N-CSRS 1 fp0066634_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

Cara Owen, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2021

Item 1.

Reports to Stockholders.

(a)

Table of Contents

Disclosure of Fund Expenses	1
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Management Commentary	7
Performance Update	9
Consolidated Statement of Investments	11
Consolidated Statement of Assets and Liabilities	16
Consolidated Statement of Operations	17
Consolidated Statements of Changes in Net Assets	18
Consolidated Financial Highlights	19
ALPS \| Kotak India Growth Fund
Management Commentary	23
Performance Update	26
Statement of Investments	28
Statement of Assets and Liabilities	30
Statement of Operations	31
Statements of Changes in Net Assets	32
Financial Highlights	33
ALPS \| Smith Funds
Management Commentary	38
Performance Update	43
Statements of Investments	51
Statements of Assets and Liabilities	97
Statements of Operations	99
Statement of Changes in Net Assets	100
Financial Highlights	104
ALPS \| Red Rocks Global Opportunity Fund
Management Commentary	120
Performance Update	122
Statement of Investments	125
Statement of Assets and Liabilities	127
Statement of Operations	128
Statements of Changes in Net Assets	129
Financial Highlights	130

Clough China Fund
Management Commentary	135
Performance Update	137
Statement of Investments	139
Statement of Assets and Liabilities	142
Statement of Operations	143
Statements of Changes in Net Assets	144
Financial Highlights	145
RiverFront Global Allocation Series
Management Commentary	149
Performance Update	151
Statements of Investments	157
Statements of Assets and Liabilities	160
Statements of Operations	162
Statements of Changes in Net Assets	163
Financial Highlights	166
Notes to Financial Statements	180
Additional Information	208
Liquidity Risk Management Program	209

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

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

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

alpsfunds.com

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

Board Examples. As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including applicable sales charges (loads) and redemption fees; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, shareholder service fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested on November 1, 2020 and held until April 30, 2021.

Actual Expenses. The first line under each class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period November 1, 2020 – April 30, 2021” to estimate the expenses you paid on your account during this period.

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

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

1 | April 30, 2021

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expense Ratio^(a)	Expenses Paid During Period November 1, 2020 - April 30, 2021^(b)
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(c)
Investor Class
Actual	$ 1,000.00	$ 1,382.10	1.40%	$ 8.27
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.85	1.40%	$ 7.00
Class A
Actual	$ 1,000.00	$ 1,379.90	1.38%	$ 8.14
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.95	1.38%	$ 6.90
Class C
Actual	$ 1,000.00	$ 1,376.50	2.02%	$ 11.90
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,014.78	2.02%	$ 10.09
Class I
Actual	$ 1,000.00	$ 1,383.90	1.10%	$ 6.50
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.34	1.10%	$ 5.51
ALPS \| Kotak India Growth Fund
Investor Class
Actual	$ 1,000.00	$ 1,248.00	1.38%	$ 7.69
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.95	1.38%	$ 6.90
Class A
Actual	$ 1,000.00	$ 1,247.80	1.39%	$ 7.75
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.90	1.39%	$ 6.95
Class C
Actual	$ 1,000.00	$ 1,244.40	2.00%	$ 11.13
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,014.88	2.00%	$ 9.99
Class I
Actual	$ 1,000.00	$ 1,250.60	1.00%	$ 5.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.84	1.00%	$ 5.01
Class II
Actual	$ 1,000.00	$ 1,252.30	0.75%	$ 4.19
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,021.08	0.75%	$ 3.76

2 | April 30, 2021

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expense Ratio^(a)	Expenses Paid During Period November 1, 2020 - April 30, 2021^(b)
ALPS \| Smith Short Duration Bond Fund
Investor Class
Actual	$ 1,000.00	$ 1,008.00	0.77%	$ 3.83
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.98	0.77%	$ 3.86
Class A
Actual	$ 1,000.00	$ 1,008.00	0.77%	$ 3.83
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.98	0.77%	$ 3.86
Class C
Actual	$ 1,000.00	$ 1,004.50	1.49%	$ 7.41
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.41	1.49%	$ 7.45
Class I
Actual	$ 1,000.00	$ 1,009.50	0.49%	$ 2.44
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.36	0.49%	$ 2.46
ALPS \| Smith Total Return Bond Fund
Investor Class
Actual	$ 1,000.00	$ 1,002.40	0.96%	$ 4.77
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.03	0.96%	$ 4.81
Class A
Actual	$ 1,000.00	$ 1,002.40	0.95%	$ 4.72
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.08	0.95%	$ 4.76
Class C
Actual	$ 1,000.00	$ 999.00	1.67%	$ 8.28
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.51	1.67%	$ 8.35
Class I
Actual	$ 1,000.00	$ 1,003.90	0.67%	$ 3.33
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,021.47	0.67%	$ 3.36

3 | April 30, 2021

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

	Beginning Account Value September 16, 2020	Ending Account Value April 30, 2021	Expense Ratio^(a)	Expenses Paid During Period September 16, 2020 - April 30, 2021^(b)
ALPS \| Smith Credit Opportunities Fund
Investor Class
Actual	$ 1,000.00	$ 1,057.00	1.19%	$ 6.07
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.89	1.19%	$ 5.96
Class A
Actual	$ 1,000.00	$ 1,057.00	1.17%	$ 5.97
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.99	1.17%	$ 5.86
Class C
Actual	$ 1,000.00	$ 1,053.30	1.90%	$ 9.67
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.37	1.90%	$ 9.49
Class I
Actual	$ 1,000.00	$ 1,058.50	0.90%	$ 4.59
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.33	0.90%	$ 4.51
ALPS \| Smith Balanced Opportunity Fund
Investor Class
Actual	$ 1,000.00	$ 1,193.90	1.13%	$ 6.15
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.19	1.13%	$ 5.66
Class A
Actual	$ 1,000.00	$ 1,193.90	1.12%	$ 6.09
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,019.24	1.12%	$ 5.61
Class C
Actual	$ 1,000.00	$ 1,188.30	1.85%	$ 10.04
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,015.62	1.85%	$ 9.25
Class I
Actual	$ 1,000.00	$ 1,195.60	0.85%	$ 4.63
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,020.58	0.85%	$ 4.26

4 | April 30, 2021

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expense Ratio^(a)	Expenses Paid During Period November 1, 2020 - April 30, 2021^(b)
ALPS \| Red Rocks Global Opportunity Fund
Investor Class
Actual	$ 1,000.00	$ 1,354.00	1.55%	$ 9.05
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.11	1.55%	$ 7.75
Class A
Actual	$ 1,000.00	$ 1,352.00	1.53%	$ 8.92
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,017.21	1.53%	$ 7.65
Class C
Actual	$ 1,000.00	$ 1,349.40	2.25%	$ 13.11
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,013.64	2.25%	$ 11.23
Class I
Actual	$ 1,000.00	$ 1,354.10	1.25%	$ 7.30
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.60	1.25%	$ 6.26
Class R
Actual	$ 1,000.00	$ 1,353.80	1.69%	$ 9.86
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.41	1.69%	$ 8.45
Clough China Fund
Investor Class
Actual	$ 1,000.00	$ 1,170.50	1.60%	$ 8.61
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.86	1.60%	$ 8.00
Class A
Actual	$ 1,000.00	$ 1,170.60	1.60%	$ 8.61
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,016.86	1.60%	$ 8.00
Class C
Actual	$ 1,000.00	$ 1,166.70	2.35%	$ 12.62
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,013.14	2.35%	$ 11.73
Class I
Actual	$ 1,000.00	$ 1,172.10	1.35%	$ 7.27
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.10	1.35%	$ 6.76

5 | April 30, 2021

Disclosure of Fund Expenses

April 30, 2021 (Unaudited)

	Beginning Account Value November 1, 2020	Ending Account Value April 30, 2021	Expense Ratio^(a)	Expenses Paid During Period November 1, 2020 - April 30, 2021^(b)
RiverFront Asset Allocation Moderate
Investor Class
Actual	$ 1,000.00	$ 1,126.30	0.50%	$ 2.64
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class A
Actual	$ 1,000.00	$ 1,126.50	0.50%	$ 2.64
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class C
Actual	$ 1,000.00	$ 1,122.60	1.25%	$ 6.58
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.60	1.25%	$ 6.26
Class I
Actual	$ 1,000.00	$ 1,127.40	0.25%	$ 1.32
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.55	0.25%	$ 1.25
RiverFront Asset Allocation Aggressive
Investor Class
Actual	$ 1,000.00	$ 1,251.40	0.50%	$ 2.79
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class A
Actual	$ 1,000.00	$ 1,251.80	0.50%	$ 2.79
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class C
Actual	$ 1,000.00	$ 1,246.80	1.25%	$ 6.96
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.60	1.25%	$ 6.26
Class I
Actual	$ 1,000.00	$ 1,252.70	0.25%	$ 1.40
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.55	0.25%	$ 1.25
Investor Class II
Actual	$ 1,000.00	$ 1,252.00	0.50%	$ 2.79
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class L
Actual	$ 1,000.00	$ 1,253.30	0.25%	$ 1.40
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.55	0.25%	$ 1.25
RiverFront Asset Allocation Growth & Income
Investor Class
Actual	$ 1,000.00	$ 1,177.80	0.50%	$ 2.70
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class A
Actual	$ 1,000.00	$ 1,177.20	0.50%	$ 2.70
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,022.32	0.50%	$ 2.51
Class C
Actual	$ 1,000.00	$ 1,173.30	1.25%	$ 6.74
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,018.60	1.25%	$ 6.26
Class I
Actual	$ 1,000.00	$ 1,179.80	0.25%	$ 1.35
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,023.55	0.25%	$ 1.25

^(a)

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

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (181), divided by 365.

^(c)

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

6 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Management Commentary	April 30, 2021 (Unaudited)

The six months ending April 30, 2021 produced a positive return for commodities. The Bloomberg Commodity Index Total Return (“BCOMTR”), the Fund’s benchmark, ended higher by +25.81% for the period. ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (“I” Shares—“JCRIX” or the “Fund”) delivered a net positive return of 38.39% for the period, (JCRAX gained 38.21%, JCCSX was up 30.47% at MOP JCRCX was up 36.65% with CDSC). The Fund outperformed its benchmark, BCOMTR, by 12.58% after fees during the period.

The unprecedented response to the COVID-19 virus resulted in lockdowns across a majority of the global population and restricted significant amounts commerce and trade throughout most of Q1 and Q2 of 2020. The demand destruction that ensued was particularly damaging to many commodity markets. However, as the world began its gradual recovery and medical treatments proved tremendously effective in combating the disease, economic expectations shifted dramatically. Renewed hope for re-engagement of the global economy, reflation of dormant demand, and an anticipated return to above-trend economic growth lifted market spirits. The six month period of time under examinationreflects constructive forces that helped to lift prices of many commodities from historically low levels.

From the end of October 2020 until the end of April 2021, the value of the US Dollar as measured by the US Dollar Index (DXY) fell by -2.93%. Most commodities are priced in US Dollars. Lower US Dollar values usually translate into somewhat higher commodity prices. On the other hand, US 10-Year Treasury Notes expanded in yield from about 87 basis points to approximately 162.5 basis points over the same time frame. As assets that trade at spot prices primarily concerned with the prevailing supply/demand outlook, commodities have generally been immune to the deteriorating effects of a rising rate environment. In line with historical relationships, commodity price appreciation coincided with rising yields through April month-end. This fact suggests that the commodity rally was strongly fundamental in nature and resistant to the higher interest rate environment.

Agricultural commodities led all sectors within the Bloomberg Commodity Index (BCOM). The agricultural commodities within the BCOM registered a gain of 37.70%, applying the requisite index weighting. Adverse weather conditions and a resurgent African Swine Flu were detrimental to supplies of key food items. Supply shortages were further exacerbated by disruptions to transportation and logistics. Certain agricultural commodities posted large gains during the period. Soybean oil rallied 97.30%, corn prices rose by 70.36% and soybeans added 45.34%. Lean hog prices gained 39.0% as feed prices increased and deadly disease threatened China’s beleaguered hog herd. Despite the aforementioned performance, there is still sizeable room for progress in pre-pandemic activities, such as tourism and public dining. Consequently, cocoa prices added just 6.83% and live cattle prices were nearly unchanged, adding just 0.22%. Frozen concentrated orange juice was one of only a few commodities that fell in price in the period, -7.30%. The Fund’s performance relative to the benchmark was enhanced by the agricultural equities. They rose collectively by 45.8%.

The second highest sector performance within the BCOM occurred in base metals, up 29.7%. Copper led all metals to the upside, posting a 46.42% gain on the London Metals Exchange (LME). Aluminum gained 27.32% and nickel added 16.03%. The new Biden Administration has signaled its intentions to fund a large infrastructure effort. We believe base metals are likely to figure prominently in those plans. Additionally, we believe that efforts to re-stock the domestic housing market, electrify the global power grid, and support a rapidly expanding EV fleet all necessitate the use of more industrial metals to satisfy the expected expansion of demand.

Industrial metal equities within the Fund’s portfolio performed well during this period, up 86.9%. The prospects for reflation and multiple project build-outs seemed to motivate investment rotation toward this sector in particular.

Energy prices rose within the BCOM by 29.1% collectively. However, there was a distinct divergence in performance comparing petroleum-based energy commodities with natural gas. Reformulated gasoline, a petroleum derivative product, added 84.73%. Compact, passenger vehicles proved to be the transportation of choice for most Americans as apprehension concerning public transportation lingered from COVID-19 fears. Brent North Sea crude oil gained 77.75% while West Texas Intermediate crude oil advanced 75.72%. Heating oil prices rose by 75.44% and the European version, gasoil, climbed by 68.81%. Petroleum demand rebounded as the vaccines were rolled out at a rapid pace.

On the other hand, natural gas prices fell -19.98% for the period. Natural gas was the worst performing commodity within the BCOM. The combination of a relatively benign winter heating season and reduced export volumes of liquefied natural gas on the back of supply line disruptions were largely responsible for the downward price pressure.

Energy equities in the Fund’s portfolio were up 67.4%. Energy producers recovered much of the ground lost during the depths of the demand destruction associated with Q1 and Q2 of 2020.

Precious metals within the BCOM actually fell slightly, -3.3% for the six month time frame ending April 30. Gold lost -6.63%. Higher interest rates weighed on its status as a currency alternative. Fortunately, the Fund held a higher percentage of silver than gold, relative to the benchmark. Silver prices fared better, climbing 8.53%. The Fund also allocated a portion of its precious metals portfolio to platinum. Platinum, which has dual roles as both a precious and industrial metal, rose by 40.98%.

As of the date of this report, the Fund maintains a dynamic combination of commodity futures exposure and commodity equity (or producer) exposure. The composition of the Fund changes from time to time in response to structural and value opportunities identified by the Fund’s Policy Committee. The Fund was fully invested at the end of April. Throughout most of the first and second quarters of 2020, the Fund held a near historically low percentage in

7 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Management Commentary	April 30, 2021 (Unaudited)

commodity equities, approximately 22%, versus approximately 78% in commodity futures. As 2020 progressed, the disproportionate selling of commodity equities during the height of the pandemic created a value opportunity for the Fund. Strong monetary stimulus from the Federal Reserve and other central banks were particularly constructive for commodity equities. The prospects for mass distribution of multiple vaccines also ramped up towards the end of last year. Beginning in late September of 2020, we made a tactical decision to expand equity allocation to approximately 35% while reducing commodity futures exposure appropriately to about 65%.

{The Fund’s top equity holdings at the end of April included CF Industries Holdings Inc (CF US) +79.05% (6 months ending Apr. 30, 2021), Boliden AB (BOL SS) +46.40% (6 months ending Apr. 30, 2021), Vestas Wind Systems A/S +24.11% (VWS DC) (6 months ending Apr. 30, 2021), Quimica Minera Chil-SP ADR (SQM US) +43.56% (6 months ending Apr. 30, 2021), Bluescope Steel Ltd +62.60% (BSL AU) (6 months ending Apr. 30, 2021), Nutrien Ltd. (NTR US) +38.46% (6 months ending Apr. 30, 2021), Vale SA-SP ADR (VALE US) +98.47% (6 months ending Apr. 30, 2021), Plug Power Inc +103.64% (PLUG US) (6 months ending Apr. 30, 2021), Inpex Corp (1605 JP) +48.29% (6 months ending Apr. 30, 2021.}

U.S. Treasury Inflation Protected Securities (“TIPS”) and nominal US Treasuries are held by the Fund to invest excess cash and as collateral for commodity futures related investments held in our Cayman Island subsidiary. As of the date of this report, we have continued to invest Fund assets in TIPS and nominal US Treasuries with limited duration exposure. We made a decision to add a greater proportion of TIPS relative to nominal Treasuries at the beginning of this period. At the time, we strongly believed inflation expectations would rebound as the battle with the COVID-19 virus progressed. The additional inflation sensitivity provided by the TIPS added to the Fund’s overall performance for the six month period under examination. At the end of April, the Fund’s fixed income portfolio had a weighted average maturity of 0.4 years.

As of the date of this report, we believe that commodity fundamentals are poised to strengthen. On a relative basis, commodities still appear inexpensive to other assets that have enjoyed long term appreciation. Persistent global growth trends appear to be intact for the near future, posing a material tailwind for commodity demand. The failure of many companies and countries to invest the necessary capital over many years to source, transport, and deliver vital commodities to markets may take its toll in terms of future shortages and price spikes. Political aspirations and mandates may require massive amounts of commodities to accomplish their goals. Higher commodity prices seem both necessary and likely. In our opinion, the currentup-cycle could be sustained for an extended period of time.

Bob Hyman

Portfolio Manager

CoreCommodity Management, LLC

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

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

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

An investor may not invest directly in an index.

Diversification cannot guarantee gain or prevent losses.

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

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

8 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Performance Update	April 30, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of April 30, 2021)

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

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^# (NAV)	38.21%	65.20%	2.50%	4.28%	-3.82%	0.23%	1.45%	1.45%
Class A (NAV)	37.99%	64.88%	2.50%	4.28%	-3.82%	0.23%	1.45%	1.45%
Class A (LOAD)	30.47%	55.69%	0.58%	3.11%	-4.36%	-0.29%	1.45%	1.45%
Class C (NAV)	37.65%	63.98%	1.82%	3.60%	-4.44%	-0.39%	2.05%	2.05%
Class C (LOAD)	36.65%	62.98%	1.82%	3.60%	-4.44%	-0.39%	2.05%	2.05%
Class I	38.39%	65.42%	2.78%	4.55%	-3.55%	0.51%	1.15%	1.15%
Refinitiv/CoreCommodity CRB Commodity Total Return Index¹	38.07%	70.61%	0.96%	2.75%	-5.42%	-1.72%
Bloomberg Commodity TR Index¹	25.81%	48.51%	1.62%	2.26%	-5.85%	-2.34%

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

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

Performance less than 1 year is cumulative.

9 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Performance Update	April 30, 2021 (Unaudited)

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

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

^{^}

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

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

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

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

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

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

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

Government Bonds	41.28%
Common Stocks	31.55%
Master Limited Partnerships	0.05%
Cash, Cash Equivalents, & Other Net Assets	27.12%
Total	100.00%

^†

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

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

^{^}

Notional Value of Derivative Exposure included

10 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (31.55%)
Argentina (0.03%)
YPF SA, Sponsored ADR^(a)		73,592	$	278,178

Australia (2.17%)
Alumina, Ltd.		1,032,763		1,376,370
Beach Energy, Ltd.		524,865		515,521
BHP Group, Ltd.		6,563		241,162
BlueScope Steel, Ltd.		227,223		3,784,396
Costa Group Holdings, Ltd.		104,343		374,574
Fortescue Metals Group, Ltd.		26,544		461,925
GrainCorp, Ltd., Class A		85,256		334,953
IGO, Ltd.		132,309		763,413
Iluka Resources, Ltd.		124,315		741,230
Incitec Pivot, Ltd.^(a)		400,411		817,411
Mineral Resources, Ltd.		12,584		462,893
Newcrest Mining, Ltd.		44,276		904,545
Northern Star Resources, Ltd.		117,513		951,431
Nufarm, Ltd.^(a)		147,504		594,284
OceanaGold Corp.^(a)		204,900		341,736
Oil Search, Ltd.		73,894		216,312
OZ Minerals, Ltd.		108,804		2,006,586
Regis Resources, Ltd.		93,204		186,679
Sandfire Resources NL		78,872		408,301
Santos, Ltd.		163,542		879,373
South32, Ltd.		823,504		1,827,034
St Barbara, Ltd.		162,515		230,982
Woodside Petroleum, Ltd.		18,740		330,015
				18,751,126

Austria (0.13%)
OMV AG		6,908		340,595
voestalpine AG		18,655		809,654
				1,150,249

Brazil (1.13%)
BRF SA, ADR^(a)		175,332		680,288
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		79,739		626,749
Gerdau SA, Sponsored ADR		442,310		2,715,783
Petroleo Brasileiro SA, Sponsored ADR		253,074		2,146,068
Vale SA, Sponsored ADR		181,030		3,642,323
				9,811,211

Canada (3.73%)
Agnico Eagle Mines, Ltd.		14,400		899,136
Alamos Gold, Inc., Class A		176,991		1,415,928
B2Gold Corp.		429,603		2,062,094
Ballard Power Systems, Inc.^(a)		76,234		1,667,238
Barrick Gold Corp.		41,426		880,303
Cameco Corp.		63,522		1,067,805
Canadian Solar, Inc.^(a)		42,639		1,758,432
Canfor Corp.^(a)		16,900		422,105
Centerra Gold, Inc.		133,600		1,232,579
First Quantum Minerals, Ltd.		93,000		2,143,506
Hudbay Minerals, Inc.		180,500		1,348,078
IAMGOLD Corp.^(a)		84,106		263,252

	Shares		Value (Note 2)
Canada (continued)
Kinross Gold Corp.		299,511	$	2,108,557
Kirkland Lake Gold, Ltd.		57,500		2,136,456
Maple Leaf Foods, Inc.		22,700		523,938
Nutrien, Ltd.		67,400		3,720,530
Pan American Silver Corp.		15,868		504,920
Parex Resources, Inc.^(a)		85,000		1,600,903
Pretium Resources, Inc.^(a)		49,531		519,580
Sandstorm Gold, Ltd.^(a)		36,048		267,476
SSR Mining, Inc.		34,757		551,451
Teck Resources, Ltd., Class B		127,733		2,704,108
Torex Gold Resources, Inc.^(a)		21,700		262,699
Wheaton Precious Metals Corp.		30,642		1,266,127
Yamana Gold, Inc.		201,323		924,073
				32,251,274

Chile (0.60%)
Antofagasta PLC		53,247		1,371,822
Sociedad Quimica y Minera de Chile SA, Sponsored ADR		72,636		3,830,823
				5,202,645

China (0.19%)
China Petroleum & Chemical Corp., ADR		5,780		284,318
Daqo New Energy Corp., ADR^(a)		2,495		200,823
JinkoSolar Holding Co., Ltd., ADR^(a)		23,496		868,412
PetroChina Co., Ltd., ADR		8,809		317,388
				1,670,941

Colombia (0.08%)
Ecopetrol SA, Sponsored ADR		56,879		672,879

Cyprus (0.04%)
Polymetal International PLC		15,953		329,485

Denmark (0.60%)
FLSmidth & Co. A/S		9,925		390,877
Orsted AS^(b)(c)		6,179		901,267
Vestas Wind Systems A/S		94,425		3,941,626
				5,233,770

Faroe Islands (0.06%)
Bakkafrost P/F		6,869		545,130

Finland (0.28%)
Metso Outotec Oyj		121,017		1,359,489
Outokumpu Oyj^(a)		166,365		1,082,072
				2,441,561

France (0.23%)
Constellium SE^(a)		34,942		541,950
TOTAL SE, Sponsored ADR		33,270		1,473,196
				2,015,146

See Notes to Financial Statements.

11 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Germany (0.52%)
Bayer AG		34,961	$	2,262,165
K+S AG		70,154		778,149
Nordex SE^(a)		10,156		293,775
Salzgitter AG^(a)		10,429		332,015
thyssenkrupp AG^(a)		17,747		237,261
Varta AG^(a)		3,960		577,739
				4,481,104

Great Britain (1.63%)
Anglo American PLC		24,783		1,050,751
BP PLC, Sponsored ADR		124,106		3,122,508
CNH Industrial N.V.		64,438		956,260
Evraz PLC		91,946		815,729
Kazakhmys PLC		65,940		772,604
Pentair PLC		37,537		2,421,512
Rio Tinto PLC, Sponsored ADR		31,219		2,655,488
Severn Trent PLC		36,254		1,240,193
Subsea 7 SA		50,511		512,634
United Utilities Group PLC		43,789		585,514
				14,133,193

India (0.04%)
Vedanta, Ltd., ADR		27,652		379,938

Israel (0.07%)
SolarEdge Technologies, Inc.^(a)		2,438		642,511

Italy (0.07%)
Eni SpA, Sponsored ADR		10,981		261,787
ERG SpA		10,237		305,964
				567,751

Japan (2.41%)
AGC, Inc.		63,200		2,879,824
Daido Steel Co., Ltd.		6,200		293,860
GS Yuasa Corp.		21,600		584,024
Hitachi Metals, Ltd.^(a)		34,000		659,530
Inpex Corp.		482,033		3,290,299
Japan Petroleum Exploration Co., Ltd.		19,200		356,629
JFE Holdings, Inc.		151,700		1,996,016
Kobe Steel, Ltd.		77,200		556,625
Kubota Corp.		114,300		2,687,812
Kurita Water Industries, Ltd.		10,016		461,896
Maruha Nichiro Corp.		5,600		127,997
Maruichi Steel Tube, Ltd.		5,300		132,730
Morinaga Milk Industry Co., Ltd.		6,500		355,659
NGK Insulators, Ltd.		22,100		402,609
Nippon Steel Corp.		102,590		1,790,092
Nippon Suisan Kaisha, Ltd.		91,900		429,691
Sumitomo Forestry Co., Ltd.		28,759		665,754
Sumitomo Metal Mining Co., Ltd.		51,300		2,177,516
Tokyo Steel Manufacturing Co., Ltd.		50,500		489,336
Yamato Kogyo Co., Ltd.		14,400		433,489
				20,771,388

	Shares		Value (Note 2)
Luxembourg (0.34%)
APERAM SA		14,100	$	730,453
ArcelorMittal^(a)		24,464		716,551
ArcelorMittal SA^(a)		5,056		147,406
Tenaris SA, ADR		27,417		586,175
Ternium SA, Sponsored ADR^(a)		19,564		764,757
				2,945,342

Malaysia (0.18%)
Lynas Rare Earths, Ltd.^(a)		361,944		1,533,531

Mexico (0.15%)
Grupo Mexico SAB de CV, Series B		285,400		1,294,493

Monaco (0.13%)
Endeavour Mining Corp.		53,458		1,112,956

Netherlands (0.56%)
AMG Advanced Metallurgical Group NV		4,959		190,307
Core Laboratories N.V.		48,394		1,363,743
OCI N.V.^(a)		15,679		365,882
Royal Dutch Shell PLC, Class A, Sponsored ADR		62,508		2,375,303
Royal Dutch Shell PLC, Class B		2,551		45,764
SBM Offshore N.V.		27,872		485,047
				4,826,046

Norway (1.63%)
Aker BP ASA		75,504		2,166,069
DNO ASA^(a)		516,958		608,748
Equinor ASA		56,530		1,151,109
Leroy Seafood Group ASA		70,514		647,536
Mowi ASA		80,496		1,988,224
NEL ASA^(a)		476,921		1,385,386
Norsk Hydro ASA		274,958		1,755,979
Salmar ASA		12,666		879,194
TGS NOPEC Geophysical Co. ASA		50,202		764,429
Yara International ASA		52,509		2,742,151
				14,088,825

Peru (0.34%)
Cia de Minas Buenaventura SAA, ADR^(a)		24,873		241,766
Southern Copper Corp.		39,545		2,744,818
				2,986,584

South Africa (0.89%)
African Rainbow Minerals, Ltd.		36,752		687,043
Anglo Platinum, Ltd.		4,780		654,193
AngloGold Ashanti, Ltd., Sponsored ADR		68,785		1,415,595
Gold Fields, Ltd., Sponsored ADR		209,535		1,965,438
Impala Platinum Holdings, Ltd.		54,000		1,011,041
Kumba Iron Ore, Ltd.		15,133		686,951

See Notes to Financial Statements.

12 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
South Africa (continued)
Sasol, Ltd.^(a)		77,701	$	1,307,295
				7,727,556

South Korea (0.06%)
POSCO, Sponsored ADR		6,691		544,714

Spain (0.39%)
Acerinox SA		44,206		613,581
Iberdrola SA		122,968		1,660,971
Repsol SA		21,441		256,177
Siemens Gamesa Renewable Energy SA		24,558		888,702
				3,419,431

Sweden (1.52%)
AAK AB		17,147		393,150
Boliden AB		123,731		4,820,300
Epiroc AB, Class A		59,249		1,284,286
Holmen AB, B Shares		8,330		392,611
Lundin Energy AB		90,427		2,896,894
PowerCell Sweden AB^(a)		11,159		289,997
SSAB AB, A Shares^(a)		190,388		1,037,002
Svenska Cellulosa AB SCA, Class B		118,870		2,085,180
				13,199,420

Switzerland (0.05%)
Bucher Industries AG		799		419,251

United States (11.30%)
AGCO Corp.		14,485		2,113,651
Alcoa Corp.^(a)		77,693		2,846,672
Allegheny Technologies, Inc.^(a)		34,615		805,145
American Water Works Co., Inc.		9,593		1,496,412
Archer-Daniels-Midland Co.		24,736		1,561,584
Archrock, Inc.		62,213		581,069
Array Technologies, Inc.^(a)		22,654		637,937
Baker Hughes Co.		54,605		1,096,468
Bunge, Ltd.		35,629		3,007,800
Cabot Oil & Gas Corp.		37,387		623,241
California Water Service Group		8,661		508,834
Cal-Maine Foods, Inc.		14,471		540,637
Century Aluminum Co.^(a)		19,099		299,090
CF Industries Holdings, Inc.		114,340		5,560,353
ChampionX Corp.^(a)		42,298		888,681
Chevron Corp.		18,063		1,861,753
Cleveland-Cliffs, Inc.		14,247		254,451
Commercial Metals Co.		81,640		2,385,521
Compass Minerals International, Inc.		7,430		504,646
ConocoPhillips		50,828		2,599,344
Corteva, Inc.		62,955		3,069,685
Darling Ingredients, Inc.^(a)		28,675		1,991,479
Deere & Co.		4,669		1,731,499
Devon Energy Corp.		43,208		1,010,203
Dril-Quip, Inc.^(a)		7,278		223,071
Enphase Energy, Inc.^(a)		10,981		1,529,104
EOG Resources, Inc.		35,515		2,615,325

	Shares		Value (Note 2)
United States (continued)
Essential Utilities, Inc.		4,343	$	204,686
Evoqua Water Technologies Corp.^(a)		30,618		875,062
Exxon Mobil Corp.		22,980		1,315,375
First Solar, Inc.^(a)		7,288		557,751
FMC Corp.		25,041		2,960,848
Freeport-McMoRan, Inc.		25,790		972,541
Fresh Del Monte Produce, Inc.		10,904		307,493
Green Plains, Inc.^(a)		18,901		563,250
Halliburton Co.		82,737		1,618,336
Harsco Corp.^(a)		20,191		362,025
Hecla Mining Co.		30,594		180,811
Helix Energy Solutions Group, Inc.^(a)		72,857		312,557
Helmerich & Payne, Inc.		96,817		2,481,420
Hess Corp.		1,266		94,330
HollyFrontier Corp.		22,080		772,800
Hormel Foods Corp.		24,059		1,111,526
Ingredion, Inc.		24,933		2,328,992
Kinder Morgan, Inc.		5,763		98,259
Livent Corp.^(a)		127,864		2,304,109
Magnolia Oil & Gas Corp., Class A^(a)		91,528		1,030,605
Marathon Oil Corp.		157,414		1,772,482
Marathon Petroleum Corp.		24,420		1,358,973
Mosaic Co.		80,002		2,814,470
Murphy Oil Corp.		65,937		1,116,313
National Oilwell Varco, Inc.^(a)		84,671		1,265,831
New WEI, Inc.^(a)		68,768		103
Newmont Corp.		15,233		950,692
Occidental Petroleum Corp.		14,527		368,406
Oceaneering International, Inc.^(a)		30,405		326,854
Patterson-UTI Energy, Inc.		187,413		1,266,912
PDC Energy, Inc.^(a)		67,573		2,467,090
Phillips 66		8,398		679,482
Pilgrim's Pride Corp.^(a)		45,023		1,078,751
Plug Power, Inc.^(a)		119,667		3,411,705
PotlatchDeltic Corp., REIT		16,439		975,819
ProPetro Holding Corp.^(a)		114,066		1,098,456
Rayonier, Inc., REIT		22,544		817,896
Royal Gold, Inc.		8,866		991,751
RPC, Inc.^(a)		140,085		680,813
Sanderson Farms, Inc.		8,094		1,331,706
Schlumberger NV		76,809		2,077,683
Steel Dynamics, Inc.		4,590		248,870
SunPower Corp.^(a)		41,418		1,064,028
TPI Composites, Inc.^(a)		33,885		1,800,988
Tyson Foods, Inc., Class A		30,189		2,338,138
United States Steel Corp.		56,655		1,303,632
Valero Energy Corp.		15,840		1,171,526
Warrior Met Coal, Inc.		10,153		160,925
Williams Cos., Inc.		1,855		45,188
				97,781,914

TOTAL COMMON STOCKS
(Cost $213,599,558)				273,209,543

See Notes to Financial Statements.

13 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Investments	April 30, 2021 (Unaudited)

	Shares			Value (Note 2)
MASTER LIMITED PARTNERSHIPS (0.05%)
United States (0.05%)
Energy Transfer LP		4,974	$		42,826
Enterprise Products Partners LP		10,676			245,655
Magellan Midstream Partners LP		2,054			96,066
MPLX LP		1,555			41,969
Plains All American Pipeline LP		3,090			28,057
					454,573

TOTAL MASTER LIMITED PARTNERSHIPS
(Cost $900,221)					454,573

RIGHTS (0.00%)
Australia (0.00%)
Regis Resources, Ltd., Strike Price $2.70, Expires 5/6/2021		30,262			0

TOTAL RIGHTS
(Cost $–)					0

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (41.28%)
U.S. Treasury Bonds (41.28%)
United States Treasury Inflation Indexed Bonds
0.625%, 7/15/21^(d)	$	119,422,696	$	120,957,604
0.125%, 1/15/22^(d)		212,444,273		216,824,765
United States Treasury Notes
1.750%, 2/28/22		19,500,000		19,774,325
				357,556,694
TOTAL GOVERNMENT BONDS
(Cost $353,300,481)				357,556,694

				Value (Note 2)
TOTAL INVESTMENTS (72.88%)
(Cost $567,800,260)			$	631,220,810

Other Assets In Excess Of Liabilities (27.12%)				234,873,704
NET ASSETS - 100.00%			$	866,094,514

^(a)

Non-Income Producing Security.

^(b)

Security exempt from registration under rule 144A of the securities act of 1933. This Security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2021, the market value of those securities was $901,267 representing 0.10% of the Fund's net assets.

^(c)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of April 30, 2021 the aggregate market value of those securities was $901,267 representing 0.10% of net assets.

^(d)

Security, or portion of security, is being held as collateral for total return swap contracts and futures contracts aggregating a total market value of $36,375,845.

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

See Notes to Financial Statements.

14 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Investments	April 30, 2021 (Unaudited)

FUTURES CONTRACTS

Description	Counterparty	Position	Contracts	Expiration Date	Notional Amount/ Fair Value (Note 2)			Unrealized Appreciation
Brent Crude Future	Morgan Stanley	Long	541	05/28/21	$	36,117,160		$	554,048
Cocoa Future	Morgan Stanley	Short	(139)	07/15/21		(3,310,980	)		10,383
Corn Future	Morgan Stanley	Long	430	07/14/21		14,474,875			1,056,213
Gasoline Robusta Future	Morgan Stanley	Long	28	05/28/21		2,441,729			88,800
Gold 100 Oz Future	Morgan Stanley	Long	235	06/28/21		41,540,950			756,414
Hard Red Winter Wheat Future	Morgan Stanley	Long	70	07/14/21		2,462,250			249,077
LME Copper Future	Morgan Stanley	Long	209	05/17/21		51,377,425			3,942,908
LME Nickel Future	Morgan Stanley	Long	73	05/17/21		7,730,700			570,702
LME Zinc Future	Morgan Stanley	Long	151	05/17/21		11,009,788			395,898
Low Sulfur Gasoil Future	Morgan Stanley	Long	278	05/12/21		14,838,250			689,943
Natural Gas Future	Morgan Stanley	Long	962	05/26/21		28,196,220			1,297,400
Platinum Future	Morgan Stanley	Long	141	07/28/21		8,496,660			130,211
Soybean Future	Morgan Stanley	Long	297	07/14/21		22,783,613			638,483
Soybean Meal Future	Morgan Stanley	Long	96	07/14/21		4,090,560			5,135
Wheat Future	Morgan Stanley	Long	64	07/14/21		2,351,200			72,246
					$	244,600,400		$	10,457,861

Description	Counterparty	Position	Contracts	Expiration Date	Notional Amount/ Fair Value (Note 2)			Unrealized Depreciation
Copper Future	Morgan Stanley	Short	(414)	07/28/21	$	(46,243,800	)	$	(2,014,014	)
Cotton #2	Morgan Stanley	Short	(121)	07/08/21		(5,328,840	)		(138,755	)
LME Aluminum Future	Morgan Stanley	Short	(92)	09/13/21		(5,526,900	)		(504,966	)
NY Harbor USLD Future	Morgan Stanley	Short	(89)	05/28/21		(7,185,931	)		(1,180,086	)
Silver Future	Morgan Stanley	Long	158	07/28/21		20,439,670			(114,356	)
Sugar #11	Morgan Stanley	Short	(120)	06/30/21		(2,282,112	)		(11,580	)
WTI Crude Future	Morgan Stanley	Short	(736)	05/20/21		(46,794,880	)		(7,439,796	)
					$	(92,922,793	)	$	(11,403,553	)

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate Paid by Fund	Termination Date	Value		Unrealized Depreciation
Citigroup	CRB 3m Fwd TR Index **	$	142,151,725	USB3MTA + 24 bps*	9/30/21	$	142,151,729	$	4
Societe Generale	CRB 3m Fwd TR Index **		52,735,610	USB3MTA + 28 bps*	11/30/21		52,735,613		3
UBS	CRB 3m Fwd TR Index **		119,416,433	USB3MTA + 25 bps*	11/30/21		119,416,435		2
Bank of America - Merrill Lynch	CRB 3m Fwd TR Index **		116,086,524	USB3MTA + 30 bps*	6/29/21		116,086,470		(54	)
			430,390,292				430,390,247		(45	)

^(a)

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

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

CRB - Commodity Research Bureau

See Notes to Financial Statements.

15 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Assets and Liabilities	April 30, 2021 (Unaudited)

ASSETS
Investments, at value	$	631,220,810
Cash		191,955,708
Foreign currency, at value (Cost $988,695)		990,377
Unrealized appreciation on total return swap contracts		9
Receivable for shares sold		7,704,086
Receivable for variation margin on futures contracts		3,826,081
Receivable due from broker for total return swap contracts		29,501,809
Deposit with broker for futures contracts (Note 3)		2,183,581
Dividends and interest receivable		827,009
Prepaid expenses and other assets		13,278
Total Assets		868,222,748
LIABILITIES
Payable for shares redeemed		1,218,969
Unrealized depreciation on total return swap contracts		54
Investment advisory fees payable		564,048
Administration and transfer agency fees payable		207,597
Distribution and services fees payable		43,407
Trustees' fees and expenses payable		4,892
Professional fees payable		24,125
Accrued expenses and other liabilities		65,142
Total Liabilities		2,128,234
NET ASSETS	$	866,094,514
NET ASSETS CONSIST OF
Paid-in capital	$	785,424,987
Total distributable earnings		80,669,527
NET ASSETS	$	866,094,514
INVESTMENTS, AT COST	$	567,800,260

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	8.35
Net Assets	$	77,458,203
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		9,279,215
Class A:
Net Asset Value, offering and redemption price per share	$	8.35
Net Assets	$	4,453,571
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		533,065
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	8.84
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	7.87
Net Assets	$	5,181,379
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		658,200
Class I:
Net Asset Value, offering and redemption price per share	$	8.44
Net Assets	$	779,001,361
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		92,326,887

^(a)

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

See Notes to Financial Statements.

16 | April 30, 2021

ALPS \| CoreCommodity Management
CompleteCommodities^® Strategy Fund
Consolidated Statement of Operations	For the Six Months Ended April 30, 2021 (Unaudited)

INVESTMENT INCOME
Dividends	$	2,709,467
Foreign taxes withheld on dividends		(207,787	)
Interest and other income, net of premium amortization and accretion of discount		3,747,955
Total Investment Income		6,249,635

EXPENSES
Investment advisory fees		2,721,334
Investment advisory fees - subsidiary (Note 8)		577,929
Administrative fees		366,142
Transfer agency fees		268,828
Distribution and service fees
Investor Class		123,136
Class A		4,645
Class C		16,017
Professional fees		23,045
Reports to shareholders and printing fees		17,963
State registration fees		29,413
Insurance fees		3,314
Custody fees		26,181
Trustees' fees and expenses		16,766
Repayment of previously waived fees
Class C		112
Miscellaneous expenses		15,877
Total Expenses		4,210,702
Less fees waived/reimbursed by investment advisor (Note 8)
Waiver of investment advisory fees - subsidiary		(577,929	)
Net Expenses		3,632,773
Net Investment Income		2,616,862
Net realized gain on investments		19,098,960
Net realized gain on futures contracts		4,565,164
Net realized gain on total return swap contracts		90,805,142
Net realized gain on foreign currency transactions		19,899
Net Realized Gain		114,489,165
Net change in unrealized appreciation on investments		74,631,112
Net change in unrealized appreciation on futures contracts		4,689,671
Net change in unrealized appreciation on total return swap contracts		284
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		1,745
Net Change in Unrealized Appreciation		79,322,812
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		193,811,977
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	196,428,839

See Notes to Financial Statements.

17 | April 30, 2021

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	2,616,862		$	2,937,921
Net realized gain/(loss)		114,489,165			(53,797,734	)
Net change in unrealized appreciation		79,322,812			8,098,709
Net Increase/(Decrease) in Net Assets Resulting from Operations		196,428,839			(42,761,104	)

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

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		16,908,222			21,811,745
Class A		2,897,210			856,402
Class C		2,752,477			336,823
Class I		233,095,917			187,684,821
Dividends reinvested
Investor Class		167,790			358,287
Class A		2,437			5,821
Class C		4,530			28,534
Class I		1,555,689			3,950,674
Shares redeemed, net of redemption fees
Investor Class		(8,067,580	)		(9,300,933	)
Class A		(350,909	)		(304,997	)
Class C		(831,803	)		(3,677,008	)
Class I		(68,457,671	)		(208,665,894	)
Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions		179,676,309			(6,915,725	)

Net increase/(decrease) in net assets		374,173,796			(55,063,098	)

NET ASSETS
Beginning of period		491,920,718			546,983,816
End of period	$	866,094,514		$	491,920,718

See Notes to Financial Statements.

18 | April 30, 2021

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund – Investor Class

Consolidated Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period^(b)	$	6.06		$	6.68		$	7.54		$	7.64		$	7.29		$	7.15
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(c)		0.02			0.02			0.06			0.05			(0.01	)^(d)		(0.03	)^(d)
Net realized and unrealized gain/(loss)		2.29			(0.58	)		(0.71	)		0.04			0.36			0.17
Total from investment operations		2.31			(0.56	)		(0.65	)		0.09			0.35			0.14
DISTRIBUTIONS:
From net investment income		(0.02	)		(0.06	)		(0.21	)		(0.19	)		(0.00	)^(e)		–
Total distributions		(0.02	)		(0.06	)		(0.21	)		(0.19	)		(0.00	)^(e)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)
Net increase/(decrease) in net asset value		2.29			(0.62	)		(0.86	)		(0.10	)		0.35			0.14
Net asset value, end of period	$	8.35		$	6.06		$	6.68		$	7.54		$	7.64		$	7.29
TOTAL RETURN^(f)		38.21	%		(8.44	)%		(8.71	)%		1.23	%		4.85	%		1.96	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	77,458		$	49,060		$	39,226		$	48,728		$	47,845		$	29,468
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.40	%^(g)(h)		1.40	%^(h)		1.39	%^(h)		1.40	%^(h)		1.38	%		1.41	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.40	%^(g)		1.40	%		1.39	%		1.40	%		1.38	%		1.41	%
Ratio of net investment income/(loss) to average net assets		0.52	%^(g)		0.42	%		0.82	%		0.66	%		(0.10	)%		(0.48	)%
Portfolio turnover rate⁽ⁱ⁾		23	%		98	%		81	%		42	%		66	%		50	%

^(a)

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

^(b)

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

^(c)

Calculated using the average shares method.

^(d)

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

^(e)

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

^(f)

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

^(g)

Annualized.

^(h)

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 period ended April 30, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively, 1.58%, 1.58%, 1.54% and 1.56%.

⁽ⁱ⁾

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

See Notes to Financial Statements.

19 | April 30, 2021

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund – Class A

Consolidated Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period^(a)	$	6.07		$	6.68		$	7.54		$	8.16

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.03			0.04			0.07			(0.00	)^(c)
Net realized and unrealized gain/(loss)		2.27			(0.59	)		(0.72	)		(0.62	)
Total from investment operations		2.30			(0.55	)		(0.65	)		(0.62	)

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

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		–			–
Net increase/(decrease) in net asset value		2.28			(0.61	)		(0.86	)		(0.62	)
Net asset value, end of period	$	8.35		$	6.07		$	6.68		$	7.54
TOTAL RETURN^(d)		37.99	%		(8.29	)%		(8.71	)%		(7.60	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	4,454		$	1,254		$	751		$	191
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.38	%^(e)(f)		1.34	%^(f)		1.40	%^(f)		1.48	%^(e)(f)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.38	%^(e)		1.34	%		1.40	%		1.45	%^(e)
Ratio of net investment income/(loss) to average net assets		0.75	%^(e)		0.62	%		0.99	%		(0.10	)%^(e)
Portfolio turnover rate^(g)		23	%		98	%		81	%		42	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

^(g)

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

See Notes to Financial Statements.

20 | April 30, 2021

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund – Class C

Consolidated Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period^(a)	$	5.73		$	6.35		$	7.22		$	7.36		$	7.07		$	6.98
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.00	^(c)		(0.02	)^(d)		0.01			(0.00	)^(c)(d)		(0.06	)^(d)		(0.08	)^(d)
Net realized and unrealized gain/(loss)		2.15			(0.54	)		(0.68	)		0.04			0.35			0.17
Total from investment operations		2.15			(0.56	)		(0.67	)		0.04			0.29			0.09
DISTRIBUTIONS:
From net investment income		(0.01	)		(0.06	)		(0.20	)		(0.18	)		–			–
Total distributions		(0.01	)		(0.06	)		(0.20	)		(0.18	)		–			–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			0.00	^(c)		–			–			–
Net increase/(decrease) in net asset value		2.14			(0.62	)		(0.87	)		(0.14	)		0.29			0.09
Net asset value, end of period	$	7.87		$	5.73		$	6.35		$	7.22		$	7.36		$	7.07
TOTAL RETURN^(e)		37.65	%		(8.97	)%		(9.35	)%		0.62	%		4.10	%		1.29	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	5,181		$	2,354		$	6,702		$	9,510		$	7,642		$	7,260
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.02	%^(f)(g)		2.05	%^(g)		2.05	%^(g)		2.05	%^(g)		2.05	%		2.05	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.02	%^(f)		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
Ratio of net investment income/(loss) to average net assets		0.04	%^(f)		(0.28	)%		0.17	%		(0.04	)%		(0.81	)%		(1.13	)%
Portfolio turnover rate^(h)		23	%		98	%		81	%		42	%		66	%		50	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

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

^(e)

^(f)

Annualized.

^(g)

^(h)

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

See Notes to Financial Statements.

21 | April 30, 2021

ALPS | CoreCommodity Management

CompleteCommodities^® Strategy Fund – Class I

Consolidated Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period^(a)	$	6.12		$	6.73		$	7.58		$	7.67		$	7.31		$	7.15
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		0.03			0.04			0.08			0.07			0.01			(0.02	)
Net realized and unrealized gain/(loss)		2.31			(0.58	)		(0.72	)		0.03			0.36			0.18
Total from investment operations		2.34			(0.54	)		(0.64	)		0.10			0.37			0.16
DISTRIBUTIONS:
From net investment income		(0.02	)		(0.07	)		(0.21	)		(0.19	)		(0.01	)		–
Total distributions		(0.02	)		(0.07	)		(0.21	)		(0.19	)		(0.01	)		–
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		2.32			(0.61	)		(0.85	)		(0.09	)		0.36			0.16
Net asset value, end of period	$	8.44		$	6.12		$	6.73		$	7.58		$	7.67		$	7.31
TOTAL RETURN^(d)		38.39	%		(8.18	)%		(8.48	)%		1.42	%		5.03	%		2.24	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	779,001		$	439,254		$	500,305		$	647,195		$	482,710		$	463,741
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.10	%^(e)(f)		1.15	%^(f)		1.14	%^(f)		1.13	%^(f)		1.15	%		1.15	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.10	%^(e)		1.15	%		1.14	%		1.13	%		1.15	%		1.15	%
Ratio of net investment income/(loss) to average net assets		0.85	%^(e)		0.64	%		1.09	%		0.90	%		0.08	%		(0.22	)%
Portfolio turnover rate^(g)		23	%		98	%		81	%		42	%		66	%		50	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

^(g)

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

See Notes to Financial Statements.

22 | April 30, 2021

ALPS | Kotak India Growth Fund

Management Commentary

April 30, 2021 (Unaudited)

Performance

ALPS I Kotak India Growth Fund (the “Fund") was launched on February 14, 2011. During the 6-month period ended 30th April 2021 (hereinafter also referred to as the “period”), the Fund's Class A Shares, INDAX, delivered a total return of 24.80% at Net Asset Value, Class C, INFCX, delivered 24.44% with CDSC, Class I, INDIX, delivered 25.06% and Class II, INDSX, delivered 25.23%. The Fund underperformed its benchmark, the Nifty 500 Index ("NSE500"), which returned 29.57% during the period without taking into account sales charges for Class A and C Shares.

