
| &nbsp;&nbsp;&nbsp;Tarsons Products, Ltd.<sup>(a)</sup> | 175456 | 1648486 |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals (2.82%)* |  |  |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories, Ltd. | 97737 | 3726615 |
| &nbsp;&nbsp;&nbsp;Cipla, Ltd. | 289931 | 4090624 |

---

*See Notes to Financial Statements.*

25 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;*Pharmaceuticals (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories, Ltd. | 42370 | $2280639 |
|  |  | 10097878 |
| **TOTAL HEALTH CARE** |  | 29573189 |
| ***Industrials (6.70%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Air Freight & Logistics (0.66%)* |  |  |
| &nbsp;&nbsp;&nbsp;Mahindra Logistics, Ltd.<sup>(b)(c)</sup> | 361931 | 2353915 |
| &nbsp;&nbsp;&nbsp;*Airlines (0.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation, Ltd.<sup>(a)(b)(c)</sup> | 121781 | 2627984 |
| &nbsp;&nbsp;&nbsp;*Building Products (1.69%)* |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Pipes, Ltd. | 340983 | 2041268 |
| &nbsp;&nbsp;&nbsp;Kajaria Ceramics, Ltd. | 307296 | 4020358 |
|  |  | 6061626 |
| &nbsp;&nbsp;&nbsp;*Construction & Engineering (3.61%)* | &nbsp;&nbsp;&nbsp;*Construction & Engineering (3.61%)* |  |
| &nbsp;&nbsp;&nbsp;Kalpataru Power Transmission, Ltd. | 621526 | 3567254 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro, Ltd. | 382011 | 9352819 |
|  |  | 12920073 |
| **TOTAL INDUSTRIALS** |  | 23963598 |
| ***Information Technology (13.51%)*** | ***Information Technology (13.51%)*** |  |
| &nbsp;&nbsp;&nbsp;*IT Services (13.51%)* |  |  |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd., Sponsored ADR | 590839 | 11066414 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd. | 923929 | 17220255 |
| &nbsp;&nbsp;&nbsp;Persistent Systems, Ltd. | 139368 | 6218727 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | 204560 | 7894394 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra, Ltd. | 463298 | 5958429 |
|  |  | 48358219 |
| **TOTAL INFORMATION TECHNOLOGY** | **TOTAL INFORMATION TECHNOLOGY** | 48358219 |
| ***Materials (7.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals (3.08%)* |  |  |
| &nbsp;&nbsp;&nbsp;Kansai Nerolac Paints, Ltd. | 535082 | 3144466 |
| &nbsp;&nbsp;&nbsp;SRF, Ltd. | 254010 | 7861469 |
|  |  | 11005935 |
| &nbsp;&nbsp;&nbsp;*Construction Materials (3.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;JK Cement, Ltd. | 102442 | 3363148 |
| &nbsp;&nbsp;&nbsp;Ramco Cements, Ltd. | 491456 | 4288339 |
| &nbsp;&nbsp;&nbsp;Shree Cement, Ltd. | 21038 | 5785113 |
|  |  | 13436600 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging (0.83%)* |  |  |
| &nbsp;&nbsp;&nbsp;Mold-Tek Packaging, Ltd. | 268843 | 2953042 |
| **TOTAL MATERIALS** |  | 27395577 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** <br> **(Note 2)** |
| ***Real Estate (2.20%)*** | | |
| &nbsp;&nbsp;&nbsp;*Real Estate Management & Development (2.20%)* | &nbsp;&nbsp;&nbsp;*Real Estate Management & Development (2.20%)* |  |
| &nbsp;&nbsp;&nbsp;Brigade Enterprises, Ltd. | 693578 | $4191044 |
| &nbsp;&nbsp;&nbsp;Oberoi Realty, Ltd. | 330190 | 3695613 |
|  |  | 7886657 |
| **TOTAL REAL ESTATE** |  | 7886657 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $293,781,153)** |  | 347362306 |
| **TOTAL INVESTMENTS (97.08%)** |  |  |
| **(Cost $293,781,153)** |  | $347362306 |
| **Assets In Excess Of Other Liabilities (2.92%)** | **Assets In Excess Of Other Liabilities (2.92%)** | 10454575 |
| **NET ASSETS (100.00%)** |  | $357816881 |

---

*<sup>(a)</sup>* *Non-Income Producing Security.*

*<sup>(b)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate market value of those securities was $23,065,008, representing 6.45% of net assets.*

*<sup>(c)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of October 31, 2022 the aggregate market value of those securities was $23,065,008 representing 6.45% of net assets.*

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.*

*See Notes to Financial Statements.*

26 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Statement of Assets and Liabilities *October 31, 2022*

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments, at value | $347362306 |
| Cash | 9427059 |
| Foreign currency, at value (Cost $11,481,119) | 10695099 |
| Receivable for investments sold | 607621 |
| Receivable for shares sold | 150500 |
| Dividends and interest receivable | 254833 |
| Prepaid expenses and other assets | 20035 |
| &nbsp;&nbsp;&nbsp;Total Assets | 368517453 |
| **LIABILITIES** |  |
| Payable for investments purchased | 1765041 |
| Payable for shares redeemed | 52967 |
| Payable for foreign capital gains tax | 8578620 |
| Investment advisory fees payable | 153220 |
| Administration and transfer agency fees payable | 71929 |
| Distribution and services fees payable | 2393 |
| Trustees' fees and expenses payable | 12688 |
| Professional fees payable | 48527 |
| Accrued expenses and other liabilities | 15187 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 10700572 |
| **NET ASSETS** | $357816881 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $321681879 |
| Total distributable earnings/(accumulated losses) | 36135002 |
| **NET ASSETS** | $357816881 |
| **INVESTMENTS, AT COST** | $293781153 |
| **PRICING OF SHARES** |  |
| **Investor Class:** |  |
| Net Asset Value, offering and redemption price per share | $15.78 |
| Net Assets | $3711192 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 235121 |
| **Class A:** |  |
| Net Asset Value, offering and redemption price per share | $15.74 |
| Net Assets | $847171 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 53833 |
| Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price) | $16.65 |
| **Class C:** |  |
| Net Asset Value, offering and redemption price per share<sup>(a)</sup> | $14.34 |
| Net Assets | $1059655 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 73889 |
| **Class I:** |  |
| Net Asset Value, offering and redemption price per share | $16.40 |
| Net Assets | $15663965 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 955002 |
| **Class II:** |  |
| Net Asset Value, offering and redemption price per share | $16.52 |
| Net Assets | $336534898 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 20368910 |

---

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

*See Notes to Financial Statements.*

27 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Statement of Operations *For the Year Ended October 31, 2022*

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Dividends | $2752809 |
| Foreign taxes withheld on dividends | (605499) |
| Interest and other income | 35069 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 2182379 |
| **EXPENSES** |  |
| Investment advisory fees | 2399095 |
| Administrative fees | 587156 |
| Transfer agency fees | 2700 |
| Distribution and service fees |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 12524 |
| &nbsp;&nbsp;&nbsp;Class A | 1731 |
| &nbsp;&nbsp;&nbsp;Class C | 13517 |
| Professional fees | 62649 |
| Reports to shareholders and printing fees | 14293 |
| State registration fees | 65857 |
| Insurance fees | 4062 |
| Custody fees | 57111 |
| Trustees' fees and expenses | 20619 |
| Repayment of previously waived fees |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 4629 |
| &nbsp;&nbsp;&nbsp;Class C | 1565 |
| &nbsp;&nbsp;&nbsp;Class I | 18408 |
| Miscellaneous expenses | 22352 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 3288268 |
| Less fees waived/reimbursed by investment advisor (Note 8) |  |
| &nbsp;&nbsp;&nbsp;Class II | (441782) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 2846486 |
| Net Investment Loss | (664107) |
| Net realized gain on investments | 8672957 |
| Net realized loss on foreign currency transactions | (626887) |
| Net realized loss on foreign capital gains tax | (1442856) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 6603214 |
| Net change in unrealized depreciation on investments | (53021331) |
| Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies | (504669) |
| Net change in unrealized appreciation on foreign capital gains tax | 6024263 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (47501737) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (40898523) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(41562630) |

---

*See Notes to Financial Statements.*

28 \| October 31, 2022

ALPS \| Kotak India ESG Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year<br> Ended<br> October 31, 2022** | **For the Year<br> Ended<br> October 31, 2021** |
| **OPERATIONS** |  |  |
| Net investment loss | $(664107) | $(471474) |
| Net realized gain | 6603214 | 24382297 |
| Net change in unrealized appreciation/(depreciation) | (47501737) | 75895287 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (41562630) | 99806110 |
| **TOTAL DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (203811) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (41456) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (88461) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (829227) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (19311883) | – |
| Net Decrease in Net Assets from Distributions | (20474838) | – |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1318289 | 1111855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 296777 | 905016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 12000 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 4226736 | 4418625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II |  | 150000000 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 176973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 39052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 88461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 790535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | 19311883 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (931483) | (1190945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (120501) | (573775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (372795) | (877201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (2814302) | (18425509) |
| Net Increase in Net Assets Derived from Beneficial Interest Transactions | 22021625 | 135388616 |
| Net increase/(decrease) in net assets | (40015843) | 235194726 |
| **NET ASSETS** |  |  |
| Beginning of year | 397832724 | 162637998 |
| End of year | $357816881 | $397832724 |

---

*See Notes to Financial Statements.*

29 \| October 31, 2022

ALPS \| Kotak India ESG Fund – Investor Class

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31, 2022** | **For the Year<br> Ended <br> October 31, 2021** | **For the Year <br> Ended <br> October 31, 2020** | **For the Year<br> Ended <br> October 31, 2019** | **For the Year<br> Ended<br> October 31, 2018<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $18.70 | $12.66 | $13.02 <sup>(b)</sup> | $11.73 <sup>(b)</sup> | $14.53 <sup>(b)</sup> |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(c)</sup> | (0.12) | (0.12) | (0.07)<sup>(d)</sup> | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.82) | 6.16 | (0.93) | 2.19 | (2.26) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.94) | 6.04 | (1.00) | 2.09 | (2.39) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.44) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.54) | – | (0.17) | (0.80) | (0.41) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.98) | – | (0.17) | (0.80) | (0.41) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> | 0.81 | 0.00 <sup>(e)</sup> | 0.00 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.92) | 6.04 | (0.36) | 1.29 | (2.80) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $15.78 | $18.70 | $12.66 | $13.02 | $11.73 |
| **TOTAL RETURN<sup>(f)</sup>** | (10.90)% | 47.71% | (1.48)% | 18.58% | (16.91)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $3711 | $3814 | $2704 | $4604 | $5821 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.33% | 1.35% | 1.72% | 3.27% | 2.80% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.33% | 1.35% | 1.40 %<sup>(g)</sup> | 1.91% | 1.93% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.74)% | (0.73)% | (0.64)% | (0.79)% | (0.91)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18% | 29% | 90% | 56% | 24% |

---

*<sup>(a)</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.* 

*<sup>(b)</sup>* *Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).* 

*<sup>(c)</sup>* *Calculated using the average shares method.* 

*<sup>(d)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.* 

*<sup>(e)</sup>* *Less than $0.005 or ($0.005) per share.* 

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

*<sup>(g)</sup>* *Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.* 

*See Notes to Financial Statements.*

30 \| October 31, 2022

ALPS \| Kotak India ESG Fund – Class A

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended <br> October 31, 2022** | **For the Year<br> Ended <br> October 31, 2021** | **For the Year<br> Ended <br> October 31, 2020** | **For the Year<br> Ended <br> October 31, 2019** | **For the Period<br> June 12, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $18.62 | $12.59 | $12.99 <sup>(a)</sup> | $11.72 <sup>(a)</sup> | $13.90 <sup>(a)</sup> |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.08) | (0.11) | (0.07)<sup>(c)</sup> | (0.06) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.82) | 6.14 | (0.16) | 2.13 | (2.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.90) | 6.03 | (0.23) | 2.07 | (2.18) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.44) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.54) | – | (0.17) | (0.80) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.98) | – | (0.17) | (0.80) | – |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.00 <sup>(d)</sup> | – | – | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.88) | 6.03 | (0.40) | 1.27 | (2.18) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $15.74 | $18.62 | $12.59 | $12.99 | $11.72 |
| **TOTAL RETURN<sup>(e)</sup>** | (10.70)% | 47.90% | (1.80)% | 18.41% | (15.68)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $847 | $762 | $89 | $96 | $8 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.10% | 1.30% | 1.62% | 3.24% | 3.16 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.10% | 1.30% | 1.31 %<sup>(g)</sup> | 1.94% | 2.00 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.51)% | (0.68)% | (0.56)% | (0.52)% | (0.79)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 18% | 29% | 90% | 56% | 24% |

---

*<sup>(a)</sup>* *Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(e)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.* 

*<sup>(h)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

31 \| October 31, 2022

ALPS \| Kotak India ESG Fund – Class C

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended <br> October 31, 2022** | **For the Year<br> Ended <br> October 31, 2021** | **For the Year<br> Ended <br> October 31, 2020** | **For the Year<br> Ended <br> October 31, 2019** | **For the Year<br> Ended <br> October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $17.18 | $11.70 | $12.18 <sup>(a)</sup> | $11.10 <sup>(a)</sup> | $13.87 <sup>(a)</sup> |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.21) | (0.21) | (0.14)<sup>(c)</sup> | (0.17) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.67) | 5.69 | (0.17) | 2.05 | (2.15) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.88) | 5.48 | (0.31) | 1.88 | (2.36) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.42) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.54) | – | (0.17) | (0.80) | (0.41) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.96) | – | (0.17) | (0.80) | (0.41) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | – | – | 0.00 <sup>(d)</sup> | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.84) | 5.48 | (0.48) | 1.08 | (2.77) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $14.34 | $17.18 | $11.70 | $12.18 | $11.10 |
| **TOTAL RETURN<sup>(e)</sup>** | (11.52)% | 46.84% | (2.58)% | 17.69% | (17.52)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1060 | $1598 | $1868 | $2195 | $2024 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 2.00% | 2.00% | 2.37% | 3.97% | 3.51% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 2.00% | 2.00% | 2.06 %<sup>(f)</sup> | 2.60% | 2.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (1.42)% | (1.37)% | (1.29)% | (1.47)% | (1.57)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18% | 29% | 90% | 56% | 24% |

---

*<sup>(a)</sup>* *Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(e)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(f)</sup>* *Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.* 

*See Notes to Financial Statements.*

32 \| October 31, 2022

ALPS \| Kotak India ESG Fund – Class I

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year <br> Ended <br> October 31, 2022** | **For the Year <br> Ended <br> October 31, 2021** | **For the Year <br> Ended <br> October 31, 2020** | **For the Year <br> Ended <br> October 31, 2019** | **For the Year <br> Ended <br> October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $19.35 | $13.05 | $13.43 <sup>(a)</sup> | $12.05 <sup>(a)</sup> | $14.87 <sup>(a)</sup> |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.07) | (0.07) | (0.03)<sup>(c)</sup> | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.89) | 6.37 | (0.18) | 2.23 | (2.33) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.96) | 6.30 | (0.21) | 2.18 | (2.41) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.45) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.54) | – | (0.17) | (0.80) | (0.41) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.99) | – | (0.17) | (0.80) | (0.41) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | – | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.95) | 6.30 | (0.38) | 1.38 | (2.82) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $16.40 | $19.35 | $13.05 | $13.43 | $12.05 |
| **TOTAL RETURN<sup>(e)</sup>** | (10.62)% | 48.28% | (1.59)% | 18.85% | (16.66)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $15664 | $16053 | $21861 | $21989 | $13746 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.00% | 1.00% | 1.36% | 2.93% | 2.48% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.00% | 1.00% | 1.06 %<sup>(f)</sup> | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.41)% | (0.45)% | (0.28)% | (0.39)% | (0.57)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 18% | 29% | 90% | 56% | 24% |

---

*<sup>(a)</sup>* *Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *The per share amount does not correspond to activity reflected in the Statement of Operations due to class specific expenses during the period.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

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

*<sup>(f)</sup>* *Effective December 2, 2019, the net expense limitation agreement changed from 1.60% to 1.00%, excluding, among other fees and expenses, 12b-1 fees and shareholder service fees. Refer to Note 8.* 

*See Notes to Financial Statements.*

33 \| October 31, 2022

ALPS \| Kotak India ESG Fund – Class II

Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended <br> October 31, 2022** | **For the Year Ended <br> October 31, 2021** | **For the Period<br> December 19, 2019 (Commencement of Operations) to <br> October 31, 2020** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $19.45 | $13.08 | $13.50 <sup>(a)</sup> |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | (0.03) | (0.02) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.90) | 6.39 | (0.44) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.93) | 6.37 | (0.42) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.46) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.54) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.00) | – | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.93) | 6.37 | (0.42) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $16.52 | $19.45 | $13.08 |
| **TOTAL RETURN<sup>(c)</sup>** | (10.42)% | 48.70% | (3.11)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $336535 | $375605 | $136115 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.88% | 0.91% | 1.18 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | (0.16)% | (0.11)% | 0.24 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 18% | 29% | 90% |

---

*<sup>(a)</sup>* *Per share amounts and ratios to average net assets include income and expenses of the Kotak Mauritius Portfolio (wholly-owned subsidiary).* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

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

*<sup>(d)</sup>* *Annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

34 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Management Commentary *October 31, 2022 (Unaudited)*

**Annual Commentary and Outlook**

The fiscal year through October 2022 was painful for financial markets. Central banks around the globe aggressively raised rates to combat stubbornly high inflation. The Federal Open Market Committee (FOMC) began slowly shrinking the balance sheet while raising the upper bound of the federal funds rate from 0.25% to 4% by November. Interest rate sensitive assets like real estate and growth stocks have been most impacted. However, supply chain shortages, labor market strength, high consumer savings and pent up demand after relieved pandemic lock downs pushed inflation to levels not seen since the early 1980's.

As of fiscal year end, this interest rate cycle was different in that cyclicals like oil, natural gas, industrials, and materials continued to remain robust despite strength in the U.S. dollar. Higher interest rates and global risk aversion pushed the U.S. Dollar Index (DXY) up 18.5% over the fiscal year. The yield curve inverted as the 2-year jumped from 0.5% to 4.5%. The 10-year U.S. Treasury bonds rose less from 1.5% to 4%.

Global indices fared worse than U.S. as the strong dollar was perceived to raise risks of hurting emerging market performance. The S&P 500 Index was down 14.6% while the Morningstar Developed Markets Index (net) of large capitalization stocks globally was down 19.2%. Also, smaller companies represented by the Russell 2000 Index was down 18.6%.

**Portfolio Review**

For the fiscal year ending October 31, 2022, the Fund's investor shares (LPEFX) fell by 30.83% compared with the Fund's primary benchmark Morningstar Developed Markets Index, which was down 19.20%. The Global Listed Private Equity Index, the Fund's secondary benchmark, was down 40.08%.

The Fund underperformed due to a relatively heavy weighting in financials and no exposure to energy stocks which were up over 43%. The U.S. Dollar strength detracted from the Fund's returns approximately 6.6% in total and 1.7% versus the primary benchmark. In June, the Fund began hedging the British Pound, which contributed approximately 0.1% to the Fund's returns for the fiscal year. Also, exiting the fiscal year, approximately half of the Fund is allocated to small and mid-capitalization stocks which underperformed large companies during the period.

Fund positioning in fiscal year 2022 emphasized dividend income, increasing U.S. weighting, and less European and British exposure. We added 14 names to the Fund which included three preferred stock positions for Compass Diversified. We sold 16 names to end the fiscal year with 48 holdings.

Net contributors to performance included:

● Berkshire Hathaway Inc. – CL B

● Hercules Capital Inc.

● NB Private Equity Partners

Net detractors from performance included:

● Partners Group Holding

● KKR & Co.

● Intermediate Capital Group

**Outlook**

The Federal Reserve (Fed) will likely keep rates high until the labor market weakens. Worker participation is delayed until COVID savings burn off. We believe this unusual circumstance will lead to rates staying high throughout 2023. In our view, the U.S. economy is beginning to slow and will eventually lead to a minor recession. In our opinion, corporations are well prepared with strong balance sheets, and therefore, a short recession would most likely be profit driven, not credit driven like the Great Financial Crisis in 2008-2009.

We believe the next couple of quarters will be dominated by the strength of the U.S. economy versus the financial health of weaker countries and liquidity in shallow financial markets globally, as shown in London as pension funds rush to reposition bond portfolios.

In the near-term, consensus seems to be building that stock markets will bounce higher around midterm elections. This would potentially be driven by continued strong U.S. corporate earnings dented slightly by those exposed to foreign currencies. However, we believe the impending economic and financial market disruptions should subdue optimism through the holidays. Nevertheless, in our view, prospects of weaker inflation ending the interest rate cycle and weakening U.S. Dollar should improve equity market conditions in 2023.

The ALPS/Red Rocks Global Opportunity Fund (LPEFX) holds stocks which own small private companies. We believe that the private companies within the portfolio will continued to produce strong earnings growth during tough economic times. Also, valuations of Listed Private Equity stocks have reached historic lows and, in our opinion, should recover nicely when interest rates stop increasing.

Thank you for your continued support.

Andrew Drummond

Portfolio Manager

35 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Management Commentary *October 31, 2022 (Unaudited)*

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

*Diversification cannot guarantee gain or prevent losses.*

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

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

36 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Performance Update *October 31, 2022 (Unaudited)*

**Performance of $10,000 Initial Investment** *(as of October 31, 2022)*

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

![](fp0081443_06-1.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Total Expense Ratio\*** | **What You Pay\*** |
| **Investor<sup>#</sup> (NAV)** | -30.83% | 0.41% | 2.86% | 8.75% | **1.94%** | **1.94%** |
| **Class A (NAV)** | -30.85% | 0.46% | 2.87% | 8.75% | **1.94%** | **1.94%** |
| **Class A (MOP)** | -34.63% | -1.43% | 1.71% | 8.14% | **1.94%** | **1.94%** |
| **Class C (NAV)** | -31.48% | -0.42% | 2.05% | 7.96% | **2.59%** | **2.59%** |
| **Class C (CDSC)** | -32.00% | -0.42% | 2.05% | 7.96% | **2.59%** | **2.59%** |
| **Class I** | -30.69% | 0.60% | 3.09% | 9.05% | **1.59%** | **1.59%** |
| **Class R** | -30.92% | 0.17% | 2.65% | 8.63% | **2.04%** | **2.04%** |
| Morningstar Developed Markets Index<sup>1</sup> | -19.20% | 5.52% | 5.83% | 8.80% |  |  |
| Red Rocks Global Listed Private Equity Index<sup>2</sup> | -40.08% | -1.25% | 0.89% | 7.77% |  |  |

---

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

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

37 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Performance Update *October 31, 2022 (Unaudited)*

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

*Fund Inception date of December 31, 2007 for Investor Class, Class I, and Class R; Fund Inception date June 30, 2010 for Class C; Fund Inception date June 12, 2018 for Class A.*

*<sup>1</sup>* *The Morningstar Developed Market Index measures the performance of developed regional markets targeting the top 97% of stocks by market capitalization. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.*

*<sup>2</sup>* *The Red Rocks Global Listed Private Equity Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies, master limited partnerships and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies. The Red Rocks Global Listed Private Equity Index is managed by the Fund's Sub-Advisor. An investor may not invest directly in an index.*

<sup>\*</sup> *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. (the "Adviser") and Red Rocks Capital LLC (the "Sub-Adviser") have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of Distribution and Service (12b-1) Fees, Acquired Fund Fees and Expenses, Shareholder Service Fees, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 1.25% of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.*

*<sup>#</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.*

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

 

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

*Listed Private Equity Companies are subject to various risks depending on their underlying investments, which could include, but are not limited to, additional liquidity risk, industry risk, non-U.S. security risk, currency risk, credit risk, managed portfolio risk and derivatives risk (derivatives risk is the risk that the value of the Listed Private Equity Companies' derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment).*

*There are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision.*

*Listed Private Equity Companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.*

*Certain of the Fund's investments may be exposed to liquidity risk due to low trading volume, lack of a market maker or legal restrictions limiting the ability of the Fund to sell particular securities at an advantageous price and/or time. As a result, these securities may be more difficult to value. Foreign investing involves special risks, such as currency fluctuations and political uncertainty. The Fund invests in derivatives and is subject to the risk that the value of those derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment.*

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value*

38 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Performance Update *October 31, 2022 (Unaudited)*

**Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| HarbourVest Global Private Equity, Ltd. | 4.54% |
| Blackstone, Inc. | 4.44% |
| FS KKR Capital Corp. | 4.04% |
| Brederode SA | 3.99% |
| Berkshire Hathaway, Inc. | 3.99% |
| KKR & Co., Inc. | 3.85% |
| Ares Management LP | 3.78% |
| HgCapital Trust PLC | 3.65% |
| Partners Group Holding AG | 3.26% |
| 3i Group PLC | 2.98% |
| **Top Ten Holdings** | **38.52%** |

---

*<sup>†</sup>* *Holdings are subject to change and my not reflect the current or future position of the portfolio. Table presents indicative values only.*

**Industry Sector Allocation** *(as a % of Net Assets)*

![](fp0081443_07-1.jpg)

39 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| **CLOSED-END FUNDS (19.80%)** |  |  |
| &nbsp;&nbsp;&nbsp;Abrdn Private Equity Opportunities Trust PLC | 211496 | $1008983 |
| &nbsp;&nbsp;&nbsp;Oakley Capital Investments, Ltd. | 310000 | 1386484 |
| &nbsp;&nbsp;&nbsp;Apax Global Alpha, Ltd.<sup>(a)(b)</sup> | 300000 | 571107 |
| &nbsp;&nbsp;&nbsp;HarbourVest Global Private Equity, Ltd.<sup>(c)</sup> | 110000 | 2722328 |
| &nbsp;&nbsp;&nbsp;HBM Healthcare Investments AG, Class A | 4668 | 1033864 |
| &nbsp;&nbsp;&nbsp;HgCapital Trust PLC | 548426 | 2189612 |
| &nbsp;&nbsp;&nbsp;NB Private Equity Partners, Ltd. | 35000 | 640285 |
| &nbsp;&nbsp;&nbsp;Pantheon International PLC Fund<sup>(c)</sup> | 371000 | 1058672 |
| &nbsp;&nbsp;&nbsp;ICG Enterprise Trust PLC | 75000 | 862599 |
| &nbsp;&nbsp;&nbsp;Princess Private Equity Holding, Ltd. | 41400 | 389989 |
| **TOTAL CLOSED-END FUNDS** |  |  |
| **(Cost $11,018,429)** |  | 11863923 |
| **COMMON STOCKS (72.40%)** |  |  |
| ***Communications (1.06%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Media (1.06%)* |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C<sup>(c)</sup> | 7550 | 637447 |
| **TOTAL COMMUNICATIONS** |  | 637447 |
| ***Consumer Discretionary (1.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail (1.66%)* |  |  |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | 34300 | 995356 |
| **TOTAL CONSUMER DISCRETIONARY** |  | 995356 |
| ***Consumer Staples (2.74%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail (2.74%)* |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3270 | 1639905 |
| **TOTAL CONSUMER STAPLES** |  | 1639905 |
| ***Financials (54.17%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Banks (0.65%)* |  |  |
| &nbsp;&nbsp;&nbsp;SVB Financial Group<sup>(c)</sup> | 1700 | 392632 |
| &nbsp;&nbsp;&nbsp;*Diversified Financial Services (28.80%)* |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 14600 | 808256 |
| &nbsp;&nbsp;&nbsp;Ares Management LP, Class A | 29900 | 2267317 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(c)</sup> | 8100 | 2390229 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | 29200 | 2661288 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc.<sup>(c)</sup> | 50200 | 1162632 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 35900 | 1015252 |
| &nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | 72000 | 876729 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc., Class A | 47500 | 2309925 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 3450 | 1132221 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 2180 | 1956733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;*Diversified Financial Services (continued)* | &nbsp;&nbsp;&nbsp;*Diversified Financial Services (continued)* |  |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | 23000 | $678960 |
|  |  | 17259542 |
| &nbsp;&nbsp;&nbsp;*Investment Companies (14.54%)* |  |  |
| &nbsp;&nbsp;&nbsp;3i Group PLC | 134000 | 1784666 |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 70000 | 1360100 |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc. | 62200 | 780610 |
| &nbsp;&nbsp;&nbsp;FS KKR Capital Corp. | 126000 | 2419200 |
| &nbsp;&nbsp;&nbsp;Investor AB, B Shares | 76500 | 1248527 |
| &nbsp;&nbsp;&nbsp;Mutares SE & Co. KGaA | 28000 | 492176 |
| &nbsp;&nbsp;&nbsp;Peugeot Invest | 7600 | 626092 |
|  |  | 8711371 |
| &nbsp;&nbsp;&nbsp;*Private Equity (8.73%)* |  |  |
| &nbsp;&nbsp;&nbsp;Altamir | 39110 | 923746 |
| &nbsp;&nbsp;&nbsp;Brederode SA | 25100 | 2390555 |
| &nbsp;&nbsp;&nbsp;Clairvest Group, Inc. | 12700 | 663036 |
| &nbsp;&nbsp;&nbsp;Hercules Capital, Inc. | 23000 | 334190 |
| &nbsp;&nbsp;&nbsp;Ratos AB, B Shares | 245500 | 918928 |
|  |  | 5230455 |
| &nbsp;&nbsp;&nbsp;*Real Estate (1.45%)* |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Inc., Class A | 22000 | 871420 |
| **TOTAL FINANCIALS** |  | 32465420 |
| **Health Care (7.23%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Health Care - Products (1.93%)* |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 4600 | 1157682 |
| &nbsp;&nbsp;&nbsp;*Healthcare-Products (2.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 3000 | 1541910 |
| &nbsp;&nbsp;&nbsp;*Healthcare-Services (2.73%)* |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 3500 | 1634045 |
| **TOTAL HEALTH CARE** |  | 4333637 |
| ***Industrials (1.69%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Machinery-Diversified (1.69%)* |  |  |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 4500 | 1012500 |
| **TOTAL INDUSTRIALS** |  | 1012500 |
| ***Technology (3.85%)*** |  |  |
| &nbsp;&nbsp;&nbsp;*Computers (1.92%)* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 4050 | 1149795 |

---

*See Notes to Financial Statements.*

40 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statement of Investments *October 31, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value <br> (Note 2)** | **Value <br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;*Software (1.93%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Software, Inc. | 800 | $| 1156760 |
| **TOTAL TECHNOLOGY** |  |  | 2306555 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $41,760,866)** |  |  | 43390820 |
| **BUSINESS DEVELOPMENT COMPANIES (1.56%)** | **BUSINESS DEVELOPMENT COMPANIES (1.56%)** | **BUSINESS DEVELOPMENT COMPANIES (1.56%)** | **BUSINESS DEVELOPMENT COMPANIES (1.56%)** |
| ***Financials (1.56%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment Companies (1.56%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;Owl Rock Capital Corp. | 79000 |  | 937730 |
| **TOTAL FINANCIALS** |  |  | 937730 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** | **TOTAL BUSINESS DEVELOPMENT COMPANIES** |  |  |
| **(Cost $1,127,619)** |  |  | 937730 |
| **PREFERRED STOCK (3.44%)** |  |  |  |
| ***Financials (3.44%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Investment Companies (2.43%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings, Series B, 3M US Libor + 4.985%<sup>(d)(e)</sup> | 11300 |  | 276059 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings, Series C, 7.875%<sup>(e)</sup> | 50900 |  | 1178844 |
|  |  |  | 1454903 |
| &nbsp;&nbsp;&nbsp;*Private Equity (1.01%)* |  |  |  |
| &nbsp;&nbsp;&nbsp;KKR Group Finance Co. IX LLC, 4.625%<sup>(e)</sup> | 34900 |  | 608307 |
| **TOTAL FINANCIALS** |  |  | 2063210 |
| **TOTAL PREFERRED STOCK** |  |  |  |
| **(Cost $2,236,797)** |  |  | 2063210 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7-Day <br> Yield** | **Shares** | **Value <br> (Note 2)** |
| **SHORT-TERM INVESTMENTS (2.92%)** | **SHORT-TERM INVESTMENTS (2.92%)** | **SHORT-TERM INVESTMENTS (2.92%)** | **SHORT-TERM INVESTMENTS (2.92%)** |
| ***Money Market Fund (2.92%)*** | ***Money Market Fund (2.92%)*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund - Premier Class | 3.020% | 1752786 | 1752786 |
| **TOTAL MONEY MARKET FUND** | **TOTAL MONEY MARKET FUND** | **TOTAL MONEY MARKET FUND** | 1752786 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $1,752,786)** |  |  | 1752786 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value <br> (Note 2)** |
| **TOTAL INVESTMENTS (100.12%)** | **TOTAL INVESTMENTS (100.12%)** |  |
| **(Cost $57,896,497)** |  | $60008469 |
| **Liabilities In Excess Of Other Assets (-0.12%)** | **Liabilities In Excess Of Other Assets (-0.12%)** | (75591) |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** | $59932878 |

---

**Investment Abbreviations:**

LIBOR - London Interbank Offered Rate

*<sup>(a)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate market value of those securities was $571,107, representing 0.95% of net assets.*

*<sup>(b)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of October 31, 2022 the aggregate market value of those securities was $571,107 representing 0.95% of net assets.* 

*<sup>(c)</sup>* *Non-Income Producing Security.* 

*<sup>(d)</sup>* *Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

*<sup>(e)</sup>* *Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.* 

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.*

*See Notes to Financial Statements.*

41 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statement of Investments *October 31, 2022*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | | |
| **Counterparty** | **Settlement <br> Date** | **Fund <br> Receiving** | **U.S. $ Value <br> at October <br> 31, 2022** | **Fund <br> Delivering** |<br>**U.S. $ Value <br> at October <br> 31, 2022** |<br>**Unrealized <br> Appreciation/ <br> (Depreciation)** |
| State Street Bank & Trust Company | 12/02/22 | USD | $1242692 | GBP | $1262510 | $(19818) |
| State Street Bank & Trust Company | 12/02/22 | USD | 568955 | GBP | 608301 | (39346) |
|  |  |  |  |  |  | $(59164) |

---

*See Notes to Financial Statements.*

42 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statement of Assets and Liabilities *October 31, 2022*

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments, at value | $60008469 |
| Receivable for shares sold | 407 |
| Dividends receivable | 261498 |
| Prepaid expenses and other assets | 11981 |
| &nbsp;&nbsp;&nbsp;Total Assets | 60282355 |
| **LIABILITIES** |  |
| Payable for shares redeemed | 138887 |
| Unrealized depreciation on forward foreign currency contracts | 59164 |
| Investment advisory fees payable | 42207 |
| Administration and transfer agency fees payable | 22380 |
| Distribution and services fees payable | 18589 |
| Professional fees payable | 20523 |
| Custody fees payable | 29876 |
| Accrued expenses and other liabilities | 17851 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 349477 |
| **NET ASSETS** | $59932878 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $60860882 |
| Total distributable earnings/(accumulated losses) | (928004) |
| **NET ASSETS** | $59932878 |
| **INVESTMENTS, AT COST** | $57896497 |
| **PRICING OF SHARES** |  |
| **Investor Class:** |  |
| Net Asset Value, offering and redemption price per share | $5.09 |
| Net Assets | $10255651 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 2016257 |
| **Class A:** |  |
| Net Asset Value, offering and redemption price per share | $5.06 |
| Net Assets | $4709803 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 931588 |
| Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price) | $5.35 |
| **Class C:** |  |
| Net Asset Value, offering and redemption price per share<sup>(a)</sup> | $4.50 |
| Net Assets | $4507050 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1000966 |
| **Class I:** |  |
| Net Asset Value, offering and redemption price per share | $5.25 |
| Net Assets | $36320796 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 6916816 |
| **Class R:** |  |
| Net Asset Value, offering and redemption price per share | $3.78 |
| Net Assets | $4139578 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1096244 |

---

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

*See Notes to Financial Statements.*

43 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statement of Operations *For the Year Ended October 31, 2022*

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| Dividends | $1982128 |
| Foreign taxes withheld on dividends | (63365) |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 1918763 |
| **EXPENSES** |  |
| Investment advisory fees | 714163 |
| Administrative fees | 86001 |
| Transfer agency fees | 65966 |
| Distribution and service fees |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 46865 |
| &nbsp;&nbsp;&nbsp;Class A | 13349 |
| &nbsp;&nbsp;&nbsp;Class C | 74280 |
| &nbsp;&nbsp;&nbsp;Class R | 26909 |
| Professional fees | 19780 |
| Reports to shareholders and printing fees | 8161 |
| State registration fees | 68879 |
| Insurance fees | 1031 |
| Custody fees | 24339 |
| Trustees' fees and expenses | 5355 |
| Miscellaneous expenses | 18302 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 1173380 |
| Net Investment Income | 745383 |
| Net realized gain on investments | 3582071 |
| Net realized loss on foreign currency transactions | (24016) |
| Net realized gain on forward contracts | 64589 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 3622644 |
| Net change in unrealized depreciation on investments | (36028528) |
| Net change in unrealized depreciation on forward contract | (59164) |
| Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies | (23552) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (36111244) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (32488600) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(31743217) |

---

*See Notes to Financial Statements.*

44 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Year <br> Ended <br> October 31, 2022** | **For the Year <br> Ended <br> October 31, 2021** |
| **OPERATIONS** | | |
| Net investment income | $745383 | $101787 |
| Net realized gain | 3622644 | 14187753 |
| Net change in unrealized appreciation/(depreciation) | (36111244) | 27438802 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (31743217) | 41728342 |
| **TOTAL DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4401059) | (718013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (913115) | (119340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2483588) | (439224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (14277811) | (2461061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (1815477) | (291941) |
| Net Decrease in Net Assets from Distributions | (23891050) | (4029579) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1022008 | 911265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 2831090 | 1284789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 135214 | 77972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 8276457 | 7576741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 310647 | 465230 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3571315 | 569108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 749895 | 83596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1998640 | 367738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 12833066 | 2258632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | 1815477 | 291941 |
| &nbsp;&nbsp;&nbsp;Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5006596) | (2882725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (585501) | (919915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3158729) | (2330963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (20286450) | (20380620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | (1141432) | (1236068) |
| Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions | 3365101 | (13863279) |
| Net increase/(decrease) in net assets | (52269166) | 23835484 |
| **NET ASSETS** |  |  |
| Beginning of year | 112202044 | 88366560 |
| End of year | $59932878 | $112202044 |

---

*See Notes to Financial Statements.*

45 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund – Investor Class

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31,<br> 2022** | **For the Year<br> Ended<br> October 31,<br> 2021** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2020<sup>(a)</sup>** | **For the Year<br> Ended<br> October 31,<br> 2019** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2018<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $9.39 | $6.47 | $7.71 | $6.79 | $8.05 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(c)</sup> | 0.05 | 0.00 <sup>(d)</sup> | 0.06 | 0.12 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.37) | 3.22 | (0.23) | 1.09 | (0.37) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.32) | 3.22 | (0.17) | 1.21 | (0.31) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.25) |  | (0.60) | (0.06) | (0.70) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.73) | (0.30) | (0.47) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.98) | (0.30) | (1.07) | (0.29) | (0.95) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (4.30) | 2.92 | (1.24) | 0.92 | (1.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $5.09 | $9.39 | $6.47 | $7.71 | $6.79 |
| **TOTAL RETURN<sup>(e)</sup>** | (30.83)% | 51.18% | (3.20)% | 18.77% | (4.23)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $10256 | $20967 | $15580 | $25061 | $35775 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(f)</sup> | 1.46% | 1.49% | 1.47% | 1.44% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(f)</sup> | 1.46% | 1.49% | 1.47% | 1.44% | 1.40% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(f)</sup> | 0.81% | 0.01% | 0.86% | 1.71% | 0.86% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 43% | 41% | 28% | 29% |

---

*<sup>(a)</sup>* *Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.* 

*<sup>(b)</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.* 

*<sup>(c)</sup>* *Calculated using the average shares method.* 

*<sup>(d)</sup>* *Less than $0.005 or ($0.005) per share.* 

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

*<sup>(f)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.* 

*See Notes to Financial Statements.*

46 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund – Class A

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31,<br> 2022** | **For the Year<br> Ended<br> October 31,<br> 2021** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2020<sup>(a)</sup>** | **For the Year<br> Ended<br> October 31,<br> 2019** | **For the Period<br> June 12, 2018<br> (Commencement<br> of Operations) to<br> October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $9.35 | $6.45 | $7.67 | $6.79 | $7.23 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.05 | 0.00 <sup>(c)</sup> | 0.04 | 0.20 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.36) | 3.20 | (0.20) | 0.99 | (0.45) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.31) | 3.20 | (0.16) | 1.19 | (0.44) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.25) |  | (0.60) | (0.08) |  |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.73) | (0.30) | (0.47) | (0.23) | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.98) | (0.30) | (1.07) | (0.31) | – |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.00 <sup>(c)</sup> | 0.01 | – | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (4.29) | 2.90 | (1.22) | 0.88 | (0.44) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $5.06 | $9.35 | $6.45 | $7.67 | $6.79 |
| **TOTAL RETURN<sup>(d)</sup>** | (30.85)% | 51.02% | (2.92)% | 18.64% | (6.09)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4710 | $4188 | $2544 | $790 | $9 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 1.49% | 1.47% | 1.51% | 1.48% | 1.48 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(e)</sup> | 1.49% | 1.47% | 1.51% | 1.48% | 1.48 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(e)</sup> | 0.88% | 0.05% | 0.62% | 2.74% | 0.37 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 27% | 43% | 41% | 28% | 29% |

---

*<sup>(a)</sup>* *Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(d)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(e)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

47 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund – Class C

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31,<br> 2022** | **For the Year<br> Ended<br> October 31,<br> 2021** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2020<sup>(a)</sup>** | **For the Year<br> Ended<br> October 31,<br> 2019** | **For the Year<br> Ended<br> October 31,<br> 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $8.59 | $5.98 | $7.25 | $6.41 | $7.66 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.00 <sup>(c)</sup> | (0.06) | 0.01 | 0.06 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.12) | 2.97 | (0.22) | 1.03 | (0.34) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.12) | 2.91 | (0.21) | 1.09 | (0.33) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.24) |  | (0.59) | (0.02) | (0.67) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.73) | (0.30) | (0.47) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.97) | (0.30) | (1.06) | (0.25) | (0.92) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | – | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (4.09) | 2.61 | (1.27) | 0.84 | (1.25) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $4.50 | $8.59 | $5.98 | $7.25 | $6.41 |
| **TOTAL RETURN<sup>(d)</sup>** | (31.48)% | 50.14% | (4.01)% | 17.83% | (4.88)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4507 | $10883 | $9061 | $16256 | $18847 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 2.23% | 2.20% | 2.22% | 2.16% | 2.12% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(e)</sup> | 2.23% | 2.20% | 2.22% | 2.16% | 2.12% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets<sup>(e)</sup> | 0.03% | (0.73)% | 0.12% | 0.86% | 0.15% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 43% | 41% | 28% | 29% |

---

*<sup>(a)</sup>* *Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(d)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(e)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.* 

*See Notes to Financial Statements.*

48 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund – Class I

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31,<br> 2022** | **For the Year<br> Ended<br> October 31,<br> 2021** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2020<sup>(a)</sup>** | **For the Year<br> Ended<br> October 31,<br> 2019** | **For the Year<br> Ended<br> October 31,<br> 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $9.61 | $6.61 | $7.84 | $6.92 | $8.18 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.07 | 0.02 | 0.07 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.44) | 3.28 | (0.23) | 1.10 | (0.37) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.37) | 3.30 | (0.16) | 1.23 | (0.28) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.26) |  | (0.60) | (0.08) | (0.73) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.73) | (0.30) | (0.47) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.99) | (0.30) | (1.07) | (0.31) | (0.98) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)** | – | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (4.36) | 3.00 | (1.23) | 0.92 | (1.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $5.25 | $9.61 | $6.61 | $7.84 | $6.92 |
| **TOTAL RETURN<sup>(d)</sup>** | (30.69)% | 51.31% | (2.93)% | 18.98% | (3.87)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $36321 | $69176 | $55950 | $141286 | $174034 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(e)</sup> | 1.22% | 1.20% | 1.22% | 1.19% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(e)</sup> | 1.22% | 1.20% | 1.22% | 1.19% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(e)</sup> | 1.07% | 0.29% | 1.08% | 1.80% | 1.15% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 43% | 41% | 28% | 29% |

---

*<sup>(a)</sup>* *Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Less than $0.005 or ($0.005) per share.* 

*<sup>(d)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(e)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.* 

*See Notes to Financial Statements.*

49 \| October 31, 2022

ALPS \| Red Rocks Global Opportunity Fund – Class R

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year<br> Ended<br> October 31,<br> 2022** | **For the Year<br> Ended<br> October 31,<br> 2021** | **For the Year**<br> **Ended**<br> **October 31,**<br> **2020<sup>(a)</sup>** | **For the Year<br> Ended<br> October 31,<br> 2019** | **For the Year<br> Ended<br> October 31,<br> 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $7.50 | $5.23 | $6.45 | $5.75 | $6.97 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.03 | (0.01) | 0.03 | 0.09 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.77) | 2.58 | (0.18) | 0.90 | (0.30) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.74) | 2.57 | (0.15) | 0.99 | (0.26) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.25) |  | (0.60) | (0.06) | (0.71) |
| &nbsp;&nbsp;&nbsp;From net realized gains | (0.73) | (0.30) | (0.47) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.98) | (0.30) | (1.07) | (0.29) | (0.96) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (3.72) | 2.27 | (1.22) | 0.70 | (1.22) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $3.78 | $7.50 | $5.23 | $6.45 | $5.75 |
| **TOTAL RETURN<sup>(c)</sup>** | (30.92)% | 50.86% | (3.56)% | 18.47% | (4.31)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4140 | $6987 | $5231 | $5782 | $4684 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> | 1.68% | 1.65% | 1.68% | 1.61% | 1.57% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> | 1.68% | 1.65% | 1.68% | 1.61% | 1.57% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets<sup>(d)</sup> | 0.61% | (0.17)% | 0.61% | 1.51% | 0.70% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 27% | 43% | 41% | 28% | 29% |

---

*<sup>(a)</sup>* *Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.* 

*<sup>(b)</sup>* *Calculated using the average shares method.* 

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.* 

*See Notes to Financial Statements.*

50 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Management Commentary *October 31, 2022 (Unaudited)*

**Year in Review (November 2021 – October 2022):**

The fiscal year from 11/01/2021 to 10/31/2022 presented many challenges for investment managers. Both broad equity markets and broad fixed income markets were correlated in a down market. This phenomenon was primarily due to high unexpected inflation and swift and significant action from the Federal Reserve. For comparison, year over year CPI in January 2021 was 1.4%; the same figure in January 2022 was 7.5%. While at the beginning of fiscal year, many market participants believed the elevated levels of inflation would be transitory, inflation has persisted at elevated levels for 19 consecutive months. The Fed Funds rate went from 8 basis points in February of 2022 to 308 basis points in October. As you would expect, 10-year treasury rates also increased substantially over the period. The war in Ukraine added to inflationary pressure and to market uncertainty. Cryptocurrency, which we see as a proxy for general market risk taking, has collapsed with many individual cryptos going to zero and/or exposed as frauds.

This market dynamic contributed to a poor absolute performance year for balanced portfolios in general. Portfolios with equity risk, particularly ones that leaned into growth names were punished. Moreover, long duration fixed income assets, which are generally viewed as a safe haven during equity downturns, also fared poorly.

Developed international equities and emerging international equities significantly underperformed US equities during this period. Emerging markets, specifically, were off over 30%. The US Dollar was strong in that it ended the period having appreciated by 17% against the Euro, 19% against the Pound, and 30% against the Yen. US Value stocks outperformed US Growth stocks by about 20%.

**Outlook (as of October 31, 2022):**

Shifting focus to the next twelve months, we believe that risk assets, namely broad stocks and commodities, will outperform in a volatile market environment. We also believe the ten-year treasury yield will stabilize and then slowly start to contract over the period. Overall, in our opinion equities, covered calls, and tactically, longer duration and lower credit quality fixed income instruments will likely be in favor.

In the US, RiverFront prefers to play the equity markets using a barbell approach to growth and value. We favor growth, mega-cap stocks, specifically those that lean towards software and services, while also seeking to selectively invest in more cyclical, value stocks. We believe this approach allows our portfolios to have proper exposures to both sides of the growth versus value trade, while not overexposing us to low-quality, value names or telecommunication stocks, which we believe at the aggregate are over-valued.

Internationally, given continued inflation pressures and recession concerns, Riverfront reaffirms the following beliefs:

● Expect High Volatility – Given the uncertainty surrounding inflation, recession risk, and the consumer, we expect volatility to remain high across the globe. Traditionally, defensive sectors and security selection that tends toward stocks with low volatility characteristics could provide positive relative performance.

● Commodity Producers are likely to outperform – Commodity prices remain toward the top of the previous decade's price range. Given their operating leverage and exposure to these prices, commodity producing countries and companies should be able to continue their outperformance if inflation remains high.

● Interest rate differentials may provide hedging opportunities – As long as several global central banks lag the federal reserve, we believe there will be opportunities to hedge the currency exposure of international equities.