Moving into the last two months of 2020, US elections and Biden’s victory have been commanding the headlines. Coupled with positive announcements of successful Phase 3 trials of three vaccine candidates, the world bids a difficult 2020 goodbye, with global markets hitting record highs and ended 2020 with a bang, driven by positive macro catalysts – a Brexit deal, ongoing vaccine distribution and a US fiscal stimulus package, which saw removal of some downside risks.

The chaos from social and economic uncertainties stemming from the COVID-19 pandemic continues into 2021. While the world still faces the uphill task of mitigating the challenge from the renewed surge of COVID-19 vaccine withstanding, there are signs of normalcy emerging in most facets of the economy. Global developments in the first quarter of 2021 have seen a dispersion in economic performance and COVID-19 infection rates. Global equities augment well, supported by the large US fiscal stimulus package of US$1.9trn (and subsequently with a follow up of an additional promised US$2tn in infrastructure spending) as well as vaccine rollout across the world. However, with the globe divided into the COVID-19 vaccines “haves” and “have-nots” as well as the rampant spread of mutant variations of the virus, many countries (including India) are battling with a second and third wave of the pandemic.

The United States is leading the fiscal firepower and though the stimulus by the rest of the world are comparatively less muted this year as compared to 2020, countries may benefit from the spillover effects of the US stimulus. Some Central Banks and Governments around the world took on additional measures such as: (1) Japan: The Bank of Japan unveiled a set of few policy tweaks aimed at giving itself more flexibility to revive inflation. While leaving its main policy rates unchanged, the central bank decided that the band around its 10-year bond yield target would be around 0% (+/- 0.25%). It also scrapped a buying target for stock funds. (2) US: The Federal Open Market Committee (FOMC) in its latest monetary policy meeting kept the policy rate unchanged at 0-0.25% and reiterated that it would continue to buy bonds at a rate of US$120bn per month until substantial further progress was made towards its goals. The Fed members also signaled that they expect to keep interest rates close to zero until at least 2024, even as they sharply upgraded their growth and inflation forecasts because of a massive fiscal stimulus and an accelerating vaccine rollout. (3) UK: The UK government announced a US$6.2bn support package. The Bank of England (BoE) kept the policy rate unchanged at 0.1% and decided to continue with its existing program of UK government bond

purchases, maintaining the target for the stock of these government bond purchases at GBP875bn and so the total target stock of asset purchases at GBP895bn. The central bank upgraded its outlook for the UK economy, but stressed it was in no hurry to reduce its support to boost the recovery from the coronavirus crisis. With new COVID-19 cases having fallen markedly and with the vaccination program proceeding at a rapid pace, the restrictions are getting eased earlier than anticipated.

Looking back at India, amid volatile sessions and a surge in COVID-19 cases, the Indian market had fared well. Frontline Nifty Index gained 27.75%, the midcap segment saw a gain of 42.89% and the broad-based NSE500 Index gained 30.32% during the period (all in USD terms).

Fitch affirmed India’s BBB- rating with a negative outlook and forecasted a growth of 12.8% in FY22 (fiscal year ending March 2022). World Bank raised India’s FY2022 GDP forecast to 10.1% from 5.4% it had projected in January. The Indian Government’s growth-oriented Union Budget (announced on 1st Feb 2021) focuses on growth and has accordingly, relaxed the government’s medium-term fiscal consolidation targets. The government has rationalized expenditure from high FY2021 (fiscal year ending March 2021) levels, while providing meaningfully higher support versus FY2020 levels. The government’s bigger focus remains on supply-side reforms with the objective of kick-starting the investment cycle, critical for India’s medium-term growth prospects.

Some of the key budget themes from the Union Budget are: (1) Expansionary budget with a focus on growth: Emphasizing the importance of Atmanirbhar Bharat (‘Self-Reliant India’) in order to boost manufacturing in India which in turn would provide the necessary boost for job creation. (2) Strategic disinvestment: The government has outlined the policy of strategic disinvestment of public sector enterprises. The policy provides a clear roadmap for disinvestment in all non-strategic and strategic sectors and has identified four areas that are strategic where bare minimum Central Public Sector Entities (CPSEs) will be maintained and the rest privatized. (3) Infrastructure development: The emphasis on infrastructure development in the budget with focus in allocation to roads and railways, as well as creation of a Development Financial Institution (DFI) which will provide long term capital for the National Infrastructure Pipeline (NIP) projects. (4) Proposal to set up an Asset Reconstruction Company (ARC): In order to solve bad loan problems of the Public Sector Banks and strengthen the balance sheets, the government further proposes to set up an ARC for aggregating/pooling bad loans of state banks.

Despite the fierce second wave which started in mid-February in the state of Maharashtra and spread rapidly to other states, India’s business cycle remains on an uptrend. Instead of re-implementing strict lockdowns like the ones put into place a year ago, imposition of local restrictions is now left to the states and less strict than last year. This may cushion the impact of activities to some extent. India’s April Manufacturing Purchasing Managers’ Index (PMI) momentum is unmoved by COVID-19 restrictions and stood at 55.5

23 | April 30, 2021

ALPS | Kotak India Growth Fund

Management Commentary

April 30, 2021 (Unaudited)

against 55.4 in March (after declining to a seven-month low) led by external demand. However, with the intensification of COVID-19, fresh domestic factory orders and output eased to an eight month lows.

Looking at economic numbers, India’s real GDP growth rose to 1.6% in the January to March 2021 quarter compared to a 0.5% expansion in the previous quarter. However, the rapid spurt in COVID-19 cases, imposition of localized lockdowns, night curfews and other restrictions, weak macroeconomic data, elevated crude prices and jump in bond yield weighed sentiment.

Current account balance in 3QFY21 (Note: October to December 2020 quarter) registered a deficit of US$1.7bn (0.2% of GDP) as against a surplus of US$15.5bn in 2QFY21 (2.4% of GDP) and a deficit of US$2.bn (0.4% of GDP) in the same period last year. This was due to a widening of the trade deficit to US$34.5bn (US$14.8bn in the July to September 2020 quarter) on the back of higher import bill of US$112bn (US$90bn in July to September 2020 quarter), while exports remained broadly unchanged at US$77bn.

April Consumer Price Index (CPI) inflation moderated to 4.29% as against 5.52% in March. Sequentially, CPI inflation rose 0.7% after an increase of 0.1% in March. Wholesale Price Index (WPI) inflation came in at 10.5% in April (7.4% in March), aided by low base and a spike in input costs. On a sequential basis, WPI inflation rose 1.9%, with items such as base metals (3.2%), manufactured food (3.2%), and chemicals and products (1.6%) registering sequential increases.

To reiterate, despite headwinds arising from the second wave of COVID-19 and high inflation, the Union Budget serves to be a budget for all. Market outlook moving forward will depend on the ability by the government to bring their commitments to reality and the continuous race between COVID-19 and the vaccination cycle.

Market Outlook and Valuation

India is going through one of its worst moments. The scale of the pandemic has overwhelmed the moderate healthcare system and despite India being called as pharmacy of the world, the healthcare system in India is found wanting on basic healthcare needs. This hopefully will lead to rapid efforts in build our healthcare infrastructure. Meanwhile we expect significant pick up in vaccinations by mid of May and hopefully the vulnerable 45+ population will see significant coverage by June end / July.

India’s ~50 most populated cities account for 14% of population but ~45% of active COVID-19 cases. These cities contribute to one-third of India’s GDP. These cities have vaccinated ~22% (~4.7%) of adult population with the first (second) dose. A targeted approach to vaccinate these cities will limit the economic fallout (Source - Citi India). Meanwhile, local lockdowns, strict compliance, and better healthcare facilities may ease the situation as seen in the city of Mumbai where new cases have already declined to 1/3rd of recent peak.

As we have noted, this second wave will likely moderate the pace of recovery and impact corporate earnings in the near term. In the first wave and lockdowns, the economy grappled with the unknown and economic activity was severely impacted and now both businesses and consumers have benefitted of working through the strictest of lockdowns globally last year in India. Businesses have also tightened their belts and at the same time, used technology, automation and digital platforms to improve product / service delivery efficiently. The recent quarterly corporate results, though not impacted by the second wave, showed better profitability trends across sectors.

As we have seen over the past few years, almost every policy change and disturbance / shock has enabled well run businesses to gain market share. Market leaders are gaining market share across industries over the past few years and COVID-19 has accelerated the shift and the second wave will do that further. As we have repeatedly pointed out, the unorganized market in India has a very large overall footprint and is losing that share rapidly. We believe these are profitable market share gains to businesses that the Fund owns. We are cognizant that most of the companies in which the Fund invests will take a hit from our earlier expected revenues and profitability in the current quarter and maybe even the next, but we believe that they will consolidate market share and the long-term value of these franchises will improve. Additionally, we draw some comfort that the banking system is better prepared to handle stress. Most banks have seen improvement in their liability franchise and some have raised capital and created COVID-19 provisioning buffers. Recently, the central bank has announced additional liquidity measures especially targeted towards small finance.

Sentiments are weak towards India and this could lead to volatility in the short term. We saw volatility in the forex markets during April where INR depreciated swiftly and then regained most of its losses. It is our belief that this volatility is there to stay until we see the second wave normalizing and vaccination picking up. We remain with our base case assumption of local lockdowns and not a strict national lockdown, though one cannot rule out the possibility. We are hopeful that formalization of the economy and digitization will gain momentum, and will also be discriminating for businesses. As long as one sticks to businesses that can potentially benefit from these trends to create long term value, this volatility can possibly provide opportunities for long term investors.

Once again, while we are deeply concerned about the current healthcare situation, and urge everyone to remain safe, we remain optimistic on India’s ability to bounce back.

Mr. Nitin Tejpal Jain

Fund Manager

Kotak Mahindra Asset Management (Singapore) Pte Ltd.

24 | April 30, 2021

ALPS | Kotak India Growth Fund

Management Commentary

April 30, 2021 (Unaudited)

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.

25 | April 30, 2021

ALPS | Kotak India Growth Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $10, 000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Year	5 Year	10 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^# (NAV)	24.80%	55.82%	6.52%	11.29%	7.60%	7.80%	1.77%	1.40%
Class A (NAV)	24.78%	55.24%	6.32%	11.17%	7.54%	7.74%	1.76%	1.40%
Class A (LOAD)	17.94%	46.69%	4.34%	9.91%	6.94%	7.14%	1.76%	1.40%
Class C (NAV)	24.44%	54.24%	5.62%	10.39%	6.82%	7.01%	2.37%	2.00%
Class C (LOAD)	23.44%	53.24%	5.62%	10.39%	6.82%	7.01%	2.37%	2.00%
Class I	25.06%	55.73%	6.67%	11.50%	7.90%	8.10%	1.36%	1.00%
Class II	25.23%	56.15%	6.80%	11.58%	7.94%	8.13%	1.18%	0.75%
Nifty 500 Index¹	30.65%	58.78%	6.40%	11.33%	5.79%	6.56%
Morningstar India Index²	28.72%	57.77%	7.45%	12.36%	6.01%	6.70%

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.

26 | April 30, 2021

ALPS | Kotak India Growth Fund

Performance Update

April 30, 2021 (Unaudited)

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

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.

Morningstar India NR Index: measures the performance of India's equity markets targeting the top 97% of stocks by market capitalization.

^{^}

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

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

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

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

Infosys, Ltd.	7.88%
Reliance Industries, Ltd.	5.83%
ICICI Bank, Ltd.	5.44%
HDFC Bank, Ltd.	5.09%
Axis Bank, Ltd.	3.43%
Tata Consultancy Services, Ltd.	3.39%
Housing Development Finance Corp., Ltd.	2.85%
Hindustan Unilever, Ltd.	2.61%
SBI Cards & Payment Services, Ltd.	2.56%
Tech Mahindra, Ltd.	2.49%
Top Ten Holdings	41.57%

^†

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)

27 | April 30, 2021

ALPS | Kotak India Growth Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.21%)
Communication Services (2.17%)
Entertainment (0.22%)
Nazara Technologies, Ltd.^(a)		30,000	$	703,399

Wireless Telecommunication Services (1.95%)
Bharti Airtel, Ltd.		876,746		6,340,846

TOTAL COMMUNICATION SERVICES				7,044,245

Consumer Discretionary (8.58%)
Auto Components (1.75%)
MRF, Ltd.		3,338		3,630,790
Varroc Engineering, Ltd.^(a)(b)(c)		408,345		2,038,375
				5,669,165

Automobiles (1.98%)
Mahindra & Mahindra, Ltd.		264,434		2,678,996
Maruti Suzuki India, Ltd.		42,917		3,733,992
				6,412,988

Hotels, Restaurants & Leisure (0.89%)
Jubilant Foodworks, Ltd.^(a)		74,500		2,902,287

Household Durables (2.81%)
Crompton Greaves Consumer Electricals, Ltd.		1,159,692		6,012,712
Dixon Technologies India, Ltd.^(c)		5,000		283,090
Orient Electric, Ltd.		773,639		2,810,692
				9,106,494

Textiles, Apparel & Luxury Goods (1.15%)
Titan Co., Ltd.		185,000		3,718,792

TOTAL CONSUMER DISCRETIONARY				27,809,726

Consumer Staples (6.94%)
Beverages (0.43%)
United Spirits, Ltd.^(a)		199,991		1,400,277

Food Products (0.89%)
Britannia Industries, Ltd.		61,961		2,880,689

Household Products (2.61%)
Hindustan Unilever, Ltd.		267,136		8,472,904

Personal Products (3.01%)
Dabur India, Ltd.		659,940		4,789,793
Emami, Ltd.		748,574		4,961,150
				9,750,943

TOTAL CONSUMER STAPLES				22,504,813

	Shares			Value (Note 2)
Energy (6.84%)
Oil, Gas & Consumable Fuels (6.84%)
Petronet LNG, Ltd.		1,016,127	$		3,286,861
Reliance Industries, Ltd.		745,130			18,906,194
					22,193,055

TOTAL ENERGY					22,193,055

Financials (31.48%)
Banks (17.22%)
AU Small Finance Bank, Ltd.^(a)(b)(c)		389,648			5,266,581
Axis Bank, Ltd.^(a)		1,157,374			11,125,743
HDFC Bank, Ltd., ADR^(a)		98,550			6,926,094
HDFC Bank, Ltd.^(a)		504,460			9,584,730
ICICI Bank, Ltd., Sponsored ADR^(a)		575,349			9,378,188
ICICI Bank, Ltd.^(a)		1,020,367			8,265,454
State Bank of India^(a)		1,110,864			5,284,556
					55,831,346

Consumer Finance (4.64%)
Bajaj Finance, Ltd.^(a)		91,750			6,734,626
SBI Cards & Payment Services, Ltd.		627,189			8,314,407
					15,049,033

Insurance (3.77%)
HDFC Life Insurance Co., Ltd.^(a)(b)(c)		337,231			3,022,853
ICICI Lombard General Insurance Co., Ltd.^(b)(c)		178,530			3,403,187
Max Financial Services, Ltd.^(a)		480,117			5,798,383
					12,224,423

Real Estate Management & Development (0.83%)
Oberoi Realty, Ltd.^(a)		364,499			2,690,150

Thrifts & Mortgage Finance (5.02%)
Aavas Financiers, Ltd.^(a)		230,016			7,053,494
Housing Development Finance Corp., Ltd.		283,355			9,227,538
					16,281,032

TOTAL FINANCIALS					102,075,984

Health Care (7.86%)
Health Care Providers & Services (3.17%)
Dr Lal PathLabs, Ltd.^(b)(c)		71,039			2,808,121
Fortis Healthcare, Ltd.^(a)		1,093,616			3,103,973
Max Healthcare Institute, Ltd.^(a)		1,423,353			4,357,612
					10,269,706

Pharmaceuticals (4.69%)
Alkem Laboratories, Ltd.		91,098			3,390,331
Aurobindo Pharma, Ltd.		380,805			5,037,699
Cadila Healthcare, Ltd.^(a)		447,314			3,445,870

See Notes to Financial Statements.

28 | April 30, 2021

ALPS | Kotak India Growth Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Pharmaceuticals (continued)
Cipla, Ltd.^(a)		271,457	$	3,332,760
				15,206,660

TOTAL HEALTH CARE				25,476,366

Industrials (9.16%)
Air Freight & Logistics (0.88%)
Mahindra Logistics, Ltd.^(b)(c)		397,661		2,863,008

Building Products (1.50%)
Kajaria Ceramics, Ltd.		394,166		4,851,209

Commercial Services & Supplies (0.94%)
Indian Railway Catering & Tourism Corp., Ltd.		126,167		3,046,396

Construction & Engineering (2.55%)
Kalpataru Power Transmission, Ltd.		604,364		3,000,894
Larsen & Toubro, Ltd.		291,649		5,264,874
				8,265,768

Electrical Equipment (1.95%)
ABB India, Ltd.		50,000		930,671
V-Guard Industries, Ltd.^(a)		1,793,261		5,393,067
				6,323,738

Trading Companies & Distributors (1.34%)
IndiaMart InterMesh, Ltd.^(a)(b)(c)		40,527		4,341,697

TOTAL INDUSTRIALS				29,691,816

Information Technology (15.07%)
IT Services (15.07%)
Infosys, Ltd., Sponsored ADR		472,176		8,536,942
Infosys, Ltd.		936,794		17,025,018
Persistent Systems, Ltd.		154,988		4,256,168
Tata Consultancy Services, Ltd.		268,228		10,976,848
Tech Mahindra, Ltd.		624,024		8,075,085
				48,870,061

TOTAL INFORMATION TECHNOLOGY				48,870,061

Materials (8.38%)
Chemicals (3.45%)
Kansai Nerolac Paints, Ltd.		434,371		3,253,784
Laxmi Organic Industries, Ltd.^(a)(c)		675,465		1,895,378
SRF, Ltd.		69,677		6,038,787
				11,187,949

Construction Materials (4.93%)
JK Cement, Ltd.^(a)		100,459		3,800,855
Ramco Cements, Ltd.		465,569		6,185,395
Shree Cement, Ltd.^(a)		8,801		3,310,935

	Shares		Value (Note 2)
Construction Materials (continued)
UltraTech Cement, Ltd.		31,649	$	2,678,167
				15,975,352

TOTAL MATERIALS				27,163,301

Real Estate (0.71%)
Real Estate Management & Development (0.71%)
Brigade Enterprises, Ltd.^(a)		688,422		2,321,481

TOTAL REAL ESTATE				2,321,481
Utilities (1.02%)
Gas Utilities (1.02%)
Indraprastha Gas, Ltd.		484,013		3,318,675

TOTAL UTILITIES				3,318,675

TOTAL COMMON STOCKS
(Cost $263,135,194)				318,469,523

TOTAL INVESTMENTS (98.21%)
(Cost $263,135,194)			$	318,469,523

Other Assets In Excess Of Liabilities (1.79%)				5,805,323

NET ASSETS (100.00%)			$	324,274,846

^(a)

Non-Income Producing Security.

^(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2021, the aggregate market value of those securities was $23,743,822, representing 7.32% of net assets.

^(c)

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.

29 | April 30, 2021

ALPS | Kotak India Growth Fund

Statement of Assets and Liabilities

April 30, 2021 (Unaudited)

ASSETS
Investments, at value	$	318,469,523
Cash		516,147
Foreign currency, at value (Cost $12,933,079)		12,738,898
Receivable for investments sold		769,724
Receivable for shares sold		6,763
Dividends receivable		539
Prepaid expenses and other assets		31,022
Total Assets		332,532,616
LIABILITIES
Payable for investments purchased		615,534
Payable for shares redeemed		46,871
Payable for foreign capital gains tax		7,307,091
Investment advisory fees payable		145,145
Administration and transfer agency fees payable		100,669
Distribution and services fees payable		4,242
Trustees' fees and expenses payable		2,237
Professional fees payable		13,225
Accrued expenses and other liabilities		22,756
Total Liabilities		8,257,770
NET ASSETS	$	324,274,846
NET ASSETS CONSIST OF
Paid-in capital	$	293,374,647
Total distributable earnings		30,900,199
NET ASSETS	$	324,274,846
INVESTMENTS, AT COST	$	263,135,194
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	15.80
Net Assets	$	2,885,637
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		182,678
Class A:
Net Asset Value, offering and redemption price per share	$	15.71
Net Assets	$	955,844
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		60,830
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	16.63
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	14.56
Net Assets	$	1,439,147
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		98,850
Class I:
Net Asset Value, offering and redemption price per share	$	16.32
Net Assets	$	14,999,871
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		919,286
Class II:
Net Asset Value, offering and redemption price per share	$	16.38
Net Assets	$	303,994,347
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		18,561,132

^(a)

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

See Notes to Financial Statements.

30 | April 30, 2021

ALPS | Kotak India Growth Fund

Statement of Operations

For the Six Months Ended April 30, 2021 (Unaudited)

INVESTMENT INCOME
Dividends	$	616,255
Foreign taxes withheld on dividends		(166,693	)
Total Investment Income		449,562

EXPENSES
Investment advisory fees		826,218
Administrative fees		206,928
Transfer agency fees		1,089
Distribution and service fees
Investor Class		5,666
Class A		1,630
Class C		7,433
Professional fees		20,857
Reports to shareholders and printing fees		3,886
State registration fees		36,281
Insurance fees		1,158
Custody fees		72,938
Trustees' fees and expenses		4,424
Repayment of previously waived fees
Investor Class		911
Class A		284
Class C		433
Class I		8,135
Miscellaneous expenses		12,236
Total Expenses		1,210,507
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(75	)
Class A		(3	)
Class C		(67	)
Class I		(641	)
Class II		(198,759	)
Net Expenses		1,010,962
Net Investment Loss		(561,400	)
Net realized gain on investments		8,677,684
Net realized loss on foreign currency transactions		(512,799	)
Net Realized Gain		8,164,885
Net change in unrealized appreciation on investments		38,646,163
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(36,889	)
Net change in unrealized foreign capital gains tax		(6,599,962	)
Net Change in Unrealized Appreciation		32,009,312
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		40,174,197
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,612,797

See Notes to Financial Statements.

31 | April 30, 2021

ALPS | Kotak India Growth Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income/(loss)	$	(561,400	)	$	124,008
Net realized gain/(loss)		8,164,885			(24,490,375	)
Net change in unrealized appreciation		32,009,312			12,127,968
Net Increase/(Decrease) in Net Assets Resulting from Operations		39,612,797			(12,238,399	)

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

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		364,027			14,097,079
Class A		753,705			17,539
Class C		9,000			87,547
Class I		3,522,680			5,770,524
Class II		135,000,000			175,000,000
Dividends reinvested
Investor Class		–			46,092
Class A		–			1,120
Class C		–			29,759
Class I		–			237,513
Shares redeemed, net of redemption fees
Investor Class		(840,794	)		(16,813,642	)
Class A		(37,793	)		(21,865	)
Class C		(768,829	)		(348,993	)
Class I		(15,977,945	)		(6,746,874	)
Class II		–			(25,000,000	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		122,024,051			146,355,799

Net increase in net assets		161,636,848			133,754,288

NET ASSETS
Beginning of period		162,637,998			28,883,710
End of period	$	324,274,846		$	162,637,998

See Notes to Financial Statements.

32 | April 30, 2021

ALPS | Kotak India Growth Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	12.66		$	13.02	^(b)	$	11.73	^(b)	$	14.53	^(b)	$	12.32	^(b)	$	12.57	^(b)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(c)		(0.27	)		(0.07	)^(d)		(0.10	)		(0.13	)		(0.10	)		(0.09	)
Net realized and unrealized gain/(loss)		3.41			(0.93	)		2.19			(2.26	)		2.45			1.45
Total from investment operations		3.14			(1.00	)		2.09			(2.39	)		2.35			1.36
DISTRIBUTIONS:
From net realized gains		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(e)		0.81			0.00	^(e)		0.00	^(e)		0.00	^(e)		0.00	^(e)
Net increase/(decrease) in net asset value		3.14			(0.36	)		1.29			(2.80	)		2.21			(0.25	)
Net asset value, end of period	$	15.80		$	12.66		$	13.02		$	11.73		$	14.53		$	12.32
TOTAL RETURN^(f)		24.80	%		(1.48	)%		18.58	%		(16.91	)%		19.45	%		13.31	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	2,886		$	2,704		$	4,604		$	5,821		$	9,538		$	5,772
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.39	%^(g)		1.72	%		3.27	%		2.80	%		2.95	%		3.83	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.38	%^(g)		1.40	%^(h)		1.91	%		1.93	%		1.90	%		1.90	%
Ratio of net investment loss to average net assets		(1.00	)%^(g)		(0.64	)%		(0.79	)%		(0.91	)%		(0.74	)%		(0.86	)%
Portfolio turnover rate⁽ⁱ⁾		14	%		90	%		56	%		24	%		30	%		23	%

^(a)

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

^(b)

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

^(c)

Calculated using the average shares method.

^(d)

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

^(e)

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

^(f)

^(g)

Annualized.

^(h)

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.

⁽ⁱ⁾

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

See Notes to Financial Statements.

33 | April 30, 2021

ALPS | Kotak India Growth Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	12.59		$	12.99	^(a)	$	11.72	^(a)	$	13.90	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.02	)		(0.07	)^(c)		(0.06	)		(0.04	)
Net realized and unrealized gain/(loss)		3.14			(0.16	)		2.13			(2.14	)
Total from investment operations		3.12			(0.23	)		2.07			(2.18	)

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

Net increase/(decrease) in net asset value		3.12			(0.40	)		1.27			(2.18	)
Net asset value, end of period	$	15.71		$	12.59		$	12.99		$	11.72
TOTAL RETURN^(d)		24.78	%		(1.80	)%		18.41	%		(15.68	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	956		$	89		$	96		$	8
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.39	%^(e)		1.62	%		3.24	%		3.16	%^(e)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.39	%^(e)		1.31	%^(f)		1.94	%		2.00	%^(e)
Ratio of net investment loss to average net assets		(1.07	)%^(e)		(0.56	)%		(0.52	)%		(0.79	)%^(e)
Portfolio turnover rate^(g)		14	%		90	%		56	%		24	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

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

^(g)

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

See Notes to Financial Statements.

34 | April 30, 2021

ALPS | Kotak India Growth Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.70		$	12.18	^(a)	$	11.10	^(a)	$	13.87	^(a)	$	11.85	^(a)	$	12.23	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.11	)		(0.14	)^(c)		(0.17	)		(0.21	)		(0.18	)		(0.16	)
Net realized and unrealized gain/(loss)		2.97			(0.17	)		2.05			(2.15	)		2.34			1.39
Total from investment operations		2.86			(0.31	)		1.88			(2.36	)		2.16			1.23
DISTRIBUTIONS:
From net realized gains		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			0.00	^(d)		–			–			0.00	^(d)
Net increase/(decrease) in net asset value		2.86			(0.48	)		1.08			(2.77	)		2.02			(0.38	)
Net asset value, end of period	$	14.56		$	11.70		$	12.18		$	11.10		$	13.87		$	11.85
TOTAL RETURN^(e)		24.44	%		(2.58	)%		17.69	%		(17.52	)%		18.60	%		12.51	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,439		$	1,868		$	2,195		$	2,024		$	2,140		$	1,925
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.01	%^(f)		2.37	%		3.97	%		3.51	%		3.69	%		4.54	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.00	%^(f)		2.06	%^(g)		2.60	%		2.60	%		2.60	%		2.60	%
Ratio of net investment loss to average net assets		(1.59	)%^(f)		(1.29	)%		(1.47	)%		(1.57	)%		(1.48	)%		(1.56	)%
Portfolio turnover rate^(h)		14	%		90	%		56	%		24	%		30	%		23	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

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

^(e)

^(f)

Annualized.

^(g)

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

^(h)

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

See Notes to Financial Statements.

35 | April 30, 2021

ALPS | Kotak India Growth Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	13.05		$	13.43	^(a)	$	12.05	^(a)	$	14.87	^(a)	$	12.58	^(a)	$	12.76	^(a)
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(b)		(0.05	)		(0.03	)^(c)		(0.05	)		(0.08	)		(0.06	)		(0.06	)
Net realized and unrealized gain/(loss)		3.32			(0.18	)		2.23			(2.33	)		2.48			1.49
Total from investment operations		3.27			(0.21	)		2.18			(2.41	)		2.42			1.43
DISTRIBUTIONS:
From net realized gains		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
Total distributions		–			(0.17	)		(0.80	)		(0.41	)		(0.14	)		(1.61	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		0.00	^(d)		–			0.00	^(d)		0.01			0.00	^(d)
Net increase/(decrease) in net asset value		3.27			(0.38	)		1.38			(2.82	)		2.29			(0.18	)
Net asset value, end of period	$	16.32		$	13.05		$	13.43		$	12.05		$	14.87		$	12.58
TOTAL RETURN^(e)		25.06	%		(1.59	)%		18.85	%		(16.66	)%		19.68	%		13.70	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	15,000		$	21,861		$	21,989		$	13,746		$	19,891		$	9,772
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.00	%^(f)		1.36	%		2.93	%		2.48	%		2.65	%		3.54	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.00	%^(f)		1.06	%^(g)		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of net investment loss to average net assets		(0.61	)%^(f)		(0.28	)%		(0.39	)%		(0.57	)%		(0.45	)%		(0.56	)%
Portfolio turnover rate^(h)		14	%		90	%		56	%		24	%		30	%		23	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

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

^(e)

^(f)

Annualized.

^(g)

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

^(h)

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

See Notes to Financial Statements.

36 | April 30, 2021

ALPS | Kotak India Growth Fund – Class II

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period December 19, 2019 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	13.08		$	13.50	^(a)

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.03	)		0.02
Net realized and unrealized gain/(loss)		3.33			(0.44	)
Total from investment operations		3.30			(0.42	)

Net increase/(decrease) in net asset value		3.30			(0.42	)
Net asset value, end of period	$	16.38		$	13.08
TOTAL RETURN^(c)		25.23	%		(3.11	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	303,994		$	136,115
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.93	%^(d)		1.18	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.75	%^(d)		0.75	%^(d)
Ratio of net investment income/(loss) to average net assets		(0.40	)%^(d)		0.24	%^(d)
Portfolio turnover rate^(e)		14	%		90	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

37 | April 30, 2021

ALPS | Smith Funds

Management Commentary

April 30, 2021 (Unaudited)

Dear Shareholder,

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

Total Return

The ALPS | Smith Total Return Bond Fund Class I marked a positive return of 431bps in the twelve-months ending April 30, 2021, while outperforming its benchmark, the Bloomberg Barclays U.S. Aggregate Index, by 458bps. For the six months ending April 30, 2021, the Fund outperformed the index by 77bps and 202bps on an annualized basis since the inception of the fund on June 29, 2018. The outperformance during the six month period was attributed to duration management in Treasuries during the rapid sell-off in interest rates in the beginning of 2021 as well as the Fund’s continued overweight in corporate credit assets during the rally in spreads beginning in June 2020 through April 30, 2021. Valuations were supported by the massive fiscal and monetary stimulus announced and implemented during the second fiscal quarter. Coordinated global Central Bank stimulus and Quantitative Easing operations, as well as large Fiscal stimulus, led to a rapid recovery for risk assets across the spectrum. The overall performance since inception through April 30, 2021 was achieved by focusing on active portfolio positioning, duration management, security selection and bottom-up fundamental credit analysis.

Short Duration

The ALPS | Smith Short Duration Bond Fund Class I marked a positive return of 427bps in the twelve-months ending April 30, 2021, outperforming its benchmark, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index, by 325bps. For the six months ending April 30, 2021, the Fund outperformed the Index by 2bps and 135bps on an annualized basis since the inception of the Fund on June 29, 2018. As a continuing theme, the Fund’s overallocation to corporate and securitized assets allowed the Fund to out-yield the Index. Additionally, individual security selection within corporate credit was a large component of the excess returns generated in the six month period. With the overall flatness of the front-end U.S. Treasury curve, duration management has provided less relative outperformance given the muted moves in these tenors. In this environment, the Fund maintained its focus on capital preservation. While being overweight on credit by a percentage basis vs. the benchmark, the Fund shortened its credit duration positioning as valuations continued to compress and tried to shield investors from the relative losses associated with the interest rate sell-off more specific to the 3yr and 5yr tenors for this Fund.

Credit Opportunities

The ALPS | Smith Credit Opportunities Fund Class I marked a positive return of 585bps in the six month period ending April 30, 2021, while outperforming its benchmark, a 50/50 blend of the Bloomberg Barclays U.S. Aggregate Index and the Bloomberg Barclays U.S. Corporate High Yield Index, by 271bps. The Fund outperformed the

Index by 303bps since the inception of the Fund on September 15, 2020. The outperformance of the Fund since inception was in part a function of its overweight in corporate credit, as the asset class continued to recover from the pandemic-induced sell-off from earlier in the year. Fiscal and monetary measures have further bolstered credit market instruments, a continuation of the trend since early in the crisis. The fund’s return was also aided by security selection, as positions in both investment grade and high yield rating categories across a variety of sectors that had suffered earlier in the pandemic continued to post particularly strong performance.

Balanced Opportunity

The ALPS | Smith Balanced Opportunity Fund Class I marked a positive return of 1,956bps in the six months ending April 30, 2021, while outperforming its benchmark, a blend of 55% Russell 1000 / 45% Bloomberg Barclays U.S. Aggregate Bond, by 460bps. The Fund outperformed the Index by 558bps since the inception of the Fund on September 15, 2020. The performance within the Fixed Income sleeve during the six month period ended April 30, 2021 was attributed to the Fund’s relative defensive duration positioning and an overweight in corporate credit assets, as well as corporate and securitized security selection during the snap-back in risk asset valuations. Valuations continued to be supported by the massive fiscal and monetary stimulus announced and implemented during the second quarter of 2020. 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

While the beginning of the COVID-19 pandemic led to a global shutdown, it was followed by coordinated and aggressive fiscal and monetary stimulus. By June 2020 optimism was rising around the flattening of the virus curve and cities reopening. Data was starting to improve and the combination of fiscal and monetary policy support into improving sentiment lifted risk assets. The optimism started to wane in July as sentiment data points stalled; high frequency data including jobless claims, restaurant bookings and airline travel paused while the government statistics pointed to an uneven recovery. The third quarter followed with continued setbacks, stalled or rolled-back re-openings, and an increase in COVID-19 cases. The second and arguably third wave of COVID-19 hit throughout pockets of the U.S. into the end of the year. It was, however, met with the approval of multiple COVID-19 vaccines, the start of vaccine distribution as well as the election win by President-Elect Joe Biden in November 2020. This once again created positive sentiment in the marketplace that was further reinforced by the “Blue Wave” election win in January 2021, another $1.9 trillion in relief via the American Rescue Plan in March 2021 (COVID stimulus currently sits at $5.3 trillion) and continued monetary support into increased vaccine distribution and pent-up demand. GDP estimates were revised higher, with the market reaction turning favorable for risk assets once again, Treasury yields rose, and inflation expectations moved higher. At the tail end of the first quarter Biden proposed the American Jobs Plan, consisting of over $2 trillion for infrastructure, and the American Families Plan, consisting of $1.8 trillion to support families. Resolution on the proposed bills is expected to occur during the third quarter of 2021.

38 | April 30, 2021

ALPS | Smith Funds

Management Commentary

April 30, 2021 (Unaudited)

Manufacturing and Housing have been bright spots throughout the recovery with housing the beneficiary of changing family needs during the shutdown as well as the support of low interest rates. The hospitality industry - restaurants, travel, entertainment – as well as education and brick and mortar retailers, have struggled throughout the pandemic but are optimistic as increased vaccine distribution has translated into reopening local economies. Confidence is recovering; employment is finally starting to improve, and consumers are spending – further enhanced as the Savings Rate rose to 27.6% in March - due to the support of the fiscal stimulus. The first quarter 2021 GDP rose 6.4% with expectations that the second quarter will be up 10%.

Inflation has been on the market’s mind at least since the 2020 election results and expectations rose on the heels of the “Blue Wave” results in January. In our view, reopening an economy and unleashing pent-up demand with the combination of massive fiscal policy and a highly accommodative Federal Reserve is not only a great economic experiment, but one ripe with risks. The market spent much of the first quarter of 2021 assessing if the result of this experiment will end in significant inflation. The concerns around higher inflation are not without merit given the inflation around us in our everyday life. But the Fed, and thus far the data, suggest the upcoming inflationary pressures will be transitory due to rebasing, reopening, and bottlenecks that prove transitory. Given we have not achieved sustainable inflation for many decades, the Fed does have history on its side.

The market is “feeling” inflation. Inflation expectations via the Fed’s 5yr-5yr forward inflation expectation rate are back to levels from 2014, the 10-yr breakeven rate is back to 2013 levels and The University of Michigan’s 1-yr ahead inflation expectations are back to levels from 2012.

The reality is, we do have pockets of inflation – we expect that the combination of the recovery and the base effect will temporarily lift inflation before we normalize in 2022. We know the supply/demand imbalance due to the pandemic did impact sectors differently. Vehicles and appliances cost more but lodging and airline fares fell dramatically. Anecdotally, companies are either passing prices along to the consumer or taking a hit to margins. But the real story lies with labor. Finding and hiring qualified workers remains a challenge across many industries suggesting wage increases could lie on the horizon. As more individuals are hired, we work through supply chain issues, and the economy is fully reopened, inflation could normalize and even turn higher.

The Fed believes that the temporary price increases are transitory due to the “base effect” and “bottlenecks” in the supply chain. On April 28, 2021, Powell stated “If inflation were to move persistently and materially above 2%, the Fed would use its tools to bring inflation down… We understand our job… No one should doubt the Fed would move to contain inflation.” The Fed is committed to being on hold until at least 2023, additionally, regarding purchases, they will continue to “adjust the pace of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses.” We believe it is important to remember that Core PCE

has averaged 1.93% YoY going back to 1990, allowing the Fed the flexibility to let inflation run above their 2% mandate while employment recovers. We remind investors that longer term inflation is largely driven by aggregate demand versus aggregate supply, but changes in short term expectations can have significant impact on valuations in both stocks and bonds. As we look ahead and move past an unprecedented time due to the pandemic, as of the date of this report, we believe that the duration and durability of the current economic recovery will be more robust than the consensus. And while our view of a stronger, longer, and potentially more durable recovery are a central theme, we still acknowledge that risks remain. As confidence and confirmation around the recovery accelerates, we see opportunities for this theme to gain greater momentum in the marketplace. We believe the recovery will start to gain momentum and one of the residual outcomes of greater confidence in the recovery will be the return of shareholder-friendly activities. Increased dividends, share repurchases, mergers and acquisitions, and more aggressive investment seem like logical outcomes. However, we could also see a wave of deleveraging from both accelerating growth and focused debt reduction. We believe the focus on efficiency and productivity during the pandemic should feed higher margins, greater free cash flow generation, and a lot of optionality for management teams. Our ongoing belief in mini-cycles and the speed of capital has our attention. Not a day goes by without evidence of these themes. The relationship between stocks and bonds will be an ongoing focus as well. We find this to be one of the more important considerations in thinking about risk management and managing through these dynamic markets.

Portfolio Positioning

Despite the recent rise in U.S. Treasury yields due to increasing stimulus expectations, continued monetary policy support, and ramping concerns surrounding inflation, the Funds remained underweight duration versus their respective benchmarks during the period and in our opinion, have been nimble in using longer duration securities within the Funds’ portfolios. While we are encouraged by the return to positive real rates for longer duration U.S. Treasuries, as of the date of this report, we continue to focus on the combined impact of Fiscal and Monetary stimulus on both real inflation as well as changes in the markets expectations surrounding inflation. We are also focused on the shape of the curve as the front-end is extremely flat, however concerns around the Fed’s ability to control inflation are gathering and may eventually impact longer duration Treasuries. We remain proactive in managing our longer duration U.S. Treasury position.

We made changes to the Funds' credit portfolios this year. Coming into 2021 we were optimistic around the potential for continued progress in the global reopening and economic recovery. Despite some fits and starts in this process, as of the date of this report, we remain positive on the improving tone of both the domestic as well as the global economy going forward. However, as part of this we witnessed risk asset spreads, be it Investment Grade or High Yield Credit, as well as Agency and Non-Agency MBS and CMBS, quickly moving toward decade, if not all-time lows given the wall of liquidity in the market and the prevailing stance on risk taking. As such we reduced both the overall credit weighting as well as the duration profile of certain Funds’ credit sleeves during the period, specifically in both the ALPS | Smith Balanced Opportunity Fund and ALPS |

39 | April 30, 2021

ALPS | Smith Funds

Management Commentary

April 30, 2021 (Unaudited)

Smith Total Return Fund. This reduction has allowed us to focus our exposure on where we see continued fundamental tailwinds to sector or individual company’s credit profiles. While we continue to like credit despite the massive tightening in spreads, as it remains one of the few asset classes within Fixed Income providing yield, we believe this decreased risk exposure will allow the portfolio to be more resilient and opportunistic when looking towards the potential for unexpected outcomes combined with stretched valuations. As of the date of this report, we continue to target investing in companies with management teams who focus on managing through downside scenarios, giving themselves optionality as well as downside protection. We remain encouraged by the number of companies continuing to balance capital allocation actions that benefit both debt and equity holders, but absent another significant risk flare, we would expect this trend to continue to shift more in favor of equity holders. All these factors have continued to drive our disciplined process centered around risk-adjusted returns and capital preservation while seeking to balance the overall need for yield across all developed markets.

Short duration high yield continues to be a focus at Smith Capital Investors. In our opinion, this area of the market has much less forecasting error embedded in its analysis as it is a liquidity analysis evaluation over a very short period vs. longer-term projections on industries, commodity prices, and competitive dynamics facing a sector/company. In our opinion, we are not being compensated to extend out the curve given flat U.S. Treasury maturities out to 5 years, and therefore these types of assets result in extremely attractive risk-adjusted return profiles.

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

Fixed Income Themes

Stock-Bond Correlation – Over very long periods of time, stocks and bonds have displayed a positive correlation, which academics would attribute to the discount rate driving the value of a corporation’s cash flows and hence, stock price. However, since the late 1990s, stocks and bonds have been negatively correlated, driven by flight-to-quality characteristics of bond prices. This has been a

form of nirvana for investors, as both bonds and stocks produced solidly positive returns in the historic context of the market while the negative correlation between the asset classes reduced portfolio volatility.

Similar to the rate sell-off in the second half of 2016, as the Treasury market sharply sold off in the first quarter of 2021, the stock-bond correlation turned positive. Higher rates, and perhaps more importantly the pace of the move, weighed on equities and pushed both markets down (at times) and flipped the correlation to positive. This reminds us of the positive tailwind that rates (and easy monetary policy) were for equities during 2020 and indeed for the last twenty years, as sell-offs rarely upset the gravitational pull of the zero-bound and allow stock investors to discount cash flows at ever lower rates.

If it is inevitable that rates are headed higher (granted it is not), spurred by increases in real rates, inflation (real or perceived), or both, we could be entering a completely different correlation regime than investors have experienced the last twenty years, but one that would be consistent with the long-run history of markets.

Meaningful upward shifts in interest rates have been few and far between for most of today’s market participants. If the strength we see on the horizon for the economy and the inflation outlook plays out close to expectations, investors could be exposed to bond market weakness bleeding into risk assets, causing mark-to-market pain but also drawing broader questions regarding portfolio construction in an era of positive stock-bond correlations.

As of the date of this report, we view the recent back up in rates and a return to positive real rates in the long end of the market as very healthy. We believe watching the correlation and relationships between bonds and stocks is absolutely critical.

Capital Allocations – Over the course of the past year, enormous amounts of liquidity were raised and/or preserved in the face of surfacing uncertainty. For some companies, liquidity stockpiling proved necessary. At other companies, it is proving to be a wise cautionary step, but perhaps also excessive. With excess, underpinned by increasing assurance of a better future, often comes optionality. As we look out over the next few months, we continue to believe the already hastening pace of M&A, dividend increases, new share repurchase authorizations, etc. will quicken. Understanding how changing capital allocation decisions can impact a creditor is important from our perspective. Additionally, we believe sifting through and understanding the nuances will be key.

As we work through the 1Q21 earnings season we are getting more and more confirming data points that corporate confidence is increasing as of the end of the period. And, with that, as of the date of this report, we are seeing shifting capital allocation decisions, which we would characterize broadly as a transition from defensive optionality to offensive optionality. Ultimately, we monitor the changing of these tides because we believe there are real investment implications behind the swells – investors who can successfully navigate the changing risk versus opportunity landscape can create better outcomes over time.

40 | April 30, 2021

ALPS | Smith Funds

Management Commentary

April 30, 2021 (Unaudited)

We also see management teams that may use excessive liquidity and capital to right-size their capital structures via debt reduction and/or cleaning up short-term maturities. As we move into a more shareholder-friendly environment, we are reminded of the importance of security selection and, more importantly, security avoidance.

Credit – Back to All-time Tights – The Bloomberg Barclays U.S. Corporate Investment Grade and High Yield Indices are trading at or near record-low option adjusted spreads (OAS) over the trailing 10-year period. As students of history, we are cognizant that investing new capital at record-low valuations has not been a great formula for generating strong future returns. We find ourselves focusing on the drivers of current credit valuations and the durability of these factors to navigate the current risk-versus-reward environment as effectively as possible.

The strongest driver of spread tightening over the past year has been accommodative monetary and fiscal stimulus. Looking forward, the Fed appears unlikely to shift its accommodative stance unless underlying economic data trends move sharply above current expectations. The outlook on the fiscal side is less clear, but the economic impact of a sustainable recovery led by large-scale infrastructure spending may offset the impact of a higher tax drag.

Another powerful driver of performance during the period was the economic rebound following the sharp declines of early 2020. The fundamental outlook for corporate earnings has been improving, not only due to this resurgence in activity but also due to the adoption of leaner and more efficient operating models that are largely expected to drive higher margin profiles in the future. The improving outlook appears to have some runway given strong consumer confidence, the highly liquid corporate and consumer balance sheets that exist today, as well as the potential for pent-up demand being unleashed across a number of industries as COVID-related restrictions continue to ease.

In our view, the above factors have created a strong technical backdrop for corporate credit, with significant inflows driving elevated buying activity. While historically tight valuations may impact future flows, other factors driving inflows into corporate credit remain in place – namely the need for yield in a yield-starved world and the relative attractiveness of U.S. corporate credit versus other alternatives.

MBS – MBS has been highlighted by many as one of the few bright spots during the six month period. Year-to-date ending April 30, 2021, the Bloomberg Barclays U.S. MBS Index (MBS) has outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Agg”) by ~250 bps.

However, this does not tell the entire story as the MBS index has a duration that has averaged ~2 years YTD while the duration of the Agg is ~6 years. From an excess return perspective, which adjusts for this duration differential, the Bloomberg Barclays MBS Index’s outperformance versus the Agg is much smaller at only +30 bps. Also, comparing the MBS index to broad fixed income market indices with a similar short duration, MBS underperformed the Bloomberg

Barclays 1-5 Year U.S. Credit Index (with a duration of 2.8 years), by 5 bps YTD.

Looking forward we see the case for continued MBS outperformance to be tricky at best. MBS OAS is currently at 10 bps, while the nominal spread (which does not account for the option MBS investors are short) is only 34 bps. Both measures are very low by historical standards, leaving little room in our minds for excess return beyond pure duration positioning. With the MBS market currently running into high levels of negative convexity due to higher rates, even that duration trade is being questioned. The move in interest rates has caused the MBS index duration to extend from under 2 years to 3.6 years in about a month. Any further interest rate sell-off will continue pushing MBS durations higher, increasing the negative return potential from higher rates. The performance of mortgages has been driven much more by duration differentials rather than excess outperformance from the asset class. At April 30, 2021 stretched valuations and elevated convexity risk levels, we do not see this outperformance being sustainable going forward. As is often with markets, peeling back the variables affecting performance, especially relative performance, can tell a different story than a headline.

Interest Rates – Price action from U.S. Treasuries was ahead of the market in the first few months of the 2021, providing a healthy reminder that recovery was indeed in our future. After a fast and furious sell-off in U.S. Treasuries (yields moving higher), rates rallied before finally reaching a point of consolidation by mid-March. There are many reasons for this pause, similar to the move higher in yields reflecting a healthy confidence in the future recovery, the recent pause also reflects a healthy repricing of risk-free assets. The timing, however, did not necessarily line up with the positive momentum from the economic data (remember economic data does lag) and therefore was a good reminder that this leg of the recovery is priced into the market and we are now in the validation phase. While in the validation phase, active management of duration and curves becomes even more important.

U.S. Treasury yields moved higher in a fast and furious manner starting with the ‘Blue Wave’ results in January. This was further supported by the efficacy of the vaccine, additional fiscal stimulus, and prospects of economic reopening, all pointing to improving growth and inflation expectations. The street upgraded growth forecasts, inflation expectations rose, and the market challenged the Fed’s view that they would be able to control inflation.

In an interesting turn of events, Treasuries started to rally and then consolidate right as the economic data was gaining positive upward momentum. This suggests a good amount of positive news was already priced into the Treasury market. This was not the entire story however as a collision of forces including fatigue, short-covering, global tensions, demand from Japan, pension buying, and the fourth wave from COVID-19 globally likely all impacted Treasury demand.

Our fundamental thesis remains intact: we are reopening, pent-up demand is being unleashed, the vaccine is being distributed, and as of the date of this report, continue to have supportive fiscal and monetary policy. That being said, the rally reminded us we still live

41 | April 30, 2021

ALPS | Smith Funds

Management Commentary

April 30, 2021 (Unaudited)

within a two-steps forward, one-step back environment. The virus remains a risk, and there is always a possibility the market will disconnect from the Fed, or inflation, debt, and deficit fears will rise once again.

In a world of heightened risk and uncertainty, we continue to acknowledge what can go wrong, but also how far the economy has come with the support of both fiscal and monetary policy. The repricing and recovery in markets over the twelve months ending April 30, 2021 led to an opportunity to generate returns during the period. We ask ourselves what a stronger, longer, and more durable recovery would mean for fixed income, but also question the risks associated with any perception of permanent scarring and less stability in the recovery. We strongly feel we are in the validation phase of the recovery which allows for more two-way flows, creating new opportunities. We believe there are still opportunities in the fixed income space via fundamentally improving credit stories and actively managing duration and interest rate risks. Given how far markets have improved, and the expected volatility on the horizon, we reoriented the funds’ portfolios during the period to provide more optionality for future opportunities.

We find ourselves defaulting to our three pillars when launching the firm – Investment Excellence, Relationships/People and Intentional Culture and are always looking for ways to improve in these areas.

With great appreciation and gratitude,


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


Steve Zamsky
Portfolio Manager

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

believed to be reliable and accurate at the time of compilation. Neither ALPS Advisors, Inc., Smith Capital Investors, LLC, nor the Funds accepts any liability for losses either direct or consequential caused by the use of this information.

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

An investor may not invest directly in an index.

Diversification cannot guarantee gain or prevent losses.

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

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

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

42 | April 30, 2021

ALPS | Smith Short Duration Bond Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of April 30, 2021)

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

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	0.95%	4.27%	4.49%	0.70%	0.49%
Investor (NAV)	0.80%	4.00%	4.20%	0.96%	0.79%
Class A (NAV)	0.80%	3.98%	4.17%	0.96%	0.79%
Class A (MOP)	-1.43%	-1.72%	2.12%	0.96%	0.79%
Class C (NAV)	0.45%	3.27%	3.45%	1.67%	1.49%
Class C (CDSC)	-0.55%	2.27%	3.45%	1.67%	1.49%
Bloomberg Barclays U.S. Government/Credit Bond Index¹	-2.06%	-0.46%	5.74%
Bloomberg Barclays 1-3 Year Government/Credit Bond Index²	0.23%	1.02%	3.14%

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

Performance less than 1 year is cumulative.

43 | April 30, 2021

ALPS | Smith Short Duration Bond Fund

Performance Update

April 30, 2021 (Unaudited)

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

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

^{^}

Fund Inception date of June 29, 2018.

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

Corporate Bond	73.89%
Government Bond	19.47%
Mortgage-Backed Securities	3.33%
Collateralized Mortgage Obligations	0.65%
Commercial Mortgage-Backed Securities	0.32%
Municipal Bond	0.07%
Cash, Cash Equivalents, & Other Net Assets	2.27%
Total	100.00%

^†

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

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

U.S. Treasury Note 0.125% 12/31/2022	4.07%
U.S. Treasury Note 0.125% 03/31/2023	2.98%
U.S. Treasury Note 0.125% 02/28/2023	2.72%
U.S. Treasury Note 0.125% 09/30/2022	2.70%
U.S. Treasury Note 0.125% 11/30/2022	2.69%
U.S. Treasury Note 0.125% 01/31/2023	2.37%
Lumen Technologies, Inc. 6.45% 06/15/2021	1.49%
Steel Dynamics, Inc. 5% 12/15/2026	1.45%
Viatris, Inc. 1.125% 06/22/2022	1.40%
Jaguar Holding Co. II / PPD Development LP 4.625% 06/15/2025	1.21%
Top Ten Holdings	23.08%

^†

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	19.47%
Financial Services	7.51%
Automobiles Manufacturing	7.18%
Banks	5.81%
Utilities	5.75%
Pharmaceuticals	5.05%
Diversified Banks	4.58%
Mortgage Securities	4.30%
Consumer Finance	3.22%
Health Care Facilities & Services	2.96%
Pipeline	2.79%
Aerospace & Defense	2.26%
Refining & Marketing	2.11%
Wireline Telecommunications Services	1.98%
Cable & Satellite	1.71%
Software & Services	1.47%
Metals & Mining	1.45%
Commercial Finance	1.33%
Supermarkets & Pharmacies	1.31%
Chemicals	1.21%
Wireless Telecommunications Services	1.12%
Medical Equipment & Devices Manufacturing	1.06%
Retail - Consumer Discretionary	1.06%
Other Industries (each less than 1%)	11.04%*
Cash Equivalents & Other Net Assets	2.27%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

44 | April 30, 2021

ALPS | Smith Total Return Bond Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	0.39%	4.31%	7.30%	0.72%	0.67%
Investor (NAV)	0.24%	3.92%	6.96%	1.02%	0.97%
Class A (NAV)	0.24%	3.92%	6.98%	1.01%	0.97%
Class A (MOP)	-1.98%	-1.80%	4.88%	1.01%	0.97%
Class C (NAV)	-0.10%	3.20%	6.23%	1.72%	1.67%
Class C (CDSC)	-1.08%	2.20%	6.23%	1.72%	1.67%
Bloomberg Barclays US Aggregate Bond Index¹	-1.52%	-0.27%	5.28%

Performance less than 1 year is cumulative.

45 | April 30, 2021

ALPS | Smith Total Return Bond Fund

Performance Update

April 30, 2021 (Unaudited)

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

^{^}

Fund Inception date of June 29, 2018.

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

Corporate Bond	57.04%
Government Bond	22.42%
Collateralized Mortgage Obligations	8.11%
Mortgage-Backed Securities	5.95%
Commercial Mortgage-Backed Securities	3.21%
Preferred Stock	0.60%
Cash, Cash Equivalents, & Other Net Assets	2.67%
Total	100.00%

^†

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

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

U.S. Treasury Note 0.75% 03/31/2026	3.16%
U.S. Treasury Note 0.5% 02/28/2026	2.89%
U.S. Treasury Bond 1.875% 02/15/2051	2.66%
U.S. Treasury Bond 1.125% 02/15/2031	2.56%
U.S. Treasury Note 0.625% 08/15/2030	2.42%
U.S. Treasury Note 0.125% 12/15/2023	1.93%
U.S. Treasury Bond 1.375% 08/15/2050	1.45%
U.S. Treasury Bond 1.375% 11/15/2040	1.40%
U.S. Treasury Note 0.125% 01/31/2023	1.39%
U.S. Treasury Bond 0.875% 11/15/2030	1.37%
Top Ten Holdings	21.23%

^†

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	22.42%
Mortgage Securities	17.27%
Banks	5.28%
Pharmaceuticals	4.55%
Financial Services	4.37%
Automobiles Manufacturing	3.55%
Diversified Banks	3.50%
Consumer Finance	2.87%
Pipeline	2.77%
Aerospace & Defense	2.57%
Software & Services	2.26%
Cable & Satellite	2.24%
Utilities	2.08%
Commercial Finance	1.87%
Semiconductors	1.50%
Health Care Facilities & Services	1.49%
Power Generation	1.46%
Airlines	1.42%
Refining & Marketing	1.40%
Wireless Telecommunications Services	1.37%
Publishing & Broadcasting	1.04%
Other Industries (each less than 1%)	10.05%*
Cash Equivalents & Other Net Assets	2.67%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

46 | April 30, 2021

ALPS | Smith Credit Opportunities Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	5.85%	5.69%	1.02%	0.90%
Investor (NAV)	5.70%	5.46%	1.32%	1.20%
Class A (NAV)	5.70%	5.46%	1.32%	1.20%
Class A (MOP)	3.31%	3.09%	1.32%	1.20%
Class C (NAV)	5.33%	5.00%	2.02%	1.90%
Class C (CDSC)	4.33%	4.00%	2.02%	1.90%
50% Bloomberg Barclays US Aggregate Index / 50% Bloomberg Barclays US Corporate High Yield Index^1,2	3.14%	2.66%
Bloomberg Barclays US Aggregate Bond Index	-1.52%	-2.15%
Bloomberg Barclays US Corporate High Yield Bond Index	7.97%	7.67%

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

Performance less than 1 year is cumulative.

47 | April 30, 2021

ALPS | Smith Credit Opportunities Fund

Performance Update

April 30, 2021 (Unaudited)

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

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

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

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

Corporate Bond	77.15%
Government Bond	10.48%
Exchange Traded Funds	4.15%
Preferred Stock	1.60%
Common Stock	0.16%
Cash, Cash Equivalents, & Other Net Assets	6.46%
Total	100.00%

^†

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

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

Invesco Senior Loan ETF	2.71%
U.S. Treasury Note 0.125% 02/28/2023	1.74%
CCO Holdings LLC / CCO Holdings Capital Corp. 4.5% 05/01/2032	1.73%
U.S. Treasury Note 1.125% 02/29/2028	1.69%
Bausch Health Cos., Inc. 6.125% 04/15/2025	1.65%
U.S. Treasury Note 0.75% 03/31/2026	1.53%
Nissan Motor Co., Ltd. 4.81% 09/17/2030	1.53%
U.S. Treasury Note 0.375% 01/31/2026	1.44%
iShares iBoxx High Yield Corporate Bond ETF	1.44%
FS KKR Capital Corp. 3.4% 01/15/2026	1.36%
Top Ten Holdings	16.82%

^†

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	10.48%
Financial Services	6.10%
Pipeline	4.97%
Automobiles Manufacturing	4.46%
Real Estate	4.31%
Pharmaceuticals	3.85%
Utilities	3.75%
Consumer Finance	3.67%
Commercial Finance	3.54%
Publishing & Broadcasting	3.52%
Casinos & Gaming	3.29%
Airlines	3.26%
Banks	2.11%
Refining & Marketing	1.93%
Chemicals	1.75%
Cable & Satellite	1.74%
Power Generation	1.74%
Industrial Other	1.69%
Software & Services	1.62%
Exploration & Production	1.59%
Industrials	1.44%
Advertising & Marketing	1.42%
Waste & Environment Services & Equipment	1.31%
Internet Media	1.29%
Wireline Telecommunications Services	1.22%
Consumer Discretionary	1.13%
Department Stores	1.12%
Homebuilders	1.09%
Other Industries (each less than 1%)	14.15%*
Cash Equivalents & Other Net Assets	6.46%
Total	100.00%

See Statement of Investments for detailed breakout of other industries.

48 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Performance Update	April 30, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	Since Inception^{^}	Total Expense Ratio	What You Pay*
Class I	19.56%	18.19%	1.03%	0.85%
Investor (NAV)	19.39%	17.98%	1.33%	1.15%
Class A (NAV)	19.39%	18.00%	1.33%	1.15%
Class A (MOP)	15.53%	14.12%	1.33%	1.15%
Class C (NAV)	18.95%⁺	17.40%	2.03%	1.85%
Class C (CDSC)	17.95%	16.40%	2.03%	1.85%
55% Bloomberg U.S. 1000 TR Index / 45% Bloomberg Barclays U.S. Aggregate Bond Index^1,3	14.96%	12.61%
55% Russell 1000 Index TR / 45% Bloomberg Barclays U.S. Aggregate Bond Index^2,3	15.00%	12.58%
Bloomberg Barclays U.S. Aggregate Bond Index	-1.52%	-2.15%
Russell 1000® Index TR	30.03%	25.73%
Bloomberg U.S. 1000 TR Index	29.95%	25.78%

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

Performance less than 1 year is cumulative.

49 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Performance Update	April 30, 2021 (Unaudited)

¹	Effective February 1, 2021, the Bloomberg U.S. 1000 TR Index replaced the Russell 1000 Index TR component. The Bloomberg U.S. 1000 Total Return Index is a float market-cap weighted benchmark of the 1000 most highly capitalized US companies. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.
²	The Russell 1000 Index Total Return is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of the index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.
³	Bloomberg Barclays U.S. Aggregate Bond Index: provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.
^{^}	Fund Inception date of September 15, 2020. The Fund has limited operating history.
*	What You Pay reflects the Advisor’s decision to contractually limit expenses through February 28, 2022. Please see the prospectus dated February 28, 2021 for additional information.
⁺	Excludes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value and total return for shareholder transactions reported to the market may differ from the net asset value for financial reporting purposes.

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

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

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

Common Stock	65.48%
Corporate Bond	14.03%
Government Bond	9.16%
Collateralized Mortgage Obligations	5.77%
Mortgage-Backed Securities	1.02%
Cash, Cash Equivalents, & Other Net Assets	4.54%
Total	100.00%

^†

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

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

Microsoft Corp.	2.77%
Alphabet, Inc.	2.63%
UnitedHealth Group, Inc.	2.52%
Apple, Inc.	2.40%
JPMorgan Chase & Co.	2.39%
Amazon.com, Inc.	2.13%
Mastercard, Inc.	1.75%
Facebook, Inc.	1.59%
U.S. Treasury Note 0.75% 03/31/2026	1.44%
Medtronic PLC	1.39%
Top Ten Holdings	21.01%

^†

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)

Health Care	10.41	%
Sovereign	9.16	%
Media	7.22	%
Software & Tech Services	6.88	%
Mortgage Securities	6.79	%
Tech Hardware & Semiconductors	6.05	%
Financial Services	5.29	%
Industrial Products	5.17	%
Retail & Wholesale - Staples	3.86	%
Consumer Discretionary Services	3.68	%
Consumer Discretionary Products	3.08	%
Retail & Whsle - Discretionary	3.08	%
Banking	2.39	%
Consumer Staple Products	2.16	%
Materials	2.15	%
Insurance	1.77	%
Industrial Services	1.45	%
Oil & Gas	1.35	%
Pharmaceuticals	1.33	%
Diversified Banks	1.22	%
Other Industries (each less than 1%)	10.97	%*
Cash Equivalents & Other Net Assets	4.54	%
Total	100.00	%

See Statement of Investments for detailed breakout of other industries.

50 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (0.65%)
Fannie Mae
Series 1992-180, Class F,
1M US L + 1.15%,
10/25/2022^(a)	$	6,507	$	6,543
Series 1992-49, Class L,
7.000%, 04/25/2022		13,829		14,103
Series 1992-52, Class FD,
1M US L + 0.02%,
09/25/2022^(a)		3,236		3,221
Series 1992-62, Class FA,
1M US L + 0.90%,
10/25/2022^(a)		21,035		20,994
Series 1992-73, Class FC,
1M US L + 0.75%,
05/25/2022^(a)		881		880
Series 1992-8, Class FA,
1M US L + 0.83%,
01/25/2022^(a)		386		386
Series 1992-89, Class FB,
1M US L + 0.50%,
06/25/2022^(a)		666		665
Series 1993-184, Class M,
–%, 09/25/2023		10,810		10,672
Series 1993-189, Class FB,
10Y US TI + -0.65%,
10/25/2023^(a)		5,735		5,656
Series 1993-230, Class FA,
1M US L + 0.60%,
12/25/2023^(a)		31,986		31,879
Series 1993-255, Class E,
7.100%, 12/25/2023		45,186		48,011
Series 1993-27, Class FC,
1M US L + 0.90%,
08/25/2023^(a)		2,685		2,684
Series 1993-31, Class PN,
7.000%, 09/25/2023		90,439		95,175
Series 1993-97, Class FA,
1M US L + 1.25%,
05/25/2023^(a)		6,017		5,986
Series 1994-18, Class FA,
1M US L + 0.60%,
02/25/2024^(a)		12,980		13,027
Series 1994-22, Class F,
1M US L + 1.20%,
01/25/2024^(a)		85,709		86,512
Series 1994-3, Class FB,
1M US L + 0.65%,
01/25/2024^(a)		29,551		29,667
Series 1994-3, Class FA,
1M US L + 0.65%,
03/25/2024^(a)		5,417		5,436
Series 1994-61, Class E,
7.500%, 04/25/2024		38,115		40,532

	Principal		Value
	Amount		(Note 2)
Series 1994-75, Class K,
7.000%, 04/25/2024	$	24,299	$	26,034
Series 1994-77, Class FB,
1M US L + 1.50%,
04/25/2024^(a)		88,020		89,182
Series 1997-12, Class FA,
1M US L + 1.00%,
04/18/2027^(a)		28,357		28,767
Series 1997-49, Class F,
1M US L + 0.50%,
06/17/2027^(a)		43,246		43,425
Series 2003-39, Class PG,
5.500%, 05/25/2023		33,210		34,342
Series 2003-49, Class YC,
4.000%, 06/25/2023		18,432		18,866
Series 2004-53, Class NC,
5.500%, 07/25/2024		14,223		14,813
Series 2004-95, Class AK,
5.500%, 01/25/2025		21,483		22,808
Series 2005-121, Class DY,
5.500%, 01/25/2026		21,986		23,449
Series 2006-22, Class CE,
4.500%, 08/25/2023		10,969		11,330
Series 2011-104, Class DA,
2.000%, 10/25/2021		11		11
Series 2011-141, Class CA,
2.000%, 12/25/2025		26,478		26,642
Series 2011-40, Class KA,
3.500%, 03/25/2026		86,600		91,538
Series 2011-44, Class EB,
3.000%, 05/25/2026		38,212		39,918
Series 2011-61, Class B,
3.000%, 07/25/2026		63,163		66,062
Series 2011-66, Class QE,
2.000%, 07/25/2021		19		19
Series 2011-80, Class KB,
3.500%, 08/25/2026		75,046		79,438
Series 2012-1, Class GB,
2.000%, 02/25/2022		3,883		3,894
Series 2012-47, Class HA,
1.500%, 05/25/2027		82,641		84,095
				1,126,662
Freddie Mac
Series 1992-1242, Class C,
1M US L + 0.55%,
04/15/2022^(a)		2,315		2,312
Series 1993-1487, Class O,
1M US L + 0.75%,
03/15/2023^(a)		9,639		9,673
Series 1993-1534, Class J,
1M US L + 0.90%,
06/15/2023^(a)		13,402		13,473
Series 1993-1560, Class Z,
7.000%, 08/15/2023		14,159		14,815

See Notes to Financial Statements.

51 | April 30, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 1993-1567, Class A,
1M US L + 0.40%,
08/15/2023^(a)	$	49,281	$	49,241
Series 1993-1584, Class L,
6.500%, 09/15/2023		24,593		26,014
Series 1993-1602, Class PJ,
6.500%, 10/15/2023		28,840		30,253
Series 1993-1611, Class Z,
6.500%, 11/15/2023		14,284		15,198
Series 1993-1628, Class LZ,
6.500%, 12/15/2023		8,644		9,164
Series 1993-1630, Class PK,
6.000%, 11/15/2023		16,308		17,238
Series 1993-1632, Class FB,
1M US L + 1.20%,
11/15/2023^(a)		20,733		20,916
Series 1993-1636, Class F,
1M US L + 0.65%,
11/15/2023^(a)		16,161		16,222
Series 1993-21, Class F,
1M US L + 0.50%,
10/25/2023^(a)		19,567		19,608
Series 1993-24, Class FJ,
1M US L + 0.50%,
11/25/2023^(a)		87,792		87,978
Series 1994-1673, Class FB,
10Y US TI + -0.50%,
02/15/2024^(a)		7,004		6,950
Series 1994-1699, Class FB,
1M US L + 1.00%,
03/15/2024^(a)		11,781		11,795
Series 1994-1707, Class F,
1M US L + 0.70%,
03/15/2024^(a)		16,241		16,312
Series 1994-1744, Class FD,
1M US L + 1.98%,
08/15/2024^(a)		45,797		46,811
Series 1994-32, Class PN,
7.500%, 04/25/2024		140,379		149,248
Series 1994-43, Class PH,
6.500%, 10/17/2024		24,289		25,705
Series 1996-1810, Class D,
6.000%, 02/15/2026		20,133		21,597
Series 1996-1885, Class FA,
1M US L + 0.45%,
09/15/2026^(a)		8,694		8,720
Series 1997-1983, Class Z,
6.500%, 12/15/2023		14,210		15,116
Series 2002-2528, Class KM,
5.500%, 11/15/2022		30,829		31,624
Series 2003-2634, Class PT,
5.000%, 06/15/2023		11,556		11,865
Series 2004-2877, Class AL,
5.000%, 10/15/2024		4,875		5,094
Series 2005-3005, Class ED,
5.000%, 07/15/2025		81,753		86,847

	Principal		Value
	Amount		(Note 2)
Series 2006-3104, Class DH,
5.000%, 01/15/2026	$	43,940	$	46,971
Series 2009-3575, Class EB,
4.000%, 09/15/2024		18,121		18,802
Series 2010-3661, Class B,
4.000%, 04/15/2025		20,775		21,709
Series 2010-3670, Class LX,
2.000%, 05/15/2025		15		15
Series 2010-3710, Class MG,
4.000%, 08/15/2025^(b)		29,135		31,524
Series 2010-3718, Class BE,
2.500%, 02/15/2025		753		753
Series 2010-3737, Class NA,
3.500%, 06/15/2025		91,094		91,746
Series 2010-3779, Class KJ,
2.750%, 11/15/2025		54,268		56,074
Series 2011-3822, Class VE,
4.000%, 05/15/2022		151,485		153,906
Series 2011-3829, Class BE,
3.500%, 03/15/2026		25,495		26,906
Series 2011-3845, Class FQ,
1M US L + 0.25%,
02/15/2026^(a)		7,644		7,636
Series 2011-3872, Class ND,
2.000%, 12/15/2021		1,444		1,446
Series 2011-3874, Class DW,
3.500%, 06/15/2021		228		228
Series 2011-3907, Class FM,
1M US L + 0.35%,
05/15/2026^(a)		15,652		15,661
Series 2011-3945, Class BJ,
2.000%, 03/15/2026		36,829		37,159
Series 2012-4003, Class BG,
2.000%, 10/15/2026		73,234		75,143
Series 2013-4177, Class NB,
1.500%, 03/15/2028		37,273		37,963
				1,393,431
Ginnie Mae
Series 2010-101, Class GU,
4.000%, 08/20/2025^(b)		32,207		34,091
Series 2012-47, Class VA,
3.500%, 07/20/2023		40,784		41,040
Series 2013-53, Class KN,
1.500%, 08/20/2025		34,527		35,093
				110,224
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $2,594,514)				2,630,317

	Principal		Value
	Amount		(Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (0.32%)
Fannie Mae-Aces
Series 2012-M1, Class A2,
2.729%, 10/25/2021		38,037		38,283

See Notes to Financial Statements.

52 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2012-M10, Class AFL,
1M US L + 0.45%,
09/25/2022^(a)	$	45,283	$	45,297
Series 2013-M14, Class APT,
2.634%, 04/25/2023^(a)		7,827		8,063
Series 2013-M3, Class A2,
2.509%, 11/25/2022^(a)		289,655		296,016
Series 2016-M13, Class FA,
1M US L + 0.67%,
11/25/2023^(a)		23,329		23,412
				411,071
Freddie Mac Multifamily
Structured Pass Through
Certificates
Series 2012-K023, Class X1,
1.340%, 08/25/2022^(a)		3,659,319		49,026
Series 2013-K026, Class X1,
1.073%, 11/25/2022^(a)		5,559,612		70,645
Series 2015-KF07, Class A,
1M US L + 0.29%,
02/25/2025^(a)		31,642		31,514
Series 2015-KF12, Class A,
1M US L + 0.70%,
09/25/2022^(a)		59,174		59,264
Series 2016-KF14, Class A,
1M US L + 0.65%,
01/25/2023^(a)		142,012		142,236
Series 2016-KJ08, Class A2,
2.356%, 08/25/2022		341,708		345,822
Series 2017-J15L, Class AFL,
1M US L + 0.35%,
08/25/2025^(a)		11,220		11,178
Series 2017-K725, Class A1,
2.666%, 05/25/2023		32,717		33,396
Series 2017-K728, Class A2,
3.064%, 08/25/2024^(a)		117,000		125,535
				868,616

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,260,313)				1,279,687

	Principal		Value
	Amount		(Note 2)
MORTGAGE-BACKED SECURITIES (3.33%)
Fannie Mae Pool
Series 2009-958485,
5.500%, 03/01/2024		2,458,557		2,735,260
Series 2011-MA0717,
3.500%, 04/01/2026		34,983		37,029
Series 2012-471513,
2.900%, 06/01/2022		81,918		83,238
Series 2012-471690,
2.790%, 07/01/2022		156,093		158,801
Series 2012-AL2293,
4.232%, 06/01/2021^(a)		41,538		41,552

	Principal		Value
	Amount		(Note 2)
Series 2012-AM1076,
2.920%, 10/01/2024	$	237,505	$	237,450
Series 2013-AM4125,
3.740%, 08/01/2023		230,000		243,572
Series 2015-AM7670,
2.850%, 01/01/2025		119,312		121,456
Series 2015-AM9288,
2.930%, 07/01/2025		1,358,110		1,400,582
Series 2016-AL8938,
2.708%, 04/01/2022^(a)		40,973		41,230
Series 2016-AL8941,
2.819%, 01/01/2024^(a)		60,620		63,612
Series 2016-AN1413,
2.490%, 05/01/2026		145,086		154,374
Series 2017-AN5196,
2.910%, 04/01/2024		150,000		152,520
Series 2017-AN6641,
2.710%, 12/01/2023		1,692,064		1,779,212
Series 2017-AN6645,
2.600%, 09/01/2024		250,000		256,175
Series 2018-AN8096,
3.020%, 06/01/2024		305,000		306,504
Series 2018-AN8203,
2.950%, 01/01/2025		2,942,738		3,072,464
Series 2018-BL0760,
3.790%, 12/01/2025		590,000		641,220
Series 2019-BL2449,
2.890%, 02/01/2025		292,150		313,528
Series 2019-BL2539,
3.050%, 05/01/2024		141,182		146,657
				11,986,436
Freddie Mac Gold Pool
Series 2012-T40090,
3.000%, 05/01/2027		115,111		121,339

Freddie Mac Pool
Series 2017-WN2000,
2.700%, 08/01/2023		1,400,000		1,417,960

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $13,445,827)				13,525,735

CORPORATE BONDS (73.89%)
Aerospace & Defense (2.26%)
Boeing Co.
4.51%, 05/01/2023		3,000,000		3,204,671
Teledyne Technologies, Inc.
0.65%, 04/01/2023		3,000,000		2,999,387
0.95%, 04/01/2024		3,000,000		3,001,151
Total Aerospace & Defense				9,205,209
Airlines (0.38%)
Southwest Airlines Co.
4.75%, 05/04/2023		500,000		540,925

See Notes to Financial Statements.

53 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
United Airlines, Inc.
4.38%, 04/15/2026^(c)	$	1,000,000	$	1,013,662
Total Airlines				1,554,587

Apparel & Textile Products (0.23%)
Ralph Lauren Corp.
1.70%, 06/15/2022		925,000		940,294


Automobiles Manufacturing (7.18%)
American Honda Finance Corp.
0.65%, 09/08/2023		1,500,000		1,509,292
Ford Motor Co.
8.50%, 04/21/2023		2,695,000		3,021,769
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		465,000		476,476
3.81%, 10/12/2021		1,000,000		1,011,405
5.88%, 08/02/2021		4,800,000		4,851,600
General Motors Co.
5.40%, 10/02/2023		2,250,000		2,490,093
General Motors Financial Co., Inc.
1.05%, 03/08/2024		3,750,000		3,759,191
5.10%, 01/17/2024		1,200,000		1,327,742
Kia Corp.
1.00%, 04/16/2024^(c)		2,850,000		2,867,335
Nissan Motor Acceptance Corp.
1.05%, 03/08/2024^(c)		2,000,000		2,000,608
Nissan Motor Co., Ltd.
3.04%, 09/15/2023^(c)		2,685,000		2,810,767
Volkswagen Group of America
Finance LLC
0.75%, 11/23/2022^(c)		1,500,000		1,505,338
0.88%, 11/22/2023^(c)		1,500,000		1,507,378
Total Automobiles Manufacturing				29,138,994

Banks (5.81%)
Associated Bank NA/Green Bay WI
3.50%, 08/13/2021		2,150,000		2,163,172
CIT Group, Inc.
1D US SOFR + 3.83%,
06/19/2024^(a)		2,455,000		2,599,231
Citizens Financial Group, Inc.
4.15%, 09/28/2022^(c)		400,000		417,881
Cooperatieve Rabobank UA
3.95%, 11/09/2022		2,686,000		2,821,425
Credit Suisse AG
1.00%, 05/05/2023		850,000		858,026
Danske Bank A/S
5.00%, 01/12/2022^(c)		950,000		978,247
5.38%, 01/12/2024^(c)		250,000		278,665
1Y US TI + 1.03%,
12/08/2023^(a)(c)		1,000,000		1,005,250
3M US L + 1.249%,
09/20/2022^(a)(c)		628,000		633,143
Discover Bank
3.35%, 02/06/2023		1,110,000		1,162,063
First Horizon Corp.
3.55%, 05/26/2023		500,000		528,218

	Principal		Value
	Amount		(Note 2)
FNB Corp.
2.20%, 02/24/2023	$	200,000	$	203,558
Lloyds Banking Group PLC
1Y US TI + 0.55%,
05/11/2024^(a)		2,000,000		2,003,255
National Bank of Canada
1Y US TI + 0.40%,
11/15/2024^(a)		3,000,000		2,991,079
Synchrony Bank
3.00%, 06/15/2022		1,525,000		1,566,095
Synovus Bank/Columbus GA
1D US SOFR + 0.95%,
02/10/2023^(a)		2,750,000		2,776,013
US Bank NA
3.45%, 11/16/2021		250,000		253,656
Wells Fargo & Co.
4.13%, 08/15/2023		300,000		324,438
Total Banks				23,563,415
Biotechnology (0.25%)
Roche Holdings, Inc.
1D US SOFR + 0.24%,
03/05/2024^(a)(c)		1,000,000		1,001,090

Cable & Satellite (1.71%)
Charter Communications
Operating LLC / Charter
Communications Operating
Capital
3M US L + 1.65%,
02/01/2024^(a)		2,030,000		2,085,316
Sirius XM Radio, Inc.
3.88%, 08/01/2022^(c)		1,250,000		1,257,750
Time Warner Cable LLC
4.00%, 09/01/2021		750,000		752,077
Videotron, Ltd.
5.00%, 07/15/2022		2,700,000		2,819,813
Total Cable & Satellite				6,914,956
Casinos & Gaming (0.31%)
MGM Resorts International
7.75%, 03/15/2022		1,186,000		1,248,805

Chemicals (1.21%)
LYB International Finance III LLC
3M US L + 1.00%,
10/01/2023^(a)		3,400,000		3,408,021
Nutrition & Biosciences, Inc.
0.70%, 09/15/2022^(c)		1,500,000		1,503,500
Total Chemicals				4,911,521
Commercial Finance (1.33%)
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust
3.15%, 02/15/2024		1,255,000		1,319,424
6.50%, 07/15/2025		600,000		706,426

See Notes to Financial Statements.

54 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Avolon Holdings Funding, Ltd.
3.63%, 05/01/2022^(c)	$	730,000	$	745,410
4.25%, 04/15/2026^(c)		350,000		373,561
Park Aerospace Holdings, Ltd.
5.25%, 08/15/2022^(c)		2,121,000		2,217,484
Total Commercial Finance				5,362,305

Consumer Finance (3.22%)
Ally Financial, Inc.
1.45%, 10/02/2023		3,730,000		3,791,054
Capital One Bank USA NA
1D US SOFR + 0.616%,
01/27/2023^(a)		300,000		303,440
Capital One Financial Corp.
2.60%, 05/11/2023		400,000		416,398
Fidelity National Information
Services, Inc.
0.38%, 03/01/2023		2,000,000		1,997,238
0.60%, 03/01/2024		2,000,000		1,996,665
OneMain Finance Corp.
6.13%, 05/15/2022		2,000,000		2,097,500
8.88%, 06/01/2025		1,302,000		1,443,104
PayPal Holdings, Inc.
1.35%, 06/01/2023		1,000,000		1,018,917
Total Consumer Finance				13,064,316

Department Stores (0.98%)
Nordstrom, Inc.
2.30%, 04/08/2024^(c)		4,000,000		4,015,278

Diversified Banks (4.58%)
Bank of America Corp.
1D US SOFR + 0.69%,
04/22/2025^(a)		4,000,000		4,012,919
3M US L + 1.021%,
04/24/2023^(a)		1,550,000		1,586,767
Barclays PLC
1Y US TI + 0.80%,
12/10/2024^(a)		3,000,000		3,006,016
Citigroup, Inc.
4.30%, 11/20/2026		750,000		845,280
1D US SOFR + 0.669%,
05/01/2025^(a)		2,000,000		2,007,413
JPMorgan Chase & Co.
1D US SOFR + 0.60%,
09/16/2024^(a)		2,500,000		2,504,849
1D US SOFR + 1.46%,
06/01/2024^(a)		1,500,000		1,529,233
Mizuho Financial Group, Inc.
0.87% - 1D US SOFR%,
09/08/2024^(a)		1,000,000		1,003,111
1.25% - 1D US SOFR%,
07/10/2024^(a)		1,000,000		1,011,902
Natwest Group PLC
1Y US TI + 2.15%,
05/22/2024^(a)		1,000,000		1,032,839
Total Diversified Banks				18,540,329

	Principal		Value
	Amount		(Note 2)
Electrical Equipment Manufacturing (0.27%)
Otis Worldwide Corp.
3M US L + 0.45%,
04/05/2023^(a)	$	100,000	$	99,972
Siemens Financieringsmaatschappij
NV
0.40%, 03/11/2023^(c)		1,000,000		1,002,451
Total Electrical Equipment Manufacturing				1,102,423
Entertainment Content (0.06%)
Fox Corp.
3.67%, 01/25/2022		250,000		256,066

Exploration & Production (0.74%)
Diamondback Energy, Inc.
0.90%, 03/24/2023		3,000,000		3,001,456

Financial Services (7.51%)
Ameriprise Financial, Inc.
3.00%, 03/22/2022		250,000		256,110
Credit Suisse Group AG
3.57%, 01/09/2023^(c)		4,038,000		4,113,922
Goldman Sachs Group, Inc.
0.52%, 03/08/2023		2,000,000		2,002,196
3M US L + 1.053%,
06/05/2023^(a)		800,000		821,100
Series VAR
1D US SOFR + 0.538%,
11/17/2023^(a)		1,865,000		1,867,805
Series FXD
0.48%, 01/27/2023		3,000,000		3,002,046
Intercontinental Exchange, Inc.
0.70%, 06/15/2023		1,350,000		1,357,749
Series FRN
3M US L + 0.65%,
06/15/2023^(a)		1,350,000		1,351,782
Morgan Stanley
2.75%, 05/19/2022		75,000		76,942
4.88%, 11/01/2022		500,000		532,710
1D US SOFR + 0.455%,
01/25/2024^(a)		3,000,000		2,999,045
1D US SOFR + 0.466%,
11/10/2023^(a)		1,855,000		1,857,544
1D US SOFR + 0.616%,
04/05/2024^(a)		2,000,000		2,005,310
Series GMTN
3.13%, 01/23/2023		550,000		575,962
3.70%, 10/23/2024		1,200,000		1,313,306
Nasdaq, Inc.
0.45%, 12/21/2022		2,000,000		2,000,909
National Securities Clearing Corp.
0.40%, 12/07/2023^(c)		1,980,000		1,980,148
TD Ameritrade Holding Corp.
3M US L + 0.43%,
11/01/2021^(a)		200,000		200,392

See Notes to Financial Statements.

55 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
UBS AG/London
1.75%, 04/21/2022^(c)	$	700,000	$	709,195
UBS Group AG
1Y US TI + 0.83%,
07/30/2024^(a)(c)		1,000,000		1,006,860
USAA Capital Corp.
1.50%, 05/01/2023^(c)		500,000		511,184
Total Financial Services				30,542,217
Food & Beverage (0.69%)
Keurig Dr Pepper, Inc.
0.75%, 03/15/2024		1,000,000		1,000,916
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(c)		1,723,000		1,790,714
Total Food & Beverage				2,791,630
Forest & Paper Products Manufacturing (0.43%)
Georgia-Pacific LLC
0.63%, 05/15/2024^(c)		1,750,000		1,746,258

Hardware (0.25%)
Dell International LLC / EMC Corp.
7.13%, 06/15/2024^(c)		1,000,000		1,028,475

Health Care Facilities & Services (2.96%)
AmerisourceBergen Corp.
0.74%, 03/15/2023		2,000,000		2,005,664
Cigna Corp.
0.61%, 03/15/2024		2,000,000		1,999,226
HCA, Inc.
4.75%, 05/01/2023		1,387,000		1,494,787
5.00%, 03/15/2024		500,000		557,222
Series 1
5.88%, 05/01/2023		1,000,000		1,092,908
Jaguar Holding Co. II / PPD
Development LP
4.63%, 06/15/2025^(c)		4,670,000		4,914,848
Total Health Care Facilities & Services				12,064,655
Homebuilders (0.46%)
Forestar Group, Inc.
3.85%, 05/15/2026^(c)		1,835,000		1,858,231

Industrial Other (0.62%)
Element Fleet Management Corp.
1.60%, 04/06/2024^(c)		1,470,000		1,487,498
Honeywell International, Inc.
3M US L + 0.23%,
08/19/2022^(a)		1,000,000		1,000,707
Total Industrial Other				2,488,205
Leisure Products Manufacturing (0.51%)
Mattel, Inc.
3.15%, 03/15/2023		2,000,000		2,057,750

	Principal		Value
	Amount		(Note 2)
Managed Care (0.25%)
Anthem, Inc.
0.45%, 03/15/2023	$	1,000,000	$	1,001,745

Medical Equipment & Devices Manufacturing (1.06%)
Illumina, Inc.
0.55%, 03/23/2023		2,000,000		2,000,815
Zimmer Biomet Holdings, Inc.
3.38%, 11/30/2021		2,300,000		2,322,411
Total Medical Equipment & Devices Manufacturing				4,323,226
Metals & Mining (1.45%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		5,592,000		5,878,859

Pharmaceuticals (5.05%)
AbbVie, Inc.
2.15%, 11/19/2021		500,000		504,958
2.30%, 11/21/2022		1,286,000		1,323,854
2.60%, 11/21/2024		500,000		529,747
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(c)		1,600,000		1,635,648
7.00%, 03/15/2024^(c)		2,925,000		3,002,790
Elanco Animal Health, Inc.
4.91%, 08/27/2021		4,068,000		4,113,337
Utah Acquisition Sub, Inc.
3.15%, 06/15/2021		1,987,000		1,991,247
Viatris, Inc.
1.13%, 06/22/2022^(c)		5,635,000		5,672,901
Zoetis, Inc.
3.25%, 08/20/2021		1,655,000		1,669,471
Total Pharmaceuticals				20,443,953
Pipeline (2.79%)
Buckeye Partners LP
4.15%, 07/01/2023		340,000		352,963
4.35%, 10/15/2024		750,000		785,156
Energy Transfer LP / Regency
Energy Finance Corp.
5.88%, 03/01/2022		1,390,000		1,431,875
Gray Oak Pipeline LLC
2.00%, 09/15/2023^(c)		1,749,000		1,784,271
Midwest Connector Capital Co. LLC
3.63%, 04/01/2022^(c)		4,000,000		4,059,179
3.90%, 04/01/2024^(c)		775,000		806,608
Western Midstream Operating LP
4.35%, 02/01/2025		250,000		264,688
3M US L + 2.10%,
01/13/2023^(a)		1,849,000		1,831,110
Total Pipeline				11,315,850
Power Generation (0.96%)
Alexander Funding Trust
1.84%, 11/15/2023^(c)		3,369,000		3,417,162
NRG Energy, Inc.
2.00%, 12/02/2025^(c)		500,000		503,669
Total Power Generation				3,920,831

See Notes to Financial Statements.

56 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Railroad (0.57%)
Westinghouse Air Brake
Technologies Corp.
3.20%, 06/15/2025	$	2,169,000	$	2,315,868

Real Estate (0.66%)
GLP Capital LP / GLP Financing II, Inc.
5.38%, 11/01/2023		620,000		683,063
Public Storage
1D US SOFR + 0.47%,
04/23/2024^(a)		2,000,000		2,002,195
Total Real Estate				2,685,258
Refining & Marketing (2.11%)
HollyFrontier Corp.
2.63%, 10/01/2023		2,000,000		2,071,862
Phillips 66
3M US L + 0.62%,
02/15/2024^(a)		1,865,000		1,868,566
Valero Energy Corp.
3M US L + 1.15%,
09/15/2023^(a)		4,594,000		4,605,569
Total Refining & Marketing				8,545,997
Restaurants (0.77%)
1011778 BC ULC / New Red
Finance, Inc.
4.25%, 05/15/2024^(c)		1,710,000		1,734,487
Yum! Brands, Inc.
7.75%, 04/01/2025^(c)		1,250,000		1,367,188
Total Restaurants				3,101,675
Retail - Consumer Discretionary (1.06%)
Gap, Inc.
8.38%, 05/15/2023^(c)		500,000		569,375
8.63%, 05/15/2025^(c)		2,147,000		2,378,769
QVC, Inc.
4.38%, 03/15/2023		1,250,000		1,323,131
Total Retail - Consumer Discretionary				4,271,275
Semiconductors (0.90%)
Microchip Technology, Inc.
0.97%, 02/15/2024^(c)		1,000,000		999,113
3.92%, 06/01/2021		2,647,000		2,653,924
Total Semiconductors				3,653,037
Software & Services (1.47%)
Intuit, Inc.
0.65%, 07/15/2023		1,000,000		1,008,160
Roper Technologies, Inc.
0.45%, 08/15/2022		1,365,000		1,367,043
Verisk Analytics, Inc.
5.80%, 05/01/2021		3,581,000		3,581,000
Total Software & Services				5,956,203

	Principal		Value
	Amount		(Note 2)
Supermarkets & Pharmacies (1.31%)
7-Eleven, Inc.
0.63%, 02/10/2023^(c)	$	500,000	$	500,573
0.80%, 02/10/2024^(c)		2,000,000		1,998,018
3M US L + 0.45%,
08/10/2022^(a)(c)		1,500,000		1,500,975
Albertsons Cos. Inc / Safeway, Inc.
/ New Albertsons LP /
Albertsons LLC
3.50%, 02/15/2023^(c)		1,271,000		1,308,380
Total Supermarkets & Pharmacies				5,307,946
Transportation & Logistics (0.50%)
PACCAR Financial Corp.
0.35%, 08/11/2023		1,000,000		998,557
0.80%, 06/08/2023		1,000,000		1,009,377
Total Transportation & Logistics				2,007,934
Utilities (5.75%)
Atmos Energy Corp.
3M US L + 0.38%,
03/09/2023^(a)		1,795,000		1,796,107
CenterPoint Energy Resources
Corp.
0.70%, 03/02/2023		500,000		500,344
Dominion Energy, Inc.
2.72%, 08/15/2021^(b)		2,028,000		2,041,439
Duke Energy Progress LLC
Series A
3M US L + 0.18%,
02/18/2022^(a)		500,000		499,961
Exelon Corp.
3.50%, 06/01/2022		435,000		448,234
NextEra Energy Capital Holdings, Inc.
0.65%, 03/01/2023		4,000,000		4,013,501
ONE Gas, Inc.
0.85%, 03/11/2023		3,000,000		3,002,976
Pacific Gas and Electric Co.
1.37%, 03/10/2023		1,000,000		1,000,425
3M US L + 1.38%,
11/15/2021^(a)		3,950,000		3,963,351
Southern California Edison Co.
0.70%, 04/03/2023		3,000,000		3,006,157
WEC Energy Group, Inc.
0.80%, 03/15/2024		3,000,000		3,006,331
Total Utilities				23,278,826
Waste & Environment Services & Equipment (0.18%)
GFL Environmental, Inc.
4.25%, 06/01/2025^(c)		700,000		722,313

Wireless Telecommunications Services (1.12%)
AT&T, Inc.
0.90%, 03/25/2024		2,000,000		2,004,884
Sprint Corp.
7.88%, 09/15/2023		2,239,000		2,555,259
Total Wireless Telecommunications Services				4,560,143

See Notes to Financial Statements.

57 | April 30, 2021

ALPS \| Smith Short Duration Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Wireline Telecommunications Services (1.98%)
Lumen Technologies, Inc.
Series S
6.45%, 06/15/2021	$	6,000,000	$	6,036,000
NTT Finance Corp.
0.37%, 03/03/2023^(c)		2,000,000		2,001,971
Total Wireline Telecommunications Services				8,037,971
TOTAL CORPORATE BONDS
(Cost $297,769,402)				299,727,375

GOVERNMENT BONDS (19.47%)
U.S. Treasury Bonds (19.47%)
United States Treasury Notes
0.13%, 09/30/2022		10,960,000		10,964,281
0.13%, 11/30/2022		10,905,000		10,906,278
0.13%, 12/31/2022		16,502,000		16,500,067
0.13%, 01/31/2023		9,634,000		9,631,742
0.13%, 02/28/2023		11,032,000		11,027,906
0.13%, 03/31/2023		12,106,000		12,100,325
0.13%, 04/30/2023		3,976,000		3,973,282
0.38%, 04/15/2024		3,855,000		3,859,969
Total U.S. Treasury Bonds				78,963,850
TOTAL GOVERNMENT BONDS
(Cost $78,965,172)				78,963,850

MUNICIPAL BONDS (0.07%)
State of Michigan
1.80%, 05/01/2021		285,000		285,000

TOTAL MUNICIPAL BONDS
(Cost $285,000)				285,000

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT TERM INVESTMENTS (2.96%)
Money Market Fund (2.96%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio		0.030	%		12,012,510		12,012,510

TOTAL SHORT TERM INVESTMENTS
(Cost $12,012,510)							12,012,510

TOTAL INVESTMENTS (100.69%)
(Cost $406,332,738)						$	408,424,474

Liabilities In Excess Of Other Assets (-0.69%)							(2,785,606	)

NET ASSETS (100.00%)						$	405,638,868

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of April 30, 2021 was 0.11%

3M US L - 3 Month LIBOR as of April 30, 2021 was 0.18%

1D US SOFR - 1 Day SOFR as of April 30, 2021 was 0.01%

1Y US TI - 1 Year US Treasury Index as of April 30, 2021 was 0.05%

10Y US TI - 10 Year US Treasury Index as of April 30, 2021 was 1.65%

^(a)

Floating or variable rate security. The reference rate is described above. The rate in effect as of April 30, 2021 is based on the reference rate plus the displayed spread as of the security's last reset date.

^(b)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of April 30, 2021.

^(c)

See Notes to Financial Statements.

58 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (8.11%)
Fannie Mae
Series 1993-31, Class PN,
7.000%, 09/25/2023	$	180,877	$	190,349
Series 1997-22, Class F,
0.795%, 03/25/2027^(a)		23,412		23,454
Series 1997-76, Class FO,
1M US L + 0.50%,
09/17/2027^(a)		23,374		23,452
Series 1999-58, Class F,
1M US L + 0.40%,
11/18/2029^(a)		62,445		62,639
Series 2000-40, Class FA,
1M US L + 0.50%,
07/25/2030^(a)		21,868		21,743
Series 2000-45, Class F,
1M US L + 0.45%,
12/25/2030^(a)		23,806		23,919
Series 2001-27, Class F,
1M US L + 0.50%,
06/25/2031^(a)		17,394		17,482
Series 2001-29, Class Z,
6.500%, 07/25/2031		68,036		78,745
Series 2001-51, Class OD,
6.500%, 10/25/2031		53,276		56,784
Series 2001-52, Class XZ,
6.500%, 10/25/2031		38,437		45,224
Series 2001-59, Class F,
1M US L + 0.60%,
11/25/2031^(a)		148,143		149,947
Series 2001-60, Class OF,
1M US L + 0.95%,
10/25/2031^(a)		17,750		18,186
Series 2001-63, Class FD,
1M US L + 0.60%,
12/18/2031^(a)		20,792		20,961
Series 2001-63, Class TC,
6.000%, 12/25/2031		27,844		32,125
Series 2001-68, Class PH,
6.000%, 12/25/2031		23,917		27,507
Series 2001-71, Class FE,
1M US L + 0.65%,
11/25/2031^(a)		99,781		101,069
Series 2001-71, Class FS,
1M US L + 0.60%,
11/25/2031^(a)		81,600		80,782
Series 2001-81, Class GE,
6.000%, 01/25/2032		20,416		23,612
Series 2002-11, Class JF,
1M US L + 0.73%,
03/25/2032^(a)		62,756		63,750
Series 2002-12, Class FH,
1M US L + 1.05%,
01/25/2032^(a)		71,548		73,287

	Principal		Value
	Amount		(Note 2)
Series 2002-13, Class FE,
1M US L + 0.90%,
03/25/2032^(a)	$	75,544	$	76,849
Series 2002-16, Class TM,
7.000%, 04/25/2032		17,434		20,539
Series 2002-17, Class JF,
1M US L + 1.00%,
04/25/2032^(a)		37,616		38,500
Series 2002-18, Class FD,
1M US L + 0.80%,
02/25/2032^(a)		65,775		67,037
Series 2002-23, Class FA,
1M US L + 0.90%,
04/25/2032^(a)		57,270		58,657
Series 2002-34, Class EO,
–%, 05/18/2032^(b)		71,065		68,929
Series 2002-36, Class FS,
1M US L + 0.50%,
06/25/2032^(a)		59,033		59,257
Series 2002-44, Class FJ,
1M US L + 1.00%,
04/25/2032^(a)		100,830		103,204
Series 2002-47, Class FC,
1M US L + 0.60%,
11/25/2031^(a)		19,551		19,747
Series 2002-48, Class F,
1M US L + 1.00%,
07/25/2032^(a)		63,839		65,361
Series 2002-49, Class FC,
1M US L + 1.00%,
11/18/2031^(a)		40,497		41,476
Series 2002-60, Class FV,
1M US L + 1.00%,
04/25/2032^(a)		139,626		142,945
Series 2002-63, Class EZ,
6.000%, 10/25/2032		11,164		12,859
Series 2002-68, Class AF,
1M US L + 1.00%,
10/25/2032^(a)		28,126		28,796
Series 2002-7, Class FC,
1M US L + 0.75%,
01/25/2032^(a)		82,675		84,098
Series 2002-71, Class AQ,
4.000%, 11/25/2032		78,403		84,757
Series 2002-8, Class FA,
1M US L + 0.75%,
03/18/2032^(a)		25,290		25,799
Series 2002-80, Class CZ,
4.500%, 09/25/2032		91,819		106,750
Series 2002-9, Class FW,
1M US L + 0.55%,
03/25/2032^(a)		19,925		19,883
Series 2002-91, Class F,
1M US L + 0.55%,
01/25/2033^(a)		30,645		30,926

See Notes to Financial Statements.