**FUND LEVEL ATTRIBUTION**

*RiverFront Asset Allocation Growth and Income*

The RiverFront Asset Allocation Growth and Income mutual fund posted NAV returns above the benchmark during the fiscal year. The top themes that contributed to and detracted from performance over the last twelve months are listed below:

Contributors:

● Selection within US equities

● Selection within broad fixed income

● Selection within emerging market equities

Detractors:

● Selection within developed international equities

● Underweight allocation to broad fixed income

● Overweight allocation to emerging market equities

Scott Hays, CFA

Senior Portfolio Manager

51 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Management Commentary *October 31, 2022 (Unaudited)*

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

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

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

*An investor may not invest directly in an index.*

*Diversification cannot guarantee gain or prevent losses.*

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

 

52 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Performance Update *October 31, 2022 (Unaudited)*

**Performance of $10,000 Initial Investment** *(as of October 31, 2022)*

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

![](fp0081443_08-1.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** | **Since Inception<sup>^</sup>** | **Total Expense Ratio\*** | **What You Pay\*** |
| **Investor<sup>#</sup> (NAV)** | -14.82% | 1.77% | 1.54% | 5.11% | 5.40% | **0.89%** | **0.89%** |
| **Class A (NAV)** | -14.76% | 1.78% | 1.55% | 5.12% | 5.41% | **0.89%** | **0.89%** |
| **Class A (MOP)** | -19.45% | -0.13% | 0.41% | 4.53% | 4.92% | **0.89%** | **0.89%** |
| **Class C (NAV)** | -15.39% | 1.03% | 0.80% | 4.33% | 4.62% | **1.64%**  | **1.64%**  |
| **Class C (CDSC)** | -16.22% | 1.03% | 0.80% | 4.33% | 4.62% | **1.64%**  | **1.64%**  |
| **Class I (NAV)** | -14.60% | 2.02% | 1.79% | 5.38% | 5.67% | **0.64%** | **0.64%** |
| Morningstar Global Markets Index<sup>1</sup> | -20.29% | 4.51% | 4.91% | 7.91% | 7.82% |  |  |
| Bloomberg US Aggregate Bond Index<sup>2</sup> | -15.68% | -3.77% | -0.54% | 0.74% | 1.59% |  |  |
| 60% Morningstar Global Markets Index / 40% Bloomberg US Aggregate Bond Index<sup>1,2,3</sup> | -18.25% | 1.51% | 3.04% | 5.22% | 5.56% |  |  |
| 70% Morningstar Global Markets Index / 30% Bloomberg US Aggregate Bond<sup>1,2,3</sup> | -18.73% | 2.31% | 3.55% | 5.92% | 6.16% |  |  |

---

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

***Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account. If you invest $1 million or more, either as a lump sum or***

53 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Performance Update *October 31, 2022 (Unaudited)*

***through the Fund's accumulation or letter of intent programs, you can purchase Class A shares without an initial sales charge (load). A Contingent Deferred Sales Charge ("CDSC") of 1.00% may apply to Class C shares redeemed within the first 12 months after a purchase, and on Class A shares redeemed within the first 18 months after a purchase in excess of $1 million.***

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

*<sup>1</sup>* *The Morningstar Global Market Index measures the performance of performance of the stocks located in the developed and emerging countries across the world. Stocks in the index are weighted by their float capital, which removes corporate cross ownership, government holdings and other locked-in shares. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.* 

*<sup>2</sup>* *The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.* 

*<sup>3</sup>* *The 60% Morningstar Global Markets Index / 40% Bloomberg U.S. Aggregate Bond Index is replacing the 70% Morningstar Global Markets Index / 30% Bloomberg U.S. Aggregate Bond Index. The Adviser and Sub-Adviser made this recommendation to the Board because the new index closely aligns to the Fund's investment strategies and investment restrictions. Information on both indices will be shown for a one year transition period.*

*<sup>^</sup>* *Fund Inception date of August 2, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.*

*<sup>\*</sup>* *Please see the prospectus dated February 28, 2022 for additional information.*

*<sup>#</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.*

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

 

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value*

---

| | |
|:---|:---|
| **Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>* |  |
| RiverFront Dynamic US Dividend Advantage ETF | 19.95% |
| iShares Core U.S. Aggregate Bond ETF | 14.94% |
| First Trust RiverFront Dynamic Developed International ETF | 13.33% |
| JPMorgan Equity Premium Income ETF | 8.27% |
| iShares<sup>®</sup> Core S&P 500<sup>®</sup> ETF | 8.21% |
| RiverFront Dynamic Core Income ETF | 7.30% |
| RiverFront Dynamic US Flex-Cap ETF | 5.94% |
| FTHI/First Trust Exchange-Traded Fund VI FirstTrust BuyWrite Income ETF | 4.37% |
| Riverfront Strategic Income Fund | 3.40% |
| First Trust RiverFront Dynamic Emerging Markets ETF | 3.33% |
| **Top Ten Holdings** | **89.04%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents indicative values only. Excludes cash & cash equivalents.* |

---

**Portfolio Composition** *(as a % of Net Assets)*

![](fp0081443_09-1.jpg)

54 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | <br>**Shares** | **Value**<br>**(Note 2)** |
| **EXCHANGE TRADED FUNDS (98.65%)** |  |  |
| &nbsp;&nbsp;&nbsp;*Debt (31.36%)* |  |  |
| &nbsp;&nbsp;&nbsp;First Trust Senior Loan ETF | 48549 | $2171597 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core U.S. Aggregate Bond ETF | 140343 | 13318550 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Preferred & Income Securities ETF | 24974 | 761957 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> 0-5 Year High Yield Corporate Bond ETF | 52947 | 2162885 |
| &nbsp;&nbsp;&nbsp;RiverFront Dynamic Core Income ETF<sup>(a)</sup> | 299856 | 6509874 |
| &nbsp;&nbsp;&nbsp;Riverfront Strategic Income Fund<sup>(a)</sup> | 136139 | 3034538 |
|  |  | 27959401 |
| &nbsp;&nbsp;&nbsp;*Equity (67.29%)* | | |
| &nbsp;&nbsp;&nbsp;First Trust RiverFront Dynamic Developed International ETF<sup>(a)</sup> | 242670 | 11883550 |
| &nbsp;&nbsp;&nbsp;First Trust RiverFront Dynamic Emerging Markets ETF<sup>(a)</sup> | 62539 | 2969977 |
| &nbsp;&nbsp;&nbsp;FTHI/First Trust Exchange-Traded Fund VI FirstTrust BuyWrite Income ETF | 199352 | 3895338 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Genomics Immunology and Healthcare ETF | 22348 | 608983 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> US Technology ETF | 8411 | 642516 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> Core S&P<sup>®</sup> 500<sup>®</sup> ETF | 18879 | 7321087 |
| &nbsp;&nbsp;&nbsp;iShares<sup>®</sup> MSCI Germany Index Fund | 62362 | 1360739 |
| &nbsp;&nbsp;&nbsp;JPMorgan Equity Premium Income ETF | 135047 | 7369515 |
| &nbsp;&nbsp;&nbsp;RiverFront Dynamic US Dividend Advantage ETF<sup>(a)</sup> | 419519 | 17787732 |
| &nbsp;&nbsp;&nbsp;RiverFront Dynamic US Flex-Cap ETF<sup>(a)</sup> | 130684 | 5294793 |
| &nbsp;&nbsp;&nbsp;WisdomTree<sup>®</sup> Europe Hedged Equity Fund | 12631 | 857519 |
|  |  | 59991749 |
| **TOTAL EXCHANGE TRADED FUNDS** |  |  |
| **(Cost $90,660,849)** |  | 87951150 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br>**Yield** |<br>**Shares** | **Value**<br>**(Note 2)** |
| **SHORT-TERM INVESTMENTS (1.42%)** |  |  |  |
| ***Money Market Fund (1.42%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Treasury Plus Money Market Fund- Premier Class | 3.020% | 1264034 | 1264034 |
| **TOTAL MONEY MARKET FUND** |  |  | 1264034 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $1,264,034)** |  |  | 1264034 |

---

---

| | |
|:---|:---|
| | **Value**<br>**(Note 2)** |
| **TOTAL INVESTMENTS (100.07%)** |  |
| **(Cost $91,924,883)** | $89215184 |
| **Liabilities In Excess Of Other Assets (-0.07%)** | (65253) |
| **NET ASSETS (100.00%)** | $89149931 |

---

*<sup>(a)</sup>* *Affiliated Company. See Note 7 in Notes to Financial Statements.*

*For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets.*

*See Notes to Financial Statements.*

55 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Statement of Assets and Liabilities *October 31, 2022*

---

| | |
|:---|:---|
| | **RiverFront Asset Allocation Growth & Income** |
| **ASSETS** |  |
| Investments, at value | $41734720 |
| Investments in affiliates, at value | 47480464 |
| Dividends and interest receivable | 4545 |
| Prepaid expenses and other assets | 12789 |
| &nbsp;&nbsp;&nbsp;Total Assets | 89232518 |
| **LIABILITIES** |  |
| Payable for shares redeemed | 27811 |
| Unitary administrative fees payable | 37634 |
| Distribution and services fees payable | 17142 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 82587 |
| **NET ASSETS** | $89149931 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $89237463 |
| Total distributable earnings/(accumulated losses) | (87532) |
| **NET ASSETS** | $89149931 |
| **INVESTMENTS, AT COST** | $46803378 |
| **INVESTMENTS IN AFFILIATES, AT COST** | $45121505 |
| **PRICING OF SHARES** |  |
| **Investor Class:** |  |
| Net Asset Value, offering and redemption price per share | $12.00 |
| Net Assets | $9268664 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 772130 |
| **Class A:** |  |
| Net Asset Value, offering and redemption price per share | $11.99 |
| Net Assets | $18793781 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1567527 |
| Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price) | $12.69 |
| **Class C:** |  |
| Net Asset Value, offering and redemption price per share<sup>(a)</sup> | $11.57 |
| Net Assets | $13432018 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1161363 |
| **Class I:** |  |
| Net Asset Value, offering and redemption price per share | $11.96 |
| Net Assets | $47655468 |
| Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 3984408 |

---

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

*See Notes to Financial Statements.*

56 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Statement of Operations *For the Year Ended October 31, 2022*

---

| | |
|:---|:---|
| | **RiverFront Asset** Allocation** Growth &** Income** |
| **INVESTMENT INCOME** |  |
| Dividends | $1239688 |
| Dividends from affiliated securities | 1985695 |
| Other income | 116 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 3225499 |
| **EXPENSES** |  |
| Unitary administrative fees | 244007 |
| Distribution and service fees |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 24447 |
| &nbsp;&nbsp;&nbsp;Class A | 39686 |
| &nbsp;&nbsp;&nbsp;Class C | 162891 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 471031 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 471031 |
| Net Investment Income | 2754468 |
| Net realized loss on investments | (1855908) |
| Net realized gain on investments - affiliated securities | 12503462 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 10647554 |
| Net change in unrealized depreciation on investments | (5068658) |
| Net change in unrealized depreciation on investments - affiliated securities | (24460302) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation | (29528960) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (18881406) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(16126938) |

---

*See Notes to Financial Statements.*

57 \| October 31, 2022

RiverFront Asset Allocation Growth & Income

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** |  |  |
| Net investment income | $2754468 | $658095 |
| Net realized gain | 10647554 | 2069528 |
| Net change in unrealized appreciation/(depreciation) | (29528960) | 10328520 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (16126938) | 13056143 |
| **TOTAL DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (242774) | (72153) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (414994) | (57142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (298284) | (64156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (1462305) | (464644) |
| Dividends to shareholders from tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (5188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A |  | (6322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C |  | (5710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | – | (41353) |
| Net Decrease in Net Assets from Distributions | (2418357) | (716668) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 20378 | 65799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 5636445 | 1777632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 651120 | 548945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 6549965 | 4128228 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 238111 | 74189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 410017 | 62714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 287621 | 69066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 1425826 | 498442 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2770082) | (1441166) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | (2866815) | (1241333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | (7994232) | (5788861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (28480269) | (6339619) |
| &nbsp;&nbsp;&nbsp;Acquisition (Note 10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6729577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 12590186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 12592263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | 38460379 | – |
| Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions | 43480490 | (7585964) |
| Net increase in net assets | 24935195 | 4753511 |
| **NET ASSETS** |  |  |
| Beginning of year | 64214736 | 59461225 |
| End of year | $89149931 | $64214736 |

---

*See Notes to Financial Statements.*

58 \| October 31, 2022

RiverFront Asset Allocation Growth & Income – Investor Class

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended October 31, 2018<sup>(a)(b)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $14.45 | $11.84 | $12.02 | $13.37 | $14.48 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(c)</sup> | 0.37 | 0.14 | 0.18 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.49) | 2.62 | (0.16) | 0.41 | (0.80) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.12) | 2.76 | 0.02 | 0.64 | (0.55) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.33) | (0.14) | (0.20) | (0.21) | (0.24) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (1.78) | (0.32) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.15) | (0.20) | (1.99) | (0.56) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.45) | 2.61 | (0.18) | (1.35) | (1.11) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.00 | $14.45 | $11.84 | $12.02 | $13.37 |
| **TOTAL RETURN<sup>(d)</sup>** | (14.82)% | 23.40% | 0.27% | 6.71% | (4.03)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $9269 | $6921 | $6802 | $8864 | $9062 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.74 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.84% | 1.04% | 1.57% | 1.91% | 1.70% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 127% | 13% | 33% | 62% | 224% |

---

*<sup>(a)</sup>* *Prior to December 1, 2017, Investor Class was known as Class A.*

*<sup>(b)</sup>* *Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.*

*<sup>(c)</sup>* *Calculated using the average shares method.*

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

*<sup>(e)</sup>* *Effective February 28, 2018, pursuant to the Administrative Services Agreement, the Fund pays an annual unitary administrative fee, which is based on the Fund's average daily net assets, and will no longer pay a management fee or contractually limit the Fund's total annual expenses. Refer to Note 8.*

*See Notes to Financial Statements.*

59 \| October 31, 2022

RiverFront Asset Allocation Growth & Income – Class A

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $14.43 | $11.83 | $12.01 | $13.36 | $14.70 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.37 | 0.14 | 0.18 | 0.25 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.48) | 2.61 | (0.16) | 0.39 | (1.34) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.11) | 2.75 | 0.02 | 0.64 | (1.19) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.33) | (0.14) | (0.20) | (0.21) | (0.15) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (1.78) |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.15) | (0.20) | (1.99) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.44) | 2.60 | (0.18) | (1.35) | (1.34) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $11.99 | $14.43 | $11.83 | $12.01 | $13.36 |
| **TOTAL RETURN<sup>(b)</sup>** | (14.76)% | 23.34% | 0.28% | 6.78% | (8.13)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $18794 | $6139 | $4489 | $3839 | $13 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.50% | 0.50% | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.89% | 1.05% | 1.52% | 2.13% | 2.65 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 127% | 13% | 33% | 62% | 224% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(c)</sup>* *Annualized.*

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

60 \| October 31, 2022

RiverFront Asset Allocation Growth & Income – Class C

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended October 31, 2018<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $13.94 | $11.45 | $11.65 | $13.03 | $14.16 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.26 | 0.04 | 0.09 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.39) | 2.52 | (0.15) | 0.40 | (0.78) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.13) | 2.56 | (0.06) | 0.53 | (0.64) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.24) | (0.06) | (0.14) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (1.78) | (0.32) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.07) | (0.14) | (1.91) | (0.49) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.37) | 2.49 | (0.20) | (1.38) | (1.13) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $11.57 | $13.94 | $11.45 | $11.65 | $13.03 |
| **TOTAL RETURN<sup>(c)</sup>** | (15.39)% | 22.44% | (0.44)% | 5.91% | (4.74)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $13432 | $11049 | $13642 | $19798 | $23111 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.25% | 1.25% | 1.25% | 1.25% | 1.57% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.25% | 1.25% | 1.25% | 1.25% | 1.47 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.03% | 0.29% | 0.82% | 1.15% | 1.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 127% | 13% | 33% | 62% | 224% |

---

*<sup>(a)</sup>* *Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Effective February 28, 2018, pursuant to the Administrative Services Agreement, the Fund pays an annual unitary administrative fee, which is based on the Fund's average daily net assets, and will no longer pay a management fee or contractually limit the Fund's total annual expenses. Refer to Note 8.*

*See Notes to Financial Statements.*

61 \| October 31, 2022

RiverFront Asset Allocation Growth & Income – Class I

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Year Ended** **October 31, 2018<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $14.40 | $11.79 | $11.97 | $13.31 | $14.42 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.40 | 0.18 | 0.22 | 0.26 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (2.48) | 2.61 | (0.18) | 0.41 | (0.82) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.08) | 2.79 | 0.04 | 0.67 | (0.53) |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.16) | (0.22) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;From net realized gains |  |  |  | (1.78) | (0.32) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | – | (0.02) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.18) | (0.22) | (2.01) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (2.44) | 2.61 | (0.18) | (1.34) | (1.11) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $11.96 | $14.40 | $11.79 | $11.97 | $13.31 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.60)% | 23.79% | 0.46% | 7.07% | (3.88)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $47655 | $40106 | $34529 | $49610 | $51749 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.25% | 0.25% | 0.25% | 0.25% | 0.53% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.25% | 0.25% | 0.25% | 0.25% | 0.44 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.06% | 1.29% | 1.83% | 2.17% | 2.04% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 127% | 13% | 33% | 62% | 224% |

---

*<sup>(a)</sup>* *Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.*

*<sup>(b)</sup>* *Calculated using the average shares method.*

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

*<sup>(d)</sup>* *Effective February 28, 2018, pursuant to the Administrative Services Agreement, the Fund pays an annual unitary administrative fee, which is based on the Fund's average daily net assets, and will no longer pay a management fee or contractually limit the Fund's total annual expenses. Refer to Note 8.*

*See Notes to Financial Statements.*

62 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**1. ORGANIZATION**

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report includes the financial statements and financial highlights of the following 4 funds: ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund, ALPS \| Kotak India ESG Fund (formally ALPS \| Kotak India Growth Fund), ALPS \| Red Rocks Global Opportunity Fund, and RiverFront Asset Allocation Growth & Income (each, a "Fund" and collectively, the "Funds").

The ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund seeks to maximize real returns (returns after inflation), consistent with prudent investment management. ALPS \| Kotak India ESG Fund's investment goal is long-term capital appreciation. The ALPS \| Red Rocks Global Opportunity Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. RiverFront Asset Allocation Growth & Income seeks to achieve long-term growth and income.

The classes of each Fund differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends to shareholders are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions to shareholders are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

**Basis of Consolidation for the ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund**

CoreCommodity Management Cayman Commodity Fund Ltd. (the "Subsidiary"), a Cayman Islands exempted company, was incorporated on April 23, 2010 and is a wholly owned subsidiary of the ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund (the "CoreCommodity Fund"). All intercompany transactions have been eliminated upon consolidation. The Subsidiary acts as an investment vehicle for the CoreCommodity Fund in order to effect certain commodity-related investments on behalf of the CoreCommodity Fund. CoreCommodity Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of June 14, 2010, and it is intended that the CoreCommodity Fund will remain the sole shareholder and will continue to wholly own and control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The CoreCommodity Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the CoreCommodity Fund, the financial statements of the Subsidiary are included in the consolidated financial statements and financial highlights of the CoreCommodity Fund. All investments held by the Subsidiary are disclosed in the accounts of the CoreCommodity Fund. As of October 31, 2022, net assets of the CoreCommodity Fund were $1,747,040,904 of which $345,597,436 or 19.78%, represented the CoreCommodity Fund's ownership of all issued shares and voting rights of the Subsidiary.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes, and follows accounting policies in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including policies specific to investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds and subsidiaries, as applicable, in preparation of their financial statements. The Funds are an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 "Financial Services – Investment Companies".

**Investment Valuation:** The Funds generally value their securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the "Board" or "Trustees"), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers-dealers that make a market in the security. Investments in non-exchange traded funds are fair valued at their respective net asset values.

63 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market makes a limit move with respect to a particular commodity. Over-the-counter swap contracts are valued based on quotes received from independent pricing services or one or more dealers that make markets in such investments.

Option contracts are valued using the National Best Bid and Offer price ("NBBO"). In the event there is no NBBO price available, option contracts are valued at the mean between the last bid and ask.

For ALPS \| Kotak India ESG Fund and ALPS \| Red Rocks Global Opportunity Fund, who hold equity securities that are primarily traded on foreign securities exchanges, such securities are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value or a meaningful portion of the Funds' portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE.

Forward currency exchange contracts have a value determined by the current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has appointed ALPS Advisors, Inc. (the "Adviser") to serve as the valuation designee to perform fair value determinations for investments in the Funds. When such prices or quotations are not available, or when the Valuation Designee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures ("FV Procedures") have been adopted by the Board for the fair valuation of portfolio assets held by the Funds in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Fund's Pricing Procedures appear to be unreliable. The Pricing Procedures reflect certain pricing methodologies (or "logics") that are not "readily available market quotations" and thus are viewed and treated as fair valuations. The Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Funds.

**Fair Value Measurements:** The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

64 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

The following is a summary of each Fund's investments/financial instruments in the fair value hierarchy as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** |  |
| Common Stocks<sup>(a)</sup> | $363986648 | $– | $1157 | $363987805 |
| Master Limited Partnerships<sup>(a)</sup> | 533042 |  |  | 533042 |
| Government Bonds | – | 1167673480 | – | 1167673480 |
| Total | $364519690 | $1167673480 | $1157 | $1532194327 |
| **Other Financial Instruments** |  |  |  |  |
| **Assets** |  |  |  |  |
| Futures Contracts | $33192640 | $– | $– | $33192640 |
| Total Return Swap Contracts |  | 98 |  | 98 |
| **Liabilities** |  |  |  |  |
| Futures Contracts | $(8597559) | $– | $– | $(8597559) |
| Total | $24595081 | $98 | $– | $24595179 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **ALPS \| Kotak India ESG Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $– | $14527040 | $– | $14527040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 37290451 |  | 37290451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  | 17715050 |  | 17715050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 27544853 |  | 27544853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 18192769 | 94914903 |  | 113107672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 29573189 |  | 29573189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  | 23963598 |  | 23963598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11066414 | 37291805 |  | 48358219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  | 27395577 |  | 27395577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | – | 7886657 | – | 7886657 |
| Total | $29259183 | $318103123 | $– | $347362306 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **ALPS \| Red Rocks Global Opportunity Fund** |  |  |  |  |
| Closed-End Funds | $2966574 | $8897349 | $– | $11863923 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | 637447 |  |  | 637447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 995356 |  | 995356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 1639905 |  |  | 1639905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 22171014 | 10294406 |  | 32465420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | 4333637 |  |  | 4333637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 1012500 |  |  | 1012500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 2306555 |  |  | 2306555 |
| Business Development Companies | 937730 |  |  | 937730 |
| Preferred Stock | 2063210 |  |  | 2063210 |
| Short-Term Investments | 1752786 | – | – | 1752786 |
| Total | $39821358 | $20187111 | $– | $60008469 |
| **Other Financial Instruments Liabilities:** |  |  |  |  |
| Forward Contracts | – | $(59164) | – | $(59164) |
| Total | $– | $(59164) | $– | $(59164) |

---

65 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| **RiverFront Asset Allocation Growth & Income** |  |  |  |  |
| Exchange Traded Funds | $87951150 | $– | $– | $87951150 |
| Short-Term Investments | 1264034 | – | – | 1264034 |
| Total | $89215184 | $– | $– | $89215184 |

---

*<sup>(a)</sup>* *For detailed descriptions of country, sector and/or industry, see the accompanying Consolidated Statement of Investments.*

The Funds, except for the ALPS CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy, did not have any securities that used significant unobservable inputs (Level 3) in determining fair value and there were no transfers into or out of Level 3 during the year ended October 31, 2022. As of October 31, 2022, ALPS CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy held securities classified as Level 3 in the fair value hierarchy valued at $1,157, which represents less than 0.005% of net assets.

**Fund and Class Expenses:** Some expenses of the Trust can be directly attributed to a Fund or a specific share class of a Fund. Expenses which cannot be directly attributed are apportioned among all Funds in the Trust based on average net assets of each share class within a Fund.

**Federal Income Taxes:** The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended October 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations or Consolidated Statement of Operation. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. For tax purposes, the Subsidiary is an exempt Cayman Islands investment company and has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation ("CFC") and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in the ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund's taxable income. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Consolidated Statement of Operations.

**Distributions to Shareholders:** Each Fund, except RiverFront Asset Allocation Growth & Income, normally pays dividends and distributes capital gains, if any, on an annual basis. RiverFront Asset Allocation Growth & Income normally pays dividends, if any, on a quarterly basis and distributes capital gains, if any, annually. Income dividend distributions are derived from interest, dividends, and other income a Fund receives from its investments, including distributions of short-term capital gains, if any. Capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than a year or from long-term capital gain distributions from underlying investments. Each Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes.

**Commodity-Linked Notes:** The ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund may invest in commodity-linked notes which are derivative instruments that have characteristics of a debt security and of a commodity-linked derivative. A commodity-linked note typically provides for interest payments and a principal payment at maturity linked to the price movement of the underlying commodity, commodity index or commodity futures or option contract. Commodity-linked notes may be principal protected, partially protected, or offer no principal protection. The value of these notes will rise and fall in response to changes in the underlying commodity or related index or investment. These notes are often leveraged, increasing the volatility of each note's value relative to the change in the underlying linked index. Commodity index-linked investments may be more volatile and less liquid than the underlying index and their value may be affected by the performance of the commodities as well as other factors, including liquidity, quality, maturity and other economic variables. Commodity-linked notes are typically issued by a bank or other financial institution and are sometimes referred to as structured notes because the terms of the notes may be structured by the issuer and the purchaser of the notes to accommodate the specific investment requirements of the purchaser.

**Exchange Traded Funds (ETFs):** Each Fund may invest in shares of ETFs and other similar instruments if the investment manager chooses to adjust a Fund's exposure to the general market or industry sectors and to manage a Fund's risk exposure. ETFs differ from traditional index funds in that their shares are listed on a securities exchange and can be traded intraday. ETF shares are shares of exchange traded investment companies that are registered under the 1940 Act and hold a portfolio of common stocks designed to track the performance of a particular index. Limitations of the 1940

66 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Act may prohibit a Fund from acquiring more than 3% of the outstanding shares of certain ETFs. Instruments that are similar to ETFs represent beneficial ownership interests in specific "baskets" of stocks of companies within a particular industry sector or group. These securities may also be exchange traded, but unlike ETFs, the issuers of these securities are not registered as investment companies.

The portfolio manager may decide to purchase or sell short ETF shares or options on ETF shares for the same reasons it would purchase or sell (and as an alternative to purchasing or selling) futures contracts – to obtain exposure to the stock market or a particular segment of the stock market, or to hedge a Fund's portfolio against such exposures. Depending on the market, the holding period and other factors, the use of ETF shares and options thereon can be less costly than the use of index options or stock index futures. In addition, ETF shares and options thereon can typically be purchased in smaller amounts than are available for futures contracts and can offer exposure to market sectors and styles for which there is no suitable or liquid futures contract.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for withholding taxes or certain foreign securities, as soon as information is available to each Fund. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations or Consolidated Statement of Operations.

**Cash Management Transactions:** ALPS/ Kotak India ESG Fund subscribes to the Brown Brothers Harriman & Co. ("BBH") Cash Management Service ("CMS"), whereby cash balances are automatically swept into overnight offshore demand deposits with either the BBH Grand Cayman branch or a branch of a pre-approved commercial bank. This fully automated program allows the Fund to earn interest on cash balances. Excess cash with deposit institutions domiciled outside of the U.S. are subject to sovereign actions in the jurisdiction of the deposit institution including, but not limited to, freeze, seizure or diminution. Cash balances in the BBH CMS are included on the Statement of Assets and Liabilities under Cash and Foreign currency, at value. As of October 31, 2022, the ALPS/ Kotak India ESG Fund had $9,427,059 cash balance participating in the BBH CMS. As of October 31, 2022, the ALPS/ Kotak India ESG Fund did not have any foreign cash balances participating in the BBH CMS.

**Foreign Securities:** Each Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments.

Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

**Foreign Currency Translation:** Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

**Foreign Currency Spot Contracts:** The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked-to-market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract's terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

**Real Estate Investment Trusts ("REITs"):** The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, or its failure to maintain exemption from registration under the 1940 Act. Distributions that the Fund receives from REITs can be classified as ordinary income, capital gain income or return of capital by the REITs that make these distributions to the Fund. However, it is not possible for the Fund to characterize distributions received from REITs during

67 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

interim periods because the REIT issuers do not report their tax characterizations until subsequent to year end. During interim periods, the REIT distributions are accounted for as ordinary income until the re characterizations are made subsequent to year end.

**Master Limited Partnerships ("MLPs"):** Certain Funds may invest in MLPs, which are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

**Libor Risk:** Holding of certain of the Funds' underlying investments may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. As of December 31, 2021, the United Kingdom Financial Conduct Authority ("FCA") and LIBOR's administrator, ICE Benchmark Administration, have ceased the publication of all non-U.S. dollar LIBOR and the one-week and two-month U.S. dollar LIBOR rates, but the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable fallback provisions.

The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate (referred to as "SOFR"), which is their preferred alternative rate for U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are in the process of developing in response to these new rates. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and SOFR, there has been no global consensus as to an alternative rate and the process for amending existing contracts or instruments to transition away from LIBOR remains incomplete.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect Fund performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting Fund performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to alternative rates may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

**COVID-19 and Global Economic and Market Conditions:** The impact of the novel coronavirus ("COVID-19") pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy continued reopening in 2022 and robust economic activity has supported a continued recovery, certain geographies, most notably China, have experienced setbacks. The pandemic and the responses thereto have caused various disruptions to the global supply chain, affecting wide swaths of manufacturing, automotive and consumer goods, among other sectors. While the health and economic outlook may improve in the short-term in some markets, such improvements may be uncertain and short-lived due to the rise of potential new variants and increased cases and hospitalizations, as well as potential increased restrictions in the response thereto. Further, the negative economic consequences, including to the global supply chain, caused by the pandemic may be prolonged and take years to resolve, if ever. Issuers that operate in the hospitality, healthcare, travel and entertainment industries may continue to face adverse market conditions due to future restrictions, which could result in adverse performance and potentially bankruptcy. Further, the

68 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

disruptions caused by the pandemic have contributed to the global and U.S. rise in inflation, which may further increase in the future. Changes in the nature of the pandemic, including any increases in virality and/or lethality, may have negative consequences for the Funds, its service providers and issuers. The uncertainty triggered by the pandemic is likely to continue and may have effects on the overall market and the Funds' performance.

Additionally, certain Funds may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. In particular, on February 24, 2022, Russian troops began a full-scale invasion of Ukraine and, as of the date hereof, the countries remain in active armed conflict. Around the same time, the U.S., the U.K., the E.U., and several other nations announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, Russian backed separatist regions in Ukraine, and certain banks, companies, government officials, and other individuals in Russia and Belarus, as well as a number of Russian Oligarchs. The U.S. or other countries could also institute broader sanctions on Russia and others supporting Russia' economy or military efforts. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which the Funds invest), and therefore are expected to result in adverse consequences to the Russian economy and could have a material adverse effect on our portfolio companies and our business, financial condition, cash flows and results of operations. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict, and as a result, present material uncertainty and risk with respect to the Funds and their portfolio companies and operations, and the ability of the Funds to achieve their investment objectives. Similar risks will exist to the extent that any portfolio companies, service providers, vendors or certain other parties have material operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding areas. Sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact the Funds or the business of the the Funds' investments, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which the Funds and the companies in which the Funds invest rely.

**3. DERIVATIVE INSTRUMENTS**

As a part of their investment strategy, the Funds are permitted to enter in various types of derivatives contracts. In doing so, the Funds employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Cash collateral is being pledged to cover derivative obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Statements of Investments or Consolidated Statement of Investments.

**Risk of Investing in Derivatives:** The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

*Equity Risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

*Commodity Risk:* Exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. Prices of various commodities may also be affected by factors, such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, which are unpredictable. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions.

69 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

*Foreign Currency Risk:* Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency.

*Interest Rate Risk:* Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Funds are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, and are usually more volatile than securities.

**Swap Contracts:** Each Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the CoreCommodity Fund primarily enters into swap transactions for the purpose of increasing total return. Swap agreements may be executed in a multilateral or other trade facility program, such as a registered exchange ("centrally cleared swaps") or may be privately negotiated in the over-the counter market. The duration of a swap agreement typically ranges from a few weeks to more than one year. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Although centrally cleared swaps typically present less counterparty risk than non-centrally cleared swaps, a Fund that has entered into centrally cleared swaps is subject to the risk of the failure of the CCP.

Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk that are not directly reflected in the amounts recognized in the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract's term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statement of Operations or Consolidated Statement of Operations.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Funds will receive a payment from or make a payment to the counterparty. Credit default swaps are a type of swap agreement in which the protection "buyer" is generally obligated to pay the protection "seller" an upfront and/ or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. Credit default swaps ("CDS") are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the "seller") receives pre-determined periodic payments from the other party (the "buyer"). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. Swap agreements held at October 31, 2022 are disclosed after the Statement of Investments or Consolidated Statement of Investments.

The average notional amount of the swap positions held in the ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund for the fiscal year ended October 31, 2022 was $1,022,475,657. Only the ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund held swap positions as of October 31, 2022.

**Futures:** Each Fund may invest in futures contracts in accordance with their investment objectives. Each Fund does so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Fund's investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract

70 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

or a futures option position. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, a Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to a Fund upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposit with broker for futures contracts on the Statement of Assets and Liabilities. Each day a Fund may pay or receive cash, called "variation margin," equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by a Fund. Variation margin does not represent a borrowing or loan by a Fund but is instead a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The average value of futures contracts held in the ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund for the fiscal year ended October 31, 2022 was $533,426,648 for long futures and $337,650,199 for short futures. Only the ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund invested in futures contracts as of October 31, 2022.

**Forward Foreign Currency Contracts:** Each Fund may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through delivery, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished. The average value of forward foreign currency contracts held in the ALPS \| Red Rocks Global Opportunity Fund for the fiscal year ended October 31, 2022 was $506,895. Only the ALPS \| Red Rocks Global Opportunity Fund invested in forward foreign currency contracts as of October 31, 2022.

**Option Contracts:** Each Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. Each Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Statement of Operations or Consolidated Statement of Operations. As of October 31, 2022, the Funds were not invested in option contracts.

71 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**Derivatives Instruments:** The following tables disclose the amounts related to each Fund's use of derivative instruments.

The effect of derivatives instruments on the Statement of Assets and Liabilities for the fiscal year ended October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Risk Exposure** | **Asset Location** | **Fair Value** | **Liability Location** | **Fair Value** |
| **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** |
| Commodity Contracts (Futures Contracts) | Unrealized appreciation on futures contracts<sup>(b)</sup> | $33192640 | Unrealized depreciation on futures contracts<sup>(b)</sup> | $(8597559) |
| Commodity Contracts (Total Return Swap Contracts) | Unrealized appreciation on total return swap contracts | 98 | Unrealized depreciation on total return swap contracts | – |
| Total |  | $33192738 |  | $(8597559) |
| **ALPS \| Red Rocks Global Opportunity Fund** | **ALPS \| Red Rocks Global Opportunity Fund** | **ALPS \| Red Rocks Global Opportunity Fund** | **ALPS \| Red Rocks Global Opportunity Fund** |  |
| Foreign Exchange Rate Contracts (Foreign Forward Currency Contracts) | Unrealized appreciation on Foreign Forward currency contracts | $– | Unrealized depreciation on Foreign Forward currency contracts | $(59164) |
| Total |  | – |  | $(59164) |

---

*<sup>(a)</sup>* *The ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund consolidates the Statements of Assets and Liabilities* 

*<sup>(b)</sup>* *Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Statement of Investments. Only the current day's net variation margin is reported within the Consolidated Statement of Assets and Liabilities.* 

The effect of derivatives instruments on the Statements of Operations for the fiscal year ended October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
| **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup>** |
| Commodity Contracts (Futures Contracts) | Net realized loss on futures contracts/ Net change in unrealized appreciation on futures contracts | $(17381931) | $26517365 |
| Commodity Contracts (Total Return Swap Contracts) | Net realized gain on total return swap contracts/Net change in unrealized appreciation on total return swap contracts | 88315661 | 363 |
| Total |  | $70933730 | $26517728 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statement of Operations Location** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
| **ALPS \| Red Rocks Global Opportunity Fund** | **ALPS \| Red Rocks Global Opportunity Fund** | **ALPS \| Red Rocks Global Opportunity Fund** |  |
| Commodity Contracts (Forward Contracts) | Net realized gain on forward foreign currency contracts/Net change in unrealized depreciation on forward foreign currency contracts | $64589 | (59164) |
| Total |  | $64589 | (59164) |

---

*<sup>(a)</sup>* *The ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund consolidates the Statement of Operations.* 

72 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Certain derivative contracts are executed under either standardized netting agreements or, for exchange-traded derivatives, the relevant contracts for a particular exchange which contain enforceable netting provisions. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract.

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of October 31, 2022:

**Offsetting of Derivatives Asset**

October 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** | **Gross Amounts Not<br> Offset in the Statement of<br> Assets and Liabilities** |
| |<br>**Gross Amounts of Recognized Assets** |<br>**Gross Amounts Offset in the Statement of Assets and Liabilities** |<br>**Net Amounts Presented in the Statement of Assets and Liabilities** | **Financial Instruments** | **Cash Collateral Received<sup>(a)</sup>** | **Net Amount** |
| **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund** |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $98 | $– | $98 | $– | $– | $98 |
| Total | $98 | $– | $98 | $– | $– | $98 |

---

*<sup>(a)</sup>* *These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.*

**4. TAX BASIS INFORMATION**

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by a Fund. The amounts and characteristics of tax basis distributions and composition of distributable earnings/ (accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $221283857 | $– |
| ALPS \| Kotak India ESG Fund | 12591343 | 7883495 |
| ALPS \| Red Rocks Global Opportunity Fund | 17383815 | 6507235 |
| RiverFront Asset Allocation Growth & Income | 2418357 |  |

---

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2021 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $1931352 | $– | $– |
| ALPS \| Kotak India ESG Fund |  |  |  |
| ALPS \| Red Rocks Global Opportunity Fund |  | 4029579 |  |
| RiverFront Asset Allocation Growth & Income | 658095 |  | 58573 |

---

73 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**Components of Distributable Earnings on a Tax Basis:** At October 31, 2022, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in the treatment of commodity related controlled foreign corporations, the net operating losses, merger adjustments and non-deductible expenses.

For the fiscal year ended October 31, 2022, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Distributable earnings** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $(26518457) | $26518457 |
| ALPS \| Kotak India ESG Fund | (7078958) | 7078958 |
| ALPS \| Red Rocks Global Opportunity Fund | (8560166) | 8560166 |
| RiverFront Asset Allocation Growth & Income | 3099611 | (3099611) |

---

As of October 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Undistributed net investment income**  | **Accumulated net realized gain/(loss) on investments**  | **Other**<br> **cumulative effect**<br> **of timing** <br> **differences**  | | **Net unrealized** <br> **appreciation/(depreciation)** <br> **on investments**  | **Total** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $108681149 | $(33927454) | $– |  | $51084466 | $125838161 |
| ALPS \| Kotak India ESG Fund |  | 5471901 | (341811) |)\* | 31004912 | 36135002 |
| ALPS \| Red Rocks Global Opportunity Fund |  | 14823 |  |  | (942827) | (928004) |
| RiverFront Asset Allocation Growth & Income | 338316 | 3244817 |  |  | (3670665) | (87532) |

---

<sup>\*</sup> ***Late Year Ordinary Losses****: Under current law, net investment losses realized after December 31 of a Fund's fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. As of October 31, 2022, ALPS \| Kotak India ESG Fund elected to defer $(341811) of such losses.*

Capital loss carryovers used during the year ended October 31, 2022 for ALPS \| CoreCommodity Management CompleteCommodities Strategy Fund and RiverFront Asset Allocation Growth & Income, were $22,199,132 and $4,639,871, respectively.

**Capital Losses:** Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of October 31, 2022 the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $13489320 | $20438134 |

---

At the time of the merger, RiverFront Asset Allocation Aggressive Fund had $2,347,616 of losses that are subject to Section §382 limitations. The RiverFront Asset Allocation Growth & Income Fund fully utilized all losses from the merger. No losses are being carryforward to future years.

**Unrealized Appreciation and Depreciation on Investments:** As of October 31, 2022, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Appreciation (excess of value over tax cost)** | **Gross Depreciation (excess of tax cost over value)** | **Net Appreciation/(Depreciation) of Foreign Currency** | **Net Unrealized Appreciation/ (Depreciation)** | **Cost of Investments for Income Tax Purposes** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund | $1250753864 | $(1199663706) | $(5692) | $51084466 | $1505699347 |
| ALPS \| Kotak India ESG Fund | 63605710 | (31815520) | (785278) | 31004912 | 306993496 |
| ALPS \| Red Rocks Global Opportunity Fund | 5440440 | (6349037) | (34230) | (942827) | 60917066 |
| RiverFront Asset Allocation Growth & Income | 4498680 | (8262213) | 92868 | (3670665) | 93001970 |

---

<sup>\*</sup> *Net of foreign capital gains tax accrual of $8,578,620*

74 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**5. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of Securities**  |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup> | $409990250 | $415701706 |
| ALPS \| Kotak India ESG Fund | 67836365 | 66349407 |
| ALPS \| Red Rocks Global Opportunity Fund | 21863617 | 39539792 |
| RiverFront Asset Allocation Growth & Income | 150539940 | 120105587 |

---

Purchases and sales of U.S. Government Obligations, excluding short-term securities during the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund<sup>(a)</sup> | $130304688 | $400435998 |

---

*<sup>(a)</sup>* *Purchases and sales for ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund are consolidated and include the balances of CoreCommodity Management Cayman Commodity Fund, Ltd. (wholly owned subsidiary).*

**6. BENEFICIAL INTEREST TRANSACTIONS**

Shares redeemed within 30 days of purchase for ALPS \| Kotak India ESG Fund may incur a 2% short-term redemption fee deducted from the redemption amount.

Effective December 1, 2017, Class A shares were renamed Investor Class shares for all Funds. Such shares will be offered without an initial sales charge or a contingent deferred sales charge.

For the fiscal year ended October 31, 2022, the amounts listed below were retained by the Funds. These amounts are reflected in "Shares redeemed" in the Statements of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
| | **Redemption Fee Retained** | **Redemption Fee Retained** |
| <br>**Fund** | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund - Investor Class | $– | $4276 |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund - Class C |  | 3899 |
| ALPS \| CoreCommodity Management CompleteCommodities**<sup>®</sup>** Strategy Fund - Class I |  | 3215 |
| ALPS \| Kotak India ESG Fund - Investor Class | 752 | 90 |
| ALPS \| Kotak India ESG Fund - Class A |  |  |
| ALPS \| Kotak India ESG Fund - Class I | 797 | 924 |
| ALPS \| Red Rocks Global Opportunity Fund - Investor Class |  | 170 |
| ALPS \| Red Rocks Global Opportunity Fund - Class A |  | 21 |
| ALPS \| Red Rocks Global Opportunity Fund - Class I |  | 49 |

---

75 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
|  | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund**  | **ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund**  |
|  | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4705184 | 4497779 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1989014 | 24142 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5500570) | (3219508) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1193628 | 1302413 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1235120 | 692899 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 117775 | 351 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (209539) | (127691) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1143356 | 565559 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2350237 | 1306524 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 207281 | 689 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (530046) | (175391) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2027472 | 1131822 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 126922726 | 68562911 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 18932794 | 221924 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (78421798) | (20567458) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 67433722 | 48217377 |

---

76 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Kotak India ESG Fund** | **ALPS \| Kotak India ESG Fund** |
| | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 75932 | 63673 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 10090 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (54831) | (73427) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 31191 | (9754) |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18193 | 64783 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 2238 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7553) | (30913) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 12878 | 33870 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 767 | 1363 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 5515 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25379) | (68076) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (19097) | (66713) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 249038 | 282712 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 43484 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (167032) | (1128704) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 125490 | (845992) |
| **Class II** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 8906165 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1057027 | – |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1057027 | 8906165 |

---

77 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Red Rocks Global**<br> **Opportunity Fund** | **ALPS \| Red Rocks Global**<br> **Opportunity Fund** |
|  | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 154271 | 117250 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 498091 | 78824 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (870220) | (368930) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (217858) | (172856) |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 469037 | 154377 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 105175 | 11627 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (90819) | (112441) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 483393 | 53563 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 21208 | 10415 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 312287 | 55299 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (600094) | (312234) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (266599) | (246520) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1295966 | 911179 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 1736545 | 306048 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3311639) | (2490837) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (279128) | (1273610) |
| **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 69028 | 69257 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 339977 | 50509 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (244082) | (187716) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 164923 | (67950) |

---

78 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **RiverFront Asset Allocation Growth & Income** | **RiverFront Asset Allocation Growth & Income** |
|  | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1433 | 4868 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 18511 | 5415 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (204822) | (105864) |
| &nbsp;&nbsp;&nbsp;Acquisition (Note 10) | 478017 | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 293139 | (95581) |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 430952 | 131569 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 32350 | 4570 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (216376) | (90345) |
| &nbsp;&nbsp;&nbsp;Acquisition (Note 10) | 895264 | – |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1142190 | 45794 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 50107 | 41292 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 23041 | 5251 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (632037) | (445845) |
| &nbsp;&nbsp;&nbsp;Acquisition (Note 10) | 927668 | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 368779 | (399302) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 470646 | 298873 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 110769 | 36431 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2124553) | (477178) |
| &nbsp;&nbsp;&nbsp;Acquisition (Note 10) | 2741648 | – |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1198510 | (141874) |

---

79 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**7. AFFILIATED COMPANIES**

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, realized gains or losses, change in unrealized gains or losses, shares and value of investments in affiliated companies for the year ended October 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **RiverFront Asset Allocation Growth & Income** | **Market Value as of October 31, 2021** | **Purchases** | **Sales** | **Market Value as of October 31, 2022\*** | **Share Balance as of October 31, 2022** | **Dividends** | **Change in Unrealized Gain<br> (Loss)\*** | **Realized<br> Gain/Loss** |
| RiverFront Dynamic Core Income ETF | $14918870 | $18977204 | $(26218863) | $6509874 | 299856 | $323313 | $(1621124) | $74242 |
| Riverfront Strategic Income Fund | 2096048 | 2816785 | (1614186) | 3034538 | 136139 | 70475 | (211599) | (44439) |
| First Trust RiverFront Dynamic Developed International ETF | 14309799 | 10247483 | (7933404) | 11883550 | 242670 | 744615 | (6019050) | 50511 |
| First Trust RiverFront Dynamic Emerging Markets ETF | 4188973 | 2576347 | (2809124) | 2969977 | 62539 | 194557 | (1562927) | 219745 |
| RiverFront Dynamic US Dividend Advantage ETF | 20189676 | 18554942 | (27204724) | 17787732 | 419519 | 598480 | (9021928) | 7220809 |
| RiverFront Dynamic US Flex-Cap ETF | 7565220 | 13540440 | (18005912) | 5294793 | 130684 | 54255 | (5670683) | 4982594 |
|  | $63268586 | $66713201 | $(83786213) | $47480464 |  | $1985695 | $(24107311) | $12503462 |

---

*\** *Affiliate unrealized gain (loss) at merger for Asset Allocation Aggressive and Asset Allocation Moderate was $13,241,730.*

**8. MANAGEMENT AND RELATED-PARTY TRANSACTIONS**

ALPS Advisors, Inc. ("AAI") acts as the Funds' investment adviser. AAI is an indirect wholly owned subsidiary of DST Systems, Inc. ("DST"). DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. ("SS&C"), a publicly traded company listed on the NASDAQ Global Select Market.

AAI has delegated daily management of the Funds listed below to the corresponding Sub-Advisor(s) listed in the table below. Each Sub-Advisor manages the investments of the Fund in accordance with its investment objective, policies and limitations and investment guidelines established jointly by AAI and the Board.

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisor(s)** |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund | CoreCommodity Management, LLC |
| ALPS \| Kotak India ESG Fund | Kotak Mahindra Asset Management (Singapore) Pte. Ltd |
| ALPS \| Red Rocks Global Opportunity Fund | Red Rocks Capital, LLC<sup>(a)</sup> |
| RiverFront Asset Allocation Growth & Income | RiverFront Investment Group, LLC |

---

*<sup>(a)</sup>* *Red Rocks Capital, LLC is a subsidiary of ALPS Advisors, Inc.*

80 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Funds listed below pay AAI an annual management fee which is based on each Fund's average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds' contractual management fee rates (expressed as an annual rate).

---

| | |
|:---|:---|
| **Fund** | **Contractual Management Fee** |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund | 0.85% |
| ALPS \| Kotak India ESG Fund | 0.65% |
| ALPS \| Red Rocks Global Opportunity Fund | 0.85% |

---

Pursuant to the Administrative Services Agreement, the RiverFront Asset Allocation Growth & Income pays an annual unitary administrative fee which is based on the Fund's average daily net assets. The unitary administrative fee is paid on a monthly basis. The following table reflects the Fund's contractual unitary administrative fee rate (expressed as an annual rate).

---

| | |
|:---|:---|
| **Fund** | **Contractual Unitary Fee** |
| RiverFront Asset Allocation Growth & Income | 0.25% |

---

Pursuant to an Investment Sub-Advisory Agreement, AAI pays the Sub-Advisors of the Funds listed below an annual sub-advisory management fee which is based on the Fund's average daily assets. AAI is required to pay all fees due to each Sub-Advisor out of the management fee AAI receives from each Fund listed below. The following table reflects the Funds' contractual sub-advisory fee rates.

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Daily Net Assets** <br> **of the Fund**  | **Contractual Sub-Advisory Fee** |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund | All Asset Levels | 0.75% |
| ALPS \| Kotak India ESG Fund | All Asset Levels | 0.56% |
| ALPS \| Red Rocks Global Opportunity Fund | All Asset Levels | 0.57% |

---

**ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund**

AAI and CoreCommodity Management LLC have contractually agreed to limit the amount of the Fund's total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage commissions, interest expense, taxes and extraordinary expenses that exceed the following annual rates below.

**ALPS \| Kotak India ESG Fund** 

AAI and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. have contractually agreed to limit the amount of the Fund's total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses that exceed the following annual rates below.

**ALPS \| Red Rocks Global Opportunity Fund** 

AAI and Red Rocks Capital LLC have contractually agreed to limit the amount of the Fund's total annual expenses, exclusive of distribution and service (12b-1) fees, acquired fund fees and expenses, shareholder service fees, brokerage expenses, interest expense, taxes and extraordinary expenses that exceed the following annual rates below.

81 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

These agreements are reevaluated on an annual basis. Expense limitation ratios from the current agreements are listed below. Fees waived or reimbursed for the Fiscal year ended October 31, 2022 are disclosed on the Statement of Operations or Consolidated Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund\*** | **Investor Class** | **Class A** | **Class C** | **Class I** | **Class II** | **Class R** |
| ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund | 1.05% | 1.05% | 1.05% | 1.15% | N/A | N/A |
| ALPS \| Kotak India ESG Fund | 1.00% | 1.00% | 1.00% | 1.00% | 0.75% | N/A |
| ALPS \| Red Rocks Global Opportunity Fund | 1.25% | 1.25% | 1.25% | 1.25% | N/A | 1.25% |

---

*\** *See each Fund's Performance Update section for Expense Limitation agreement expiration dates*

AAI and each Sub-Advisor are permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund, ALPS \| Kotak India ESG Fund, and ALPS \| Red Rocks Global Opportunity Fund are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees were waived or expenses were deferred, as calculated on a monthly basis. As of the fiscal year ended October 31, 2022, the Advisor and Sub-Advisor(s) may seek reimbursement of previously waived and reimbursed fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires** <br> **10/31/23**  | **Expires** <br> **10/31/24**  | **Expires** <br> **10/31/25** | **Total** |
| ALPS \| Kotak India ESG Fund - Investor Class | $12723 | $75 | $N/A | $12797 |
| ALPS \| Kotak India ESG Fund - Class A | N/A | N/A | N/A | N/A |
| ALPS \| Kotak India ESG Fund - Class C | 5803 | 67 | N/A | 5870 |
| ALPS \| Kotak India ESG Fund - Class I | 60338 | 641 | N/A | 60979 |
| ALPS \| Kotak India ESG Fund - Class II | 411967 | 465777 | 441782 | 1319526 |

---

The CoreCommodity Management Cayman Commodity Fund Ltd. (the "Subsidiary") has entered into a separate advisory agreement (the "Subsidiary Advisory Agreement") with CoreCommodity Management, LLC for the management of the Subsidiary's portfolio pursuant to which the Subsidiary is obligated to pay the CoreCommodity Management, LLC a management fee at the same rate that the Fund pays AAI for investment advisory services provided to the Funds. CoreCommodity Management, LLC has agreed to waive the advisory fee it receives from the Fund in an amount equal to the management fee paid by the Subsidiary. This agreement may be terminated based on the terms of the Subsidiary Advisory Agreement. For the year ended October 31, 2022, this amount equaled $2,936,151 and is disclosed in the Consolidated Statement of Operations. These waivers are not subject to reimbursement/recoupment.

ALPS \| Kotak India ESG Fund recouped $24,602 of expenses during the year ended October 31, 2022.

RiverFront Asset Allocation Growth & Income does not pay a management fee or contractually limit the amount of it's total annual expenses.

Kotak Mahindra Asset Management (Singapore) Pte. Ltd. executed purchase and sale trades in the ALPS \| Kotak India ESG Fund with the sub-adviser's affiliated broker-dealer, Kotak Securities, (the "affiliate broker"). Fund commissions paid to the affiliate broker were $19,278 during the year ended October 31, 2022.

ALPS Portfolio Solutions Distributor, Inc. (the "Distributor") acts as the distributor of the Funds' shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by the Distributor, as agent for the Funds, and the Distributor has agreed to use its best efforts to solicit orders for the sale of Funds' shares, although it is not obliged to sell any particular amount of shares. The Distributor is not entitled to any compensation for its services. The Distributor is registered as a broker -dealer with the Securities and Exchange Commission.

**Distribution and Services (12b-1) Plans** 

Each Fund has adopted Distribution and Services Plans (the "Plans") pursuant to Rule 12b-1 of the 1940 Act for its Investor Class, Class A, Class C and Class R (ALPS \| Red Rocks Global Opportunity Fund only) and shares. The Plans allows a Fund to use Investor Class, Class A, Class C, and Class R assets to pay fees in connection with the distribution and marketing of Investor Class, Class A, Class C, and Class R shares and/or the provision of shareholder services to Investor Class, Class A, Class C and Class R shareholders. The Plans permit payment for services in connection with the administration of plans or programs that use Investor Class, Class A, Class C, and Class R shares of a Fund, if any, as their funding medium and for related expenses. The Plans permit a Fund to make total payments at an annual rate of up to 0.25% of a Fund's average daily net assets attributable to its Investor Class and Class A shares, 0.75% of a Fund's average daily net assets attributable to its Class C shares and 0.50% of the ALPS \| Red Rocks Global Opportunity Fund's average daily net assets attributable to its Class R shares.