59 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2003-107, Class FD,
1M US L + 0.50%,
11/25/2033^(a)	$	19,418	$	19,583
Series 2003-110, Class CK,
3.000%, 11/25/2033		34,622		36,705
Series 2003-116, Class FA,
1M US L + 0.40%,
11/25/2033^(a)		40,577		40,803
Series 2003-119, Class FH,
1M US L + 0.50%,
12/25/2033^(a)		52,646		53,376
Series 2003-119, Class ZP,
4.000%, 12/25/2033		30,071		32,616
Series 2003-128, Class MF,
1M US L + 0.60%,
01/25/2034^(a)		81,862		81,076
Series 2003-131, Class CH,
5.500%, 01/25/2034		125,779		140,506
Series 2003-134, Class FC,
1M US L + 0.60%,
12/25/2032^(a)		43,869		44,620
Series 2003-14, Class AP,
4.000%, 03/25/2033		148,291		154,820
Series 2003-14, Class AN,
3.500%, 03/25/2033		98,860		103,207
Series 2003-19, Class MB,
4.000%, 05/25/2031		53,836		59,110
Series 2003-21, Class OG,
4.000%, 01/25/2033		49,831		53,478
Series 2003-22, Class BZ,
6.000%, 04/25/2033		28,389		32,685
Series 2003-27, Class EK,
5.000%, 04/25/2033		38,414		44,221
Series 2003-30, Class JQ,
5.500%, 04/25/2033		39,294		44,836
Series 2003-32, Class UJ,
5.500%, 05/25/2033		56,372		63,704
Series 2003-41, Class OZ,
3.750%, 05/25/2033		122,623		132,527
Series 2003-42, Class JH,
5.500%, 05/25/2033		108,948		122,224
Series 2003-46, Class PJ,
5.500%, 06/25/2033		50,771		56,989
Series 2003-47, Class PE,
5.750%, 06/25/2033		51,099		58,598
Series 2003-64, Class JK,
3.500%, 07/25/2033		75,787		82,796
Series 2003-64, Class ZC,
5.000%, 07/25/2033		43,281		49,566
Series 2003-71, Class HD,
5.500%, 08/25/2033		230,000		253,304
Series 2003-76, Class EZ,
5.000%, 08/25/2033		199,070		220,724
Series 2003-94, Class CE,
5.000%, 10/25/2033		17,354		18,844

	Principal		Value
	Amount		(Note 2)
Series 2004-101, Class TB,
5.500%, 01/25/2035	$	167,285	$	187,228
Series 2004-14, Class QB,
5.250%, 03/25/2034		192,000		217,026
Series 2004-17, Class BA,
6.000%, 04/25/2034		118,388		144,805
Series 2004-17, Class DZ,
5.500%, 04/25/2034		38,891		43,217
Series 2004-26, Class CG,
4.500%, 08/25/2033		19,104		19,823
Series 2004-36, Class FA,
1M US L + 0.40%,
05/25/2034^(a)		42,611		42,845
Series 2004-36, Class CB,
5.000%, 05/25/2034		108,662		121,995
Series 2004-53, Class FC,
1M US L + 0.45%,
07/25/2034^(a)		267,077		262,228
Series 2004-54, Class FL,
1M US L + 0.40%,
07/25/2034^(a)		190,936		192,640
Series 2004-60, Class AC,
5.500%, 04/25/2034		108,000		119,642
Series 2004-68, Class LC,
5.000%, 09/25/2029		59,310		66,303
Series 2004-77, Class AY,
4.500%, 10/25/2034		25,796		28,843
Series 2004-82, Class HK,
5.500%, 11/25/2034		72,147		83,822
Series 2004-92, Class TB,
5.500%, 12/25/2034		116,735		130,724
Series 2005-110, Class MP,
5.500%, 12/25/2035		34,708		39,006
Series 2005-120, Class FE,
1M US L + 0.52%,
01/25/2036^(a)		31,804		32,327
Series 2005-122, Class PY,
6.000%, 01/25/2036		324,000		374,360
Series 2005-17, Class EX,
5.250%, 03/25/2035		25,000		29,073
Series 2005-17, Class EZ,
4.500%, 03/25/2035		144,696		153,850
Series 2005-22, Class DA,
5.500%, 12/25/2034		6,424		6,477
Series 2005-29, Class ZA,
5.500%, 04/25/2035		90,730		101,439
Series 2005-3, Class CH,
5.250%, 02/25/2035		105,147		115,955
Series 2005-3, Class CP,
5.500%, 10/25/2034		469		458
Series 2005-35, Class DZ,
5.000%, 04/25/2035		207,204		234,813
Series 2005-48, Class TD,
5.500%, 06/25/2035		166,613		187,981

See Notes to Financial Statements.

60 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2005-59, Class DF,
1M US L + 0.20%,
05/25/2035^(a)	$	4,271	$	4,282
Series 2005-62, Class GZ,
5.750%, 07/25/2035		481,924		573,828
Series 2005-62, Class JC,
5.000%, 05/25/2035		8,744		9,032
Series 2005-62, Class ZD,
5.000%, 06/25/2035		110,172		117,883
Series 2005-62, Class JE,
5.000%, 06/25/2035		80,329		82,974
Series 2005-64, Class PL,
5.500%, 07/25/2035		133,879		151,587
Series 2005-68, Class CZ,
5.500%, 08/25/2035		469,541		535,824
Series 2005-68, Class BE,
5.250%, 08/25/2035		97,000		111,197
Series 2005-68, Class PG,
5.500%, 08/25/2035		47,459		54,170
Series 2005-69, Class GZ,
4.500%, 08/25/2035		60,455		63,911
Series 2005-7, Class MZ,
4.750%, 02/25/2035		98,869		105,867
Series 2005-70, Class NA,
5.500%, 08/25/2035		20,074		22,374
Series 2005-70, Class KP,
5.000%, 06/25/2035		70,789		79,429
Series 2005-72, Class FB,
1M US L + 0.25%,
08/25/2035^(a)		26,250		26,323
Series 2005-79, Class DB,
5.500%, 09/25/2035		96,147		107,441
Series 2005-84, Class XM,
5.750%, 10/25/2035		82,471		93,612
Series 2005-89, Class F,
1M US L + 0.30%,
10/25/2035^(a)		33,007		32,459
Series 2005-99, Class FA,
1M US L + 0.30%,
11/25/2035^(a)		50,625		50,765
Series 2005-99, Class ZA,
5.500%, 12/25/2035		104,862		127,955
Series 2006-112, Class QC,
5.500%, 11/25/2036		31,146		36,408
Series 2006-114, Class HE,
5.500%, 12/25/2036		132,505		154,599
Series 2006-115, Class EF,
1M US L + 0.36%,
12/25/2036^(a)		23,491		23,134
Series 2006-16, Class HZ,
5.500%, 03/25/2036		496,223		556,791
Series 2006-39, Class EF,
1M US L + 0.40%,
05/25/2036^(a)		23,667		23,257

	Principal		Value
	Amount		(Note 2)
Series 2006-46, Class UD,
5.500%, 06/25/2036	$	33,000	$	38,698
Series 2006-48, Class TF,
1M US L + 0.40%,
06/25/2036^(a)		48,057		48,552
Series 2006-48, Class DZ,
6.000%, 06/25/2036		78,140		112,248
Series 2006-56, Class F,
1M US L + 0.30%,
07/25/2036^(a)		18,598		18,686
Series 2006-63, Class QH,
5.500%, 07/25/2036		45,257		52,071
Series 2006-71, Class ZH,
6.000%, 07/25/2036		64,423		76,100
Series 2006-95, Class FH,
1M US L + 0.45%,
10/25/2036^(a)		41,319		40,849
Series 2007-100, Class YF,
1M US L + 0.55%,
10/25/2037^(a)		23,332		23,215
Series 2007-109, Class GF,
1M US L + 0.68%,
12/25/2037^(a)		72,738		72,729
Series 2007-111, Class FC,
1M US L + 0.60%,
12/25/2037^(a)		48,944		49,769
Series 2007-117, Class FM,
1M US L + 0.70%,
01/25/2038^(a)		74,186		76,104
Series 2007-12, Class ZA,
6.000%, 03/25/2037		141,639		177,465
Series 2007-14, Class GZ,
5.500%, 03/25/2037		396,213		448,971
Series 2007-30, Class MB,
4.250%, 04/25/2037		96,184		102,083
Series 2007-33, Class HE,
5.500%, 04/25/2037		62,026		70,199
Series 2007-34, Class F,
1M US L + 0.39%,
04/25/2037^(a)		39,720		40,126
Series 2007-41, Class FA,
1M US L + 0.40%,
05/25/2037^(a)		32,496		32,787
Series 2007-51, Class CP,
5.500%, 06/25/2037		40,097		45,801
Series 2007-51, Class PB,
5.500%, 06/25/2037		32,000		36,285
Series 2007-55, Class PH,
6.000%, 06/25/2047		557,718		663,951
Series 2007-57, Class FA,
1M US L + 0.23%,
06/25/2037^(a)		36,823		36,920
Series 2007-6, Class FC,
1M US L + 0.42%,
02/25/2037^(a)		51,863		52,368

See Notes to Financial Statements.

61 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2007-63, Class FC,
1M US L + 0.35%,
07/25/2037^(a)	$	31,363	$	31,574
Series 2007-65, Class ZE,
5.500%, 07/25/2037		191,903		210,765
Series 2007-65, Class KF,
1M US L + 0.38%,
07/25/2037^(a)		64,441		63,512
Series 2007-70, Class FA,
1M US L + 0.35%,
07/25/2037^(a)		43,158		42,376
Series 2007-85, Class FL,
1M US L + 0.54%,
09/25/2037^(a)		50,384		51,347
Series 2007-85, Class FC,
1M US L + 0.54%,
09/25/2037^(a)		144,141		146,210
Series 2007-86, Class FA,
1M US L + 0.45%,
09/25/2037^(a)		47,480		47,897
Series 2007-9, Class FB,
1M US L + 0.35%,
03/25/2037^(a)		34,885		34,468
Series 2008-18, Class FA,
1M US L + 0.90%,
03/25/2038^(a)		186,393		186,324
Series 2008-24, Class WD,
5.500%, 02/25/2038		124,095		142,447
Series 2008-25, Class EF,
1M US L + 0.95%,
04/25/2038^(a)		66,018		67,865
Series 2008-46, Class LA,
5.500%, 06/25/2038		15,939		17,955
Series 2008-66, Class FT,
1M US L + 0.95%,
08/25/2038^(a)		36,938		37,890
Series 2008-86, Class FC,
1M US L + 1.10%,
12/25/2038^(a)		318,488		319,397
Series 2009-10, Class AB,
5.000%, 03/25/2024		78,785		81,484
Series 2009-103, Class FM,
1M US L + 0.70%,
11/25/2039^(a)		66,788		67,821
Series 2009-104, Class FA,
1M US L + 0.80%,
12/25/2039^(a)		60,647		58,990
Series 2009-11, Class MP,
7.000%, 03/25/2049		192,898		228,693
Series 2009-110, Class FG,
1M US L + 0.75%,
01/25/2040^(a)		157,868		161,229
Series 2009-111, Class CY,
5.000%, 03/25/2038		133,000		151,732
Series 2009-36, Class MX,
5.000%, 06/25/2039		58,000		67,512

	Principal		Value
	Amount		(Note 2)
Series 2009-47, Class BN,
4.500%, 07/25/2039	$	54,679	$	59,757
Series 2009-62, Class WA,
5.571%, 08/25/2039^(a)		95,494		107,096
Series 2009-68, Class FD,
1M US L + 1.25%,
09/25/2039^(a)		64,415		65,675
Series 2009-70, Class CO,
–%, 01/25/2037^(b)		112,246		102,043
Series 2009-70, Class FA,
1M US L + 1.20%,
09/25/2039^(a)		41,802		42,300
Series 2009-86, Class OT,
–%, 10/25/2037^(b)		50,497		44,886
Series 2009-87, Class FG,
1M US L + 0.75%,
11/25/2039^(a)		71,493		72,809
Series 2009-90, Class UZ,
4.500%, 11/25/2039		586,672		681,663
Series 2010-1, Class WA,
6.211%, 02/25/2040^(a)		30,666		35,059
Series 2010-102, Class HA,
4.000%, 09/25/2050		70,232		76,746
Series 2010-103, Class DZ,
4.500%, 09/25/2040		196,984		235,006
Series 2010-103, Class PJ,
4.500%, 09/25/2040		50,000		55,062
Series 2010-111, Class FC,
1M US L + 0.52%,
10/25/2040^(a)		78,047		77,406
Series 2010-118, Class GF,
1M US L + 0.55%,
10/25/2039^(a)		81,484		81,881
Series 2010-118, Class LZ,
4.750%, 10/25/2040		54,233		58,390
Series 2010-122, Class JA,
7.000%, 07/25/2040		46,934		52,562
Series 2010-123, Class KU,
4.500%, 11/25/2040		224,836		246,354
Series 2010-123, Class FL,
1M US L + 0.43%,
11/25/2040^(a)		30,598		30,906
Series 2010-129, Class PZ,
4.500%, 11/25/2040		91,542		95,915
Series 2010-137, Class XP,
4.500%, 10/25/2040		47,473		48,071
Series 2010-14, Class FJ,
1M US L + 0.60%,
03/25/2040^(a)		67,245		67,914
Series 2010-141, Class AL,
4.000%, 12/25/2040		78,480		81,530
Series 2010-141, Class FB,
1M US L + 0.47%,
12/25/2040^(a)		62,185		63,085
Series 2010-141, Class MN,
4.000%, 12/25/2040		90,000		99,115

See Notes to Financial Statements.

62 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2010-142, Class FM,
1M US L + 0.47%,
12/25/2040^(a)	$	23,994	$	24,388
Series 2010-158, Class KF,
1M US L + 0.50%,
04/25/2040^(a)		42,303		42,441
Series 2010-16, Class PL,
5.000%, 03/25/2040		71,000		84,021
Series 2010-33, Class KN,
4.500%, 03/25/2040		91,514		97,894
Series 2010-37, Class CY,
5.000%, 04/25/2040		56,469		64,263
Series 2010-38, Class KD,
4.500%, 09/25/2039		16,054		16,452
Series 2010-39, Class EF,
1M US L + 0.52%,
06/25/2037^(a)		58,380		59,312
Series 2010-45, Class WD,
5.000%, 05/25/2040		180,000		208,268
Series 2010-54, Class LX,
5.000%, 06/25/2040		272,000		321,178
Series 2010-58, Class FY,
1M US L + 0.73%,
06/25/2040^(a)		75,699		75,691
Series 2010-64, Class DM,
5.000%, 06/25/2040		71,696		81,010
Series 2010-67, Class BD,
4.500%, 06/25/2040		591,993		652,968
Series 2010-68, Class WB,
4.500%, 07/25/2040		45,000		50,938
Series 2010-82, Class WZ,
5.000%, 08/25/2040		341,962		409,436
Series 2010-9, Class ME,
5.000%, 02/25/2040		1,167,000		1,369,469
Series 2011-104, Class KH,
2.000%, 03/25/2039		8,362		8,459
Series 2011-114, Class B,
3.500%, 11/25/2041		273,451		295,850
Series 2011-121, Class JP,
4.500%, 12/25/2041		171,504		180,419
Series 2011-130, Class KB,
4.000%, 12/25/2041		82,790		90,338
Series 2011-132, Class PE,
4.500%, 12/25/2041		46,680		51,431
Series 2011-145, Class JA,
4.500%, 12/25/2041		33,455		35,180
Series 2011-15, Class AF,
1M US L + 0.51%,
03/25/2041^(a)		37,220		37,320
Series 2011-17, Class PD,
4.000%, 03/25/2041		14,364		15,031
Series 2011-26, Class PA,
4.500%, 04/25/2041		158,109		175,054
Series 2011-27, Class ZD,
2.500%, 09/25/2040		156,937		159,729

	Principal		Value
	Amount		(Note 2)
Series 2011-3, Class FA,
1M US L + 0.68%,
02/25/2041^(a)	$	252,248	$	250,074
Series 2011-43, Class B,
3.500%, 05/25/2031		34,139		37,162
Series 2011-45, Class ZA,
4.000%, 05/25/2031		33,497		36,385
Series 2011-47, Class GF,
1M US L + 0.57%,
06/25/2041^(a)		157,988		156,783
Series 2011-5, Class PO,
–%, 09/25/2040^(b)		14,940		12,357
Series 2011-55, Class BZ,
3.500%, 06/25/2041		305,472		334,659
Series 2011-74, Class UB,
4.000%, 07/25/2040		273,265		294,344
Series 2011-75, Class HP,
2.500%, 07/25/2040		30,109		30,622
Series 2011-86, Class AF,
1M US L + 0.50%,
02/25/2040^(a)		53,683		53,628
Series 2011-86, Class NF,
1M US L + 0.55%,
09/25/2041^(a)		38,371		39,042
Series 2011-93, Class GA,
4.000%, 04/25/2039		39,389		41,865
Series 2011-93, Class ST,
4.000%, 09/25/2041		32,551		35,490
Series 2012-100, Class DB,
3.000%, 09/25/2042		150,000		152,768
Series 2012-111, Class B,
7.000%, 10/25/2042		129,291		156,498
Series 2012-120, Class AH,
2.500%, 02/25/2032		73,657		75,936
Series 2012-125, Class KZ,
3.000%, 11/25/2042		20,879		19,811
Series 2012-128, Class NP,
2.500%, 11/25/2042		32,115		32,052
Series 2012-129, Class HT,
2.000%, 12/25/2032		74,796		71,952
Series 2012-13, Class JP,
4.500%, 02/25/2042		843,043		889,793
Series 2012-131, Class FG,
1M US L + 0.35%,
09/25/2042^(a)		25,378		24,807
Series 2012-137, Class CF,
1M US L + 0.30%,
08/25/2041^(a)		54,267		54,222
Series 2012-139, Class GB,
2.500%, 12/25/2042		210,538		185,455
Series 2012-14, Class FL,
1M US L + 0.45%,
12/25/2040^(a)		12,156		12,208
Series 2012-14, Class MH,
2.000%, 12/25/2040		48,380		49,146

See Notes to Financial Statements.

63 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2012-144, Class JT,
2.500%, 06/25/2042	$	3,065	$	2,977
Series 2012-149, Class DA,
1.750%, 01/25/2043		47,798		48,659
Series 2012-149, Class KB,
3.000%, 01/25/2043		144,000		148,849
Series 2012-149, Class ZA,
3.000%, 01/25/2041		220,511		227,395
Series 2012-152, Class PB,
3.500%, 01/25/2043		55,000		58,902
Series 2012-20, Class TD,
4.500%, 02/25/2042		135,325		141,236
Series 2012-33, Class F,
1M US L + 0.52%,
04/25/2042^(a)		54,742		54,053
Series 2012-37, Class BF,
1M US L + 0.50%,
12/25/2035^(a)		79,033		80,254
Series 2012-46, Class YB,
3.500%, 05/25/2042		91,337		90,831
Series 2012-47, Class HF,
1M US L + 0.40%,
05/25/2027^(a)		112,506		112,245
Series 2012-49, Class TG,
2.000%, 07/25/2041		184,681		189,276
Series 2012-50, Class HC,
2.000%, 03/25/2042		80,724		82,634
Series 2012-56, Class WB,
3.500%, 05/25/2042		100,000		104,724
Series 2012-56, Class UB,
4.000%, 06/25/2042		416,000		451,352
Series 2012-70, Class WC,
3.000%, 07/25/2042		122,000		115,376
Series 2012-80, Class GZ,
3.000%, 08/25/2042		561,969		582,711
Series 2012-82, Class E,
2.000%, 04/25/2042		56,612		58,542
Series 2012-83, Class LD,
2.000%, 04/25/2041		154,885		157,393
Series 2012-83, Class AC,
3.000%, 08/25/2042		50,000		51,071
Series 2012-94, Class KF,
1M US L + 0.35%,
05/25/2038^(a)		23,818		23,864
Series 2012-98, Class ZP,
6.000%, 09/25/2042		587,947		790,961
Series 2012-99, Class LA,
3.500%, 06/25/2042		199,516		200,643
Series 2013-100, Class DH,
3.000%, 09/25/2031		96,843		99,060
Series 2013-104, Class CY,
5.000%, 10/25/2043		50,000		58,988
Series 2013-108, Class GU,
3.000%, 10/25/2033		55,000		58,190

	Principal		Value
	Amount		(Note 2)
Series 2013-111, Class PA,
2.000%, 12/25/2042	$	156,703	$	157,276
Series 2013-114, Class LM,
4.000%, 03/25/2042		300,000		326,242
Series 2013-129, Class WL,
2.000%, 12/25/2027		18,722		19,076
Series 2013-13, Class WA,
2.500%, 07/25/2042		36,442		35,031
Series 2013-130, Class FB,
1M US L + 0.45%,
01/25/2044^(a)		65,117		65,794
Series 2013-136, Class QB,
3.500%, 03/25/2042		300,000		317,681
Series 2013-17, Class YM,
4.000%, 03/25/2033		22,094		24,324
Series 2013-2, Class QF,
1M US L + 0.50%,
02/25/2043^(a)		24,896		25,149
Series 2013-35, Class CV,
3.000%, 02/25/2043		100,000		106,469
Series 2013-40, Class KD,
1.750%, 04/25/2042		34,944		34,642
Series 2013-52, Class GM,
5.000%, 06/25/2043		89,000		96,364
Series 2013-53, Class CV,
3.500%, 05/25/2030		129,530		134,261
Series 2013-56, Class HB,
2.500%, 06/25/2043		22,278		21,822
Series 2013-68, Class LE,
2.000%, 04/25/2043		165,825		169,666
Series 2013-68, Class P,
3.500%, 10/25/2042		269,697		275,196
Series 2013-72, Class AF,
1M US L + 0.25%,
11/25/2042^(a)		18,289		18,323
Series 2013-72, Class YA,
3.000%, 06/25/2033		25,420		25,315
Series 2013-9, Class CB,
5.500%, 04/25/2042		18,520		21,313
Series 2013-91, Class PB,
4.000%, 09/25/2043		100,000		107,538
Series 2013-98, Class CJ,
2.500%, 07/25/2030		77,417		78,308
Series 2014-12, Class GV,
3.500%, 03/25/2027		125,687		130,015
Series 2014-21, Class MA,
2.000%, 09/25/2041		164,635		169,984
Series 2014-26, Class YW,
3.500%, 04/25/2044		50,538		54,855
Series 2014-3, Class BM,
2.500%, 06/25/2043		50,000		51,354
Series 2014-49, Class CA,
3.000%, 08/25/2044		163,463		173,467

See Notes to Financial Statements.

64 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2014-73, Class FA,
1M US L + 0.35%,
11/25/2044^(a)	$	23,440	$	23,027
Series 2014-81, Class GC,
3.000%, 03/25/2038		74,421		76,431
Series 2014-82, Class LA,
3.000%, 09/25/2039		19,332		19,352
Series 2014-88, Class ER,
2.500%, 02/25/2036		49,940		52,458
Series 2015-31, Class UB,
2.500%, 01/25/2033		114		114
Series 2015-44, Class J,
3.500%, 12/25/2040		230,256		233,681
Series 2015-51, Class CD,
3.000%, 07/25/2044		238,596		249,409
Series 2015-94, Class EP,
3.000%, 07/25/2043		94,860		95,472
Series 2016-14, Class NC,
2.500%, 03/25/2046		2,643,060		2,697,740
Series 2016-27, Class HK,
3.000%, 01/25/2041		451,161		481,882
Series 2016-33, Class LE,
2.500%, 11/25/2033		67,548		70,844
Series 2016-48, Class UF,
1M US L + 0.40%,
08/25/2046^(a)		112,251		110,317
Series 2016-55, Class EA,
1.750%, 07/25/2043		1,182,610		1,184,573
Series 2016-75, Class FC,
1M US L + 0.40%,
10/25/2046^(a)		41,431		40,818
Series 2016-8, Class CB,
3.500%, 03/25/2046		525,000		583,356
Series 2016-85, Class BA,
2.500%, 11/25/2046		29,895		28,755
Series 2016-9, Class D,
3.000%, 03/25/2046		54,031		57,194
Series 2016-91, Class CK,
3.000%, 12/25/2046		26,583		26,353
Series 2016-93, Class LA,
3.000%, 08/25/2042		73,892		74,325
Series 2017-1, Class AP,
3.500%, 05/25/2043		103,479		104,351
Series 2017-1, Class JP,
3.500%, 04/25/2045		295,135		301,513
Series 2017-10, Class FA,
1M US L + 0.40%,
03/25/2047^(a)		50,371		49,552
Series 2017-107, Class GA,
3.000%, 08/25/2045		248,803		252,174
Series 2017-15, Class PE,
3.500%, 04/25/2046		91,070		95,443
Series 2017-15, Class MA,
3.000%, 02/25/2042		18,148		18,138

	Principal		Value
	Amount		(Note 2)
Series 2017-16, Class JA,
3.000%, 02/25/2043	$	26,304	$	26,437
Series 2017-19, Class B,
3.000%, 01/25/2047		122,661		127,414
Series 2017-22, Class DA,
4.000%, 08/25/2044		91,411		94,235
Series 2017-35, Class AH,
3.500%, 04/25/2053		41,878		43,266
Series 2017-38, Class JA,
3.000%, 03/25/2047		232,330		241,549
Series 2017-40, Class GL,
3.500%, 03/25/2043		26,958		27,048
Series 2017-45, Class KD,
3.500%, 02/25/2044		68,804		69,836
Series 2017-46, Class AB,
3.500%, 07/25/2049		75,728		76,969
Series 2017-52, Class KD,
2.750%, 04/25/2044		31,255		31,297
Series 2017-56, Class BA,
3.000%, 03/25/2045		186,319		192,764
Series 2017-59, Class DC,
3.500%, 05/25/2044		135,557		137,458
Series 2017-90, Class VA,
3.500%, 02/25/2029		250,931		251,731
Series 2018-11, Class BC,
3.750%, 05/25/2044		279,847		281,899
Series 2018-16, Class HA,
3.000%, 07/25/2043		75,795		76,798
Series 2018-19, Class KB,
3.000%, 04/25/2046		198,020		203,998
Series 2018-2, Class HD,
3.000%, 02/25/2047		121,042		124,459
Series 2018-24, Class BA,
3.500%, 09/25/2045		169,132		174,260
Series 2018-38, Class PA,
3.500%, 06/25/2047		43,484		45,367
Series 2018-39, Class FG,
1M US L + 0.25%,
11/25/2033^(a)		162,441		163,295
Series 2018-41, Class PZ,
4.000%, 06/25/2048		877,474		995,718
Series 2018-43, Class FE,
1M US L + 0.25%,
09/25/2038^(a)		57,163		55,996
Series 2018-45, Class GA,
3.000%, 06/25/2048		84,899		88,737
Series 2018-5, Class JP,
3.000%, 09/25/2047		119,736		120,515
Series 2018-56, Class CH,
3.000%, 08/25/2048		68,003		71,476
Series 2018-60, Class KL,
4.000%, 08/25/2048		96,000		107,194
Series 2018-67, Class DY,
4.000%, 09/25/2048		304,029		341,845

See Notes to Financial Statements.

65 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2018-77, Class BA,
3.000%, 04/25/2044	$	96,908	$	97,409
Series 2018-83, Class LH,
4.000%, 11/25/2048		51,517		54,300
Series 2018-94, Class KD,
3.500%, 12/25/2048		125,489		131,949
Series 2019-10, Class MA,
3.000%, 03/25/2049		206,089		214,371
Series 2019-13, Class MH,
3.000%, 03/25/2049		1,029,229		1,094,739
Series 2019-37, Class AE,
6.000%, 07/25/2043		751,808		758,529
Series 2019-55, Class MQ,
3.500%, 10/25/2049		1,599,360		1,680,221
Series 2019-56, Class CA,
3.000%, 10/25/2042		33,326		33,292
Series 2019-60, Class BF,
1M US L + 0.45%,
10/25/2049^(a)		29,712		29,896
Series 2019-65, Class HA,
2.500%, 11/25/2049		301,323		311,471
Series 2020-10, Class B,
3.000%, 03/25/2050		648,969		667,089
Series 2020-11, Class EA,
3.000%, 05/25/2043		155,682		156,556
				48,100,887
Freddie Mac
Series 1994-1665, Class KZ,
6.500%, 01/15/2024		5,700		6,088
Series 1996-1863, Class Z,
6.500%, 07/15/2026		11,868		12,619
Series 1997-1935, Class FK,
1M US L + 0.70%,
02/15/2027^(a)		17,939		18,083
Series 1997-1980, Class Z,
7.000%, 07/15/2027		20,251		23,051
Series 1998-2034, Class Z,
6.500%, 02/15/2028		24,425		26,817
Series 1998-2035, Class PC,
6.950%, 03/15/2028		7,212		8,170
Series 1998-2053, Class Z,
6.500%, 04/15/2028		22,950		25,699
Series 1998-2060, Class Z,
6.500%, 05/15/2028		13,875		15,787
Series 1998-2079, Class FA,
1M US L + 0.50%,
07/17/2028^(a)		6,334		6,347
Series 1998-2095, Class PE,
6.000%, 11/15/2028		24,456		27,610
Series 1998-2102, Class Z,
6.000%, 12/15/2028		80,863		91,253
Series 1999-2115, Class FB,
1M US L + 0.45%,
01/15/2029^(a)		46,430		46,579

	Principal		Value
	Amount		(Note 2)
Series 1999-2126, Class CB,
6.250%, 02/15/2029	$	36,830	$	41,090
Series 1999-2137, Class TH,
6.500%, 03/15/2029		8,619		9,844
Series 1999-2154, Class PL,
6.500%, 05/15/2029		37,279		42,813
Series 2000-2224, Class CB,
8.000%, 03/15/2030		9,889		11,572
Series 2001-2274,
Class ZM,
6.500%, 01/15/2031		15,569		17,606
Series 2001-2279, Class Z,
6.000%, 01/15/2031		17,120		19,242
Series 2001-2320, Class FI,
1M US L + 0.50%,
09/15/2029^(a)		45,199		45,461
Series 2001-2322, Class FV,
1M US L + 0.50%,
06/15/2030^(a)		36,554		36,059
Series 2001-2324, Class PZ,
6.500%, 06/15/2031		174,416		205,634
Series 2001-2334, Class KB,
6.500%, 05/15/2028		128,337		144,709
Series 2001-2341, Class FP,
1M US L + 0.90%,
07/15/2031^(a)		43,441		44,402
Series 2001-2367, Class FA,
1M US L + 0.525%,
06/15/2031^(a)		40,565		40,868
Series 2001-2372, Class F,
1M US L + 0.50%,
10/15/2031^(a)		35,152		35,334
Series 2001-2388, Class FR,
1M US L + 0.65%,
06/15/2031^(a)		26,990		27,300
Series 2001-2388, Class FB,
1M US L + 0.60%,
01/15/2029^(a)		31,412		31,672
Series 2001-2391, Class HF,
1M US L + 0.55%,
06/15/2031^(a)		13,920		14,035
Series 2001-2396,
Class FM,
1M US L + 0.45%,
12/15/2031^(a)		58,889		59,078
Series 2001-2396, Class FN,
1M US L + 0.65%,
12/15/2031^(a)		138,842		141,078
Series 2002-2411, Class F,
1M US L + 0.55%,
02/15/2032^(a)		34,284		34,629
Series 2002-2412, Class OF,
1M US L + 0.95%,
12/15/2031^(a)		43,025		44,044

See Notes to Financial Statements.

66 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2002-2417, Class FY,
1M US L + 0.60%,
12/15/2031^(a)	$	13,889	$	13,692
Series 2002-2424, Class FY,
1M US L + 0.45%,
03/15/2032^(a)		69,642		69,856
Series 2002-2430,
Class WF,
6.500%, 03/15/2032		12,419		14,679
Series 2002-2433, Class FA,
1M US L + 0.95%,
02/15/2032^(a)		53,403		54,655
Series 2002-2460, Class FA,
1M US L + 1.00%,
03/15/2032^(a)		93,361		95,530
Series 2002-2466, Class FV,
1M US L + 0.55%,
03/15/2032^(a)		88,274		89,050
Series 2002-2470, Class EF,
1M US L + 1.00%,
03/15/2032^(a)		100,087		101,975
Series 2002-2478, Class FD,
1M US L + 1.00%,
02/15/2032^(a)		28,486		28,595
Series 2002-2481, Class FE,
1M US L + 1.00%,
03/15/2032^(a)		28,281		28,938
Series 2002-2488, Class FU,
1M US L + 0.60%,
03/15/2032^(a)		84,933		84,614
Series 2002-2494, Class F,
1M US L + 1.05%,
06/15/2031^(a)		53,889		55,160
Series 2002-2495, Class ZB,
4.500%, 09/15/2032		52,542		57,836
Series 2002-2510, Class FE,
1M US L + 0.40%,
10/15/2032^(a)		46,953		47,036
Series 2002-2513, Class AF,
1M US L + 1.00%,
02/15/2032^(a)		76,142		77,922
Series 2002-2516, Class FD,
1M US L + 1.00%,
02/15/2032^(a)		72,360		74,091
Series 2002-2517, Class FR,
1M US L + 0.35%,
10/15/2032^(a)		19,850		19,887
Series 2002-2524, Class DH,
6.000%, 11/15/2032		33,000		39,084
Series 2002-2535,
Class AW,
5.500%, 12/15/2032		16,258		18,471
Series 2002-2538, Class F,
1M US L + 0.60%,
12/15/2032^(a)		213,049		216,889

	Principal		Value
	Amount		(Note 2)
Series 2002-2541, Class BL,
5.500%, 12/15/2032	$	63,181	$	69,924
Series 2003-2554,
Class MN,
5.500%, 01/15/2033		67,162		76,672
Series 2003-2557, Class HL,
5.300%, 01/15/2033		141,993		159,774
Series 2003-2557,
Class NU,
5.250%, 03/15/2032		80,947		90,477
Series 2003-2557,
Class WF,
1M US L + 0.40%,
01/15/2033^(a)		46,440		46,615
Series 2003-2568, Class D,
5.500%, 02/15/2033		46,449		51,891
Series 2003-2571, Class FY,
1M US L + 0.75%,
12/15/2032^(a)		30,607		31,244
Series 2003-2587,
Class FW,
1M US L + 0.47%,
03/15/2033^(a)		66,086		65,965
Series 2003-2590, Class OZ,
4.000%, 03/15/2033		236,764		262,124
Series 2003-2590, Class QY,
3.750%, 04/15/2028		17,986		18,771
Series 2003-2614, Class FV,
1M US L + 1.50%,
05/15/2033^(a)		322,404		333,432
Series 2003-2624,
Class QH,
5.000%, 06/15/2033		19,357		21,688
Series 2003-2626, Class ZX,
5.000%, 06/15/2033		183,825		209,249
Series 2003-2627, Class CN,
5.000%, 06/15/2033		53,393		59,876
Series 2003-2631, Class DB,
5.000%, 06/15/2033		148,000		170,319
Series 2003-2647, Class A,
3.250%, 04/15/2032		94,560		101,266
Series 2003-2648,
Class WZ,
5.000%, 07/15/2033		242,457		279,098
Series 2003-2668, Class LH,
5.000%, 09/15/2033		36,064		40,566
Series 2003-2707, Class FH,
1M US L + 0.65%,
04/15/2032^(a)		53,711		54,514
Series 2003-2717, Class LH,
5.500%, 12/15/2033		8,602		9,474
Series 2003-2725, Class TA,
4.500%, 12/15/2033		97,000		109,430
Series 2004-2750, Class TC,
5.250%, 02/15/2034		13,208		14,571

See Notes to Financial Statements.

67 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2004-2768,
Class PW,
4.250%, 03/15/2034	$	184,753	$	195,471
Series 2004-2802,
Class OH,
6.000%, 05/15/2034		32,654		36,615
Series 2004-2835, Class KZ,
5.500%, 08/15/2034		58,257		67,682
Series 2004-2893, Class PE,
5.000%, 11/15/2034		19,327		21,968
Series 2004-2901, Class KB,
5.000%, 12/15/2034		56,599		62,910
Series 2005-2927, Class EZ,
5.500%, 02/15/2035		44,350		48,047
Series 2005-2929, Class PG,
5.000%, 02/15/2035		39,857		45,315
Series 2005-2933, Class HD,
5.500%, 02/15/2035		49,173		55,552
Series 2005-2953, Class PG,
5.500%, 03/15/2035		27,653		32,216
Series 2005-2962, Class KF,
1M US L + 0.20%,
04/15/2035^(a)		24,304		24,335
Series 2005-2980, Class QA,
6.000%, 05/15/2035		55,709		64,169
Series 2005-2996, Class GX,
5.500%, 06/15/2035		72,000		84,663
Series 2005-3012, Class ZE,
5.750%, 08/15/2035		59,922		67,799
Series 2005-3028,
Class FM,
1M US L + 0.25%,
09/15/2035^(a)		18,274		18,320
Series 2005-3028, Class PG,
5.500%, 09/15/2035		50,396		57,242
Series 2005-3028, Class ZE,
5.500%, 09/15/2035		776,926		832,774
Series 2005-3033,
Class WY,
5.500%, 09/15/2035		75,185		84,969
Series 2005-3036, Class NE,
5.000%, 09/15/2035		150,408		171,924
Series 2005-3042, Class PZ,
5.750%, 09/15/2035		139,345		170,079
Series 2005-3052,
Class WH,
5.500%, 10/15/2035		17,382		19,770
Series 2005-3059,
Class ZM,
5.000%, 02/15/2035		134,899		151,649
Series 2005-3068, Class Z,
5.500%, 11/15/2035		249,822		293,839
Series 2005-3070, Class FT,
1M US L + 0.35%,
11/15/2035^(a)		27,047		27,257

	Principal		Value
	Amount		(Note 2)
Series 2005-3072, Class NF,
1M US L + 0.50%,
11/15/2035^(a)	$	54,056	$	53,509
Series 2005-3085, Class FE,
1M US L + 0.80%,
08/15/2035^(a)		66,687		68,287
Series 2006-3098, Class PG,
5.000%, 01/15/2036		101,107		115,486
Series 2006-3122,
Class OH,
–%, 03/15/2036^(b)		19,544		18,197
Series 2006-3123, Class HT,
5.000%, 03/15/2026		47,012		50,224
Series 2006-3136, Class KF,
1M US L + 0.30%,
04/15/2036^(a)		35,894		36,042
Series 2006-3137, Class XP,
6.000%, 04/15/2036		27,802		32,914
Series 2006-3143, Class BC,
5.500%, 02/15/2036		136,369		158,874
Series 2006-3145, Class FN,
1M US L + 0.43%,
04/15/2036^(a)		17,379		17,562
Series 2006-3148, Class CY,
6.000%, 04/15/2036		27,898		32,041
Series 2006-3153, Class UG,
1M US L + 0.45%,
05/15/2036^(a)		31,148		31,445
Series 2006-3154, Class PN,
5.500%, 05/15/2036		88,155		101,414
Series 2006-3201, Class FL,
1M US L + 0.60%,
08/15/2036^(a)		126,887		125,989
Series 2006-3202, Class HF,
1M US L + 0.35%,
08/15/2036^(a)		63,549		63,985
Series 2006-3204,
Class ZM,
5.000%, 08/15/2034		141,769		161,131
Series 2006-3206, Class FE,
1M US L + 0.40%,
08/15/2036^(a)		69,508		68,603
Series 2006-3236, Class EF,
1M US L + 0.30%,
11/15/2036^(a)		17,657		17,341
Series 2006-3237, Class CD,
5.500%, 09/15/2036		198,000		216,813
Series 2006-3237, Class CE,
5.500%, 11/15/2036		59,000		71,859
Series 2006-3249, Class CB,
4.250%, 12/15/2036		439,348		485,918
Series 2007-3262, Class FT,
1M US L + 0.27%,
01/15/2037^(a)		76,324		74,692

See Notes to Financial Statements.

68 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2007-3279, Class FB,
1M US L + 0.32%,02/15/2037^(a)	$	104,113	$	102,258
Series 2007-3284, Class AZ,
4.500%, 03/15/2037		81,445		89,287
Series 2007-3301, Class FY,
1M US L + 0.42%, 04/15/2037^(a)		31,377		31,751
Series 2007-3311, Class DF,
1M US L + 0.34%, 05/15/2037^(a)		158,212		159,335
Series 2007-3312, Class PA,
5.500%, 05/15/2037		25,521		28,887
Series 2007-3316, Class FB,
1M US L + 0.30%, 08/15/2035^(a)		47,289		46,509
Series 2007-3349, Class HG,
5.500%, 07/15/2037		26,112		30,206
Series 2007-3361, Class AF,
1M US L + 0.35%, 11/15/2036^(a)		106,359		104,619
Series 2007-3367, Class YF,
1M US L + 0.55%, 09/15/2037^(a)		24,326		24,150
Series 2007-3368, Class AF,
1M US L + 0.72%, 09/15/2037^(a)		89,698		91,364
Series 2007-3378, Class FA,
1M US L + 0.58%, 06/15/2037^(a)		43,327		44,095
Series 2007-3380,
Class FM,
1M US L + 0.59%, 10/15/2037^(a)		28,814		29,319
Series 2007-3382, Class FG,
1M US L + 0.60%, 11/15/2037^(a)		49,892		50,738
Series 2007-3382, Class FL,
1M US L + 0.70%, 11/15/2037^(a)		112,094		111,507
Series 2007-3387, Class PF,
1M US L + 0.42%, 11/15/2037^(a)		40,341		40,809
Series 2007-3388, Class FJ,
1M US L + 0.70%, 11/15/2037^(a)		186,537		190,260
Series 2008-3404, Class DC,
5.500%, 01/15/2038		122,000		140,702
Series 2008-3405, Class PE,
5.000%, 01/15/2038		70,794		81,397
Series 2008-3409, Class DB,
6.000%, 01/15/2038		217,729		256,369
Series 2008-3411, Class FL,
1M US L + 0.70%, 02/15/2038^(a)		34,225		34,232

	Principal		Value
	Amount		(Note 2)
Series 2008-3415, Class DF,
1M US L + 0.70%, 08/15/2035^(a)	$	138,428	$	137,801
Series 2008-3415, Class PC,
5.000%, 12/15/2037		47,696		53,932
Series 2008-3415, Class TF,
1M US L + 0.74%, 08/15/2035^(a)		68,562		70,102
Series 2008-3469, Class CF,
1M US L + 0.79%, 07/15/2038^(a)		105,286		102,722
Series 2009-3536,
Class FM,
1M US L + 1.00%, 05/15/2039^(a)		40,969		42,192
Series 2009-3539, Class B,
4.500%, 06/15/2029		44,000		48,761
Series 2009-3545, Class FA,
1M US L + 0.85%, 06/15/2039^(a)		118,877		118,854
Series 2009-3548, Class ZE,
5.500%, 12/15/2032		249,648		288,710
Series 2009-3549, Class FA,
1M US L + 1.20%, 07/15/2039^(a)		53,469		54,583
Series 2009-3564, Class NB,
5.000%, 08/15/2039		349,000		395,238
Series 2009-3574, Class D,
5.000%, 09/15/2039		111,655		126,996
Series 2009-3584, Class FA,
1M US L + 0.70%, 12/15/2036^(a)		39,763		40,534
Series 2009-3587, Class DA,
4.500%, 10/15/2039		183,274		200,256
Series 2009-3604, Class PO,
–%, 05/15/2036^(b)		97,396		87,890
Series 2009-3605, Class BF,
1M US L + 0.86%, 11/15/2039^(a)		196,617		201,798
Series 2009-3611, Class FH,
1M US L + 0.75%, 07/15/2034^(a)		17,616		18,003
Series 2010-3620, Class EL,
4.000%, 01/15/2030		38,530		41,910
Series 2010-3626,
Class ME,
5.000%, 01/15/2040		405,000		452,959
Series 2010-3631, Class PA,
4.000%, 02/15/2040		181,940		202,559
Series 2010-3653, Class B,
4.500%, 04/15/2030		106,529		117,164
Series 2010-3662, Class PJ,
5.000%, 04/15/2040		116,650		132,587
Series 2010-3664, Class DA,
4.000%, 11/15/2037		146,247		154,497

See Notes to Financial Statements.

69 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2010-3704, Class DC,
4.000%, 11/15/2036	$	78,315	$	80,949
Series 2010-3737, Class GB,
4.500%, 04/15/2039		58,635		60,422
Series 2010-3747, Class CY,
4.500%, 10/15/2040		400,000		446,710
Series 2010-3762,
Class WP,
4.000%, 12/15/2039		33,126		34,873
Series 2010-3770, Class JZ,
4.000%, 12/15/2040		10,545,454		11,804,279
Series 2010-3770, Class GA,
4.500%, 10/15/2040		360,467		415,626
Series 2011-3792, Class DF,
1M US L + 0.40%, 11/15/2040^(a)		34,515		34,354
Series 2011-3798, Class PJ,
4.000%, 01/15/2041		87,624		96,136
Series 2011-3800, Class AF,
1M US L + 0.50%, 02/15/2041^(a)		29,484		29,936
Series 2011-3819, Class ZQ,
6.000%, 04/15/2036		24,188		28,654
Series 2011-3822, Class FY,
1M US L + 0.40%, 02/15/2033^(a)		21,872		22,076
Series 2011-3830, Class NB,
4.500%, 02/15/2039		76,529		79,755
Series 2011-3843, Class PZ,
5.000%, 04/15/2041		625,864		738,134
Series 2011-3843, Class FE,
1M US L + 0.55%, 04/15/2041^(a)		66,261		67,453
Series 2011-3852,
Class QN,
27.21053% - 1M US L%,
05/15/2041^(a)		72,549		76,489
Series 2011-3852, Class TP,
27.50% - 1M US L%,
05/15/2041^(a)		45,422		48,710
Series 2011-3857, Class ZP,
5.000%, 05/15/2041		915,123		1,096,815
Series 2011-3862,
Class MA,
5.000%, 04/15/2041		163,223		181,088
Series 2011-3891, Class BF,
1M US L + 0.55%, 07/15/2041^(a)		60,273		61,225
Series 2011-3894, Class ZA,
4.500%, 07/15/2041		173,814		191,795
Series 2011-3905, Class BZ,
3.000%, 08/15/2041		160,313		163,536
Series 2011-3910, Class JG,
2.750%, 12/15/2037		31,287		31,507
Series 2011-3919, Class DL,
4.000%, 08/15/2030		298,000		327,875

	Principal		Value
	Amount		(Note 2)
Series 2011-3935, Class JZ,
4.500%, 10/15/2041	$	979,072	$	1,126,389
Series 2011-3939, Class AZ,
4.000%, 03/15/2041		301,450		324,040
Series 2011-3939, Class BZ,
4.500%, 06/15/2041		1,068,823		1,129,430
Series 2011-3951, Class JB,
4.000%, 08/15/2041		20,534		20,655
Series 2011-3957, Class HZ,
4.000%, 11/15/2041		1,058,001		1,107,444
Series 2011-3958, Class PJ,
4.500%, 09/15/2041		247,085		258,424
Series 2011-3959,
Class MB,
4.500%, 11/15/2041		44,199		51,646
Series 2011-3962, Class FB,
1M US L + 0.50%, 10/15/2039^(a)		14,194		14,220
Series 2011-3963, Class JB,
4.500%, 11/15/2041		150,000		164,775
Series 2011-3969, Class JP,
4.500%, 09/15/2041		82,620		88,616
Series 2011-3970, Class HA,
3.000%, 02/15/2026		5,648		5,666
Series 2012-3979, Class GA,
3.500%, 05/15/2030		9,109		9,153
Series 2012-3984, Class DF,
1M US L + 0.55%, 01/15/2042^(a)		57,642		57,096
Series 2012-3989, Class JW,
3.500%, 01/15/2042		255,000		276,573
Series 2012-3997, Class EB,
3.500%, 12/15/2041		47,813		46,976
Series 2012-3997, Class EC,
3.500%, 02/15/2042		124,000		126,441
Series 2012-3997, Class FQ,
1M US L + 0.50%, 02/15/2042^(a)		62,993		63,654
Series 2012-4001,
Class FM,
1M US L + 0.50%, 02/15/2042^(a)		40,877		40,334
Series 2012-4011, Class DB,
4.000%, 09/15/2041		239,854		264,046
Series 2012-4012, Class GC,
3.500%, 06/15/2040		63,000		66,102
Series 2012-4012, Class GJ,
2.500%, 06/15/2038		15,674		15,715
Series 2012-4012, Class NF,
1M US L + 0.45%, 12/15/2038^(a)		12,682		12,708
Series 2012-4020, Class PG,
2.500%, 03/15/2027		18,193		18,948
Series 2012-4037, Class CA,
3.000%, 04/15/2027		52,237		56,624

See Notes to Financial Statements.

70 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2012-4039, Class LT,
3.500%, 05/15/2042	$	113,000	$	114,808
Series 2012-4050, Class ND,
2.500%, 09/15/2041		73,066		74,750
Series 2012-4062,
Class MZ,
3.500%, 06/15/2042		136,168		142,227
Series 2012-4064, Class AY,
3.000%, 06/15/2027		48,000		51,844
Series 2012-4068, Class PE,
3.000%, 06/15/2042		224,000		237,027
Series 2012-4075, Class PB,
3.000%, 07/15/2042		42,000		44,747
Series 2012-4076,
Class MV,
3.000%, 04/15/2031		69,000		73,261
Series 2012-4094,
Class CW,
2.000%, 08/15/2042		429,165		443,766
Series 2012-4097, Class CU,
1.500%, 08/15/2027		25,000		24,581
Series 2012-4097, Class UF,
1M US L + 0.35%, 08/15/2032^(a)		84,776		84,569
Series 2012-4104, Class AJ,
1.500%, 09/15/2027		43,917		44,999
Series 2012-4120, Class TC,
1.500%, 10/15/2027		15,677		15,949
Series 2012-4122, Class BA,
3.113%, 05/15/2040		238,278		250,189
Series 2012-4133, Class TA,
3.000%, 11/15/2042		538,937		493,464
Series 2012-4141, Class PL,
2.500%, 12/15/2042		100,000		97,003
Series 2013-4160, Class HB,
2.500%, 12/15/2032		32,267		33,386
Series 2013-4170,
Class FW,
1M US L + 0.95%, 01/15/2033^(a)		39,307		39,780
Series 2013-4176, Class YD,
3.000%, 03/15/2043		50,000		51,867
Series 2013-4185, Class PB,
3.000%, 03/15/2043		450,000		479,274
Series 2013-4189,
Class MD,
3.000%, 06/15/2033		35,241		35,492
Series 2013-4203, Class DJ,
2.500%, 04/15/2033		81,843		83,647
Series 2013-4218, Class DG,
2.500%, 07/15/2042		255,492		265,955
Series 2013-4218, Class KB,
2.250%, 11/15/2039		45,273		45,433
Series 2013-4220, Class EH,
2.500%, 06/15/2028		69,358		72,061

	Principal		Value
	Amount		(Note 2)
Series 2013-4231, Class FD,
1M US L + 0.35%, 10/15/2032^(a)	$	23,328	$	23,051
Series 2013-4246, Class PB,
4.000%, 09/15/2043		493,003		541,014
Series 2013-4257, Class A,
2.500%, 10/15/2027		57,334		58,864
Series 2013-4259,
Class MG,
3.000%, 08/15/2041		45,739		46,561
Series 2013-4265, Class FD,
1M US L + 0.40%, 01/15/2035^(a)		89,432		90,216
Series 2014-4293,
Class NM,
4.500%, 06/15/2043		48,225		52,142
Series 2014-4294, Class PF,
1M US L + 0.40%, 01/15/2044^(a)		22,723		22,906
Series 2014-4301, Class U,
3.500%, 07/15/2032		94,574		98,867
Series 2014-4302, Class DA,
3.000%, 07/15/2039		119,099		119,968
Series 2014-4305,
Class MA,
3.000%, 08/15/2038		192,383		192,658
Series 2014-4320, Class AP,
3.500%, 07/15/2039		184,683		198,216
Series 2014-4324, Class AY,
3.000%, 04/15/2029		568,738		610,248
Series 2014-4333, Class PB,
2.500%, 10/15/2043		102,513		103,992
Series 2014-4337, Class VJ,
3.500%, 06/15/2027		31,489		32,152
Series 2014-4368, Class BE,
2.500%, 05/15/2031		143,865		145,198
Series 2014-4370, Class AC,
3.000%, 08/15/2037		111,014		111,265
Series 2014-4370, Class PC,
2.500%, 09/15/2041		93,799		95,962
Series 2015-4459, Class CA,
5.000%, 12/15/2034		38,229		42,242
Series 2015-4461, Class EA,
2.000%, 07/15/2037		146,210		150,116
Series 2015-4470, Class AQ,
3.000%, 06/15/2041		102,593		104,315
Series 2015-4498, Class JA,
2.500%, 04/15/2037		174,270		178,131
Series 2015-4504, Class DN,
3.000%, 10/15/2040		29,618		29,753
Series 2015-4531, Class PA,
3.500%, 05/15/2043		135,132		139,669
Series 2016-4555, Class CP,
3.000%, 04/15/2045		1,021,577		1,067,174
Series 2016-4564, Class QA,
3.000%, 07/15/2029		99,743		103,416

See Notes to Financial Statements.

71 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2016-4590, Class AK,
3.500%, 08/15/2027	$	119,849	$	126,928
Series 2016-4594, Class JD,
3.000%, 12/15/2042		31,000		30,413
Series 2016-4630, Class EA,
3.000%, 09/15/2041		259,149		263,710
Series 2016-4639, Class HZ,
3.250%, 04/15/2053^(c)		643,919		676,569
Series 2017-4646, Class D,
3.500%, 01/15/2042		68,562		68,908
Series 2017-4655, Class HA,
3.500%, 01/15/2042		77,898		77,952
Series 2017-4655, Class LA,
3.500%, 03/15/2042		55,870		55,963
Series 2017-4655, Class KA,
3.500%, 03/15/2042		19,211		19,243
Series 2017-4660, Class B,
3.000%, 04/15/2040		75,352		75,709
Series 2017-4661, Class CT,
3.000%, 04/15/2042		827,809		835,088
Series 2017-4664, Class LC,
3.500%, 09/15/2040		112,893		113,848
Series 2017-4664, Class UE,
3.000%, 05/15/2043		319,768		327,425
Series 2017-4667, Class EJ,
3.000%, 04/15/2042		48,121		48,241
Series 2017-4672,
Class QD,
3.000%, 08/15/2045		213,521		218,215
Series 2017-4673, Class KA,
3.500%, 08/15/2042		453,516		456,137
Series 2017-4705, Class A,
4.500%, 09/15/2042		62,124		64,038
Series 2017-4710, Class PA,
3.000%, 04/15/2045		289,004		298,498
Series 2018-4764,
Class MA,
3.500%, 07/15/2043		445,017		447,509
Series 2018-4766, Class GD,
3.500%, 03/15/2044		5,270		5,316
Series 2018-4767, Class CA,
4.000%, 11/15/2045		140,103		143,927
Series 2018-4767, Class Z,
3.000%, 12/15/2047		34,085		33,558
Series 2018-4787, Class PY,
4.000%, 05/15/2048		104,811		112,379
Series 2018-4800, Class JA,
3.500%, 03/15/2047		513,552		522,423
Series 2018-4821, Class VA,
4.000%, 10/15/2029		119,965		127,647
Series 2018-4825, Class VA,
4.000%, 05/15/2029		102,557		103,578
Series 2018-4830, Class DA,
4.500%, 11/15/2044		4,163		4,161

	Principal		Value
	Amount		(Note 2)
Series 2018-4839, Class AE,
4.000%, 04/15/2051	$	438,146	$	480,810
Series 2018-4840, Class BD,
4.000%, 07/15/2044		29,800		29,946
Series 2018-4846, Class PA,
4.000%, 06/15/2047		39,919		41,473
Series 2019-4863, Class AJ,
3.500%, 07/15/2038		76,100		81,250
Series 2019-4924, Class GA,
3.000%, 08/25/2043		2,242,708		2,255,424
Series 2019-4927, Class GA,
3.000%, 12/25/2043		235,296		236,644
Series 2020-4949, Class EA,
3.000%, 08/25/2035		983,451		995,793
Series 3588, Class CW,
2.540%, 10/25/2037^(a)		459,630		470,876
				53,206,052
Freddie Mac Whole Loan
Securities Trust 2017-SC02
Series 2017-SC02,
Class 1A1,
3.000%, 05/25/2047		69,043		69,300

Ginnie Mae
Series 2002-72, Class FB,
1M US L + 0.40%, 10/20/2032^(a)		46,143		46,129
Series 2003-23, Class F,
1M US L + 0.45%, 12/16/2029^(a)		53,174		53,185
Series 2003-25, Class FC,
1M US L + 0.40%, 08/26/2023^(a)		132,648		132,916
Series 2003-42, Class FE,
1M US L + 0.40%, 01/16/2030^(a)		32,076		32,081
Series 2003-98, Class FY,
1M US L + 0.35%, 09/20/2033^(a)		65,732		65,898
Series 2004-1, Class TE,
5.000%, 06/20/2033		37,550		41,064
Series 2004-15, Class AY,
5.500%, 02/20/2034		133,352		143,533
Series 2004-26, Class ED,
5.500%, 04/16/2034		104,139		114,548
Series 2004-34, Class QL,
5.500%, 05/16/2034		89,000		104,227
Series 2004-55, Class MC,
5.500%, 07/20/2034		47,774		52,957
Series 2004-7, Class Z,
5.500%, 01/16/2034		1,288,444		1,491,757
Series 2004-87, Class BC,
4.500%, 10/20/2034		21,674		22,949
Series 2005-11, Class PL,
5.000%, 02/20/2035		50,218		55,433

See Notes to Financial Statements.

72 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 2)
Series 2005-13, Class NB,
5.000%, 02/20/2035	$	18,396	$	20,177
Series 2005-13, Class BG,
5.000%, 02/20/2035		244,034		268,774
Series 2005-3, Class QB,
5.000%, 01/16/2035		146,757		161,209
Series 2005-3, Class JM,
4.750%, 01/20/2035		89,569		99,385
Series 2005-3, Class OC,
5.000%, 01/20/2035		242,840		263,869
Series 2005-3, Class JL,
5.000%, 12/16/2034		100,000		111,940
Series 2005-45, Class BF,
1M US L + 0.30%, 06/20/2035^(a)		54,533		53,333
Series 2005-49, Class B,
5.500%, 06/20/2035		73,197		81,584
Series 2005-51, Class DC,
5.000%, 07/20/2035		182,666		198,670
Series 2005-56, Class BD,
5.000%, 07/20/2035		59,729		67,612
Series 2005-56, Class JA,
5.000%, 05/17/2035		21,430		23,761
Series 2005-69, Class WD,
5.000%, 05/18/2035		72,955		78,934
Series 2005-73, Class PH,
5.000%, 09/20/2035		162,000		174,983
Series 2005-92, Class PB,
6.000%, 12/20/2035		59,377		68,819
Series 2006-10, Class PB,
5.500%, 03/20/2036		66,100		75,837
Series 2006-38, Class OH,
6.500%, 08/20/2036		28,000		33,288
Series 2007-18, Class B,
5.500%, 05/20/2035		125,389		141,169
Series 2007-18, Class PH,
5.500%, 03/20/2035		137,000		159,593
Series 2007-35, Class TE,
6.000%, 06/20/2037		163,518		188,002
Series 2007-35, Class NE,
6.000%, 06/16/2037		70,779		81,555
Series 2007-40, Class FY,
1M US L + 0.33%, 07/16/2037^(a)		56,913		56,422
Series 2007-44, Class PH,
6.000%, 07/20/2037		131,330		147,924
Series 2007-57, Class Z,
5.500%, 10/20/2037		545,381		675,122
Series 2007-6, Class LE,
5.500%, 02/20/2037		73,855		83,237
Series 2007-7, Class PG,
5.000%, 02/16/2037		41,061		45,087
Series 2007-79, Class FC,
1M US L + 0.44%, 12/20/2037^(a)		179,908		176,805

	Principal		Value
	Amount		(Note 2)
Series 2008-13, Class FB,
1M US L + 0.50%, 02/20/2038^(a)	$	37,265	$	36,755
Series 2008-20, Class CE,
5.500%, 06/16/2037		100,000		113,429
Series 2008-31, Class PC,
5.500%, 04/20/2038		81,256		89,647
Series 2008-33, Class PB,
5.500%, 04/20/2038		60,077		68,008
Series 2008-37, Class L,
6.000%, 04/20/2038		56,636		63,937
Series 2008-38, Class PL,
5.500%, 05/20/2038		85,129		94,395
Series 2008-38, Class PN,
5.500%, 05/20/2038		60,670		68,847
Series 2008-38, Class BG,
5.000%, 05/16/2038		55,601		60,570
Series 2008-40, Class PL,
5.250%, 05/16/2038		100,000		123,635
Series 2008-41, Class PE,
5.500%, 05/20/2038		85,388		94,821
Series 2008-47, Class ML,
5.250%, 06/16/2038		40,359		44,868
Series 2008-49, Class PB,
4.750%, 06/20/2038		42,165		46,598
Series 2008-50, Class KB,
6.000%, 06/20/2038		275,181		310,030
Series 2008-51, Class FG,
1M US L + 0.77%, 06/16/2038^(a)		89,535		88,880
Series 2008-51, Class PH,
5.250%, 06/20/2038		68,998		76,883
Series 2008-55, Class PL,
5.500%, 06/20/2038		45,947		50,732
Series 2008-58, Class PE,
5.500%, 07/16/2038		129,845		147,621
Series 2008-60, Class JP,
5.500%, 07/20/2038		78,000		89,956
Series 2008-60, Class JN,
5.500%, 07/20/2038		176,076		198,031
Series 2008-65, Class PG,
6.000%, 08/20/2038		205,372		232,470
Series 2008-66, Class FN,
1M US L + 0.95%, 08/20/2038^(a)		73,054		74,351
Series 2008-7, Class PQ,
5.000%, 02/20/2038		115,674		126,754
Series 2008-76, Class QE,
5.750%, 09/20/2038		58,000		67,108
Series 2008-77, Class FC,
1M US L + 0.70%, 09/20/2038^(a)		74,160		75,031
Series 2008-85, Class PG,
5.250%, 10/20/2038		50,204		50,642

See Notes to Financial Statements.

73 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2008-89, Class JD,
6.000%, 08/20/2038	$	25,304	$	28,074
Series 2008-89, Class JC,
5.500%, 08/20/2038		64,501		71,008
Series 2008-9, Class FA,
1M US L + 0.50%, 02/20/2038^(a)		25,861		26,105
Series 2009-1, Class FA,
1M US L + 1.05%, 01/20/2039^(a)		103,811		105,996
Series 2009-10, Class PH,
4.500%, 02/20/2039		30,000		33,352
Series 2009-10, Class NB,
5.000%, 02/16/2039		110,038		122,029
Series 2009-118, Class PY,
5.000%, 12/16/2039		34,648		39,394
Series 2009-12, Class NB,
5.000%, 03/20/2039		86,825		96,432
Series 2009-13, Class E,
4.500%, 03/16/2039		141,827		157,152
Series 2009-15, Class FM,
1M US L + 1.04%, 03/20/2039^(a)		89,021		90,628
Series 2009-24, Class WB,
5.000%, 03/20/2039		164,002		182,303
Series 2009-40, Class AD,
4.500%, 06/20/2039		309,000		348,210
Series 2009-47, Class LT,
5.000%, 06/20/2039		142,923		156,193
Series 2009-55, Class FN,
1M US L + 1.00%, 07/20/2039^(a)		36,649		37,332
Series 2009-58, Class PA,
4.500%, 07/20/2039		135,226		149,266
Series 2009-61, Class AP,
4.000%, 08/20/2039		65,401		70,662
Series 2009-61, Class MP,
5.000%, 08/20/2039		59,519		65,983
Series 2009-65, Class QM,
3.500%, 12/20/2038		21,018		21,524
Series 2009-69, Class PH,
5.500%, 08/16/2039		82,000		96,887
Series 2009-75, Class GZ,
4.500%, 09/20/2039		158,147		173,962
Series 2009-76, Class JB,
4.500%, 07/20/2039		48,917		51,053
Series 2009-83, Class TF,
1M US L + 0.90%, 08/20/2039^(a)		45,925		46,788
Series 2009-94, Class FA,
1M US L + 0.70%, 10/16/2039^(a)		98,263		97,561
Series 2010-111, Class FA,
1M US L + 0.35%, 09/20/2040^(a)		72,998		71,569

	Principal Amount		Value (Note 2)
Series 2010-14, Class HA,
4.500%, 02/16/2040	$	220,240	$	245,275
Series 2010-14, Class A,
4.500%, 06/16/2039		16,194		16,898
Series 2010-157, Class OP,
–%, 12/20/2040^(b)		15,465		13,757
Series 2010-167, Class WL,
4.500%, 09/20/2040		305,000		341,053
Series 2010-169, Class JZ,
4.000%, 12/20/2040		415,559		434,477
Series 2010-19, Class GW,
4.750%, 02/20/2040		108,305		119,474
Series 2010-25, Class BL,
4.250%, 10/16/2039		61,130		62,887
Series 2010-62, Class AF,
1M US L + 0.45%, 04/16/2034^(a)		40,148		40,291
Series 2010-76, Class NC,
4.500%, 06/20/2040		156,000		165,246
Series 2010-84, Class YB,
4.000%, 07/20/2040		25,854		27,606
Series 2010-H01, Class FA,
1M US L + 0.82%, 01/20/2060^(a)		51,122		51,653
Series 2010-H10, Class FC,
1M US L + 1.00%, 05/20/2060^(a)		247,274		251,015
Series 2010-H20, Class AF,
1M US L + 0.33%, 10/20/2060^(a)		265,622		265,915
Series 2010-H22, Class FE,
1M US L + 0.35%, 05/20/2059^(a)		13,923		13,933
Series 2010-H27, Class FA,
1M US L + 0.38%, 12/20/2060^(a)		67,677		67,842
Series 2011-100, Class MY,
4.000%, 07/20/2041		156,528		172,376
Series 2011-128, Class MD,
4.000%, 10/20/2040		140,000		148,282
Series 2011-19, Class MG,
3.000%, 06/16/2040		3,333		3,360
Series 2011-43, Class ZQ,
5.500%, 01/16/2033		98,787		106,045
Series 2011-59, Class QC,
4.000%, 12/20/2040		132,987		137,993
Series 2011-66, Class UA,
4.000%, 05/16/2041		156,712		164,761
Series 2011-71, Class ZC,
5.500%, 07/16/2034		212,789		238,737
Series 2011-97, Class WA,
6.112%, 11/20/2038^(a)		65,333		74,760
Series 2011-H01, Class AF,
1M US L + 0.45%, 11/20/2060^(a)		264,284		265,320

See Notes to Financial Statements.

74 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2011-H02, Class BA,
4.450%, 02/20/2061^(a)	$	18,815	$	19,080
Series 2011-H11, Class FB,
1M US L + 0.50%, 04/20/2061^(a)		145,946		146,633
Series 2011-H11, Class FA,
1M US L + 0.50%, 03/20/2061^(a)		94,349		94,833
Series 2011-H15, Class FA,
1M US L + 0.45%, 06/20/2061^(a)		67,102		67,358
Series 2012-32, Class PE,
3.500%, 03/16/2042		80,000		87,857
Series 2012-36, Class MA,
3.000%, 06/20/2039		23,246		23,329
Series 2012-38, Class PL,
3.250%, 01/20/2041		100,000		102,016
Series 2012-47, Class VA,
3.500%, 07/20/2023		138,080		138,946
Series 2012-51, Class VM,
3.500%, 04/16/2025		107,083		112,358
Series 2012-68, Class GE,
3.000%, 05/20/2042		17,199		17,151
Series 2012-76, Class GF,
1M US L + 0.30%, 06/16/2042^(a)		18,630		18,672
Series 2012-84, Class YC,
2.500%, 07/20/2042		17,866		16,583
Series 2012-H08, Class FC,
1M US L + 0.57%, 04/20/2062^(a)		751,948		756,303
Series 2012-H14, Class FK,
1M US L + 0.58%, 07/20/2062^(a)		212,733		213,937
Series 2012-H20, Class PT,
0.941%, 07/20/2062^(a)		104,855		104,742
Series 2012-H24, Class FE,
1M US L + 0.60%, 10/20/2062^(a)		1,840		1,856
Series 2013-100, Class MA,
3.500%, 02/20/2043		107,174		110,473
Series 2013-115, Class PM,
4.000%, 08/20/2043		400,000		442,016
Series 2013-151, Class VA,
3.000%, 08/20/2043		192,126		194,292
Series 2013-22, Class GB,
2.500%, 08/20/2042		120,000		119,594
Series 2013-69, Class NA,
2.000%, 09/20/2042		189,019		190,791
Series 2013-98, Class KF,
1M US L + 0.30%, 11/20/2041^(a)		28,138		28,175
Series 2013-99, Class MF,
1M US L + 0.30%, 07/20/2043^(a)		104,401		102,384

	Principal Amount		Value (Note 2)
Series 2013-H01, Class FA,
1.650%, 01/20/2063	$	14,816	$	14,844
Series 2013-H04, Class BA,
1.650%, 02/20/2063		31,869		31,957
Series 2013-H09, Class HA,
1.650%, 04/20/2063		45,126		45,295
Series 2013-H18, Class EA,
1M US L + 0.50%, 07/20/2063^(a)		107,301		107,721
Series 2014-53, Class JM,
7.080%, 04/20/2039^(a)		352,164		414,358
Series 2014-98, Class HE,
3.000%, 07/20/2044		53,984		54,986
Series 2014-H10, Class TA,
1M US L + 0.60%, 04/20/2064^(a)		397,266		401,529
Series 2014-H15, Class FA,
1M US L + 0.50%, 07/20/2064^(a)		27,358		27,562
Series 2014-H16, Class FL,
1M US L + 0.47%, 07/20/2064^(a)		514,649		501,654
Series 2015-190, Class LE,
3.500%, 06/20/2045		94,750		96,648
Series 2015-63, Class KA,
3.000%, 04/20/2040		33,494		33,570
Series 2015-65, Class MA,
3.000%, 12/20/2043		89,926		90,399
Series 2015-84, Class QA,
3.500%, 06/20/2045		497,326		526,726
Series 2015-H09, Class FA,
1M US L + 0.62%, 04/20/2065^(a)		282,932		279,014
Series 2015-H12, Class FB,
1M US L + 0.60%, 05/20/2065^(a)		111,238		112,308
Series 2015-H15, Class FC,
1M US L + 0.58%, 06/20/2065^(a)		154,481		152,220
Series 2015-H22, Class FC,
1M US L + 0.60%, 09/20/2065^(a)		63,461		64,131
Series 2015-H26, Class FA,
1M US L + 0.52%, 10/20/2065^(a)		66,558		67,109
Series 2015-H26, Class FG,
1M US L + 0.52%, 10/20/2065^(a)		333,359		334,705
Series 2015-H29, Class FA,
1M US L + 0.70%, 10/20/2065^(a)		17,288		17,348
Series 2015-H30, Class FE,
1M US L + 0.60%, 11/20/2065^(a)		68,867		69,629

See Notes to Financial Statements.

75 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2015-H31, Class FT,
1M US L + 0.65%, 11/20/2065^(a)	$	118,671	$	119,119
Series 2015-H32, Class FH,
1M US L + 0.66%, 12/20/2065^(a)		239,615		242,681
Series 2016-116, Class GV,
3.000%, 05/20/2026		55,880		59,052
Series 2016-120, Class KA,
2.000%, 09/20/2046		12,670		12,562
Series 2016-82, Class BA,
3.000%, 09/20/2045		278,854		284,415
Series 2016-H06, Class FC,
1M US L + 0.92%, 02/20/2066^(a)		208,116		212,145
Series 2016-H08, Class FT,
1M US L + 0.72%, 02/20/2066^(a)		489,293		493,029
Series 2016-H11, Class F,
1M US L + 0.80%, 05/20/2066^(a)		707,948		720,193
Series 2016-H13, Class FT,
1M US L + 0.58%, 05/20/2066^(a)		41,631		41,797
Series 2016-H14, Class FA,
1M US L + 0.80%, 06/20/2066^(a)		183,057		186,254
Series 2016-H15, Class FA,
1M US L + 0.80%, 07/20/2066^(a)		780,508		793,379
Series 2016-H17, Class FK,
1M US L + 0.85%, 07/20/2066^(a)		107,976		110,095
Series 2016-H17, Class FC,
1M US L + 0.83%, 08/20/2066^(a)		220,215		224,396
Series 2016-H20, Class PT,
3.186%, 09/20/2066^(a)		730,532		781,061
Series 2016-H23, Class F,
1M US L + 0.75%, 10/20/2066^(a)		279,126		283,567
Series 2016-H24, Class FG,
1M US L + 0.75%, 10/20/2066^(a)		395,746		392,170
Series 2017-150, Class JE,
3.000%, 07/20/2047		193,728		199,981
Series 2017-36, Class MJ,
3.000%, 03/20/2047		102,022		107,558
Series 2017-56, Class AZ,
3.000%, 04/20/2047		107,697		113,034
Series 2017-73, Class JT,
2.750%, 09/20/2046		94,498		97,451
Series 2017-H06, Class FE,
1M US L + 0.55%, 02/20/2067^(a)		119,430		120,383

	Principal Amount		Value (Note 2)
Series 2017-H15, Class FC,
1M US L + 0.47%, 06/20/2067^(a)	$	321,664	$	315,594
Series 2017-H17, Class FG,
1M US L + 0.50%, 08/20/2067^(a)		52,327		52,598
Series 2018-36, Class CZ,
4.000%, 03/20/2048		251,333		278,407
Series 2018-37, Class C,
2.500%, 01/20/2046		326,740		346,467
Series 2019-111, Class TE,
2.000%, 09/20/2049		164,916		169,165
Series 2019-29, Class JB,
4.500%, 12/20/2046		391,989		399,042
Series 2019-61, Class K,
3.500%, 07/20/2048		73,899		74,848
Series 2020-125, Class GA,
2.500%, 03/20/2050		745,335		770,097
Series 2020-125, Class GC,
2.500%, 08/20/2050		203,045		204,874
Series 2020-32, Class UM,
2.500%, 03/20/2050		2,711,973		2,815,787
Series 2020-5, Class LC,
3.500%, 10/20/2049		532,855		549,466
Series 2020-61, Class AB,
3.000%, 05/20/2048		623,416		640,940
Series 2020-62, Class PD,
3.000%, 05/20/2050		1,092,491		1,125,302
Series 2020-98, Class CE,
3.000%, 07/20/2050		3,992,164		4,127,410
				38,173,597
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $137,700,114)				139,549,836

	Principal Amount		Value (Note 2)
COMMERCIAL MORTGAGE-BACKED SECURITIES (3.21%)
Fannie Mae-Aces
Series 2013-M6, Class 1AC,
3.534%, 02/25/2043^(a)		19,009,088		21,091,903
Series 2016-M3,
Class ASQ2,
2.263%, 02/25/2023		44,488		44,779
Series 2017-M15, Class A1,
3.058%, 09/25/2027^(a)		4,343,589		4,672,552
Series 2018-M12, Class A1,
3.546%, 08/25/2030		4,687,534		5,239,107
Series 2018-M13, Class A1,
3.820%, 03/25/2030^(a)		3,961,842		4,489,620
Series 2018-M8, Class A1,
3.436%, 06/25/2028^(a)		7,304,763		8,059,238
Series 2019-M10, Class A1,
2.000%, 04/25/2030		1,725,627		1,792,973

See Notes to Financial Statements.

76 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2019-M14, Class A1,
2.304%, 06/25/2029 $		159,271	$	167,780
Series 2019-M24,
Class 2XA,
1.276%, 03/25/2031^(a)(d)		2,347,651		217,889
Series 2020-M10, Class X1,
1.922%, 12/25/2030^(a)(d)		808,906		106,460
Series 2020-M10, Class X4,
0.965%, 07/25/2032^(a)(d)		56,005,017		4,200,208
Series 2020-M13, Class X2,
1.402%, 09/25/2030^(a)(d)		2,422,709		206,558
				50,289,067
Freddie Mac Multifamily Structured Pass Through Certificates
Series 2014-KF05, Class A,
1M US L + 0.35%, 09/25/2021^(a)		345,845		345,928
Series 2018-J19L, Class AFL,
1M US L + 0.23%, 11/25/2027^(a)		242,490		241,670
Series 2019-KLU2, Class X1,
1.166%, 08/25/2029^(a)		63,499,402		4,453,677
				5,041,275
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $55,157,652)				55,330,342

	Principal Amount		Value (Note 2)
MORTGAGE-BACKED SECURITIES (5.95%)
Fannie Mae Pool
Series 2003-386375,
4.790%, 08/01/2028		422,219		421,974
Series 2005-843080,
6.000%, 12/01/2034		132,893		144,216
Series 2007-943003,
5.500%, 08/01/2047		94,041		102,227
Series 2009-463331,
5.250%, 08/01/2029		655,641		753,646
Series 2009-930895,
4.500%, 03/01/2039		188,838		203,595
Series 2009-931707,
4.500%, 08/01/2039		120,164		130,711
Series 2009-958348,
5.440%, 04/01/2027		140,583		155,829
Series 2009-958878,
5.750%, 07/01/2027		1,387,979		1,548,635
Series 2010-466566,
4.270%, 11/01/2025		248,519		278,462
Series 2011-467068,
6.130%, 01/01/2026		1,568,854		1,855,133
Series 2011-468477,
4.590%, 08/01/2026		417,132		463,206

	Principal Amount		Value (Note 2)
Series 2011-469013,
5.470%, 08/01/2026	$	1,036,016	$	1,200,405
Series 2011-AH9290,
4.000%, 04/01/2041		50,370		53,326
Series 2012-470020,
4.200%, 01/01/2030		1,606,412		1,861,318
Series 2012-AM0279,
3.210%, 08/01/2027		304,499		313,913
Series 2012-AM1387,
3.260%, 11/01/2032		124,169		136,028
Series 2012-MA1214,
3.000%, 10/01/2042		1,093,638		1,132,737
Series 2013-AM 4236,
3.940%, 08/01/2025		224,885		250,720
Series 2013-AM3154,
3.250%, 05/01/2028		370,865		402,858
Series 2013-AM3162,
3.000%, 04/01/2025		770,528		797,809
Series 2013-AM4329,
3.870%, 10/01/2025		201,797		225,352
Series 2013-AM4781,
4.180%, 11/01/2028		1,246,418		1,424,397
Series 2013-AM4991,
3.970%, 12/01/2025		166,020		186,153
Series 2013-AR2289,
3.000%, 02/01/2033		328,646		347,709
Series 2013-AT9663,
2.500%, 07/01/2043		606,034		628,323
Series 2013-MA1586,
3.000%, 08/01/2043		232,421		249,373
Series 2014-AM4198,
3.550%, 03/01/2024		97,938		105,563
Series 2014-AM5473,
3.760%, 03/01/2024		545,000		591,552
Series 2014-AM7274,
3.000%, 12/01/2024		1,200,000		1,220,333
Series 2015-AM8666,
2.960%, 06/01/2030		183,015		194,705
Series 2015-AM8918,
3.250%, 09/01/2030		731,000		811,149
Series 2015-AM9173,
3.110%, 06/01/2027		247,288		248,045
Series 2015-AM9830,
3.190%, 09/01/2027		364,040		390,420
Series 2016-AL8405,
4.500%, 05/01/2041		251,637		273,554
Series 2016-AN0665,
3.070%, 02/01/2026		198,066		215,859
Series 2016-AN0774,
3.210%, 01/01/2026		180,699		197,324
Series 2016-AN2228,
2.520%, 08/01/2026		190,000		200,656
Series 2016-AN3542,
3.410%, 11/01/2046		369,764		400,357

See Notes to Financial Statements.

77 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2016-AN3749,
2.520%, 12/01/2026	$	469,470	$	498,278
Series 2016-BC0943,
3.500%, 05/01/2046		471,965		519,197
Series 2017-AN4431,
3.220%, 01/01/2027		85,000		93,765
Series 2017-AN4469,
3.640%, 01/01/2029		701,964		794,135
Series 2017-AN4529,
3.620%, 01/01/2027		843,271		945,708
Series 2017-AN4606,
3.510%, 02/01/2027		805,534		883,861
Series 2017-AN4833,
3.320%, 04/01/2027		95,000		105,464
Series 2017-AN5279,
3.340%, 04/01/2029		467,486		469,063
Series 2017-AN5742,
3.190%, 05/01/2030		141,049		155,222
Series 2017-AN5796,
3.030%, 06/01/2027		220,000		237,887
Series 2017-AN6304,
3.100%, 10/01/2027		275,000		302,532
Series 2017-AN6670,
3.210%, 09/01/2027		1,952,471		2,052,954
Series 2017-AN7060,
2.930%, 10/01/2027		1,630,000		1,760,350
Series 2017-AN7234,
3.010%, 12/01/2027		1,000,000		1,079,733
Series 2017-AN7384,
2.880%, 12/01/2027		49,717		54,128
Series 2017-AN7547,
3.370%, 11/01/2027		1,129,444		1,187,568
Series 2017-AN7823,
2.890%, 12/01/2027		235,000		255,524
Series 2017-CA0522,
3.000%, 10/01/2047		528,214		545,326
Series 2018-109435,
3.890%, 08/01/2028		1,926,999		2,154,948
Series 2018-109741,
3.730%, 11/01/2025		11,350,000		12,318,329
Series 2018-387770,
3.625%, 07/01/2028		2,570,000		2,862,567
Series 2018-387853,
3.455%, 08/01/2025		175,000		184,203
Series 2018-387904,
3.840%, 08/01/2028		685,570		788,352
Series 2018-387905,
3.600%, 01/01/2027		739,737		826,155
Series 2018-387983,
3.630%, 08/01/2028		2,000,000		2,227,227
Series 2018-AN8198,
3.140%, 01/01/2028		300,000		326,968
Series 2018-AN8272,
3.170%, 02/01/2028		100,000		109,121

	Principal Amount		Value (Note 2)
Series 2018-AN8486,
3.330%, 04/01/2030	$	333,457	$	371,052
Series 2018-AN8493,
3.300%, 02/01/2030		434,684		472,776
Series 2018-AN8982,
3.440%, 05/01/2028		1,000,000		1,101,507
Series 2018-AN9038,
3.460%, 05/01/2028		135,000		146,005
Series 2018-AN924,
4.210%, 05/01/2033		641,566		713,221
Series 2018-AN9354,
3.640%, 06/01/2028		1,565,000		1,738,562
Series 2018-AN9976,
3.960%, 02/01/2030		470,000		543,752
Series 2018-BI0404,
4.100%, 11/01/2028		3,971,826		4,434,634
Series 2018-BL0119,
4.090%, 11/01/2026		792,120		902,259
Series 2018-BL0212,
3.820%, 07/01/2027		44,627		50,458
Series 2018-BL0550,
3.770%, 11/01/2028		660,000		758,061
Series 2018-BL0907,
3.880%, 12/01/2028		450,000		518,719
Series 2019-BI2928,
3.410%, 07/01/2027		835,207		928,009
Series 2019-BL1188,
3.480%, 02/01/2026		200,000		220,907
Series 2019-BL1300,
4.200%, 01/01/2029		1,375,000		1,565,731
Series 2019-BL1451,
3.760%, 02/01/2029		685,000		763,372
Series 2019-BL1567,
3.590%, 02/01/2029		1,775,000		1,976,359
Series 2019-BL1596,
3.480%, 03/01/2029		169,299		191,133
Series 2019-BL2236,
3.640%, 10/01/2029		1,100,000		1,230,825
Series 2019-BL2356,
3.020%, 05/01/2026		165,000		176,620
Series 2019-BL2460,
3.400%, 05/01/2029		592,818		645,081
Series 2019-BL3182,
2.980%, 07/01/2029		257,363		279,044
Series 2019-BM6011,
3.357%, 11/01/2026^(a)		169,227		181,619
Series 2019-BM6152,
3.500%, 06/01/2044		1,796,685		1,976,915
Series 2019-MA3784,
3.500%, 09/01/2049		5,054,932		5,292,155
				81,034,913
Freddie Mac Gold Pool
Series 2013-G80393,
5.000%, 08/20/2036		189,325		210,578

See Notes to Financial Statements.

78 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2013-T65180,
3.000%, 11/01/2043	$	193,698	$	201,312
Series 2015-U49046,
4.000%, 02/01/2029		112,430		121,233
				533,123
Freddie Mac Pool
Series 2005-002936,
Class FC,
1M US L + 0.40%, 03/15/2029^(a)		30,022		30,199
Series 2017-WN2000,
2.700%, 08/01/2023		10,700,000		10,837,266
				10,867,465
Ginnie Mae II Pool
Series 2012-,
3.500%, 03/20/2042		550,236		579,057
Series 2012-5302+,
3.500%, 02/20/2042		398,947		419,789
Series 2013-,
3.250%, 04/20/2033		453,106		478,902
3.500%, 04/20/2043		432,269		452,806
Series 2013-MA1149,
3.000%, 07/20/2043		22,033		22,828
Series 2016-MA3588,
3.500%, 04/20/2046		643,110		672,855
Series 2016-MA3793,
3.500%, 07/20/2046		1,649,885		1,726,161
Series 2016-MA3865,
3.500%, 08/20/2046		1,493,059		1,562,090
Series 2019-784688,
5.000%, 02/20/2049		3,331,851		3,670,882
Series 2019-MA5864,
3.000%, 04/20/2049		114,220		117,758
Series 2019-MA5920,
3.000%, 05/20/2049		66,779		68,847
Series 2019-MA5936,
6.500%, 05/20/2049		101,873		120,079
				9,892,054
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $101,380,525)				102,327,555

CORPORATE BONDS (57.04%)
Aerospace & Defense (2.57%)
Boeing Co.
4.51%, 05/01/2023		6,490,000		6,932,772
L3Harris Technologies, Inc.
3.85%, 12/15/2026		3,544,000		3,963,763
Teledyne Technologies, Inc.
0.65%, 04/01/2023		4,985,000		4,983,982
0.95%, 04/01/2024		4,985,000		4,986,912
1.60%, 04/01/2026		7,975,000		8,005,588
2.25%, 04/01/2028		9,970,000		10,025,751
TransDigm, Inc.
6.25%, 03/15/2026^(e)		5,000,000		5,300,000
Total Aerospace & Defense				44,198,768

	Principal Amount		Value (Note 2)
Airlines (1.42%)
Alaska Airlines 2020-1 Class A
Pass Through Trust
4.80%, 08/15/2027^(e)	$	5,764,835	$	6,379,055
Alaska Airlines 2020-1 Class B
Pass Through Trust
8.00%, 08/15/2025^(e)		4,194,020		4,697,708
British Airways 2020-1 Class A
Pass Through Trust
4.25%, 11/15/2032^(e)		1,348,320		1,435,154
Southwest Airlines Co.
5.25%, 05/04/2025		4,455,000		5,105,153
United Airlines 2020-1 Class A
Pass Through Trust
Series 20-1
5.88%, 10/15/2027		4,353,799		4,825,898
United Airlines, Inc.
4.38%, 04/15/2026^(e)		1,993,000		2,020,227
Total Airlines				24,463,195
Apparel & Textile Products (0.12%)
Hanesbrands, Inc.
5.38%, 05/15/2025^(e)		2,000,000		2,107,500

Automobiles Manufacturing (3.55%)
Ford Motor Co.
5.29%, 12/08/2046		4,910,000		5,181,548
8.50%, 04/21/2023		500,000		560,625
9.00%, 04/22/2025		8,500,000		10,391,249
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		6,500,000		6,660,420
3.81%, 10/12/2021		2,500,000		2,528,513
4.00%, 11/13/2030		6,965,000		7,122,339
5.88%, 08/02/2021		3,422,000		3,458,787
General Motors Co.
5.00%, 04/01/2035		5,348,000		6,288,003
Nissan Motor Co., Ltd.
4.81%, 09/17/2030^(e)		15,300,000		17,005,578
Volkswagen Group of America
Finance LLC
0.75%, 11/23/2022^(e)		995,000		998,541
0.88%, 11/22/2023^(e)		995,000		999,894
Total Automobiles Manufacturing				61,195,497
Banks (5.28%)
Associated Bank NA/Green Bay
WI
3.50%, 08/13/2021		1,800,000		1,811,027
4.25%, 01/15/2025		934,000		1,020,603
Bank of New Zealand
2.00%, 02/21/2025^(e)		7,375,000		7,637,055
CIT Group, Inc.
1D US SOFR + 3.83%,
06/19/2024^(a)		12,890,000		13,647,287
Citizens Financial Group, Inc.
Series F
5Y US TI + 5.313%^(a)(f)		3,000,000		3,326,250

See Notes to Financial Statements.

79 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Comerica, Inc.
5Y US TI + 5.291%^(a)(f)	$	2,000,000	$	2,227,500
Cooperatieve Rabobank UA
3.75%, 07/21/2026		4,500,000		4,932,550
3.95%, 11/09/2022		675,000		709,033
Credit Suisse AG
1.00%, 05/05/2023		3,150,000		3,179,745
Danske Bank A/S
5.00%, 01/12/2022^(e)		4,625,000		4,762,519
5.38%, 01/12/2024^(e)		1,000,000		1,114,662
1Y US TI + 1.03%, 12/08/2023^(a)(e)		2,000,000		2,010,499
1Y US TI + 1.35%, 09/11/2026^(a)(e)		6,500,000		6,470,124
3M US L + 1.249%, 09/20/2022^(a)(e)		1,000,000		1,008,190
First Horizon Corp.
3.55%, 05/26/2023		2,500,000		2,641,091
FNB Corp.
2.20%, 02/24/2023		1,800,000		1,832,018
PNC Financial Services Group, Inc.
1D US SOFR + 0.98%, 04/23/2032^(a)		4,982,000		4,961,749
Synovus Bank/Columbus GA
1D US SOFR + 0.95%, 02/10/2023^(a)		6,235,000		6,293,978
Truist Bank
5Y US TI + 1.15%, 09/17/2029^(a)		4,750,000		5,003,270
UniCredit SpA
1Y US TI + 2.30%, 09/22/2026^(a)(e)		8,500,000		8,577,443
Wells Fargo & Co.
4.10%, 06/03/2026		6,800,000		7,647,682
Total Banks				90,814,275

Cable & Satellite (2.24%)
CCO Holdings LLC / CCO Holdings
Capital Corp.
4.25%, 02/01/2031^(e)		8,427,000		8,437,534
4.50%, 06/01/2033^(e)		5,978,000		6,032,220
Charter Communications Operating LLC / Charter Communications Operating Capital
3.85%, 04/01/2061		4,980,000		4,580,639
5.05%, 03/30/2029		8,017,000		9,297,572
3M US L + 1.65%, 02/01/2024^(a)		500,000		513,625
Sirius XM Radio, Inc.
3.88%, 08/01/2022^(e)		4,770,000		4,799,574
Time Warner Cable LLC
4.00%, 09/01/2021		4,797,000		4,810,283
Total Cable & Satellite				38,471,447

	Principal Amount		Value (Note 2)
Casinos & Gaming (0.46%)
MGM Resorts International
5.50%, 04/15/2027	$	3,985,000	$	4,353,613
7.75%, 03/15/2022		3,348,000		3,525,293
Total Casinos & Gaming				7,878,906
Chemicals (0.63%)
Kraton Polymers LLC / Kraton
Polymers Capital Corp.
4.25%, 12/15/2025^(e)		3,685,000		3,745,029
LYB International Finance III LLC
3M US L + 1.00%, 10/01/2023^(a)		7,110,000		7,126,773
Total Chemicals				10,871,802
Commercial Finance (1.87%)
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust
3.15%, 02/15/2024		5,365,000		5,640,408
3.50%, 01/15/2025		1,225,000		1,298,446
4.63%, 10/15/2027		925,000		1,031,319
6.50%, 07/15/2025		7,493,000		8,822,081
Avolon Holdings Funding, Ltd.
2.13%, 02/21/2026^(e)		996,000		974,199
2.75%, 02/21/2028^(e)		996,000		969,793
4.25%, 04/15/2026^(e)		5,410,000		5,774,190
5.50%, 01/15/2026^(e)		1,900,000		2,129,238
Park Aerospace Holdings, Ltd.
4.50%, 03/15/2023^(e)		1,850,000		1,942,300
5.25%, 08/15/2022^(e)		3,283,000		3,432,343
Total Commercial Finance				32,014,317
Consumer Finance (2.87%)
Ally Financial, Inc.
1.45%, 10/02/2023		990,000		1,006,205
Series B
5Y US TI + 3.87%^(a)(f)		4,301,000		4,370,676
American Express Co.
Series B
3M US L + 3.43%^(a)(f)		8,530,000		8,550,046
Discover Financial Services
Series D
5Y US TI + 5.78%^(a)(f)		5,000,000		5,656,250
OneMain Finance Corp.
5.38%, 11/15/2029		3,500,000		3,781,768
8.88%, 06/01/2025		9,677,000		10,725,744
Quicken Loans LLC
3.63%, 03/01/2029^(e)		3,700,000		3,605,188
3.88%, 03/01/2031^(e)		2,000,000		1,947,830
5.25%, 01/15/2028^(e)		4,190,000		4,425,688
Synchrony Financial
3.70%, 08/04/2026		3,192,000		3,470,755
4.25%, 08/15/2024		1,700,000		1,857,567
Total Consumer Finance				49,397,717

See Notes to Financial Statements.

80 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Consumer Services (0.29%)
Sodexo, Inc.
2.72%, 04/16/2031^(e)	$	5,000,000	$	4,970,746
Department Stores (0.50%)
Nordstrom, Inc.
4.25%, 08/01/2031^(e)		8,425,000		8,545,015

Diversified Banks (3.50%)
Bank of America Corp.
4.45%, 03/03/2026		6,532,000		7,403,231
1D US SOFR + 0.96%, 07/22/2027^(a)		9,366,000		9,457,670
1D US SOFR + 1.32%, 04/22/2032^(a)		4,300,000		4,355,275
1D US SOFR + 1.37%, 10/24/2031^(a)		6,700,000		6,361,846
1D US SOFR + 1.58%, 04/22/2042^(a)		2,989,000		3,054,097
Citigroup, Inc.
4.30%, 11/20/2026		7,008,000		7,898,292
1D US SOFR + 1.17%, 05/01/2032^(a)		1,993,000		1,993,450
JPMorgan Chase & Co.
1D US SOFR + 1.25%, 04/22/2032^(a)		2,989,000		3,003,731
1D US SOFR + 1.46%, 04/22/2042^(a)		10,509,000		10,541,564
1D US SOFR + 2.04%, 04/22/2031^(a)		4,000,000		4,044,499
Natwest Group PLC
1Y US TI + 2.55%, 05/22/2028^(a)		2,000,000		2,095,511
Total Diversified Banks				60,209,166

Electrical Equipment Manufacturing (0.26%)
Otis Worldwide Corp.
3M US L + 0.45%, 04/05/2023^(a)		900,000		899,748
Trimble, Inc.
4.75%, 12/01/2024		3,254,000		3,650,681
Total Electrical Equipment Manufacturing				4,550,429

Exploration & Production (0.18%)
Diamondback Energy, Inc.
4.40%, 03/24/2051		2,990,000		3,144,225

Financial Services (4.37%)
Carlyle Finance Subsidiary LLC
3.50%, 09/19/2029^(e)		2,000,000		2,110,933
Credit Suisse Group AG
3.57%, 01/09/2023^(e)		9,021,000		9,190,610
1D US SOFR + 2.044%, 06/05/2026^(a)(e)		3,000,000		3,067,768
5Y US TI + 4.82%^(a)(e)(f)		7,875,000		8,569,221

	Principal Amount		Value (Note 2)
Goldman Sachs Group, Inc.
3.50%, 04/01/2025	$	7,006,000	$	7,623,690
1D US SOFR + 1.51%, 04/22/2042^(a)		2,989,000		3,021,826
LPL Holdings, Inc.
4.00%, 03/15/2029^(e)		2,990,000		2,993,738
Morgan Stanley
Series GMTN
1D US SOFR + 1.14%, 01/22/2031^(a)		9,000,000		9,205,722
1D US SOFR + 0.88%, 05/04/2027^(a)		3,986,000		4,006,994
1D US SOFR + 1.02%, 04/28/2032^(a)		7,972,000		7,558,331
1D US SOFR + 1.49%, 04/22/2042^(a)		1,843,000		1,870,238
Nasdaq, Inc.
0.45%, 12/21/2022		2,990,000		2,991,358
Raymond James Financial, Inc.
4.65%, 04/01/2030		9,000,000		10,653,923
UBS AG/London
1.75%, 04/21/2022^(e)		1,500,000		1,519,704
UBS Group AG
1Y US TI + 0.83%, 07/30/2024^(a)(e)		1,000,000		1,006,860
Total Financial Services				75,390,916
Food & Beverage (0.15%)
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(e)		2,490,000		2,587,857
Health Care Facilities & Services (1.49%* )*
HCA, Inc.
3.50%, 09/01/2030		3,500,000		3,599,662
4.13%, 06/15/2029		3,000,000		3,337,726
4.50%, 02/15/2027		3,680,000		4,158,115
5.25%, 04/15/2025		1,737,000		1,998,116
5.25%, 06/15/2049		3,110,000		3,832,041
Jaguar Holding Co. II / PPD
Development LP
4.63%, 06/15/2025^(e)		8,300,000		8,735,169
Total Health Care Facilities & Services				25,660,829
Home & Office Products Manufacturing (0.21%)
Newell Brands, Inc.
4.70%, 04/01/2026		3,237,000		3,613,301

Home Improvement (0.29%)
Whirlpool Corp.
2.40%, 05/15/2031		4,982,000		4,962,660

Homebuilders (0.53%)
Shea Homes LP / Shea Homes
Funding Corp.
4.75%, 04/01/2029^(e)		3,500,000		3,548,213

See Notes to Financial Statements.

81 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Tri Pointe Homes, Inc.
5.70%, 06/15/2028	$	5,000,000	$	5,565,650
Total Homebuilders				9,113,863
Medical Equipment & Devices Manufacturing (0.63%)
Avantor Funding, Inc.
4.63%, 07/15/2028^(e)		6,500,000		6,816,875
STERIS Irish FinCo UnLtd Co.
2.70%, 03/15/2031		1,993,000		1,990,240
3.75%, 03/15/2051		1,993,000		2,021,358
Total Medical Equipment & Devices Manufacturing				10,828,473
Metals & Mining (0.57%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		9,265,000		9,740,276

Pharmaceuticals (4.55%)
AbbVie, Inc.
2.15%, 11/19/2021		3,250,000		3,282,224
2.95%, 11/21/2026		4,000,000		4,287,093
3.60%, 05/14/2025		600,000		656,265
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(e)		16,680,000		17,051,630
7.00%, 03/15/2024^(e)		4,491,000		4,610,438
Elanco Animal Health, Inc.
4.91%, 08/27/2021		4,724,000		4,776,649
5.90%, 08/28/2028		2,003,000		2,280,215
Organon Finance 1 LLC
4.13%, 04/30/2028^(e)		16,167,000		16,583,139
5.13%, 04/30/2031^(e)		7,574,000		7,868,250
Viatris, Inc.
1.13%, 06/22/2022^(e)		16,829,000		16,942,194
Total Pharmaceuticals				78,338,097
Pipeline (2.77%)
Buckeye Partners LP
3.95%, 12/01/2026		620,000		620,775
4.13%, 12/01/2027		5,626,000		5,573,256
4.15%, 07/01/2023		3,800,000		3,944,875
4.35%, 10/15/2024		2,440,000		2,554,375
5.60%, 10/15/2044		2,828,000		2,727,253
Energy Transfer LP
4.20%, 04/15/2027		2,215,000		2,421,667
Series B
3M US L + 4.16%^(a)(f)		2,506,000		2,368,170
Midwest Connector Capital Co.
LLC
3.63%, 04/01/2022^(e)		9,960,000		10,107,356
3.90%, 04/01/2024^(e)		4,975,000		5,177,904
4.63%, 04/01/2029^(e)		2,001,000		2,068,923
Western Midstream Operating
LP
4.35%, 02/01/2025		7,165,000		7,585,944
3M US L + 2.10%, 01/13/2023^(a)		2,630,000		2,604,553
Total Pipeline				47,755,051

	Principal Amount		Value (Note 2)
Power Generation (1.46%)
Alexander Funding Trust
1.84%, 11/15/2023^(e)	$	5,975,000	$	6,060,417
NRG Energy, Inc.
2.00%, 12/02/2025^(e)		5,030,000		5,066,914
2.45%, 12/02/2027^(e)		5,030,000		5,049,425
Vistra Operations Co. LLC
5.50%, 09/01/2026^(e)		8,626,000		8,922,562
Total Power Generation				25,099,318
Property & Casualty Insurance (0.34%)
Fairfax US, Inc.
4.88%, 08/13/2024^(e)		2,000,000		2,205,610
Liberty Mutual Group, Inc.
4.30%, 02/01/2061^(e)		4,000,000		3,682,904
Total Property & Casualty Insurance				5,888,514
Publishing & Broadcasting (1.04%)
Nexstar Broadcasting, Inc.
4.75%, 11/01/2028^(e)		8,000,000		8,160,000
Scripps Escrow II, Inc.
3.88%, 01/15/2029^(e)		9,960,000		9,911,942
Total Publishing & Broadcasting				18,071,942
Railroad (0.89%)
Westinghouse Air Brake
Technologies Corp.
3.20%, 06/15/2025		10,721,000		11,446,945
4.95%, 09/15/2028		3,304,000		3,804,653
Total Railroad				15,251,598
Real Estate (0.86%)
Cushman & Wakefield US
Borrower LLC
6.75%, 05/15/2028^(e)		2,000,000		2,146,250
Howard Hughes Corp.
4.13%, 02/01/2029^(e)		3,840,000		3,810,720
MGM Growth Properties
Operating Partnership LP /
MGP Finance Co.-Issuer,
Inc.
4.63%, 06/15/2025^(e)		5,500,000		5,862,725
Public Storage
2.30%, 05/01/2031		2,989,000		2,992,368
Total Real Estate				14,812,063
Refining & Marketing (1.40%)
HollyFrontier Corp.
4.50%, 10/01/2030		3,000,000		3,136,096
5.88%, 04/01/2026		3,337,000		3,834,421
Valero Energy Corp.
3M US L + 1.15%, 09/15/2023^(a)		17,005,000		17,047,823
Total Refining & Marketing				24,018,340
Restaurants (0.72%)
1011778 BC ULC / New Red
Finance, Inc.
4.25%, 05/15/2024^(e)		4,215,000		4,275,359

See Notes to Financial Statements.