82 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to financial intermediaries, as compensation for distribution and/or shareholder ongoing services performed by such entities for beneficial shareholders of the Fund. The Distributor is entitled to retain some or all fees payable under the Plans in certain circumstances, including when there is no broker of record or when certain qualification standards have not been met by the broker of record.

**Shareholder Services Plans** 

Each Fund has adopted a shareholder services plan with respect to their Investor Class shares (the "Investor Class Shareholder Services Plan"). Under the Investor Class Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Investor Class shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations (the "Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund's shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Investor Class Shareholder Services Plan fees recaptured pursuant to the Services Plan for the year ended October 31, 2022 are included as an offset to distribution and service fees as disclosed in the Statements of Operations or Consolidated Statement of Operations.

The Funds has adopted a shareholder services plan with respect to their Class A shares (the "Class A Shareholder Services Plan"). Under the Class A Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates, an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Class A shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations. Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund's shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Class A Shareholder Services Plan fees recaptured pursuant to the Services Plan for the year ended October 31, 2022 are included as an offset to distribution and service fees as disclosed in the Statements of Operations or Consolidated Statement of Operations.

The Funds have adopted a shareholder services plan with respect to their Class C shares (the "Class C Shareholder Services Plan"). Under the Class C Shareholder Services Plan, the Funds are authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25% for Class C shares of the average daily net asset value of the Class C shares attributable to or held in the name of a Participating Organization for its clients as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable after the end of the fiscal year. Class C Shareholder Services Plan fees are included with distribution and service fees on the Statements of Operations or Consolidated Statement of Operations.

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of each Fund. Transactions may be processed through the National Securities Clearing Corporation or similar systems or processed on a manual basis. These fees generally are paid by the Fund to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Fund converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Fund may increase. Networking fees are shown in the Statements of Operations or Consolidated Statement of Operations, if applicable to the Funds.

ALPS Fund Services, Inc. ("ALPS") serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administrative Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds' operations. Officers of the Trust are employees of ALPS. The Funds' administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the fiscal year ended October 31, 2022 are disclosed in the Statements of Operations or Consolidated Statement of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

**Transfer Agent** 

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended October 31, 2022, are disclosed in the Statements of Operations.

83 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**Trustees** 

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations or Consolidated Statement of Operations.

**9. INDEMNIFICATIONS**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**10. FUND REORGANIZATION**

At a regular meeting of the Board of Trustees held on September 29, 2021, the Trustees of RiverFront Asset Allocation Aggressive and RiverFront Asset Allocation Moderate (the "Acquired Funds"), a former series of the Trust, approved the reorganization, pursuant to an Agreement and Plan of Reorganization (the "Plan"), of the Acquired Funds into the RiverFront Asset Allocation Growth & Income ("Acquiring Fund"). For accounting and financial reporting purposes, the Acquiring Fund is the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the Acquired Funds.

The purpose of the Reorganization was to combine three funds with substantially identical investment objectives and similar principal investment strategies and policies.

Following the completion of the reorganization on January 24, 2022, and pursuant to the terms of the Plan, shareholders of the Acquired Funds became shareholders of the Acquiring Fund and received their respective class shares. Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes. The Acquired Fund's securities were recorded at fair value, however, the cost basis of the investments received from the Aggressive Fund and Moderate Fund were carried forward to align ongoing reporting of the Growth & Income Fund's realized and unrealized gains and losses with amounts distributable for tax purposes.

As of the close of business on January 21, 2022, assets of the Acquired Funds were acquired by the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. On the Reorganization date, the Acquiring Fund and the Acquired Funds reported the following financial information:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares Outstanding** <br> **of Acquiring Fund**  | **Net Assets of** <br> **Acquiring Fund**  | **Acquired Fund** | **Acquired Fund** <br> **Shares Exchanged**  | **Net Assets of** <br> **Acquired Fund** <br> **Exchanged** |
| Growth & Income Fund | 4423781 | $61761680 | Aggressive Fund | 1704592 | $24687921 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares Outstanding** <br> **of Acquiring Fund**  | **Net Assets of** <br> **Acquiring Fund**  | **Acquired Fund** | **Acquired Fund** <br> **Shares Exchanged**  | **Net Assets of** <br> **Acquired Fund** <br> **Exchanged**  |
| Growth & Income Fund | 4423781 | $61761680 | Moderate Fund | 3908462 | $45690615 |

---

The investment portfolio value and unrealized appreciation/(depreciation) as of the Reorganization Date of the Acquired Fund was as follows:

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Portfolio Value** | **Unrealized Appreciation of Acquired Fund** |
| Aggressive Fund | $24684519 | $6067004 |

---

---

| | | |
|:---|:---|:---|
| **Acquired Fund** | **Portfolio Value** | **Unrealized Appreciation of Acquired Fund** |
| Moderate Fund | $45660335 | $7174726 |

---

Immediately following the Reorganizations the net assets of the Riverfront Asset Allocation Growth & Income Fund was $132,134,117

As a result of the Reorganization, 5,042,597 Shares were issued in the Riverfront Asset Allocation Growth & Income.

84 \| October 31, 2022

Notes to Financial Statements

*October 31, 2022*

**11. SUBSEQUENT EVENTS**

Subsequent events after the date of the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

On December 3, 2022, Red Rocks Capital, LLC, the investment sub-adviser to the ALPS \| Red Rocks Global Opportunity Fund, agreed to be acquired by ALPS Advisors, Inc., the investment adviser to the Fund. The Adviser and Sub-Adviser expect the closing of the transaction, which is subject to certain conditions, to occur on January 3, 2023. Under the terms of the investment advisory agreement, ALPS Advisors, Inc., will no longer employ a sub-adviser and will assume day-to-day responsibilities of the investment and reinvestment of Fund assets as contemplated therein. Effective January 24, 2023, ALPS \| Red Rocks Global Opportunity Fund's name will change to ALPS Global Opportunity Fund.

85 \| October 31, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated statement of investments, of ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund, and the statements of assets and liabilities, including the statements of investments, of ALPS \| Kotak India ESG Fund (formerly ALPS \| Kotak India Growth Fund), ALPS \| Red Rocks Global Opportunity Fund, and RiverFront Asset Allocation Growth & Income Fund (the "Funds"), each a series of Financial Investors Trust, as of October 31, 2022, and the related consolidated statements of operations and changes in net assets, the related notes, and the consolidated financial highlights for the year then ended, of ALPS \| CoreCommodity Management CompleteCommodities<sup>®</sup> Strategy Fund, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended, of ALPS \| Kotak India ESG Fund (formerly ALPS \| Kotak India Growth Fund), ALPS \| Red Rocks Global Opportunity Fund, and RiverFront Asset Allocation Growth & Income Fund (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements and financial highlights for the years or periods ended October 31, 2021, and prior, were audited by other auditors whose report dated December 30, 2021, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

---

| |
|:---|
| ![(graphic)](fp0081443_10-1.jpg) |
| COHEN & COMPANY, LTD. |
| Cleveland, Ohio |
| January 4, 2023 |

---

86 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

**1. FUND HOLDINGS**

The Funds' portfolio holdings are made available semi-annually in shareholder reports within 60 days after the close of the period for which the report is being made, as required by federal securities laws. The Funds also file monthly portfolio holdings on Form N-PORT on a quarterly basis, with the schedule of portfolio holdings filed on Form N-PORT for the third month of each Fund's fiscal quarter made publicly available 60 days after the end of the Funds' fiscal quarter.

**2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES**

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866) 759-5679 and (2) on the SEC's website at http://www.sec.gov.

**3. TAX DESIGNATIONS (UNAUDITED)**

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2021, the following percentages met the requirements to be treated as qualifying for qualified dividend income and the corporate dividends received deduction:

---

| | | |
|:---|:---|:---|
| | **QDI** | **DRD** |
| ALPS\|Core Commodity Management Complete Commodities<sup>®</sup> Strategy Fund | 3.11% | 0.91% |
| ALPS\|Kotak India ESG Fund | 13.28% | 0.00% |
| ALPS\|Red Rocks Global Opportunity Fund | 2.46% | 1.31% |
| RiverFront Asset Allocation Growth & Income Fund | 100% | 63.55% |

---

In early 2022, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code the Funds designate the following amounts as long-term capital gain dividends:

---

| | |
|:---|:---|
| ALPS\|Core Commodity Management Complete Commodities<sup>®</sup> Strategy Fund | $- |
| ALPS\|Kotak India ESG Fund | $7883562 |
| ALPS\|Red Rocks Global Opportunity Fund | $6474582 |
| RiverFront Asset Allocation Growth & Income Fund | $0 |

---

**4. DISCLOSURE REGARDING APPROVAL OF FUND ADVISORY AND SUB-ADVISORY AGREEMENTS**

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with AAI with respect to each Fund and the sub-advisory agreements with each Sub-Adviser with respect to the applicable Fund (the "Advisory Agreements"), legal counsel to the Independent Trustees requested certain information from AAI and each Sub-Adviser. In response to these requests, the Trustees received reports from AAI and each Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board's responsibilities pertaining to the approval of advisory contracts. Further, on June 14 - 15, 2022 the Board met with representatives of AAI and each Sub-Adviser and discussed the services the firms provided pursuant to the agreements, as well as the information they provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the agreements.

In approving AAI as the Funds' investment adviser and each Sub-Adviser as the relevant Fund's sub-adviser, and the fees to be charged under the Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

87 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

**Red Rocks Fund**

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Red Rocks, the Trustees, including the Independent Trustees, considered the following factors with respect to the Red Rocks Fund:

*Investment Advisory and Sub-Advisory Fee Rates:* The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Red Rocks Fund, to AAI, of 0.85% of the Red Rocks Fund's daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Red Rocks Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to Red Rocks of 2/3 of the contractual annual advisory fee paid by the Trust to AAI, in light of the extent and quality of the advisory services provided by Red Rocks to the Red Rocks Fund. The Trustees also considered information regarding compensation paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the Red Rocks Fund's contractual advisory fee rate with those of funds in the peer group as selected by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee rate for the Red Rocks Fund was lower than the Data Provider peer group median rate for each class of the Fund, except for Class R, which was higher than the Data Provider peer group median rate.

*Total Net Expense Ratios:* The Trustees further reviewed and considered the total net expense ratios of 1.47%, 2.20%, 1.20%, 1.49%, and 1.65% for the Class A, Class C, Class I, Investor Class, and Class R shares, respectively, of the Red Rocks Fund. The Trustees noted that the total net expense ratio for Class A of the Red Rocks Fund was lower than the Data Provider peer group median ratio; the total net expense ratio for Class C and Class I were equal to the Data Provider peer group median ratio; and the total net expense ratio for Class R and Investor Class were higher than the Data Provider peer group median ratio.

*Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements:* The Trustees received and considered information regarding the nature, extent, and quality of services provided to the Red Rocks Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Red Rocks in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI's and Red Rocks' investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Red Rocks and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Red Rocks, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Red Rocks Fund.

The Trustees considered the background and experience of AAI's and Red Rocks' management in connection with the Red Rocks Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Red Rocks Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI's and Red Rocks' Codes of Ethics.

*Performance:* The Trustees reviewed performance information for the Red Rocks Fund, which included a comparison of the Red Rocks Fund's performance to the performance of a peer group selected by the Data Provider for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable. The Trustees noted that for the three-month period, each class of the Fund underperformed the peer group median, except for Class R, which outperformed the peer group median; each class of the Fund outperformed the Data Provider peer group median for the one-year, three-year, five-year, and ten-year periods, as applicable; and Class A, Class C, and Class I outperformed the peer group median for the since inception period, and Investor Class and Class R underperformed the peer group median for the since inception period. The Trustees also considered Red Rocks' investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

*Comparable Accounts:* The Trustees noted certain information provided by Red Rocks and AAI regarding fees charged to their other clients utilizing a strategy similar to that employed by the Red Rocks Fund.

*Profitability:* The Trustees received and considered a combined profitability analysis prepared by AAI for AAI and Red Rocks based on the fees payable under the Investment Advisory Agreement with AAI and the Sub-Advisory Agreement with Red Rocks, with respect to the Red Rocks Fund.

*Economies of Scale:* The Trustees considered whether economies of scale in the provision of services to the Red Rocks Fund will be passed along to the shareholders under the agreements.

88 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

*Other Benefits to the Adviser and Sub-Adviser:* The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Red Rocks from their relationship with the Red Rocks Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate for the Red Rocks Fund was lower than the Data Provider peer group median rate for each class of the Red Rocks Fund, except for Class R, which was higher than the Data provider peer group median rate;

● Red Rocks' fees under its sub-advisory agreements are paid directly by AAI;

● the total net expense ratio for Class A of the Red Rocks Fund was lower than the Data Provider peer group median ratio; the total net expense ratio for Class C and Class I were equal to the Data Provider peer group median ratio; and the total net expense ratio for Class R and Investor Class were higher than the Data Provider peer group median ratio;

● the nature, extent, and quality of services rendered by AAI and Red Rocks under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Red Rocks Fund were adequate;

● for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable, the Trustees noted that for the three-month period, each class of the Fund underperformed the peer group median, except for Class R, which outperformed the peer group median; each class of the Fund outperformed the Data Provider peer group median for the one-year, three-year, five-year, and ten-year periods, as applicable; and Class A, Class C, and Class I outperformed the peer group median for the since inception period, and Investor Class and Class R underperformed the peer group median for the since inception period;

● bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI's and Red Rocks' other clients employing a comparable strategy to the Red Rocks Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Red Rocks Fund;

● the profit, if any, realized by AAI and Red Rocks in connection with the operation of the Red Rocks Fund is not unreasonable to the Red Rocks Fund; and

● at this time, there were no material economies of scale or other incidental benefits accruing to AAI and Red Rocks in connection with their relationship with the Red Rocks Fund.

Based on the Trustees' deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI's and Red Rocks' compensation for investment advisory and sub-advisory services is consistent with the best interests of the Red Rocks Fund and its shareholders.

**CoreCommodity Fund**

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with CoreCommodity, the Trustees, including the Independent Trustees, considered the following factors with respect to the CoreCommodity Fund:

*Investment Advisory and Sub-Advisory Fee Rates:* The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the CoreCommodity Fund, to AAI, of 0.85% of the CoreCommodity Fund's daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the CoreCommodity Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to CoreCommodity of 0.75% of the CoreCommodity Fund's daily average net assets, in light of the extent and quality of the advisory services provided by CoreCommodity to the CoreCommodity Fund. The Trustees also considered information regarding compensation paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the CoreCommodity Fund's contractual advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee rate for each class of the CoreCommodity Fund was higher than the Data Provider peer group median rate.

*Total Net Expense Ratios:* The Trustees further reviewed and considered the total net expense ratios of 1.32%, 2.00%, 1.09%, and 1.37% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the CoreCommodity Fund. The Trustees noted that the total net expense ratio of each class of the CoreCommodity Fund was higher than the Data Provider peer group median ratio.

89 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

*Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements:* The Trustees received and considered information regarding the nature, extent, and quality of services provided to the CoreCommodity Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and CoreCommodity in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI's and CoreCommodity's investment advisory personnel, their history as asset managers, and their performance and the amount of assets currently under management by AAI and CoreCommodity and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and CoreCommodity, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the CoreCommodity Fund.

The Trustees considered the background and experience of AAI's and CoreCommodity's management in connection with the CoreCommodity Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the CoreCommodity Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI's and CoreCommodity's Codes of Ethics.

*Performance:* The Trustees reviewed performance information for the CoreCommodity Fund, which included a comparison of the CoreCommodity Fund's performance to the performance of a group of comparable funds selected by the Data Provider for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable. The Trustees noted that each class of the CoreCommodity Fund outperformed the peer group median performance for the three-month, three-year, five-year, ten-year and since inception periods, as applicable, but underperformed the peer group median for the one-year period. The Trustees also considered CoreCommodity's investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

*Comparable Accounts:* The Trustees noted certain information provided by CoreCommodity regarding fees charged to its other clients utilizing a strategy similar to that employed by the CoreCommodity Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the CoreCommodity Fund.

*Profitability:* The Trustees received and considered the profitability analyses prepared by AAI and CoreCommodity based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with CoreCommodity with respect to the CoreCommodity Fund, respectively. The Trustees considered the profits, if any, realized by AAI and CoreCommodity in connection with the operation of the CoreCommodity Fund.

*Economies of Scale:* The Trustees considered whether economies of scale in the provision of services to the CoreCommodity Fund will be passed along to the shareholders under the agreements.

*Other Benefits to the Adviser and Sub-Adviser:* The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and CoreCommodity from their relationship with the CoreCommodity Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee rate for each class of the CoreCommodity Fund was higher than the Data Provider peer group median rate;

● CoreCommodity's fees under its sub-advisory agreements are paid directly by AAI;

● the total net expense ratio of each class of the CoreCommodity Fund was higher than the Data Provider peer group median ratio;

● the nature, extent, and quality of services rendered by AAI and CoreCommodity under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the CoreCommodity Fund were adequate;

● for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable, each class of the CoreCommodity Fund outperformed the Data Provider peer group median for the three-month, three-year, five-year, ten-year, and since inception periods, as applicable, and underperformed the Data Provider peer group median for the one-year period;

90 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

● that (a) AAI had no other clients utilizing a strategy similar to that employed by the CoreCommodity Fund, and (b) bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to CoreCommodity's other clients employing a comparable strategy to the CoreCommodity Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the CoreCommodity Fund;

● the profit, if any, realized by AAI and CoreCommodity in connection with the operation of the CoreCommodity Fund is not unreasonable to the CoreCommodity Fund; and

● at this time, there were no material economies of scale or other incidental benefits accruing to AAI and CoreCommodity in connection with their relationship with the CoreCommodity Fund.

Based on the Trustees' deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI's and CoreCommodity's compensation for investment advisory and sub-advisory services is consistent with the best interests of the CoreCommodity Fund and its shareholders.

The Trustees applied the same analysis to the advisory arrangements between AAI, CoreCommodity, and the wholly owned Cayman Island subsidiary of the CoreCommodity Fund.

**RiverFront Fund**

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with RiverFront, the Trustees, including the Independent Trustees, considered the following factors with respect to the RiverFront Fund:

*Investment Advisory and Sub-Advisory Fee Rates:* There are no investment advisory or sub-advisory fees paid with respect to the RiverFront Fund. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

*Total Net Expense Ratios:* The Trustees reviewed and considered the total net expense ratios of the Class A, Class C, Class I, and Investor Class shares of the RiverFront Fund. The Trustees noted that the total net expense ratio for each class of the RiverFront Fund was lower than the Data Provider peer group median.

*Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements:* The Trustees received and considered information regarding the nature, extent, and quality of services provided to the RiverFront Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and RiverFront in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI's and RiverFront's investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and RiverFront and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and RiverFront, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the RiverFront Fund.

The Trustees considered the background and experience of AAI's and RiverFront's management in connection with the RiverFront Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the RiverFront Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI's and RiverFront's Codes of Ethics.

*Performance:* The Trustees reviewed performance information for the RiverFront Fund, which included a comparison of each Fund's performance to the performance of a group of comparable funds selected by the Data Provider for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable. The Trustees noted that each class of the RiverFront Fund outperformed the Data Provider peer group median for the three-month and one-year periods, and underperformed for the three-year, five-year, ten-year, and since inception periods, as applicable. The Trustees also considered RiverFront's investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

*Comparable Accounts:* The Trustees noted certain information provided by RiverFront and AAI regarding fees charged to their other clients utilizing a strategy similar to that employed by the RiverFront Fund.

91 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

*Profitability:* The Trustees received and considered the profitability analyses prepared by AAI and RiverFront based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with RiverFront with respect to the RiverFront Fund, respectively. The Trustees considered the profits, if any, realized by AAI and RiverFront in connection with the operation of the RiverFront Fund.

*Economies of Scale:* The Trustees considered whether economies of scale in the provision of services to the RiverFront Fund will be passed along to the shareholders under the agreements.

*Other Benefits to the Adviser and Sub-Adviser:* The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and RiverFront from their relationship with the RiverFront Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● there are no investment advisory or sub-advisory fees paid with respect to the RiverFront Fund;

● the total net expense ratio for each class of the RiverFront Fund was lower than the Data Provider peer group median;

● the nature, extent, and quality of services rendered by AAI and RiverFront under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the RiverFront Fund were adequate;

● for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable, each class of the RiverFront Fund outperformed the Data Provider peer group median for the three-month and one-year periods, and underperformed for the three-year, five-year, ten-year, and since inception periods, as applicable;

● bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI's and RiverFront's other clients employing a comparable strategy to one or more of the RiverFront Fund were not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the RiverFront Fund;

● the profit, if any, realized by AAI and RiverFront in connection with the operation of the RiverFront Fund, as applicable, is not unreasonable to the RiverFront Funds; and

● at this time, there were no material economies of scale or other incidental benefits accruing to AAI and RiverFront in connection with their relationship with the RiverFront Fund.

Based on the Trustees' deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI's and RiverFront's compensation for investment advisory and sub-advisory services is consistent with the best interests of the RiverFront Fund and its shareholders.

**Kotak Fund**

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Kotak, the Trustees, including the Independent Trustees, considered the following factors with respect to the Kotak Fund:

Investment Advisory and Sub-Advisory Fee Rates: The Trustees reviewed and considered the contractual annual advisory fee rate paid by the Trust, on behalf of the Kotak Fund, to AAI, of 0.65% of the Kotak Fund's daily average net assets, in light of the extent and quality of the advisory services provided by AAI to the Kotak Fund. The Trustees also reviewed and considered the contractual annual sub-advisory fee rate paid by AAI to Kotak of 0.56% of the Kotak Fund's daily average net assets, in light of the extent and quality of the advisory services provided by Kotak to the Kotak Fund. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of the Kotak Fund's contractual advisory fee rate with those of funds in the peer group as selected by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee rate for each class of the Kotak Fund was lower than the Data Provider peer group median rate.

*Total Net Expense Ratios:* The Trustees further reviewed and considered the total net expense ratios of 1.30%, 2.00%, 1.00%, 0.75%, and 1.35% for the Class A, Class C, Class I, Class II, and Investor Class shares, respectively, of the Kotak Fund. The Trustees noted that the total net expense ratio of each class of the Kotak Fund was lower than the Data Provider peer group median ratio.

92 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

*Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements:* The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Kotak Fund under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Kotak in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI's and Kotak's investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Kotak and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Kotak, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Kotak Fund.

The Trustees considered the background and experience of AAI's and Kotak's management in connection with the Kotak Fund, including reviewing the qualifications, backgrounds, and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Kotak Fund and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI's and Kotak's Codes of Ethics.

*Performance:* The Trustees reviewed performance information for the Kotak Fund, which included a comparison of the Kotak Fund's performance to the performance of a group of comparable funds selected by the Data Provider for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable. The Trustees noted that with respect to the three-month period, Class A, Class C, and Investor Class outperformed the peer group median, and Class I and Class II underperformed the peer group median; each class of the Fund underperformed the peer group median for the one-year period; each applicable class of the Fund outperformed the peer group median for the three-year period; each applicable class of the Fund underperformed the peer group median for the five-year period; each applicable class outperformed the peer group median for the ten-year period; and Class C, Class I, and Investor Class outperformed the peer group median for the since inception period, while Class A and Class II underperformed the peer group meeting for the since inception period. The Trustees also considered Kotak's investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

*Comparable Accounts:* The Trustees noted certain information provided by Kotak regarding fees charged to its other clients utilizing a strategy similar to that employed by the Kotak Fund. The Trustees also noted that AAI indicated that it had no other clients utilizing a strategy similar to that employed by the Kotak Fund.

*Profitability:* The Trustees received and considered the profitability analyses prepared by AAI and Kotak based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Kotak, with respect to the Kotak Fund, respectively. The Trustees considered the profits, if any, realized by AAI and Kotak in connection with the operation of the Kotak Fund.

*Economies of Scale:* The Trustees considered whether economies of scale in the provision of services to the Kotak Fund will be passed along to the shareholders under the agreements.

*Other Benefits to the Adviser and Sub-Adviser:* The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Kotak from their relationship with the Kotak Fund, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual and gross advisory fee rate for each class of the Kotak Fund was lower than the Data Provider peer group median rate;

● Kotak's fees under its sub-advisory agreements are paid directly by AAI;

● the total net expense ratio of each class of the Kotak Fund was lower than the Data Provider peer group median ratio;

● the nature, extent, and quality of services rendered by AAI and Kotak under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Kotak Fund were adequate;

93 \| October 31, 2022

Additional Information

*October 31, 2022 (Unaudited)*

● for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2022, as applicable, with respect to the three-month period, Class A, Class C, and Investor Class outperformed the peer group median, and Class I and Class II underperformed the peer group median; each class of the Fund underperformed the peer group median for the one-year period; each applicable class of the Fund outperformed the peer group median for the three-year period; each applicable class of the Fund underperformed the peer group median for the five-year period; each applicable class outperformed the peer group median for the ten-year period; and Class C, Class I, and Investor Class outperformed the peer group median for the since inception period, while Class A and Class II underperformed the peer group meeting for the since inception period.;

● that (a) AAI had no other clients utilizing a strategy similar to that employed by the Kotak Fund, and (b) bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to Kotak's other clients employing a comparable strategy to the Kotak Fund was not indicative of any unreasonableness with respect to the advisory and sub-advisory fees proposed to be payable by the Kotak Fund;

● the profit, if any, realized by AAI and Kotak in connection with the operation of the Kotak Fund is not unreasonable to the Kotak Fund; and

● at this time, there were no material economies of scale or other incidental benefits accruing to AAI and Kotak in connection with their relationship with the Kotak Fund.

Based on the Trustees' deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI's and Kotak's compensation for investment advisory and sub-advisory services is consistent with the best interests of the Kotak Fund and its shareholders.

94 \| October 31, 2022

Trustees and Officers

*October 31, 2022 (Unaudited)*

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between the Trust on behalf of a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund's Adviser and administrator.

The name, address, year of birth and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | | | |
| **Name,**<br> **Address\* &**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of Office\*\***<br> **and Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years\*\*\*** | **Number of**<br> **Funds in Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee \*\*\*\*** | **Other Directorships**<br> **Held by**<br> **Trustee During**<br> **Past 5 Years\*\*\*** |
| **Mary K. Anstine**, <br> 1940 | Trustee and Chairman | Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees. | Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board. | 58 | Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds). |
| **Jeremy W. Deems**, <br> 1976 | Trustee | Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009. | Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co-Portfolio Manager of the Shelton Green Alpha Fund. | 58 | Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund). |

---

\* *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.* 

\*\* *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.* 

\*\*\* *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.* 

---

| | |
|:---|:---|
| \*\*\*\* | *The Fund Complex includes all series of the Trust and any other investment companies for which the following list of investment advisers provides investment advisory services: SS&C ALPS Advisors, Inc., CoreCommodity Management, LLC, Kotak Mahindra (UK) Ltd., Red Rocks Capital, LLC, RiverFront Investment Group, LLC.* |

---

95 \| October 31, 2022

Trustees and Officers

*October 31, 2022 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **INDEPENDENT TRUSTEES (continued)** | **INDEPENDENT TRUSTEES (continued)** | **INDEPENDENT TRUSTEES (continued)** | | | |
| **Name,**<br> **Address\* &**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of Office\*\***<br> **and Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years\*\*\*** | **Number of**<br> **Funds in Fund**<br> **Complex**<br> **Overseen by**<br> **Trustee \*\*\*\*** | **Other Directorships**<br> **Held by**<br> **Trustee During**<br> **Past 5 Years\*\*\*** |
| **Jerry G. Rutledge**, <br> 1944 | Trustee | Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009. | Mr. Rutledge is the President and owner of Rutledge's Inc., a retail clothing business. | 28 | Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund). |
| **Michael "Ross" Shell**,<br> 1970 | Trustee | Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009. | Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015-2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science. | 28 | None. |
| **Edmund J. Burke**, <br> 1961 | Trustee | Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. | Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. ("ALPS"), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the "ALPS Companies"). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). | 53 | Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund). |

---

\* *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.* 

\*\* *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.* 

\*\*\* *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.* 

---

| | |
|:---|:---|
| \*\*\*\* | *The Fund Complex includes all series of the Trust and any other investment companies for which the following list of investment advisers provides investment advisory services: SS&C ALPS Advisors, Inc., CoreCommodity Management, LLC, Kotak Mahindra (UK) Ltd., Red Rocks Capital, LLC, RiverFront Investment Group, LLC.* |

---

96 \| October 31, 2022

Trustees and Officers

*October 31, 2022 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **OFFICERS** | **OFFICERS** | **OFFICERS** | |
| **Name,**<br> **Address\* &**<br> **Year of Birth** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of Office\*\***<br> **and Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years\*\*\*** |
| **Lucas Foss,** <br> 1977 | President | Mr. Foss was appointed President of the Trust by unanimous written consent of the Board of Trustees on August 19, 2022. | Mr. Foss rejoined ALPS in November 2017 and is currently Senior Director and Fund Chief Compliance Officer. Prior to his current role, Mr. Foss served as the Director of Compliance at Transamerica Asset Management (2015-2017) and Deputy Chief Compliance Officer at ALPS (2012-2015). Mr. Foss is President of ALPS Series Trust and Chief Compliance Officer of Clough Global Funds; Clough Funds Trust; MVP Private Markets Funds; Bluerock Total Income + Real Estate Fund; Bluerock High Income Institutional Credit Fund; SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, SPDR<sup>®</sup> Dow Jones<sup>®</sup> Industrial Average ETF Trust, SPDR<sup>®</sup> S&P MIDCAP 400<sup>®</sup> ETF Trust. |
| **Jennell Panella**, <br> 1974 | Treasurer | Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees | Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. |
| **Ted Uhl**, <br> 1974 | Chief Compliance Officer ("CCO") | Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees. | Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. |
| **Michael P. Lawlor,** <br> 1969 | Secretary | Mr. Lawlor was elected Secretary of the Trust at the December 13, 2022 meeting of the Board of Trustees. | Mr. Lawlor joined ALPS in January 2022, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Lawlor was Lead Fund Counsel at Brighthouse Financial (insurance company) (January 2007-April 2021). Mr. Lawlor also serves as Secretary of ALPS ETF Trust and ALPS Variable Investment Trust. |

---

\* *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.* 

\*\* *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.* 

\*\*\* *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.* 

97 \| October 31, 2022

Privacy Policy

*October 31, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **FACTS** | **WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **WHY?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **WHAT?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Social Security number and account transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Account balances and transaction history<br>• Wire transfer instructions<br>|
| **HOW?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **REASONS WE CAN SHARE YOUR PERSONAL INFORMATION** | **DO THE FUNDS SHARE:** | **CAN YOU LIMIT**<br> **THIS SHARING?**<br>|
| **For our everyday business purposes –**<br>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus<br>| Yes | No |
| **For our marketing purposes –**<br>to offer our products and services to you<br>| No | We do not share. |
| **For joint marketing with other financial companies** | No | We do not share. |
| **For our affiliates' everyday business purposes –**<br>information about your transactions and experiences<br>| Yes | No |
| **For our affiliates' everyday business purposes –**<br>information about your creditworthiness<br>| No | We do not share. |
| **For non-affiliates to market to you** | No | We do not share. |

---

98 \| October 31, 2022

Privacy Policy

*October 31, 2022 (Unaudited)*

---

| | |
|:---|:---|
| **WHO WE ARE** | |
| Who is providing this notice? | Financial Investors Trust |
| **WHAT WE DO** |  |
| How do the<br> Funds protect <br> my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How do the<br> Funds collect<br> my personal information? | We collect your personal information, for example, when you<br>• open an account<br>• provide account information or give us your contact information<br>• make a wire transfer or deposit money<br>|
| Why can't I limit<br> all sharing? | Federal law gives you the right to limit only<br>• sharing for affiliates' everyday business purposes-information about your creditworthiness<br>• affiliates from using your information to market to you<br>• sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing.<br>|
| **DEFINITIONS** |  |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>|
| Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*• The Funds do not share with non-affiliates so they can market to you.* |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you.<br>*• The Funds do not jointly market.*<br>|
| **OTHER IMPORTANT**<br> **INFORMATION** |  |
| California<br> Residents | If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us. |
| Vermont<br> Residents | The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information. |

---

---

| | |
|:---|:---|
| **QUESTIONS**? | Call 1-866-759-5679 or go to www.alpsfunds.com |

---

99 \| October 31, 2022

![(graphic)](fp0081443_11-1.jpg)

![](fp0081443-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| Disclosure of Fund Expenses | 1 |
| Management Commentary | 4 |
| Performance Update | 10 |
| Statements of Investments | 18 |
| Statements of Assets and Liabilities | 69 |
| Statements of Operations | 71 |
| Statements of Changes in Net Assets | 72 |
| Financial Highlights | 76 |
| Notes to Financial Statements | 92 |
| Report of Independent Registered Public Accounting Firm | 104 |
| Additional Information | 105 |
| Trustees & Officers | 108 |
| Privacy Policy | 111 |

---

alpsfunds.com

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

**Example.** As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads) and redemption fees; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder service fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on May 1, 2022 and held until October 31, 2022.

**Actual Expenses.** The first line under each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period May 1, 2022 – October 31, 2022" to estimate the expenses you paid on your account during this period.

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

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

1 \| October 31, 2022

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account Value May 1, 2022** | **Ending Account Value October 31, 2022** | **Expense Ratio<sup>(a)</sup>** | **Expenses Paid During Period May 1, 2022 - October 31, 2022**<sup>(b)</sup>** |
| **ALPS \| Smith Short Duration Bond Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $985.50 | 0.78% | $3.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.27 | 0.78% | $3.97 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $985.70 | 0.71% | $3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.63 | 0.71% | $3.62 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $981.00 | 1.49% | $7.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1017.69 | 1.49% | $7.58 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $985.90 | 0.49% | $2.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1022.74 | 0.49% | $2.50 |
| **ALPS \| Smith Total Return Bond Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $932.90 | 0.92% | $4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.57 | 0.92% | $4.69 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $933.10 | 0.89% | $4.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.72 | 0.89% | $4.53 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $929.40 | 1.64% | $7.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1016.94 | 1.64% | $8.34 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $934.30 | 0.64% | $3.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1021.98 | 0.64% | $3.26 |

---

2 \| October 31, 2022

Disclosure of Fund Expenses

*October 31, 2022 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning Account Value May 1, 2022** | **Ending Account Value October 31, 2022** | &nbsp;&nbsp;&nbsp;**Expense Ratio<sup>(a)</sup>** | **Expenses Paid During Period May 1, 2022 - October 31, 2022**<sup>(b)</sup>** |
| **ALPS \| Smith Credit Opportunities Fund** | | | | |
| **Investor Class** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $953.80 | 1.13% | $5.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.51 | 1.13% | $5.75 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $955.00 | 1.12% | $5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.56 | 1.12% | $5.70 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $950.30 | 1.90% | $9.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1015.63 | 1.90% | $9.65 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $955.10 | 0.90% | $4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.67 | 0.90% | $4.58 |
| **ALPS \| Smith Balanced Opportunity Fund** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $931.40 | 1.08% | $5.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.76 | 1.08% | $5.50 |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $931.40 | 1.07% | $5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1019.81 | 1.07% | $5.45 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $928.40 | 1.85% | $8.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1015.88 | 1.85% | $9.40 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual | $1000.00 | $932.60 | 0.85% | $4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical (5% return before expenses) | $1000.00 | $1020.92 | 0.85% | $4.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Annualized, based on the Fund's most recent fiscal half year expenses.* 

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

 

3 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

Dear Shareholder,

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

**Total Return** 

The ALPS \| Smith Total Return Bond Fund Class I marked a negative return of 1,440bps in the twelve months ending October 31, 2022, while outperforming its benchmark, the Bloomberg U.S. Aggregate Index, by 128bps. The Fund outperformed the benchmark index by 706bps since the inception of the Fund on June 29, 2018. The outperformance during the twelve-month period ending October 31, 2022, was attributed to duration management during the rapid sell-off in interest rates at the beginning of 2022 as well as the Fund's overweight in short-duration corporate credit assets, which helped insulate performance from some of the impacts of rising yields. The Fund was also underweight in mortgage-backed securities (MBS), which performed poorly due to both the move higher in yields as well as the associated spike in interest rate volatility. The overall performance since inception through October 31, 2022, was achieved by focusing on active portfolio positioning, duration management, security selection, and bottom-up fundamental credit analysis.

**Short Duration** 

The ALPS \| Smith Short Duration Bond Fund Class I marked a negative return of 403bps in the twelve months ending October 31, 2022, outperforming its benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, by 85bps. The Fund outperformed the benchmark index by 525bps since the inception of the Fund on June 29, 2018. As a continuing theme, the Fund's allocation to corporate bonds and a much smaller allocation to securitized assets allowed the Fund to out-yield the benchmark index. The allocation to floating rate securities helped performance on a calendar year-to-date (YTD) basis as rates trended higher. Additionally, individual security selection within corporate credit was a large component of the excess returns generated in the period. With the rapid move higher in yields during this period, duration management once again became a driver of outperformance given the impact of the market pricing in aggressive Federal Reserve (Fed) interest rate hikes. In this environment, the Fund maintained its focus on capital preservation. While being overweight credit on a percentage basis vs. the benchmark, the Fund shortened its credit duration positioning as valuations continued to compress and aimed to shield investors from losses given moves higher in U.S. Treasury (UST) yields and widening credit spreads.

**Credit Opportunities** 

The ALPS \| Smith Credit Opportunities Fund Class I marked a negative return of 1,194bps in the twelve-month period ending October 31, 2022, while outperforming its benchmark, a 50/50 blend of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate High Yield Index, by 173bps. The Fund outperformed the Index by 467bps since the inception of the Fund on September 15, 2020. The outperformance of the Fund over this annual fiscal period was predominately driven by active duration management (yield curve positioning) and the Fund's preference for shorter maturity and shorter duration corporate credit. Since inception, positive security selection from both investment grade and high yield rating categories along with active portfolio positioning and duration/yield curve management have aided in the overall outperformance of the Fund.

**Balanced Opportunity** 

The ALPS \| Smith Balanced Opportunity Fund Class I marked a negative return of 1,493bps in the twelve months ending October 31, 2022, while outperforming its benchmark, a blend of 55% Bloomberg 1000 / 45% Bloomberg Barclays U.S. Aggregate Bond Index, by 111bps. The Fund outperformed the Index by 402bps since the inception of the Fund on September 15, 2020. The performance within the Fixed Income sleeve during the period was attributed to the Fund's relative defensive duration positioning and an overweight in corporate credit assets, as well as corporate and securitized security selection. Relative performance within the Equity sleeve benefitted from both strong stock selection and sector, factor, and thematic positioning. Stock selection within the Technology sector was a standout. Energy and Health Care sector overweights provided outperformance. We believe the equity sleeve also transitioned well between Growth and Value style tilts during the fiscal year ended October 31, 2022. Overall performance was also aided by the active asset reallocations between Equities and Fixed Income positions within the Fund's portfolio. The Fund's overall performance since inception was achieved by focusing on active portfolio positioning, duration management, security selection, bottom-up fundamental credit analysis, and active asset allocation between the Fixed Income and Equity sleeves.

**Macro Commentary** 

Throughout the twelve-month period, the market moved from cautiously optimistic about inflation coming down and growth normalizing (to sub-potential - but positive - levels), to one with more polarized views. The Fed moved from inflation being "transitory" to taking "forceful and rapid steps" to increase rates in an effort to "moderate demand" bringing better alignment with supply, and to "keep inflation expectations anchored." Market headwinds came from Russia invading Ukraine, China's zero-COVID-19 policy, growth technically in contraction territory for two quarters, and a Fed Funds rate moving up 300bps as of September 2022. To say this reporting period has been volatile is an understatement. Throughout all the market volatility, however, we witnessed surprisingly resilient consumers and businesses.

4 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

The big theme for this period was "don't fight the Fed." As the year progressed, the Fed became increasingly more hawkish. This is at a time when the market continued to push back and "hope" for inflation to stabilize. As the Fed marched on, the mission was to slow demand and tighten financial conditions to bring supply and demand back in balance. At every turn, they were met with additional layers of disruption. What looked like a peak in inflation in March 2022 saw further supply chain disruptions from Russia invading Ukraine and China re-entering COVID-19 related lockdowns. In light of the Fed's agenda, it was perplexing to see the strength of the consumer as the Fed's attempts to slow demand was met with a still strong labor market and healthy personal balance sheets. Unfortunately, the core consumer price index (CPI) reached another high in September 2022, validating the Fed's hawkish stance.

The consumer remained in a position of strength considering the Fed's rate hiking cycle. While we are starting to see industry-specific layoffs, over 10mm jobs remain available through October 31, 2022, and wage growth held near 5% year-over-year (YoY). Consumer Confidence declined throughout the period and consumer inflation expectations reached a high of 5.4% in March 2022, but through all the economic uncertainty, personal consumption within GDP grew 2% YoY in 3Q 2022. We acknowledge that the economy is fragile and uneven, and the market is predicting a recession in 2023; however, we believe the level of the consumer's resilience shows that the underlying foundation of the economy remains stable.

Housing and manufacturing have not only been disrupted by the pandemic and recovery, but also by the rapid pace of Fed rate hikes. Housing was aided in the initial stages of the pandemic by work-from-home and low-interest rates. As rates moved up, affordability became out of reach for many, and the pace of sales declined dramatically throughout the period. After rising over 45% YoY during the height of the crises, existing home sales are now down 23% YoY. Manufacturing also has yet to recover from the supply chain disruptions as well as labor and pricing issues. ISM Manufacturing is hovering near 50 - the point of expansion vs. contraction – with comments now focusing on slowing demand. One bright spot is the decline in the Prices Paid component, which points to continued easing of prices throughout the pipeline and at the consumer's level in the future. Prices Paid reached 87.1 in March 2022 before falling into contraction territory at 46.6 in October 2022.

GDP was volatile throughout the period, starting with growth of 7% in 4Q 2021 followed by two consecutive negative readings, -1.6% in 1Q 2022 and -0.6% in 2Q 2022. GDP rebounded to +2.6% in 3Q 2022, bringing the overall pace of growth to 1.8% YoY for the reporting period. The consumer shifted spending from goods to services, but overall remains a pillar of strength. Additionally, businesses continued to spend while housing moved from a contributor in the last twelve-month period to a detractor. Both inventories and net exports flipped between positive and negative contributors, depending on the quarter, and government consumption was lackluster during the reporting period. While the market debated if we technically entered a recession - two consecutive quarters of negative growth – real final sales to domestic purchasers (removing

inventories and net exports) remained positive. This dynamic, along with a healthy employment picture, will likely keep the National Bureau of Economic Research (NBER) from officially declaring a recession. Overall, exiting the fiscal year we remain in a period of adjustment from the pandemic, subsequent recovery, and now the Fed's rate hiking cycle.

The Fed started raising rates in March 2022, reaching 3-3.25% by September 2022. Throughout the period they raised rates 75bps at three consecutive meetings with further tightening priced into the marketplace. They have been laser-focused on returning inflation to the 2% target, at the expense of growth. As of October 31, 2022, markets expect the Fed to reach a terminal level of nearly 5% by May 2023 before easing to 4.50% by January 2024.

As the market continues a process of repricing, we find the narrative flipping between the Fed being forced to pivot (stop raising rates) vs. the Fed holding strong in its hawkish stance (continuing to raise rates). Taken together we are in a volatility-induced Groundhog Day. ISM Manufacturing and Services gave the market hope that the Fed's mechanism of slowing demand and easing prices was indeed working. Non-Farm Payrolls (NFP) and Retail sales on the other hand showed us that the consumer continues to be in a position of strength, though not as strong as in 2021. And then CPI reminded us that the Fed still has ample room to remain hawkish.

We continue to walk a thin – but strong – line; there are warning signs emerging and recession fears continue to build, but we remain productive on the still-strong labor market and the resilience of the consumer. We are no doubt in an adjustment phase that will continue to create uncertainty. If the pandemic has taught us anything, it is to expect the unexpected - there will be winners and losers as we work through this cycle.

The market continues to push on the Fed's need to pivot, but the data doesn't support it yet and the Fed remains extremely hawkish. We believe this dynamic will eventually turn and turn hard. We expect that the Fed will be late to the game and need to overact in the opposite direction on rates, ultimately creating that "pivot" the market is hoping for.

**Portfolio Positioning** 

Throughout the annual period ending October 2022, Smith Capital Investors turned more defensive across most major Fixed Income asset classes. The market has undergone a substantial period of repricing as monetary policy turned restrictive in response to higher inflation.

 

*Total Return*: Asset allocation within the Fund changed throughout the period as there was a gradual decrease in the Fund's credit exposure – both via active (sales) and passive (tenders, calls, maturities). The reduction in credit, at one point in the later part of the year, drove the Fund's credit weighting to multi-year lows. This reduction in credit was accompanied by a substantial decline in the Fund's duration contribution across investment grade and high-yield credit, given moves in valuations and further increased uncertainty in the future macroeconomic environment. The Fed's shift towards

5 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

rate hikes and "Quantitative Tightening" (QT) has served to reverse the "crowding out" effect the Fed targeted, post the Great Financial Crisis. We believe that this drain of liquidity across the investing universe will continue to increase the volatility of asset prices as markets seek to adjust to this new dynamic. Elevated volatility, combined with increased geopolitical uncertainty and concerns about corporate fundamentals, has made us less constructive on corporate credit exiting the fiscal year. However, we have been encouraged by the resiliency of corporate fundamentals through October 31, 2022 and management teams' attempts to proactively address underlying business weaknesses. Within the Fund's corporate credit exposure, we reduced both the overall weighting as well as the duration profile while using the significant backup in both short-duration interest rates and credit spreads to add to substantially higher-yielding opportunities with short maturities. Towards the end of the period, we reversed some of this exposure as overall yield and spread valuations combined with fundamental resiliency began to provide an attractive entry point from a longer-term holding perspective. At a high level, the Fund's lower corporate credit duration profile helped reduce the Fund's realized volatility from changing credit valuations.

We continue to seek out investments in companies whose management interests are aligned with debtholders, either via reducing leverage or outright debt levels. Additionally, we look for a focus on managing through a variety of scenarios as this provides optionality and downside protection. As mentioned previously, corporate fundamentals have remained resilient despite the economic weakness that has transpired due to the quantitative tightening cycle. We will seek to maintain a close focus on how this impacts earnings reports going forward; however, thus far through October 31, 2022 the declines in earnings and forecasts have been much more impactful to equity valuations vs. the underlying creditworthiness of corporations.

As during most market conditions, short-duration high yield remains a focus for us. This area of the market historically has much less forecasting error embedded in its analysis as it is a liquidity evaluation over a very short period vs. a longer-term projection of industries, commodity prices, and competitive dynamics facing a sector/company. We believe that positioning here allows the Fund to realize much higher yield profiles vs. recent years while doing so at a more limited risk addition to the overall portfolio.

In addition, we are watching the market transition from a negative real rate environment (driven by Fed policy) to a positive real rate environment (more conscious of inflation). While this transition has created great volatility and significant markdowns on Fixed Income securities, we view this as healthy. In a world of negative real yields, and in some cases, negative absolute yields, valuations can exhibit a lack of common sense. We believe the transition back to a positive real rate will provide new and more attractive opportunities for investors within the Fixed Income space. Duration and yield curve management will be of critical importance as we work through the next cycle.

*Short Duration*: While the Fund's overall elevated credit exposure was maintained during the period, as of October 31, 2022, it is significantly lower than levels coming into January 2022, given a high amount of maturities, tender activity, and bonds being called by issuers. This is a key part of the portfolio construction process as this high amount of "roll-off" allows for natural portfolio repositioning as economic and market conditions change. While corporate fundamentals have remained resilient, and the yield pickup is material vs. other asset classes, the increased uncertainty of the macro and corporate outlooks have argued for these proceeds to largely be reinvested in other asset classes, primarily U.S. Treasuries. Given the material change in short-duration U.S. Treasury yields earlier this year and the commentary out of the Fed indicating that we may be getting closer to the end of the current rate hiking cycle, some of these proceeds have been reallocated to the Treasury market where investors do not have to contend with corporate risk profiles. We continue to monitor the changing market consensus around the forward path for the Fed regarding the removal of accommodation.

 

*Credit Opportunities*: This annual period has been impacted by numerous factors, but none seem quite as important as inflation, to which right now all things tie back. Our bottom-up fundamental focus has, and always will be, an important input into our security selection process. This year, more than any we can remember in recent history, this bottom-up focus has been crucial in informing our top-down macro view. Individual company data and commentary provide insight into inflation and influenced portfolio positioning during the fiscal year.

Incrementalism has been one of our favored sayings this year when it comes to portfolio positioning. With this theme in mind, throughout the year, we incrementally reduced the Fund's duration, particularly from credit, as we received more information on inflation and the potential implications from both our fundamental bottom-up research and our macro analysis. We found the incremental duration reduction benefited portfolio construction in two primary ways: it 1) decreased interest rate risk and 2) positioned the Fund with an overweight in the front end of the curve, which created a more defensive positioning. We find that generally, shorter maturity credit provides higher transparency and fewer assumptions around the future cash flows of the business. Furthermore, we found the opportunity cost of moving in on the curve advantageous due to the historically cheap valuations associated with the flat and inverted yield curves. As part of our active management process, duration management proved to be a great magnifier of performance this year.

In conjunction with these moves, the Fund also built up the levels of liquidity via a large allocation to short-dated treasuries. This positioning in low-volatility securities provided optionality for the Fund to seek to take advantage of volatility and dislocations across asset classes that may develop in the future. If the elevated market volatility we have seen over the past year persists, we suspect this optionality will be viewed in hindsight as extremely valuable.

6 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

During the fiscal year, we continued to see increased dispersion amongst company and sector fundamentals as the impacts from supply chain challenges, Fed policy, and geopolitics filter through the economy. This dynamic resulted in a better opportunity set for the Fund relative to what might arise during a normal business cycle. In our view, having the credit expertise to correctly identify where a particular issuer is in its business cycle has been truly imperative in both security selection and avoidance.

As always, the Fund continues to be built from the bottom-up, seeking to take advantage of predominately fundamentally improving businesses, capital structures, and credit profiles. Understanding a company's entire capital structure and how its management team is driving value creation across that structure continues to be a decisive focus of the Fund. Opportunities, like the broad flatness in yield and spread curves, are executed within the context of our fundamental view on an individual credit and the risk-adjusted return potential of the security targeted within its capital structure.

 

*Balanced*: The Fixed Income sleeve was run largely in line with the Total Return Fund, gradually decreasing the Fund's credit exposure throughout the period - most notably in investment grade. Duration contribution from credit across both investment grade and high yield was also reduced. Overall portfolio duration was actively managed with continued market fears around sticky inflation and the potential forward path of the Fed. Notably, compared to the Total Return Fund, the Fund continues to run a lower relative credit risk profile given the current asset allocation between Fixed Income and Equities. The Fund was ~65% invested in the Equity sleeve and ~35% in the Fixed Income sleeve due to the market opportunity at the end of the period.

In regard to the Equity sleeve, the Fund began the year with a style tilt toward value expressed through the Energy and Materials sectors. During the summer the Fund transitioned back into several Technology sector holdings that had underperformed during the first half of the year. The Equity sleeve ended the fiscal year with a balanced style exposure, with some bias toward a quality factor. Most of the active risk in the Fund is attributable to stock selection.

 

*Within the Funds' U.S. Treasury allocations*, we remained active in duration management. For most of the period, we ran shorter durations compared to the Funds' respective indices; however, we were more active in this area as volatility increased and yields moved dramatically higher across the curve. We also focused on the shape of the curve: the front-end was driven by Fed policy expectations and the market had front-run rate hike expectations, while the long-end was moving around on inflation expectations (sell-off) or still lingering virus/geopolitical and growth fears (rally). We remain proactive in using the longer duration U.S. Treasury position as an insurance policy when the need arises, but recognize that rates still have room to move higher in yield.