82 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Yum! Brands, Inc.
7.75%, 04/01/2025^(e)	$	7,437,000	$	8,134,218
Total Restaurants				12,409,577
Retail - Consumer Discretionary (0.47%)
Gap, Inc.
8.38%, 05/15/2023^(e)		500,000		569,375
8.63%, 05/15/2025^(e)		5,729,000		6,347,446
8.88%, 05/15/2027^(e)		1,000,000		1,168,750
Total Retail - Consumer Discretionary				8,085,571
Semiconductors (1.50%)
Marvell Technology, Inc.
1.65%, 04/15/2026^(e)		2,770,000		2,763,413
2.45%, 04/15/2028^(e)		1,843,000		1,855,650
2.95%, 04/15/2031^(e)		2,770,000		2,774,825
Microchip Technology, Inc.
0.97%, 02/15/2024^(e)		3,985,000		3,981,465
3.92%, 06/01/2021		14,502,000		14,539,935
Total Semiconductors				25,915,288
Software & Services (2.26%)
Black Knight InfoServ LLC
3.63%, 09/01/2028^(e)		7,931,000		7,769,287
Booz Allen Hamilton, Inc.
3.88%, 09/01/2028^(e)		2,500,000		2,499,563
CoStar Group, Inc.
2.80%, 07/15/2030^(e)		10,000,000		9,909,587
Leidos, Inc.
4.38%, 05/15/2030^(e)		7,857,000		8,778,468
Roper Technologies, Inc.
0.45%, 08/15/2022		1,635,000		1,637,447
Verisk Analytics, Inc.
5.80%, 05/01/2021		8,177,000		8,177,000
Total Software & Services				38,771,352

Supermarkets & Pharmacies (0.36%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP /
Albertsons LLC
4.63%, 01/15/2027^(e)		2,990,000		3,113,338
Kroger Co.
2.65%, 10/15/2026		2,860,000		3,040,571
Total Supermarkets & Pharmacies				6,153,909
Transportation & Logistics (0.44%)
FedEx Corp. 2020-1 Class AA Pass Through Trust
1.88%, 02/20/2034		7,694,623		7,582,003
Utilities (2.08%)
Atmos Energy Corp.
3M US L + 0.38%, 03/09/2023^(a)		1,993,000		1,994,229
Dominion Energy, Inc.
2.72%, 08/15/2021^(c)		2,300,000		2,315,241
3.07%, 08/15/2024^(c)		1,500,000		1,600,378
Edison International
Series A
5Y US TI + 4.70%^(a)(f)		4,507,000		4,674,074

	Principal Amount		Value (Note 2)
Exelon Corp.
3.50%, 06/01/2022	$	2,673,000	$	2,754,323
NextEra Energy Capital Holdings, Inc.
2.40%, 09/01/2021		1,000,000		1,007,116
ONE Gas, Inc.
0.85%, 03/11/2023		6,975,000		6,981,918
Pacific Gas and Electric Co.
1.37%, 03/10/2023		3,990,000		3,991,695
3M US L + 1.38%, 11/15/2021^(a)		7,510,000		7,535,384
Southern California Edison Co.
1.10%, 04/01/2024		2,990,000		3,016,136
Total Utilities				35,870,494
Waste & Environment Services & Equipment (0.31%)
GFL Environmental, Inc.
3.75%, 08/01/2025^(e)		1,000,000		1,019,410
4.25%, 06/01/2025^(e)		4,254,000		4,389,596
Total Waste & Environment Services & Equipment				5,409,006
Wireless Telecommunications Services (1.37%)
AT&T, Inc.
1.70%, 03/25/2026		1,995,000		2,004,724
2.75%, 06/01/2031		9,000,000		8,995,061
4.30%, 12/15/2042		4,500,000		4,933,030
Sprint Corp.
7.88%, 09/15/2023		6,792,000		7,751,370
Total Wireless Telecommunications Services				23,684,185
Wireline Telecommunications Services (0.24%)
Lumen Technologies, Inc.
Series S
6.45%, 06/15/2021		3,000,000		3,018,000
NTT Finance Corp.
0.37%, 03/03/2023^(e)		996,000		996,982
Total Wireline Telecommunications Services				4,014,982
TOTAL CORPORATE BONDS
(Cost $959,919,940)				981,862,470

GOVERNMENT BONDS (22.42%)
U.S. Treasury Bonds (22.42%)
United States Treasury Bonds
0.88%, 11/15/2030	25,266,000	23,631,606
1.13%, 02/15/2031	46,045,000	43,976,572
1.13%, 05/15/2040	3,874,000	3,241,751
1.38%, 11/15/2040	27,720,000	24,159,713
1.38%, 08/15/2050	31,128,000	24,963,197
1.88%, 02/15/2051	50,354,000	45,814,272

See Notes to Financial Statements.

83 | April 30, 2021

ALPS \| Smith Total Return Bond Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
United States Treasury Notes
0.13%, 01/31/2023	$	23,906,000	$	23,900,397
0.13%, 04/30/2023		17,143,000		17,131,281
0.13%, 12/15/2023		33,353,000		33,233,138
0.50%, 02/28/2026		50,448,000		49,695,221
0.63%, 08/15/2030		45,411,000		41,622,020
0.75%, 03/31/2026		54,637,000		54,427,842
Total U.S. Treasury Bonds				385,797,010
TOTAL GOVERNMENT BONDS
(Cost $390,635,673)				385,797,010

	Shares		Value (Note 2)
PREFERRED STOCK (0.60%)
Consumer Discretionary (0.51%)
Retail - Consumer Discretionary (0.51%)
Qurate Retail, Inc.		83,200		8,702,720

TOTAL Consumer Discretionary				8,702,720

Financials (0.09%)
Banks (0.09%)
Wells Fargo & Co.^(f)		60,000		1,543,800

TOTAL Financials				1,543,800

TOTAL PREFERRED STOCK
(Cost $9,804,609)				10,246,520

7-Day
Yield

Value
(Note 2)

SHORT TERM INVESTMENTS (2.42%)

Money Market Fund (2.42%)

Morgan Stanley

Institutional

Liquidity Funds -

Government

Portfolio

0.030

41,624,135

TOTAL SHORT TERM INVESTMENTS

(Cost $41,624,135)

41,624,135

	Value (Note 2)
TOTAL INVESTMENTS (99.75%)
(Cost $1,696,222,648)	$	1,716,737,868

Other Assets In Excess Of Liabilities (0.25%)		4,321,713

NET ASSETS (100.00%)	$	1,721,059,581

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of April 30, 2021 was 0.11%

3M US L - 3 Month LIBOR as of April 30, 2021 was 0.18%

1D US SOFR - 1 Day SOFR as of April 30, 2021 was 0.01%

1Y US TI - 1 Year US Treasury Index as of April 30, 2021 was 0.05%

5Y US TI - 5 Year US Treasury Index as of April 30, 2021 was 0.86%

^(a)

^(b)

Issued with zero coupon.

^(c)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of April 30, 2021.

^(d)

Interest only security.

^(e)

	^(f)	Perpetual.

	See Notes to Financial Statements.

See Notes to Financial Statements.

84 | April 30, 2021

ALPS \| Smith Credit Opportunities Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (0.16%)
Communications (0.16%)
Telecommunications (0.16%)
AT&T, Inc.		8,156	$	256,180

TOTAL Communications				256,180

TOTAL COMMON STOCKS
(Cost $234,592)				256,180

	Shares		(Note 2)
EXCHANGE TRADED FUNDS (4.15%)
iShares iBoxx High Yield Corporate
Bond ETF		25,962		2,270,117

Invesco Senior Loan ETF		193,203		4,279,447

TOTAL EXCHANGE TRADED FUNDS
(Cost $6,562,419)				6,549,564

	Shares		Value (Note 2)
CORPORATE BONDS (77.15%)
Advertising & Marketing (1.42%)
Outfront Media Capital LLC /
Outfront Media Capital Corp.
4.25%, 01/15/2029^(a)		900,000		895,320
5.00%, 08/15/2027^(a)		1,300,000		1,342,250
Total Advertising & Marketing				2,237,570
Aerospace & Defense (0.93%)
Boeing Co.
2.20%,		750,000		751,495
4.51%, 05/01/2023		500,000		534,112
TransDigm, Inc.
6.25%, 03/15/2026^(a)		175,000		185,500
Total Aerospace & Defense				1,471,107
Airlines (3.26%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(a)		360,302		398,691
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(a)		1,215,986		1,362,022
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(a)		632,025		672,729
British Airways 2020-1 Class B Pass Through Trust
8.38%, 11/15/2028^(a)		74,168		85,178
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1
5.88%, 10/15/2027		1,427,475		1,582,261

	Shares		Value (Note 2)
United Airlines, Inc.
4.63%, 04/15/2029^(a)	$	1,000,000	$	1,040,450
Total Airlines				5,141,331
Automobiles Manufacturing (4.46%)
Ford Motor Co.
5.29%, 12/08/2046		300,000		316,592
8.50%, 04/21/2023		370,000		414,863
9.00%, 04/22/2025		750,000		916,875
Ford Motor Credit Co. LLC
3.66%, 09/08/2024		1,400,000		1,460,388
4.00%, 11/13/2030		450,000		460,166
General Motors Co.
5.00%, 04/01/2035		905,000		1,064,069
Nissan Motor Co., Ltd.
4.81%, 09/17/2030^(a)		2,175,000		2,417,459
Total Automobiles Manufacturing				7,050,412
Banks (2.11%)
Synovus Bank/Columbus GA
5Y US TI + 3.63%, 10/29/2030^(b)		1,250,000		1,329,688
UniCredit SpA
5Y US TI + 4.75%, 06/30/2035^(a)(b)		1,850,000		1,987,624
Total Banks				3,317,312
Cable & Satellite (1.74%)
CCO Holdings LLC / CCO Holdings
Capital Corp.
4.50%, 05/01/2032^(a)		2,700,000		2,730,375

Casinos & Gaming (3.29%)
Boyd Gaming Corp.
4.75%, 12/01/2027		1,500,000		1,539,653
8.63%, 06/01/2025^(a)		575,000		637,888
International Game Technology PLC
4.13%, 04/15/2026^(a)		250,000		257,915
MGM Resorts International
4.75%, 10/15/2028		1,150,000		1,214,619
Station Casinos LLC
5.00%, 10/01/2025^(a)		1,525,000		1,548,827
Total Casinos & Gaming				5,198,902
Chemicals (1.75%)
Chemours Co.
5.75%, 11/15/2028^(a)		1,350,000		1,435,940
Kraton Polymers LLC / Kraton
Polymers Capital Corp.
4.25%, 12/15/2025^(a)		1,300,000		1,321,177
Total Chemicals				2,757,117
Commercial Finance (3.54%)
AerCap Ireland Capital DAC / AerCap
Global Aviation Trust
1.75%, 01/30/2026		600,000		588,685
4.63%, 10/15/2027		220,000		245,287
Aircastle, Ltd.
2.85%, 01/26/2028^(a)		1,725,000		1,694,159

See Notes to Financial Statements.

85 | April 30, 2021

ALPS \| Smith Credit Opportunities Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Antares Holdings LP
3.95%, 07/15/2026^(a)	$	500,000	$	513,982
Avolon Holdings Funding, Ltd.
2.75%, 02/21/2028^(a)		1,625,000		1,582,241
3.25%, 02/15/2027^(a)		200,000		203,800
4.25%, 04/15/2026^(a)		710,000		757,796
Park Aerospace Holdings, Ltd.
5.25%, 08/15/2022^(a)		14,000		14,637
Total Commercial Finance				5,600,587

Consumer Finance (3.67%)
Ally Financial, Inc.
Series B
5Y US TI + 3.87%^(b)(c)		684,000		695,081
American Express Co.
Series B
3M US L + 3.43%^(b)(c)		1,050,000		1,052,468
LD Holdings Group LLC
6.50%, 11/01/2025^(a)		1,300,000		1,371,265
OneMain Finance Corp.
5.38%, 11/15/2029		300,000		324,152
8.88%, 06/01/2025		875,000		969,828
PennyMac Financial Services, Inc.
4.25%, 02/15/2029^(a)		250,000		239,694
Quicken Loans LLC
3.63%, 03/01/2029^(a)		850,000		828,219
5.25%, 01/15/2028^(a)		300,000		316,875
Total Consumer Finance				5,797,582

Consumer Products (0.83%)
Kronos Acquisition Holdings, Inc. /
KIK Custom Products, Inc.
5.00%, 12/31/2026^(a)		1,300,000		1,313,098

Consumer Services (0.94%)
WW International, Inc.
4.50%, 04/15/2029^(a)		1,500,000		1,481,475

Containers & Packaging (0.32%)
TriMas Corp.
4.13%, 04/15/2029^(a)		500,000		499,373

Department Stores (1.12%)
NMG Holding Co. Inc / Neiman
Marcus Group LLC
7.13%, 04/01/2026^(a)		650,000		665,691
Nordstrom, Inc.
4.25%, 08/01/2031^(a)		1,095,000		1,110,599
Total Department Stores				1,776,290

Diversified Banks (0.90%)
Bank of America Corp.
1D US SOFR + 1.32%, 04/22/2032^(b)		685,000		693,805

	Shares			Value (Note 2)
JPMorgan Chase & Co.
1D US SOFR + 1.25%, 04/22/2032^(b)	$	725,000		$	728,573
Total Diversified Banks					1,422,378
Electrical Equipment Manufacturing (0.94%)
Vontier Corp.
2.95%, 04/01/2031^(a)		1,500,000			1,478,745

Exploration & Production (1.59%)
Diamondback Energy, Inc.
4.40%, 03/24/2051		200,000			210,316
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029^(a)		1,175,000			1,198,329
6.00%, 02/01/2031^(a)		100,000			103,253
Murphy Oil Corp.
6.38%, 07/15/2028		1,000,000			1,016,250
Total Exploration & Production					2,528,148
Financial Services (6.10%)
Compass Group Diversified Holdings LLC
5.25%, 04/16/2029^(a)		900,000			950,625
Credit Suisse Group AG
3.57%, 01/09/2023^(a)		300,000			305,641
5Y US TI + 3.55%^(a)(b)(c)		1,275,000			1,220,813
5Y US TI + 4.82%^(a)(b)(c)		625,000			680,097
FS KKR Capital Corp.
3.40%, 01/15/2026		2,100,000			2,149,420
Golub Capital BDC, Inc.
2.50%, 08/24/2026		1,750,000			1,739,571
3.38%, 04/15/2024		800,000			833,655
LPL Holdings, Inc.
4.00%, 03/15/2029^(a)		1,350,000			1,351,688
Morgan Stanley
1D US SOFR + 1.49%, 04/22/2042^(b)		150,000			152,217
Owl Rock Capital Corp.
2.63%, 01/15/2027		250,000			248,941
Total Financial Services					9,632,668
Forest & Paper Products Manufacturing		(0.97	%)
Mercer International, Inc.
5.13%, 02/01/2029^(a)		350,000			362,250
Resolute Forest Products, Inc.
4.88%, 03/01/2026^(a)		1,150,000			1,174,438
Total Forest & Paper Products Manufacturing					1,536,688
Hardware (0.65%)
NCR Corp.
5.13%, 04/15/2029^(a)		1,000,000			1,030,000

Health Care Facilities & Services (0.44%)
HCA, Inc.
5.25%, 06/15/2049		235,000			289,559
5.88%, 02/15/2026		200,000			230,000

See Notes to Financial Statements.

86 | April 30, 2021

ALPS \| Smith Credit Opportunities Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Jaguar Holding Co. II / PPD
Development LP
4.63%, 06/15/2025^(a)	$	170,000	$	178,913
Total Health Care Facilities & Services				698,472

Home Improvement (0.33%)
WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026^(a)		500,000		520,000

Homebuilders (1.09%)
Forestar Group, Inc.
3.85%, 05/15/2026^(a)		665,000		673,419
Shea Homes LP / Shea Homes
Funding Corp.
4.75%, 02/15/2028^(a)		125,000		127,422
4.75%, 04/01/2029^(a)		900,000		912,397
Total Homebuilders				1,713,238

Industrial Other (1.69%)
Dycom Industries, Inc.
4.50%, 04/15/2029^(a)		750,000		762,188
Element Fleet Management Corp.
1.60%, 04/06/2024^(a)		530,000		536,309
H&E Equipment Services, Inc.
3.88%, 12/15/2028^(a)		1,400,000		1,368,500
Total Industrial Other				2,666,997

Internet Media (1.29%)
Endure Digital, Inc.
6.00%, 02/15/2029^(a)		1,000,000		959,865
Uber Technologies, Inc.
8.00%, 11/01/2026^(a)		1,000,000		1,083,450
Total Internet Media				2,043,315

Leisure Products Manufacturing (0.63%)
Vista Outdoor, Inc.
4.50%, 03/15/2029^(a)		1,000,000		1,000,660

Metals & Mining (0.99%)
TMS International Corp.
6.25%, 04/15/2029^(a)		500,000		520,625
United States Steel Corp.
6.88%, 03/01/2029		1,000,000		1,045,200
Total Metals & Mining				1,565,825

Pharmaceuticals (3.85%)
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(a)		2,550,000		2,606,814
Elanco Animal Health, Inc.
4.91%, 08/27/2021		25,000		25,279
5.90%, 08/28/2028		200,000		227,680
Organon Finance 1 LLC
4.13%, 04/30/2028^(a)		775,000		794,949
5.13%, 04/30/2031^(a)		1,400,000		1,454,390
Prestige Brands, Inc.
3.75%, 04/01/2031^(a)		1,000,000		961,215
Total Pharmaceuticals				6,070,327

	Shares		Value (Note 2)
Pipeline (4.97%)
Buckeye Partners LP
3.95%, 12/01/2026	$	735,000	$	735,919
4.13%, 12/01/2027		915,000		906,422
4.15%, 07/01/2023		200,000		207,625
4.35%, 10/15/2024		700,000		732,813
5.60%, 10/15/2044		160,000		154,300
Energy Transfer LP
4.20%, 04/15/2027		750,000		819,978
Series B
3M US L + 4.16%^(b)(c)		875,000		826,875
Genesis Energy LP / Genesis Energy
Finance Corp.
8.00%, 01/15/2027		925,000		954,133
Midwest Connector Capital Co. LLC
3.90%, 04/01/2024^(a)		275,000		286,216
4.63%, 04/01/2029^(a)		934,000		965,703
Western Midstream Operating LP
4.35%, 02/01/2025		525,000		555,844
3M US L + 2.10%, 01/13/2023^(b)		700,000		693,227
Total Pipeline				7,839,055
Power Generation (1.74%)
Alexander Funding Trust
1.84%, 11/15/2023^(a)		1,350,000		1,369,299
Vistra Operations Co. LLC
5.50%, 09/01/2026^(a)		1,325,000		1,370,553
Total Power Generation				2,739,852
Publishing & Broadcasting (3.52%)
Gray Television, Inc.
4.75%, 10/15/2030^(a)		2,000,000		2,002,500
Nexstar Broadcasting, Inc.
4.75%, 11/01/2028^(a)		1,600,000		1,632,000
Scripps Escrow II, Inc.
5.38%, 01/15/2031^(a)		1,900,000		1,930,837
Total Publishing & Broadcasting				5,565,337
Railroad (0.14%)
Westinghouse Air Brake
Technologies Corp.
3.20%, 06/15/2025		200,000		213,542

Real Estate (4.31%)
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028^(a)		1,975,000		2,119,422
GLP Capital LP / GLP Financing II, Inc.
5.30%, 01/15/2029		1,300,000		1,481,162
Howard Hughes Corp.
4.13%, 02/01/2029^(a)		1,075,000		1,066,803
4.38%, 02/01/2031^(a)		160,000		158,600
Kennedy-Wilson, Inc.
5.00%, 03/01/2031		1,050,000		1,088,603
MGM Growth Properties Operating
Partnership LP / MGP Finance
Co.-Issuer, Inc.
4.63%, 06/15/2025^(a)		200,000		213,190

See Notes to Financial Statements.

87 | April 30, 2021

ALPS \| Smith Credit Opportunities Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Realogy Group LLC / Realogy Co.- Issuer Corp.
5.75%, 01/15/2029^(a)	$	650,000	$	675,428
Total Real Estate				6,803,208

Refining & Marketing (1.93%)
HollyFrontier Corp.
4.50%, 10/01/2030		750,000		784,024
5.88%, 04/01/2026		325,000		373,445
Parkland Corp.
4.50%, 10/01/2029^(a)		1,000,000		1,021,900
Valero Energy Corp.
3M US L + 1.15%, 09/15/2023^(b)		850,000		852,141
Total Refining & Marketing				3,031,510
Restaurants (0.88%)
1011778 BC ULC / New Red Finance, Inc.
4.25%, 05/15/2024^(a)		1,350,000		1,369,331

Retail - Consumer Discretionary (0.80%)
Carvana Co.
5.50%, 04/15/2027^(a)		1,000,000		1,013,300
Petsmart, Inc.
4.75%, 02/15/2028^(a)		250,000		258,229
Total Retail - Consumer Discretionary				1,271,529

Retail - Consumer Staples (0.75%)
United Natural Foods, Inc.
6.75%, 10/15/2028^(a)		1,100,000		1,186,697

Semiconductors (0.37%)
Marvell Technology, Inc.
1.65%, 04/15/2026^(a)		220,000		219,477
2.45%, 04/15/2028^(a)		150,000		151,030
2.95%, 04/15/2031^(a)		220,000		220,383
Total Semiconductors				590,890

Software & Services (1.62%)
Black Knight InfoServ LLC
3.63%, 09/01/2028^(a)		1,175,000		1,151,042
Playtika Holding Corp.
4.25%, 03/15/2029^(a)		1,400,000		1,392,999
Total Software & Services				2,544,041

Supermarkets & Pharmacies (0.97%)
Albertsons Cos. Inc / Safeway, Inc. /
New Albertsons LP / Albertsons LLC
3.50%, 03/15/2029^(a)		825,000		793,064
4.63%, 01/15/2027^(a)		700,000		728,875
Total Supermarkets & Pharmacies				1,521,939

Transportation & Logistics (0.74%)
Meritor, Inc.
4.50%, 12/15/2028^(a)		1,150,000		1,166,531

	Shares		Value (Note 2)
Utilities (1.04%)
Edison International
Series A
5Y US TI + 4.70%^(b)(c)	$	698,000	$	723,875
Superior Plus LP / Superior General
Partner, Inc.
4.50%, 03/15/2029^(a)		900,000		919,256
Total Utilities				1,643,131
Waste & Environment Services & Equipment (1.31%)
GFL Environmental, Inc.
4.00%, 08/01/2028^(a)		1,950,000		1,868,587
4.25%, 06/01/2025^(a)		200,000		206,375
Total Waste & Environment Services & Equipment				2,074,962
Wireline Telecommunications Services (1.22%)
Consolidated Communications, Inc.
5.00%, 10/02/2028^(a)		1,500,000		1,524,375
Frontier Communications Corp.
5.00%, 05/01/2028^(a)		400,000		409,190
Total Wireline Telecommunications Services				1,933,565
TOTAL CORPORATE BONDS
(Cost $120,614,339)				121,775,112

	Shares		Value (Note 2)
GOVERNMENT BONDS (10.48%)
U.S. Treasury Bonds (10.48%)
United States Treasury Bonds
1.88%, 02/15/2051		2,240,000		2,038,050
United States Treasury Notes
0.13%, 02/28/2023		2,750,000		2,748,980
0.13%, 03/31/2023		1,672,000		1,671,216
0.13%, 04/30/2023		1,502,000		1,500,973
0.38%, 01/31/2026		2,318,000		2,272,274
0.50%, 02/28/2026		1,246,000		1,227,407
0.75%, 03/31/2026		2,429,000		2,419,702
1.13%, 02/29/2028		2,689,000		2,662,530
Total U.S. Treasury Bonds				16,541,132
TOTAL GOVERNMENT BONDS
(Cost $16,603,771)				16,541,132

	Shares		Value (Note 2)
PREFERRED STOCK (1.60%)
Consumer Discretionary (1.13%)
Retail - Consumer Discretionary (1.13%)
Qurate Retail, Inc.		17,000		1,778,200

TOTAL Consumer Discretionary				1,778,200
Financials (0.47%)
Banks (0.47%)
US Bancorp^(c)		7,000		174,580

See Notes to Financial Statements.

88 | April 30, 2021

ALPS \| Smith Credit Opportunities Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Wells Fargo & Co.^(c)		22,100	$	568,633
				743,213

TOTAL Financials				743,213

TOTAL PREFERRED STOCK
(Cost $2,447,884)				2,521,413

7-Day

Value

Yield

(Note 2)

SHORT TERM INVESTMENTS (1.46%)

Money Market Fund (1.46%)

Morgan Stanley

Institutional Liquidity

Funds - Government

Portfolio

0.030

2,303,925

TOTAL SHORT TERM INVESTMENTS

(Cost $2,303,925)

2,303,925

TOTAL INVESTMENTS (95.00%)

(Cost $148,766,930)

149,947,326

Other Assets In Excess Of Liabilities (5.00%)

7,895,943

NET ASSETS (100.00%)

157,843,269

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

3M US L - 3 Month LIBOR as of April 30, 2021 was 0.18%

1D US SOFR - 1 Day SOFR as of April 30, 2021 was 0.01%

5Y US TI - 5 Year US Treasury Index as of April 30, 2021 was 0.86%

^(a)

^(b)

^(c)

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.

89 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (65.48%)
Communications (7.22%)
Media (7.22%)
Activision Blizzard, Inc.		1,785	$	162,774
Alphabet, Inc., Class A^(a)		237		557,779
Facebook, Inc., Class A^(a)		1,037		337,107
IAC/InterActiveCorp^(a)		465		117,864
Spotify Technology SA^(a)		300		75,636
ViacomCBS, Inc.		1,952		80,071
Walt Disney Co.^(a)		1,074		199,786
				1,531,017

TOTAL Communications				1,531,017

Consumer Discretionary (9.84%)
Consumer Discretionary Products (3.08%)
Bayerische Motoren Werke AG, ADR		3,180		106,028
Brunswick Corp.		1,522		163,051
Lennar Corp., Class A		1,481		153,432
Scotts Miracle-Gro Co.		454		104,947
YETI Holdings, Inc.^(a)		1,468		125,397
				652,855
Consumer Discretionary Services (3.68%)
Carnival Corp.^(a)		6,050		169,158
Marriott International, Inc., Class A^(a)		1,284		190,700
McDonald's Corp.		937		221,207
Starbucks Corp.		1,733		198,411
				779,476
Retail & Whsle - Discretionary (3.08%)
Amazon.com, Inc.^(a)		130		450,765
Lowe's Cos., Inc.		1,026		201,353
				652,118

TOTAL Consumer Discretionary				2,084,449

Consumer Staples (6.02%)
Consumer Staple Products (2.16%)
Estee Lauder Cos., Inc., Class A		697		218,719
Procter & Gamble Co.		1,794		239,355
				458,074

Retail & Wholesale - Staples (3.86%)
Costco Wholesale Corp.		535		199,068
ITOCHU Corp., ADR		2,412		150,509
Target Corp.		1,131		234,411

	Shares		Value (Note 2)
Walmart, Inc.		1,680	$	235,049
				819,037

TOTAL Consumer Staples				1,277,111
Energy (1.35%)
Oil & Gas (1.35%)
Enbridge, Inc.		7,412		285,881

TOTAL Energy				285,881
Financials (8.15%)
Banking (2.39%)
JPMorgan Chase & Co.		3,290		506,035

Financial Services (3.99%)
Ally Financial, Inc.		4,440		228,438
Intercontinental Exchange, Inc.		1,903		224,002
LPL Financial Holdings, Inc.		1,305		204,493
T Rowe Price Group, Inc.		1,053		188,698
				845,631

Insurance (1.77%)
Prudential Financial, Inc.		2,315		232,334
Reinsurance Group of America, Inc.		1,095		142,930
				375,264

TOTAL Financials				1,726,930
Health Care (10.41%)
Health Care (10.41%)
Abbott Laboratories		2,032		244,003
Danaher Corp.		997		253,178
HCA Healthcare, Inc.		1,175		236,246
IQVIA Holdings, Inc.^(a)		835		195,966
Medtronic PLC		2,248		294,308
Thermo Fisher Scientific, Inc.		510		239,817
UnitedHealth Group, Inc.		1,339		533,992
Zoetis, Inc.		1,212		209,712
				2,207,222

TOTAL Health Care				2,207,222
Industrials (6.62%)
Industrial Products (5.17%)
Boeing Co.^(a)		937		219,548
Caterpillar, Inc.		859		195,946
Deere & Co.		730		270,721
ITT, Inc.		1,176		110,909
Middleby Corp.^(a)		532		96,462
TE Connectivity, Ltd.		1,505		202,377
				1,095,963

See Notes to Financial Statements.

90 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Industrial Services (1.45%)
Norfolk Southern Corp.		567	$	158,329
Southwest Airlines Co.^(a)		2,369		148,726
				307,055

TOTAL Industrials				1,403,018

Materials (2.15%)
Materials (2.15%)
Anglo American PLC, ADR		4,690		100,647
Celanese Corp.		508		79,578
Freeport-McMoRan, Inc.		2,805		105,777
Linde PLC		390		111,478
LyondellBasell Industries NV		565		58,613
				456,093

TOTAL Materials				456,093

Real Estate (0.79%)
Real Estate (0.79%)
Equity LifeStyle Properties, Inc.		2,401		166,629

TOTAL Real Estate				166,629

Technology (12.93%)
Software & Tech Services (6.88%)
Fidelity National Information Services, Inc.		1,573		240,512
Mastercard, Inc., Class A		971		370,980
Microsoft Corp.		2,327		586,823
PayPal Holdings, Inc.^(a)		413		108,326
Synopsys, Inc.^(a)		608		150,212
				1,456,853

Tech Hardware & Semiconductors (6.05%)
Advanced Micro Devices, Inc.^(a)		1,524		124,389
Apple, Inc.		3,875		509,408
Lam Research Corp.		190		117,886
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,421		282,628
Texas Instruments, Inc.		1,383		249,645
				1,283,956

TOTAL Technology				2,740,809

TOTAL COMMON STOCKS
(Cost $11,474,261)				13,879,159

	Principal Amount	Value (Note 2)
COLLATERALIZED MORTGAGE OBLIGATIONS (5.77%)
Fannie Mae

	Principal Amount		Value (Note 2)
Series 1997-10, Class FA,
1M US L + 0.60%, 03/18/2027^(b)	$	11,927	$	11,988
Series 1999-52, Class NF,
1M US L + 1.15%, 10/25/2023^(b)		9,495		9,579
Series 2002-22, Class GC,
6.500%, 04/25/2032		10,805		12,841
Series 2002-58, Class PG,
6.000%, 09/25/2032		17,167		20,189
Series 2003-117, Class KB,
6.000%, 12/25/2033		9,051		10,640
Series 2003-87, Class SL,
9.10% -1M US L%, 07/25/2033^(b)		55,143		65,071
Series 2004-60, Class JC,
5.500%, 04/25/2034		18,989		20,843
Series 2005-27, Class GH,
5.500%, 04/25/2035		90,000		106,908
Series 2007-104, Class ZE,
6.000%, 08/25/2037		24,837		28,997
Series 2007-22, Class A,
5.500%, 03/25/2037		11,741		13,565
Series 2007-55, Class PH,
6.000%, 06/25/2047		38,265		45,554
Series 2008-1, Class LF,
1M US L + 0.70%, 05/25/2037^(b)		28,280		28,026
Series 2009-12, Class LC,
8.805%, 06/25/2037^(b)		21,554		27,211
Series 2009-51, Class BZ,
4.500%, 07/25/2039		43,375		48,459
Series 2010-98, Class BH,
5.500%, 09/25/2040		44,189		51,045
Series 2013-103, Class H,
4.500%, 03/25/2038		10,297		10,319
Series 2013-18, Class MY,
3.000%, 03/25/2033		15,000		15,881
Series 2013-61, Class NY,
3.000%, 06/25/2033		35,000		37,478
Series 2014-21, Class MA,
2.000%, 09/25/2041		23,188		23,941
				588,535
Freddie Mac
Series 1996-1843, Class Z,
7.000%, 04/15/2026		11,240		12,027
Series 2002-2538, Class FB,
1M US L + 0.40%, 12/15/2032^(b)		9,350		9,376
Series 2003-2626, Class FQ,
1M US L + 1.00%, 06/15/2023^(b)		8,626		8,652
Series 2003-2635, Class E,
3.500%, 04/15/2033		1,294		1,296

See Notes to Financial Statements.

91 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Series 2005-2977, Class AT,
4.500%, 05/15/2025	$	18,383	$	19,308
Series 2005-2993, Class TF,
1M US L + 0.35%, 06/15/2025^(b)		8,780		8,770
Series 2006-3174, Class LF,
1M US L + 0.35%, 05/15/2036^(b)		16,127		16,214
Series 2008-3409, Class DB,
6.000%, 01/15/2038		21,367		25,159
Series 2009-3572, Class KT,
4.500%, 09/15/2039		19,798		21,319
Series 2010-3645, Class WD,
4.500%, 02/15/2040		19,000		20,315
Series 2010-3699, Class LC,
4.000%, 03/15/2040		9,003		9,751
Series 2010-3721, Class FB,
1M US L + 0.50%, 09/15/2040^(b)		15,900		16,154
Series 2010-3759, Class PY,
4.000%, 11/15/2040		25,000		27,452
Series 2010-3770, Class JZ,
4.000%, 12/15/2040		30,216		33,823
Series 2011-3954, Class PG,
2.500%, 07/15/2041		42,157		43,980
Series 2012-3987, Class LP,
3.500%, 01/15/2042		26,000		28,338
Series 2012-4032, Class AD,
2.000%, 10/15/2041		27,247		27,893
Series 2012-4064, Class TL,
4.000%, 03/15/2042		11,687		11,913
Series 2013-4226, Class GZ,
3.000%, 07/15/2043		23,680		24,599
Series 2015-4498, Class JA,
2.500%, 04/15/2037		45,841		46,856
				413,195
Ginnie Mae
Series 2005-91, Class PD,
5.500%, 12/20/2035		15,028		17,092
Series 2007-70, Class FC,
1M US L + 0.47%, 11/20/2037^(b)		24,474		24,682
Series 2008-2, Class PC,
4.750%, 01/20/2038		10,202		11,397
Series 2008-46, Class FA,
1M US L + 0.60%, 05/20/2038^(b)		10,000		10,064
Series 2008-60, Class JP,
5.500%, 07/20/2038		31,000		35,752
Series 2011-H23, Class HA,
3.000%, 12/20/2061		6,899		7,210
Series 2012-39, Class GA,
3.000%, 10/16/2040		12,849		13,362
Series 2013-149, Class BP,
3.500%, 10/20/2043		50,000		54,984

	Principal Amount		Value (Note 2)
Series 2019-162, Class GA,
3.000%, 10/20/2049	$	27,860	$	28,475
Series 2019-29, Class JB,
4.500%, 12/20/2046		8,000		8,144
Series 2020-5, Class LC,
3.500%, 10/20/2049		10,875		11,214
				222,376
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,209,461)				1,224,106

	Principal		Value
	Amount		(Note 2)
MORTGAGE-BACKED SECURITIES (1.02%)
Fannie Mae Pool
Series 2012-AM0762,
3.290%, 09/01/2032		8,484		9,392
Series 2012-AM1671,
2.100%, 12/01/2027		35,744		37,176
Series 2015-AM8645,
2.690%, 05/01/2027		21,955		23,623
Series 2015-AM8674,
2.810%, 04/01/2025		20,000		21,460
Series 2017-AN6670,
3.210%, 09/01/2027		29,733		31,263
Series 2018-109741,
3.730%, 11/01/2025		50,000		54,266
Series 2018-BL0212,
3.820%, 07/01/2027		34,710		39,245
				216,425
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $213,757)				216,425

CORPORATE BONDS (14.03%)
Aerospace & Defense (0.45%)
Boeing Co.
4.51%, 05/01/2023		10,000		10,682
Teledyne Technologies, Inc.
0.65%, 04/01/2023		15,000		14,997
0.95%, 04/01/2024		15,000		15,006
1.60%, 04/01/2026		25,000		25,096
2.25%, 04/01/2028		30,000		30,168
Total Aerospace & Defense				95,949
Airlines (0.50%)
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 08/15/2027^(c)		24,015		26,573
Alaska Airlines 2020-1 Class B Pass Through Trust
8.00%, 08/15/2025^(c)		14,465		16,202
British Airways 2020-1 Class A Pass Through Trust
4.25%, 11/15/2032^(c)		6,019		6,407
Southwest Airlines Co.
5.25%, 05/04/2025		20,000		22,919

See Notes to Financial Statements.

92 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
United Airlines 2020-1 Class A Pass Through Trust
Series 20-1
5.88%, 10/15/2027	$	24,396	$	27,041
United Airlines, Inc.
4.38%, 04/15/2026^(c)		7,000		7,096
Total Airlines				106,238

Automobiles Manufacturing (0.71%)
Ford Motor Co.
5.29%, 12/08/2046		20,000		21,106
8.50%, 04/21/2023		20,000		22,425
Ford Motor Credit Co. LLC
3.38%, 11/13/2025		35,000		35,863
4.00%, 11/13/2030		35,000		35,791
General Motors Co.
5.00%, 04/01/2035		22,000		25,867
Volkswagen Group of America
Finance LLC
0.75%, 11/23/2022^(c)		5,000		5,018
0.88%, 11/22/2023^(c)		5,000		5,025
Total Automobiles Manufacturing				151,095
Banks (0.77%)
CIT Group, Inc.
1D US SOFR + 3.83%, 06/19/2024^(b)		30,000		31,763
Citizens Financial Group, Inc.
4.15%, 09/28/2022^(c)		30,000		31,341
PNC Financial Services Group, Inc.
1D US SOFR + 0.98%, 04/23/2032^(b)		18,000		17,927
Synovus Bank/Columbus GA
1D US SOFR + 0.95%, 02/10/2023^(b)		15,000		15,142
Truist Bank
5Y US TI + 1.15%, 09/17/2029^(b)		25,000		26,333
Wells Fargo & Co.
4.10%, 06/03/2026		35,000		39,362
Total Banks				161,868

Cable & Satellite (0.53%)
CCO Holdings LLC / CCO Holdings
Capital Corp.
4.25%, 02/01/2031^(c)		10,000		10,013
4.50%, 06/01/2033^(c)		22,000		22,200
Charter Communications Operating LLC / Charter Communications
Operating Capital
3.85%, 04/01/2061		20,000		18,396
5.05%, 03/30/2029		33,000		38,271
Sirius XM Radio, Inc.
3.88%, 08/01/2022^(c)		5,000		5,031
Time Warner Cable LLC
4.00%, 09/01/2021		20,000		20,055
Total Cable & Satellite				113,966

	Principal Amount		Value (Note 2)
Casinos & Gaming (0.13%)
MGM Resorts International
5.50%, 04/15/2027	$	15,000	$	16,387
7.75%, 03/15/2022		10,000		10,530
Total Casinos & Gaming				26,917
Chemicals (0.21%)
Kraton Polymers LLC / Kraton
Polymers Capital Corp.
4.25%, 12/15/2025^(c)		15,000		15,244
LYB International Finance III LLC
3M US L + 1.00%, 10/01/2023^(b)		30,000		30,071
Total Chemicals				45,315
Commercial Finance (0.61%)
AerCap Ireland Capital DAC /
AerCap Global Aviation Trust
3.15%, 02/15/2024		22,000		23,129
4.63%, 10/15/2027		5,000		5,575
6.50%, 07/15/2025		25,000		29,435
Avolon Holdings Funding, Ltd.
2.13%, 02/21/2026^(c)		4,000		3,912
2.75%, 02/21/2028^(c)		4,000		3,895
3.63%, 05/01/2022^(c)		20,000		20,422
4.25%, 04/15/2026^(c)		25,000		26,683
Park Aerospace Holdings, Ltd.
5.25%, 08/15/2022^(c)		17,000		17,773
Total Commercial Finance				130,824
Consumer Finance (0.82%)
Ally Financial, Inc.
1.45%, 10/02/2023		10,000		10,164
Series B
5Y US TI + 3.87%^(b)(d)		15,000		15,243
American Express Co.
Series B
3M US L + 3.43%^(b)(d)		50,000		50,118
Discover Financial Services
Series D
5Y US TI + 5.78%^(b)(d)		15,000		16,969
OneMain Finance Corp.
8.88%, 06/01/2025		46,000		50,984
Quicken Loans LLC
3.63%, 03/01/2029^(c)		20,000		19,488
5.25%, 01/15/2028^(c)		10,000		10,563
Total Consumer Finance				173,529
Department Stores (0.14%)
Nordstrom, Inc.
4.25%, 08/01/2031^(c)		30,000		30,427

See Notes to Financial Statements.

93 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Diversified Banks (1.22%)
Bank of America Corp.
4.45%, 03/03/2026	$	25,000	$	28,334
1D US SOFR + 0.96%, 07/22/2027^(b)		34,000		34,333
1D US SOFR + 1.32%, 04/22/2032^(b)		15,000		15,193
1D US SOFR + 1.53%, 07/23/2031^(b)		25,000		23,734
1D US SOFR + 1.58%, 04/22/2042^(b)		11,000		11,240
Citigroup, Inc.
4.30%, 11/20/2026		30,000		33,811
1D US SOFR + 1.17%, 05/01/2032^(b)		7,000		7,002
JPMorgan Chase & Co.
1D US SOFR + 1.25%, 04/22/2032^(b)		11,000		11,054
1D US SOFR + 1.46%, 06/01/2024^(b)		30,000		30,585
1D US SOFR + 1.46%, 04/22/2042^(b)		41,000		41,126
1D US SOFR + 2.04%, 04/22/2031^(b)		25,000		25,278
Total Diversified Banks				261,690

Exploration & Production (0.05%)
Diamondback Energy, Inc.
4.40%, 03/24/2051		10,000		10,516

Financial Services (1.30%)
Credit Suisse Group AG
3.57%, 01/09/2023^(c)		37,000		37,696
Goldman Sachs Group, Inc.
3.50%, 04/01/2025		30,000		32,645
1D US SOFR + 1.51%, 04/22/2042^(b)		11,000		11,121
LPL Holdings, Inc.
4.00%, 03/15/2029^(c)		10,000		10,013
Morgan Stanley
Series GMTN
1D US SOFR + 1.14%, 01/22/2031^(b)		35,000		35,800
Series I
1D US SOFR + 0.75%, 10/21/2025^(b)		10,000		9,994
1D US SOFR + 0.88%, 05/04/2027^(b)		14,000		14,074
1D US SOFR + 1.02%, 04/28/2032^(b)		28,000		26,547
1D US SOFR + 1.49%, 04/22/2042^(b)		7,000		7,103
Nasdaq, Inc.
0.45%, 12/21/2022		10,000		10,005
National Securities Clearing Corp.
0.40%, 12/07/2023^(c)		20,000		20,002

	Principal Amount			Value (Note 2)
Raymond James Financial, Inc.
4.65%, 04/01/2030	$	50,000	$		59,187
Total Financial Services					274,187
Food & Beverage (0.05%)
Lamb Weston Holdings, Inc.
4.63%, 11/01/2024^(c)		10,000			10,393

Health Care Facilities & Services (0.37%)
HCA, Inc.
4.50%, 02/15/2027		25,000			28,248
5.25%, 06/15/2049		15,000			18,483
Jaguar Holding Co. II / PPD Development LP
4.63%, 06/15/2025^(c)		30,000			31,573
Total Health Care Facilities & Services					78,304
Home & Office Products Manufacturing (0.07%)
Newell Brands, Inc.
4.70%, 04/01/2026		13,000			14,511

Home Improvement (0.08%)
Whirlpool Corp.
2.40%, 05/15/2031		18,000			17,930

Industrial Other (0.12%)
Honeywell International, Inc.
0.48%, 08/19/2022		25,000			25,023
Medical Equipment & Devices Manufacturing (0.07%)
STERIS Irish FinCo UnLtd Co.
2.70%, 03/15/2031		7,000			6,990
3.75%, 03/15/2051		7,000			7,100
Total Medical Equipment & Devices Manufacturing					14,090
Metals & Mining (0.17%)
Steel Dynamics, Inc.
5.00%, 12/15/2026		35,000			36,795

Pharmaceuticals (1.33%)
AbbVie, Inc.
2.95%, 11/21/2026		25,000			26,794
Bausch Health Cos., Inc.
6.13%, 04/15/2025^(c)		67,000			68,494
7.00%, 03/15/2024^(c)		9,000			9,239
Elanco Animal Health, Inc.
4.91%, 08/27/2021		30,000			30,334
Organon Finance 1 LLC
4.13%, 04/30/2028^(c)		58,000			59,493
5.13%, 04/30/2031^(c)		26,000			27,010
Viatris, Inc.
1.13%, 06/22/2022^(c)		61,000			61,410
Total Pharmaceuticals					282,774

See Notes to Financial Statements.

94 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Pipeline (0.65%)
Buckeye Partners LP
4.13%, 12/01/2027	$	21,000	$	20,803
4.35%, 10/15/2024		10,000		10,469
5.60%, 10/15/2044		12,000		11,573
Energy Transfer LP
4.20%, 04/15/2027		25,000		27,332
Midwest Connector Capital Co. LLC
3.63%, 04/01/2022^(c)		25,000		25,370
3.90%, 04/01/2024^(c)		25,000		26,019
4.63%, 04/01/2029^(c)		5,000		5,170
Western Midstream Operating LP
4.35%, 02/01/2025		10,000		10,588
Total Pipeline				137,324

Power Generation (0.45%)
Alexander Funding Trust
1.84%, 11/15/2023^(c)		25,000		25,357
NRG Energy, Inc.
2.00%, 12/02/2025^(c)		20,000		20,147
2.45%, 12/02/2027^(c)		20,000		20,077
Vistra Operations Co. LLC
5.50%, 09/01/2026^(c)		29,000		29,998
Total Power Generation				95,579

Publishing & Broadcasting (0.32%)
Nexstar Broadcasting, Inc.
4.75%, 11/01/2028^(c)		25,000		25,500
Scripps Escrow II, Inc.
3.88%, 01/15/2029^(c)		40,000		39,807
Total Publishing & Broadcasting				65,307

Railroad (0.33%)
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025		50,000		53,386
4.95%, 09/15/2028		15,000		17,273
Total Railroad				70,659

Real Estate (0.05%)
Public Storage
2.30%, 05/01/2031		11,000		11,012

Refining & Marketing (0.43%)
HollyFrontier Corp.
5.88%, 04/01/2026		13,000		14,938
Valero Energy Corp.
3M US L + 1.15%, 09/15/2023^(b)		76,000		76,191
Total Refining & Marketing				91,129

Restaurants (0.09%)
1011778 BC ULC / New Red Finance, Inc.
4.25%, 05/15/2024^(c)		5,000		5,072
Yum! Brands, Inc.
7.75%, 04/01/2025^(c)		13,000		14,219
Total Restaurants				19,291

	Principal Amount		Value (Note 2)
Retail - Consumer Discretionary (0.13%)
Gap, Inc.
8.63%, 05/15/2025^(c)	$	24,000	$	26,591

Semiconductors (0.20%)
Marvell Technology, Inc.
1.65%, 04/15/2026^(c)		10,000		9,976
2.45%, 04/15/2028^(c)		7,000		7,048
2.95%, 04/15/2031^(c)		10,000		10,017
Microchip Technology, Inc.
0.97%, 02/15/2024^(c)		15,000		14,987
Total Semiconductors				42,028
Software & Services (0.39%)
Leidos, Inc.
4.38%, 05/15/2030^(c)		50,000		55,864
Verisk Analytics, Inc.
5.80%, 05/01/2021		28,000		28,000
Total Software & Services				83,864
Supermarkets & Pharmacies (0.05%)
Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027^(c)		10,000		10,413

Transportation & Logistics (0.23%)
FedEx Corp. 2020-1 Class AA Pass Through Trust
1.88%, 02/20/2034		48,663		47,951

Utilities (0.44%)
Atmos Energy Corp.
3M US L + 0.38%, 03/09/2023^(b)		7,000		7,004
Edison International
Series A
5Y US TI + 4.70%^(b)(d)		15,000		15,556
ONE Gas, Inc.
0.85%, 03/11/2023		25,000		25,025
Pacific Gas and Electric Co.
1.37%, 03/10/2023		10,000		10,004
3M US L + 1.38%, 11/15/2021^(b)		25,000		25,085
Southern California Edison Co.
1.10%, 04/01/2024		10,000		10,087
Total Utilities				92,761
Waste & Environment Services & Equipment (0.13%)
GFL Environmental, Inc.
4.25%, 06/01/2025^(c)		25,000		25,796
Wireless Telecommunications Services (0.42%)
AT&T, Inc.
1.70%, 03/25/2026		5,000		5,024
4.30%, 12/15/2042		50,000		54,812

See Notes to Financial Statements.

95 | April 30, 2021

ALPS \| Smith Balanced Opportunity Fund
Statement of Investments	April 30, 2021 (Unaudited)

	Principal Amount		Value (Note 2)
Sprint Corp.
7.88%, 09/15/2023	$	25,000	$	28,531
Total Wireless Telecommunications Services				88,367
Wireline Telecommunications Services (0.02%)
NTT Finance Corp.
0.37%, 03/03/2023^(c)		4,000		4,004

TOTAL CORPORATE BONDS
(Cost $2,959,404)				2,974,417

GOVERNMENT BONDS (9.16%)
U.S. Treasury Bonds (9.16%)
United States Treasury Bonds
0.88%, 11/15/2030		160,000		149,650
1.13%, 02/15/2031		141,000		134,666
1.13%, 08/15/2040		112,000		93,389
1.38%, 11/15/2040		17,000		14,817
1.38%, 08/15/2050		37,000		29,672
1.88%, 02/15/2051		250,000		227,461
United States Treasury Notes
0.13%, 03/31/2023		110,000		109,948
0.13%, 04/30/2023		72,000		71,951
0.13%, 12/15/2023		178,000		177,360
0.25%, 03/15/2024		184,000		183,698
0.50%, 02/28/2026		270,000		265,971
0.63%, 08/15/2030		194,000		177,813
0.75%, 03/31/2026		307,000		305,825
Total U.S. Treasury Bonds				1,942,221

TOTAL GOVERNMENT BONDS
(Cost $1,960,976)				1,942,221

	Yield 7-Day			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (8.38%)
Money Market Fund (8.38%)
Morgan Stanley
Institutional
Liquidity Funds -
Government
Portfolio		0.030	%		263,417		263,417
State Street Institutional
Treasury Plus
Money Market Fund		0.020	%		1,514,141		1,514,140
							1,777,557

TOTAL SHORT TERM INVESTMENTS
(Cost $1,777,557)							1,777,557

TOTAL INVESTMENTS (103.84%)
(Cost $19,595,416)						$	22,013,885

Liabilities In Excess Of Other Assets (-3.84%)							(813,817	)

NET ASSETS (100.00%)						$	21,200,068

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

Reference Rates:

1M US L - 1 Month LIBOR as of April 30, 2021 was 0.11%

3M US L - 3 Month LIBOR as of April 30, 2021 was 0.18%

1D US SOFR - 1 Day SOFR as of April 30, 2021 was 0.01%

5Y US TI - 5 Year US Treasury Index as of April 30, 2021 was 0.86%

^(a)

Non-Income Producing Security.

^(b)

^(c)

^(d)

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

See Notes to Financial Statements.

96 | April 30, 2021

ALPS \| Smith Funds
Statements of Assets and Liabilities	April 30, 2021 (Unaudited)

	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	$	408,424,474	$	1,716,737,868	$	149,947,326	$	22,013,885
Receivable for investments sold		451,396		22,386,499		50,185		37,856
Receivable for shares sold		7,442,553		5,029,961		16,812,857		–
Interest receivable		2,058,754		9,875,959		1,198,278		40,208
Receivable due from advisor		–		–		–		9,429
Prepaid expenses and other assets		27,943		41,570		79,484		15,118
Total Assets		418,405,120		1,754,071,857		168,088,130		22,116,496
LIABILITIES
Payable for investments purchased		12,157,546		24,289,498		10,080,837		842,425
Payable for shares redeemed		472,226		7,789,395		41,450		–
Investment advisory fees payable		88,581		685,641		83,851		–
Administration and transfer agency fees payable		7,945		100,665		19,789		55,738
Distribution and services fees payable		12,185		14,539		2,996		1,149
Trustees' fees and expenses payable		3,502		23,776		422		236
Professional fees payable		12,880		22,759		12,756		12,657
Custody fees payable		2,554		18,531		2,156		2,906
Accrued expenses and other liabilities		8,833		67,472		604		1,317
Total Liabilities		12,766,252		33,012,276		10,244,861		916,428
NET ASSETS	$	405,638,868	$	1,721,059,581	$	157,843,269	$	21,200,068
NET ASSETS CONSIST OF
Paid-in capital	$	402,582,858	$	1,707,925,382	$	156,193,695	$	18,389,169
Total distributable earnings		3,056,010		13,134,199		1,649,574		2,810,899
NET ASSETS	$	405,638,868	$	1,721,059,581	$	157,843,269	$	21,200,068
INVESTMENTS, AT COST	$	406,332,738	$	1,696,222,648	$	148,766,930	$	19,595,416

See Notes to Financial Statements.

97 | April 30, 2021

ALPS \| Smith Funds
Statements of Assets and Liabilities	April 30, 2021 (Unaudited)

PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	10.60		$	11.21		$	10.39		$	11.77
Net Assets	$	16,141,098		$	8,875,197		$	7,646,288		$	724,188
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,523,060			791,806			736,131			61,537
Class A:
Net Asset Value, offering and redemption price per share	$	10.59		$	11.21		$	10.39		$	11.77
Net Assets	$	12,012,282		$	16,965,309		$	1,203,361		$	1,176,597
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,133,887			1,513,076			115,829			100,000
Maximum offering price per share	$	10.83	^(a)	$	11.47	^(a)	$	10.63	^(a)	$	12.17	^(b)
Class C:
Net Asset Value, offering and redemption price per share^(c)	$	10.58		$	11.19		$	10.39		$	11.74
Net Assets	$	3,178,627		$	7,949,799		$	519,413		$	587,181
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		300,557			710,564			50,000			50,000
Class I:
Net Asset Value, offering and redemption price per share	$	10.60		$	11.21		$	10.40		$	11.77
Net Assets	$	374,306,861		$	1,687,269,276		$	148,474,207		$	18,712,102
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		35,303,410			150,577,988			14,281,603			1,590,155

^(a)

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

^(b)

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

^(c)

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

See Notes to Financial Statements.

98 | April 30, 2021

ALPS | Smith Funds

Statements of Operations

For the Six Months Ended April 30, 2021 (Unaudited)

	ALPS \| Smith Short Duration Bond Fund			ALPS \| Smith Total Return Bond Fund			ALPS \| Smith Credit Opportunities Fund^(a)			ALPS \| Smith Balanced Opportunity Fund^(a)
INVESTMENT INCOME
Dividends	$	14,611		$	320,878		$	65,808		$	77,522
Foreign taxes withheld on dividends		(3,651	)		(13,059	)		(1,036	)		(1,430	)
Interest		1,816,398			19,652,555			1,040,337			53,789
Total Investment Income		1,827,358			19,960,374			1,105,109			129,881

EXPENSES
Investment advisory fees		519,529			4,311,443			242,993			61,409
Administrative fees		144,725			728,229			43,754			57,165
Transfer agency fees		60,010			298,985			2,398			1,608
Distribution and service fees
Investor Class		18,658			14,856			4,247			926
Class A		13,126			22,762			1,517			1,486
Class C		12,866			38,289			2,559			2,724
Professional fees		15,698			35,058			14,348			14,157
Reports to shareholders and printing fees		3,775			33,013			999			805
State registration fees		39,960			74,072			3,863			3,001
Insurance fees		1,161			9,425			123			92
Custody fees		6,011			33,829			3,570			8,093
Trustees' fees and expenses		5,186			40,822			777			437
Miscellaneous expenses		5,396			14,853			4,138			4,048
Total Expenses		846,101			5,655,636			325,286			155,951
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(5,636	)		(178	)		(463	)		(2,834	)
Class A		(2,076	)		(695	)		(719	)		(4,635	)
Class C		(614	)		(1,129	)		(341	)		(2,313	)
Class I		(92,583	)		(270,589	)		(20,722	)		(66,297	)
Net Expenses		745,192			5,383,045			303,041			79,872
Net Investment Income		1,082,166			14,577,329			802,068			50,009
Net realized gain/(loss) on investments		990,286			(2,266,199	)		499,394			422,865
Net realized gain on foreign currency transactions		–			–			–			32
Net Realized Gain/(Loss)		990,286			(2,266,199	)		499,394			422,897
Net change in unrealized appreciation/(depreciation) on investments		21,444			(10,844,924	)		1,295,751			2,554,488
Net Change in Unrealized Appreciation/(Depreciation)		21,444			(10,844,924	)		1,295,751			2,554,488
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS		1,011,730			(13,111,123	)		1,795,145			2,977,385
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,093,896		$	1,466,206		$	2,597,213		$	3,027,394

^(a)

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

See Notes to Financial Statements.

99 | April 30, 2021

ALPS | Smith Short Duration Bond Fund

Statement of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	1,082,166		$	1,369,569
Net realized gain		990,286			1,602,831
Net change in unrealized appreciation		21,444			1,684,442
Net Increase in Net Assets Resulting from Operations		2,093,896			4,656,842

DISTRIBUTIONS
From distributable earnings
Investor Class		(128,980	)		(21,527	)
Class A		(87,032	)		(21,429	)
Class C		(17,210	)		(9,016	)
Class I		(2,446,867	)		(1,765,667	)
Net Decrease in Net Assets from Distributions		(2,680,089	)		(1,817,639	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		13,457,142			8,786,055
Class A		8,560,258			3,316,195
Class C		976,784			1,845,022
Class I		264,216,850			159,410,823
Dividends reinvested
Investor Class		83,431			16,577
Class A		82,614			18,236
Class C		16,821			8,286
Class I		1,746,616			1,187,091
Shares redeemed, net of redemption fees
Investor Class		(6,456,568	)		(230,669	)
Class A		(296,975	)		(148,329	)
Class C		(5	)		(185,508	)
Class I		(57,974,982	)		(41,453,423	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		224,411,986			132,570,356

Net increase in net assets		223,825,793			135,409,559

NET ASSETS
Beginning of period		181,813,075			46,403,516
End of period	$	405,638,868		$	181,813,075

See Notes to Financial Statements.

100 | April 30, 2021

ALPS | Smith Total Return Bond Fund

Statement of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	14,577,329		$	17,728,925
Net realized gain/(loss)		(2,266,199	)		20,708,790
Net change in unrealized appreciation/(depreciation)		(10,844,924	)		24,830,792
Net Increase in Net Assets Resulting from Operations		1,466,206			63,268,507

DISTRIBUTIONS
From distributable earnings
Investor Class		(257,826	)		(136,099	)
Class A		(391,842	)		(252,408	)
Class C		(162,144	)		(59,370	)
Class I		(38,668,399	)		(22,139,600	)
Net Decrease in Net Assets from Distributions		(39,480,211	)		(22,587,477	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		2,663,179			9,570,405
Class A		6,560,660			7,720,559
Class C		1,886,072			5,311,853
Class I		579,485,467			1,096,771,120
Dividends reinvested
Investor Class		217,790			120,845
Class A		358,976			240,768
Class C		125,376			55,429
Class I		26,615,208			15,005,297
Shares redeemed, net of redemption fees
Investor Class		(3,869,413	)		(3,975,002	)
Class A		(4,577,861	)		(1,264,314	)
Class C		(373,864	)		(733,489	)
Class I		(213,435,927	)		(185,793,976	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		395,655,663			943,029,495

Net increase in net assets		357,641,658			983,710,525

NET ASSETS
Beginning of period		1,363,417,923			379,707,398
End of period	$	1,721,059,581		$	1,363,417,923

See Notes to Financial Statements.

101 | April 30, 2021

ALPS | Smith Credit Opportunities Fund

Statement of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
OPERATIONS
Net investment income	$	802,068		$	42,824
Net realized gain		499,394			43,945
Net change in unrealized appreciation/(depreciation)		1,295,751			(115,355	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		2,597,213			(28,586	)

DISTRIBUTIONS
From distributable earnings
Investor Class		(31,898	)		(1,183	)
Class A		(14,903	)		(1,780	)
Class C		(5,001	)		(450	)
Class I		(826,988	)		(37,948	)
Net Decrease in Net Assets from Distributions		(878,790	)		(41,361	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		7,208,974			701,936
Class A		161,677			1,000,000
Class C		–			500,000
Class I		126,692,019			25,436,680
Dividends reinvested
Investor Class		23,467			–
Class A		1,295			–
Class I		386,230			1,273
Shares redeemed
Investor Class		(341,605	)		(175	)
Class I		(5,251,687	)		(325,291	)
Net Increase in Net Assets Derived from Beneficial Interest Transactions		128,880,370			27,314,423

Net increase in net assets		130,598,793			27,244,476

NET ASSETS
Beginning of period		27,244,476			–
End of period	$	157,843,269		$	27,244,476

See Notes to Financial Statements.

102 | April 30, 2021

ALPS | Smith Balanced Opportunity Fund

Statement of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
OPERATIONS
Net investment income	$	50,009		$	8,275
Net realized gain/(loss)		422,897			(23,561	)
Net change in unrealized appreciation/(depreciation)		2,554,488			(136,019	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		3,027,394			(151,305	)

DISTRIBUTIONS
From distributable earnings
Investor Class		(1,436	)		(116	)
Class A		(2,353	)		(415	)
Class I		(54,893	)		(6,578	)
Net Decrease in Net Assets from Distributions		(58,682	)		(7,109	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		7,521			610,109
Class A		–			1,000,000
Class C		–			500,000
Class I		3,838,146			12,420,000
Dividends reinvested
Investor Class		141			–
Class I		20,846			692
Shares redeemed
Investor Class		(52	)		–
Class I		(7,633	)		–
Net Increase in Net Assets Derived from Beneficial Interest Transactions		3,858,969			14,530,801

Net increase in net assets		6,827,681			14,372,387

NET ASSETS
Beginning of period		14,372,387			–
End of period	$	21,200,068		$	14,372,387

See Notes to Financial Statements.

103 | April 30, 2021

ALPS | Smith Short Duration Bond Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.62		$	10.25		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.03			0.11			0.23			0.07
Net realized and unrealized gain/(loss)		0.06			0.48			0.27			(0.04	)
Total from investment operations		0.09			0.59			0.50			0.03

DISTRIBUTIONS:
From net investment income		(0.03	)		(0.14	)		(0.22	)		(0.05	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.11	)		(0.22	)		(0.23	)		(0.05	)

Net increase/(decrease) in net asset value		(0.02	)		0.37			0.27			(0.02	)
Net asset value, end of period	$	10.60		$	10.62		$	10.25		$	9.98
TOTAL RETURN^(b)		0.80	%		5.85	%		5.04	%		0.25	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	16,141		$	9,100		$	519		$	491
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.85	%^(c)		0.95	%		1.10	%		2.79	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.77	%^(c)		0.78	%		0.76	%		0.89	%^(c)
Ratio of net investment income to average net assets		0.52	%^(c)		1.02	%		2.22	%		1.93	%^(c)
Portfolio turnover rate^(d)		112	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

104 | April 30, 2021

ALPS | Smith Short Duration Bond Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.61		$	10.24		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.03			0.12			0.22			0.06
Net realized and unrealized gain/(loss)		0.06			0.47			0.27			(0.03	)
Total from investment operations		0.09			0.59			0.49			0.03

DISTRIBUTIONS:
From net investment income		(0.03	)		(0.14	)		(0.22	)		(0.05	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.11	)		(0.22	)		(0.23	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.02	)		0.37			0.26			(0.02	)
Net asset value, end of period	$	10.59		$	10.61		$	10.24		$	9.98
TOTAL RETURN^(c)		0.80	%		5.84	%		4.96	%		0.27	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	12,012		$	3,702		$	471		$	110
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.81	%^(d)		0.94	%		1.09	%		4.28	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.77	%^(d)		0.77	%		0.74	%		0.89	%^(d)
Ratio of net investment income to average net assets		0.51	%^(d)		1.10	%		2.17	%		1.86	%^(d)
Portfolio turnover rate^(e)		112	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

105 | April 30, 2021

ALPS | Smith Short Duration Bond Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.61		$	10.24		$	9.98		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		(0.01	)		0.05			0.15			0.05
Net realized and unrealized gain/(loss)		0.06			0.47			0.27			(0.04	)
Total from investment operations		0.05			0.52			0.42			0.01

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

Net increase/(decrease) in net asset value		(0.03	)		0.37			0.26			(0.02	)
Net asset value, end of period	$	10.58		$	10.61		$	10.24		$	9.98
TOTAL RETURN^(c)		0.45	%		5.10	%		4.19	%		0.09	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	3,179		$	2,193		$	497		$	370
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.54	%^(d)		1.67	%		1.83	%		3.54	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.49	%^(d)		1.49	%		1.49	%		1.48	%^(d)
Ratio of net investment income/(loss) to average net assets		(0.20	)%^(d)		0.46	%		1.48	%		1.35	%^(d)
Portfolio turnover rate^(e)		112	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

106 | April 30, 2021

ALPS | Smith Short Duration Bond Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.62		$	10.25		$	9.99		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.04			0.16			0.25			0.08
Net realized and unrealized gain/(loss)		0.06			0.46			0.26			(0.03	)
Total from investment operations		0.10			0.62			0.51			0.05

DISTRIBUTIONS:
From net investment income		(0.04	)		(0.17	)		(0.25	)		(0.06	)
From net realized gains		(0.08	)		(0.08	)		(0.01	)		–
Total distributions		(0.12	)		(0.25	)		(0.26	)		(0.06	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.01			0.00	^(b)
Net increase/(decrease) in net asset value		(0.02	)		0.37			0.26			(0.01	)
Net asset value, end of period	$	10.60		$	10.62		$	10.25		$	9.99
TOTAL RETURN^(c)		0.95	%		6.12	%		5.21	%		0.50	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	374,307		$	166,817		$	44,916		$	13,601
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.56	%^(d)		0.70	%		0.82	%		1.70	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.49	%^(d)		0.49	%		0.49	%		0.49	%^(d)
Ratio of net investment income to average net assets		0.79	%^(d)		1.52	%		2.46	%		2.36	%^(d)
Portfolio turnover rate^(e)		112	%		457	%		639	%		266	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

107 | April 30, 2021

ALPS | Smith Total Return Bond Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.05		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.19			0.22			0.07
Net realized and unrealized gain/(loss)		(0.06	)		0.57			0.95			0.03
Total from investment operations		0.03			0.76			1.17			0.10

DISTRIBUTIONS:
From net investment income		(0.09	)		(0.19	)		(0.21	)		(0.05	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.28	)		(0.29	)		(0.23	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.25	)		0.47			0.94			0.05
Net asset value, end of period	$	11.21		$	11.46		$	10.99		$	10.05
TOTAL RETURN^(c)		0.24	%		6.95	%		11.77	%		1.00	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	8,875		$	10,109		$	4,121		$	345
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.96	%^(d)		1.01	%		1.07	%		2.97	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.96	%^(d)		0.96	%		0.96	%		1.07	%^(d)
Ratio of net investment income to average net assets		1.57	%^(d)		1.66	%		2.05	%		2.20	%^(d)
Portfolio turnover rate^(e)		126	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

108 | April 30, 2021

ALPS | Smith Total Return Bond Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.05		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.09			0.19			0.21			0.07
Net realized and unrealized gain/(loss)		(0.06	)		0.57			0.97			0.03
Total from investment operations		0.03			0.76			1.18			0.10

DISTRIBUTIONS:
From net investment income		(0.09	)		(0.19	)		(0.22	)		(0.05	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.28	)		(0.29	)		(0.24	)		(0.05	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.25	)		0.47			0.94			0.05
Net asset value, end of period	$	11.21		$	11.46		$	10.99		$	10.05
TOTAL RETURN^(c)		0.24	%		6.96	%		11.79	%		1.04	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	16,965		$	15,016		$	7,929		$	136
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.96	%^(d)		0.99	%		1.05	%		3.96	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.95	%^(d)		0.95	%		0.95	%		1.07	%^(d)
Ratio of net investment income to average net assets		1.58	%^(d)		1.66	%		1.91	%		2.10	%^(d)
Portfolio turnover rate^(e)		126	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

109 | April 30, 2021

ALPS | Smith Total Return Bond Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.44		$	10.97		$	10.04		$	10.00

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

DISTRIBUTIONS:
From net investment income		(0.06	)		(0.11	)		(0.15	)		(0.04	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.25	)		(0.21	)		(0.17	)		(0.04	)

Net increase/(decrease) in net asset value		(0.25	)		0.47			0.93			0.04
Net asset value, end of period	$	11.19		$	11.44		$	10.97		$	10.04
TOTAL RETURN^(b)		(0.10	)%		6.23	%		10.98	%		0.79	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	7,950		$	6,508		$	1,727		$	121
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.70	%^(c)		1.72	%		1.79	%		4.69	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.67	%^(c)		1.67	%		1.67	%		1.67	%^(c)
Ratio of net investment income to average net assets		0.85	%^(c)		0.94	%		1.20	%		1.49	%^(c)
Portfolio turnover rate^(d)		126	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

110 | April 30, 2021

ALPS | Smith Total Return Bond Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period July 2, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.46		$	10.99		$	10.04		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.10			0.22			0.24			0.09
Net realized and unrealized gain/(loss)		(0.05	)		0.57			0.97			0.02
Total from investment operations		0.05			0.79			1.21			0.11

DISTRIBUTIONS:
From net investment income		(0.11	)		(0.22	)		(0.24	)		(0.07	)
From net realized gains		(0.19	)		(0.10	)		(0.02	)		–
Total distributions		(0.30	)		(0.32	)		(0.26	)		(0.07	)

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(b)		0.00	^(b)		–
Net increase/(decrease) in net asset value		(0.25	)		0.47			0.95			0.04
Net asset value, end of period	$	11.21		$	11.46		$	10.99		$	10.04
TOTAL RETURN^(c)		0.39	%		7.26	%		12.19	%		1.09	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,687,269		$	1,331,786		$	365,930		$	10,495
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.70	%^(d)		0.72	%		0.76	%		2.18	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.67	%^(d)		0.67	%		0.67	%		0.67	%^(d)
Ratio of net investment income to average net assets		1.85	%^(d)		1.94	%		2.22	%		2.64	%^(d)
Portfolio turnover rate^(e)		126	%		360	%		489	%		345	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

111 | April 30, 2021

ALPS | Smith Credit Opportunities Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.11			0.02
Net realized and unrealized gain/(loss)		0.46			(0.04	)
Total from investment operations		0.57			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.12	)		(0.02	)
From net realized gains		(0.02	)		–
Total distributions		(0.14	)		(0.02	)

Net increase/(decrease) in net asset value		0.43			(0.04	)
Net asset value, end of period	$	10.39		$	9.96
TOTAL RETURN^(b)		5.70	%		(0.23	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	7,646		$	699
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.23	%^(c)		2.36	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.19	%^(c)		1.20	%^(c)
Ratio of net investment income to average net assets		2.10	%^(c)		1.37	%^(c)
Portfolio turnover rate^(d)		151	%		66	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

112 | April 30, 2021

ALPS | Smith Credit Opportunities Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.12			0.02
Net realized and unrealized gain/(loss)		0.45			(0.04	)
Total from investment operations		0.57			(0.02	)

DISTRIBUTIONS:
From net investment income		(0.12	)		(0.02	)
From net realized gains		(0.02	)		–
Total distributions		(0.14	)		(0.02	)

Net increase/(decrease) in net asset value		0.43			(0.04	)
Net asset value, end of period	$	10.39		$	9.96
TOTAL RETURN^(b)		5.70	%		(0.22	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,203		$	996
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.30	%^(c)		2.38	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.17	%^(c)		1.20	%^(c)
Ratio of net investment income to average net assets		2.32	%^(c)		1.33	%^(c)
Portfolio turnover rate^(d)		151	%		66	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

113 | April 30, 2021

ALPS | Smith Credit Opportunities Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.96		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.08			0.01
Net realized and unrealized gain/(loss)		0.45			(0.04	)
Total from investment operations		0.53			(0.03	)

DISTRIBUTIONS:
From net investment income		(0.08	)		(0.01	)
From net realized gains		(0.02	)		–
Total distributions		(0.10	)		(0.01	)

Net increase/(decrease) in net asset value		0.43			(0.04	)
Net asset value, end of period	$	10.39		$	9.96
TOTAL RETURN^(b)		5.33	%		(0.31	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	519		$	498
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.03	%^(c)		3.09	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.90	%^(c)		1.90	%^(c)
Ratio of net investment income to average net assets		1.59	%^(c)		0.63	%^(c)
Portfolio turnover rate^(d)		151	%		66	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

114 | April 30, 2021

ALPS | Smith Credit Opportunities Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.97		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.13			0.02
Net realized and unrealized gain/(loss)		0.45			(0.03	)
Total from investment operations		0.58			(0.01	)

DISTRIBUTIONS:
From net investment income		(0.13	)		(0.02	)
From net realized gains		(0.02	)		–
Total distributions		(0.15	)		(0.02	)

Net increase/(decrease) in net asset value		0.43			(0.03	)
Net asset value, end of period	$	10.40		$	9.97
TOTAL RETURN^(b)		5.85	%		(0.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	148,474		$	25,051
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.97	%^(c)		1.86	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.90	%^(c)		0.90	%^(c)
Ratio of net investment income to average net assets		2.48	%^(c)		1.79	%^(c)
Portfolio turnover rate^(d)		151	%		66	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

115 | April 30, 2021

ALPS | Smith Balanced Opportunity Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.02			0.00	^(b)
Net realized and unrealized gain/(loss)		1.89			(0.12	)
Total from investment operations		1.91			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.02	)		(0.00	)^(b)
Total distributions		(0.02	)		(0.00	)^(b)

Net increase/(decrease) in net asset value		1.89			(0.12	)
Net asset value, end of period	$	11.77		$	9.88
TOTAL RETURN^(c)		19.39	%		(1.18	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	724		$	601
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.98	%^(d)		3.00	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.13	%^(d)		1.15	%^(d)
Ratio of net investment income to average net assets		0.35	%^(d)		0.25	%^(d)
Portfolio turnover rate^(e)		68	%		26	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

116 | April 30, 2021

ALPS | Smith Balanced Opportunity Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.02			0.00	^(b)
Net realized and unrealized gain/(loss)		1.89			(0.12	)
Total from investment operations		1.91			(0.12	)

DISTRIBUTIONS:
From net investment income		(0.02	)		(0.00	)^(b)
Total distributions		(0.02	)		(0.00	)^(b)

Net increase/(decrease) in net asset value		1.89			(0.12	)
Net asset value, end of period	$	11.77		$	9.88
TOTAL RETURN^(c)		19.39	%		(1.16	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,177		$	988
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.97	%^(d)		3.03	%^(d)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.12	%^(d)		1.15	%^(d)
Ratio of net investment income to average net assets		0.36	%^(d)		0.26	%^(d)
Portfolio turnover rate^(e)		68	%		26	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

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

See Notes to Financial Statements.

117 | April 30, 2021

ALPS | Smith Balanced Opportunity Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment loss^(a)		(0.02	)		(0.01	)
Net realized and unrealized gain/(loss)		1.88			(0.11	)
Total from investment operations		1.86			(0.12	)

Net increase/(decrease) in net asset value		1.86			(0.12	)
Net asset value, end of period	$	11.74		$	9.88
TOTAL RETURN^(b)		18.83	%		(1.20	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	587		$	494
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.70	%^(c)		3.73	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.85	%^(c)		1.85	%^(c)
Ratio of net investment loss to average net assets		(0.37	)%^(c)		(0.44	)%^(c)
Portfolio turnover rate^(d)		68	%		26	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

118 | April 30, 2021

ALPS | Smith Balanced Opportunity Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period September 16, 2020 (Commencement of Operations) to October 31, 2020
Net asset value, beginning of period	$	9.88		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.03			0.01
Net realized and unrealized gain/(loss)		1.90			(0.12	)
Total from investment operations		1.93			(0.11	)

DISTRIBUTIONS:
From net investment income		(0.04	)		(0.01	)
Total distributions		(0.04	)		(0.01	)

Net increase/(decrease) in net asset value		1.89			(0.12	)
Net asset value, end of period	$	11.77		$	9.88
TOTAL RETURN^(b)		19.56	%		(1.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	18,712		$	12,289
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.72	%^(c)		2.69	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.85	%^(c)		0.85	%^(c)
Ratio of net investment income to average net assets		0.63	%^(c)		0.57	%^(c)
Portfolio turnover rate^(d)		68	%		26	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

119 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Management Commentary

April 30, 2021 (Unaudited)

2021 – H1 Commentary and Outlook

The first half of 2021 was notable for the reflation trade with strong performance from cyclical and value-type companies that were hurt the most by the pandemic. These companies were spurred on by continued government fiscal and monetary support as well as the incremental reopening of businesses following the vaccine rollout. Growth and inflation continue to creep upwards, pushing long-term interest rates higher. We believe this bodes well for financials such as banks and lenders, as the increase in lending spreads improves their profitability, and much less so for high valuation growth companies as increased discount rates could leave them vulnerable to rising costs of capital. The Fed maintains that inflation will prove transitory as bottlenecks created by the pandemic alleviate and manufacturing catches up to demand. In our view, this may take a few months to play out but “inflation watch” has become the cornerstone of the equity markets.

H1 2021 Markets Review

Equities continued marching higher in the first half as central banks around the world reinforced their commitment to loose monetary policy and governments provided massive fiscal stimulus. The United States approved the third round of stimulus payments. This excess liquidity gave rise to fear of rampant inflation which sparked interest rates to jump higher as the 10-year Treasury note yields finished the half at 1.63% up from 0.87%.

Technology and healthcare sectors gave up leadership as the stock market broadened with vaccine rollout accelerating. Energy and financials were notable strengths. Within financials, lenders were particularly strong as a steeper yield curve helps their profits.

H1 2021 Portfolio Review

For the six months ending April 30, 2021, the Fund’s Investor shares (LPEFX) returned 35.40%, compared with 30.16% and 49.07% for the Morningstar Developed Markets Index (the Fund’s primary benchmark) and the Global Listed Private Equity Index (the Fund’s secondary benchmark), respectively.

The Fund missed out on strong performance in energy, consumer discretionary and materials versus our benchmark with smaller allocations.

Net contributors to performance included:

• IAC/InteractiveCorp

• Intermediate Capital

• KKR & Co

Net detractors from performance included:

• Prosus NV

• Taiwan Semiconductor

• Alibaba Group

We exited 10 names, added 13, and ended the period with 50 holdings.

Outlook

As of the date of this report, consumer prices have recovered to pre-COVID levels. Price jumps and selected bottlenecks in the supply chain are noticeable in pockets of the economy such as lumber, copper, and shipping rates. We believe, however, that while the overall level of inflation may rise in the near-term, it will not persist and we believe that the recent spike of interest rates will likely overshoot and settle back down as inflation fears fade later in the year and into 2022. The recent outperformance of banks should begin to mitigate as this becomes more likely.

Excess capital in equity markets have been driving a feeding frenzy into crowded sectors with very poor fundamentals. To justify these lofty valuations, earnings reports will likely need to exceed investor expectations over the next couple of quarters. Fortunately, as of the date of this report, stocks held by the Fund continue to trade at reasonable valuations due to their complexity, balance sheet strength, and long term superior capital allocation.

We target companies we call “capital allocators” with management teams, incentives, and shareholder alignment that we believe create exceptional value over mid to long time horizons. These companies are often holding companies, conglomerates, and publicly traded private equity portfolios.

In our opinion, the current market climate is well suited for the Fund’s portfolio companies. In particular, record M&A acts as an accelerant for the Fund’s portfolio companies, allowing them to rotate their underlying holdings and harvest gains. Given relative valuations, M&A tailwinds, and a focus on return on capital, we believe that the Fund’s portfolio is positioned well for this environment. As this new bull market matures, coming off the quick and deep downdraft of the pandemic, we expect the Fund’s portfolio to play catch up as investors return to a longer term view of excellent capital allocators. The market and many investors seem very short term oriented, reacting to the next big news in various sectors both positive and negative. As pure speculation (a hallmark of early bull markets) gradually dissipates, we expect more rational valuations and attitudes will re-emerge about what constitutes good, solid equity investments. In that vein we appreciate your loyalty and patience.

Andrew Drummond	Kirk McCown
Portfolio Manager	Portfolio Manager

120 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Management Commentary

April 30, 2021 (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.

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

121 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of April 30, 2021)

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

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Year	5 Year	10 Year	Total Expense Ratio	What You Pay*
Investor^# (NAV)	35.40%	56.16%	13.50%	14.85%	9.84%	2.45%	2.45%
Class A (NAV)	35.20%	56.27%	13.51%	14.85%	9.84%	2.49%	2.49%
Class A (MOP)	27.67%	47.80%	11.39%	13.54%	9.23%	2.49%	2.49%
Class C (NAV)	34.94%	54.88%	12.61%	13.98%	9.03%	3.11%	3.11%
Class C (CDSC)	33.94%	53.88%	12.61%	13.98%	9.03%	3.11%	3.11%
Class I	35.41%	56.48%	13.76%	15.12%	10.13%	2.11%	2.11%
Class R	35.12%⁺	55.95%	13.27%	14.62%	9.69%	2.57%	2.57%
Morningstar Developed Markets Index¹	30.16%	47.39%	14.34%	14.50%	10.56%
Red Rocks Global Listed Private Equity Index²	49.07%	77.13%	15.46%	16.52%	10.54%

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.

122 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

April 30, 2021 (Unaudited)

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

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

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

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

What You Pay reflects the Advisor's and Sub-Advisor’s decision to contractually limit expenses through February 28, 2022, and Acquired Fund Fees and Expenses of 0.79%. Please see the current prospectus dated February 28, 2021 for additional information.

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

⁺

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

Prior to March 31, 2020, the ALPS | Red Rocks Global Opportunity Fund was known as the ALPS | Red Rocks Listed Private Equity Fund.

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

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

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

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

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

123 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Performance Update

April 30, 2021 (Unaudited)

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

IAC/InterActiveCorp	4.94%
KKR & Co., Inc.	4.20%
HarbourVest Global Private Equity, Ltd.	4.00%
Partners Group Holding AG	3.88%
Brederode SA	3.82%
3i Group PLC	3.80%
Blackstone Group, Inc.	3.72%
Intermediate Capital Group PLC	3.43%
HBM Healthcare Investments AG	3.41%
HgCapital Trust PLC	3.27%
Top Ten Holdings	38.47%

^†

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)

124 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
CLOSED-END FUNDS (18.81%)
Apax Global Alpha, Ltd.^(a)		365,000	$	1,043,431
HarbourVest Global Private Equity, Ltd.^(b)		149,200		4,254,968
HBM Healthcare Investments AG, Class A		10,091		3,626,364
HgCapital Trust PLC		751,370		3,476,211
ICG Enterprise Trust PLC		102,000		1,526,644
Pantheon International PLC Fund^(b)		75,806		2,774,322
Princess Private Equity Holding, Ltd.		102,600		1,603,568
Standard Life Private Equity Trust PLC		258,400		1,714,093

TOTAL CLOSED-END FUNDS
(Cost $12,905,410)				20,019,601

COMMON STOCKS (79.16%)
Communications (10.21%)
Internet (1.34%)
Alibaba Group Holding, Ltd., Sponsored ADR^(b)		6,200		1,431,890

Media (8.87%)
IAC/InterActiveCorp^(b)		20,750		5,259,502
Liberty Broadband Corp., Class C^(b)		13,400		2,180,448
Liberty Media Corp.-Liberty SiriusXM, Class A^(b)		44,200		1,997,398
				9,437,348

TOTAL COMMUNICATIONS				10,869,238

Consumer, Cyclical (4.89%)
Entertainment (3.51%)
Betsson AB		127,000		1,153,925
Entain PLC^(b)		53,300		1,245,970
Kindred Group PLC^(b)		77,500		1,333,871
				3,733,766

Retail (1.38%)
Costco Wholesale Corp.		3,950		1,469,755

TOTAL CONSUMER, CYCLICAL				5,203,521

Consumer, Non-Cyclical (6.58%)
Healthcare-Products (4.34%)
Hologic, Inc.^(b)		20,400		1,337,220
Stryker Corp.		5,500		1,444,465
Thermo Fisher Scientific, Inc.		3,900		1,833,897
				4,615,582

	Shares		Value (Note 2)
Healthcare-Services (2.24%)
Chemed Corp.		5,000	$	2,383,050

TOTAL CONSUMER, NON-CYCLICAL				6,998,632
Diversified (0.97%)
Holding Companies-Diversified Operations (0.97%)
Schouw & Co. A/S		9,700		1,035,810

TOTAL DIVERSIFIED				1,035,810

Financials (46.79%)
Diversified Financial Services (27.04%)
Apollo Global Management, Inc.		38,200		2,115,134
Ares Management LP, Class A		23,000		1,207,960
Blackstone Group, Inc., Class A		44,700		3,955,503
Cannae Holdings, Inc.^(b)		77,000		3,056,900
Carlyle Group, Inc.		48,500		2,069,010
EXOR N.V.		17,000		1,395,242
Intermediate Capital Group PLC		121,000		3,652,955
KKR & Co., Inc., Class A		79,000		4,469,820
Mastercard, Inc., Class A		3,875		1,480,482
Partners Group Holding AG		2,900		4,130,954
StepStone Group, Inc., Class A		37,400		1,245,420
				28,779,380

Investment Companies (9.75%)
3i Group PLC		228,500		4,047,126
Chrysalis Investments, Ltd.^(b)		362,000		987,377
FS KKR Capital Corp. II		38,000		777,860
Investor AB, B Shares		33,200		2,818,235
Kinnevik AB, B Shares		31,700		1,749,575
				10,380,173

Private Equity (8.33%)
Altamir		34,600		992,113
Brederode SA		33,180		4,061,492
Clairvest Group, Inc.		12,700		635,439
Ratos AB, B Shares		277,000		1,630,137
SuRo Capital Corp.		106,000		1,542,300
				8,861,481

Real Estate (1.67%)
Brookfield Asset Management,
Inc., Class A		39,000		1,777,620

TOTAL FINANCIALS				49,798,654

Industrials (4.57%)
Electronics (0.99%)
Lagercrantz Group AB, B Shares		102,000		1,052,466

See Notes to Financial Statements.

125 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Machinery-Diversified (1.11%)
IDEX Corp.		5,275	$	1,182,655

Miscellaneous Manufacturers (2.47%)
Colfax Corp.^(b)		23,900		1,080,041
Danaher Corp.		6,100		1,549,034
				2,629,075

TOTAL INDUSTRIALS				4,864,196

Technology (3.56%)
Software (3.56%)
Constellation Software, Inc.		1,100		1,614,386
Fidelity National Information Services, Inc.		14,200		2,171,180
				3,785,566

TOTAL TECHNOLOGY				3,785,566

Utilities (1.59%)
Electric (1.59%)
Brookfield Infrastructure Partners LP		31,400		1,688,378

TOTAL UTILITIES				1,688,378

TOTAL COMMON STOCKS
(Cost $59,673,587)				84,243,995

	7-Day Yield			Shares		Value (Note 2)
SHORT-TERM INVESTMENTS (1.68%)
Money Market Fund (1.68%)
State Street Institutional Treasury Plus Money Market Fund		0.020	%		1,785,765		1,785,765

TOTAL MONEY MARKET FUND							1,785,765

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,785,765)							1,785,765

TOTAL INVESTMENTS (99.65%)
(Cost $74,364,762)						$	106,049,361

Other Assets In Excess Of Liabilities (0.35%)							375,410

NET ASSETS (100.00%)						$	106,424,771

^(a)

^(b)

Non-Income Producing Security.

See Notes to Financial Statements.

126 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Assets and Liabilities

April 30, 2021 (Unaudited)

ASSETS
Investments, at value	$	106,049,361
Receivable for shares sold		25,713
Dividends receivable		518,340
Prepaid expenses and other assets		33,379
Total Assets		106,626,793
LIABILITIES
Payable for shares redeemed		15,784
Investment advisory fees payable		77,318
Administration and transfer agency fees payable		33,249
Distribution and services fees payable		28,101
Trustees' fees and expenses payable		1,375
Professional fees payable		15,540
Custody fees payable		12,212
Accrued expenses and other liabilities		18,443
Total Liabilities		202,022
NET ASSETS	$	106,424,771
NET ASSETS CONSIST OF
Paid-in capital	$	72,126,063
Total distributable earnings		34,298,708
NET ASSETS	$	106,424,771
INVESTMENTS, AT COST	$	74,364,762
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	8.41
Net Assets	$	19,426,413
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		2,309,944
Class A:
Net Asset Value, offering and redemption price per share	$	8.37
Net Assets	$	3,499,585
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		417,951
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	8.86
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	7.72
Net Assets	$	10,605,915
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,373,462
Class I:
Net Asset Value, offering and redemption price per share	$	8.60
Net Assets	$	66,359,728
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		7,714,174
Class R:
Net Asset Value, offering and redemption price per share	$	6.73
Net Assets	$	6,533,130
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		970,850

^(a)

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

See Notes to Financial Statements.

127 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Statement of Operations

For the Six Months Ended April 30, 2021 (Unaudited)

INVESTMENT INCOME
Dividends	$	723,745
Foreign taxes withheld on dividends		(13,680	)
Total Investment Income		710,065

EXPENSES
Investment advisory fees		423,544
Administrative fees		49,201
Transfer agency fees		57,499
Distribution and service fees
Investor Class		32,353
Class A		5,334
Class C		51,253
Class R		15,235
Professional fees		15,782
Reports to shareholders and printing fees		9,254
State registration fees		36,277
Insurance fees		588
Custody fees		14,321
Trustees' fees and expenses		2,956
Miscellaneous expenses		9,059
Total Expenses		722,656
Less fees waived/reimbursed by investment advisor (Note 8)
Class I		(3,612	)
Net Expenses		719,044
Net Investment Loss		(8,979	)
Net realized gain on investments		9,282,991
Net realized loss on foreign currency transactions		(6,905	)
Net Realized Gain		9,276,086
Net change in unrealized appreciation on investments		20,486,794
Net change in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		11,555
Net Change in Unrealized Appreciation		20,498,349
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		29,774,435
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,765,456

See Notes to Financial Statements.

128 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)
OPERATIONS
Net investment income/(loss)	$	(8,979	)	$	1,283,746
Net realized gain		9,276,086			10,777,543
Net change in unrealized appreciation/(depreciation)		20,498,349			(22,128,678	)
Net Increase/(Decrease) in Net Assets Resulting from Operations		29,765,456			(10,067,389	)

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(718,013	)		(3,586,004	)
Class A		(119,340	)		(115,589	)
Class C		(439,224	)		(2,358,134	)
Class I		(2,461,060	)		(19,020,392	)
Class R		(291,941	)		(961,289	)
Net Decrease in Net Assets from Distributions		(4,029,578	)		(26,041,408	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		770,226			5,255,428
Class A		643,179			3,213,948
Class C		30,972			641,538
Class I		4,821,404			26,449,314
Class R		144,674			883,978
Dividends reinvested
Investor Class		569,108			2,760,858
Class A		83,596			79,919
Class C		367,738			1,803,296
Class I		2,258,632			15,657,972
Class R		291,941			959,137
Shares redeemed, net of redemption fees
Investor Class		(2,071,569	)		(12,347,153	)
Class A		(545,368	)		(1,413,331	)
Class C		(1,422,299	)		(6,439,102	)
Class I		(12,989,122	)		(100,944,449	)
Class R		(630,779	)		(1,261,496	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(7,677,667	)		(64,700,143	)

Net increase/(decrease) in net assets		18,058,211			(100,808,940	)

NET ASSETS
Beginning of period		88,366,560			189,175,500
End of period	$	106,424,771		$	88,366,560

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

See Notes to Financial Statements.

129 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(b)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	6.47		$	7.71		$	6.79		$	8.05		$	6.29		$	6.76
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(c)		(0.00	)^(d)		0.06			0.12			0.06			0.12			0.06
Net realized and unrealized gain/(loss)		2.24			(0.23	)		1.09			(0.37	)		1.74			(0.04	)
Total from investment operations		2.24			(0.17	)		1.21			(0.31	)		1.86			0.02
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.06	)		(0.70	)		(0.10	)		(0.22	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–			(0.27	)
Total distributions		(0.30	)		(1.07	)		(0.28	)		(0.95	)		(0.10	)		(0.49	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)
Net increase/(decrease) in net asset value		1.94			(1.24	)		0.92			(1.26	)		1.76			(0.47	)
Net asset value, end of period	$	8.41		$	6.47		$	7.71		$	6.79		$	8.05		$	6.29
TOTAL RETURN^(e)		35.40	%		(3.20	)%		18.77	%		(4.23	)%		29.97	%		0.76	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	19,426		$	15,580		$	25,061		$	35,775		$	55,538		$	128,920
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f)		1.55	%^(g)		1.47	%		1.44	%		1.40	%		1.38	%		1.47	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(f)		1.55	%^(g)		1.47	%		1.44	%		1.40	%		1.38	%		1.47	%
Ratio of net investment income/(loss) to average net assets^(f)		(0.12	)%^(g)		0.86	%		1.71	%		0.86	%		1.63	%		1.07	%
Portfolio turnover rate^(h)		34	%		41	%		28	%		29	%		31	%		30	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

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

^(c)

Calculated using the average shares method.

^(d)

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

^(e)

^(f)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(g)

Annualized.

^(h)

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

See Notes to Financial Statements.

130 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	6.45		$	7.67		$	6.79		$	7.23

INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(b)		(0.00	)^(c)		0.04			0.20			0.01
Net realized and unrealized gain/(loss)		2.22			(0.20	)		0.99			(0.45	)
Total from investment operations		2.22			(0.16	)		1.19			(0.44	)

DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.08	)		–
From net realized gains		(0.30	)		(0.47	)		(0.23	)		–
Total distributions		(0.30	)		(1.07	)		(0.31	)		–

REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.01			–			–
Net increase/(decrease) in net asset value		1.92			(1.22	)		0.88			(0.44	)
Net asset value, end of period	$	8.37		$	6.45		$	7.67		$	6.79
TOTAL RETURN^(d)		35.20	%		(2.92	)%		18.64	%		(6.09	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	3,500		$	2,544		$	790		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.53	%^(f)		1.51	%		1.48	%		1.48	%^(f)
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.53	%^(f)		1.51	%		1.48	%		1.48	%^(f)
Ratio of net investment income/(loss) to average net assets^(e)		(0.12	)%^(f)		0.62	%		2.74	%		0.37	%^(f)
Portfolio turnover rate^(g)		34	%		41	%		28	%		29	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Annualized.

^(g)

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

See Notes to Financial Statements.

131 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	5.98		$	7.25		$	6.41		$	7.66		$	6.04		$	6.53
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.03	)		0.01			0.06			0.01			0.06			0.03
Net realized and unrealized gain/(loss)		2.07			(0.22	)		1.03			(0.34	)		1.65			(0.03	)
Total from investment operations		2.04			(0.21	)		1.09			(0.33	)		1.71			–
DISTRIBUTIONS:
From net investment income		–			(0.59	)		(0.02	)		(0.67	)		(0.09	)		(0.22	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–			(0.27	)
Total distributions		(0.30	)		(1.06	)		(0.25	)		(0.92	)		(0.09	)		(0.49	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		0.00	^(c)		–			0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		1.74			(1.27	)		0.84			(1.25	)		1.62			(0.49	)
Net asset value, end of period	$	7.72		$	5.98		$	7.25		$	6.41		$	7.66		$	6.04
TOTAL RETURN^(d)		34.94	%		(4.01	)%		17.83	%		(4.88	)%		28.79	%		0.34	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	10,606		$	9,061		$	16,256		$	18,847		$	18,981		$	14,784
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		2.25	%^(f)		2.22	%		2.16	%		2.12	%		2.13	%		2.16	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		2.25	%^(f)		2.22	%		2.16	%		2.12	%		2.13	%		2.16	%
Ratio of net investment income/(loss) to average net assets^(e)		(0.83	)%^(f)		0.12	%		0.86	%		0.15	%		0.83	%		0.49	%
Portfolio turnover rate^(g)		34	%		41	%		28	%		29	%		31	%		30	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Annualized.

^(g)

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

See Notes to Financial Statements.

132 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	6.61		$	7.84		$	6.92		$	8.18		$	6.39		$	6.83
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.01			0.07			0.13			0.09			0.13			0.09
Net realized and unrealized gain/(loss)		2.28			(0.23	)		1.10			(0.37	)		1.76			(0.03	)
Total from investment operations		2.29			(0.16	)		1.23			(0.28	)		1.89			0.06
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.08	)		(0.73	)		(0.10	)		(0.23	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–			(0.27	)
Total distributions		(0.30	)		(1.07	)		(0.31	)		(0.98	)		(0.10	)		(0.50	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		1.99			(1.23	)		0.92			(1.26	)		1.79			(0.44	)
Net asset value, end of period	$	8.60		$	6.61		$	7.84		$	6.92		$	8.18		$	6.39
TOTAL RETURN^(d)		35.41	%		(2.93	)%		18.98	%		(3.87	)%		30.09	%		1.27	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	66,360		$	55,950		$	141,286		$	174,034		$	138,572		$	180,892
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)		1.26	%^(f)		1.22	%		1.19	%		1.15	%		1.16	%		1.18	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(e)		1.25	%^(f)		1.22	%		1.19	%		1.15	%		1.16	%		1.18	%
Ratio of net investment income to average net assets^(e)		0.18	%^(f)		1.08	%		1.80	%		1.15	%		1.85	%		1.48	%
Portfolio turnover rate^(g)		34	%		41	%		28	%		29	%		31	%		30	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(f)

Annualized.

^(g)

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

See Notes to Financial Statements.

133 | April 30, 2021

ALPS | Red Rocks Global Opportunity Fund – Class R

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020^(a)			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	5.23		$	6.45		$	5.75		$	6.97		$	5.48		$	5.96
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.01	)		0.03			0.09			0.04			0.09			0.06
Net realized and unrealized gain/(loss)		1.81			(0.18	)		0.90			(0.30	)		1.50			(0.05	)
Total from investment operations		1.80			(0.15	)		0.99			(0.26	)		1.59			0.01
DISTRIBUTIONS:
From net investment income		–			(0.60	)		(0.06	)		(0.71	)		(0.10	)		(0.22	)
From net realized gains		(0.30	)		(0.47	)		(0.23	)		(0.25	)		–			(0.27	)
Total distributions		(0.30	)		(1.07	)		(0.29	)		(0.96	)		(0.10	)		(0.49	)
Net increase/(decrease) in net asset value		1.50			(1.22	)		0.70			(1.22	)		1.49			(0.48	)
Net asset value, end of period	$	6.73		$	5.23		$	6.45		$	5.75		$	6.97		$	5.48
TOTAL RETURN^(c)		35.38	%		(3.56	)%		18.47	%		(4.31	)%		29.51	%		0.67	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	6,533		$	5,231		$	5,782		$	4,684		$	4,236		$	2,852
Ratio of expenses to average net assets excluding fee waivers and reimbursements^(d)		1.69	%^(e)		1.68	%		1.61	%		1.57	%		1.56	%		1.63	%
Ratio of expenses to average net assets including fee waivers and reimbursements^(d)		1.69	%^(e)		1.68	%		1.61	%		1.57	%		1.56	%		1.63	%
Ratio of net investment income/(loss) to average net assets^(d)		(0.28	)%^(e)		0.61	%		1.51	%		0.70	%		1.43	%		1.05	%
Portfolio turnover rate^(f)		34	%		41	%		28	%		29	%		31	%		30	%

^(a)

Prior to March 31, 2020, the ALPS/Red Rocks Global Opportunity Fund was known as the ALPS/Red Rocks Listed Private Equity Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.