 

*Within the Funds' securitized allocations*, at the end of the fiscal year we began to increase the Funds' allocations to Agency-backed mortgage-backed securities via specific mortgage pools,

collateralized mortgage obligations (CMOs) and Agency guaranteed commercial mortgage-backed securities (CMBS). Valuations for these asset classes had been very repressed following the direct Fed investment in this area of the market as part of its COVID-19 Quantitative Easing (QE) response. Valuations were much more attractive as the year progressed, but this accelerated in the later part of the year. Overall, the increase in mortgage rates, slowdown in prepayments, and the ongoing reduction in the Federal Reserve's MBS holdings were headwinds for this area of the market. Additionally, with the significant rise in interest rates during the beginning of 2022, we witnessed a large-scale duration extension of the Agency MBS market, exactly at the time investors were searching for shorter duration options. Valuations started to adjust to these new realities to a point that we believe mortgages are now offered, finally, at an attractive risk-adjusted return profile to compete with other major asset classes. As such, we started actively adding to the space while acknowledging that the headwinds for the asset class are unlikely to abate. At fiscal year end, we continue to believe that select CMOs and Agency CMBS provide better convexity, exhibit less change in duration given changes in interest rates and prepayment speeds, and provide higher option-adjusted spreads and yield compared to the broader market. Throughout the year, we were aided in navigating volatility by our continued focus on seeking to select securities that perform well through a wide band of underlying economic and interest rate assumptions rather than a specific directional view.

**Fixed Income Themes** 

*Credit* — Internally, the debate over which valuation metrics matter most - spreads or yields - remains one of the central themes that we are focused on. We find that both are relevant in the current market. The yield vs. spread consideration is even more important in an environment where, for investment grade in particular, durations have steadily increased. The longer duration in markets at fiscal year end leaves investors more vulnerable to changes in both credit and interest rate risk. To highlight this dynamic, in the 15 years preceding 2022, the duration of AA U.S. Credit moved from approximately 5.3 years to 9.3 years—nearly a 70% increase. Combined with extremely low starting yields, this left investors exposed to both rate and spread volatility, both of which have moved higher during the past year. The Increases in yields this year resulted in shorter durations, but overall levels remain elevated vs. the past decade.

No prior period is a perfect analog for the current one, but we can comfortably say that all-in yields matter for credit investors. When yields are higher, this income (i.e. yield) has the potential to cushion against volatility and therefore increases the probability of realizing positive risk-adjusted returns. We like to refer to this dynamic as the "math behind the market." This is especially noteworthy when combined with the potential downside protection provided by historically low average price levels in corporate credit. Meanwhile, current spread levels, which are relatively low by historical standards at this point in the business cycle, point more toward defensive positioning.

7 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

No matter what future economic conditions materialize, we believe that individual company growth, earnings, and cash flows will have high levels of differentiation, creating even greater opportunity. As such, we are spending our time hunting for securities that may possess more attractive risk/reward profiles than the broader market.

In market environments where uncertainty is elevated and volatility is high, we believe the following items to be of acute importance:

 

*Risk-Adjusted Carry* – carry (yield income) is of elevated importance. However, not all carry is the same. Fundamental analysis can unearth risk profiles that may be viewed more or less favorably when compared to their commensurate carry profiles. The amplifying nature of duration and the general flatness of all-in-yield credit curves only increase the importance of focusing on risk-adjusted return profiles. A natural extension of risk-adjusted returns is a focus on security selection and avoidance.

 

 

*Security Avoidance* – conversely, active management can purposefully choose to avoid owning certain credits or securities and should do so. In our view, a credit that has a higher probability of going through a phase of deteriorating credit strength would be a prime example of a name to avoid. On the security side, there may be fundamental, structural, or technical factors that create a lower estimated ratio of potential upside relative to the downside.

These items have been and will continue to be at the forefront of our credit investment process and credit sleeve portfolio construction.

 

*MBS* – MBS has faced numerous headwinds as of the end of the period covered by this report including the rapid move higher in interest rates, the persistent pick up in interest rate volatility, and the beginning of the Federal Reserve reducing its MBS holdings. Combined, these factors have driven MBS to underperform substantially during the reporting period. Ending October 31, 2022, the Bloomberg U.S. MBS Index (MBS Index) had nominal returns of negative 1489bps YTD driven largely by the impact of rising U.S. Treasury yields combined with widening asset class spreads. Year to date through the end of the period, nominal MBS spreads had widened from 68bps to 174bps as of October 31, 2022. However, this does not tell the entire story as the MBS Index started the period with an average duration in the 4.8yr area; with the rise in mortgage rates driving lower refinancing volumes the duration of the MBS index has extended to 6yrs (an all-time high). As we have highlighted previously, the risk of this increase in the duration of mortgages came at exactly the wrong time for investors, increasing

the negative impact of rising yields. From an excess return perspective, which adjusts for duration differentials, the MBS Index underperformed the Bloomberg U.S. Aggregate Bond Index by 332bps.

Looking forward, we believe we are beginning to see some positive signs for MBS outperformance on the horizon. MBS nominal spreads and option-adjusted spread (OAS) rose throughout the year. As of October 31, 2022, MBS OAS was above its historical average (40-50bps) and nominal spreads were near historic highs. We believe this should help to offset some of the impacts of the Fed's MBS runoff, making the risk-adjusted return outlook from MBS much more balanced than it has been for the last couple of years.

 

*Interest Rates* – Treasuries repriced over the annual period, moving higher in yield across the entire curve, with liftoff starting in December 2021 and continuing through October 2022. The front end moved rapidly on expectations of the Fed removing accommodation while the long end reacted to increasing inflation pressures. The 2yr U.S. Treasury rose nearly 400bps in yield, starting the period at ~40bps and ending near 450bps as the Fed began the tapering process in November followed by the first 25bps rate hike in March. Throughout the reporting period, the Fed increased the Fed Funds rate to a range of 3-3.25%. The 30-yr rose ~270bps from December 2021 into mid-October 2022 as the market questioned whether the Fed was behind the curve and if they would be able to get inflation under control. Volatility has been the theme throughout the reporting period, not only due to high levels of event risk, but also a market pushing back on the Fed's aggressive rate hiking cycle. A combination of increasing geopolitical tensions in Russia/Ukraine, recurring lockdowns in China, and the push/pull between inflation and policy error caused the 2yr/10yr U.S. Treasury curve to invert briefly in March and fully in July, suggesting the market believes a recession will be in our future. The Fed was quick to discuss reducing the balance sheet in an effort to re-steepen the curve as they will no longer be the outsized buyer in the market. While both the higher-than-expected inflation data and the Fed's Quantitative Tightening (QT) program pushed long-end Treasuries higher in yield, the long-end did prove that it remains a safe haven asset in flight-to-quality moves.

Looking forward, the market wants to believe that inflation has peaked and the Fed is nearing the "terminal level" on the Fed Funds rate. Throughout the reporting period, the market was able to do much of the heavy lifting for the Fed, repricing quickly to the Fed's communication. That being said, we do not see volatility dissipating until the Fed actually pauses the hiking cycle. Best case, this may be a 2023 story. We remain in a push/pull between a potential future recession, a strong consumer, inflation peaking, and an uneven economic environment that is sector specific. The front end of the curve will continue to price and consolidate around expectations of the Fed's terminal level; however, we believe the long end is near levels that are attractive from an outright yield perspective as well as a flight-to-quality tool due to the expectation of continued event-driven risks on the horizon. We expect volatility until the Fed pauses and we do not expect the Fed to "pivot" until the economic situation

8 \| October 31, 2022

ALPS \| Smith Funds

Management Commentary *October 31, 2022 (Unaudited)*

 

deteriorates further. As we've experienced in the past twelve months, information is priced into markets much faster making for much shorter cycles. This specific environment has kept us nimble and short duration for much of the period. We believe that outright levels are becoming more attractive, the hiking cycle is nearing terminal levels and overall slowing growth could once again lead us to a great buying opportunity in the Fixed Income markets.

 

*Conclusion* – We spent much of the year investing through Fed-induced volatility. Our mantra remains "don't fight the Fed" where defensiveness and incrementalism remain top of mind. At fiscal year end, we not only have heightened levels of liquidity across the portfolios, but we are also focused on making smart but aggressive moves while leaning on the math behind the market as our keys to success.

There is clearly a lot of fear in the marketplace today. Going forward, we recognize that the outlook is less straightforward and event risk continues to rise. That being said, while the Fed is aggressively fighting inflation at the expense of growth, we believe the Fed will be nearing the end of the tightening cycle in 2023 and inflation will start to come down, albeit slowly. Balancing this, we remain encouraged by both consumers and businesses. With all this in mind, we see a heightened risk that the Fed pushes too far and causes a significant change in sentiment, triggering much lower demand in the economy.

With every passing market event, we are reminded that when things turn, they can turn quickly. We know that the Fed will eventually stop hiking rates, and the pace of growth is slowing. Our portfolios over the next six to twelve months may look very different as we enter the next phase in the cycle. Our job is to recognize changes in sentiment and direction in markets. With current outright levels on yields, in our view, today the market looks more attractive - even considering the uncertainty on the horizon - than at many points over the last five years. To say we are excited about the opportunity in the Fixed Income space is an understatement. Our philosophical belief that portfolios should change and evolve as we move through cycles is being reinforced in this environment. There will be a time in the future when opportunistic positioning will be rewarded.

As we like to say, at our core, we are active managers, and both security selection and avoidance are always front of mind. Lastly, our three pillars remain front and center – Investment Excellence, Relationships/People, and Intentional Culture.

With great appreciation and gratitude,

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| | |
|:---|:---|
| ![](fp0081443-1_02.jpg) | ![](fp0081443-1_03.jpg) |
| R. Gibson Smith | Eric C. Bernum, CFA |
| Portfolio Manager | Portfolio Manager |

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| | |
|:---|:---|
| ![](fp0081443-1_04.jpg) | ![](fp0081443-1_05.jpg) |
| Jonathan Aal | Garrett Olson, CFA |
| Portfolio Manager | Portfolio Manager |

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| | |
|:---|:---|
| ![](fp0081443-1_06.jpg) | ![](fp0081443-1_07.jpg) |
| Laton Spahr, CFA | Eric Hewitt |
| Portfolio Manager (ALPS Advisors) | Portfolio Manager (ALPS Advisors) |

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

 

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

 

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

 

*An investor may not invest directly in an index.* 

 

*Diversification cannot guarantee gain or prevent losses.* 

 

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

 

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

 

*The Fund's investments in fixed-income securities and positions in fixed-income derivatives may decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed-income securities and any long positions in fixed-income derivatives held by the Fund are likely to decrease, whereas the value of its short positions in fixed-income derivatives is likely to increase.* 

 

*ALPS Advisors, Inc. is the investment adviser to the Fund and Smith Capital Investors, LLC is the investment sub-adviser to the Fund. ALPS Advisors, Inc., ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc., affiliated entities, are unaffiliated with Smith Capital Investors, LLC. ALPS Portfolio Solutions Distributor, Inc. is the distributor for the Fund.*

 

9 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

**Performance of $100,000 Initial Investment** *(as of October 31, 2022)*

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

 

![](fp0081443-1_08.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **Since Inception<sup>^</sup>** | **Total Expense Ratio\*** | **What You Pay\*** |
| **Class I** | -4.03% | 0.96% | 1.96% | **0.58%** | **0.49%** |
| **Investor (NAV)** | -4.31% | 0.68% | 1.68% | **0.93%** | **0.79%** |
| **Class A (NAV)** | -4.19% | 0.72% | 1.69% | **0.87%** | **0.79%** |
| **Class A (MOP)** | -6.32% | -1.17% | 0.38% | **0.87%** | **0.79%** |
| **Class C (NAV)** | -5.01% | -0.06% | 0.93% | **1.55%** | **1.49%** |
| **Class C (CDSC)** | -5.95% | -0.06% | 0.93% | **1.55%** | **1.49%** |
| Bloomberg U.S. Government/Credit Bond Index¹ | -16.04% | -3.64% | -0.01% |  |  |
| Bloomberg 1-3 Year Government/Credit Bond Index² | -4.88% | -0.57% | 0.81% |  |  |

---

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

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

 **

10 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

*<sup>1</sup>* *Bloomberg US Government/Credit Index: a broad-based benchmark that measures the non-securitized component of the US Aggregate Index. It includes investment grade, US dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. One may not invest directly in an index.* 

*<sup>2</sup>* *Bloomberg 1-3 Year US Government/Credit Index: includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. One may not invest directly in an index.* 

*<sup>^</sup>* *Fund Inception date of June 29, 2018.*

*\** *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. (the "Adviser") and Smith Capital Investors, LLC (the "Sub-Adviser") have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 0.49% of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.*

 

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value* 

 

**Asset Type Allocation** *(as a % of Net Assets) <sup>†</sup>* 

---

| | |
|:---|:---|
| Corporate Bonds | 64.58% |
| Government Bonds | 33.03% |
| Mortgage-Backed Securities | 1.56% |
| Collateralized Mortgage Obligations | 0.15% |
| Commercial Mortgage-Backed Securities | 0.13% |
| Municipal Bonds | 0.01% |
| Cash, Cash Equivalents, & Other Net Assets | 0.54% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>* 

---

| | |
|:---|:---|
| U.S. Treasury Note 4.25% 9/30/24 | 4.45% |
| U.S. Treasury Note 3.25% 8/31/24 | 2.97% |
| U.S. Treasury Note 3% 7/31/24 | 2.77% |
| U.S. Treasury Note 2.5% 4/30/24 | 2.66% |
| U.S. Treasury Note 1.5% 2/29/24 | 2.65% |
| U.S. Treasury Note 2.5% 5/31/24 | 2.62% |
| U.S. Treasury Note 1.75% 3/15/25 | 2.44% |
| U.S. Treasury Note 2.75% 5/15/25 | 1.96% |
| U.S. Treasury Note 3% 6/30/24 | 1.86% |
| U.S. Treasury Note 2.625% 4/15/25 | 1.81% |
| **Top Ten Holdings** | **26.19%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Industry Sector Allocation** *(as a % of Net Assets)*

---

| | | |
|:---|:---|:---|
| Sovereign | 33.03 | % |
| Banks | 17.61 | % |
| Auto Manufacturers | 6.21 | % |
| Diversified Financial Services | 4.76 | % |
| Electric | 4.66 | % |
| Pipelines | 4.35 | % |
| Chemicals | 2.83 | % |
| Aerospace/Defense | 2.11 | % |
| REITS | 2.06 | % |
| Food | 1.90 | % |
| Healthcare-Products | 1.64 | % |
| Mortgage Securities | 1.61 | % |
| Retail | 1.60 | % |
| Gas | 1.49 | % |
| Electronics | 1.02 | % |
| Other Industries (each less than 1%) | 12.58 | %\* |
| Cash, Cash Equivalents, & Other Net Assets | 0.54 | % |
| **Total** | **100.00** | **%** |

---

*\** *See Statement of Investments for detailed breakout of other industries.* 

 

11 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Performance Update | *October 31, 2022 (Unaudited)* |

---

**Performance of $100,000 Initial Investment** *(as of October 31, 2022)*

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

 

![](fp0081443-1_09.jpg)

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Year** | **Since Inception<sup>^</sup>** | **Total Expense**<br> **Ratio\*** | **What You Pay\*** |
| **Class I** | -14.40% | -2.33% | 1.28% | **0.73%** | **0.64%** |
| **Investor (NAV)** | -14.73% | -2.62% | 0.96% | **0.99%** | **0.94%** |
| **Class A (NAV)** | -14.62% | -2.57% | 1.01% | **0.99%** | **0.94%** |
| **Class A (MOP)** | -16.56% | -4.40% | -0.30% | **0.99%** | **0.94%** |
| **Class C (NAV)** | -15.36% | -3.31% | 0.26% | **1.71%** | **1.64%** |
| **Class C (CDSC)** | -16.19% | -3.31% | 0.26% | **1.71%** | **1.64%** |
| Bloomberg US Aggregate Bond Index<sup>1</sup> | -15.68% | -3.77% | -0.33% |  |  |

---

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

 ****

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

12 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Performance Update | *October 31, 2022 (Unaudited)* |

---

---

| | |
|:---|:---|
| *<sup>1</sup>* | *Bloomberg US Aggregate Bond Index: a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and nonagency). One may not invest directly in an index.* |
| *<sup>^</sup>* | *Fund Inception date of June 29, 2018.* |
| *<sup>\*</sup>* | *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. (the "Adviser") and Smith Capital Investors, LLC (the "Sub-Adviser") have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 0.64% of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.* |

---

 

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value*

 

**Asset Type Allocation** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| Corporate Bonds | 41.69% |
| Government Bonds | 35.08% |
| Collateralized Mortgage Obligations | 9.70% |
| Mortgage-Backed Securities | 6.09% |
| Preferred Stock | 3.49% |
| Commercial Mortgage-Backed Securities | 2.78% |
| Cash, Cash Equivalents, & Other Net Assets | 1.17% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| U.S. Treasury Bond 3% 08/15/52 | 4.67% |
| U.S. Treasury Bond 2.75% 8/15/32 | 3.26% |
| U.S. Treasury Note .75% 8/31/26 | 2.74% |
| U.S. Treasury Bond 3.25% 5/15/42 | 2.73% |
| U.S. Treasury Bond 2.875% 5/15/32 | 2.71% |
| U.S. Treasury Bond 3.375% 8/15/42 | 2.65% |
| U.S. Treasury Bond 2.375% 2/15/42 | 2.61% |
| U.S. Treasury Note 1.5% 1/31/27 | 2.54% |
| U.S. Treasury Note 1.25% 12/31/26 | 2.44% |
| U.S. Treasury Bond 2.875% 5/15/52 | 2.17% |
| **Top Ten Holdings** | **28.52%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Industry Sector Allocation** *(as a % of Net Assets)*

---

| | | |
|:---|:---|:---|
| Sovereign | 35.78 | % |
| Mortgage Securities | 16.64 | % |
| Banks | 9.94 | % |
| Pipelines | 4.81 | % |
| Diversified Financial Services | 4.46 | % |
| Electric | 2.95 | % |
| Aerospace/Defense | 2.54 | % |
| Media | 2.45 | % |
| Oil & Gas | 1.54 | % |
| Chemicals | 1.53 | % |
| Airlines | 1.53 | % |
| Telecommunications | 1.39 | % |
| Auto Manufacturers | 1.20 | % |
| Healthcare-Services | 1.15 | % |
| Gas | 1.04 | % |
| Other Industries (each less than 1%) | 9.88 | %\* |
| Cash, Cash Equivalents, & Other Net Assets | 1.17 | % |
| **Total** | **100.00** | **%** |

---

*\** *See Statement of Investments for detailed breakout of other industries.* 

 

13 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

**Performance of $100,000 Initial Investment** *(as of October 31, 2022)*

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

 

 

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **Since Inception<sup>^</sup>** | **Total Expense Ratio\*** | **What You Pay\*** |
| **Class I** | -11.94% | -2.47% | **1.05%** | **0.92%** |
| **Investor (NAV)** | -12.28% | -2.77% | **1.28%** | **1.22%** |
| **Class A (NAV)** | -12.18% | -2.71% | **1.32%** | **1.22%** |
| **Class A (MOP)** | -14.15% | -3.74% | **1.32%** | **1.22%** |
| **Class C (NAV)** | -12.91% | -3.46% | **2.02%** | **1.92%** |
| **Class C (CDSC)** | -13.76% | -3.46% | **2.02%** | **1.92%** |
| 50% Bloomberg US Aggregate Index / 50% Bloomberg US Corporate High Yield Index<sup>1,2</sup> | -13.67% | -4.76% |  |  |
| Bloomberg US Aggregate Bond Index | -15.68% | -8.20% |  |  |
| Bloomberg US Corporate High Yield Bond Index | -11.76% | -1.30% |  |  |

---

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

 ****

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

14 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | *<sup>1</sup>* | *Bloomberg US Aggregate Bond Index: a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and nonagency). One may not invest directly in the index.* |
| *<sup>2</sup>* |  | *Bloomberg US Corporate High Yield Bond Index: measures the USD-denominated, high yield, fixed-rate corporate bond market. One may not invest directly in the index.* |

---

*<sup>^</sup>* *Fund Inception date of September 15, 2020.*

*\** *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. ("ALPS Advisors," or the "Adviser") and Smith Capital Investors, LLC (the "Sub-Adviser") have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 0.90% of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.*

 

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value* 

 

**Asset Type Allocation** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| Corporate Bonds | 70.40% |
| Government Bonds | 17.74% |
| Preferred Stock | 7.58% |
| Mortgage-Backed Securities | 0.85% |
| Common Stock | 0.74% |
| Collateralized Mortgage Obligations | 0.40% |
| Bank Loans | 0.22% |
| Cash, Cash Equivalents, & Other Net Assets | 2.07% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| U.S. Treasury Note .75% 12/31/23 | 3.96% |
| U.S. Treasury Note 3% 7/15/25 | 2.85% |
| U.S. Treasury Note 3.125% 8/15/25 | 2.55% |
| U.S. Treasury Note 3.25% 8/31/24 | 2.50% |
| U.S. Treasury Note 4.25% 9/30/24 | 2.31% |
| PNC Financial Services Group, Inc. 3M US |  |
| L + 3.678% 12/31/49 | 1.82% |
| TransDigm, Inc. 8% 12/15/25 | 1.81% |
| Scripps Escrow II, Inc. 5.375% 1/15/31 | 1.70% |
| Genesis Energy LP / Genesis Energy |  |
| Finance Corp. 8% 1/15/27 | 1.51% |
| Penn Entertainment, Inc. 5.625% 1/15/27 | 1.46% |
| **Top Ten Holdings** | **22.47%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Industry Sector Allocation** *(as a % of Net Assets)*

---

| | | |
|:---|:---|:---|
| Sovereign | 17.74 | % |
| Banks | 10.97 | % |
| Pipelines | 8.18 | % |
| Media | 6.34 | % |
| Diversified Financial Services | 5.69 | % |
| Retail | 4.01 | % |
| Real Estate | 3.89 | % |
| Commercial Services | 3.52 | % |
| Aerospace/Defense | 3.36 | % |
| Home Builders | 2.96 | % |
| Electric | 2.73 | % |
| Airlines | 2.54 | % |
| Oil & Gas | 2.48 | % |
| Entertainment | 2.29 | % |
| Packaging & Containers | 2.17 | % |
| Telecommunications | 2.09 | % |
| Investment Companies | 1.94 | % |
| Environmental Control | 1.61 | % |
| REITS | 1.49 | % |
| Forest Products & Paper | 1.37 | % |
| Lodging | 1.28 | % |
| Software | 1.19 | % |
| Chemicals | 1.11 | % |
| Coal | 1.04 | % |
| Auto Manufacturers | 1.01 | % |
| Other Industries (each less than 1%) | 4.93 | %\* |
| Cash, Cash Equivalents, & Other Net Assets | 2.07 | % |
| **Total** | **100.00** | **%** |

---

*\** *See Statement of Investments for detailed breakout of other industries.* 

 

15 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

**Performance of $100,000 Initial Investment** *(as of October 31, 2022)*

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

 

 

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

**Average Annual Total Returns** *(as of October 31, 2022)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **Since Inception<sup>^</sup>** | **Total Expense Ratio\*** | **What You Pay\*** |
| **Class I** | -14.93% | 2.10% | **1.39%** | **0.85%** |
| **Investor (NAV)** | -15.17% | 1.82% | **1.70%** | **1.15%** |
| **Class A (NAV)** | -15.16% | 1.84% | **1.70%** | **1.15%** |
| **Class A (MOP)** | -17.92% | 0.25% | **1.70%** | **1.15%** |
| **Class C (NAV)** | -15.81% | 1.09% | **2.40%** | **1.85%** |
| **Class C (CDSC)** | -16.65% | 1.09% | **2.40%** | **1.85%** |
| 55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg U.S. Aggregate Bond Index<sup>1,2</sup> | -16.04% | 0.23% |  |  |
| Bloomberg U.S. Aggregate Bond Index<sup>2</sup> | -15.68% | -8.20% |  |  |
| Bloomberg U.S. 1000 TR Index<sup>1</sup> | -16.90% | 7.06% |  |  |

---

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

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

 **

16 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Performance Update *October 31, 2022 (Unaudited)*

*<sup>1</sup>* *Bloomberg US 1000 TR Index: a float market-cap-weighted benchmark of the 1000 most highly capitalized US companies. One may not invest directly in the index.* 

---

| | |
|:---|:---|
| *<sup>2</sup>* | *Bloomberg US Aggregate Bond Index: a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, fixed-rate agency MBS, ABS and CMBS (agency and nonagency). One may not invest directly in the index.* |
| *<sup>^</sup>* | *Fund Inception date of September 15, 2020.* |
| *\** | *Please see the prospectus dated February 28, 2022 for additional information. ALPS Advisors, Inc. ("ALPS Advisors," or the "Adviser") and Smith Capital Investors, LLC (the "Sub-Adviser") have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of Distribution and Service (12b-1) Fees, Shareholder Service Fees, Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses, to 0.85% of the Fund's average daily net assets. This agreement (the "Expense Agreement") is in effect through February 28, 2023.* |

---

 

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

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

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

*Not FDIC Insured – No Bank Guarantee – May Lose Value* 

 

**Asset Type Allocation** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| Common Stocks | 58.54% |
| Government Bonds | 12.95% |
| Corporate Bonds | 12.31% |
| Collateralized Mortgage Obligations | 4.34% |
| Mortgage-Backed Securities | 3.35% |
| Preferred Stock | 1.53% |
| Commercial Mortgage-Backed Securities | 0.10% |
| Cash, Cash Equivalents, & Other Net Assets | 6.88% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Top Ten Holdings** *(as a % of Net Assets) <sup>†</sup>*

---

| | |
|:---|:---|
| UnitedHealth Group, Inc. | 3.01% |
| Microsoft Corp. | 2.59% |
| Alphabet, Inc. | 2.18% |
| ConocoPhillips | 2.14% |
| Apple, Inc. | 2.00% |
| U.S. Treasury Bond 3% 08/15/2052 | 1.88% |
| JPMorgan Chase & Co. | 1.88% |
| U.S. Treasury Note 3.125% 08/15/2025 | 1.61% |
| U.S. Treasury Bond 2.75% 08/15/2032 | 1.60% |
| McDonald's Corp. | 1.49% |
| **Top Ten Holdings** | **20.38%** |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Holdings are subject to change, and may not reflect the current or future position of the portfolio. Table presents approximate values only.* |

---

**Industry Sector Allocation** *(as a % of Net Assets)*

---

| | | |
|:---|:---|:---|
| Sovereign | 12.95 | % |
| Mortgage Securities | 6.51 | % |
| Health Care Facilities & Services | 4.79 | % |
| Software | 3.99 | % |
| Biotech & Pharmaceuticals | 3.79 | % |
| Oil & Gas Producers | 3.74 | % |
| Retail - Consumer Staples | 3.35 | % |
| Internet Media & Services | 3.03 | % |
| Banks | 2.93 | % |
| Technology Hardware | 2.83 | % |
| Medical Equipment & Devices | 2.68 | % |
| Leisure Facilities & Services | 2.62 | % |
| Banking | 2.55 | % |
| Semiconductors | 2.36 | % |
| Retail - Discretionary | 2.26 | % |
| Technology Services | 1.88 | % |
| REITS | 1.81 | % |
| Machinery | 1.67 | % |
| Transportation & Logistics | 1.63 | % |
| Pipelines | 1.48 | % |
| Beverages | 1.43 | % |
| Chemicals | 1.41 | % |
| Diversified Finan Services | 1.39 | % |
| Asset Management | 1.34 | % |
| Metals & Mining | 1.32 | % |
| E-Commerce Discretionary | 1.24 | % |
| Commercial Support Services | 1.03 | % |
| Entertainment Content | 1.00 | % |
| Other Industries (each less than 1%) | 14.11 | %\* |
| Cash, Cash Equivalents, & Other Net Assets | 6.88 | % |
| **Total** | **100.00** | **%** |

---

*\** *See Statement of Investments for detailed breakout of other industries* 

 

17 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (0.15%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (0.15%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (0.15%)** |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-184, Class M, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 09/25/2023<sup>(a)</sup> | $2198 | $2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-189, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10Y US TI + -0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2023<sup>(b)</sup> | 1498 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-230, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, 12/25/2023<sup>(b)</sup> | 10487 | 10487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-255, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.100%, 12/25/2023 | 10787 | 10830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-27, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, 08/25/2023<sup>(b)</sup> | 143 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-31, Class PN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/25/2023 | 19512 | 19518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-97, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.25%, 05/25/2023<sup>(b)</sup> | 683 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-18, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, 02/25/2024<sup>(b)</sup> | 3820 | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-22, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.20%, 01/25/2024<sup>(b)</sup> | 20902 | 20965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-3, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, 01/25/2024<sup>(b)</sup> | 7932 | 7927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-3, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, 03/25/2024<sup>(b)</sup> | 1161 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-61, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/25/2024 | 10533 | 10598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-75, Class K, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/25/2024 | 7895 | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-77, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.50%, 04/25/2024<sup>(b)</sup> | 28210 | 28327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-12, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, 04/18/2027<sup>(b)</sup> | 16921 | 16994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-49, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, 06/17/2027<sup>(b)</sup> | 22911 | 22818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-39, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/25/2023 | 4099 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-49, Class YC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/25/2023 | 1171 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-53, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/2024 | 3082 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-95, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2025 | 7822 | 7785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-121, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2026 | 11060 | 11009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-22, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2023 | 3392 | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-40, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2026 | 55693 | 54410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-44, Class EB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/25/2026 | 17782 | 17276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-61, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2026 | 30866 | 29947 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-80, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2026 | $32482 | $31796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-22, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2026 | 44783 | 43738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-47, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/25/2027 | 41608 | 39346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-5, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2028 | 83974 | 79076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-96, Class EA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/25/2026 | 180760 | 173660 |
|  |  | 665589 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1487, Class O, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, 03/15/2023<sup>(b)</sup> | 908 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1534, Class J, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, 06/15/2023<sup>(b)</sup> | 2353 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1560, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 08/15/2023 | 3005 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1567, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, 08/15/2023<sup>(b)</sup> | 12614 | 12528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1584, Class L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/15/2023 | 5176 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1602, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/15/2023 | 6862 | 6867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1611, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/15/2023 | 8032 | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1628, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/15/2023 | 2228 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1630, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2023 | 4848 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1632, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.20%, 11/15/2023<sup>(b)</sup> | 5937 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-1636, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, 11/15/2023<sup>(b)</sup> | 2909 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-21, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, 10/25/2023<sup>(b)</sup> | 4618 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-24, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, 11/25/2023<sup>(b)</sup> | 20533 | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1673, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10Y US TI + -0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2024<sup>(b)</sup> | 1856 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1699, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, 03/15/2024<sup>(b)</sup> | 3216 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1707, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, 03/15/2024<sup>(b)</sup> | 4298 | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1730, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 05/15/2024 | 12986 | 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1744, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.98%, 08/15/2024<sup>(b)</sup> | 17157 | 17308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-32, Class PN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/25/2024 | 43695 | 43813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-43, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/17/2024 | 14404 | 14449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1996-1810, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/15/2026 | 13854 | 13719 |

---

*See Notes to Financial Statements.* 

18 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1996-1885, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, 09/15/2026<sup>(b)</sup> | $3959 | $3943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-1983, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 12/15/2023 | 4081 | 4097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2332, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, 01/15/2028<sup>(b)</sup> | 80858 | 80446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2528, Class KM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2022 | 326 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2595, Class GC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/15/2023 | 3918 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2634, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2023 | 369 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2877, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2024 | 1294 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3005, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2025 | 35855 | 35563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3104, Class DH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2026 | 20281 | 20088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3575, Class EB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2024 | 6116 | 6036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3661, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2025 | 15911 | 15730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3710, Class MG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2025<sup>(c)</sup> | 37062 | 36567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3779, Class KJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 11/15/2025 | 17670 | 17372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3829, Class BE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2026 | 12833 | 12565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3907, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, 05/15/2026<sup>(b)</sup> | 4847 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4003, Class BG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/15/2026 | 28797 | 27986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4177, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/15/2028 | 19600 | 18262 |
|  |  | 481040 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-101, Class GU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2025<sup>(c)</sup> | 14348 | 14154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-53, Class KN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/20/2025 | 15748 | 15167 |
|  |  | 29321 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** |  |  |
| **(Cost $1,212,811)** |  | 1175950 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.13%)** | | |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-M14, Class APT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.605%, 04/25/2023<sup>(b)</sup> | 115107 | 114379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-M14, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.329%, 10/25/2023<sup>(b)</sup> | 37324 | 36529 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-M3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.477%, 11/25/2022<sup>(b)</sup> | $5139 | $5122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M13, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.67%, 11/25/2023<sup>(b)</sup> | 1294 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M7, Class AV2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.157%, 10/25/2023 | 27771 | 27186 |
|  |  | 184509 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-K026, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.877%, 11/25/2022<sup>(b)</sup> | 657174 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-KF07, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.29%, 02/25/2025<sup>(b)</sup> | 8945 | 8889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-KJ10, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.912%, 12/25/2023 | 57983 | 56991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K069, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.892%, 06/25/2027 | 59150 | 58041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-K728, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.064%, 08/25/2024<sup>(b)</sup> | 114354 | 110668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-KP05, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.203%, 07/25/2023 | 559384 | 544108 |
|  |  | 778704 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $974,259)** |  | 963213 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **MORTGAGE-BACKED SECURITIES (1.56%)** | | |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-958485, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2024 | 2355850 | 2351243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-MA0717, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2026 | 183996 | 175213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM1076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.920%, 10/01/2024 | 228053 | 219808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AM4125, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.740%, 08/01/2023 | 230000 | 227281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-AM7158, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 11/01/2024 | 175000 | 168583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM9288, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 07/01/2025 | 1319637 | 1252107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AL8941, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.932%, 01/01/2024<sup>(b)</sup> | 20816 | 20283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AL9448, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.935%, 07/01/2026<sup>(b)</sup> | 107638 | 100620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN1413, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.490%, 05/01/2026 | 140950 | 130427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN2079, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.910%, 07/01/2026 | 35526 | 33026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN3895, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.470%, 01/01/2024 | 2000000 | 1937968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8096, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.020%, 06/01/2024 | 305000 | 304268 |

---

*See Notes to Financial Statements.* 

19 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 01/01/2025 | $2861708 | $2746016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BL0760, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.790%, 12/01/2025 | 483874 | 468595 |
|  |  | 10135438 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-T40090, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2027 | 63936 | 60306 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-WN2000, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/01/2023 | 1370703 | 1343278 |
| Ginnie Mae I Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-745222, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2025 | 60680 | 59523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AF1057, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2028 | 86682 | 81551 |
|  |  | 141074 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-4377, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/20/2024 | 84478 | 82073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-4898, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2025 | 53705 | 52265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-4954, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/2026 | 71161 | 69416 |
|  |  | 203754 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $12,537,143)** |  | 11883850 |
| **CORPORATE BONDS (64.58%)** |  |  |
| *Aerospace & Defense (**2.31%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | 5000000 | 4422111 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%, 08/16/2023 | 7500000 | 7216967 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/15/2025<sup>(d)</sup> | 5841000 | 5950403 |
| **Total *Aerospace & Defense*** |  | 17589481 |
| *Auto Parts Manufacturing (**0.12%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv PLC / Aptiv Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 02/18/2025 | 1000000 | 932238 |
| *Automobiles Manufacturing (**5.95%**)* |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 09/08/2023 | 1500000 | 1444000 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/10/2025 | 2000000 | 1812800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/13/2025 | 6465000 | 5876846 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/02/2023 | 2250000 | 2241038 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/07/2025 | $2000000 | $1891426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 10/10/2025 | 7000000 | 6945165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/07/2025<sup>(b)</sup> | 2000000 | 1951707 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 06/14/2024<sup>(d)</sup> | 4000000 | 3675843 |
| &nbsp;&nbsp;&nbsp;Kia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 04/16/2024<sup>(d)</sup> | 2850000 | 2663155 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.04%, 09/15/2023<sup>(d)</sup> | 4685000 | 4525652 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.52%, 09/17/2025<sup>(d)</sup> | 4000000 | 3550801 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/23/2022<sup>(d)</sup> | 1500000 | 1495792 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/22/2023<sup>(d)</sup> | 2500000 | 2380436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/07/2024<sup>(b)(d)</sup> | 5000000 | 4984971 |
| **Total *Automobiles Manufacturing*** |  | 45439632 |
| *Banks (**4.53%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/16/2026<sup>(b)(d)</sup> | 4000000 | 3861065 |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2025<sup>(b)</sup> | 4810000 | 4846346 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/12/2024<sup>(d)</sup> | 250000 | 246440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.03%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/08/2023<sup>(b)(d)</sup> | 1000000 | 994028 |
| &nbsp;&nbsp;&nbsp;Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 02/06/2023 | 2110000 | 2099818 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/27/2025<sup>(b)</sup> | 2000000 | 2003344 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 05/26/2023 | 500000 | 494659 |
| &nbsp;&nbsp;&nbsp;First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/19/2024<sup>(b)</sup> | 5963000 | 5873918 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/24/2023 | 200000 | 197781 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/23/2025<sup>(b)</sup> | 1000000 | 970121 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.55%, 05/11/2024<sup>(b)</sup> | 2000000 | 1939695 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.40%, 11/15/2024<sup>(b)</sup> | 3000000 | 2843991 |
| &nbsp;&nbsp;&nbsp;NatWest Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.80%, 08/12/2024<sup>(d)</sup> | 1000000 | 913906 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/11/2025 | 3450000 | 3362171 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/09/2025<sup>(b)</sup> | 2000000 | 1957555 |

---

*See Notes to Financial Statements.* 

20 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.83%, 12/04/2023<sup>(d)</sup> | $1775000 | $1768580 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2023 | 300000 | 297719 |
| **Total *Banks*** |  | 34671137 |
| *Biotechnology (**0.13%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.24%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/2024<sup>(b)(d)</sup> | 1000000 | 993526 |
| *Cable & Satellite (**0.59%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC / Charter Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3M US L + 1.65%, 02/01/2024<sup>(b)</sup> | 3530000 | 3553806 |
| &nbsp;&nbsp;&nbsp;Comcast Corp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/07/2025 | 1000000 | 999700 |
| **Total *Cable & Satellite*** |  | 4553506 |
| *Casinos & Gaming (**0.37%**)* |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2025 | 2843000 | 2810490 |
| *Chemicals (**2.82%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2025<sup>(d)</sup> | 3826000 | 3749901 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 07/05/2024 | 6500000 | 6388758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 03/15/2025 | 2000000 | 1945949 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.23%, 10/01/2025<sup>(d)</sup> | 2000000 | 1733335 |
| &nbsp;&nbsp;&nbsp;LG Chem, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/14/2025<sup>(d)</sup> | 1500000 | 1450723 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/08/2024 | 3000000 | 2944537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/08/2025 | 3000000 | 2920427 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 08/15/2024 | 500000 | 464061 |
| **Total *Chemicals*** |  | 21597691 |
| *Commercial Finance (**2.17%**)* |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2025 | 9600000 | 9456252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.68%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/29/2023<sup>(b)</sup> | 2000000 | 1957555 |
| Park Aerospace Holdings, Ltd. |  |  |
| 4.50%, 03/15/2023<sup>(d)</sup> | 5135000 | 5111636 |
| **Total *Commercial Finance*** |  | 16525443 |
| *Construction Materials Manufacturing (**0.96%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 09/01/2023 | 1000000 | 962557 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 07/15/2023 | 6540000 | 6326887 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **Total *Construction Materials Manufacturing*** | **Total *Construction Materials Manufacturing*** | 7289444 |
| *Consumer Finance (**2.15%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 10/02/2023 | $4730000 | $4536804 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/04/2025 | 3000000 | 2787065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/03/2024 | 3000000 | 2910712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 0.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/03/2023<sup>(b)</sup> | 2000000 | 1985931 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 05/11/2023 | 400000 | 394734 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 03/01/2023 | 2000000 | 1968960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 03/01/2024 | 2000000 | 1881321 |
| **Total *Consumer Finance*** |  | 16465527 |
| *Consumer Products (**0.55%**)* |  |  |
| &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/24/2025<sup>(d)</sup> | 4000000 | 3769176 |
| &nbsp;&nbsp;&nbsp;Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 08/12/2024 | 500000 | 465340 |
| **Total *Consumer Products*** |  | 4234516 |
| *Consumer Services (**0.06%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. No 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/01/2025 | 500000 | 482404 |
| *Containers & Packaging (**0.17%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2023<sup>(d)</sup> | 1308000 | 1302884 |
| *Department Stores (**0.62%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series WI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/08/2024 | 5000000 | 4698850 |
| *Design, Manufacturing & Distribution (**0.36%**)* |  |  |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 08/09/2024 | 3000000 | 2774519 |
| *Diversified Banks (**5.71%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.45%, 06/30/2024<sup>(b)</sup> | 1000000 | 960360 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/06/2025<sup>(b)</sup> | 1000000 | 911286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.69%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/22/2025<sup>(b)</sup> | 4000000 | 3933654 |
| &nbsp;&nbsp;&nbsp;&nbsp;3M BSBY + 0.43%, 05/28/2024<sup>(b)</sup> | 3000000 | 2954910 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 04/11/2025 | 3000000 | 2860352 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.80%, 12/10/2024<sup>(b)</sup> | 3000000 | 2809518 |

---

*See Notes to Financial Statements.* 

21 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value**<br> **(Note 2)** |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.669%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/2025<sup>(b)</sup> | $3000000 | $2770557 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.534%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/17/2024<sup>(b)</sup> | 2000000 | 1896827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/22/2024<sup>(b)</sup> | 5000000 | 4827928 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.535%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2025<sup>(b)</sup> | 2000000 | 1958366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.46%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2024<sup>(b)</sup> | 6000000 | 5858932 |
| &nbsp;&nbsp;&nbsp;Series FRN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/23/2025<sup>(b)</sup> | 2000000 | 1955900 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.70%, 07/18/2025<sup>(b)</sup> | 3000000 | 2943910 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% - 1D US SOFR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/08/2024<sup>(b)</sup> | 1000000 | 955530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% - 1D US SOFR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/10/2024<sup>(b)</sup> | 1000000 | 967039 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.15%, 05/22/2024<sup>(b)</sup> | 1000000 | 973030 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.93%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/23/2025<sup>(b)(d)</sup> | 4000000 | 3851512 |
| **Total *Diversified Banks*** |  | 43389611 |
| *Electrical Equipment Manufacturing (**0.13%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Siemens Financieringsmaatschappij |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.40%, 03/11/2023<sup>(d)</sup> | 1000000 | 984305 |
| *Entertainment Resources (**0.26%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/15/2025<sup>(d)</sup> | 2000000 | 1994420 |
| *Exploration & Production (**0.13%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 05/15/2023 | 1000000 | 975860 |
| *Financial Services (**8.33%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series J |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2024<sup>(b)</sup> | 5000000 | 4918197 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.044%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/05/2026<sup>(b)(d)</sup> | 7534000 | 6353411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.34%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2026<sup>(b)(d)</sup> | 3000000 | 2792899 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series VAR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.538%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/2023<sup>(b)</sup> | $1865000 | $1860232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52%, 03/08/2023 | 2000000 | 1968582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/01/2024 | 3800000 | 3801210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.49%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/21/2024<sup>(b)</sup> | 3000000 | 2936328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/2024<sup>(b)</sup> | 2500000 | 2453898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.62%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/06/2023<sup>(b)</sup> | 3000000 | 2977497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/24/2025<sup>(b)</sup> | 3000000 | 2949742 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2022 | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.525%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/30/2025<sup>(b)</sup> | 3000000 | 2749791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.625%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/24/2025<sup>(b)</sup> | 5000000 | 4909131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series GMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.509%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/22/2025<sup>(b)</sup> | 5000000 | 4668813 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 12/21/2022 | 2000000 | 1988423 |
| &nbsp;&nbsp;&nbsp;National Securities Clearing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.40%, 12/07/2023<sup>(d)</sup> | 1980000 | 1885118 |
| &nbsp;&nbsp;&nbsp;UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.32%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2023<sup>(b)(d)</sup> | 1000000 | 997912 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/30/2024<sup>(b)(d)</sup> | 1000000 | 962575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/12/2026<sup>(b)(d)</sup> | 2000000 | 1900100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/05/2025<sup>(b)(d)</sup> | 5000000 | 4832202 |
| &nbsp;&nbsp;&nbsp;USAA Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.50%, 05/01/2024<sup>(d)</sup> | 2000000 | 1871112 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/01/2023<sup>(d)</sup> | 500000 | 491404 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/01/2025<sup>(d)</sup> | 3000000 | 2879596 |
| **Total *Financial Services*** |  | 63648173 |
| *Food & Beverage (**2.66%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/10/2025<sup>(d)</sup> | 1000000 | 992187 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 08/11/2023 | 2000000 | 1924449 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/09/2024 | 3000000 | 2936313 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 06/03/2024 | 2000000 | 1868728 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.80%, 09/24/2024<sup>(d)</sup> | 1000000 | 907610 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 03/15/2024 | 1000000 | 942394 |

---

*See Notes to Financial Statements.* 

22 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;Mondelez International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2025<sup>(d)</sup> | $3000000 | $2918018 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 03/17/2024 | 3000000 | 2876742 |
| &nbsp;&nbsp;&nbsp;Nestle Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/12/2025<sup>(d)</sup> | 5000000 | 4907578 |
| **Total *Food & Beverage*** |  | 20274019 |
| *Forest & Paper Products Manufacturing (**0.21%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 05/15/2024<sup>(d)</sup> | 1750000 | 1631003 |
| *Hardware (**0.75%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 04/01/2023 | 3000000 | 2946696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 04/01/2024 | 3000000 | 2806676 |
| **Total *Hardware*** |  | 5753372 |
| *Health Care Facilities & Services (**0.36%**)* |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%, 03/15/2023 | 885000 | 870971 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61%, 03/15/2024 | 2000000 | 1882634 |
| **Total *Health Care Facilities & Services*** |  | 2753605 |
| *Industrial Other (**1.02%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/01/2024 | 5000000 | 4999711 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/15/2024 | 1000000 | 972944 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 10/01/2024 | 2000000 | 1823677 |
| **Total *Industrial Other*** |  | 7796332 |
| *Leisure Products Manufacturing (**0.50%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 08/18/2024 | 2000000 | 1831104 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 03/15/2023 | 2000000 | 1978678 |
| **Total *Leisure Products Manufacturing*** |  | 3809782 |
| *Life Insurance (**0.12%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Security Benefit Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/17/2024<sup>(d)</sup> | 1000000 | 929924 |
| *Managed Care (**0.63%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 08/03/2023 | 5014000 | 4844371 |
| *Mass Merchants (**0.26%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/20/2024 | 2000000 | 1965435 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| *Medical Equipment & Devices Manufacturing (**1.90%**)* | *Medical Equipment & Devices Manufacturing (**1.90%**)* | |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 0.26%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/2023<sup>(b)</sup> | $2000000 | $1982586 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 03/23/2023 | 2000000 | 1963123 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 09/15/2023 | 2000000 | 1922519 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 10/18/2023 | 5000000 | 4799080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 0.53%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/18/2024<sup>(b)</sup> | 2000000 | 1979115 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 11/22/2024 | 2000000 | 1845395 |
| **Total *Medical Equipment & Devices Manufacturing*** |  | 14491818 |
| *Metals & Mining (**0.71%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2026 | 5592000 | 5393655 |
| *Pharmaceuticals (**0.17%**)* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/21/2022 | 1286000 | 1284286 |
| *Pipeline (**4.35%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 07/01/2023 | 10040000 | 9935433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2024 | 750000 | 715162 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 01/15/2023 | 1500000 | 1495312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2024 | 900000 | 884374 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/15/2023<sup>(d)</sup> | 2315000 | 2240941 |
| &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2024<sup>(d)</sup> | 8184000 | 7877679 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resources Partners Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 | 5786000 | 5755479 |
| &nbsp;&nbsp;&nbsp;TransCanada PipeLines, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/12/2024 | 1500000 | 1377675 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3M US L + 1.10%, 01/13/2023<sup>(b)</sup> | 2935000 | 2920412 |
| **Total *Pipeline*** |  | 33202467 |
| *Power Generation (**1.28%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.84%, 11/15/2023<sup>(d)</sup> | 4877000 | 4580905 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/02/2025<sup>(d)</sup> | 500000 | 440819 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2024<sup>(d)</sup> | 5000000 | 4872550 |
| **Total *Power Generation*** |  | 9894274 |

---

*See Notes to Financial Statements.* 

23 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| *Publishing & Broadcasting (**0.19%**)* | | |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(d)</sup> | $1500000 | $1419488 |
| *Railroad (**0.12%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 12/02/2024 | 1000000 | 923342 |
| *Real Estate (**2.28%**)* |  |  |
| &nbsp;&nbsp;&nbsp;GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2023 | 1770000 | 1752265 |
| &nbsp;&nbsp;&nbsp;Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/2024<sup>(b)</sup> | 2000000 | 1983805 |
| &nbsp;&nbsp;&nbsp;Realogy Group LLC / Realogy Co.- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2023<sup>(d)</sup> | 1700000 | 1698810 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2025 | 10500000 | 9987763 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/01/2024<sup>(d)</sup> | 2000000 | 1976620 |
| **Total *Real Estate*** |  | 17399263 |
| *Refining & Marketing (**0.43%**)* |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 10/01/2023 | 3434000 | 3312331 |
| *Restaurants (**0.13%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.42%, 02/14/2024<sup>(b)</sup> | 1000000 | 996019 |
| *Retail - Consumer Discretionary (**0.12%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/01/2025 | 1000000 | 922751 |
| *Semiconductors (**0.90%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/2024<sup>(b)</sup> | 2000000 | 1968799 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/22/2023 | 2000000 | 1985655 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 02/15/2024 | 1000000 | 941073 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 06/01/2023 | 2000000 | 1943000 |
| **Total *Semiconductors*** |  | 6838527 |
| *Software & Services (**0.38%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 07/15/2023 | 1000000 | 970475 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%, 08/15/2023 | 2000000 | 1925906 |
| **Total *Software & Services*** |  | 2896381 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| *Supermarkets & Pharmacies (**0.48%**)* | | |
| &nbsp;&nbsp;&nbsp;7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/10/2023<sup>(d)</sup> | $500000 | $493911 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.80%, 02/10/2024<sup>(d)</sup> | 3350000 | 3160150 |
| **Total *Supermarkets & Pharmacies*** |  | 3654061 |
| *Transportation & Logistics (**0.25%**)* |  |  |
| &nbsp;&nbsp;&nbsp;PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35%, 08/11/2023 | 1000000 | 966206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 06/08/2023 | 1000000 | 977035 |
| **Total *Transportation & Logistics*** |  | 1943241 |
| *Utilities (**4.86%**)* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 03/15/2024 | 3000000 | 2864906 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 03/09/2023 | 2550000 | 2513412 |
| &nbsp;&nbsp;&nbsp;&nbsp;3M US L + 0.38%, 03/09/2023<sup>(b)</sup> | 1795000 | 1790900 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%, 08/23/2024 | 3000000 | 2770537 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%, 03/02/2023 | 2707000 | 2669652 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.22%, 11/01/2024<sup>(c)</sup> | 2000000 | 1953734 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 03/01/2023 | 5000000 | 4930582 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 03/11/2023 | 750000 | 738977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 03/11/2024 | 3850000 | 3643369 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/16/2024 | 4000000 | 3867141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFRINDX + 1.15%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/14/2022<sup>(b)</sup> | 3497000 | 3494565 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/01/2024<sup>(c)</sup> | 3000000 | 2951316 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 03/15/2024 | 3000000 | 2820749 |
| **Total *Utilities*** |  | 37009840 |
| *Waste & Environment Services & Equipment (**0.29%**)* |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2026<sup>(d)</sup> | 2340000 | 2231050 |
| *Wireless Telecommunications Services (**0.55%**)* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%, 03/25/2024 | 2000000 | 1889060 |
| &nbsp;&nbsp;&nbsp;Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2023 | 2239000 | 2278727 |
| **Total *Wireless Telecommunications Services*** |  | 4167787 |
| *Wireline Telecommunications Services (**0.26%**)* |  |  |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.37%, 03/03/2023<sup>(d)</sup> | 2000000 | 1970778 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $512,789,094)** |  | 493062859 |

---

 

*See Notes to Financial Statements.* 

24 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **GOVERNMENT BONDS (33.03%)** | | |
| *U.S. Treasury Bonds (**33.03%**)* | | |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/31/2024 | $8986000 | $8576540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2025 | 9286000 | 8634166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/29/2024 | 21082000 | 20241191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2025 | 19831000 | 18632619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/31/2024 | 11209000 | 10842518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/30/2024 | 20931000 | 20288353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/31/2024 | 20702000 | 20034441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/2025 | 14440000 | 13829120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2025 | 15576000 | 14939574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/30/2024 | 14556000 | 14178454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/31/2024 | 21763000 | 21185345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/15/2025 | 13617000 | 13116735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2025 | 7518000 | 7259569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/31/2024 | 23195000 | 22668583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2025 | 3874000 | 3776847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/2024 | 34157000 | 33986216 |
| **Total *U.S. Treasury Bonds*** |  | 252190271 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $259,273,120)** |  | 252190271 |
| **MUNICIPAL BONDS (0.01%)** |  |  |
| &nbsp;&nbsp;&nbsp;City of San Francisco CA Public |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities Commission Water |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 11/01/2022 | 100000 | 100000 |
| **TOTAL MUNICIPAL BONDS** |  |  |
| **(Cost $100,000)** |  | 100000 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day**<br> **Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (0.06%)** | | | |
| ***Money Market Fund (0.06%)*** | | | |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Liquidity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds - Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio | 2.89% | 461529 | $461529 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $461,529)** |  |  | 461529 |
| **TOTAL INVESTMENTS (99.52%)** |  |  |  |
| **(Cost $787,347,956)** |  |  | $759837672 |
| **Other Assets In Excess Of Liabilities (0.48%)** |  |  | 3689903 |
| **NET ASSETS (100.00%)** |  |  | $763527575 |

---

**Investment Abbreviations:** 

BSBY - Bloomberg Short-Term Bank Yield

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

**Reference Rates:** 

1M US L - 1 Month LIBOR as of October 31, 2022 was 3.80%

3M US L - 3 Month LIBOR as of October 31, 2022 was 4.46%

1D US SOFR - 1 Day SOFR as of October 31, 2022 was 3.05%

3M BSBY - 3 Month BSBY as of October 31, 2022 was 4.28%

1Y US TI - 1 Year US TI as of October 31, 2022 was 4.66%

10Y US TI - 10 Year US TI as of October 31, 2022 was 4.10%

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Issued with zero coupon.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2022.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate fair value of those securities was $132,168,840, representing 17.31% of net assets.* 

 

*See Notes to Financial Statements.* 

25 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund | ALPS \| Smith Total Return Bond Fund |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (9.70%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (9.70%)** | |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1993-31, Class PN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 09/25/2023 | $39024 | $39037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-22, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.825%, 03/25/2027<sup>(a)</sup> | 315 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-76, Class FO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/17/2027<sup>(a)</sup> | 13143 | 13116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-58, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/18/2029<sup>(a)</sup> | 39629 | 39264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-40, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2030<sup>(a)</sup> | 15282 | 15184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-45, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2030<sup>(a)</sup> | 13691 | 13572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-27, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2031<sup>(a)</sup> | 10771 | 10523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-29, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/25/2031 | 61176 | 62974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-51, Class OD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/25/2031 | 17099 | 17148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-52, Class XZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 10/25/2031 | 22752 | 23552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-59, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2031<sup>(a)</sup> | 100552 | 100079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-60, Class OF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2031<sup>(a)</sup> | 11776 | 11851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-63, Class TC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/2031 | 19999 | 20057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-63, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/18/2031<sup>(a)</sup> | 12572 | 12525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-68, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/2031 | 15662 | 15853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-71, Class FS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2031<sup>(a)</sup> | 58577 | 58311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-71, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2031<sup>(a)</sup> | 71628 | 71427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-81, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/2032 | 13801 | 14056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-11, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.73%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2032<sup>(a)</sup> | 43198 | 43168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-12, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.05%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2032<sup>(a)</sup> | 48760 | 49149 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value**<br> **(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-13, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2032<sup>(a)</sup> | $49230 | $49431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-16, Class TM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/25/2032 | 12554 | 13111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-17, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2032<sup>(a)</sup> | 27359 | 27542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-18, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2032<sup>(a)</sup> | 45276 | 45355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-23, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2032<sup>(a)</sup> | 40802 | 41008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-34, Class EO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 05/18/2032<sup>(b)</sup> | 39850 | 36637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-36, Class FS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2032<sup>(a)</sup> | 27502 | 27455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-44, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2032<sup>(a)</sup> | 70227 | 70817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-47, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2031<sup>(a)</sup> | 13762 | 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-48, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2032<sup>(a)</sup> | 43212 | 43575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-49, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/18/2031<sup>(a)</sup> | 38828 | 39142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-60, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2032<sup>(a)</sup> | 101553 | 102258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-63, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/25/2032 | 6595 | 6743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-64, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/25/2032 | 55828 | 56244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-68, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2032<sup>(a)</sup> | 19038 | 19198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-7, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2032<sup>(a)</sup> | 58014 | 58021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-71, Class AQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/25/2032 | 39401 | 38318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-8, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/18/2032<sup>(a)</sup> | 17165 | 17168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-80, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/25/2032 | 98219 | 92594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-9, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2032<sup>(a)</sup> | 13715 | 13468 |

---

*See Notes to Financial Statements.* 

26 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund | ALPS \| Smith Total Return Bond Fund |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-91, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2033<sup>(a)</sup> | $20568 | $20404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-107, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2033<sup>(a)</sup> | 12851 | 12728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-110, Class CK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2033 | 24624 | 23114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-116, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2033<sup>(a)</sup> | 27897 | 27587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-119, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2033<sup>(a)</sup> | 42158 | 41761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-119, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2033 | 63854 | 60082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-128, Class MF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2034<sup>(a)</sup> | 53551 | 53270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-131, Class CH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2034 | 77231 | 77097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-134, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2032<sup>(a)</sup> | 30551 | 30395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-14, Class AN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2033 | 48814 | 47878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-14, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2033 | 73222 | 71988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-19, Class MB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/25/2031 | 36441 | 35056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-21, Class OG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/25/2033 | 27982 | 27303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-22, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/2033 | 24932 | 25396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-27, Class EK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/2033 | 28729 | 28724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-30, Class JQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2033 | 29924 | 29893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-32, Class UJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/25/2033 | 44043 | 43900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-41, Class OB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/25/2033 | 100571 | 94413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-41, Class OZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/25/2033 | 129707 | 115922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-42, Class JH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/25/2033 | 71296 | 69937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-46, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2033 | 33851 | 34005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-47, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/25/2033 | 45662 | 45833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-64, Class JK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/25/2033 | 51004 | 47542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-64, Class ZC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/25/2033 | 31044 | 30669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-71, Class HD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2033 | 149889 | 149668 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-76, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/25/2033 | $145034 | $143276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-94, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/2033 | 9392 | 9317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-101, Class TB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/25/2035 | 124032 | 124320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-14, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/25/2034 | 171422 | 170934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-17, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2034 | 22097 | 22135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-17, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/25/2034 | 118388 | 121398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-26, Class CG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2033 | 3070 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-36, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/25/2034 | 101218 | 99225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-36, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2034<sup>(a)</sup> | 28739 | 28421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-53, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2034<sup>(a)</sup> | 194555 | 192024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-54, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2034<sup>(a)</sup> | 136951 | 135771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-60, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2034 | 108000 | 107184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-68, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/25/2029 | 40850 | 40453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-77, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/25/2034 | 17941 | 17566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-82, Class HK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/2034 | 51751 | 52079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-92, Class TB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2034 | 87665 | 88404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-110, Class MP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2035 | 21356 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-120, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2036<sup>(a)</sup> | 24008 | 23766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-122, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/25/2036 | 276847 | 280502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-17, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/2035 | 154781 | 145357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-17, Class EX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/25/2035 | 25000 | 24647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-29, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 67875 | 69879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class CH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/25/2035 | 77032 | 77413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-35, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/2035 | 142978 | 142005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-48, Class TD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2035 | 132921 | 134062 |

---

*See Notes to Financial Statements.* 

27 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund | ALPS \| Smith Total Return Bond Fund |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-59, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2035<sup>(a)</sup> | $531 | $531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-62, Class ZD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2035 | 118734 | 117285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-62, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/25/2035 | 1093 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-62, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/25/2035 | 443141 | 448588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-62, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2035 | 10061 | 10034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-64, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/2035 | 84706 | 85074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-68, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2035 | 31607 | 31754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-68, Class BE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/25/2035 | 93646 | 92615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-68, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2035 | 330401 | 328349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-69, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/25/2035 | 31948 | 30944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-7, Class MZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/25/2035 | 48118 | 47218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-70, Class KP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2035 | 56474 | 55834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-70, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/25/2035 | 13112 | 13226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-72, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2035<sup>(a)</sup> | 15687 | 15506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-79, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2035 | 81177 | 81223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-83, Class QP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.394% - 1M US L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2034<sup>(a)</sup> | 123764 | 119722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-84, Class XM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 10/25/2035 | 75894 | 76298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-89, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2035<sup>(a)</sup> | 22714 | 22377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-99, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2035<sup>(a)</sup> | 28224 | 28095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-99, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2035 | 113858 | 118087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-112, Class QC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/25/2036 | 20991 | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-114, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/25/2036 | 94647 | 95283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-115, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.36%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2036<sup>(a)</sup> | 16751 | 16453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-16, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2036 | 257392 | 255784 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-39, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2036<sup>(a)</sup> | $16280 | $16055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-46, Class UD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2036 | 33000 | 33082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-48, Class TF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2036<sup>(a)</sup> | 40396 | 39762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-48, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2036 | 157670 | 165445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-56, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2036<sup>(a)</sup> | 12725 | 12537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-63, Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/2036 | 31475 | 31739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-70, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2036<sup>(a)</sup> | 89942 | 88447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-71, Class ZH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/25/2036 | 43214 | 44291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-95, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2036<sup>(a)</sup> | 28476 | 28079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-100, Class YF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2037<sup>(a)</sup> | 15958 | 15791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-109, Class GF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.68%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2037<sup>(a)</sup> | 49674 | 49439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-111, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2037<sup>(a)</sup> | 34517 | 34329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-117, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2038<sup>(a)</sup> | 51911 | 51737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-12, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/2037 | 427367 | 430076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-12, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/2037 | 154943 | 149190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-14, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2037 | 168870 | 169306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-18, Class MZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 03/25/2037 | 153649 | 152444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-22, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.42%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2037<sup>(a)</sup> | 73001 | 71690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-26, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2037 | 279450 | 278191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-30, Class MB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/25/2037 | 68175 | 67070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-33, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2037 | 41358 | 41434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-34, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.39%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2037<sup>(a)</sup> | 25160 | 24716 |

---

*See Notes to Financial Statements.* 

28 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-41, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2037<sup>(a)</sup> | $11524 | $11338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-5, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/25/2037 | 89031 | 88382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-51, Class CP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2037 | 27402 | 27569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-51, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2037 | 32000 | 31208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-55, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2047 | 336231 | 342412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-57, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2037<sup>(a)</sup> | 25397 | 24950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-6, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.42%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2037<sup>(a)</sup> | 40718 | 40013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-63, Class VZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/2037 | 194113 | 194666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-63, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2037<sup>(a)</sup> | 24097 | 23617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-65, Class ZE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/25/2037 | 102120 | 101474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-65, Class KF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.38%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2037<sup>(a)</sup> | 50879 | 49933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-70, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/2037<sup>(a)</sup> | 27457 | 26943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-77, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/2037 | 373302 | 367309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-85, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.54%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2037<sup>(a)</sup> | 31682 | 31338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-85, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.54%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2037<sup>(a)</sup> | 116643 | 115702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-86, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2037<sup>(a)</sup> | 32088 | 31704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-9, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2037<sup>(a)</sup> | 30541 | 29929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-18, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2038<sup>(a)</sup> | 214287 | 215025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-24, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/25/2038 | 153997 | 153337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-25, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2038<sup>(a)</sup> | 44668 | 44930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-27, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2038 | 725676 | 734313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-46, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/25/2038 | 11731 | 11551 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-66, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2038<sup>(a)</sup> | $25014 | $25161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-86, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2038<sup>(a)</sup> | 186875 | 184173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-10, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/2024 | 10349 | 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-103, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2039<sup>(a)</sup> | 42538 | 42467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-104, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2039<sup>(a)</sup> | 42387 | 42120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-11, Class MP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/25/2049 | 106651 | 109166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-110, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2040<sup>(a)</sup> | 106013 | 106023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-111, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/2038 | 133000 | 125826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-36, Class MX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2039 | 58000 | 58403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-39, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2039 | 2116608 | 2172630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-47, Class BN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/2039 | 38293 | 37170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-62, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.581%, 08/25/2039<sup>(a)</sup> | 147657 | 148289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-68, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2039<sup>(a)</sup> | 52894 | 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-70, Class CO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 01/25/2037<sup>(b)</sup> | 79156 | 66763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-70, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2039<sup>(a)</sup> | 28238 | 28269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-86, Class OT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 10/25/2037<sup>(b)</sup> | 35527 | 28352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-87, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2039<sup>(a)</sup> | 77918 | 77950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-90, Class UZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2039 | 627560 | 592975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-1, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.218%, 02/25/2040<sup>(a)</sup> | 19611 | 20054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-1, Class EL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2040 | 286537 | 262112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-102, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2050 | 61269 | 57573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-103, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/25/2040 | 210713 | 202675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-103, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/25/2040 | 35901 | 34652 |

---

 

*See Notes to Financial Statements.* 

29 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-111, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2040<sup>(a)</sup> | $52260 | $51619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-118, Class GF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2039<sup>(a)</sup> | 32554 | 32537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-118, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 10/25/2040 | 35674 | 34368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-122, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/25/2040 | 17259 | 17583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-123, Class KU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2040 | 163486 | 162867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-123, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.43%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2040<sup>(a)</sup> | 21345 | 21088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-129, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2040 | 33086 | 29638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-130, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/25/2040 | 1351211 | 1236918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-137, Class XP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/25/2040 | 9540 | 9473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2040<sup>(a)</sup> | 43417 | 43313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2040 | 665862 | 611710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2040 | 90000 | 83633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2040<sup>(a)</sup> | 52220 | 51455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-141, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2040 | 55030 | 51823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-142, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2040<sup>(a)</sup> | 17481 | 17210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-154, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2040 | 341147 | 320062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-158, Class KF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2040<sup>(a)</sup> | 314 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-16, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/2040 | 71000 | 71363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-19, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/25/2040 | 326263 | 323449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-33, Class KN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/25/2040 | 47811 | 46511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-37, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/2040 | 38882 | 38657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-38, Class KD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/25/2039 | 1767 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-39, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2037<sup>(a)</sup> | 40177 | 39793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-45, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/25/2040 | 180000 | 170912 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-54, Class LX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2040 | $272000 | $272216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-57, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/2040 | 43489 | 42708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-58, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.73%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2040<sup>(a)</sup> | 51372 | 51223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-64, Class DM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2040 | 45407 | 45383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-67, Class BD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/25/2040 | 560219 | 539918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-68, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/2040 | 85000 | 77520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-82, Class WZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/25/2040 | 368538 | 366211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-9, Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/25/2040 | 1121951 | 1118767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-104, Class KH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2039 | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-114, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/25/2041 | 174253 | 163760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-121, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 117182 | 113439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-130, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/25/2041 | 39935 | 37377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-132, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 25094 | 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-145, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/25/2041 | 9161 | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-15, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.51%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2041<sup>(a)</sup> | 24135 | 23831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-17, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2041 | 8601 | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-26, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/25/2041 | 111673 | 109358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-27, Class ZD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/25/2040 | 162927 | 138382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.68%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2041<sup>(a)</sup> | 164949 | 162971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-30, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/2041 | 591221 | 574443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-43, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2031 | 22635 | 21524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-45, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/25/2031 | 21034 | 20057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-47, Class GF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.57%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/25/2041<sup>(a)</sup> | 122771 | 121827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-5, Class PO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 09/25/2040<sup>(b)</sup> | 9808 | 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-55, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/2041 | 219333 | 204811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-74, Class UB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/25/2040 | 143128 | 131952 |

---

*See Notes to Financial Statements.* 

30 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-75, Class HP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2040 | $6860 | $6790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-86, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2040<sup>(a)</sup> | 30247 | 30041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-86, Class NF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2041<sup>(a)</sup> | 44308 | 43900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-93, Class ST, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2041 | 21401 | 20536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-93, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/25/2039 | 25934 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-100, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 146426 | 129442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-103, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 109000 | 90097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-106, Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2042 | 60587 | 54608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-108, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 374668 | 329787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-110, Class JB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/25/2042 | 204000 | 147964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-111, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 10/25/2042 | 89276 | 92971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-112, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2042 | 130282 | 116883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-115, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/25/2042 | 225000 | 171824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-120, Class AH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2032 | 35395 | 33924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-125, Class GY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2042 | 269000 | 197656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-128, Class NP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2042 | 8144 | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-129, Class HT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2032 | 37096 | 31989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-13, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2042 | 442978 | 412572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-131, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2042<sup>(a)</sup> | 13106 | 12812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-137, Class CF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2041<sup>(a)</sup> | 19465 | 19290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-139, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2042 | 235000 | 159560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-139, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/25/2042 | 210538 | 139404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-14, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2040<sup>(a)</sup> | 5242 | 5227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-149, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2043 | 144000 | 134059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-149, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2041 | 57363 | 54134 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-149, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/25/2043 | $32765 | $29602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-151, Class NX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/25/2043 | 398794 | 327926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-151, Class WC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2043 | 138000 | 95939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-152, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/25/2043 | 55000 | 51772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-17, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2041 | 199730 | 181171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-20, Class TD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2042 | 50059 | 49541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-26, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 134024 | 122998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-27, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2042 | 150407 | 106263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-33, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2042<sup>(a)</sup> | 32827 | 32347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-37, Class BF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/25/2035<sup>(a)</sup> | 56344 | 55433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-46, Class CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2041 | 105655 | 101968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-46, Class YB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 62581 | 50100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-47, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2027<sup>(a)</sup> | 88210 | 88061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-49, Class TG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2041 | 70015 | 66943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-50, Class HC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/25/2042 | 34827 | 31275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-51, Class ZX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 1946306 | 1399582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-51, Class HJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 364384 | 300813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-53, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2041 | 74452 | 71681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-56, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2042 | 68811 | 61468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-56, Class UB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/25/2042 | 416000 | 365691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-64, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2041 | 48079 | 46973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-69, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2042 | 152148 | 144894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-70, Class WC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2042 | 172000 | 132010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-80, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2042 | 419264 | 369873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-82, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2042 | 28387 | 25656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-83, Class LD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2041 | 20229 | 19966 |

---

*See Notes to Financial Statements.* 

31 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-83, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2042 | $50000 | $42030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-90, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2042 | 89620 | 83489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-90, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2042 | 89620 | 82436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-93, Class TL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2042 | 178000 | 143857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-98, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/25/2042 | 643173 | 708891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-100, Class DH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2031 | 26073 | 25665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-104, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/2043 | 50000 | 50365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-108, Class GU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2033 | 48854 | 45519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-114, Class LM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2042 | 235659 | 220365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-127, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/25/2039 | 17778 | 17614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-129, Class WL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2027 | 2155 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-130, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/25/2044<sup>(a)</sup> | 38980 | 38193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-136, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2042 | 182736 | 168385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-17, Class YM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/25/2033 | 15388 | 14874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-2, Class QF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2043<sup>(a)</sup> | 16962 | 16653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-35, Class CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2043 | 200000 | 177094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/25/2043 | 120000 | 84891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-40, Class KD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 04/25/2042 | 1057 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-52, Class GM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/25/2043 | 89000 | 87292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-53, Class CV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2030 | 110498 | 107633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-68, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2042 | 169834 | 163100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-68, Class LE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2043 | 86549 | 77085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-72, Class YA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/2033 | 2612 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-72, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2042<sup>(a)</sup> | 9881 | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2042 | 12810 | 12939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/25/2042 | 254162 | 266423 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-91, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2043 | $100000 | $83561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-20, Class AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2036 | 78463 | 76339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-21, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/25/2041 | 86720 | 80545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-23, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/25/2044 | 552738 | 490384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-26, Class YW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2044 | 50538 | 46781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-3, Class BM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/2043 | 50000 | 44030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-43, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2043 | 249037 | 201072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-49, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2044 | 101526 | 94331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-73, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2044<sup>(a)</sup> | 15008 | 14628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-80, Class DZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/25/2044 | 2956555 | 2521537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-81, Class GC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2038 | 36590 | 35136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-88, Class ER, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2036 | 32433 | 30462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-51, Class CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2044 | 133069 | 124039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-56, Class MH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/25/2045 | 1051558 | 930437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-14, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2046 | 307121 | 286907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-23, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2045 | 298685 | 226814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-27, Class HK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2041 | 319380 | 293434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-31, Class TM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/25/2045 | 260000 | 214486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-33, Class LE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2033 | 45810 | 42010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2046<sup>(a)</sup> | 84746 | 83619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-52, Class MZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2046 | 241190 | 168982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-55, Class EA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/25/2043 | 858409 | 691380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-75, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2046<sup>(a)</sup> | 41174 | 40551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-8, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2046 | 733000 | 661904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-83, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2046 | 109245 | 67865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-85, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2046 | 5543 | 4909 |

---

*See Notes to Financial Statements.* 

32 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-9, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/2045 | $203235 | $184560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-9, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2046 | 34554 | 31110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2045 | 115263 | 109800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2047<sup>(a)</sup> | 30278 | 29695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-107, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2045 | 15858 | 15680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-15, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2046 | 54121 | 50779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-19, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/25/2047 | 71862 | 64328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-22, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/2044 | 15227 | 14956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-24, Class H, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2043 | 140372 | 136005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class AH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/25/2053 | 15439 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-38, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2047 | 119222 | 106900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-40, Class GL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/25/2043 | 2139 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-46, Class P, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/2047 | 2933636 | 2589101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-56, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2045 | 104065 | 97070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-56, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2047 | 128765 | 101608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-63, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 08/25/2045 | 61631 | 61386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-68, Class HQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2046 | 122371 | 112230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-90, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/2047 | 99232 | 77024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-96, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/25/2054 | 144430 | 134291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-19, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/25/2046 | 80635 | 75902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2, Class HD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2047 | 30417 | 28738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-24, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/25/2045 | 25712 | 25296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-38, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/25/2047 | 17108 | 16222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-39, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2033<sup>(a)</sup> | 110706 | 108540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-41, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/25/2048 | 931641 | 756761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-43, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/2038<sup>(a)</sup> | 38314 | 37471 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-45, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/2048 | $41562 | $35726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/2047 | 48427 | 43479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-56, Class CH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2048 | 33850 | 30163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-60, Class KL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/25/2048 | 96000 | 84828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-67, Class DY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/25/2048 | 304029 | 262076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-83, Class LH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/25/2048 | 23236 | 21250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-9, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/25/2048 | 395045 | 346119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-94, Class KD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/25/2048 | 45326 | 41792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-94, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/25/2049 | 181747 | 148209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-10, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2049 | 88856 | 78895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13, Class MH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2049 | 316873 | 285529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-34, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/25/2049 | 111464 | 58815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-50, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/25/2049 | 170353 | 80955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-55, Class MQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/25/2049 | 665165 | 599082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-60, Class BF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;10/25/2049<sup>(a)</sup> | 12610 | 12250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-65, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2049 | 115159 | 99109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-81, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/25/2049 | 590992 | 480022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-10, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2050 | 280497 | 247651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-36, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2037 | 151809 | 134246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-47, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/25/2050 | 104773 | 58814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-73, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.878%, 11/25/2049<sup>(a)</sup> | 866902 | 634619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-12, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/25/2050 | 146933 | 108295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-17, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/25/2051 | 157699 | 63198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-47, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 07/25/2051 | 888509 | 677926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-47, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 07/25/2051 | 888509 | 691496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-59, Class H, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 06/25/2048 | 188630 | 155738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-69, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2049 | 343612 | 284725 |

---

*See Notes to Financial Statements.* 

33 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-72, Class NL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/25/2051 | $316302 | $185228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-80, Class KE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2051 | 289854 | 245262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-17, Class GV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/25/2052 | 3569000 | 2577332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4, Class CK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/25/2051 | 103750 | 55950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-43, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/2052 | 227379 | 214367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-43, Class AN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/25/2052 | 240932 | 207511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-64, Class GM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/25/2052 | 3161000 | 2857724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-68, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/25/2052 | 1404532 | 1364091 |
|  |  | 59564964 |
| Fannie Mae Grantor Trust |  |  |
| 2002-T12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-T12, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/25/2042 | 145632 | 145258 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1994-1665, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2024 | 1835 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1996-1863, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2026 | 3620 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-1935, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2027<sup>(a)</sup> | 11372 | 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-1980, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/15/2027 | 11053 | 11269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2034, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 02/15/2028 | 20515 | 21003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2035, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.950%, 03/15/2028 | 4547 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2053, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/15/2028 | 13298 | 13475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2060, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2028 | 7902 | 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2079, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/17/2028<sup>(a)</sup> | 1932 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2095, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2028 | 15558 | 15763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-2102, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/15/2028 | 45093 | 45709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2115, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2029<sup>(a)</sup> | 26465 | 26343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2126, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 02/15/2029 | 21415 | 21761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2137, Class TH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 03/15/2029 | 5195 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2154, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2029 | 168291 | 169991 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2000-2224, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 03/15/2030 | $6508 | $6928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2274, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2031 | 10186 | 10356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2279, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2031 | 10791 | 10865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2320, Class FI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2029<sup>(a)</sup> | 31028 | 30826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2322, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2030<sup>(a)</sup> | 26374 | 25716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2324, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/15/2031 | 126263 | 131097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2334, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2028 | 74337 | 75691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2341, Class FP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2031<sup>(a)</sup> | 26876 | 27006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2367, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.525%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;06/15/2031<sup>(a)</sup> | 27642 | 27438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2372, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2031<sup>(a)</sup> | 20533 | 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2388, Class FR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2031<sup>(a)</sup> | 23674 | 23587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2388, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2029<sup>(a)</sup> | 22875 | 22793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2391, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2031<sup>(a)</sup> | 9485 | 9422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2396, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2031<sup>(a)</sup> | 33283 | 33185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-2396, Class FN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2031<sup>(a)</sup> | 103367 | 103036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2411, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2032<sup>(a)</sup> | 21953 | 21873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2412, Class OF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2031<sup>(a)</sup> | 29969 | 30168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2417, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2031<sup>(a)</sup> | 9084 | 9033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2424, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 48908 | 48484 |

---

*See Notes to Financial Statements.* 

34 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2430, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 03/15/2032 | $8541 | $8875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2433, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2032<sup>(a)</sup> | 34352 | 34574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2460, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 66450 | 66892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2466, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 57744 | 57312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2470, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 71238 | 71405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2478, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2032<sup>(a)</sup> | 19858 | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2481, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 20129 | 20263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2488, Class FU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2032<sup>(a)</sup> | 68148 | 67820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2494, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.05%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2031<sup>(a)</sup> | 36722 | 37002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2495, Class ZB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2032 | 34371 | 33210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2510, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2032<sup>(a)</sup> | 17371 | 17179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2513, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2032<sup>(a)</sup> | 53080 | 50723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2516, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2032<sup>(a)</sup> | 50444 | 50805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2517, Class FR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2032<sup>(a)</sup> | 12631 | 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2524, Class DH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/15/2032 | 32739 | 32558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2525, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class NU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2032 | 79993 | 78812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2535, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class AW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2032 | 10645 | 10590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2538, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2032<sup>(a)</sup> | 145147 | 143599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2541, Class BL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2032 | 43478 | 43195 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2554, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2033 | $46610 | $46766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2557, Class HL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 01/15/2033 | 93755 | 94003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2557, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class NU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 03/15/2032 | 56703 | 56798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2557, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2033<sup>(a)</sup> | 37083 | 36623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2568, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2033 | 34137 | 34277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2571, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2032<sup>(a)</sup> | 22551 | 22551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2577, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2033<sup>(a)</sup> | 99799 | 98831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2587, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2033<sup>(a)</sup> | 40082 | 39669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2590, Class OZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2033 | 245300 | 235787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2590, Class QY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/15/2028 | 8047 | 7901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2614, Class FV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2033<sup>(a)</sup> | 218693 | 221493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2624, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class QH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 13040 | 13004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2626, Class ZX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 198112 | 175386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2627, Class CN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 37360 | 37301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2631, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/2033 | 148000 | 145293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2647, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/15/2032 | 62360 | 59460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2648, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/2033 | 261300 | 258691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2668, Class LH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2033 | 23586 | 23460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2707, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2032<sup>(a)</sup> | 39187 | 39070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2717, Class LH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2033 | 5992 | 6037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2725, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 12/15/2033 | 159000 | 154445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2750, Class TC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 02/15/2034 | 7097 | 7099 |

---

*See Notes to Financial Statements.* 

35 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2768, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class PW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 03/15/2034 | $143328 | $137018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2802, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class OH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/15/2034 | 21154 | 21497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2835, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/15/2034 | 37233 | 37521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2835, Class TB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2034 | 349148 | 333459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2893, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 | 243627 | 240932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2896, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/2034 | 83377 | 82429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-2901, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 38416 | 37990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2916, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2035 | 150000 | 149094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2927, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2035 | 20616 | 20558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2929, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | 26483 | 26197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2933, Class HD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2035 | 30104 | 30278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2942, Class ZN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2035 | 544628 | 535803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2953, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/15/2035 | 17782 | 17854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2962, Class KF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2035<sup>(a)</sup> | 15561 | 15373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2980, Class QA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/15/2035 | 38757 | 39314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2996, Class GX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/15/2035 | 72000 | 72597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3012, Class ZE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 08/15/2035 | 55532 | 56320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3028, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;09/15/2035<sup>(a)</sup> | 12265 | 12109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3028, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2035 | 58406 | 58536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3028, Class ZE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2035 | 843581 | 748059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3033, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2035 | 83008 | 83713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3036, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2035 | 96255 | 95286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3042, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/15/2035 | 151866 | 158684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3052, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/2035 | 23437 | 23606 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3059, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/2035 | $95025 | $92852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3062, Class DE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2035 | 135845 | 137024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3068, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2035 | 172096 | 175217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3070, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2035<sup>(a)</sup> | 18805 | 18621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3072, Class NF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2035<sup>(a)</sup> | 37603 | 37193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3085, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2035<sup>(a)</sup> | 44154 | 44226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3098, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2036 | 67728 | 67528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3122, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class OH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 03/15/2036<sup>(b)</sup> | 12112 | 10338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3123, Class HT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/2026 | 23146 | 22944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3136, Class KF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2036<sup>(a)</sup> | 21262 | 21045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3137, Class XP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2036 | 21438 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3143, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/15/2036 | 97552 | 98550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3145, Class FN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.43%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2036<sup>(a)</sup> | 12430 | 12250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3148, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2036 | 21914 | 22024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3153, Class UG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2036<sup>(a)</sup> | 23463 | 23176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3154, Class PN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2036 | 64159 | 64819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3201, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2036<sup>(a)</sup> | 101938 | 101154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3202, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2036<sup>(a)</sup> | 43344 | 42690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3203, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2036 | 205793 | 205119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3204, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2034 | 97225 | 96150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3206, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2036<sup>(a)</sup> | 48329 | 47571 |

---

*See Notes to Financial Statements.* 

36 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3236, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2036<sup>(a)</sup> | $12710 | $12458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3237, Class CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2036 | 172235 | 171917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3237, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/15/2036 | 59000 | 59820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3240, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.11%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2036<sup>(a)</sup> | 247397 | 249976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3249, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 12/15/2036 | 350636 | 333052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3262, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.27%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2037<sup>(a)</sup> | 56975 | 54973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3279, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.32%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2037<sup>(a)</sup> | 69891 | 68422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3284, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/2037 | 25707 | 24538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3301, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.42%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/2037<sup>(a)</sup> | 18862 | 18543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3311, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.34%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2037<sup>(a)</sup> | 111067 | 108877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3312, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/2037 | 17129 | 17166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3316, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2035<sup>(a)</sup> | 31311 | 30714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3349, Class HG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/15/2037 | 18499 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3361, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2036<sup>(a)</sup> | 71307 | 70017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3367, Class YF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2037<sup>(a)</sup> | 17862 | 17674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3368, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.72%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2037<sup>(a)</sup> | 65015 | 64838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3378, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2037<sup>(a)</sup> | 38314 | 38028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3380, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.59%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2037<sup>(a)</sup> | 60307 | 59033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3382, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2037<sup>(a)</sup> | 33458 | 33203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3382, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2037<sup>(a)</sup> | 77083 | 76832 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3387, Class PF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.42%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2037<sup>(a)</sup> | $27918 | $27497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3388, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2037<sup>(a)</sup> | 115188 | 114748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3404, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2038 | 122000 | 117089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3405, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2038 | 47164 | 46682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3409, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2038 | 163561 | 165044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3411, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2038<sup>(a)</sup> | 19821 | 19755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3415, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2035<sup>(a)</sup> | 91655 | 91321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3415, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2037 | 34865 | 34265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3415, Class TF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.74%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2035<sup>(a)</sup> | 45396 | 45320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3450, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2038 | 52699 | 51455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3469, Class CF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.79%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2038<sup>(a)</sup> | 19882 | 19866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3536, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2039<sup>(a)</sup> | 27368 | 27585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3539, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/15/2029 | 44000 | 42755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3545, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.85%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2039<sup>(a)</sup> | 43971 | 44044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3548, Class ZE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/15/2032 | 157852 | 159462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3549, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2039<sup>(a)</sup> | 19777 | 19814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3564, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/2039 | 349000 | 346742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3574, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/15/2039 | 80374 | 78980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3584, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2036<sup>(a)</sup> | 26763 | 26426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3587, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2039 | 143360 | 137178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3604, Class PO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 05/15/2036<sup>(b)</sup> | 71033 | 56767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3605, Class BF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.86%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2039<sup>(a)</sup> | 131032 | 131313 |

---

*See Notes to Financial Statements.* 

37 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3611, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2034<sup>(a)</sup> | $12167 | $12165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3620, Class EL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2030 | 25783 | 24982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3622, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2040 | 400000 | 397668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3626, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2040 | 333826 | 333713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3631, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2040 | 188105 | 180776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3653, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2030 | 70112 | 69210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3662, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2040 | 197082 | 196466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3664, Class DA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2037 | 94840 | 93062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3704, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2036 | 59100 | 58641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3737, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/15/2039 | 4651 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3747, Class CY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2040 | 308289 | 299104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3762, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2039 | 13627 | 13355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3770, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2040 | 337939 | 327900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3770, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2040 | 9041649 | 8556644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3778, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2040 | 137901 | 134450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3792, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;11/15/2040<sup>(a)</sup> | 10435 | 10425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3798, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2041 | 59646 | 57150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3800, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2041<sup>(a)</sup> | 22155 | 21392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3819, Class ZQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2036 | 15864 | 16322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3822, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;02/15/2033<sup>(a)</sup> | 27525 | 27219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3825, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2041 | 74545 | 69640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3830, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2039 | 27298 | 27161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3843, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;04/15/2041<sup>(a)</sup> | 45119 | 44617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3843, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2041 | 653355 | 653086 |

---

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount** | **Value**<br>**(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3852, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.21053% - 1M US L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2041<sup>(a)</sup> | $42094 | $39963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3852, Class TP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.50% - 1M US L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2041<sup>(a)</sup> | 24606 | 23856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3857, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2041 | 986243 | 970059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3862, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/15/2041 | 100708 | 98763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3870, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/15/2040 | 32612 | 32477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3891, Class BF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/2041<sup>(a)</sup> | 42292 | 41784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3894, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/15/2041 | 40880 | 39987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3905, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2041 | 167683 | 119961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3919, Class DL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2030 | 298000 | 280899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3934, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/15/2041 | 615115 | 612323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3935, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/15/2041 | 1047308 | 1009642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3939, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/15/2041 | 828257 | 802759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3939, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2041 | 196630 | 182697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3957, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2041 | 624902 | 593469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3958, Class PJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2041 | 152799 | 149839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3959, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2041 | 44199 | 39888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3963, Class JB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/15/2041 | 106876 | 103409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3969, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2041 | 17120 | 16882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3984, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2042<sup>(a)</sup> | 36206 | 35743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3989, Class JW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2042 | 218160 | 199609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3994, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2042 | 827514 | 745638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3997, Class EC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/2042 | 50212 | 40471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3997, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2042<sup>(a)</sup> | 41316 | 40706 |

---

*See Notes to Financial Statements.* 

38 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3998, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/15/2026 | $55974 | $54538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4001, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/2042<sup>(a)</sup> | 28928 | 28411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4011, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2041 | 212315 | 199094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4012, Class GC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2040 | 39173 | 38193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4020, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/15/2027 | 8860 | 8531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4037, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2027 | 42576 | 39958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4039, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2042 | 113000 | 95108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4050, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/2041 | 15571 | 15094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4062, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2042 | 121350 | 112855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4064, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2027 | 48000 | 45739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4068, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2042 | 279000 | 244648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4075, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2042 | 39761 | 36148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4076, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2031 | 69000 | 65819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4077, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2040 | 87875 | 85692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4088, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2042 | 92544 | 81740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4094, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class CW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2042 | 218629 | 184365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4097, Class CU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/15/2027 | 25000 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4097, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2032<sup>(a)</sup> | 57061 | 56625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4101, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class QN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2042 | 235716 | 214226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4102, Class CB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/15/2042 | 150000 | 124480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4104, Class AJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 09/15/2027 | 22691 | 21222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4116, Class YB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/15/2042 | 132000 | 108101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4120, Class TC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 10/15/2027 | 8922 | 8334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4122, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.059%, 05/15/2040<sup>(a)</sup> | 159818 | 146378 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4133, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2042 $| 292836 | $238953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4136, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 08/15/2040 | 1297 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4141, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2042 | 100000 | 72598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4160, Class HB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2032 | 14094 | 12493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4170, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2033<sup>(a)</sup> | 18366 | 18078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4171, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/15/2043 | 103000 | 77609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4176, Class YD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2043 | 50000 | 41708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4183, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ME, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/15/2042 | 128899 | 120471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4185, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2043 | 450000 | 414135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4203, Class DJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2033 | 51625 | 48877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4218, Class DG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2042 | 133444 | 120777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4220, Class EH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/15/2028 | 32834 | 31617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4231, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2032<sup>(a)</sup> | 13816 | 13717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4246, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/15/2043 | 493003 | 432285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4257, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2027 | 14580 | 14403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4265, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2035<sup>(a)</sup> | 60936 | 59944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4293, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class NM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/15/2043 | 27109 | 26418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4294, Class PF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/2044<sup>(a)</sup> | 11886 | 11597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4301, Class U, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/2032 | 12032 | 11970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4319, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class PM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2043 | 75906 | 72581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4320, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/2039 | 117148 | 112157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4324, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2029 | 568738 | 521804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4333, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/15/2043 | 3785 | 3765 |

---

*See Notes to Financial Statements.* 

39 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4337, Class VJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2027 $| 22420 | $22269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4368, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.125%, 06/15/2041<sup>(c)</sup> | 1812599 | 1748114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4370, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/15/2041 | 19989 | 19378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4403, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/15/2044 | 146419 | 84250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-4419, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2044 | 240000 | 185584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4457, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2045 | 84195 | 74463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4459, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/15/2034 | 21648 | 21552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4461, Class EA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/15/2037 | 90885 | 86462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4498, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2037 | 127762 | 111621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4508, Class UZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2043 | 52315 | 40403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4531, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/15/2043 | 28031 | 27431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4555, Class CP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2045 | 480817 | 445158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4564, Class QA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2029 | 58729 | 57280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4590, Class AK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/2027 | 91154 | 89068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4601, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2045 | 107329 | 61160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4613, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2037<sup>(a)</sup> | 99822 | 99721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4619, Class BE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 12/15/2047 | 51328 | 50768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4629, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/15/2046 | 1000000 | 826513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4630, Class EA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/15/2041 | 9236 | 9197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4639, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/15/2053<sup>(c)</sup> | 676043 | 532107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4656, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2047 | 125394 | 113888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4664, Class UE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/15/2043 | 80092 | 78370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4666, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/15/2040 | 230440 | 229980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4670, Class TY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/15/2047 | 346000 | 270474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4672, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class QD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2045 | 40963 | 39458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4707, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/2047 | 117998 | 76826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4710, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/15/2045 | 137239 | 129360 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4714, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/15/2047 $| 1000000 | $881359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4748, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2045 | 72178 | 69162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4767, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2045 | 4063 | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4767, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2047 | 35652 | 20863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4787, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/15/2048 | 49527 | 46184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4800, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/15/2047 | 21840 | 21631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4808, Class DG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/15/2045 | 1265969 | 1230944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4813, Class CJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/15/2048 | 211300 | 181507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4821, Class VA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/15/2029 | 101611 | 98701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4821, Class YZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/2042 | 1535343 | 1336661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4839, Class AE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/15/2051 | 266007 | 252672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4846, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2047 | 8834 | 8643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4857, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class HM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/15/2046 | 125820 | 122160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4863, Class AJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/15/2038 | 52118 | 48535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4863, Class H, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/15/2049 | 148314 | 160275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4911, Class HG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/15/2049 | 1927542 | 1635324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-4926, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/25/2049 | 628190 | 553013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4954, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 02/25/2050 | 119115 | 55303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/2040<sup>(a)</sup> | 155118 | 151074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-4989, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2040<sup>(a)</sup> | 157456 | 153940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5007, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/25/2050 | 218000 | 91989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5039, Class ZK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/25/2050 | 146119 | 69935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5049, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 11/25/2050 | 137246 | 59927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5068, Class UB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, 01/25/2051 | 109000 | 55598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5092, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 06/25/2036 | 48238 | 46609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5103, Class LQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 04/25/2050 | 199895 | 101898 |

---

*See Notes to Financial Statements.* 

40 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5103, Class LM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/25/2041 $| 119098 | $63550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5119, Class LM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/25/2041 | 202779 | 104829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5121, Class KE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/25/2051 | 301427 | 148651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5171, Class KY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 12/25/2051 | 172000 | 84127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5178, Class LY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 12/25/2051 | 178029 | 74868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5182, Class M, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 05/25/2049 | 357838 | 312500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5198, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ZM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/25/2052 | 605965 | 432391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5200, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class WK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/25/2052 | 217000 | 135986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5201, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/25/2048 | 192119 | 169632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5208, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/25/2042 | 1386302 | 988322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5230, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/25/2051 | 600000 | 458857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3588, Class CW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.540%, 10/25/2037<sup>(a)</sup> | 370491 | 395659 |
|  |  | 50155838 |
| Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-299, Class 300, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/15/2043 | 128442 | 114365 |
| Freddie Mac Structured Pass- |  |  |
| Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-32, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.26%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2031<sup>(a)</sup> | 96094 | 95258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-55, Class 1A3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/2043<sup>(a)</sup> | 309768 | 305743 |
|  |  | 401001 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-72, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2032<sup>(a)</sup> | 22972 | 22969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-25, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/2023<sup>(a)</sup> | 13548 | 13544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-98, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2033<sup>(a)</sup> | 31762 | 31721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-1, Class TE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2033 | 26492 | 26474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-15, Class AY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2034 | 118086 | 119430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-22, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/20/2034 | 157331 | 160358 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-26, Class ED, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/16/2034 | $75692 | $76490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-34, Class QL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/16/2034 | 125625 | 127602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-55, Class MC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2034 | 33507 | 33935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-7, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/16/2034 | 1398985 | 1398374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-87, Class BC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 10/20/2034 | 15029 | 14837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-11, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2035 | 34785 | 34824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-13, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2035 | 12807 | 12821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-13, Class BG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2035 | 171733 | 171919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class JL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/16/2034 | 82479 | 82373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class JM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/20/2035 | 60206 | 59533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class OC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/20/2035 | 188846 | 188971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-3, Class QB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/16/2035 | 81038 | 80899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-45, Class BF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2035<sup>(a)</sup> | 40042 | 39583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-49, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/20/2035 | 85356 | 86616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-51, Class DC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2035 | 124964 | 126932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-56, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/17/2035 | 14423 | 14340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-56, Class BD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/20/2035 | 45743 | 45485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-69, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/18/2035 | 49099 | 48826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-73, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/20/2035 | 124837 | 124712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-92, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/20/2035 | 172312 | 177386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-10, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/20/2036 | 47450 | 47502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-38, Class OH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/20/2036 | 28000 | 28638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-18, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2035 | 85618 | 86282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-18, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/20/2035 | 137000 | 139174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-35, Class TE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2037 | 112310 | 115430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-35, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/16/2037 | 53413 | 54619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-40, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.33%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/16/2037<sup>(a)</sup> | 38891 | 38585 |

---

*See Notes to Financial Statements.* 

41 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-44, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/20/2037 | $132482 | $136432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-57, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/2037 | 592172 | 613296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-6, Class LE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2037 | 179819 | 180670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-7, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/16/2037 | 27996 | 27775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-79, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.44%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2037<sup>(a)</sup> | 132052 | 131829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-13, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2038<sup>(a)</sup> | 26360 | 26239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-20, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/16/2037 | 77890 | 78167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-31, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/20/2038 | 53901 | 54528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-33, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/20/2038 | 64660 | 65471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-37, Class L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/20/2038 | 43377 | 44222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-38, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2038 | 231913 | 233445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-38, Class PN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2038 | 44602 | 45338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-38, Class BG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/16/2038 | 68208 | 68240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-40, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/16/2038 | 118000 | 120872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-41, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2038 | 75669 | 75860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-47, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/16/2038 | 29540 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-49, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/20/2038 | 30478 | 30314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-50, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2038 | 242131 | 246414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-51, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/20/2038 | 46343 | 46021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-51, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.77%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/16/2038<sup>(a)</sup> | 85746 | 86118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-55, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/20/2038 | 34191 | 34516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-58, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/16/2038 | 90490 | 91247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-60, Class JN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2038 | 126715 | 127380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-60, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2038 | 78000 | 78711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-65, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/2038 | 231443 | 234056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-66, Class FN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.95%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/2038<sup>(a)</sup> | 53378 | 53701 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-7, Class PQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2038 | $82931 | $82436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-76, Class QE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 09/20/2038 | 58000 | 59031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-77, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2038<sup>(a)</sup> | 66643 | 66740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-85, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/20/2038 | 35564 | 35483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-89, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/20/2038 | 43147 | 43028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-89, Class JD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/20/2038 | 16927 | 16972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-9, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2038<sup>(a)</sup> | 17958 | 17939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-1, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.05%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/2039<sup>(a)</sup> | 74706 | 75282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-10, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/20/2039 | 30000 | 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-10, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/16/2039 | 82881 | 82683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-118, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/16/2039 | 20918 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-12, Class NB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/20/2039 | 58080 | 57937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-13, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/16/2039 | 103585 | 101481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-15, Class FM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.04%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2039<sup>(a)</sup> | 59549 | 59918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-24, Class WB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/20/2039 | 109706 | 109530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-32, Class ZA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/20/2039 | 302022 | 308486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-40, Class AD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2039 | 309000 | 300765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-47, Class LT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/20/2039 | 118913 | 118903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-55, Class FN, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2039<sup>(a)</sup> | 25771 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-58, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/20/2039 | 85915 | 83107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-61, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2039 | 41687 | 40626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-61, Class MP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/20/2039 | 37938 | 37679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-69, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/16/2039 | 92000 | 94410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-75, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2039 | 102134 | 99484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-76, Class JB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/20/2039 | 28717 | 28385 |

---

*See Notes to Financial Statements.* 

42 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-76, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/16/2039 | $425664 | $444532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-83, Class TF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/2039<sup>(a)</sup> | 44348 | 44556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-94, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/16/2039<sup>(a)</sup> | 79412 | 79537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-105, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/16/2040 | 84089 | 80060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-111, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2040<sup>(a)</sup> | 47899 | 47275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/16/2039 | 36536 | 36253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-14, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/16/2040 | 150460 | 148207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-147, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2040 | 67178 | 65545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-157, Class OP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 12/20/2040<sup>(b)</sup> | 10049 | 8225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-167, Class WL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2040 | 764000 | 745273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-169, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2040 | 220398 | 207873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-19, Class GW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/20/2040 | 108305 | 98894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-25, Class BL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/16/2039 | 3547 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-62, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/16/2034<sup>(a)</sup> | 20223 | 20219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-76, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/20/2040 | 113194 | 107095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-84, Class YB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/2040 | 22546 | 21536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H01, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.82%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/2060<sup>(a)</sup> | 30649 | 30507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H10, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2060<sup>(a)</sup> | 161697 | 161355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H20, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.33%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2060<sup>(a)</sup> | 188643 | 186463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H22, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2059<sup>(a)</sup> | 2661 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.38%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2060<sup>(a)</sup> | 53961 | 53301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-100, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/20/2041 | 101502 | 98168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-128, Class MD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2040 | 140000 | 136979 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-18, Class PA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2040 | $44795 | $44264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-43, Class ZQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/16/2033 | 67889 | 67692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-59, Class QC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2040 | 101248 | 97197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-66, Class UA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/16/2041 | 127537 | 115973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-71, Class ZC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/16/2034 | 214311 | 215957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-97, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.112%, 11/20/2038<sup>(a)</sup> | 40465 | 41921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H01, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2060<sup>(a)</sup> | 190886 | 189116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H11, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2061<sup>(a)</sup> | 67592 | 66933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H11, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2061<sup>(a)</sup> | 95941 | 95063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H15, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2061<sup>(a)</sup> | 45315 | 44822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-116, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/16/2042 | 242000 | 193013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-32, Class PE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/16/2042 | 89000 | 79118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-38, Class PL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 01/20/2041 | 64330 | 63031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-51, Class VM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/16/2025 | 68609 | 67229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-56, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2040 | 1251021 | 1109806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-68, Class GE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2042 | 4247 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-76, Class GF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/16/2042<sup>(a)</sup> | 27267 | 26941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H08, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.57%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2062<sup>(a)</sup> | 426506 | 422702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H14, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2062<sup>(a)</sup> | 104474 | 103746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H20, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.846%, 07/20/2062<sup>(a)</sup> | 71848 | 71640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H24, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2062<sup>(a)</sup> | 3493 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-100, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2043 | 41638 | 40457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-115, Class PM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2043 | 400000 | 373031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-169, Class EZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/16/2043 | 106850 | 92793 |

---

*See Notes to Financial Statements.* 

43 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-22, Class GB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2042 | $115781 | $104307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-54, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.875%, 11/20/2042<sup>(a)</sup> | 442308 | 436420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-69, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/20/2042 | 175704 | 153612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-70, Class LA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 05/20/2043 | 115232 | 95520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-93, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/20/2043 | 1183270 | 1221819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-98, Class KF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2041<sup>(a)</sup> | 13857 | 13809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-99, Class MF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2043<sup>(a)</sup> | 70611 | 69331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H01, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 01/20/2063 | 607 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H04, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 02/20/2063 | 5342 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H07, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2063<sup>(a)</sup> | 131139 | 129832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H09, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 04/20/2063 | 5389 | 5016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H18, Class EA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2063<sup>(a)</sup> | 52666 | 52303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-53, Class JM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7.016%, 04/20/2039<sup>(a)</sup> | 232821 | 243197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-98, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/16/2044 | 229958 | 173207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-98, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2044 | 53984 | 43964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H10, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2064<sup>(a)</sup> | 340634 | 336593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H15, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2064<sup>(a)</sup> | 22306 | 21993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H16, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2064<sup>(a)</sup> | 443342 | 436713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H19, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2064 | 333603 | 325183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-190, Class LE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2045 | 14679 | 14395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-63, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2040 | 33494 | 28163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-84, Class QA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2045 | 247330 | 232845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H09, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.62%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2065<sup>(a)</sup> | 252827 | 247071 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H12, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2065<sup>(a)</sup> | $81941 | $80600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H15, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2065<sup>(a)</sup> | 113361 | 111347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H22, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2065<sup>(a)</sup> | 50394 | 49462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H26, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2065<sup>(a)</sup> | 52106 | 51405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H26, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.52%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2065<sup>(a)</sup> | 259213 | 255229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2065<sup>(a)</sup> | 2514347 | 2473472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2065<sup>(a)</sup> | 3930 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H30, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2065<sup>(a)</sup> | 53609 | 52983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H31, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2065<sup>(a)</sup> | 69646 | 69216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H32, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.66%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2065<sup>(a)</sup> | 188276 | 186416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-116, Class GV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2026 | 40074 | 38492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-120, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/20/2046 | 4738 | 3848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-46, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2046 | 117856 | 83648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-82, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2045 | 60935 | 58709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H06, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.92%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2066<sup>(a)</sup> | 149262 | 146846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H08, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.72%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2066<sup>(a)</sup> | 282970 | 281356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H11, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2066<sup>(a)</sup> | 3959167 | 3900159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H13, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.58%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2066<sup>(a)</sup> | 25823 | 25655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H14, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2066<sup>(a)</sup> | 668375 | 660522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H15, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2066<sup>(a)</sup> | 578851 | 572407 |

---

*See Notes to Financial Statements.* 

44 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H17, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/2066<sup>(a)</sup> | $215200 | $212445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H17, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.85%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/2066<sup>(a)</sup> | 70700 | 69877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H17, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 03/20/2066 | 302238 | 289740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H20, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.341%, 09/20/2066<sup>(a)</sup> | 539483 | 549193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H23, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.995%, 09/20/2066<sup>(a)</sup> | 374359 | 379365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H23, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2066<sup>(a)</sup> | 196865 | 194122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H24, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2066<sup>(a)</sup> | 296256 | 291880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H26, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2066<sup>(a)</sup> | 120952 | 119585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-150, Class JE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2047 | 65257 | 59714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-165, Class VE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/20/2030 | 3077 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-170, Class MC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2047 | 70112 | 61935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-36, Class MJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2047 | 38855 | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-56, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2047 | 112648 | 88143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-73, Class JT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 09/20/2046 | 5213 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-80, Class BJ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2047 | 98341 | 88173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-80, Class LO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 05/20/2047<sup>(b)</sup> | 119414 | 80554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H06, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2067<sup>(a)</sup> | 87361 | 86342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H14, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2067<sup>(a)</sup> | 132275 | 130540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H15, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2067<sup>(a)</sup> | 241519 | 238304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H16, Class PT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.709%, 05/20/2066<sup>(a)</sup> | 34174 | 33887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H17, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/2067<sup>(a)</sup> | 35799 | 35422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H22, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12M US L + 0.22%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2067<sup>(a)</sup> | 271091 | 266010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-160, Class AD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2048 | 273420 | 256591 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-36, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/20/2048 | $266848 | $234503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-37, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/2046 | 175211 | 161746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H09, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2068<sup>(a)</sup> | 451158 | 439133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class EY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2048 | 1066499 | 960470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-103, Class EK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2049 | 2921162 | 2719991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-111, Class TE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/20/2049 | 49733 | 42665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-128, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2049 | 300000 | 203781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-15, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 07/20/2048<sup>(a)</sup> | 300226 | 182255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-61, Class K, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/20/2048 | 42541 | 41538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-H01, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2068<sup>(a)</sup> | 97376 | 96606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-H04, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/2069 | 142720 | 137684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-H05, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.43%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2069<sup>(a)</sup> | 143307 | 143403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-122, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/20/2050 | 249695 | 140025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-125, Class GC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/20/2050 | 44000 | 36916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-125, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/20/2050 | 370400 | 312853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-127, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 08/20/2050 | 552662 | 212836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-134, Class ZU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/20/2050 | 107994 | 57630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-148, Class ZP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/20/2050 | 221685 | 94062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-149, Class LU, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 10/20/2050 | 199998 | 80754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-187, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 12/20/2050 | 160784 | 64021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-32, Class UM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/20/2050 | 1347734 | 1138524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2049 | 204763 | 189605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-61, Class AB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2048 | 90961 | 88611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-62, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2050 | 508119 | 446907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-62, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.646%, 05/20/2050<sup>(a)</sup> | 488945 | 273356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-83, Class ML, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2050 | 145286 | 131106 |

---

*See Notes to Financial Statements.* 

45 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-98, Class CE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2050 | $1368095 | $1223513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H01, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/2070<sup>(a)</sup> | 108330 | 107945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H04, Class FP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2069<sup>(a)</sup> | 126305 | 123729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H12, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/2070<sup>(a)</sup> | 1093650 | 1082077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-104, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 06/20/2051 | 120000 | 56316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-116, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/20/2051 | 324307 | 202204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-116, Class WZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/20/2051 | 396682 | 212639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-142, Class PZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 08/20/2051 | 302636 | 157811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-146, Class PO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 07/20/2051<sup>(b)</sup> | 338715 | 102860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-177, Class GW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2051 | 166580 | 128380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-205, Class NK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 11/20/2051 | 215000 | 162747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-25, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 02/20/2051 | 821563 | 665160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 01/20/2051 | 151196 | 59530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-H12, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.604%, 07/20/2071<sup>(a)</sup> | 296229 | 292795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-100, Class EB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2052 | 1729475 | 1319662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-112, Class BM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/20/2052 | 344718 | 246110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-126, Class BY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2052 | 960094 | 630681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-127, Class UL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 07/20/2052 | 309557 | 158795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-127, Class WC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/20/2052 | 329622 | 227840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-20, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/2052 | 105966 | 45805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-51, Class HZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/20/2052 | 288165 | 143566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-68, Class MD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2052 | 223000 | 161286 |
|  |  | 48458423 |
| **TOTAL COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS** |  |  |
| **(Cost $170,979,130)** |  | 158839849 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (2.78%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (2.78%)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (2.78%)** |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-M1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6.460%, 02/25/2031<sup>(a)</sup> | $105105 | $104995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-M2, Class A3F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.345%, 09/25/2031<sup>(a)</sup> | 265823 | 259915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-M6, Class 1AC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.352%, 02/25/2043<sup>(a)</sup> | 11385157 | 10514702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.944%, 07/25/2039 | 179447 | 157585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-M3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class ASQ2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.263%, 02/25/2023 | 13205 | 13165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M12, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.546%, 08/25/2030 | 2345606 | 2267578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-M15, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/25/2036 | 370000 | 329349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M10, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 04/25/2030 | 1419757 | 1278694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M14, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.304%, 06/25/2029 | 78173 | 74089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-M24, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 2XA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.139%, 03/25/2031<sup>(a)(d)</sup> | 4298781 | 180117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.444%, 10/25/2029 | 300000 | 257540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M10, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.780%, 12/25/2030<sup>(a)(d)</sup> | 785915 | 80657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M10, Class X4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.885%, 07/25/2032<sup>(a)(d)</sup> | 47089109 | 2852809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-M13, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.231%, 09/25/2030<sup>(a)(d)</sup> | 6381899 | 227898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.368%, 01/01/2034<sup>(a)</sup> | 305841 | 265392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.368%, 01/01/2034<sup>(a)</sup> | 1395000 | 1093123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-M8, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.937%, 12/25/2031<sup>(a)</sup> | 100000 | 78409 |
|  |  | 20036017 |
| Freddie Mac Multifamily |  |  |
| Structured Pass Through |  |  |
| Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-J19L, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/25/2027<sup>(a)</sup> | 31304 | 31084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K158, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.071%, 10/25/2033<sup>(a)</sup> | 351443403 | 3141693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KL4F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A2AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.683%, 10/25/2025<sup>(a)</sup> | 256000 | 247059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KLU2, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.954%, 08/25/2029<sup>(a)</sup> | 56111987 | 2671099 |

---

*See Notes to Financial Statements.* 

46 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-KLU3, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.937%, 01/25/2031<sup>(a)</sup> | $177177960 | $19443616 |
|  |  | 25534551 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED** |  |  |
| **SECURITIES** |  |  |
| **(Cost $51,498,766)** |  | 45570568 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **MORTGAGE-BACKED SECURITIES (6.09%)** | **MORTGAGE-BACKED SECURITIES (6.09%)** | **MORTGAGE-BACKED SECURITIES (6.09%)** |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-386375, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.790%, 08/01/2028 | 743696 | 741637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-843080, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2034 | 121028 | 120876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 02/01/2036 | 148892 | 149119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-943003, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2047 | 78061 | 74925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2039 | 380905 | 369294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-463331, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 08/01/2029 | 565948 | 575262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-930895, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/01/2039 | 166983 | 161006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-931707, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2039 | 111552 | 106991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-958348, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.440%, 04/01/2027 | 134086 | 132428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-958878, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 07/01/2027 | 1327188 | 1338274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.210%, 12/01/2029 | 223444 | 222168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-468477, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.590%, 08/01/2026 | 399808 | 395692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-469013, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.470%, 08/01/2026 | 1004345 | 1017962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-AH9290, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/01/2041 | 41073 | 36867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2042 | 111798 | 94463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 135754 | 117775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2042 | 63687 | 55801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-470020, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 01/01/2030 | 1564874 | 1493351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM0279, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 08/01/2027 | 292316 | 291487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM1387, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.260%, 11/01/2032 | 111663 | 104684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-MA1214, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2042 | 655258 | 553729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2043 | 126760 | 109975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2043 | 392222 | 331404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 245766 | 207712 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.380%, 05/01/2028 | $268301 | $252141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AM3154, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 05/01/2028 | 356869 | 351867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AM4329, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.870%, 10/01/2025 | 194730 | 189398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AM4781, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.180%, 11/01/2028 | 1206648 | 1168080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AM4991, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.970%, 12/01/2025 | 160182 | 156079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AR2289, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2033 | 230268 | 202163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AR6433, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 193352 | 173650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-AT9663, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/01/2043 | 492198 | 403272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-MA1586, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/2043 | 195192 | 169347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 11/01/2026 | 260886 | 247034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.730%, 07/01/2034 | 630035 | 598021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.060%, 03/01/2030 | 459476 | 441889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-AM4198, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 03/01/2024 | 94734 | 92783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-AM7274, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/01/2024 | 1200000 | 1149825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 09/01/2025 | 156118 | 148183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.390%, 07/01/2035 | 204550 | 177634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 02/01/2040 | 242113 | 221029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.610%, 08/01/2030 | 300000 | 275359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/2041 | 134986 | 125492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 06/01/2045 | 159189 | 152774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM8666, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.960%, 06/01/2030 | 175962 | 156766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM8918, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 09/01/2030 | 731000 | 650221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM9173, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.110%, 06/01/2027 | 238886 | 223586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.160%, 07/01/2036<sup>(a)</sup> | 1694547 | 1437499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AL8405, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2041 | 185059 | 173563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN0665, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.070%, 02/01/2026 | 193512 | 182719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN0774, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 01/01/2026 | 174379 | 166096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN2228, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, 08/01/2026 | 186205 | 170664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN3542, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.410%, 11/01/2046 | 358012 | 298125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-AN3749, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.520%, 12/01/2026 | 454397 | 416491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BC0943, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/01/2046 | 384263 | 344689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.010%, 07/01/2027 | 263682 | 244920 |

---

*See Notes to Financial Statements.* 

47 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.160%, 07/01/2027 | $149471 | $139354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2047 | 336201 | 294616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN4431, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.220%, 01/01/2027 | 85000 | 79996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN4469, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.640%, 01/01/2029 | 682410 | 638517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN4529, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.620%, 01/01/2027 | 819423 | 784668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN4606, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.510%, 02/01/2027 | 783026 | 744389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN4833, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.320%, 04/01/2027 | 95000 | 89592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN5279, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 04/01/2029 | 453648 | 414678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN5742, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.190%, 05/01/2030 | 136997 | 123922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN5796, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.030%, 06/01/2027 | 269285 | 250217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN6304, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 10/01/2027 | 275000 | 254600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN6670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 09/01/2027 | 1905885 | 1760330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7060, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.930%, 10/01/2027 | 1780000 | 1625433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7234, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.010%, 12/01/2027 | 1000000 | 917484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7384, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.880%, 12/01/2027 | 48415 | 44420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7547, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.370%, 11/01/2027 | 1095133 | 1018003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN7823, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.890%, 12/01/2027 | 235000 | 215142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-CA0522, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/01/2047 | 246214 | 208027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2033 | 81925 | 75432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2048 | 540009 | 456729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2028 | 130000 | 121173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.660%, 05/01/2033 | 700000 | 654183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.740%, 07/01/2028 | 175000 | 165844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.940%, 10/01/2036 | 328803 | 292701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.010%, 12/01/2030 | 300000 | 285775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/01/2041 | 368912 | 357989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-109435, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.890%, 08/01/2028 | 1881100 | 1799353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387770, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 07/01/2028 | 2570000 | 2420725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387853, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.455%, 08/01/2025 | 175000 | 168276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-387983, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.630%, 08/01/2028 | 2000000 | 1886225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8272, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.170%, 02/01/2028 | 100000 | 91750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AN8486, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.330%, 04/01/2030 | 324695 | 294111 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| Series 2018-AN8493, |  |  |
| 3.300%, 02/01/2030 | $423206 | $380261 |
| Series 2018-AN8982, |  |  |
| 3.440%, 05/01/2028 | 1000000 | 927905 |
| Series 2018-AN9038, |  |  |
| 3.460%, 05/01/2028 | 135000 | 125470 |
| Series 2018-AN924, |  |  |
| 4.210%, 05/01/2033 | 579883 | 563095 |
| Series 2018-AN9976, |  |  |
| 3.960%, 02/01/2030 | 470000 | 445264 |
| Series 2018-BL0212, |  |  |
| 3.820%, 07/01/2027 | 43826 | 41963 |
| Series 2018-BL0907, |  |  |
| 3.880%, 12/01/2028 | 845000 | 803415 |
| Series 2019-, |  |  |
| 2.520%, 11/01/2029 | 144968 | 125879 |
| 3.000%, 08/01/2049 | 105584 | 89252 |
| 3.710%, 04/01/2031 | 1900000 | 1757723 |
| 4.000%, 07/01/2048 | 743411 | 692153 |
| 4.070%, 11/01/2026 | 133815 | 129888 |
| 4.500%, 08/01/2058 | 512576 | 486671 |
| 5.500%, 06/01/2049 | 214710 | 218790 |
| Series 2019-BI2928, |  |  |
| 3.410%, 07/01/2027 | 817376 | 769802 |
| Series 2019-BL1188, |  |  |
| 3.480%, 02/01/2026 | 197891 | 189109 |
| Series 2019-BL1300, |  |  |
| 4.200%, 01/01/2029 | 1375000 | 1330181 |
| Series 2019-BL1451, |  |  |
| 3.760%, 02/01/2029 | 685000 | 646938 |
| Series 2019-BL1567, |  |  |
| 3.590%, 02/01/2029 | 1775000 | 1660572 |
| Series 2019-BL1596, |  |  |
| 3.480%, 03/01/2029 | 164827 | 153439 |
| Series 2019-BL2236, |  |  |
| 3.640%, 10/01/2029 | 1094663 | 1011531 |
| Series 2019-BL2356, |  |  |
| 3.020%, 05/01/2026 | 165000 | 154945 |
| Series 2019-BL2460, |  |  |
| 3.400%, 05/01/2029 | 578139 | 535048 |
| Series 2019-BL3182, |  |  |
| 2.980%, 07/01/2029 | 250325 | 225845 |
| Series 2019-BM6011, |  |  |
| 3.277%, 11/01/2026<sup>(a)</sup> | 83138 | 79000 |
| Series 2019-BM6152, |  |  |
| 3.500%, 06/01/2044 | 1150280 | 1033111 |
| Series 2019-MA3784, |  |  |
| 3.500%, 09/01/2049 | 2653330 | 2322586 |
| Series 2020-, |  |  |
| 1.400%, 11/01/2032 | 7945000 | 5702834 |
| 2.150%, 09/01/2029 | 500000 | 421767 |
| 3.500%, 04/01/2050 | 188631 | 164454 |
| Series 2022-, |  |  |
| 2.030%, 12/01/2028 | 100000 | 85007 |
| 3.910%, 06/01/2032 | 1181000 | 1077358 |
| 4.110%, 09/01/2032 | 1815000 | 1665262 |

---

*See Notes to Financial Statements.* 

48 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.140%, 08/01/2032 | $2038000 | $1866151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.240%, 07/01/2032 | 1687000 | 1572524 |
|  |  | 68093088 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2035 | 176059 | 171541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/01/2036 | 52879 | 53071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2037 | 66390 | 64201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2042 | 103954 | 91985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-G80393, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/20/2036 | 143195 | 140967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-T65180, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/01/2043 | 117264 | 99247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-U49046, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/01/2029 | 47810 | 46319 |
|  |  | 667331 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-002936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/2029<sup>(a)</sup> | 20678 | 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-WN2000, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/01/2023 | 10476089 | 10266480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/01/2045 | 57266 | 50213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.190%, 06/01/2034 | 147947 | 112553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/01/2046 | 4193714 | 3544111 |
|  |  | 13993875 |
| Ginnie Mae I Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/15/2040 | 342543 | 327690 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/20/2038 | 148820 | 146090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2040 | 83344 | 77413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/20/2040 | 94847 | 88100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2040 | 161678 | 151392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/2040 | 273377 | 261432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 2.077%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/20/2060<sup>(a)</sup> | 401065 | 407416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2041 | 261478 | 244843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/20/2041 | 206639 | 197103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2042 | 347164 | 308992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2042 | 80455 | 71646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2042 | 138311 | 123164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/20/2042 | 89034 | 79243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2042 | 97994 | 87218 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/20/2042 | $76207 | $67841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2042 | 89492 | 79691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2042 | 96753 | 86112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2042 | 28551 | 26520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2042 | 115151 | 107053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2042 | 95267 | 89340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-5302, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/2042 | 222198 | 197766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/20/2033 | 336439 | 305904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2043 | 231496 | 206034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-MA1149, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2043 | 13439 | 11649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/20/2045 | 104879 | 97220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/20/2046 | 279529 | 243926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2045 | 229753 | 219004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/20/2046 | 167268 | 160981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-MA3588, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/20/2046 | 277908 | 247448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-MA3793, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/20/2046 | 775878 | 690830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-MA3865, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/20/2046 | 481546 | 428761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 01/20/2032 | 313588 | 275954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2047 | 928331 | 832730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2048 | 72275 | 65913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2048 | 2622537 | 2431095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/20/2048 | 2945945 | 2729693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2048 | 351393 | 337948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/2048 | 633978 | 639148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 12/20/2049 | 152264 | 135084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2049 | 110247 | 100157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/20/2049 | 452213 | 437970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/20/2049 | 252872 | 255090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/20/2049 | 315983 | 320293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-784688, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/20/2049 | 1012274 | 992012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-MA5864, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/20/2049 | 22128 | 19352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-MA5920, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/20/2049 | 15939 | 13795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-MA5936, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/20/2049 | 52713 | 55009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2050 | 532037 | 493215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/20/2050 | 873523 | 793577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2050 | 167936 | 152914 |
|  |  | 16591081 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $109,307,506)** |  | 99673065 |

---

*See Notes to Financial Statements.* 

49 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **CORPORATE BONDS (41.69%)** |  |  |
| *Aerospace & Defense (**1.84%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 $| 10030000 | $8870755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | 7777000 | 4885958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/15/2025<sup>(e)</sup> | 16061000 | 16361822 |
| **Total *Aerospace & Defense*** |  | 30118535 |
| *Airlines (**1.52%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2027<sup>(e)</sup> | 5310621 | 4975435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/15/2025<sup>(e)</sup> | 4442363 | 4434764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Airways 2020-1 Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2032<sup>(e)</sup> | 1224045 | 1100687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/04/2025 | 7540000 | 7503165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 20-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 | 7235959 | 6993046 |
| **Total *Airlines*** |  | 25007097 |
| *Automobiles Manufacturing (**1.20%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/13/2025 | 6500000 | 5908663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/13/2030 | 3483000 | 2826280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 09/17/2030<sup>(e)</sup> | 7650000 | 6117922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Group of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/23/2022<sup>(e)</sup> | 995000 | 992209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/22/2023<sup>(e)</sup> | 995000 | 947413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/06/2025<sup>(e)</sup> | 3000000 | 2869878 |
| **Total *Automobiles Manufacturing*** |  | 19662365 |
| *Banks (**3.14%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Bank NA/Green Bay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2025 | 934000 | 902139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2025<sup>(a)</sup> | 5154000 | 5192946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/21/2026 | 4500000 | 4096223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/12/2024<sup>(e)</sup> | 1000000 | 985760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.03%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/08/2023<sup>(a)(e)</sup> | 2000000 | 1988056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/2026<sup>(a)(e)</sup> | 6500000 | 5528266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 05/26/2023 | 2500000 | 2473297 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/19/2024<sup>(a)</sup> | $16202000 | $15959956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/24/2023 | 1800000 | 1780032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/2042<sup>(a)(e)</sup> | 1800000 | 1055548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/03/2027<sup>(a)(e)</sup> | 14303000 | 11708706 |
| **Total *Banks*** |  | 51670929 |
| *Cable & Satellite (**1.35%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034<sup>(e)</sup> | 6569000 | 4838594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2033<sup>(e)</sup> | 5978000 | 4544748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032<sup>(e)</sup> | 5300000 | 4252813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating LLC / Charter |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | 14627000 | 8460087 |
| **Total *Cable & Satellite*** |  | 22096242 |
| *Casinos & Gaming (**1.21%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2025 | 12855000 | 12708003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2027<sup>(e)</sup> | 7595000 | 6917204 |
| **Total *Casinos & Gaming*** |  | 19625207 |
| *Chemicals (**1.53%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2025<sup>(e)</sup> | 3004000 | 2944250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 07/15/2027 | 4973000 | 4695562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 07/15/2029 | 2984000 | 2778553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032 | 6175000 | 5626734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 03/15/2033 | 4966000 | 4949851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 10/15/2027<sup>(e)</sup> | 4966000 | 4053101 |
| **Total *Chemicals*** |  | 25048051 |
| *Commercial Finance (**1.96%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Global Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2025 | 17268000 | 17009433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027<sup>(e)</sup> | 2830000 | 2162329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026<sup>(e)</sup> | 3100000 | 2712085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Aerospace Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2023<sup>(e)</sup> | 10304000 | 10257118 |
| **Total *Commercial Finance*** |  | 32140965 |

---

*See Notes to Financial Statements.* 

50 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| *Consumer Finance (**0.70%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 10/02/2023 | $990000 | $949564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/05/27 | 3000000 | 2997900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | 3500000 | 2879678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 08/04/2026 | 3192000 | 2870348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2024 | 1700000 | 1642018 |
| **Total *Consumer Finance*** |  | 11339508 |
| *Consumer Products (**0.61%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHURCH & DWIGHT CHD 5.6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/32 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/15/2032 | 4500000 | 4491900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK Consumer Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/24/2025<sup>(e)</sup> | 2983000 | 2810863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSK Consumer Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/24/2027<sup>(e)</sup> | 2983000 | 2700557 |
| **Total *Consumer Products*** |  | 10003320 |
| *Containers & Packaging (**0.18%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2023<sup>(e)</sup> | 2957000 | 2945435 |
| *Diversified Banks (**2.46%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.37%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2031<sup>(a)</sup> | 17418000 | 12798562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/21/2036<sup>(a)</sup> | 5649000 | 4043104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 11/20/2026 | 12407000 | 11698041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.51%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/09/2025<sup>(a)</sup> | 3750000 | 3534276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.56%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/26/2028<sup>(a)</sup> | 4972000 | 4628706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/26/2033<sup>(a)</sup> | 3977000 | 3547200 |
| **Total *Diversified Banks*** |  | 40249889 |
| *Electrical Equipment Manufacturing (**0.20%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/01/2024 | 3254000 | 3199234 |
| *Entertainment Resources (**0.45%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Fair LP / Canada's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wonderland Co. / Magnum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Corp. / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2025<sup>(e)</sup> | 4484000 | 4455953 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/15/2025<sup>(e)</sup> | $2983000 | $2974677 |
| **Total *Entertainment Resources*** |  | 7430630 |
| *Exploration & Production (**0.86%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | 2990000 | 2248697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030<sup>(e)</sup> | 1682000 | 1525295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028<sup>(e)</sup> | 5537000 | 5220422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2032<sup>(e)</sup> | 1682000 | 1544917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2023 | 3557000 | 3547556 |
| **Total *Exploration & Production*** |  | 14086887 |
| *Financial Services (**3.00%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/19/2029<sup>(e)</sup> | 2000000 | 1657986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.044%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/05/2026<sup>(a)(e)</sup> | 3000000 | 2529895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.92%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/12/2033<sup>(a)(e)</sup> | 7000000 | 6102051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/2024<sup>(a)</sup> | 3976000 | 3902679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/24/2028<sup>(a)</sup> | 7952000 | 6878820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/21/2028<sup>(a)</sup> | 4970000 | 4299314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.36%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2036<sup>(a)</sup> | 12446000 | 8825436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 12/21/2022 | 2990000 | 2972692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2030 | 9000000 | 8377996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/30/2024<sup>(a)(e)</sup> | 1000000 | 962575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/12/2028<sup>(a)(e)</sup> | 2983000 | 2735751 |
| **Total *Financial Services*** |  | 49245195 |
| *Food & Beverage (**0.58%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 09/24/2024<sup>(e)</sup> | 1984000 | 1800698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2027 | 4255000 | 3989785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/01/2031 | 4226000 | 3821631 |
| **Total *Food & Beverage*** |  | 9612114 |
| *Hardware (**1.00%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/10/2040 | 5940000 | 4888798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 04/01/2026 | 7776000 | 6760546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2031 | 5969000 | 4670707 |

---

*See Notes to Financial Statements.* 

51 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **Total *Hardware*** |  | 16320051 |
| *Health Care Facilities & Services (**0.91%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/2031 $| 11927000 | $8904513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/01/2025 | 3000000 | 2963707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/01/2028 | 3000000 | 2884844 |
| **Total *Health Care Facilities & Services*** |  | 14753064 |
| *Homebuilders (**0.44%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shea Homes LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2029 | 3500000 | 2858678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 06/15/2028 | 5000000 | 4340000 |
| **Total *Homebuilders*** |  | 7198678 |
| *Industrial Other (**0.74%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032<sup>(e)</sup> | 3540000 | 3204739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/15/2028 | 4000000 | 3994643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2033 | 3207000 | 3181391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 10/01/2024 | 1984000 | 1809088 |
| **Total *Industrial Other*** |  | 12189861 |
| *Managed Care (**0.25%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 08/03/2023 | 4265000 | 4120711 |
| *Medical Equipment & Devices Manufacturing (**0.36%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%, 09/15/2023 | 3347000 | 3217335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 09/15/2024 | 2977000 | 2748350 |
| **Total *Medical Equipment & Devices*** |  |  |
| ***Manufacturing*** |  | 5965685 |
| *Metals & Mining (**0.58%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2026 | 9805000 | 9457222 |
| *Pipeline (**4.54%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 | 2040000 | 1774933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 07/01/2023 | 3800000 | 3760423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028<sup>(e)</sup> | 8958000 | 7784278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2032 | 3000000 | 2338125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 01/15/2023 | 2027000 | 2020666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031<sup>(e)</sup> | 12936000 | 9991874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039<sup>(e)</sup> | 9061000 | 6213854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2024<sup>(e)</sup> | 7311000 | 7037355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2029<sup>(e)</sup> | 6974000 | 6161425 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value**<br> **(Note 2)** |
| Targa Resources Partners LP / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 $| 16103000 | $16018056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029 | 8740000 | 8728293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 1.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/2023<sup>(a)</sup> | 2630000 | 2616928 |
| **Total *Pipeline*** |  | 74446210 |
| *Power Generation (**1.77%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 11/15/2023<sup>(e)</sup> | 6118000 | 5746561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/02/2025<sup>(e)</sup> | 4530000 | 3993824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027<sup>(e)</sup> | 5455000 | 4486778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/13/2025<sup>(e)</sup> | 6961000 | 6726998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2026<sup>(e)</sup> | 8626000 | 8301879 |
| **Total *Power Generation*** |  | 29256040 |
| *Property & Casualty Insurance (**0.12%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/13/2024<sup>(e)</sup> | 2000000 | 1948519 |
| *Publishing & Broadcasting (**1.10%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028<sup>(e)</sup> | 8000000 | 7039520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(e)</sup> | 4376000 | 4141118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029<sup>(e)</sup> | 2888000 | 2389315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2031<sup>(e)</sup> | 5478000 | 4457832 |
| **Total *Publishing & Broadcasting*** |  | 18027785 |
| *Real Estate (**1.36%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield US |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028<sup>(e)</sup> | 2000000 | 1906530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2029<sup>(e)</sup> | 3623000 | 2840229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/01/2031<sup>(e)</sup> | 2267000 | 1709420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realogy Group LLC / Realogy Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2023<sup>(e)</sup> | 4075000 | 4072148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2025<sup>(e)</sup> | 5500000 | 5160524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/01/2024<sup>(e)</sup> | 6649000 | 6571273 |
| **Total *Real Estate*** |  | 22260124 |
| *Refining & Marketing (**0.68%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2030 | 9494000 | 8044180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/01/2026 | 3177000 | 3092461 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total *Refining & Marketing*** |  | 11136641 |

---

*See Notes to Financial Statements.* 

52 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| *Semiconductors (**0.23%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 02/15/2024 | $3985000 | $3750175 |
| *Software & Services (**0.48%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 07/15/2030<sup>(e)</sup> | 10000000 | 7893689 |
| *Transportation & Logistics (**0.34%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. 2020-1 Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/20/2034 | 7060491 | 5641027 |
| *Utilities (**2.22%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 03/09/2023 | 5062000 | 4989369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 0.38%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/09/2023<sup>(a)</sup> | 1993000 | 1988448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 08/15/2024<sup>(c)</sup> | 1500000 | 1431965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 2.91%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/2043<sup>(a)</sup> | 4331000 | 3986383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 03/11/2023 | 1744000 | 1718367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 03/11/2024 | 8745000 | 8275652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/16/2024 | 2984000 | 2884887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 2.868%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/2052<sup>(a)</sup> | 4268000 | 3219624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 04/01/2024 | 2899000 | 2727772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 08/01/2027 | 4972000 | 4841087 |
| **Total *Utilities*** |  | 36063554 |
| *Waste & Environment Services & Equipment (**0.39%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2026<sup>(e)</sup> | 6644000 | 6334655 |
| *Wireless Telecommunications Services (**1.33%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/2066 | 691884 | 14861667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2023 | 6792000 | 6912511 |
| **Total *Wireless Telecommunications Services*** |  | 21774178 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| *Wireline Telecommunications Services (**0.06%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37%, 03/03/2023<sup>(e)</sup> | $996000 | $981448 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $766,652,963)** |  | 683000920 |
| **GOVERNMENT BONDS (35.08%)** |  |  |
| *U.S. Treasury Bonds (**35.08%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 | 29730000 | 20281434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | 58541000 | 42762371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032 | 48976000 | 44384500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | 45813000 | 35569500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | 95461000 | 76473209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | 52853000 | 44702076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | 50255000 | 43368495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 08/31/2026 | 51299000 | 44802463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2025 | 34475000 | 32055017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 | 45295000 | 40025918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | 46625000 | 41559995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 05/31/2027 | 34835000 | 32475473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/30/2027 | 10423000 | 9769120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | 59572000 | 53316940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2025 | 13343000 | 13008383 |
| **Total *U.S. Treasury Bonds*** |  | 574554894 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $648,141,744)** |  | 574554894 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| **PREFERRED STOCK (3.49%)** |  |  |
| ***Energy (0.27%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pipeline (0.27%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, 6.750%<sup>(f)</sup> | 5491000 | 4367867 |
| **Total *Energy*** |  | 4367867 |
| ***Financials (3.22%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks (1.61%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Hawaii, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%<sup>(f)</sup> | 86693 | 1473781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc., 3.400%<sup>(f)</sup> | 26160000 | 25044733 |
|  |  | 26518514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Finance (0.47%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV, 5.875%<sup>(f)</sup> | 4960000 | 4469753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%<sup>(f)</sup> | 4960000 | 3286445 |
|  |  | 7756198 |

---

*See Notes to Financial Statements.* 

53 \| October 31, 2022

---

| | |
|:---|:---|
| ALPS \| Smith Total Return Bond Fund |  |
| Statement of Investments | *October 31, 2022* |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Finance (0.64%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%<sup>(f)</sup> | 2982000 | $2012850 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 3.550%<sup>(f)</sup> | 4674000 | 3616508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.125%<sup>(f)</sup> | 5000000 | 4815998 |
|  |  | 10445356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (0.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%<sup>(e)(f)</sup> | 10875000 | 8135661 |
| **Total *Financials*** |  | 52855729 |
| **TOTAL PREFERRED STOCK** |  |  |
| **(Cost $66,686,462)** |  | 57223596 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value<br> (Note 2)** |
| **SHORT TERM INVESTMENTS (1.06%)** | | | |
| ***Money Market Fund (1.06%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Funds - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio | 2.89% | 17324015 | $17324015 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $17,324,015)** |  |  | 17324015 |

---

---

| | |
|:---|:---|
| | **Value**<br>**(Note 2)** |
| **TOTAL INVESTMENTS (99.89%)** |  |
| **(Cost $1,830,590,586)** | $1636186907 |
| **Other Assets In Excess Of Liabilities (0.11%)** | 1746610 |
| **NET ASSETS (100.00%)** | $1637933517 |

---

**Investment Abbreviations:** 

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

**Reference Rates:** 

1M US L - 1 Month LIBOR as of October 31, 2022 was 3.80%

3M US L - 3 Month LIBOR as of October 31, 2022 was 4.46%

12M US L - 12 Month LIBOR as of October 31, 2022 was 5.45%

7Y US TI - 7 Year US Treasury Index as of October 31, 2022 was 4.18%

1D US SOFR - 1 Day SOFR as of October 31, 2022 was 3.05%

1Y US TI - 1 Year US TI as of October 31, 2022 was 4.66%

5Y US TI - 5 Year US TI as of October 31, 2022 was 4.27%

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Issued with zero coupon.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2022.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Interest only security. (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate fair value of those securities was $276,947,228, representing 16.91% of net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.* 

 

*See Notes to Financial Statements.* 

54 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (Note 2)** |
| **COMMON STOCKS (0.74%)** |  |  |
| ***Energy (0.56%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas (0.56%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 27491 | $1653034 |
| **Total *Energy*** |  | 1653034 |
| ***Technology (0.18%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tech Hardware & Semiconductors (0.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 3234 | 519477 |
| **Total *Technology*** |  | 519477 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $1,697,016)** |  | 2172511 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **BANK LOAN (0.22%)** |  |  |
| *Publishing & Broadcasting (**0.22%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/18/2026<sup>(a)</sup> | $650187 | $645038 |
| **TOTAL BANK LOAN** |  |  |
| **(Cost $650,187)** |  | 645038 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (0.40%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (0.40%)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (0.40%)** |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-71, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/25/2032 | 13989 | 13821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-8, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.82%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/2038<sup>(a)</sup> | 139342 | 132230 |
|  |  | 146051 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2455, Class GK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 05/15/2032 | 16566 | 16763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2505, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/15/2032 | 33498 | 33900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2990, Class GO, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;–%, 02/15/2035<sup>(b)</sup> | 35781 | 29769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3907, Class KG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2040 | 6377 | 6342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4537, Class AZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/15/2045 | 23833 | 20812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4579, Class W, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.010%, 01/15/2038<sup>(a)</sup> | 89889 | 90546 |
|  |  | 198132 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-93, Class HG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 09/16/2039 | $16731 | $16404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-139, Class KZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/20/2041 | 46065 | 36933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H05, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/2060<sup>(a)</sup> | 29325 | 29010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H14, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2061<sup>(a)</sup> | 55819 | 55277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H20, Class BA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.56%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2062<sup>(a)</sup> | 31938 | 31679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-H29, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.515%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/2062<sup>(a)</sup> | 53887 | 53278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H07, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2063<sup>(a)</sup> | 30263 | 29961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2063<sup>(a)</sup> | 19298 | 19085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H22, Class FT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2063<sup>(a)</sup> | 24416 | 24362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-H23, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/20/2063<sup>(a)</sup> | 24963 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-H03, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/2064<sup>(a)</sup> | 17740 | 17609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-43, Class DM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 03/20/2045 | 89584 | 79640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-H29, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2065<sup>(a)</sup> | 58450 | 57660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-H09, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/20/2066<sup>(a)</sup> | 44494 | 44027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-H07, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/20/2068<sup>(a)</sup> | 71279 | 70632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-134, Class XB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 07/20/2048 | 125000 | 73861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-H09, Class NF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.25%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/2070<sup>(a)</sup> | 62605 | 62649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-215, Class TZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/20/2051 | 127560 | 106289 |
|  |  | 833332 |
| **TOTAL COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS** |  |  |
| **(Cost $1,164,099)** |  | 1177515 |

---

*See Notes to Financial Statements.* 

55 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| **MORTGAGE-BACKED SECURITIES (0.85%)** |  |  |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1998-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 08/01/2028 | $27466 | $28344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 08/01/2028 | 25954 | 25966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 06/01/2027 | 18436 | 18467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 04/01/2029 | 25240 | 25245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2001-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 06/01/2031 | 28365 | 28393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/01/2032 | 41726 | 42204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/2028 | 39073 | 38621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 09/01/2033 | 42873 | 41115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2033 | 22611 | 22365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2033 | 39099 | 38667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2035 | 20268 | 18958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2036 | 30466 | 29967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/2037 | 19770 | 19776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/2037 | 37034 | 36897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/01/2037 | 39840 | 40234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 11/01/2037 | 45707 | 47159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/2037 | 34715 | 33236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/01/2038 | 22774 | 22883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2038 | 28306 | 27669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/2038 | 46902 | 48391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/2039 | 46733 | 45931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/01/2040 | 5902 | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/2038 | 51935 | 52177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2041 | 72317 | 67832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/01/2043 | 98104 | 82947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2045 | 58123 | 54522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/2044 | 22022 | 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/2046 | 37710 | 33066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.734%, 02/01/2048<sup>(a)</sup> | 51018 | 43742 |
|  |  | 1042071 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/01/2034 | 29677 | 29598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2036 | 11985 | 11336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/01/2034 | 30400 | 30341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2036 | 20150 | 19162 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 05/01/2036 | $57166 | $57668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/01/2038 | 61457 | 60511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/01/2038 | 34716 | 35673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/01/2040 | 24088 | 24301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/01/2033 | 61599 | 54258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/01/2044 | 41783 | 36656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/01/2044 | 34863 | 32456 |
|  |  | 391960 |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 08/01/2042 | 52997 | 47590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/01/2036 | 76232 | 72787 |
|  |  | 120377 |
| Ginnie Mae I Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/2033 | 61107 | 63768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/2040 | 41743 | 41101 |
|  |  | 104869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/20/2039 | 51815 | 48871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 11/20/2039 | 32905 | 34566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/20/2041 | 35052 | 32558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2041 | 35770 | 33225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/20/2041 | 14597 | 13558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/20/2042 | 96365 | 87165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2042 | 99944 | 90081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 03/20/2043 | 85411 | 76623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/20/2035 | 94864 | 97321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 04/20/2044 | 79101 | 73106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2044 | 69389 | 64870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/20/2046 | 17025 | 14929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 05/20/2051 | 158230 | 143747 |
|  |  | 810620 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $2,649,308)** |  | 2469897 |

---

*See Notes to Financial Statements.* 

56 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **CORPORATE BONDS (70.40%)** |  |  |
| *Advertising & Marketing (**0.94%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital LLC / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2027<sup>(c)</sup> | $3052000 | $2752843 |
| *Aerospace & Defense (**2.72%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | 1450000 | 1282412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | 2170000 | 1363319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/15/2025<sup>(c)</sup> | 5185000 | 5282115 |
| **Total *Aerospace & Defense*** |  | 7927846 |
| *Airlines (**2.54%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2027<sup>(c)</sup> | 632418 | 592502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class B Pass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/15/2025<sup>(c)</sup> | 1688606 | 1685718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British Airways 2020-1 Class A Pass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2032<sup>(c)</sup> | 1350274 | 1214195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class A Pass |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 20-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 | 4070472 | 3933825 |
| **Total *Airlines*** |  | 7426240 |
| *Automobiles Manufacturing (**1.01%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 01/09/2024 | 250000 | 241748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 03/18/2024 | 650000 | 641094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/17/2027<sup>(c)</sup> | 1400000 | 1180833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 09/17/2030<sup>(c)</sup> | 1100000 | 879701 |
| **Total *Automobiles Manufacturing*** |  | 2943376 |
| *Banks (**3.09%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.65%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2026<sup>(a)(c)</sup> | 1500000 | 1447899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danske Bank A/S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/2026<sup>(a)(c)</sup> | 3400000 | 2891708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.23%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/27/2025<sup>(a)</sup> | 1000000 | 1001672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Bank/Columbus GA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 3.63%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/29/2030<sup>(a)</sup> | 1774000 | 1637436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83%, 12/04/2023<sup>(c)</sup> | 750000 | 747288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/03/2027<sup>(a)(c)</sup> | 1589000 | 1300785 |
| **Total *Banks*** |  | 9026788 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| *Cable & Satellite (**1.68%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031<sup>(c)</sup> | $1000000 | $791655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034<sup>(c)</sup> | 3550000 | 2614859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032<sup>(c)</sup> | 673000 | 540027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LLC / Charter Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | 1689000 | 976898 |
| **Total *Cable & Satellite*** |  | 4923439 |
| *Casinos & Gaming (**3.06%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/15/2026<sup>(c)</sup> | 1000000 | 929760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2028 | 2900000 | 2521049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2025 | 1233000 | 1218901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2027<sup>(c)</sup> | 4674000 | 4256881 |
| **Total *Casinos & Gaming*** |  | 8926591 |
| *Chemicals (**1.11%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2025<sup>(c)</sup> | 57000 | 55866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030<sup>(c)</sup> | 250000 | 239399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 07/15/2027 | 2250000 | 2124475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032 | 891000 | 811890 |
| **Total *Chemicals*** |  | 3231630 |
| *Commercial Finance (**1.78%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antares Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 01/15/2027<sup>(c)</sup> | 500000 | 395460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 07/15/2026<sup>(c)</sup> | 2500000 | 2129272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Aerospace Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2023<sup>(c)</sup> | 2700000 | 2687715 |
| **Total *Commercial Finance*** |  | 5212447 |
| *Consumer Finance (**0.93%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/2025 | 1650000 | 1602521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 10/01/2023 | 1085000 | 1103516 |
| **Total *Consumer Finance*** |  | 2706037 |
| *Consumer Services (**2.60%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC/Allied |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Finance Corp./Atlas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxco 4 Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/01/2028<sup>(c)</sup> | 3600000 | 3007502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 07/15/2026 | 3000000 | 2492513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2026<sup>(c)</sup> | 2250000 | 2101542 |
| **Total *Consumer Services*** |  | 7601557 |
| *Containers & Packaging (**2.17%**)* |  |  |
| Canpack SA / Canpack US LLC |  |  |
| 3.88%, 11/15/2029<sup>(c)</sup> | 5000000 | 3980650 |

---

*See Notes to Financial Statements.* 

57 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2030<sup>(c)</sup> | $1500000 | $1262055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2023<sup>(c)</sup> | 1105000 | 1100678 |
| **Total *Containers & Packaging*** |  | 6343383 |
| *Department Stores (**1.24%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMG Holding Co. Inc / Neiman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcus Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/01/2026<sup>(c)</sup> | 3800000 | 3619044 |
| *Diversified Banks (**1.70%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.37%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2031<sup>(a)</sup> | 2900000 | 2130889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.30%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/09/2026<sup>(a)</sup> | 3000000 | 2857681 |
| **Total *Diversified Banks*** |  | 4988570 |
| *Entertainment Resources (**0.51%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Fair LP / Canada's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wonderland Co. / Magnum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Corp. / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2025<sup>(c)</sup> | 1503000 | 1493599 |
| *Exploration & Production (**2.48%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2029<sup>(c)</sup> | 3050000 | 2797689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030<sup>(c)</sup> | 308000 | 279305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028<sup>(c)</sup> | 1506000 | 1419894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2032<sup>(c)</sup> | 308000 | 282898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2023 | 1000000 | 997345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | 1400000 | 1456777 |
| **Total *Exploration & Production*** |  | 7233908 |
| *Financial Services (**4.28%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compass Group Diversified Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2032<sup>(c)</sup> | 2500000 | 1827974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2029<sup>(c)</sup> | 1750000 | 1509436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 2.044%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/05/2026<sup>(a)(c)</sup> | 2429000 | 2048372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.92%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/12/2033<sup>(a)(c)</sup> | 1000000 | 871722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group / JSG Finance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2029<sup>(c)</sup> | 1679000 | 1487837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.16%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/17/2025<sup>(a)</sup> | 1500000 | 1449476 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value<br> (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 09/23/2026 | $2785000 | $2329632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.55%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/12/2026<sup>(a)(c)</sup> | 1000000 | 950050 |
| **Total *Financial Services*** |  | 12474499 |
| *Forest & Paper Products Manufacturing (**1.37%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/01/2026<sup>(c)</sup> | 4050000 | 4003709 |
| *Hardware (**0.64%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2031 | 2400000 | 1877986 |
| *Homebuilders (**3.00%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 05/15/2026<sup>(c)</sup> | 4103000 | 3499306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shea Homes LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2028 | 125000 | 105624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2029 | 3125000 | 2552391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 06/15/2028 | 3000000 | 2604000 |
| **Total *Homebuilders*** |  | 8761321 |
| *Industrial Other (**0.86%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/11/2032<sup>(c)</sup> | 600000 | 543176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2029<sup>(c)</sup> | 2250000 | 1965521 |
| **Total *Industrial Other*** |  | 2508697 |
| *Metals & Mining (**1.04%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/30/2029<sup>(c)</sup> | 3700000 | 3039587 |
| *Pharmaceuticals (**0.66%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. / Organon Foreign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/30/2031<sup>(c)</sup> | 2280000 | 1940166 |
| *Pipeline (**8.18%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 | 336000 | 292342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 07/01/2023 | 1200000 | 1187502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028<sup>(c)</sup> | 3448000 | 2996226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031<sup>(c)</sup> | 3071000 | 2372066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039<sup>(c)</sup> | 1733000 | 1188457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy LP / Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/15/2027 | 4535000 | 4400174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2030<sup>(c)</sup> | 2000000 | 1878687 |

---

*See Notes to Financial Statements.* 

58 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u>   <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2024<sup>(c)</sup> | $2675000 | $2574877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2029<sup>(c)</sup> | 1734000 | 1531963 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 | 1505000 | 1497061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029 | 2957000 | 2953039 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 1.10%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/2023<sup>(a)</sup> | 1036000 | 1030851 |
| **Total *Pipeline*** |  | 23903245 |
| *Power Generation (**0.88%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 11/15/2023<sup>(c)</sup> | 1374000 | 1290581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2026<sup>(c)</sup> | 1325000 | 1275213 |
| **Total *Power Generation*** |  | 2565794 |
| *Publishing & Broadcasting (**4.44%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031<sup>(c)</sup> | 3000000 | 2411670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2030<sup>(c)</sup> | 2000000 | 1584750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028<sup>(c)</sup> | 1450000 | 1275913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(c)</sup> | 2000000 | 1892650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2031<sup>(c)</sup> | 6100000 | 4963997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scripps Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2027<sup>(c)</sup> | 900000 | 816570 |
| **Total *Publishing & Broadcasting*** |  | 12945550 |
| *Real Estate (**5.38%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028<sup>(c)</sup> | 2975000 | 2835963 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/2029 | 2600000 | 2347447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/2028 | 750000 | 696748 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2029<sup>(c)</sup> | 1392000 | 1091250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/01/2031<sup>(c)</sup> | 1893000 | 1427407 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2030 | 4084000 | 3216069 |
| &nbsp;&nbsp;&nbsp;Realogy Group LLC / Realogy Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2023<sup>(c)</sup> | 2800000 | 2798040 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2025<sup>(c)</sup> | 200000 | 187655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/01/2024<sup>(c)</sup> | 1137000 | 1123708 |
| **Total *Real Estate*** |  | 15724287 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| *Retail - Consumer Discretionary (**0.61%**)* | | |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2029<sup>(c)</sup> | $2225000 | $1775394 |
| *Retail - Consumer Staples (**0.63%**)* |  |  |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2028<sup>(c)</sup> | 1900000 | 1837728 |
| *Software & Services (**1.92%**)* |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 07/15/2030<sup>(c)</sup> | 2700000 | 2131296 |
| &nbsp;&nbsp;&nbsp;Picard Midco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029<sup>(c)</sup> | 4000000 | 3475311 |
| **Total *Software & Services*** |  | 5606607 |
| *Supermarkets & Pharmacies (**0.81%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Arko Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/2029<sup>(c)</sup> | 3000000 | 2379600 |
| *Utilities (**2.44%**)* |  |  |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 2.91%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/2043<sup>(a)</sup> | 1550000 | 1426667 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/16/2024 | 2000000 | 1933571 |
| &nbsp;&nbsp;&nbsp;Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 2.868%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/2052<sup>(a)</sup> | 2725000 | 2055640 |
| &nbsp;&nbsp;&nbsp;Suburban Propane Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LP/Suburban Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2031<sup>(c)</sup> | 2037000 | 1717171 |
| **Total *Utilities*** |  | 7133049 |
| *Waste & Environment Services & Equipment (**1.61%**)** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028<sup>(c)</sup> | 2800000 | 2429476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2026<sup>(c)</sup> | 2399000 | 2287303 |
| **Total *Waste & Environment Services & Equipment*** |  | 4716779 |
| *Wireless Telecommunications Services (**0.90%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/2066 | 122131 | 2623374 |
| *Wireline Telecommunications Services (**1.19%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/2028<sup>(c)</sup> | 4500000 | 3493350 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $229,162,892)** |  | 205668020 |

---

*See Notes to Financial Statements.* 

59 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **GOVERNMENT BONDS (17.74%)** | | |
| *U.S. Treasury Bonds (**17.74%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | $934000 | $748222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 12/31/2023 | 12095000 | 11564426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 05/31/2027 | 4040000 | 3766353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/31/2027 | 2655000 | 2482321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | 967000 | 865465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/31/2024 | 2636000 | 2566033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/15/2025 | 8631000 | 8313912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2025 | 7716000 | 7450763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/31/2024 | 7487000 | 7317080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/2024 | 6774000 | 6740130 |
| **Total *U.S. Treasury Bonds*** |  | 51814705 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $52,980,461)** |  | 51814705 |

---

---

| | | |
|:---|:---|:---|
|  | <br> Shares | **Value<br> (Note 2)** |
| **PREFERRED STOCK (7.58%)** |  |  |
| ***Consumer Discretionary (0.76%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail - Consumer Discretionary (0.76%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qurate Retail, Inc., 8.000%<sup>(d)</sup> | 45800 | 2208476 |
| **Total *Consumer Discretionary*** |  | 2208476 |
| ***Financials (6.82%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks (3.20%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc., 3.400%<sup>(d)</sup> | 6928000 | 8007340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp., Series N, 4.800%<sup>(d)</sup> | 1500000 | 1350375 |
|  |  | 9357715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Finance (2.07%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV, 5.875%<sup>(d)</sup> | 4499000 | 4054319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., Series C, 4.125%<sup>(d)</sup> | 3000000 | 1987769 |
|  |  | 6042088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Finance (0.40%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 3.550%<sup>(d)</sup> | 1500000 | 1160625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (1.15%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG, 6.375%<sup>(c)(d)</sup> | 2500000 | 1870267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 6.500%<sup>(d)</sup> | 60000 | 1488000 |
|  |  | 3358267 |
| **Total *Financials*** |  | 19918695 |
| **TOTAL PREFERRED STOCK** |  |  |
| **(Cost $27,156,139)** |  | 22127171 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value (Note 2)** |
| **SHORT TERM INVESTMENTS (0.95%)** | | | |
| ***Money Market Fund (0.95%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Liquidity Funds - Government Portfolio | 2.89% | 2771713 | $2771713 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $2,771,713)** |  |  | 2771713 |
| **TOTAL INVESTMENTS (98.88%)** |  |  |  |
| **(Cost $318,231,815)** |  |  | $288846570 |
| **Other Assets In Excess Of Liabilities (1.12%)** |  |  | 3260175 |
| **NET ASSETS (100.00%)** |  |  | $292106745 |

---

**Investment Abbreviations:** 

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

**Reference Rates:** 

1M US L - 1 Month LIBOR as of October 31, 2022 was 3.80%

3M US L - 3 Month LIBOR as of October 31, 2022 was 4.46%

1D US SOFR - 1 Day SOFR as of October 31, 2022 was 3.05%

1Y US TI - 1 Year US TI as of October 31, 2022 was 4.66%

5Y US TI - 5 Year US TI as of October 31, 2022 was 4.27%

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Issued with zero coupon.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate fair value of those securities was $140,562,731, representing 48.12% of net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.* 

*See Notes to Financial Statements.* 

60 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (Note 2)** |
| **COMMON STOCKS (58.54%)** | | |
| &nbsp;&nbsp;&nbsp;***Communications (4.36%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Media (4.03%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | 6085 | $575093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A<sup>(a)</sup> | 2432 | 226565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co.<sup>(a)</sup> | 2484 | 264645 |
|  |  | 1066303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications (0.33%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 4740 | 86742 |
| **Total *Communications*** |  | 1153045 |
| ***Consumer Discretionary (6.12%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Discretionary Services (2.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 1859 | 297644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 1447 | 394540 |
|  |  | 692184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail & Whsle - Discretionary (3.50%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 3185 | 326271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 1146 | 223413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 445 | 372540 |
|  |  | 922224 |
| **Total *Consumer Discretionary*** |  | 1614408 |
| ***Consumer Staples (5.25%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Staple Products (1.90%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 6070 | 363290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 682 | 136734 |
|  |  | 500024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Retail & Wholesale - Staples (3.35%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 699 | 350549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 1086 | 178376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 2505 | 356536 |
|  |  | 885461 |
| **Total *Consumer Staples*** |  | 1385485 |
| ***Energy (4.62%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Oil & Gas (3.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BP PLC, Sponsored ADR | 2605 | 86616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 4485 | 565514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 8647 | 336801 |
|  |  | 988931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Renewable Energy (0.87%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(a)</sup> | 745 | 228715 |
| **Total *Energy*** |  | 1217646 |

---

---

| | | |
|:---|:---|:---|
|  | <br> Shares | **Value**<br> **(Note 2)** |
| ***Financials (6.08%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banking (2.55%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 3935 | $495338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3885 | 178671 |
|  |  | 674009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (2.91%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 1250 | 185563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 2210 | 167584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2403 | 229655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 734 | 187647 |
|  |  | 770449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Insurance (0.62%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1545 | 162519 |
| **Total *Financials*** |  | 1606977 |
| ***Health Care (11.24%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care (11.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 4760 | 205204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 2587 | 200415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 972 | 244623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1200 | 260964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 995 | 208622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 7695 | 358202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 500 | 256985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1434 | 796085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 792 | 247104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1297 | 195562 |
|  |  | 2973766 |
| **Total *Health Care*** |  | 2973766 |
| ***Industrials (5.66%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Products (3.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1064 | 230313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 530 | 209785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2011 | 153620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity, Ltd. | 1905 | 232848 |
|  |  | 826566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Services (2.53%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 554 | 126351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 439 | 120549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | 4073 | 148054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1710 | 270813 |
|  |  | 665767 |
| **Total *Industrials*** |  | 1492333 |

---

*See Notes to Financial Statements.* 

61 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (Note 2)** |
| ***Materials (2.47%)*** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Materials (2.47%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC, ADR | 7300 | $110084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 3980 | 126126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 500 | 148675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 960 | 73392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 1490 | 80088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norsk Hydro ASA, ADR | 17760 | 112598 |
|  |  | 650963 |
| **Total *Materials*** |  | 650963 |
| ***Real Estate (1.75%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate (1.75%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 5031 | 321783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | 1260 | 139545 |
|  |  | 461328 |
| **Total *Real Estate*** |  | 461328 |
| ***Technology (10.99%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software & Tech Services (5.86%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 911 | 298972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2944 | 683390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 11035 | 96998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 2373 | 198335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 938 | 274412 |
|  |  | 1552107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Tech Hardware & Semiconductors (5.13%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3452 | 529330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 277 | 112124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 875 | 218496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 590 | 79632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 2326 | 143165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 1703 | 273553 |
|  |  | 1356300 |
| **Total *Technology*** |  | 2908407 |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $14,220,487)** |  | 15464358 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (4.34%)** | | |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/18/2027<sup>(b)</sup> | $6542 | $6528 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1997-42, Class PK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/18/2027 | $7009 | $6872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-52, Class NF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.15%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2023<sup>(b)</sup> | 2454 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-21, Class FD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.90%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/2032<sup>(b)</sup> | 9359 | 9402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-22, Class GC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 04/25/2032 | 7955 | 8229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-58, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 09/25/2032 | 20086 | 20551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-58, Class FG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/25/2032<sup>(b)</sup> | 7213 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-117, Class KB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 12/25/2033 | 16618 | 17070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-87, Class SL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10% - 1M US L, 07/25/2033<sup>(b)</sup> | 38380 | 36322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-60, Class JC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2034 | 18314 | 18416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-27, Class GH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/25/2035 | 90000 | 90830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-104, Class ZE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/2037 | 17418 | 17607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-22, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/25/2037 | 8356 | 8484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-55, Class PH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/25/2047 | 23069 | 23493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-76, Class ZG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 08/25/2037 | 149675 | 149804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-1, Class LF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.70%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/25/2037<sup>(b)</sup> | 16928 | 16893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-22, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/25/2048 | 15233 | 15035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-12, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.423%, 06/25/2037<sup>(b)</sup> | 15162 | 16433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-51, Class BZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/2039 | 20636 | 19920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-61, Class WA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.998%, 06/25/2040<sup>(b)</sup> | 17227 | 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-98, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/25/2040 | 16300 | 16276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-153, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 07/25/2042 | 7609 | 7997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-64, Class NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/25/2041 | 2738 | 2675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-18, Class MY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 03/25/2033 | 15000 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-61, Class NY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 06/25/2033 | 35000 | 30645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-9, Class AE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 03/25/2039 | 5509 | 5422 |

---

*See Notes to Financial Statements.* 

62 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal**<br> **Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-21, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 09/25/2041 | $12214 | $11344 |
|  |  | 596562 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1996-1843, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 04/15/2026 | 3550 | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 1999-2123, Class L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2029 | 21703 | 22175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2002-2538, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.40%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/2032<sup>(b)</sup> | 4326 | 4312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2626, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2023<sup>(b)</sup> | 864 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-2696, Class DG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/15/2033 | 11513 | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2977, Class AT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2025 | 6684 | 6604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2990, Class LB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.94569% - 1M US L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2034<sup>(b)</sup> | 3525 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2993, Class TF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/2025<sup>(b)</sup> | 8625 | 8608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3174, Class LF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/2036<sup>(b)</sup> | 8574 | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-3239, Class EF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.35%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/2036<sup>(b)</sup> | 9216 | 9046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-3298, Class Z, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/15/2037 | 24659 | 25092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-3409, Class DB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 01/15/2038 | 16051 | 16197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-3572, Class KT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/15/2039 | 15075 | 14757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3645, Class WD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/15/2040 | 26000 | 23039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3699, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 03/15/2040 | 11806 | 11419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3721, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/2040<sup>(b)</sup> | 11146 | 11015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3759, Class PY, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/2040 | 25000 | 23599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-3770, Class JZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/15/2040 | 25907 | 24518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-3954, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 07/15/2041 | 24000 | 22157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-3987, Class LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 01/15/2042 | 26000 | 23375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4032, Class AD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/15/2041 | 11944 | 11220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-4043, Class PB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/15/2027 | 11927 | 11193 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br> **Amount** | **Value**<br> **(Note 2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-4226, Class GZ, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 07/15/2043 | $12998 | $11519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4498, Class JA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/15/2037 | 33607 | 29361 |
|  |  | 336971 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2003-52, Class AP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–%, 06/16/2033<sup>(c)</sup> | 13986 | 12401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-86, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/20/2034 | 16000 | 16211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-91, Class PD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 12/20/2035 | 10737 | 10884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-70, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/20/2037<sup>(b)</sup> | 16614 | 16589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-2, Class PC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 01/20/2038 | 7645 | 7510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-46, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1M US L + 0.60%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/2038<sup>(b)</sup> | 7305 | 7304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-60, Class JP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/20/2038 | 46000 | 46418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-104, Class KA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/16/2039 | 7621 | 7539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-98, Class MG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/20/2039 | 1479 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-H23, Class HA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 12/20/2061 | 6167 | 5793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-39, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/16/2040 | 7045 | 6747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-149, Class BP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2043 | 50000 | 44230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-98, Class DM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/20/2042 | 7471 | 7358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-91, Class NE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2044 | 3785 | 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-152, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2049 | 2907 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-162, Class GA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/20/2049 | 3971 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-167, Class EC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 02/20/2049 | 4009 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5, Class LC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 10/20/2049 | 4179 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-76, Class ND, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/20/2050 | 6049 | 4636 |
|  |  | 212271 |
| **TOTAL COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS** |  |  |
| **(Cost $1,275,022)** |  | 1145804 |

---

*See Notes to Financial Statements.* 

63 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (0.10%)** | | |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-M9, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.103%, 07/25/2024<sup>(b)</sup> | $27536 | $26620 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED** |  |  |
| **SECURITIES** |  |  |
| **(Cost $27,469)** |  | 26620 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **MORTGAGE-BACKED SECURITIES (3.35%)** | | |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2004-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2034 | 32267 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2034 | 39986 | 39358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.687%, 06/15/2034 | 13864 | 14484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2007-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 08/01/2037 | 31029 | 29524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 2.403%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/2035<sup>(b)</sup> | 23634 | 23976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2008-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 03/01/2038 | 37737 | 37770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/01/2038 | 30317 | 30474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 11/01/2039 | 28362 | 27682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM0762, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.290%, 09/01/2032 | 8146 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-AM1671, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.100%, 12/01/2027 | 28476 | 26536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.690%, 11/01/2023 | 35100 | 34569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/01/2033 | 29588 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM8645, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.690%, 05/01/2027 | 21077 | 19411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-AM8674, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.810%, 04/01/2025 | 60000 | 57091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.390%, 06/01/2025 | 18789 | 17649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-AN6670, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.210%, 09/01/2027 | 29024 | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BL0212, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.820%, 07/01/2027 | 34087 | 32638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.340%, 05/01/2031 | 24419 | 22202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 11/01/2032 | 55000 | 39478 |
|  |  | 546044 |
| Freddie Mac Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 05/01/2032 | 34546 | 29993 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2009-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/20/2039 | $11501 | $11352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/20/2039 | 34205 | 34233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2010-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/20/2040 | 25299 | 23499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/20/2040 | 104792 | 100217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/20/2040 | 21528 | 20609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/20/2041 | 26675 | 26289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 05/20/2042 | 39817 | 35456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/20/2042 | 62869 | 58150 |
|  |  | 309805 |
| **TOTAL MORTGAGE-BACKED SECURITIES** |  |  |
| **(Cost $962,285)** |  | 885842 |
| **CORPORATE BONDS (12.31%)** |  |  |
| *Aerospace & Defense (**0.68%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | 70000 | 61910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | 53000 | 33298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/15/2025<sup>(d)</sup> | 82000 | 83535 |
| **Total *Aerospace & Defense*** |  | 178743 |
| *Airlines (**0.63%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/15/2027<sup>(d)</sup> | 43848 | 41080 |
| &nbsp;&nbsp;&nbsp;Alaska Airlines 2020-1 Class B Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/15/2025<sup>(d)</sup> | 22244 | 22206 |
| &nbsp;&nbsp;&nbsp;British Airways 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2032<sup>(d)</sup> | 5464 | 4914 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/04/2025 | 55000 | 54731 |
| &nbsp;&nbsp;&nbsp;United Airlines 2020-1 Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 20-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027 | 43471 | 42012 |
| **Total *Airlines*** |  | 164943 |
| *Automobiles Manufacturing (**0.82%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/13/2025 | 35000 | 31814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/13/2030 | 17000 | 13795 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 09/17/2030<sup>(d)</sup> | 200000 | 159945 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 11/23/2022<sup>(d)</sup> | 5000 | 4986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 11/22/2023<sup>(d)</sup> | 5000 | 4761 |
| **Total *Automobiles Manufacturing*** |  | 215301 |

---

*See Notes to Financial Statements.*

 

64 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| *Banks (**0.45%**)* | | |
| &nbsp;&nbsp;&nbsp;Citizens Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.45%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2025<sup>(b)</sup> | $36000 | $36272 |
| &nbsp;&nbsp;&nbsp;First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 3.83%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/19/2024<sup>(b)</sup> | 83000 | 81759 |
| **Total *Banks*** |  | 118031 |
| *Cable & Satellite (**0.41%**)* |  |  |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034<sup>(d)</sup> | 31000 | 22834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2033<sup>(d)</sup> | 22000 | 16725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032<sup>(d)</sup> | 27000 | 21665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications Operating LLC /<br> Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | 84000 | 48584 |
| **Total *Cable & Satellite*** |  | 109808 |
| *Casinos & Gaming (**0.43%**)* |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2025 | 60000 | 59314 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2027<sup>(d)</sup> | 61000 | 55555 |
| **Total *Casinos & Gaming*** |  | 114869 |
| *Chemicals (**0.57%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2025<sup>(d)</sup> | 18000 | 17642 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 07/15/2027 | 27000 | 25494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 07/15/2029 | 16000 | 14898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/15/2032 | 34000 | 30981 |
| &nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 03/15/2033 | 34000 | 33890 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 10/15/2027<sup>(d)</sup> | 34000 | 27750 |
| **Total *Chemicals*** |  | 150655 |
| *Commercial Finance (**0.73%**)* |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2025 | 110000 | 108353 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/18/2027<sup>(d)</sup> | 14000 | 10697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2026<sup>(d)</sup> | 25000 | 21872 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/2023<sup>(d)</sup> | 51000 | 50768 |
| **Total *Commercial Finance*** |  | 191690 |
| *Consumer Finance (**0.04%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 10/02/2023 | 10000 | 9592 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| *Consumer Products (**0.12%**)* | | |
| &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital UK PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/24/2025<sup>(d)</sup> | $17000 | $16019 |
| &nbsp;&nbsp;&nbsp;GSK Consumer Healthcare Capital US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/24/2027<sup>(d)</sup> | 17000 | 15390 |
| **Total *Consumer Products*** |  | 31409 |
| *Containers & Packaging (**0.06%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2023<sup>(d)</sup> | 16000 | 15937 |
| *Diversified Banks (**0.85%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.37%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/24/2031<sup>(b)</sup> | 90000 | 66131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 1.20%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/21/2036<sup>(b)</sup> | 62000 | 44375 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 11/20/2026 | 70000 | 66000 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.56%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/26/2028<sup>(b)</sup> | 28000 | 26067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.80%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/26/2033<sup>(b)</sup> | 23000 | 20514 |
| **Total *Diversified Banks*** |  | 223087 |
| *Entertainment Resources (**0.11%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Cedar Fair LP / Canada's |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wonderland Co. / Magnum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Corp. / |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/2025<sup>(d)</sup> | 13000 | 12919 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/15/2025<sup>(d)</sup> | 17000 | 16953 |
| **Total *Entertainment Resources*** |  | 29872 |
| *Exploration & Production (**0.30%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | 10000 | 7521 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP / Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2030<sup>(d)</sup> | 10000 | 9068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2028<sup>(d)</sup> | 42000 | 39599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2032<sup>(d)</sup> | 10000 | 9185 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2023 | 15000 | 14960 |
| **Total *Exploration & Production*** |  | 80333 |
| *Financial Services (**0.78%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 0.50%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/10/2024<sup>(b)</sup> | 24000 | 23557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/24/2028<sup>(b)</sup> | 48000 | 41522 |

---

*See Notes to Financial Statements.* 

65 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.00%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/21/2028<sup>(b)</sup> | $30000 | $25952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1D US SOFR + 1.36%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/16/2036<sup>(b)</sup> | 61000 | 43255 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%, 12/21/2022 | 10000 | 9942 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2030 | 50000 | 46544 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Y US TI + 1.75%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/12/2028<sup>(b)(d)</sup> | 17000 | 15591 |
| **Total *Financial Services*** |  | 206363 |
| *Food & Beverage (**0.22%**)* |  |  |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%, 09/24/2024<sup>(d)</sup> | 16000 | 14522 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2027 | 24000 | 22504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/01/2031 | 24000 | 21704 |
| **Total *Food & Beverage*** |  | 58730 |
| *Hardware (**0.24%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Dell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/10/2040 | 24000 | 19753 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 04/01/2026 | 24000 | 20866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2031 | 31000 | 24257 |
| **Total *Hardware*** |  | 64876 |
| *Health Care Facilities & Services (**0.21%**)* |  |  |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/2031 | 73000 | 54500 |
| *Industrial Other (**0.06%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 10/01/2024 | 16000 | 14589 |
| *Managed Care (**0.10%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%, 08/03/2023 | 28000 | 27053 |
| *Medical Equipment & Devices Manufacturing (**0.08%**)* |  |  |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 09/15/2024 | 23000 | 21233 |
| *Metals & Mining (**0.27%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2026 | 75000 | 72340 |
| *Pipeline (**1.44%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2027 | 36000 | 31322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028<sup>(d)</sup> | 50000 | 43449 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 01/15/2023 | 10000 | 9969 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| &nbsp;&nbsp;&nbsp;Flex Intermediate Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 06/30/2031<sup>(d)</sup> | $63000 | $48662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32%, 12/30/2039<sup>(d)</sup> | 62000 | 42518 |
| &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2024<sup>(d)</sup> | 39000 | 37540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/01/2029<sup>(d)</sup> | 32000 | 28272 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP / Targa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resources Partners Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/2027 | 91000 | 90519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029 | 46000 | 45938 |
| &nbsp;&nbsp;&nbsp;**Total *Pipeline*** |  | 378189 |
| *Power Generation (**0.54%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Alexander Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 11/15/2023<sup>(d)</sup> | 40000 | 37572 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/02/2025<sup>(d)</sup> | 20000 | 17633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027<sup>(d)</sup> | 25000 | 20563 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/13/2025<sup>(d)</sup> | 39000 | 37688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2026<sup>(d)</sup> | 29000 | 27910 |
| &nbsp;&nbsp;&nbsp;**Total *Power Generation*** |  | 141366 |
| *Publishing & Broadcasting (**0.28%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028<sup>(d)</sup> | 25000 | 21999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2027<sup>(d)</sup> | 24000 | 22712 |
| &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029<sup>(d)</sup> | 12000 | 9928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2031<sup>(d)</sup> | 22000 | 17903 |
| &nbsp;&nbsp;&nbsp;**Total *Publishing & Broadcasting*** |  | 72542 |
| *Real Estate (**0.15%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Realogy Group LLC / Realogy Co.- Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2023<sup>(d)</sup> | 25000 | 24983 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 05/01/2024<sup>(d)</sup> | 17000 | 16801 |
| **Total *Real Estate*** |  | 41784 |
| &nbsp;&nbsp;&nbsp;*Refining & Marketing (**0.23%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2030 | 46000 | 38975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/01/2026 | 22000 | 21415 |
| &nbsp;&nbsp;&nbsp;**Total *Refining & Marketing*** |  | 60390 |
| *Semiconductors (**0.05%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 02/15/2024 | 15000 | 14116 |
| &nbsp;&nbsp;&nbsp;*Software & Services (**0.17%**)* |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 07/15/2030<sup>(d)</sup> | 60000 | 47363 |

---

*See Notes to Financial Statements.* 

66 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| *Transportation & Logistics (**0.14%**)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. 2020-1 Class AA Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/20/2034 | $44653 | $35676 |
| *Utilities (**0.77%**)* |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 03/09/2023 | 17000 | 16756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 0.38%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/09/2023<sup>(b)</sup> | 7000 | 6984 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M US L + 2.91%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/2043<sup>(b)</sup> | 30000 | 27613 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%, 03/11/2023 | 6000 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 03/11/2024 | 75000 | 70975 |
| &nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/16/2024 | 16000 | 15469 |
| &nbsp;&nbsp;&nbsp;Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5Y US TI + 2.868%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/2052<sup>(b)</sup> | 32000 | 24140 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 04/01/2024 | 10000 | 9409 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 08/01/2027 | 28000 | 27263 |
| **Total *Utilities*** |  | 204521 |
| *Waste & Environment Services & Equipment (**0.13%**)** |  |  |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 12/15/2026<sup>(d)</sup> | 36000 | 34324 |
| *Wireless Telecommunications Services* | *(0.24 %)* |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/2066 | 1729 | 37139 |
| &nbsp;&nbsp;&nbsp;Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/2023 | 25000 | 25444 |
| **Total *Wireless Telecommunications Services*** |  | 62583 |
| *Wireline Telecommunications Services (**0.01%**)* |  |  |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37%, 03/03/2023<sup>(d)</sup> | 4000 | 3942 |
| **TOTAL CORPORATE BONDS** |  |  |
| **(Cost $3,723,154)** |  | 3250750 |

---

---

| | | |
|:---|:---|:---|
| | **Principal Amount** | **Value (Note 2)** |
| **GOVERNMENT BONDS (12.95%)** |  |  |
| *U.S. Treasury Bonds (**12.95%**)* |  |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2041 | $289000 | $197152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 | 328000 | 239594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2032 | 273000 | 247406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | 232000 | 180126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | 620000 | 496679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/15/2042 | 295000 | 249505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | 286000 | 246809 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 01/31/2027 | 175000 | 155989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 05/31/2027 | 225000 | 209760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2032 | 472000 | 422440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2025 | 440000 | 424876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2025 | 85000 | 82868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/30/2024 | 268000 | 266660 |
| **Total *U.S. Treasury Bonds*** |  | 3419864 |
| **TOTAL GOVERNMENT BONDS** |  |  |
| **(Cost $3,805,558)** |  | 3419864 |

---

---

| | | |
|:---|:---|:---|
|  | <br> **Shares** | **Value<br> (Note 2)** |
| **PREFERRED STOCK (1.53%)** | | |
| ***Energy (0.05%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pipeline (0.05%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP, Series F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%<sup>(e)</sup> | 15000 | 12882 |
| **Total *Energy*** |  | 12882 |
| ***Financials (1.48%)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Banks (0.49%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inc., Series O, 3.400%<sup>(e)</sup> | 133000 | 133146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Finance (0.24%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV, 5.875%<sup>(e)</sup> | 40000 | 36046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., Series C, 4.125%<sup>(e)</sup> | 40000 | 26503 |
|  |  | 62549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Finance (0.18%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc., Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%<sup>(e)</sup> | 18000 | 12150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., 3.550%<sup>(e)</sup> | 26000 | 20118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D, 6.125%<sup>(e)</sup> | 15000 | 14448 |
|  |  | 46716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Services (0.57%)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%<sup>(d)(e)</sup> | 200000 | 149621 |
| **Total *Financials*** |  | 392032 |

---

*See Notes to Financial Statements.* 

67 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statement of Investments *October 31, 2022*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value (Note 2)** |
| **TOTAL PREFERRED STOCK** |  |  |
| **(Cost $500,576)** |  | $404914 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **7-Day Yield** | **Shares** | **Value (Note 2)** |
| **SHORT TERM INVESTMENTS (8.04%)** | | | |
| ***Money Market Fund (8.04%)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Liquidity Funds - Government Portfolio | 2.89% | 45082 | $45082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Plus Money Market Fund (Premier Class) | 3.02% | 2079026 | 2079026 |
|  |  |  | 2124108 |
| **TOTAL SHORT TERM INVESTMENTS** |  |  |  |
| **(Cost $2,124,108)** |  |  | 2124108 |
| **TOTAL INVESTMENTS (101.16%)** |  |  |  |
| **(Cost $26,638,659)** |  |  | $26722260 |
| **Liabilities In Excess Of Other Assets (-1.16%)** |  |  | (307473) |
| **NET ASSETS (100.00%)** |  |  | $26414787 |

---

**Investment Abbreviations:** 

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

TI – Treasury Index

**Reference Rates:** 

1M US L - 1 Month LIBOR as of October 31, 2022 was 3.80%

3M US L - 3 Month LIBOR as of October 31, 2022 was 4.46%

7Y US TI - 7 Year US Treasury Index as of October 31, 2022 was 4.18%

1D US SOFR - 1 Day SOFR as of October 31, 2022 was 3.05%

1Y US TI - 1 Year US TI as of October 31, 2022 was 4.66%

5Y US TI - 5 Year US TI as of October 31, 2022 was 4.27%

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Non-Income Producing Security.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Floating or variable rate security. The reference rate is described above. The rate in effect as of October 31, 2022 is based on the reference rate plus the displayed spread as of the security's last reset date.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Issued with zero coupon.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2022, the aggregate fair value of those securities was $1,423,500, representing 5.39% of net assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Perpetual maturity. This security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.* 

*See Notes to Financial Statements.* 

68 \| October 31, 2022

<u>ALPS \| Smith Funds</u> <br>Statements of Assets and Liabilities *October 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS \| Smith Short Duration Bond Fund** | **ALPS \| Smith Total Return Bond Fund** | **ALPS \| Smith Credit Opportunities Fund** | **ALPS \| Smith Balanced Opportunity Fund** |
| **ASSETS** |  |  |  |  |
| Investments, at value | $759837672 | $1636186907 | $288846570 | $26722260 |
| Cash | 465986 |  |  |  |
| Receivable for investments sold | 7246798 | 5004585 | 2003657 | 35105 |
| Receivable for shares sold | 4722824 | 4381648 | 399586 | 34160 |
| Dividends and interest receivable | 4997148 | 15274084 | 3264843 | 93964 |
| Prepaid expenses and other assets | 67375 | 59049 | 28898 | 30099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 777337803 | 1660906273 | 294543554 | 26915588 |
| **LIABILITIES** |  |  |  |  |
| Payable for investments purchased | 12798306 | 19792720 | 2000000 | 299026 |
| Payable for shares redeemed | 571561 | 1562691 | 103184 | 52974 |
| Investment advisory fees payable | 114848 | 608568 | 197072 | 6762 |
| Administration and transfer agency fees payable | 204342 | 751176 | 84909 | 91403 |
| Distribution and services fees payable | 14284 | 10134 | 4400 | 1291 |
| Trustees' fees and expenses payable | 4123 | 5199 | 1431 |  |
| Professional fees payable | 26869 | 45403 | 22119 | 19658 |
| Custody fees payable | 30554 | 93285 | 12016 | 18528 |
| Accrued expenses and other liabilities | 45341 | 103580 | 11678 | 11159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 13810228 | 22972756 | 2436809 | 500801 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $763527575 | $1637933517 | $292106745 | $26414787 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $799552765 | $1945354648 | $340446547 | $27857477 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (36025190) | (307421131) | (48339802) | (1442690) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $763527575 | $1637933517 | $292106745 | $26414787 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $787347956 | $1830590586 | $318231815 | $26638659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PRICING OF SHARES** | | | | |
| **Investor Class:** | | | | |
| Net Asset Value, offering and redemption price per share | $9.98 | $9.34 | $8.82 | $10.22 |
| Net Assets | $19227494 | $4252079 | $6154625 | $651176 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1926526 | 455150 | 697455 | 63687 |
| **Class A:** |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $9.98 | $9.34 | $8.83 | $10.22 |
| Net Assets | $15429459 | $16023828 | $1087688 | $1063395 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 1546326 | 1714700 | 123231 | 104020 |
| Maximum offering price per share | $10.21 (a) | $9.56 (a) | $9.03 (a) | $10.57 (b) |
| **Class C:** |  |  |  |  |
| Net Asset Value, offering and redemption price per share<sup>(c)</sup> | $9.93 | $9.32 | $8.82 | $10.17 |
| Net Assets | $3783691 | $4223074 | $616934 | $524277 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 380848 | 452932 | 69919 | 51542 |
| **Class I:** |  |  |  |  |
| Net Asset Value, offering and redemption price per share | $9.98 | $9.34 | $8.83 | $10.22 |
| Net Assets | $725086931 | $1613434536 | $284247498 | $24175939 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized) | 72622618 | 172788591 | 32187997 | 2364929 |

---

*See Notes to Financial Statements.*

69 \| October 31, 2022

<u>ALPS \| Smith Funds</u>   <br> Statements of Assets and Liabilities *October 31, 2022*

*<sup>(a)</sup>* *(NAV/0.9775), based on maximum sales charge of 2.25% of the offering price.*

*<sup>(b)</sup>* *(NAV/0.9675), based on maximum sales charge of 3.25% of the offering price.*

*<sup>(c)</sup>* *Redemption price per share may be reduced for any applicable contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.*

*See Notes to Financial Statements.*

70 \| October 31, 2022

<u>ALPS \| Smith Funds </u>   <br> Statements of Operations *For the Year Ended October 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ALPS \| Smith Short Duration Bond Fund** | **ALPS \| Smith Total Return Bond Fund** | **ALPS \| Smith Credit Opportunities Fund** | **ALPS \| Smith Balanced Opportunity Fund** |
| **INVESTMENT INCOME** | | | | |
| Dividends | $243361 | $1973720 | $1285379 | $341969 |
| Foreign taxes withheld on dividends | (8050) |  |  | (9844) |
| Interest | 12547918 | 52376666 | 12165588 | 304326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 12783229 | 54350386 | 13450967 | 636451 |
| **EXPENSES** |  |  |  |  |
| Investment advisory fees | 2381058 | 9556122 | 2191760 | 229010 |
| Administrative fees | 585408 | 1702999 | 250665 | 87656 |
| Transfer agency fees | 342593 | 939946 | 120519 | 39509 |
| Distribution and service fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 24325 | 20605 | 17238 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 42476 | 53834 | 2928 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 34927 | 54824 | 6243 | 5740 |
| Professional fees | 27417 | 46428 | 23480 | 20374 |
| Reports to shareholders and printing fees | 11672 | 63703 | 6825 | 1144 |
| State registration fees | 188197 | 197840 | 95156 | 65493 |
| Insurance fees | 2708 | 21830 | 160 | 188 |
| Custody fees | 25035 | 70987 | 7656 | 6595 |
| Trustees' fees and expenses | 39474 | 102652 | 16072 | 2218 |
| Recoupment of previously waived fees (Note 6) |  |  | 476 |  |
| Miscellaneous expenses | 20016 | 68412 | 8659 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 3725306 | 12900182 | 2747837 | 469235 |
| Less fees waived/reimbursed by investment advisor (Note 6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4469) | (3056) |  | (3187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (8598) | (8987) |  | (5161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (1495) | (3783) |  | (2577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (407457) | (1505281) | (91465) | (169876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 3303287 | 11379075 | 2656372 | 288434 |
| Net Investment Income | 9479942 | 42971311 | 10794595 | 348017 |
| Net realized loss on investments | (8526807) | (104815742) | (18956826) | (1347489) |
| Net realized loss on foreign currency transactions | – | – | – | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss | (8526807) | (104815742) | (18956826) | (1347578) |
| Net change in unrealized depreciation on investments | (27717066) | (212897549) | (30273340) | (4243201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation | (27717066) | (212897549) | (30273340) | (4243201) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (36243873) | (317713291) | (49230166) | (5590779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET DECREASE IN NET ASSETS<br> RESULTING FROM OPERATIONS**  | $(26763931) | $(274741980) | $(38435571) | $(5242762) |

---

*See Notes to Financial Statements.*

71 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund</u> <br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** | | |
| Net investment income | $9479942 | $2847616 |
| Net realized gain/(loss) | (8526807) | 1366915 |
| Net change in unrealized depreciation | (27717066) | (1863510) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (26763931) | 2351021 |
| **DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (135980) | (155128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (223388) | (122168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (27527) | (17715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (10393894) | (4175818) |
| Net Decrease in Net Assets from Distributions | (10780789) | (4470829) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 20293360 | 15055603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 8110025 | 13671339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2785267 | 1574934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 657729701 | 481182792 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 117679 | 103471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 145571 | 107066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 20508 | 17232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 5293045 | 2516150 |
| &nbsp;&nbsp;&nbsp;Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (10816386) | (13992876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (8700902) | (530992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (2298424) | (289750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (394356061) | (156359324) |
| Net Increase in Net Assets Derived from Beneficial Interest Transactions | 278323383 | 343055645 |
| Net increase in net assets | 240778663 | 340935837 |
| **NET ASSETS** |  |  |
| Beginning of year | 522748912 | 181813075 |
| End of year | $763527575 | $522748912 |

---

*See Notes to Financial Statements.*

72 \| October 31, 2022

---

| |
|:---|
| ALPS \| Smith Total Return Bond Fund |
| Statements of Changes in Net Assets |

---

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** | | |
| Net investment income | $42971311 | $30747035 |
| Net realized gain/(loss) | (104815742) | 3499336 |
| Net change in unrealized depreciation | (212897549) | (12866274) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (274741980) | 21380097 |
| **DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (169630) | (336421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (472869) | (584781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (93247) | (198520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (47659641) | (55637740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to shareholders from tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (575) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (1607) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (318) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (162036) | – |
| Net Decrease in Net Assets from Distributions | (48559923) | (56757462) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2107435 | 4281016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 6858178 | 19688892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 1341168 | 2181358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 972091838 | 874175506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 158015 | 280200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 425759 | 530643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 74386 | 153422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 32775183 | 37592642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed, net of redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6384019) | (4826938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (15232506) | (7467466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3381657) | (1481119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (812475284) | (470271790) |
| Net Increase in Net Assets Derived from Beneficial Interest Transactions | 178358496 | 454836366 |
| Net increase/(decrease) in net assets | (144943407) | 419459001 |
| **NET ASSETS** |  |  |
| Beginning of year | 1782876924 | 1363417923 |
| End of year | $1637933517 | $1782876924 |

---

*See Notes to Financial Statements.*

73 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund</u> <br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** |  |  |
| Net investment income | $10794595 | $3377181 |
| Net realized gain/(loss) | (18956826) | 1092257 |
| Net change in unrealized appreciation/(depreciation) | (30273340) | 1003450 |
| Net Increase/(Decrease) in Net Assets Resulting from<br> Operations | (38435571) | 5472888 |
| **DISTRIBUTIONS** |  |  |
| From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (243907) | (116811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (43048) | (30109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (19336) | (10784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (11494833) | (3347171) |
| Dividends to shareholders from tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3082) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (543) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (238) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (146533) | – |
| Net Decrease in Net Assets from Distributions | (11951520) | (3504875) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1453017 | 7838750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 54211 | 166565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 50288 | 160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 163129209 | 310405806 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 246758 | 108253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 6716 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 567 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 9479983 | 2190246 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1322489) | (1873870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (9912) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (137896810) | (40909390) |
| Net Increase in Net Assets Derived from Beneficial Interest Transactions | 35191538 | 278089809 |
| Net increase/(decrease) in net assets | (15195553) | 280057822 |
| **NET ASSETS** |  |  |
| Beginning of year | 307302298 | 27244476 |
| End of year | $292106745 | $307302298 |

---

*See Notes to Financial Statements.*

74 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund</u> <br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **OPERATIONS** | | |
| Net investment income | $348017 | $170843 |
| Net realized loss | (1347578) | (23464) |
| Net change in unrealized appreciation/(depreciation) | (4243201) | 4462821 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (5242762) | 4610200 |
| **DISTRIBUTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (8311) | (3280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (13485) | (5331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (3314) | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (435324) | (184448) |
| &nbsp;&nbsp;&nbsp;Dividends to shareholders from tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (26) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (855) | – |
| Net Decrease in Net Assets from Distributions | (461336) | (193327) |
| **BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2810 | 45545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 48757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 18793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 11772497 | 22130170 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1769 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 313630 | 103203 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11772) | (5641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | (862) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (20047598) | (1042715) |
| Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions | (7901447) | 21231072 |
| Net increase/(decrease) in net assets | (13605545) | 25647945 |
| **NET ASSETS** |  |  |
| Beginning of year | 40020332 | 14372387 |
| End of year | $26414787 | $40020332 |

---

*See Notes to Financial Statements.*

75 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund – Investor Class</u> <br> Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.57 | $10.62 | $10.25 | $9.98 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.14 | 0.05 | 0.11 | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.59) | 0.03 | 0.48 | 0.27 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.45) | 0.08 | 0.59 | 0.50 | 0.03 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.05) | (0.14) | (0.22) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.03) | (0.08) | (0.08) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.13) | (0.22) | (0.23) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.59) | (0.05) | 0.37 | 0.27 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.98 | $10.57 | $10.62 | $10.25 | $9.98 |
| **TOTAL RETURN<sup>(b)</sup>** | (4.31)% | 0.77% | 5.85% | 5.04% | 0.25% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $19227 | $10194 | $9100 | $519 | $491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.84% | 0.90% | 0.95% | 1.10% | 2.79 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.78% | 0.76% | 0.78% | 0.76% | 0.89 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.41% | 0.51% | 1.02% | 2.22% | 1.93 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 99% | 165% | 457% | 639% | 266% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Annualized.* 

*<sup>(d)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

76 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund – Class A</u> <br> Financial Highlights

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.56 | $10.61 | $10.24 | $9.98 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.11 | 0.05 | 0.12 | 0.22 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.55) | 0.03 | 0.47 | 0.27 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.44) | 0.08 | 0.59 | 0.49 | 0.03 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.05) | (0.14) | (0.22) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.03) | (0.08) | (0.08) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.13) | (0.22) | (0.23) | (0.05) |
| **REDEMPTION FEES ADDED TO PAID-IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL** | – | – | – | 0.00 (b) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.58) | (0.05) | 0.37 | 0.26 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.98 | $10.56 | $10.61 | $10.24 | $9.98 |
| **TOTAL RETURN<sup>(c)</sup>** | (4.19)% | 0.77% | 5.84% | 4.96% | 0.27% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $15429 | $16868 | $3702 | $471 | $110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.79% | 0.84% | 0.94% | 1.09% | 4.28 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.74% | 0.76% | 0.77% | 0.74% | 0.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.08% | 0.51% | 1.10% | 2.17% | 1.86 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 99% | 165% | 457% | 639% | 266% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

77 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund – Class C</u> <br> Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.53 | $10.61 | $10.24 | $9.98 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.04 | (0.02) | 0.05 | 0.15 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.56) | 0.02 | 0.47 | 0.27 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | – | 0.52 | 0.42 | 0.01 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.00)(b) | (0.07) | (0.15) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.03) | (0.08) | (0.08) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.08) | (0.08) | (0.15) | (0.16) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.60) | (0.08) | 0.37 | 0.26 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.93 | $10.53 | $10.61 | $10.24 | $9.98 |
| **TOTAL RETURN<sup>(c)</sup>** | (5.01)% | (0.01)% | 5.10% | 4.19% | 0.09% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $3784 | $3472 | $2193 | $497 | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.53% | 1.55% | 1.67% | 1.83% | 3.54 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.49% | 1.49% | 1.49% | 1.49% | 1.48 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.43% | (0.22)% | 0.46% | 1.48% | 1.35 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 99% | 165% | 457% | 639% | 266% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

78 \| October 31, 2022

<u>ALPS \| Smith Short Duration Bond Fund – Class I</u> <br> Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.57 | $10.62 | $10.25 | $9.99 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.08 | 0.16 | 0.25 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (0.57) | 0.03 | 0.46 | 0.26 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.42) | 0.11 | 0.62 | 0.51 | 0.05 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.08) | (0.17) | (0.25) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.03) | (0.08) | (0.08) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.16) | (0.25) | (0.26) | (0.06) |
| **REDEMPTION FEES ADDED TO PAID-IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL** | – | – | 0.00 (b) | 0.01 | 0.00 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (0.59) | (0.05) | 0.37 | 0.26 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.98 | $10.57 | $10.62 | $10.25 | $9.99 |
| **TOTAL RETURN<sup>(c)</sup>** | (4.03)% | 1.05% | 6.12% | 5.21% | 0.50% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $725087 | $492215 | $166817 | $44916 | $13601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.56% | 0.58% | 0.70% | 0.82% | 1.70 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.49% | 0.49% | 0.49% | 0.49% | 0.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.47% | 0.77% | 1.52% | 2.46% | 2.36 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 99% | 165% | 457% | 639% | 266% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 

*See Notes to Financial Statements.*

79 \| October 31, 2022

---

| |
|:---|
| ALPS \| Smith Total Return Bond Fund – Investor Class |
| Financial Highlights |

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $11.23 | $11.46 | $10.99 | $10.05 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.22 | 0.18 | 0.19 | 0.22 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.85) | (0.03) | 0.57 | 0.95 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.63) | 0.15 | 0.76 | 1.17 | 0.10 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.19) | (0.19) | (0.21) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  | (0.19) | (0.10) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.38) | (0.29) | (0.23) | (0.05) |
| **REDEMPTION FEES ADDED TO PAID-IN CAPITAL** | – | – | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.89) | (0.23) | 0.47 | 0.94 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.34 | $11.23 | $11.46 | $10.99 | $10.05 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.73)% | 1.26% | 6.95% | 11.77% | 1.00% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4252 | $9605 | $10109 | $4121 | $345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.97% | 0.98% | 1.01% | 1.07% | 2.97 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.93% | 0.95% | 0.96% | 0.96% | 1.07 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.14% | 1.55% | 1.66% | 2.05% | 2.20 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 179% | 178% | 360% | 489% | 345% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

80 \| October 31, 2022

---

| |
|:---|
| ALPS \| Smith Total Return Bond Fund – Class A |
| Financial Highlights |

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $11.23 | $11.46 | $10.99 | $10.05 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.22 | 0.18 | 0.19 | 0.21 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.85) | (0.03) | 0.57 | 0.97 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.63) | 0.15 | 0.76 | 1.18 | 0.10 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.19) | (0.19) | (0.22) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  | (0.19) | (0.10) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.38) | (0.29) | (0.24) | (0.05) |
| **REDEMPTION FEES ADDED TO PAID-IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL** | – | – | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.89) | (0.23) | 0.47 | 0.94 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.34 | $11.23 | $11.46 | $10.99 | $10.05 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.62)% | 1.27% | 6.96% | 11.79% | 1.04% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $16024 | $27342 | $15016 | $7929 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.96% | 0.97% | 0.99% | 1.05% | 3.96 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.92% | 0.94% | 0.95% | 0.95% | 1.07 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.14% | 1.57% | 1.66% | 1.91% | 2.10 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 179% | 178% | 360% | 489% | 345% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 *See Notes to Financial Statements.*

81 \| October 31, 2022

---

| |
|:---|
| ALPS \| Smith Total Return Bond Fund – Class C |
| Financial Highlights |

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $11.21 | $11.44 | $10.97 | $10.04 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.15 | 0.09 | 0.11 | 0.13 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.86) | (0.02) | 0.57 | 0.97 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.71) | 0.07 | 0.68 | 1.10 | 0.08 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.18) | (0.11) | (0.11) | (0.15) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  | (0.19) | (0.10) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.30) | (0.21) | (0.17) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.89) | (0.23) | 0.47 | 0.93 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.32 | $11.21 | $11.44 | $10.97 | $10.04 |
| **TOTAL RETURN<sup>(c)</sup>** | (15.36)% | 0.55% | 6.23% | 10.98% | 0.79% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $4223 | $7184 | $6508 | $1727 | $121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.71% | 1.71% | 1.72% | 1.79% | 4.69 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.64% | 1.66% | 1.67% | 1.67% | 1.67 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.42% | 0.83% | 0.94% | 1.20% | 1.49 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 179% | 178% | 360% | 489% | 345% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

82 \| October 31, 2022

---

| |
|:---|
| ALPS \| Smith Total Return Bond Fund – Class I |
| Financial Highlights |

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Year Ended October 31, 2020** | **For the Year Ended October 31, 2019** | **For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $11.22 | $11.46 | $10.99 | $10.04 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.25 | 0.21 | 0.22 | 0.24 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.84) | (0.04) | 0.57 | 0.97 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.59) | 0.17 | 0.79 | 1.21 | 0.11 |
| **DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.29) | (0.22) | (0.22) | (0.24) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains |  | (0.19) | (0.10) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (0.41) | (0.32) | (0.26) | (0.07) |
| **REDEMPTION FEES ADDED TO PAID-IN** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CAPITAL** | – | – | 0.00 (b) | 0.00 (b) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.88) | (0.24) | 0.47 | 0.95 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.34 | $11.22 | $11.46 | $10.99 | $10.04 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.40)% | 1.47% | 7.26% | 12.19% | 1.09% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1613435 | $1738746 | $1331786 | $365930 | $10495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.73% | 0.73% | 0.72% | 0.76% | 2.18 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.64% | 0.66% | 0.67% | 0.67% | 0.67 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.46% | 1.84% | 1.94% | 2.22% | 2.64 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 179% | 178% | 360% | 489% | 345% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

 *See Notes to Financial Statements.*

83 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund – Investor Class</u> <br> Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.45 | $9.96 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.33 | 0.25 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.59) | 0.51 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.26) | 0.76 | (0.02) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.33) | (0.25) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.37) | (0.27) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.63) | 0.49 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.82 | $10.45 | $9.96 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.28)% | 7.63% | (0.23)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $6155 | $6869 | $699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.17% | 1.25% | 2.36 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.17% | 1.19% | 1.20 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.44% | 2.35% | 1.37 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 187% | 211% | 66% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

84 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund – Class A</u> <br> Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.45 | $9.96 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.33 | 0.25 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.58) | 0.51 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.25) | 0.76 | (0.02) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.33) | (0.25) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.37) | (0.27) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.62) | 0.49 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.83 | $10.45 | $9.96 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.18)% | 7.65% | (0.22)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1088 | $1217 | $996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.16% | 1.26% | 2.38 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.16% | 1.16% | 1.20 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.45% | 2.41% | 1.33 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 187% | 211% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Calculated using the average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Less than $0.005 or ($0.005) per share.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

85 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund – Class C</u> <br> Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.45 | $9.96 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.26 | 0.17 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.59) | 0.52 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.33) | 0.69 | (0.03) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.26) | (0.18) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (0.19) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.63) | 0.49 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.82 | $10.45 | $9.96 |
| **TOTAL RETURN<sup>(c)</sup>** | (12.91)% | 6.88% | (0.31)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $617 | $682 | $498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.90% | 2.00% | 3.09 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.90% | 1.90% | 1.90 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.71% | 1.67% | 0.63 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 187% | 211% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Calculated using the average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Less than $0.005 or ($0.005) per share.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

86 \| October 31, 2022

<u>ALPS \| Smith Credit Opportunities Fund – Class I</u> <br> Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $10.45 | $9.97 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.35 | 0.28 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.57) | 0.50 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.22) | 0.78 | (0.01) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.36) | (0.28) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.04) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.30) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.62) | 0.48 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.83 | $10.45 | $9.97 |
| **TOTAL RETURN<sup>(c)</sup>** | (11.94)% | 7.83% | (0.15)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $284247 | $298535 | $25051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 0.93% | 1.03% | 1.86 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.90% | 0.90% | 0.90 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.70% | 2.66% | 1.79 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 187% | 211% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Calculated using the average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Less than $0.005 or ($0.005) per share.* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Annualized.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*See Notes to Financial Statements.*

87 \| October 31, 2022

<u>ALPS \| Smith Balanced Opportunity Fund – Investor Class</u> <br> Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $12.19 | $9.88 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.04 | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.94) | 2.32 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.84) | 2.36 | (0.12) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.05) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.05) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.97) | 2.31 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $10.22 | $12.19 | $9.88 |
| **TOTAL RETURN<sup>(c)</sup>** | (15.17)% | 23.95% | (1.18)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $651 | $784 | $601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.56% | 1.67% | 3.00 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.12% | 1.12% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.86% | 0.38% | 0.25 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 108% | 126% | 26% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

88 \| October 31, 2022

ALPS \| Smith Balanced Opportunity Fund – Class A

Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $12.19 | $9.88 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.10 | 0.04 | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.94) | 2.32 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.84) | 2.36 | (0.12) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.11) | (0.05) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.05) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.97) | 2.31 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $10.22 | $12.19 | $9.88 |
| **TOTAL RETURN<sup>(c)</sup>** | (15.16)% | 23.96% | (1.16)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $1063 | $1219 | $988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.56% | 1.66% | 3.03 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.11% | 1.11% | 1.15 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 0.87% | 0.39% | 0.26 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 108% | 126% | 26% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

89 \| October 31, 2022

ALPS \| Smith Balanced Opportunity Fund – Class C

Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $12.14 | $9.88 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(a)</sup> | 0.01 | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.92) | 2.31 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.91) | 2.27 | (0.12) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.97) | 2.26 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $10.17 | $12.14 | $9.88 |
| **TOTAL RETURN<sup>(c)</sup>** | (15.81)% | 22.93% | (1.20)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $524 | $607 | $494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 2.30% | 2.40% | 3.73 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 1.85% | 1.85% | 1.85 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 0.13% | (0.35)% | (0.44)%<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 108% | 126% | 26% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

*<sup>(c)</sup>* *Total returns are for the period indicated and have not been annualized. Total returns would have been lower had certain expenses not been waived during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns shown exclude any applicable sales charges.*

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

 

90 \| October 31, 2022

ALPS \| Smith Balanced Opportunity Fund – Class I

Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** | **For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $12.19 | $9.88 | $10.00 |
| **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.12 | 0.08 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (1.93) | 2.31 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.81) | 2.39 | (0.11) |
| **DISTRIBUTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.14) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From tax return of capital | (0.00)<sup>(b)</sup> | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in net asset value | (1.97) | 2.31 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, end of year | $10.22 | $12.19 | $9.88 |
| **TOTAL RETURN<sup>(c)</sup>** | (14.93)% | 24.28% | (1.15)% |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of year (000s) | $24176 | $37410 | $12289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements | 1.41% | 1.39% | 2.69 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements | 0.85% | 0.85% | 0.85 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.10% | 0.67% | 0.57 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 108% | 126% | 26% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Less than $0.005 or ($0.005) per share.*

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

*<sup>(d)</sup>* *Annualized.*

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*See Notes to Financial Statements.*

 

91 \| October 31, 2022

<u>Notes to Financial Statements</u> <br> *October 31, 2022*

**1. ORGANIZATION** 

Financial Investors Trust (the "Trust"), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of multiple separate portfolios or series. This annual report includes the financial statements and financial highlights of the ALPS \| Smith Short Duration Bond Fund, ALPS \| Smith Total Return Bond Fund, ALPS \| Smith Credit Opportunities Fund and ALPS \|Smith Balanced Opportunity Fund (each, a "Fund" and collectively, the "Funds").

The ALPS \| Smith Total Return Bond Fund seeks to obtain maximum total return, consistent with preservation of capital. The ALPS \| Smith Short Duration Bond Fund seeks as high a level of current income as is consistent with preservation of capital. The ALPS \| Smith Balanced Opportunity Fund seeks long-term capital growth, consistent with preservation of capital and balanced by current income. The ALPS \| Smith Credit Opportunities Fund seeks to obtain maximum risk-adjusted return with a secondary focus on high current income.

The classes of each Fund differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends to shareholders are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions to shareholders are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes, and follows accounting policies in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including policies specific to investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds and subsidiaries, as applicable, in preparation of their financial statements. The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services -Investment Companies".

**Investment Valuation:** The Funds generally value their securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange.

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board of Trustees (the "Board" or "Trustees"), which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers-dealers that make a market in the security. Investments in non-exchange traded funds are fair valued at their respective net asset values. Bonds may be purchased and held as odd lots. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Special valuation considerations may apply with respect to a Fund's odd-lot positions, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. The Funds have odd lot pricing policies they employ to value odd lot securities.

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board has appointed ALPS Advisors, Inc. ("AAI", or, the "Adviser") to serve as the Valuation Designee to perform fair value determinations for investments in the Funds. When such prices or quotations are not available, or when the Valuation Designee believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures ("FV Procedures") have been adopted by the Board for the fair valuation of portfolio assets held by the Fund(s) in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Fund's Pricing Procedures appear to be unreliable. The Pricing Procedures reflect certain pricing methodologies (or "logics") that are not "readily available market quotations" and thus are viewed and treated as fair valuations. The Valuation Designee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Fund(s).

92 \| October 31, 2022

<u>Notes to Financial Statements</u> <br> *October 31, 2022*

**Fair Value Measurements:** The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund's investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Fund's own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each Fund's investments/financial instruments in the fair value hierarchy as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| **ALPS** \| **Smith Short Duration Bond Fund** | | | | |
| Collateralized Mortgage Obligations | $– | $1175950 | $– | $1175950 |
| Commercial Mortgage-Backed Securities |  | 963213 |  | 963213 |
| Mortgage-Backed Securities |  | 11883850 |  | 11883850 |
| Corporate Bonds |  | 493062859 |  | 493062859 |
| Government Bonds |  | 252190271 |  | 252190271 |
| Municipal Bonds |  | 100000 |  | 100000 |
| Short Term Investments | 461529 | – | – | 461529 |
| Total | $461529 | $759376143 | $– | $759837672 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| **ALPS** \| **Smith Total Return Bond Fund** |  |  |  |  |
| Collateralized Mortgage Obligations | $– | $158839849 | $– | $158839849 |
| Commercial Mortgage-Backed Securities |  | 45570568 |  | 45570568 |
| Mortgage-Backed Securities |  | 99673065 |  | 99673065 |
| Corporate Bonds | 14861667 | 668139253 |  | 683000920 |
| Government Bonds |  | 574554894 |  | 574554894 |
| Preferred Stock | 1473781 | 55749815 |  | 57223596 |
| Short Term Investments | 17324015 | – | – | 17324015 |
| Total | $33659463 | $1602527444 | $– | $1636186907 |

---

93 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| **ALPS \| Smith Credit Opportunities Fund** | | | | |
| Common Stocks<sup>(a)</sup> | $2172511 | $– | $– | $2172511 |
| Bank Loan |  | 645038 |  | 645038 |
| Collateralized Mortgage Obligations |  | 1177515 |  | 1177515 |
| Mortgage-Backed Securities |  | 2469897 |  | 2469897 |
| Corporate Bonds | 2623374 | 203044646 |  | 205668020 |
| Government Bonds |  | 51814705 |  | 51814705 |
| Preferred Stock | 5223476 | 16903695 |  | 22127171 |
| Short Term Investments | 2771713 | – | – | 2771713 |
| Total | $12791074 | $276055496 | $– | $288846570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant Unobservable Inputs** | **Total** |
| **ALPS \| Smith Balanced Opportunity Fund** | | | | |
| Common Stocks<sup>(a)</sup> | $15464358 | $– | $– | $15464358 |
| Collateralized Mortgage Obligations |  | 1145804 |  | 1145804 |
| Commercial Mortgage-Backed Securities |  | 26620 |  | 26620 |
| Mortgage-Backed Securities |  | 885842 |  | 885842 |
| Corporate Bonds | 37139 | 3213611 |  | 3250750 |
| Government Bonds |  | 3419864 |  | 3419864 |
| Preferred Stock |  | 404914 |  | 404914 |
| Short Term Investments | 2124108 | – | – | 2124108 |
| Total | $17625605 | $9096655 | $– | $26722260 |

---

*<sup>(a)</sup>* *For detailed descriptions of sector and/or industry, see the accompanying Statement of Investments.*

For the year ended October 31, 2022, the Funds did not have any securities that used significant unobservable inputs (Level 3) in determining fair value.

**Fund and Class Expenses:** Some expenses of the Trust can be directly attributed to a Fund or a specific share class of a Fund. Expenses which cannot be directly attributed are apportioned among all Funds in the Trust based on average net assets of each share class within a Fund.

**Federal Income Taxes:** The Funds comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies and intend to distribute substantially all of their net taxable income and net capital gains, if any, each year. The Funds are not subject to income taxes to the extent such distributions are made.

As of and during the year ended October 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

**Distributions to Shareholders:** Each Fund normally pays dividends, if any, on a monthly basis and distributes capital gains, if any, annually. Income dividend distributions are derived from interest, dividends, and other income a Fund receives from its investments, including distributions of short-term capital gains. Capital gain distributions are derived from gains realized when a Fund sells a security it has owned for more than a year or from long-term capital gain distributions from underlying investments. Each Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes.

**Investment Transactions and Investment Income:** Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to each Fund. Withholding taxes on foreign dividends are paid (a

94 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations.

**Real Estate Investment Trusts ("REITs"):** The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code, or its failure to maintain exemption from registration under the 1940 Act. Distributions that the Fund receives from REITs can be classified as ordinary income, capital gain income or return of capital by the REITs that make these distributions to the Fund. However, it is not possible for the Fund to characterize distributions received from REITs during interim periods because the REIT issuers do not report their tax characterizations until subsequent to year end. During interim periods, the REIT distributions are accounted for as ordinary income until the re characterizations are made subsequent to year end.

**Treasury Inflation Protected-Securities ("TIPS"):** The Funds may invest in TIPS, including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on a Fund's distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

**Loan Participations and Assignments:** Certain Funds may invest in loan participations and assignments. The Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Under a loan participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. When the Fund purchases assignments of loans from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

**Libor Risk:** Certain holdings of the Funds' underlying investments may use a floating rate based on the London Interbank Offered Rate ("LIBOR"), which is the offered rate for short-term Eurodollar deposits between major international banks. As of December 31, 2021, the United Kingdom Financial Conduct Authority ("FCA") and LIBOR's administrator, ICE Benchmark Administration, have ceased the publication of all non-U.S. dollar LIBOR and the one-week and two-month U.S. dollar LIBOR rates, but the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act, was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable fallback provisions.

The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate (referred to as "SOFR"), which is their preferred alternative rate for U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are in the process of developing in response to these new rates. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate, the Sterling Overnight Interbank Average Rate and SOFR, there has been no global consensus as to an alternative rate and the process for amending existing contracts or instruments to transition away from LIBOR remains incomplete.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect Fund performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting Fund performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition to alternative rates may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

95 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

**COVID-19 and Global Economic and Market Conditions:** The impact of the novel coronavirus ("COVID-19") pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy continued reopening in 2022 and robust economic activity has supported a continued recovery, certain geographies, most notably China, have experienced setbacks. The pandemic and the responses thereto have caused various disruptions to the global supply chain, affecting wide swaths of manufacturing, automotive and consumer goods, among other sectors. While the health and economic outlook may improve in the short-term in some markets, such improvements may be uncertain and short-lived due to the rise of potential new variants and increased cases and hospitalizations, as well as potential increased restrictions in the response thereto. Further, the negative economic consequences, including to the global supply chain, caused by the pandemic may be prolonged and take years to resolve, if ever. Issuers that operate in the hospitality, healthcare, travel and entertainment industries may continue to face adverse market conditions due to future restrictions, which could result in adverse performance and potentially bankruptcy. Further, the disruptions caused by the pandemic have contributed to the global and U.S. rise in inflation, which may further increase in the future. Changes in the nature of the pandemic, including any increases in virality and/or lethality, may have negative consequences for the Funds, its service providers and issuers. The uncertainty triggered by the pandemic is likely to continue and may have effects on the overall market and the Funds' performance.

Additionally, certain Funds may operate in, or have dealings with, countries subject to sanctions or embargos imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. In particular, on February 24, 2022, Russian troops began a full-scale invasion of Ukraine and, as of the date hereof, the countries remain in active armed conflict. Around the same time, the U.S., the U.K., the E.U., and several other nations announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, Russian backed separatist regions in Ukraine, and certain banks, companies, government officials, and other individuals in Russia and Belarus, as well as a number of Russian Oligarchs. The U.S. or other countries could also institute broader sanctions on Russia and others supporting Russia' economy or military efforts. The ongoing conflict and the rapidly evolving measures in response could be expected to have a negative impact on the economy and business activity globally (including in the countries in which the Funds invest), and therefore are expected to result in adverse consequences to the Russian economy and could have a material adverse effect on our portfolio companies and our business, financial condition, cash flows and results of operations. The severity and duration of the conflict and its impact on global economic and market conditions are impossible to predict, and as a result, present material uncertainty and risk with respect to the Funds and their portfolio companies and operations, and the ability of the Funds to achieve their investment objectives. Similar risks will exist to the extent that any portfolio companies, service providers, vendors or certain other parties have material operations or assets in Russia, Ukraine, Belarus, or the immediate surrounding areas. Sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact the Funds or the business of the the Funds' investments, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which the Funds and the companies in which the Funds invest rely.

**3. TAX BASIS INFORMATION** 

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by a Fund. The amounts and characteristics of tax basis distributions and composition of distributable earnings/ (accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** | **Return of Capital** |
| ALPS \| Smith Short Duration Bond Fund | $10319191 | $461598 |  |
| ALPS \| Smith Total Return Bond Fund | 48395387 |  | 164536 |
| ALPS \| Smith Credit Opportunities Fund | 11785660 | 15464 | 150396 |
| ALPS \| Smith Balanced Opportunity Fund | 446229 | 14205 | 902 |

---

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Long-Term Capital Gain** |
| ALPS \| Smith Short Duration Bond Fund | $4435534 | $35295 |
| ALPS \| Smith Total Return Bond Fund | 54766363 | 1991099 |
| ALPS \| Smith Credit Opportunities Fund | 3504875 |  |
| ALPS \| Smith Balanced Opportunity Fund | 193327 |  |

---

96 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

**Components of Distributable Earnings on a Tax Basis:** At October 31, 2022, permanent differences in book and tax accounting were reclassified. These differences had no effect on net assets and were primarily attributed to differences in the treatment of certain other investments.

For the fiscal year ended October 31, 2022, the following reclassifications, which had no impact on results of operations or net assets, were recorded to reflect tax character:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Distributable earnings/ (accumulated losses)** |
| ALPS \| Smith Short Duration Bond Fund | $2865 | $(2865) |
| ALPS \| Smith Total Return Bond Fund | 54603 | (54603) |
| ALPS \| Smith Credit Opportunities Fund | 3673 | (3673) |
| ALPS \| Smith Balanced Opportunity Fund | (349) | 349 |

---

As of October 31, 2022, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed net**<br> **investment income** | **Accumulated net**<br> **realized gain/(loss)**<br> **on investments** | **Other cumulative**<br> **effect of timing**<br> **differences** | **Net unrealized**<br> **appreciation/(depreciation)**<br> **on investments** | **Total** |
| ALPS \| Smith Short Duration Bond Fund | $74408 | $(8070462) | $– $| (28029136) | $(36025190) |
| ALPS \| Smith Total Return Bond Fund |  | (105598046) | – | (201823085) | (307421131) |
| ALPS \| Smith Credit Opportunities Fund |  | (18946802) | – | (29393000) | (48339802) |
| ALPS \| Smith Balanced Opportunity Fund |  | (1341186) | – | (101504) | (1442690) |

---

**Capital Losses:** Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of October 31, 2022 the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| ALPS \| Smith Short Duration Bond Fund | $7364612 | $705850 |
| ALPS \| Smith Total Return Bond Fund | 86861856 | 18736190 |
| ALPS \| Smith Credit Opportunities Fund | 15786266 | 3160536 |
| ALPS \| Smith Balanced Opportunity Fund | 1278084 | 63102 |

---

**Unrealized Appreciation and Depreciation on Investments:** As of October 31, 2022, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross**<br> **Appreciation**<br> **(excess of value**<br> **over tax cost)** | **Gross Depreciation**<br> **(excess of tax cost**<br> **over value)** | **Net**<br> **Appreciation/(Depreciation)**<br> **of Foreign Currency** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of**<br> **Investments for**<br> **Income Tax**<br> **Purposes** |
| ALPS \| Smith Short Duration Bond Fund | $51398 | $(28080534) |  | $(28029136) | $787866808 |
| ALPS \| Smith Total Return Bond Fund | 1576109 | (203399194) |  | (201823085) | 1838009992 |
| ALPS \| Smith Credit Opportunities Fund | 1137959 | (30530961) | $2 | (29393000) | 318239572 |
| ALPS \| Smith Balanced Opportunity Fund | 2011963 | (2113467) |  | (101504) | 26823764 |

---

97 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

**4. SECURITIES TRANSACTIONS**

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| ALPS \| Smith Short Duration Bond Fund | $414831787 | $299995398 |
| ALPS \| Smith Total Return Bond Fund | 1058241534 | 1105404124 |
| ALPS \| Smith Credit Opportunities Fund | 281810535 | 298822512 |
| ALPS \| Smith Balanced Opportunity Fund | 16867375 | 23444338 |

---

Purchases and sales of U.S. Government Obligations, excluding short-term securities, during the fiscal year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| ALPS \| Smith Short Duration Bond Fund | $507970238 | $328728663 |
| ALPS \| Smith Total Return Bond Fund | 2213958561 | 1990217585 |
| ALPS \| Smith Credit Opportunities Fund | 274488934 | 230833828 |
| ALPS \| Smith Balanced Opportunity Fund | 17337211 | 18523422 |

---

98 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

**5. BENEFICIAL INTEREST TRANSACTIONS** 

Transactions in shares of capital stock were as follows:

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Smith Short Duration Bond Fund** | **ALPS \| Smith Short Duration Bond Fund** |
| | **For the**<br> **Year Ended**<br> **October 31, 2022** | **For the**<br> **Year Ended**<br> **October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1996935 | 1418224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 11629 | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1046758) | (1320142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 961806 | 107844 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 783697 | 1287932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 14251 | 10103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (848353) | (50104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (50405) | 1247931 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 272552 | 148738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 2012 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (223444) | (27409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 51120 | 122956 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 64107769 | 45356032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 518966 | 237360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (38561384) | (14736635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 26065351 | 30856757 |

---

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Smith Total Return Bond Fund** | **ALPS \| Smith Total Return Bond Fund** |
| | **For the Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 203649 | 378299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 15365 | 24595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (619330) | (429475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (400316) | (26581) |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 669487 | 1736874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 41260 | 46631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1430441) | (658819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (719694) | 1124686 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 127814 | 190280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 7235 | 13473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (323157) | (131492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (188108) | 72261 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 93542912 | 76976319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 3207527 | 3305889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (78872704) | (41598507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 17877735 | 38683701 |

---

99 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Smith Credit Opportunities Fund** | **ALPS \| Smith Credit Opportunities Fund** |
| | **For the **Year Ended October 31, 2022** | **For the Year Ended October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 152120 | 756557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 25921 | 10359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (138138) | (179550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 39903 | 587366 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 6027 | 16170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 709 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 6736 | 16495 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5539 | 15276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 55 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (956) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 4638 | 15281 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 17229379 | 29742719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 993931 | 209349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (14591058) | (3909843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 3632252 | 26042225 |

---

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Smith Balanced Opportunity Fund** | **ALPS \| Smith Balanced Opportunity Fund** |
| | **For the **Year Ended October 31, 2022** | **For the **Year Ended October 31, 2021** |
| **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 253 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 160 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1034) | (472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (621) | 3453 |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4054 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (72) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 4020 | – |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 8 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 1542 | – |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1022032 | 1903951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 28336 | 8755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1754374) | (87391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (704006) | 1825315 |

---

**6. MANAGEMENT AND RELATED-PARTY TRANSACTIONS** 

ALPS Advisors, Inc. ("AAI") acts as the Funds' investment adviser. AAI is an indirect wholly owned subsidiary of DST Systems, Inc. ("DST"). DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. ("SS&C"), a publicly traded company listed on the NASDAQ Global Select Market.

AAI has delegated daily management of the Funds listed below to the corresponding Sub-Advisor listed in the table below. The Sub-Advisor manages the investments of the Funds in accordance with its investment objective, policies and limitations and investment guidelines established jointly by AAI and the Board.

100 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisor** |
| ALPS \| Smith Short Duration Bond Fund | Smith Capital Investors, LLC |
| ALPS \| Smith Total Return Bond Fund | Smith Capital Investors, LLC |
| ALPS \| Smith Credit Opportunities Fund | Smith Capital Investors, LLC |
| ALPS \| Smith Balanced Opportunity Bond Fund | Smith Capital Investors, LLC |

---

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement"), the Funds listed below pay AAI an annual management fee which is based on each Fund's average daily net assets. The management fee is paid on a monthly basis. The following table reflects the Funds' contractual management fee rates (expressed as an annual rate).

---

| | |
|:---|:---|
| **Fund** | **Contractual Management Fee** |
| ALPS \| Smith Short Duration Bond Fund | 0.365% |
| ALPS \| Smith Total Return Bond Fund | 0.545% |
| ALPS \| Smith Credit Opportunities Fund | 0.75% |
| ALPS \| Smith Balanced Opportunity Bond Fund | 0.70% |

---

Pursuant to an Investment Sub-Advisory Agreement, AAI pays the Sub-Advisor of the Funds listed below an annual sub-advisory management fee which is based on each Fund's average daily assets. AAI is required to pay all fees due to each Sub-Advisor out of the management fee AAI receives from each Fund listed below. The following table reflects the Funds' contractual sub-advisory fee rates.

---

| | | |
|:---|:---|:---|
| **Fund** | **Average Daily Net Assets of the Fund** | **Contractual Sub-Advisory Fee** |
| ALPS \| Smith Short Duration Bond Fund | All Asset Levels | 0.29% |
| ALPS \| Smith Total Return Bond Fund | All Asset Levels | 0.42% |
| ALPS \| Smith Credit Opportunities Fund | All Asset Levels | 0.50% |
| ALPS \| Smith Balanced Opportunity Bond Fund | All Asset Levels | 0.37% |

---

AAI and Smith Capital Investors, LLC have agreed contractually to limit the amount of the Fund's total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder service fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses that exceed the following annual rates below.

These agreements are reevaluated on an annual basis. Expense limitation ratios from the current agreements are listed below. Fees waived or reimbursed for the fiscal year ended October 31, 2022 are disclosed on the Statements of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund\*** | **Investor Class** | **Class A** | **Class C** | **Class I** |
| ALPS \| Smith Short Duration Bond Fund | 0.49% | 0.49% | 0.49% | 0.49% |
| ALPS \| Smith Total Return Bond Fund | 0.64% | 0.64% | 0.64% | 0.64% |
| ALPS \| Smith Credit Opportunities Fund | 0.90% | 0.90% | 0.90% | 0.90% |
| ALPS \| Smith Balanced Opportunity Bond Fund | 0.85% | 0.85% | 0.85% | 0.85% |

---

*\** *See each Fund's Performance Update section for Expense Limitation agreement expiration dates*

101 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

AAI and the Sub-Advisor are permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The Funds are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees was waived or expenses were deferred, as calculated on a monthly basis. As of fiscal year ended October 31, 2022, AAI and the Sub-Advisor may seek reimbursement of previously waived and reimbursed fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Expires 10/31/23** | **Expires 10/31/24** | **Expires 10/31/25** | **Total** |
| ALPS \| Smith Short Duration Bond Fund - Investor Class | $2510 | $16881 | $4469 | $23860 |
| ALPS \| Smith Short Duration Bond Fund - Class A | 2600 | 9476 | 8598 | 20674 |
| ALPS \| Smith Short Duration Bond Fund - Class C | 1915 | 1817 | 1495 | 5227 |
| ALPS \| Smith Short Duration Bond Fund - Class I | 184309 | 320901 | 407457 | 912667 |
| ALPS \| Smith Total Return Bond Fund - Investor Class | 3483 | 2940 | 3056 | 9479 |
| ALPS \| Smith Total Return Bond Fund - Class A | 4094 | 5556 | 8987 | 18637 |
| ALPS \| Smith Total Return Bond Fund - Class C | 2094 | 4192 | 3783 | 10069 |
| ALPS \| Smith Total Return Bond Fund - Class I | 461477 | 1175366 | 1505281 | 3142124 |
| ALPS \| Smith Credit Opportunities Fund - Investor Class | 543 | 3188 |  | 3731 |
| ALPS \| Smith Credit Opportunities Fund - Class A | 1408 | 1196 |  | 2604 |
| ALPS \| Smith Credit Opportunities Fund - Class C | 703 | 594 |  | 1297 |
| ALPS \| Smith Credit Opportunities Fund - Class I | 21264 | 158423 | 91465 | 271152 |
| ALPS \| Smith Balanced Opportunity Fund - Investor Class | 1277 | 3910 | 3187 | 8374 |
| ALPS \| Smith Balanced Opportunity Fund - Class A | 2362 | 6318 | 5161 | 13841 |
| ALPS \| Smith Balanced Opportunity Fund - Class C | 1181 | 3152 | 2577 | 6910 |
| ALPS \| Smith Balanced Opportunity Fund - Class I | 26090 | 134501 | 169876 | 330467 |

---

ALPS / Smith Credit Opportunity Fund recouped fees of $371 (Investor Class), $69 (Class A) and $36 (Class C) during the fiscal year ended October 31, 2022.

ALPS Portfolio Solutions Distributor, Inc. (the "Distributor") acts as the distributor of the Funds' shares pursuant to a Distribution Agreement with the Trust. Shares are sold on a continuous basis by the Distributor, as agent for the Funds, and the Distributor has agreed to use its best efforts to solicit orders for the sale of Funds' shares, although it is not obliged to sell any particular amount of shares. The Distributor is not entitled to any compensation for its services. The Distributor is registered as a broker -dealer with the Securities and Exchange Commission.

**Distribution and Services (12b-1) Plans** 

The Funds have adopted Distribution and Services Plans (the "Plans") pursuant to Rule 12b-1 of the 1940 Act for the Investor Class, Class A and Class C shares. The Plans allows each Fund to use Investor Class, Class A and Class C assets to pay fees in connection with the distribution and marketing of Investor Class, Class A and Class C shares and/or the provision of shareholder services to Investor Class, Class A and Class C shareholders. The Plans permit payment for services in connection with the administration of plans or programs that use Investor Class, Class A and Class C shares of a Fund, if any, as their funding medium and for related expenses. The Plans permit a Fund to make total payments at an annual rate of up to 0.25% of a Fund's average daily net assets attributable to its Investor Class and Class A shares and 0.75% of a Fund's average daily net assets attributable to its Class C shares.

Under the terms of the Plans, the Trust is authorized to make payments to the Distributor for remittance to financial intermediaries, as compensation for distribution and/or shareholder ongoing services performed by such entities for beneficial shareholders of the Fund. The Distributor is entitled to retain some or all fees payable under the Plans in certain circumstances, including when there is no broker of record or when certain qualification standards have not been met by the broker of record.

**Shareholder Services Plans** 

The Funds have adopted a shareholder services plan with respect to the Investor Class shares and Class A shares (the "Investor Class Shareholder Services Plan" and the "Class A Shareholder Services Plan"). Under the Investor Class Shareholder Services Plan and Class A Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Investor Class and Class A shares of the

102 \| October 31, 2022

<u>Notes to Financial Statements</u>   <br> *October 31, 2022*

Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations (the "Agreement"). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund's shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Investor Class Shareholder Services Plan fees recaptured pursuant to the Services Plan for the year ended October 31, 2022 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

The Funds have adopted a shareholder services plan with respect to their Class C shares (the "Class C Shareholder Services Plan"). Under the Class C Shareholder Services Plan, the Funds are authorized to pay banks and their affiliates and other institutions, including broker-dealers and Fund affiliates ("Participating Organizations"), an aggregate fee in an amount not to exceed on an annual basis 0.25% for Class C shares of the average daily net asset value of the Class C shares attributable to or held in the name of a Participating Organization for its clients as compensation for providing shareholder service activities, which do not include distribution services, pursuant to an agreement with a Participating Organization. Any amount of such payment not paid to Participating Organizations during a Fund's fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable after the end of the fiscal year. Class C Shareholder Services Plan fees are included with distribution and service fees on the Statements of Operations.

Certain intermediaries may charge networking, omnibus account or other administrative fees with respect to transactions in shares of each Fund. Transactions may be processed through the National Securities Clearing Corporation or similar systems or processed on a manual basis. These fees generally are paid by the Fund to the Distributor, which uses such fees to reimburse intermediaries. In the event an intermediary receiving payments from the Distributor on behalf of the Fund converts from a networking structure to an omnibus account structure or otherwise experiences increased costs, fees borne by the Fund may increase. Networking fees are shown in the Statements of Operations, if applicable to the Funds.

**Fund Administrator** 

ALPS Fund Services, Inc. ("ALPS") serves as administrator to the Funds and the Funds have agreed to pay expenses incurred in connection with their administrative activities. Pursuant to an Administrative Agreement, ALPS provides operational services to the Funds including, but not limited to, fund accounting and fund administration and generally assists in the Funds' operations. Officers of the Trust are employees of ALPS. The Funds' administration fee is accrued on a daily basis and paid monthly. Administration fees paid by the Funds for the fiscal year ended October 31, 2022 are disclosed in the Statements of Operations.

ALPS is reimbursed by the Funds for certain out-of-pocket expenses.

**Transfer Agent** 

ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds. ALPS receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out-of-pocket expenses. Transfer agent fees paid by the Funds for the year ended October 31, 2022, are disclosed in the Statements of Operations.

**Trustees** 

The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations.

**7. INDEMNIFICATIONS** 

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses which may permit indemnification to the extent permissible under applicable law. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**8. SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

103 \| October 31, 2022

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Financial Investors Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the statements of investments, of ALPS \| Smith Short Duration Bond Fund, ALPS \| Smith Total Return Bond Fund, ALPS \| Smith Credit Opportunities Fund, and ALPS \| Smith Balanced Opportunity Fund (the "Funds"), each a series of Financial Investors Trust, as of October 31, 2022, and the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2022, the results of their operations, changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements and financial highlights for the years or periods ended October 31, 2021, and prior, were audited by other auditors whose report dated December 30, 2021, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, agent banks, and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by ALPS Advisors, Inc. since 2013.

![](fp0081443-1_12.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

December 30, 2022

104 \| October 31, 2022

<u>Additional Information</u>   <br> *October 31, 2022 (Unaudited)*

**1. FUND HOLDINGS** 

The Funds' portfolio holdings are made available semi-annually in shareholder reports within 60 days after the close of the period for which the report is being made, as required by federal securities laws. The Funds also file monthly portfolio holdings on Form N-PORT on a quarterly basis, with the schedule of portfolio holdings filed on Form N-PORT for the third month of each Fund's fiscal quarter made publicly available 60 days after the end of the Funds' fiscal quarter.

**2. FUND PROXY VOTING POLICIES, PROCEDURES AND SUMMARIES** 

Fund policies and procedures used in determining how to vote proxies and information regarding how each of the Funds voted proxies relating to portfolio securities during the most recent prior 12-month period ending June 30 are available without charge, (1) upon request, by calling (toll-free) (866) 759-5679 and (2) on the SEC's website at http://www.sec.gov.

**3. TAX INFORMATION (UNAUDITED)** 

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2021, the following percentages met the requirements to be treated as qualifying for qualified dividend income and the corporate dividends received deduction:

---

| | | |
|:---|:---|:---|
| | **QDI** | **DRD** |
| ALPS \| Smith Total Return Bond Fund | 2.55% | 2.55% |
| ALPS \| Smith Credit Opportunities Fund | 5.05% | 5.05% |
| ALPS \| Smith Balanced Opportunity Fund | 88.08% | 65.09% |

---

In early 2022, if applicable, shareholders of record received this information for the distribution paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code the Funds designate the following amounts as long-term capital gain dividends:

---

| | |
|:---|:---|
| ALPS\|Smith Total Return Bond Fund | $– |
| ALPS\|Smith Short Duration Bond Fund | $461598 |
| ALPS\|Smith Credit Opportunities Fund | $15464 |
| ALPS\|Smith Balanced Opportunity Fund | $14205 |

---

**4. DISCLOSURE REGARDING APPROVAL OF FUND ADVISORY AND SUB-ADVISORY AGREEMENTS** 

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with AAI with respect to each Fund and the sub-advisory agreement with the Sub-Adviser with respect to the applicable Fund (the "Advisory Agreements"), legal counsel to the Independent Trustees requested certain information from AAI and the Sub-Adviser. In response to these requests, the Trustees received reports from AAI and the Sub-Adviser that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel memoranda regarding the Board' responsibilities pertaining to the approval of advisory contracts. Further, on June 14-15, 2022, the Board met with representatives of AAI and the Sub-Adviser and discussed the services the firms provided pursuant to the agreements, as well as the information they provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the agreements.

In approving AAI as the Funds' investment adviser and the Sub-Adviser as the Fund's sub-adviser, and the fees to be charged under the Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

105 \| October 31, 2022

<u>Additional Information</u>   <br> *October 31, 2022 (Unaudited)*

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Smith Capital, the Trustees, including the Independent Trustees, considered the following factors with respect to the Smith Funds:

 

*Investment Advisory and Sub-Advisory Fee Rates:* The Trustees reviewed and considered the contractual annual advisory fee rates paid by the Trust, on behalf of the Funds, to AAI, of 0.365% of the Short Duration Bond Fund's daily average net assets, 0.545% of the Total Return Bond Fund's daily average daily net assets, 0.75% of the Credit Opportunities Fund's average daily net assets, and 0.70% of the Balanced Opportunity Fund's average daily net assets, in light of the extent and quality of the advisory services provided by AAI to the Funds. The Trustees also reviewed and considered the contractual annual sub-advisory fee rates paid by AAI to Smith Capital of 0.29% of the Short Duration Bond Fund's daily average net assets, 0.42% of the Total Return Bond Fund's daily average daily net assets, 0.50% of the Credit Opportunities Fund average daily net assets, and 0.37% of the Balanced Opportunity Fund's average daily net assets, in light of the extent and quality of the advisory services provided by Smith Capital to the Smith Funds. The Trustees also considered information regarding compensation to be paid to affiliates of AAI under other agreements, such as the Fund Accounting and Administration Agreement with ALPS.

The Board received and considered information including a comparison of each Smith Fund's contractual and gross advisory fee rates with those of funds in the peer group as selected by an independent provider of investment company data (the "Data Provider"). The Trustees noted that the contractual advisory fee for each class of the Short Duration Bond Fund, Total Return Bond Fund, and Credit Opportunities Fund was higher than the Data Provider peer group median; the contractual advisory fee for Class A of the Balanced Opportunities Fund was higher than the Data provider peer group median; the contractual advisory fee for the Investor Class of the Balanced Opportunities Fund was equal to the Data Provider peer group median; and the contractual advisory fees for the Class C and Class I of the Balanced Opportunities Fund were each lower than their Data Provider peer group median.

 

*Total Net Expense Ratios:* The Trustees further reviewed and considered the total net expense ratios of 0.94%, 1.64%, 0.64%, and 0.94% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Total Return Bond Fund; 0.76%, 1.49%, 0.49%, and 0.76% for the Class A, Class C, Class I, and Investor Class shares, respectively, of the Short Duration Bond Fund; 1.16%, 1.90%, 0.90%, and 1.19% for the Class A, Class C, Class I, and Investor Class shares of the Credit Opportunities Fund, respectively; and 1.11%, 1.85%, 0.85%, 1.12% for the Class A, Class C, Class I, and Investor Class shares of the Balanced Opportunity Fund, respectively. The Trustees noted that the total net expense ratio of each class of Total Return Bond Fund and Credit Opportunities Fund was higher than the Data Provider peer group median ratio; the total net expense ratio for each class of the Balanced Opportunities Fund was lower than the Data Provider peer group median ratio; the total net expense ratio of the Investor Class shares of the Short Duration Bond Fund was equal to the Data Provider peer group median; and the total net expense ratio for each other class of the Short Duration Bond Fund was higher than the Data Provider peer group median.

 

*Nature, Extent, and Quality of the Services under the Investment Advisory and Sub-Advisory Agreements:* The Trustees received and considered information regarding the nature, extent, and quality of services to be provided to the Smith Funds under the Investment Advisory and Sub-Advisory Agreements. The Trustees reviewed certain background materials supplied by AAI and Smith Capital in their presentations, including their Forms ADV.

The Trustees reviewed and considered AAI's and Smith Capital's investment advisory personnel, their history as asset managers and their performance and the amount of assets currently under management by AAI and Smith Capital and their affiliated entities. The Trustees also reviewed the research and decision-making processes utilized by AAI and Smith Capital, including the methods adopted to seek to achieve compliance with the investment objectives, policies and restrictions of the Smith Funds.

The Trustees considered the background and experience of AAI's and Smith Capital's management in connection with the Smith Funds, including reviewing the qualifications, backgrounds and responsibilities of the management team primarily responsible for the day-to-day portfolio management of the Funds and the extent of the resources devoted to research and analysis of actual and potential investments.

The Trustees also reviewed, among other things, AAI's and Smith Capital's Codes of Ethics.

 

*Performance:* The Trustees reviewed performance information for the Smith Funds, which included a comparison of each Fund's performance to the performance of a group of comparable funds selected by the Data Provider for the three-month, one-year, three-year, and since inception periods ended March 31, 2022, as applicable. The Trustees noted that each class of the Short Duration Bond Fund and The Total Return Bond Fund outperformed the Data Provider peer group median performance for the three-month, one-year, three-year and since inception periods; each class of the Credit Opportunities Fund outperformed its peer group median for the one-year period and underperformed its peer group median for the three-month and since inception periods; and with respect to the Balanced Opportunity Fund, Class A and Class C of the Fund outperformed and Class I and Investor Class underperformed the peer group median for the three-month period; for the one-year period, Investor Class outperformed the peer group median, Class A had performance equal to the peer group median, and Class C and Class I underperformed the peer group median; and for the since inception period, Investor Class had performance equal to

106 \| October 31, 2022

<u>Additional Information</u>   <br> *October 31, 2022 (Unaudited)*

the peer group median, and Class A, Class C, and Class I underperformed the peer group median. The Trustees also considered Smith Capital's investment performance and reputation generally and its investment techniques, risk management controls, and decision-making processes.

 

*Comparable Accounts:* The Trustees noted that neither Smith Capital nor AAI currently manages any other accounts with similar strategies to the Smith Funds.

 

*Profitability:* The Trustees received and considered the profitability analyses prepared by AAI and Smith Capital based on the fees payable under the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Smith Capital, with respect to the Smith Funds, respectively. The Trustees considered the profits, if any, realized by AAI and Smith Capital in connection with the operation of the Smith Funds. Economies of Scale: The Trustees considered whether economies of scale in the provision of services to the Smith Funds will be passed along to the shareholders under the agreements.

 

*Other Benefits to the Adviser and Sub-Adviser:* The Trustees reviewed and considered any other incidental benefits derived or to be derived by AAI and Smith Capital from their relationship with the Smith Funds, including whether soft dollar arrangements were used.

The Trustees, including all of the Independent Trustees, concluded that:

● the contractual advisory fee for each class of the Short Duration Bond Fund, Total Return Bond Fund, and Credit Opportunities Fund was higher than the Data Provider peer group median; the contractual advisory fee for Class A of the Balanced Opportunities Fund was higher than the Data provider peer group median; the contractual advisory fee for the Investor Class of the Balanced Opportunities Fund was equal to the Data Provider peer group median; and the contractual advisory fees for the Class C and Class I of the Balanced Opportunities Fund were each lower than their Data Provider peer group median;

● Smith Capital's fees under its sub-advisory agreement are paid directly by AAI;

● the total net expense ratio of each class of Total Return Bond Fund and Credit Opportunities Fund was higher than the Data Provider peer group median ratio; the total net expense ratio for each class of the Balanced Opportunities Fund was lower than the Data Provider peer group median ratio; the total net expense ratio of the Investor Class shares of the Short Duration Bond Fund was equal to the Data Provider peer group median; and the total net expense ratio for each other class of the Short Duration Bond Fund was higher than the Data Provider peer group median;

● the nature, extent, and quality of services rendered by AAI and Smith Capital under the Investment Advisory and Sub-Advisory Agreements, respectively, with respect to the Smith Funds were adequate;

● for the three-month, one-year, three-year, and since inception periods ended March 31, 2022, as applicable, the Trustees noted that each class of the Short Duration Bond Fund and The Total Return Bond Fund outperformed the Data Provider peer group median performance for the three-month, one-year, three-year and since inception periods; each class of the Credit Opportunities Fund outperformed its peer group median for the one-year period and underperformed its peer group median for the three-month and since inception periods; and with respect to the Balanced Opportunity Fund, Class A and Class C of the Fund outperformed and Class I and Investor Class underperformed the peer group median for the three-month period; for the one-year period, Investor Class outperformed the peer group median, Class A had performance equal to the peer group median, and Class C and Class I underperformed the peer group median; and for the since inception period, Investor Class had performance equal to the peer group median, and Class A, Class C, and Class I underperformed the peer group median;

● that neither AAI nor Smith Capital currently manages any other accounts with similar investment strategies to the Smith Funds;

● the profit, if any, realized by AAI and Smith Capital in connection with the operation of the Smith Funds is not unreasonable to the Smith Funds; and

● at this time, there were no material economies of scale or other incidental benefits accruing to AAI and Smith Capital in connection with their relationship with the Smith Funds.

Based on the Trustees' deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI's and Smith Capital's compensation for investment advisory and sub-advisory services is consistent with the best interests of each of the Smith Funds and its shareholders.

107 \| October 31, 2022

<u>Trustees and Officers</u> <br> *October 31, 2022 (Unaudited)*

The business and affairs of each Fund are managed under the direction of its Board. The Board approves all significant agreements between the Trust on behalf of a Fund and the persons or companies that furnish services to the Fund, including agreements with its distributor, Adviser, administrator, custodian and transfer agent. The day-to-day operations of each Fund are delegated to the Fund's Adviser and administrator.

The name, address, year of birth and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund complex overseen by and the other directorships held by each Trustee.

**INDEPENDENT TRUSTEES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address\* & Year of Birth** | **Position(s) Held with Fund** | **Term of Office\*\* and Length of Time Served** | **Principal Occupation(s) During Past 5 Years\*\*\*** | **Number of Funds in Fund Complex Overseen by Trustee \*\*\*\*** | **Other Directorships Held by Trustee During Past 5 Years\*\*\*** |
| **Mary K. Anstine**, 1940 | Trustee and Chairman | Ms. Anstine was elected at a special meeting of shareholders held on March 21, 1997 and re-elected at a special meeting of shareholders held on August 7, 2009. Ms. Anstine was appointed Chairman of the Board at the June 6, 2017 meeting of the Board of Trustees. | Ms. Anstine is Trustee/Director of AV Hunter Trust and Colorado Uplift Board. | 58 | Ms. Anstine is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Reaves Utility Income Fund (1 fund); and Segall Bryant & Hamill Trust through December 2020 (14 funds). |
| **Jeremy W. Deems**, 1976 | Trustee | Mr. Deems was appointed as a Trustee at the March 11, 2008 meeting of the Board of Trustees and elected at a special meeting of shareholders held on August 7, 2009. | Mr. Deems is the Co-Founder and Chief Financial Officer of Green Alpha Advisors, LLC, a registered investment advisor, and Co- Portfolio Manager of the Shelton Green Alpha Fund. | 58 | Mr. Deems is a Trustee of ALPS ETF Trust (23 funds); ALPS Variable Investment Trust (7 funds); Clough Funds Trust (1 fund); and Reaves Utility Income Fund (1 fund). |

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| | |
|:---|:---|
| *\** | *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.* |
| *\*\** | *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.* |
| *\*\*\** | *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.* |
| *\*\*\*\** | *The Fund Complex includes all series of the Trust and other investment companies for which ALPS Advisors, Red Rocks, RiverFront, Kotak or Smith Capital provides investment advisory services.* |

---

108 \| October 31, 2022

<u>Trustees and Officers</u>   <br> *October 31, 2022 (Unaudited)*

**INDEPENDENT TRUSTEES (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address\* & Year of Birth** | **Position(s) Held with Fund** | **Term of Office\*\* and Length of Time Served** | **Principal Occupation(s) During Past 5 Years\*\*\*** | **Number of Funds in Fund Complex Overseen by Trustee \*\*\*\*** | **Other Directorships Held by Trustee During Past 5 Years\*\*\*** |
| **Jerry G. Rutledge**, 1944 | Trustee | Mr. Rutledge was elected at a special meeting of shareholders held on August 7, 2009. | Mr. Rutledge is the President and owner of Rutledge's Inc., a retail clothing business. | 28 | Mr. Rutledge is a Trustee of Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); and Principal Real Estate Income Fund (1 fund). |
| **Michael "Ross" Shell**, 1970 | Trustee | Mr. Shell was elected at a special meeting of shareholders held on August 7, 2009. | Mr. Shell is Founder and CEO of Red Idea, LLC, a strategic consulting/early stage venture firm (since June 2008). Mr. Shell serves on the Board of Directors of TalkBox, a phone/privacy booth company (since 2018) and DLVR, a package security company (since 2018). Mr. Shell served on the Advisory Board, St. Vrain School District Innovation Center (from 2015-2018). Mr. Shell graduated with honors from Stanford University with a degree in Political Science. | 28 | None. |
| **Edmund J. Burke**, 1961 | Trustee | Mr. Burke was elected as Trustee at a special meeting of shareholders held on August 7, 2009. | Mr. Burke joined ALPS in 1991 and served as the President and Director of ALPS Holdings, Inc., and ALPS Advisors, Inc., and Director of ALPS Distributors, Inc., ALPS Fund Services, Inc. ("ALPS"), and ALPS Portfolio Solutions Distributor, Inc. (collectively, the "ALPS Companies"). Mr. Burke retired from the ALPS Companies in June 2019. Mr. Burke is currently a partner at ETF Action, a web-based system that provides data and analytics to registered investment advisers, (since 2020) and a Director of Alliance Bioenergy Plus, Inc., a technology company focused on emerging technologies in the renewable energy, biofuels, and bioplastics technology sectors (since 2020). | 53 | Mr. Burke is a Trustee of ALPS ETF Trust (23 funds); Clough Global Dividend and Income Fund (1 fund); Clough Global Equity Fund (1 fund); Clough Global Opportunities Fund (1 fund); Clough Funds Trust (1 fund); Liberty All-Star Equity Fund (1 fund); and Director of the Liberty All-Star Growth Fund, Inc. (1 fund). |

---

---

| | |
|:---|:---|
| *\** | *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.* |
| *\*\** | *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.* |
| *\*\*\** | *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.* |
| *\*\*\*\** | *The Fund Complex includes all series of the Trust and other investment companies for which ALPS Advisors, Red Rocks, RiverFront, Kotak or Smith Capital provides investment advisory services.* |

---

109 \| October 31, 2022

<u>Trustees and Officers</u>   <br> *October 31, 2022 (Unaudited)*

**OFFICERS**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address\* & Year of Birth** | **Position(s) Held with Fund** | **Term of Office\*\* and Length of Time Served** | **Principal Occupation(s) During Past 5 Years\*\*\*** |
| **Lucas Foss**, 1977 | President | Mr. Foss was appointed President of the Trust by unanimous written consent of the Board of Trustees on August 19, 2022. | Mr. Foss rejoined ALPS in November 2017 and is currently Senior Director and Fund Chief Compliance Officer. Prior to his current role, Mr. Foss served as the Director of Compliance at Transamerica Asset Management (2015-2017) and Deputy Chief Compliance Officer at ALPS (2012-2015). Mr. Foss is President of ALPS Series Trust and Chief Compliance Officer of Clough Global Funds; Clough Funds Trust; MVP Private Markets Funds; Bluerock Total Income + Real Estate Fund; Bluerock High Income Institutional Credit Fund; SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, SPDR<sup>®</sup> Dow Jones<sup>®</sup> Industrial Average ETF Trust, SPDR<sup>®</sup> S&P MIDCAP 400<sup>®</sup> ETF Trust. |
| **Jennell Panella,** 1974 | Treasurer | Ms. Panella was elected Treasurer of the Trust at the September 15, 2020 meeting of the Board of Trustees | Ms. Panella joined ALPS in June 2012 and is currently Fund Controller of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Panella served as Financial Reporting Manager for Parker Global Strategies, LLC (2009-2012). Because of her position with ALPS, Ms. Panella is deemed an affiliate of the Trust as defined under the 1940 Act. |
| **Ted Uhl,** 1974 | Chief Compliance Officer ("CCO") | Mr. Uhl was elected CCO of the Trust at the June 8, 2010 meeting of the Board of Trustees. | Mr. Uhl joined ALPS in October 2006, and is currently Deputy Compliance Officer of ALPS. Prior to his current role, Mr. Uhl served as Senior Risk Manager for ALPS from October 2006 until June 2010. Before joining ALPS, Mr. Uhl served a Sr. Analyst with Enenbach and Associates (RIA), and a Sr. Financial Analyst at Sprint. Because of his position with ALPS, Mr. Uhl is deemed an affiliate of the Trust as defined under the 1940 Act. Mr. Uhl is also CCO of Alpha Alternative Asset Fund, Centre Funds, GraniteShares ETF Trust, Reaves Utility Income Fund and XAI Octagon Floating Rate & Alternative Income Term Trust. |
| **Michael P. Lawlor,** 1969 | Secretary | Mr. Lawlor was elected Secretary of the Trust at the December 13, 2022 meeting of the Board of Trustees. | Mr. Lawlor joined ALPS in January 2022, and is currently Vice President and Principal Legal Counsel. Prior to joining ALPS, Mr. Lawlor was Lead Fund Counsel at Brighthouse Financial (insurance company) (January 2007-April 2021). Mr. Lawlor also serves as Secretary of ALPS ETF Trust and ALPS Variable Investment Trust. |

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*\** *All communications to Officers may be directed to Financial Investors Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.*

*\*\** *This is the period for which the Officer began serving the Trust. Officers are appointed on an annual basis.*

*\*\*\** *Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years. Because of their respective positions with ALPS, each officer is considered an affiliated person of the Trust as defined under the 1940 Act.*

110 \| October 31, 2022

<u>Privacy Policy</u> <br> *October 31, 2022 (Unaudited)*

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| | |
|:---|:---|
| <br> **FACTS** | **WHAT DO THE FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **WHY?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.<br>|
| **WHAT?** | &nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>&nbsp;&nbsp;&nbsp;&nbsp;• Social Security number and account transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;• Account balances and transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;• Wire transfer instructions<br>|
| **HOW?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Funds choose to share; and whether you can limit this sharing. |

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---

| | | |
|:---|:---|:---|
| **REASONS WE CAN SHARE YOUR PERSONAL INFORMATION** | **DO THE FUNDS SHARE:** | **CAN YOU LIMIT THIS SHARING?** |
| **For our everyday business purposes –**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –** <br> to offer our products and services to you | No | We do not share. |
| **For joint marketing with other financial companies** | No | We do not share. |
| **For our affiliates' everyday business purposes –** information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes –** information about your creditworthiness | No | We do not share. |
| **For non-affiliates to market to you** | No | We do not share. |

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111 \| October 31, 2022

<u>Privacy Policy</u>   <br> *October 31, 2022 (Unaudited)*

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| | |
|:---|:---|
| **WHO WE ARE** | |
| Who is providing this notice? | Financial Investors Trust |
| **WHAT WE DO** |  |
| How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How do the Funds collect my personal information? | We collect your personal information, for example, when you <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide account information or give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make a wire transfer or deposit money |
| Why can't I limit all sharing? | Federal law gives you the right to limit only <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sharing for affiliates' everyday business purposes-information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sharing for non-affiliates to market to you |
|  | State laws and individual companies may give you additional rights to limit sharing. |
| **DEFINITIONS** |  |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
|  | *• The Funds do not share with non-affiliates so they can market to you.* |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. |
|  | *• The Funds do not jointly market.* |
| **OTHER IMPORTANT INFORMATION** |  |
| California Residents | If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us. |
| Vermont Residents | The State of Vermont requires financial institutions to obtain your consent prior to sharing personal information that they collect about you with affiliated companies and nonaffiliated third parties other than in certain limited circumstances. Except as permitted by law, we will not share personal information we collect about you with nonaffiliated third parties or other affiliated companies unless you provide us with your written consent to share such information. |
| **QUESTIONS**? | Call 1-866-759-5679 or go to www.alpsfunds.com |

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112 \| October 31, 2022

![](fp0081443-1_13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant, as of the end of the period covered by this report, has adopted a code of ethics
 that applies to the Registrant's principal executive officer, principal financial officer,
 principal accounting officer or controller or any persons performing similar functions on
 behalf of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During
 the period covered by this report, no amendments to the provisions of the code of ethics
 described in Item 2(a) above were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During
 the period covered by this report, no implicit or explicit waivers to the provisions of the
 code of ethics described in Item 2(a) above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Registrant's Code of Ethics is attached as an Exhibit to this report.

**Item 3. Audit Committee Financial Expert.**

The Board of Trustees of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board of Trustees of the Registrant has designated Jeremy W. Deems as the Registrant's "Audit Committee Financial Expert." Mr. Deems is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: For the Registrant's fiscal years ended October 31, 2022 and October 31,
 2021, the aggregate fees billed for professional services rendered by the principal accountant
 for the audit of the Registrant's annual financial statements were $127,000 and $184,000,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: For the Registrant's fiscal years ended October 31, 2022 and October 31,
 2021, the aggregate fees billed for assurance and related services by the principal accountant
 that were reasonably related to the performance of the audit of the Registrant's financial
 statements and are not reported under paragraph (a) of this Item were $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: For the Registrant's fiscal years ended October 31, 2022 and October 31,
 2021, the aggregate fees billed for professional services rendered by the principal accountant
 for tax compliance, tax advice and tax planning were $45,500 and $59,015, respectively. The
 fiscal year 2022 and 2021 tax fees were for services for dividend calculation, excise tax
 preparation and tax return preparation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: For the Registrant's fiscal years ended October 31, 2022 and October
 31, 2021, 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.

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| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal accountant must be pre-approved by the Registrant's audit committee. The Chairman of the Audit Committee may pre-approve non-audit services to be performed by the Registrant's principal accountant on an interim basis, subject to ratification by the Audit Committee at its next regularly scheduled meeting. |

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(e)(2) No services described in paragraphs (b) through (d) of this Item were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 aggregate non-audit fees billed by the Registrant's accountant for services rendered
 to the Registrant, and rendered to the Registrant's investment adviser (not including
 any sub-adviser whose role is primarily portfolio management and is subcontracted with or
 overseen by another investment adviser), and any entity controlling, controlled by, or under
 common control with the adviser that provides ongoing services to the Registrant, were $45,500 in
 the fiscal year ended October 31, 2022 and $59,015 in the fiscal year ended October 31, 2021.
 These fees consisted of non-audit fees billed to (i) the Registrant of $45,500 in the fiscal year
 ended October 31, 2022 and $59,015 in the fiscal year ended October 31, 2021 as described
 in response to paragraph (c) above and (ii) to ALPS Fund Services, Inc. ("AFS"),
 an entity under common control with ALPS Advisors, Inc., the Registrant's investment
 adviser, of $0 in the fiscal year ended October 31, 2022 and $0 in the fiscal year ended
 October 31, 2021. The non-audit fees billed to AFS related to SSAE 16 services and other
 compliance-related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Registrant's audit committee has considered whether the provision of non-audit services
 that were rendered to the Registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another
 investment adviser), and any entity controlling, controlled by, or under common control with
 the investment adviser that provides ongoing services to the Registrant that were not pre-approved
 pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with
 maintaining the principal accountant's independence. The Registrant's audit committee
 determined that the provision of such non-audit services is compatible with maintaining the
 principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not
 applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to the Registrant.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the Reports to Stockholders filed under Item 1 of this
 Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's principal executive officer and principal financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended) are effective based on their evaluation
 of these controls and procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 was no change in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period
 covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [Registrant's Code of Ethics for Principal Executive and Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is incorporated by reference to Exhibit 12(a)(1) to the Registrant's Certified Shareholder Report on Form N-CSR, File No. 811-8194, filed on January 9, 2017.](http://www.sec.gov/Archives/edgar/data/915802/000139834417000313/fp0023170_ex99code.htm) |

---

---

| | |
|:---|:---|
| (a)(2) | [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.Cert.](fp0081443-1_ex99cert.htm) |

---

(a)(3) Not applicable.

(a)(4) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.](fp0081443-1_ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | January 9, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | January 9, 2023 |
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2023 |

---

## Ex-99.Cert

Exhibit 99.Cert

I, Lucas Foss President and Principal Executive Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |
| Date: | January 9, 2023 |

---

I, Jennell Panella, Treasurer and Principal Financial Officer of the Financial Investors Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in the report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |
| Date: | January 9, 2023 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2022 of the Financial Investors Trust (the "Company").

I, Lucas Foss, the President and Principal Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | January 9, 2023 |
| By: | /s/ Lucas Foss |
|  | Lucas Foss (Principal Executive Officer) |
|  | President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended October 31, 2022 of the Financial Investors Trust (the "Company").

I, Jennell Panella, the Treasurer and Principal Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Report fully complies with the requirements of Section 13(a) or Section 15(d), as applicable
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | January 9, 2023 |
| By: | /s/ Jennell Panella |
|  | Jennell Panella (Principal Financial Officer) |
|  | Treasurer |

---