^(e)

Annualized.

^(f)

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

See Notes to Financial Statements.

134 | April 30, 2021

Clough China Fund

Management Commentary

April 30, 2021 (Unaudited)

The Clough China Fund (the “Fund”) had a net return of 17.17% for Class I, compared to 7.98% for the Morningstar China Index, the Fund’s benchmark, for the semiannual period November 1, 2020 to April 30, 2021. From an individual stock perspective over the period, the Fund’s investments in Bilibili Inc. – Sponsored ADR (“Bilibili”) , Xinyi Glass Holdings Ltd. (“Xinyi Glass”), Wuxi Biologics Cayman Inc. (“Wuxi Bio”), Pinduoduo Inc. – Sponsored ADR (“Pinduoduo”) and Moderna Inc. (“Moderna”) contributed most positively to the Fund’s performance, while investments in AliBaba Group Holding Ltd. (“Alibaba”), China Oilfield Services Ltd. (“China Oilfield”), Baidu Inc. – Sponsored ADR (“Baidu”), Ping An Healthcare and Technology Co Ltd. (“Ping An Health”) and Postal Savings Bank of China Co Ltd. (“Postal Savings Bank”) detracted the most from Fund performance during the period.

Over this period, the market experienced volatility sharply appreciating approximately 25% through mid-February and then declining approximately 16% through the end of the period. On one hand, as vaccines were approved and started to be rolled out, stocks levered to the economy reopening appreciated. On the other hand, the market has started to worry about the risks of higher inflation and interest rates, thereby affecting the multiples of these stocks. These concerns have also led to value outperforming growth recently.

The Fund’s top contributors for the semiannual period:

Bilibili is a platform similar to Instagram and is very popular with the younger demographic in China. To the best of our knowledge, it is the only company that can boast of having Alibaba, Tencent and Sony as its investors. As of the date of this report, we believe it remains very undervalued on a market capitalization/monthly active users (“MAU”) basis when compared to global video distribution platforms.

Xinyi Glass has been a positive performer for the Fund. The company manufactures glass for property projects as well as automobiles. As of the date of this report, we see glass demand across end markets continuing to be strong while supply may tighten, as it may take a long time for new supply to come online.

As of April 30, 2021, Wuxi Bio is a core holding for the Fund. It is a pharmaceutical testing and trial company which benefits from two trends: a) trials are increasingly being performed offshore in geographies like China; and b) domestic Chinese drug development industry is growing rapidly.

Pinduoduo is a structural share gainer of Chinese e-commerce through their wide range of online merchandise. However, 2020 was a banner year for e-commerce and it may be hard for them to beat expectations going forward.

Moderna is one of the leading COVID vaccine makers in the world. The success of their product we believe is key to the economic recovery globally.

The Fund’s top detractors for the semiannual period:

Alibaba - has historically been one of the Fund’s larger positions given our belief in the Chinese consumer and the company’s dominant position in e-commerce. However, the company is facing increasing regulatory scrutiny, whether related to the IPO of its financial arm, Ant Financial Group Co Ltd. or for pursuing monopolistic practices in its e-commerce business, has led to the underperformance of the stock during the period.

China Oilfield is highly levered to the movement in oil prices. As oil prices move up, the utilization of its equipment increases, and profitability also increases. The stock, however, has been caught up in the energy sector’s recent volatility, resulting in its underperformance during the period.

As of April 30, 2021, Postal Savings Bank is one of the Fund’s core banking positions. The stock declined due to a selloff in the market, but as of the date of this report, we like their core deposit franchise as well as their positioning for growth in China’s Tier 3 and 4 cities.

We believe Ping An Health is building an exciting online health platform for China. However, it has been caught up in the selloff of growth stocks and underperformed the market during the period.

We think Baidu’s business is doing well fundamentally between their intellectual property (“IP”) in the automotive space gaining interest and the advertising rebound that is occurring as the Chinese economy opens up after the pandemic. However, there was a technical selloff in the stock late in March, as a levered investor had to unwind. As of the date of this report, we still like the risk reward here.

The People’s Bank of China (“PBOC”) has been the least profligate of the central banks in throwing liquidity at its economy and that has caused its stock market to underperform. The trade war is obviously taking a toll as well. We think the PBOC is doing the right thing by reining in the excesses in lending, particularly with reports of an increasing number of marginal state-owned enterprises (“SOEs”) being allowed to default on their loans.

There are still many good reasons why we believe China will be the best performing global equity market over the decade. It has the largest and fastest growing middle class, world class infrastructure and a trained labor force, current account and trade surpluses and rising productivity which allow it to both move up the value-added chain and offset rising labor costs.

We look at Chinese equities as a tale of two markets. One is made up of a pool of SOEs that came public in the 1990s and 2000s. For the most part, they are in declining industries and valuations are eroding as low profits and declining balance sheets drain away returns. The other is made up of a vibrant and growing private sector with the greatest proliferation of new companies in the consumer, healthcare and technology sectors on the planet. China’s

135 | April 30, 2021

Clough China Fund

Management Commentary

April 30, 2021 (Unaudited)

enormous savings rate can fund government and private borrowing ad infinitum. A global enterprise cannot ignore China. Its economy is simply too large and most global companies that are in China will remain there. KKR & Co Inc. just raised a $15 billion private equity fund focused on investing in Asia.

Negative news flow about more restrictive regulatory policies toward Alibaba Group Holdings Ltd., and likely other e-commerce and social media companies, is also affecting the stocks. However, similar policy proposals are being floated in both Europe and the U.S., outlining a similar threat for America’s equally powerful on-line giants. Our view is that both the Chinese and American companies will adapt to a shifting regulatory world and the likely result of these policies is they simply add to the competitive moat these companies enjoy.

Anupam Bose, Portfolio Manager

Chuck Clough, Portfolio Manager

Investments in international and emerging markets securities include exposure to risks such as currency fluctuations, foreign taxes and regulations, and the potential for illiquid markets and political instability.

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

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

136 | April 30, 2021

Clough China Fund

Performance Update

April 30, 2021 (Unaudited)

Performance of $100,000 Initial Investment (as of April 30, 2021)

Comparison of change in value of a $100,000 investment over 10 years

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month⁵	1 Year	3 Year	5 Year	10 Year	Since Inception¹	Total Expense Ratio	What You Pay²
Class I (NAV)	17.17%	49.64%	8.00%	13.17%	6.26%	11.20%	1.66%	1.35%
Investor 3 (NAV)	17.01%	49.31%	7.73%	12.90%	5.96%	10.80%	1.89%	1.60%
Class A (NAV)	16.97%	49.28%	7.69%	12.88%	5.95%	10.79%	1.82%	1.60%
Class A (MOP)	10.54%	41.10%	5.68%	11.61%	5.35%	10.38%	1.82%	1.60%
Class C (NAV)	16.57%	48.17%	6.93%	12.06%	5.17%	9.97%	2.69%	2.35%
Class C (CDSC)	15.57%	47.17%	6.93%	12.06%	5.17%	9.97%	2.69%	2.35%
Morningstar China Index⁴	7.98%	38.96%	10.30%	16.51%	7.32%	11.99%

Performance data quoted represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than the original cost. Performance reflects the deduction of management fees and other applicable expenses and includes reinvested distributions and capital gains. The Fund imposes a 2.00% redemption fee on shares held for less than 30 days. Performance shown does not include the redemption fee, which, if reflected, would reduce the performance quoted. For the most current month-end performance data please call 1.866.759.5679.

Maximum Offering Price (MOP) for Class A shares includes the Fund’s maximum sales charge of 5.50%. Contingent Deferred Sales Charge (CDSC) performance for Class C shares includes a 1.00% CDSC on Class C shares redeemed within 12 months of purchase. Performance shown at Net Asset Value (NAV) does not include these sales charges and would have been lower had it been taken into account.

On January 15, 2010, the Old Mutual China Fund (the “Predecessor Fund”) was reorganized into the Clough China Fund (the “Fund”). The historical performance shown for periods prior to January 15, 2010 reflects the historical information for the Predecessor Fund. Clough Capital Partners L.P. did not serve as investment advisor or sub-advisor to the Predecessor Fund.

137 | April 30, 2021

Clough China Fund

Performance Update

April 30, 2021 (Unaudited)

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

Predecessor Fund Inception date of December 30, 2005.

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

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

⁴

The Morningstar China Index measures the performance of China's equity markets targeting the top 97% of stocks by market capitalization. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. One may not invest directly in an index.

⁵

The Fund is “non-diversified” and will generally be more volatile than diversified funds.

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

Investing in China and Hong Kong involves risk and considerations not present when investing in more established securities markets. The Fund may be more susceptible to the economic, market, political and local risks of these regions than a fund that is more geographically diversified.

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

Tencent Holdings, Ltd.	13.22%
Alibaba Group Holding, Ltd.	9.53%
Xinyi Glass Holdings, Ltd.	3.41%
AIA Group, Ltd.	3.30%
Meituan	3.13%
China Construction Bank Corp.	2.53%
Wuxi Biologics Cayman, Inc.	2.36%
NetEase, Inc.	2.04%
Micron Technology, Inc.	2.03%
Powerlong Commercial Management Holdings, Ltd.	2.00%
Top Ten Holdings	43.55%

^†

Holdings are subject to change. Calculated as a percent of net assets. Exposure figures reported include the notional value of total return swaps and exclude cash and cash equivalents.

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

^{^}

Holdings are subject to change. Calculated as a percent of net assets. Exposure figures reported include the notional value of total return swaps.

138 | April 30, 2021

Clough China Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (87.77%)
Communications (22.14%)
Entertainment Content (2.40%)
Bilibili, Inc., Sponsored ADR^(a)		1,500	$	166,290
NetEase, Inc., ADR^(b)		8,525		955,312
				1,121,602

Internet Media & Services (18.40%)
Baidu, Inc., Sponsored ADR^(a)		4,100		862,353
Meituan, Class B^(a)		38,200		1,462,079
Tencent Holdings, Ltd.		77,500		6,182,333
Tencent Music Entertainment Group, ADR^(a)		5,400		94,068
				8,600,833

Telecommunications (1.34%)
21Vianet Group, Inc., ADR^(a)		11,900		332,129
GDS Holdings, Ltd., ADR^(a)		3,552		294,709
				626,838

TOTAL COMMUNICATIONS				10,349,273

Consumer Discretionary (23.80%)
Apparel & Textile Products (1.38%)
Samsonite International SA^(a)		291,900		540,228
Shenzhou International Group Holdings, Ltd.		4,800		105,595
				645,823

Automotive (0.54%)
Tesla, Inc.^(a)		355		251,851

Consumer Services (0.99%)
Cathay Media And Education Group, Inc.^(a)		578,000		465,223

E-Commerce Discretionary (13.12%)
Alibaba Group Holding, Ltd., Sponsored ADR^(a)(b)		19,291		4,455,256
Hong Kong Television Network, Ltd.^(a)		368,000		507,486
JD.com, Inc., ADR^(a)		12,000		928,320
Pinduoduo, Inc., ADR^(a)		1,800		241,074
				6,132,136

Leisure Facilities & Services (3.80%)
Sands China, Ltd.^(a)		174,000		823,378
Shangri-La Asia, Ltd.^(a)		754,000		717,788
Yum China Holdings, Inc.		3,750		235,984
				1,777,150

Retail - Discretionary (3.97%)
ANTA Sports Products, Ltd.		16,000		285,415
Giordano International, Ltd.		2,044,000		409,801

	Shares		Value (Note 2)
Li Ning Co., Ltd.		95,343	$	773,773
Lifestyle International Holdings, Ltd.^(a)		479,500		388,469
				1,857,458

TOTAL CONSUMER DISCRETIONARY				11,129,641

Consumer Staples (0.84%)
Retail - Consumer Staples (0.84%)
JD Health International, Inc.^(a)(c)		7,558		116,690
Ping An Healthcare and Technology Co., Ltd.^(a)		23,700		276,528
				393,218

TOTAL CONSUMER STAPLES				393,218

Energy (1.26%)
Oil & Gas Services & Equip (1.26%)
China Oilfield Services, Ltd., Class H		644,000		588,419

TOTAL ENERGY				588,419

Financials (14.06%)
Banking (7.14%)
Bank of China, Ltd., Class H		1,424,437		565,143
China Construction Bank Corp., Class H		1,501,080		1,184,865
China Merchants Bank Co., Ltd., Class H		62,000		498,010
Industrial & Commercial Bank of China, Ltd., Class H		993,967		644,977
Postal Savings Bank of China Co., Ltd., Class H		688,000		446,214
				3,339,209

Institutional Financial Services (1.83%)
Hong Kong Exchanges and Clearing, Ltd.		14,200		856,417

Insurance (5.09%)
AIA Group, Ltd.		121,392		1,540,777
Ping An Insurance Group Co. of China, Ltd., Class H		76,765		836,913
				2,377,690

TOTAL FINANCIALS				6,573,316

Health Care (3.74%)
Biotech & Pharma (1.39%)
Moderna, Inc.^(a)		1,250		223,525
Zai Lab, Ltd., ADR^(a)		2,560		425,497
				649,022

See Notes to Financial Statements.

139 | April 30, 2021

Clough China Fund

Statement of Investments

April 30, 2021 (Unaudited)

	Shares		Value (Note 2)
Health Care Facilities & Services (2.35%)
Wuxi Biologics Cayman, Inc.^(a)		78,500	$	1,101,967

TOTAL HEALTH CARE				1,750,989

Industrials (1.90%)
Machinery (0.21%)
Haitian International Holdings, Ltd.		24,000		97,646

Transportation & Logistics (1.69%)
China Merchants Port Holdings Co., Ltd.		494,000		790,328

TOTAL INDUSTRIALS				887,974

Materials (3.87%)
Construction Materials (3.41%)
Xinyi Glass Holdings, Ltd.		450,000		1,594,352

Metals & Mining (0.46%)
Aluminum Corp. of China, Ltd.^(a)		412,000		212,895

TOTAL MATERIALS				1,807,247

Real Estate (2.58%)
Real Estate Owners & Developers (0.58%)
KWG Group Holdings, Ltd.		169,228		271,108

Real Estate Services (2.00%)
Powerlong Commercial
Management Holdings, Ltd.		238,500		934,830

TOTAL REAL ESTATE				1,205,938

Technology (12.60%)
Semiconductors (8.51%)
Applied Materials, Inc.		4,900		650,279
Broadcom, Inc.		770		351,274
Infineon Technologies AG		11,162		447,605
Intel Corp.		7,400		425,722
Lam Research Corp.^(b)		675		418,804
MediaTek, Inc.		7,000		293,458
Micron Technology, Inc.^(a)		11,000		946,770
Taiwan Semiconductor Manufacturing Co., Ltd.		21,000		442,252
				3,976,164

Technology Hardware (4.09%)
Hon Hai Precision Industry Co., Ltd.		192,000		789,321
Samsung Electronics Co., Ltd.		11,194		815,880

			Shares		Value (Note 2)
Silergy Corp.				3,000	$	308,341
						1,913,542

TOTAL TECHNOLOGY						5,889,706

Utilities (0.98%)
Gas & Water Utilities (0.98%)
Kunlun Energy Co., Ltd.				428,000		457,632

TOTAL UTILITIES						457,632

TOTAL COMMON STOCKS
(Cost $28,122,587)						41,033,353

SHORT TERM INVESTMENTS (10.09%)
Money Market Fund (10.09%)
Blackrock Liquidity Funds, T-Fund	0.027	%		4,720,007		4,720,007

TOTAL SHORT TERM INVESTMENTS
(Cost $4,720,007)						4,720,007

TOTAL INVESTMENTS (97.86%)
(Cost $32,842,594)					$	45,753,360

Other Assets In Excess Of Liabilities (2.14%)^(d)						999,851

NET ASSETS (100.00%)					$	46,753,211

^(a)

Non-Income Producing Security.

^(b)

Security, or portion of security, is being held as collateral for total return swap contracts aggregating a total market value of $1,665,393.

^(c)

Security, or a portion of security, is 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 April 30, 2021, the aggregate market value of those securities was $11,703, representing 0.03% of net assets.

^(d)

Includes cash which is being held as collateral for total return swap contracts in the amount of $1,068.

See Notes to Financial Statements.

140 | April 30, 2021

Clough China Fund

Statement of Investments

April 30, 2021 (Unaudited)

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund^*	Termination Date	Value		Unrealized Appreciation
Morgan Stanley	Boe Technology Group Co., Ltd.	$	238,156	1D FEDEF + 250 BPS	1/3/2022	$	242,276	$	4,120
Morgan Stanley	China International Travel SER		79,459	1D FEDEF + 250 BPS	1/3/2022		119,656		40,197
Morgan Stanley	Contemporary Amperex Technology Co., Ltd.		376,456	1D FEDEF + 250 BPS	1/3/2022		533,835		157,379
Morgan Stanley	Goetrek, Inc.		139,070	1D FEDEF + 250 BPS	1/3/2022		139,813		743
Morgan Stanley	Kweichow Moutai Co., Ltd.		553,866	1D FEDEF + 250 BPS	1/3/2022		755,702		201,836
Morgan Stanley	Proya Cosmetics Co., Ltd.		188,363	1D FEDEF + 250 BPS	1/3/2022		220,266		31,903
Morgan Stanley	Shenzhen Mindray Bio-Med Electronics Co., Ltd.		366,815	1D FEDEF + 250 BPS	1/3/2022		511,640		144,825
Morgan Stanley	Wuliangye Yibin Co., Ltd.		612,764	1D FEDEF + 255 BPS	1/3/2022		761,879		149,115
Morgan Stanley	Zoomlion Heavy Industry Science & Tech, Ltd.		293,739	1D FEDEF + 255 BPS	1/3/2022		416,903		123,164
		$	2,848,688			$	3,701,970	$	853,282

Swap Counterparty	Reference Obligation	Notional Amount		Floating Rate/Fixed Amount Paid by Fund^*	Termination Date	Value		Unrealized Depreciation
Morgan Stanley	Ping An Bank Co., Ltd.	$	95,583	1D FEDEF + 250 BPS	1/3/2022	$	95,370	$	(213	)
Morgan Stanley	Zoomlion Heavy Industry Science & Tech, Ltd.		241,576	1D FEDEF + 250 BPS	1/3/2022		220,451		(21,125	)
		$	337,159			$	315,821	$	(21,338	)

^(a)

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

Payments made when swap contract closes.

Investment Abbreviations:

1D FEDEF - Federal Funds Effective Rate (Daily)

See Notes to Financial Statements.

141 | April 30, 2021

Clough China Fund

Statement of Assets and Liabilities

April 30, 2021 (Unaudited)

ASSETS
Investments, at value	$	45,753,360
Cash collateral pledged for total return swap contracts (Note 3)		1,068
Unrealized appreciation on total return swap contracts		853,282
Receivable for investments sold		711,374
Receivable for shares sold		6,657
Dividends receivable		19,608
Prepaid expenses and other assets		28,700
Total Assets		47,374,049
LIABILITIES
Payable for investments purchased		488,200
Payable due to broker for total return swap contracts		30,649
Unrealized depreciation on total return swap contracts		21,338
Investment advisory fees payable		32,773
Administration and transfer agency fees payable		13,588
Distribution and services fees payable		3,976
Trustees' fees and expenses payable		520
Professional fees payable		15,830
Accrued expenses and other liabilities		13,964
Total Liabilities		620,838
NET ASSETS	$	46,753,211
NET ASSETS CONSIST OF
Paid-in capital	$	28,125,420
Total distributable earnings		18,627,791
NET ASSETS	$	46,753,211
INVESTMENTS, AT COST	$	32,842,594
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	28.16
Net Assets	$	12,446,464
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		441,987
Class A:
Net Asset Value, offering and redemption price per share	$	28.14
Net Assets	$	2,125,872
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		75,535
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	29.78
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	25.72
Net Assets	$	1,147,291
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		44,613
Class I:
Net Asset Value, offering and redemption price per share	$	29.23
Net Assets	$	31,033,584
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,061,789

^(a)

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

See Notes to Financial Statements.

142 | April 30, 2021

Clough China Fund

Statement of Operations

For the Six Months Ended April 30, 2021 (Unaudited)

INVESTMENT INCOME
Dividends	$	70,719
Foreign taxes withheld on dividends		(5,997	)
Total Investment Income		64,722

EXPENSES
Investment advisory fees		234,207
Administrative fees		46,979
Transfer agency fees		12,103
Distribution and service fees
Investor Class		15,476
Class A		2,776
Class C		5,941
Professional fees		14,096
Reports to shareholders and printing fees		1,761
State registration fees		26,532
Insurance fees		262
Custody fees		10,320
Trustees' fees and expenses		1,093
Miscellaneous expenses		6,561
Total Expenses		378,107
Less fees waived/reimbursed by investment advisor (Note 8)
Investor Class		(9,056	)
Class A		(1,256	)
Class C		(976	)
Class I		(26,173	)
Net Expenses		340,646
Net Investment Loss		(275,924	)
Net realized gain on investments		4,810,733
Net realized gain on total return swap contracts		1,562,594
Net realized loss on foreign currency transactions		(7,116	)
Net Realized Gain		6,366,211
Net change in unrealized appreciation on investments		766,459
Net change in unrealized depreciation on total return swap contracts		(10,936	)
Net change in unrealized depreciation on translation of assets and liabilities denominated in foreign currencies		(438	)
Net Change in Unrealized Appreciation		755,085
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		7,121,296
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,845,372

See Notes to Financial Statements.

143 | April 30, 2021

Clough China Fund

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment loss	$	(275,924	)	$	(217,890	)
Net realized gain		6,366,211			1,565,731
Net change in unrealized appreciation		755,085			8,719,672
Net Increase in Net Assets Resulting from Operations		6,845,372			10,067,513

TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(478,797	)		(1,009,421	)
Class A		(85,029	)		(138,883	)
Class C		(50,620	)		(187,446	)
Class I		(1,175,251	)		(2,056,110	)
Net Decrease in Net Assets from Distributions		(1,789,697	)		(3,391,860	)

BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		684,372			566,840
Class A		112,512			660,972
Class C		32,614			41,193
Class I		567,836			960,060
Dividends reinvested
Investor Class		293,923			566,209
Class A		35,673			74,412
Class C		45,912			107,944
Class I		1,131,783			1,967,974
Shares redeemed, net of redemption fees
Investor Class		(482,868	)		(2,835,340	)
Class A		(309,784	)		(354,229	)
Class C		(172,944	)		(1,207,676	)
Class I		(692,361	)		(2,972,486	)
Net Increase/(Decrease) in Net Assets Derived from Beneficial Interest Transactions		1,246,668			(2,424,127	)

Net increase in net assets		6,302,343			4,251,526

NET ASSETS
Beginning of period		40,450,868			36,199,342
End of period	$	46,753,211		$	40,450,868

See Notes to Financial Statements.

144 | April 30, 2021

Clough China Fund – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	25.09		$	20.96		$	21.36		$	27.22		$	21.07		$	21.74
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(b)		(0.19	)		(0.16	)		0.13			(0.08	)		0.08			0.04
Net realized and unrealized gain/(loss)		4.39			6.30			1.16			(5.71	)		6.09			(0.40	)
Total from investment operations		4.20			6.14			1.29			(5.79	)		6.17			(0.36	)
DISTRIBUTIONS:
From net investment income		(0.22	)		(0.38	)		–			(0.07	)		(0.02	)		(0.31	)
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–			–
Total distributions		(1.13	)		(2.01	)		(1.69	)		(0.07	)		(0.02	)		(0.31	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		0.00	^(c)		0.00	^(c)		–			0.00	^(c)		–			0.00	^(c)
Net increase/(decrease) in net asset value		3.07			4.13			(0.40	)		(5.86	)		6.15			(0.67	)
Net asset value, end of period	$	28.16		$	25.09		$	20.96		$	21.36		$	27.22		$	21.07
TOTAL RETURN^(d)		17.05	%		31.24	%		6.61	%		(21.32	)%		29.32	%		(1.61	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	12,446		$	10,626		$	10,633		$	11,879		$	17,523		$	18,358
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.75	%^(e)		2.16	%		2.23	%		2.10	%		2.05	%		2.04	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.60	%^(e)		1.87	%^(f)		1.95	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income/(loss) to average net assets		(1.32	)%^(e)		(0.74	)%		0.61	%		(0.30	)%		0.34	%		0.18	%
Portfolio turnover rate^(g)		49	%		120	%		344	%		131	%		71	%		126	%

^(a)

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

^(b)

Calculated using the average shares method.

^(c)

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

^(d)

^(e)

Annualized.

^(f)

Effective August 18, 2020, the net expense limitation agreement changed from 1.95% to 1.60%. Refer to Note 8.

^(g)

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

See Notes to Financial Statements.

145 | April 30, 2021

Clough China Fund – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	25.07		$	20.95		$	21.36		$	29.95

INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		(0.19	)		(0.17	)		0.56			0.14
Net realized and unrealized gain/(loss)		4.39			6.30			0.72			(8.73	)
Total from investment operations		4.20			6.13			1.28			(8.59	)

DISTRIBUTIONS:
From net investment income		(0.22	)		(0.38	)		–			–
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–
Total distributions		(1.13	)		(2.01	)		(1.69	)		–

Net increase/(decrease) in net asset value		3.07			4.12			(0.41	)		(8.59	)
Net asset value, end of period	$	28.14		$	25.07		$	20.95		$	21.36
TOTAL RETURN^(b)		17.06	%		31.20	%		6.56	%		(28.68	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	2,126		$	2,044		$	1,404		$	7
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.71	%^(c)		2.09	%		2.22	%		2.22	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		1.60	%^(c)		1.85	%^(d)		1.95	%		1.95	%^(c)
Ratio of net investment income/(loss) to average net assets		(1.33	)%^(c)		(0.77	)%		2.68	%		1.47	%^(c)
Portfolio turnover rate^(e)		49	%		120	%		344	%		131	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

Effective August 18, 2020, the net expense limitation agreement changed from 1.95% to 1.60%. Refer to Note 8.

^(e)

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

See Notes to Financial Statements.

146 | April 30, 2021

Clough China Fund – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	23.05		$	19.52		$	20.14		$	25.80		$	20.10		$	20.72
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss^(a)		(0.27	)		(0.29	)		(0.14	)		(0.28	)		(0.12	)(b)		(0.10	)
Net realized and unrealized gain/(loss)		4.04			5.80			1.21			(5.38	)		5.82			(0.39	)
Total from investment operations		3.77			5.51			1.07			(5.66	)		5.70			(0.49	)
DISTRIBUTIONS:
From net investment income		(0.19	)		(0.35	)		–			–			–			(0.13	)
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–			–
Total distributions		(1.10	)		(1.98	)		(1.69	)		–			–			(0.13	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			0.00	^(c)		–			–			0.00	^(c)		0.00	^(c)
Net increase/(decrease) in net asset value		2.67			3.53			(0.62	)		(5.66	)		5.70			(0.62	)
Net asset value, end of period	$	25.72		$	23.05		$	19.52		$	20.14		$	25.80		$	20.10
TOTAL RETURN^(d)		16.67	%		30.22	%		5.85	%		(21.94	)%		28.36	%		(2.34	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,147		$	1,113		$	1,968		$	4,245		$	6,610		$	8,352
Ratio of expenses to average net assets excluding fee waivers and reimbursements		2.51	%^(e)		2.96	%		2.98	%		2.85	%		2.85	%		2.83	%
Ratio of expenses to average net assets including fee waivers and reimbursements		2.35	%^(e)		2.65	%^(f)		2.70	%		2.70	%		2.70	%		2.70	%
Ratio of net investment loss to average net assets		(2.08	)%^(e)		(1.49	)%		(0.69	)%		(1.07	)%		(0.54	)%		(0.52	)%
Portfolio turnover rate^(g)		49	%		120	%		344	%		131	%		71	%		126	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

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

^(d)

^(e)

Annualized.

^(f)

Effective August 18, 2020, the net expense limitation agreement changed from 2.70% to 2.35%. Refer to Note 8.

^(g)

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

See Notes to Financial Statements.

147 | April 30, 2021

Clough China Fund – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	25.98		$	21.59		$	21.90		$	27.92		$	21.60		$	22.28
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income/(loss)^(a)		(0.16	)		(0.10	)		0.20			(0.05	)		0.15			0.09
Net realized and unrealized gain/(loss)		4.55			6.51			1.18			(5.83	)		6.23			(0.39	)
Total from investment operations		4.39			6.41			1.38			(5.88	)		6.38			(0.30	)
DISTRIBUTIONS:
From net investment income		(0.23	)		(0.39	)		–			(0.14	)		(0.06	)		(0.38	)
From net realized gains		(0.91	)		(1.63	)		(1.69	)		–			–			–
Total distributions		(1.14	)		(2.02	)		(1.69	)		(0.14	)		(0.06	)		(0.38	)
REDEMPTION FEES ADDED TO PAID-IN CAPITAL (NOTE 6)		–			–			–			–			0.00	^(b)		0.00	^(b)
Net increase/(decrease) in net asset value		3.25			4.39			(0.31	)		(6.02	)		6.32			(0.68	)
Net asset value, end of period	$	29.23		$	25.98		$	21.59		$	21.90		$	27.92		$	21.60
TOTAL RETURN^(c)		17.21	%		31.60	%		6.87	%		(21.17	)%		29.64	%		(1.31	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	31,034		$	26,668		$	22,195		$	21,655		$	35,191		$	33,605
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.52	%^(d)		1.93	%		1.99	%		1.86	%		1.83	%		1.82	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.35	%^(d)		1.62	%^(e)		1.70	%		1.70	%		1.70	%		1.70	%
Ratio of net investment income/(loss) to average net assets		(1.07	)%^(d)		(0.46	)%		0.93	%		(0.17	)%		0.61	%		0.46	%
Portfolio turnover rate^(f)		49	%		120	%		344	%		131	%		71	%		126	%

^(a)

Calculated using the average shares method.

^(b)

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

^(c)

^(d)

Annualized.

^(e)

Effective August 18, 2020, the net expense limitation agreement changed from 1.70% to 1.35%. Refer to Note 8.

^(f)

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

See Notes to Financial Statements.

148 | April 30, 2021

RiverFront Global Allocation Series
Management Commentary	April 30, 2021 (Unaudited)

Six Months in Review:

The six months that encompassed November 2020 to April 2021 was very much a bull market with the S&P 500 index up almost 30% (the index was up over 10% in the month of November alone). US election uncertainty abated and while the Democrats gained control of the presidency, the house and the senate, their agenda has been limited (so far) by moderates such as Joe Manchin and Kyrsten Sinema. There continues to be negotiation on who will foot the bill of a new proposed infrastructure spending plan (and what the definition of “infrastructure” is); however, it seems that corporate tax rates will be increasing, albeit only in a moderate magnitude, in our view.

On December 21, 2020, US Congress passed a $900 billion stimulus and relief bill which further injected cash directly into the economy (at the time, it was the fourth such bill that had been passed since the pandemic began). On March 11, 2021, President Biden signed the American Rescue Plan Act which implemented a further $1.9 trillion in stimulus and relief. These stimulus plans have been well-received by the stock market. Moreover, even with this unprecedented stimulus and money printing, inflation has seemed under control for most of the examination period (e.g., March YoY CPI growth was 2.6%). However, in April, inflation has ticked-up significantly with YoY CPI up 4.2%. As of the date of this report, the unemployment rate in the US has stabilized at 6.1% (down from 6.7% at the start of this examination period and flat from February of 6.2%). The 10-Year Treasury Yield doubled over the period from 87 basis points to 1.65% and high yield spreads compressed significantly.

As of the date of this report, there have been over 31 million COVID cases in the United States with 561,000 deaths attributed to the virus¹. The epidemic has come under control in developed nations such as the United States, where over 30% of the population has been fully vaccinated. However, in other parts of the world that have worse medical treatment capabilities and little to no vaccine availability, the current virus impact is palpable. For instance, over the 30 day period ending May 12, in India, total cases are up 73%.

Outlook:

A little over twelve months ago, investors were looking for signs that the bull market and multi-year economic expansion were coming to an end. The onset of COVID-19 put an end to both, but now investors are focused on a new expansion and a new bull market with different dynamics. As we have navigated back and forth between optimism and pessimism, we have also seen leadership changes across asset classes and investment styles. The combination of massive amounts of global stimulus, accommodative central banks, and widespread distribution of the vaccine has helped fuel broader participation beyond just US large cap and growth sectors; over the first quarter, mid- and small-cap US stocks outpaced large-cap stocks and value sectors performed better than growth sectors. Moving forward, we expect this rotation to continue. Specifically, we expect sectors that should benefit from the recovery and from new policies emanating from the Biden administration to outperform.

These include materials, energy, industrials, cyclical consumer discretionary, and financials. On the other hand, we still believe that quality branded consumer companies and technology companies offer resilience in a variety of economic conditions.

Internationally, we believe economies outside of the US are recovering more slowly. We are encouraged by improving economic indicators in Europe and Asia but will likely wait to see confirmation of sustained improvement before increasing allocations there.

Due to system limitations regarding actual index reporting, we use the following ETFs: iShares Core S&P 500 ETF (IVV), iShares MSCI EAFE ETF (EFA), iShares MSCI ACWI ETF (ACWI) and iShares Core US Aggregate Bond ETF (AGG) as proxies for the following indices: S&P 500 Index; MSCI Europe, Australasia, and Far East Index; MSCI All Country World Index and Bloomberg Barclays US Aggregate Bond Index for purposes of discussing attribution.

RiverFront Asset Allocation Moderate

The portfolio outperformed relative to its benchmark (40% S&P 500 Index TR/10% MSCI EAFE (NR) USD Index/50% Bloomberg Barclays Agg) for the six month period ended April 30, 2021. The top themes that affected performance during the period are listed below:

Contributors:

Overweight allocation to domestic equities

Underweight allocation to traditional fixed income

Selection within broad fixed income

Detractors:

Selection within domestic equities

Overweight allocation to alternative fixed income

Selection within international equities

RiverFront Asset Allocation Growth and Income

The portfolio underperformed relative to its benchmark (70% ACWI and 30% Bloomberg Barclays US Aggregate) for the six month period. The top themes that affected performance during the six month period are listed below:

Contributors:

Selection within broad fixed income

Underweight allocation to broad fixed income

Underweight allocation to traditional fixed income

Detractors:

Selection within domestic equities

Overweight allocation to alternative fixed income

Selection within developed international equities

149 | April 30, 2021

RiverFront Global Allocation Series
Management Commentary	April 30, 2021 (Unaudited)

RiverFront Asset Allocation Aggressive

The portfolio underperformed relative to its benchmark (MSCI All Country World Index – NR) for the six month period. No positive contributors were recognized during the six month period. The top themes that detracted from performance during the six month period are listed below:

Detractors:

Selection within domestic equities

Selection within developed international equities

Overweight allocation to emerging market equities

Scott Hays, CFA

Senior Portfolio Manager

⁽¹⁾

According to following article published April 28, 2021: https://www.investopedia.com/government-stimulus-efforts-to-fight-the-covid-19-crisis-4799723

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.

150 | April 30, 2021

RiverFront Asset Allocation Aggressive

Performance Update

April 30, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of April 30, 2021)

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

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Years	5 Years	10 Years	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^# (NAV)	25.14%	40.97%	6.09%	9.06%	6.10%	8.93%	1.15%	1.15%
Class A (NAV)	25.18%	41.02%	6.09%	9.06%	6.11%	8.92%	1.15%	1.15%
Class A (MOP)	18.32%	33.26%	4.10%	7.83%	5.51%	8.43%	1.15%	1.15%
Class C (NAV)	24.68%	40.05%	5.30%	8.24%	5.32%	8.12%	1.90%	1.90%
Class C (CDSC)	23.68%	39.05%	5.30%	8.24%	5.32%	8.12%	1.90%	1.90%
Class I (NAV)	25.27%	41.42%	6.36%	9.34%	6.35%	9.19%	0.90%	0.90%
Investor II (NAV)	25.20%	41.06%	6.08%	9.05%	6.10%	8.91%	1.15%	1.15%
Class L¹ (NAV)	25.33%	41.40%	6.37%	9.32%	6.37%	9.19%	0.90%	0.90%
Morningstar Global Markets Index²	29.19%	47.26%	13.06%	13.72%	9.19%	12.40%
S&P 500® Total Return Index³	28.86%	45.98%	18.67%	17.42%	14.17%	15.05%

Performance less than 1 year is cumulative.

151 | April 30, 2021

RiverFront Asset Allocation Aggressive
Performance Update	April 30, 2021 (Unaudited)

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

The Investor Class, Class A, Class C, I and L shares performance shown for periods prior to September 27, 2010 reflects the performance of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund’s Institutional Class shares (as result of the reorganization of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund into the Fund).

The Investor II Class performance shown for periods prior to September 27, 2010 reflects the performance of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund’s Investor Class shares (as result of the reorganization of the Baird Funds, Inc. – RiverFront Long-Term Growth Fund into the Fund).

Prior to close of business on September 24, 2010, Class L was known as Institutional Class of the Baird Funds, Inc. - RiverFront Long-Term Growth Fund.

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

S&P 500^® Total Return Index is the Standard & Poor's composite index of 500 stocks, a widely recognized, unmanaged index of common stock prices. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of October 28, 2008 for Investor Class II and Class L; Fund Inception date September 27, 2010 for Investor Class and Classes C and I; Fund Inception date June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.65%. Please see the prospectus dated February 28, 2021 for additional information.

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

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

RiverFront Dynamic US Dividend Advantage ETF	30.82%
RiverFront Dynamic US Flex-Cap ETF	29.41%
First Trust RiverFront Dynamic Developed International ETF	16.06%
First Trust RiverFront Dynamic Emerging Markets ETF	11.49%
First Trust RiverFront Dynamic Europe ETF	6.47%
First Trust RiverFront Dynamic Asia Pacific ETF	3.13%
Top Ten Holdings	97.38%

^†

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)

152 | April 30, 2021

RiverFront Asset Allocation Growth & Income
Performance Update	April 30, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Years	5 Years	10 Years	Since Inception^{^}	Total Expense Ratio	What You Pay*
Investor^# (NAV)	17.78%	28.13%	5.95%	8.06%	6.11%	7.32%	1.10%	1.10%
Class A (NAV)	17.72%	28.08%	5.93%	8.05%	6.11%	7.31%	1.10%	1.10%
Class A (MOP)	11.23%	20.99%	3.96%	6.83%	5.51%	6.75%	1.10%	1.10%
Class C (NAV)	17.33%	27.29%	5.14%	7.26%	5.31%	6.51%	1.85%	1.85%
Class C (CDSC)	16.33%	26.29%	5.14%	7.26%	5.31%	6.51%	1.85%	1.85%
Class I (NAV)	17.98%	28.48%	6.20%	8.32%	6.37%	7.58%	0.85%	0.85%
Morningstar Global Markets Index¹	29.19%	47.26%	13.06%	13.72%	9.19%	10.65%
Bloomberg Barclays US Aggregate Bond Index²	-1.52%	-0.27%	5.19%	3.19%	3.39%	3.34%
70% Morningstar Global Markets Index / 30% Bloomberg Barclays US Aggregate Bond^1,2	19.31%	31.39%	11.04%	10.72%	7.66%	8.66%

153 | April 30, 2021

RiverFront Asset Allocation Growth & Income
Performance Update	April 30, 2021 (Unaudited)

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

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

^{^}

Fund Inception date of August 2, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.60%. Please see the prospectus dated February 28, 2021 for additional information.

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

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

RiverFront Dynamic US Dividend Advantage ETF	30.59%
First Trust RiverFront Dynamic Developed International ETF	21.83%
RiverFront Dynamic Core Income ETF	20.13%
RiverFront Dynamic US Flex-Cap ETF	13.76%
First Trust RiverFront Dynamic Emerging Markets ETF	8.69%
RiverFront Dynamic Unconstrained Income ETF	1.65%
Riverfront Strategic Income Fund	1.45%
Top Ten Holdings	98.10%

^†

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)

154 | April 30, 2021

RiverFront Asset Allocation Moderate
Performance Update	April 30, 2021 (Unaudited)

Performance of $10,000 Initial Investment (as of April 30, 2021)

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

Average Annual Total Returns (as of April 30, 2021)

	6 Month	1 Year	3 Years	5 Years	10 Years	Since Inception^	Total Expense Ratio	What You Pay*
Investor^# (NAV)	12.63%	19.04%	6.55%	7.11%	5.64%	6.33%	1.02%	1.02%
Class A (NAV)	12.65%	19.08%	6.56%	7.11%	5.64%	6.33%	1.02%	1.02%
Class A (MOP)	6.46%	12.55%	4.56%	5.90%	5.05%	5.78%	1.02%	1.02%
Class C (NAV)	12.26%	18.29%	5.75%	6.32%	4.85%	5.54%	1.77%	1.77%
Class C (CDSC)	11.26%	17.29%	5.75%	6.32%	4.85%	5.54%	1.77%	1.77%
Class I (NAV)	12.74%	19.30%	6.81%	7.37%	5.90%	6.59%	0.77%	0.77%
S&P 500® Total Return Index¹	28.86%	45.98%	18.67%	17.42%	14.17%	15.33%
Bloomberg Barclays US Aggregate Bond Index²	-1.52%	-0.27%	5.19%	3.19%	3.39%	3.34%
Morningstar Developed Markets ex-North America Index³	28.91%	41.28%	6.42%	9.05%	5.50%	7.05%
10% Mstar Developed ex-NA / 40% S&P 500 / 50% Bbg Barclay US Agg^1,2,3	12.91%	20.71%	11.02%	9.61%	8.09%	8.76%

155 | April 30, 2021

RiverFront Asset Allocation Moderate
Performance Update	April 30, 2021 (Unaudited)

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

The Morningstar Developed Markets ex-North America Index measures the performance of companies in developed markets ex-North America. It covers approximately 97% of the full market capitalization in the Developed Markets ex-North America. The index is not actively managed and does not reflect any deductions for fees, expenses or taxes. An investor may not invest directly in an index.

^{^}

Fund Inception date of August 2, 2010 for Investor Class and Classes C and I; Fund Inception date of June 12, 2018 for Class A.

What You Pay reflects Acquired Fund Fees and Expenses of 0.52%. Please see the prospectus dated February 28, 2021 for additional information.

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

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

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

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

Not FDIC Insured – No Bank Guarantee – May Lose Value

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

RiverFront Dynamic Core Income ETF	39.60%
RiverFront Dynamic US Dividend Advantage ETF	33.60%
First Trust RiverFront Dynamic Developed International ETF	11.57%
RiverFront Dynamic US Flex-Cap ETF	10.45%
RiverFront Dynamic Unconstrained Income ETF	1.68%
Riverfront Strategic Income Fund	1.47%
Top Ten Holdings	98.37%

^†

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)

156 | April 30, 2021

RiverFront Asset Allocation Aggressive
Statement of Investments	April 30, 2021 (Unaudited)

			Value
	Shares		(Note 2)
EXCHANGE TRADED FUNDS (97.38%)
Equity (97.38%)
First Trust RiverFront Dynamic Asia Pacific ETF^(a)		14,735	$	844,578
First Trust RiverFront Dynamic Developed International ETF^(a)		63,467		4,330,988
First Trust RiverFront Dynamic Emerging Markets ETF^(a)		42,019		3,098,405
First Trust RiverFront Dynamic Europe ETF^(a)		24,331		1,743,681
RiverFront Dynamic US Dividend Advantage ETF^(a)		196,376		8,309,317
RiverFront Dynamic US Flex-Cap ETF^(a)		183,874		7,927,893
				26,254,862
TOTAL EXCHANGE TRADED FUNDS
(Cost $20,548,812)				26,254,862

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT-TERM INVESTMENTS (2.67%)
Money Market Fund (2.67%)
State Street Institutional Treasury Plus Money Market Fund		0.020	%		719,325		719,325

TOTAL MONEY MARKET FUND							719,325

TOTAL SHORT-TERM INVESTMENTS
(Cost $719,325)							719,325

TOTAL INVESTMENTS (100.05%)
(Cost $21,268,137)						$	26,974,187

Liabilities In Excess Of Other Assets (-0.05%)							(14,204	)

NET ASSETS (100.00%)						$	26,959,983

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

157 | April 30, 2021

RiverFront Asset Allocation Growth & Income
Statement of Investments	April 30, 2021 (Unaudited)

			Value
	Shares		(Note 2)
EXCHANGE TRADED FUNDS (98.10%)
Debt (23.22%)
RiverFront Dynamic Core Income ETF^(a)		499,504	$	12,652,486
RiverFront Dynamic Unconstrained Income ETF^(a)		40,215		1,035,134
Riverfront Strategic Income Fund^(a)		36,630		910,622
				14,598,242
Equity (74.88%)
First Trust RiverFront Dynamic Developed International ETF^(a)		201,094		13,722,654
First Trust RiverFront Dynamic Emerging Markets ETF^(a)		74,058		5,460,904
RiverFront Dynamic US Dividend Advantage ETF^(a)		454,477		19,230,422
RiverFront Dynamic US Flex-Cap ETF^(a)		200,604		8,649,222
				47,063,202
TOTAL EXCHANGE TRADED FUNDS
(Cost $49,870,698)				61,661,444

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT-TERM INVESTMENTS (2.06%)
Money Market Fund (2.06%)
State Street Institutional Treasury Plus Money Market Fund		0.020	%		1,293,007		1,293,007

TOTAL MONEY MARKET FUND							1,293,007

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,293,007)							1,293,007

TOTAL INVESTMENTS (100.16%)
(Cost $51,163,705)						$	62,954,451

Liabilities In Excess Of Other Assets (-0.16%)							(103,310	)

NET ASSETS (100.00%)						$	62,851,141

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

158 | April 30, 2021

RiverFront Asset Allocation Moderate
Statement of Investments	April 30, 2021 (Unaudited)

			Value
	Shares		(Note 2)
EXCHANGE TRADED FUNDS (98.37%)
Debt (42.75%)
RiverFront Dynamic Core Income ETF^(a)		770,132	$	19,507,521
RiverFront Dynamic Unconstrained Income ETF^(a)		32,160		827,798
Riverfront Strategic Income Fund^(a)		29,070		722,680
				21,057,999
Equity (55.62%)
First Trust RiverFront Dynamic
Developed International ETF^(a)		83,505		5,698,381
RiverFront Dynamic US Dividend
Advantage ETF^(a)		391,173		16,551,821
RiverFront Dynamic US Flex-Cap ETF^(a)		119,402		5,148,125
				27,398,327
TOTAL EXCHANGE TRADED FUNDS
(Cost $41,081,591)				48,456,326

	7-Day					Value
	Yield			Shares		(Note 2)
SHORT-TERM INVESTMENTS (1.69%)
Money Market Fund (1.69%)
State Street Institutional Treasury Plus Money Market Fund		0.020	%		833,336		833,336

TOTAL MONEY MARKET FUND							833,336

TOTAL SHORT-TERM INVESTMENTS
(Cost $833,336)							833,336

TOTAL INVESTMENTS (100.06%)
(Cost $41,914,927)						$	49,289,662

Liabilities In Excess Of Other Assets (-0.06%)							(31,869	)

NET ASSETS (100.00%)						$	49,257,793

^(a)

Affiliated Company. See Note 7 in Notes to Financial Statements.

See Notes to Financial Statements.

159 | April 30, 2021

RiverFront Global Allocation Series
Statements of Assets and Liabilities	April 30, 2021 (Unaudited)

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
ASSETS
Investments, at value	$	719,325	$	1,293,007	$	833,336
Investments in affiliates, at value		26,254,862		61,661,444		48,456,326
Receivable for shares sold		–		250		7,526
Dividends and interest receivable		13		16		17
Total Assets		26,974,200		62,954,717		49,297,205
LIABILITIES
Payable for shares redeemed		–		64,898		4,149
Unitary administrative fees payable		10,941		26,036		20,349
Distribution and services fees payable		3,276		12,642		14,914
Total Liabilities		14,217		103,576		39,412
NET ASSETS	$	26,959,983	$	62,851,141	$	49,257,793
NET ASSETS CONSIST OF
Paid-in capital	$	24,411,559	$	57,114,488	$	42,847,887
Total distributable earnings		2,548,424		5,736,653		6,409,906
NET ASSETS	$	26,959,983	$	62,851,141	$	49,257,793
INVESTMENTS, AT COST	$	719,325	$	1,293,007	$	833,336
INVESTMENTS IN AFFILIATES, AT COST	$	20,548,812	$	49,870,698	$	41,081,591

See Notes to Financial Statements.

160 | April 30, 2021

RiverFront Global Allocation Series
Statements of Assets and Liabilities (continued)	April 30, 2021 (Unaudited)

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
PRICING OF SHARES
Investor Class:
Net Asset Value, offering and redemption price per share	$	13.97	$	13.88	$	11.76
Net Assets	$	1,765,858	$	7,104,424	$	4,244,700
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		126,405		511,901		360,813
Class A:
Net Asset Value, offering and redemption price per share	$	13.86	$	13.86	$	11.75
Net Assets	$	1,577,057	$	5,835,874	$	10,004,355
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		113,795		420,936		851,477
Maximum offering price per share ((NAV/0.9450), based on maximum sales charge of 5.50% of the offering price)	$	14.67	$	14.67	$	12.43
Class C:
Net Asset Value, offering and redemption price per share^(a)	$	13.01	$	13.40	$	11.58
Net Assets	$	2,916,843	$	11,993,671	$	14,493,235
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		224,248		895,278		1,252,081
Class I:
Net Asset Value, offering and redemption price per share	$	14.29	$	13.83	$	11.77
Net Assets	$	3,048,793	$	37,917,172	$	20,515,504
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		213,373		2,741,955		1,742,873
Investor Class II:
Net Asset Value, offering and redemption price per share	$	13.85		N/A		N/A
Net Assets	$	927,170		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		66,956		N/A		N/A
Class L:
Net Asset Value, offering and redemption price per share	$	14.26		N/A		N/A
Net Assets	$	16,724,263		N/A		N/A
Shares of beneficial interest outstanding (unlimited number of shares, no par value common stock authorized)		1,172,815		N/A		N/A

^(a)

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

See Notes to Financial Statements.

161 | April 30, 2021

RiverFront Global Allocation Series
Statements of Operations	For the Six Months Ended April 30, 2021 (Unaudited)

	RiverFront Asset Allocation Aggressive		RiverFront Asset Allocation Growth & Income		RiverFront Asset Allocation Moderate
INVESTMENT INCOME
Dividends	$	69	$	124	$	121
Dividends from affiliated securities		172,891		460,353		411,672
Total Investment Income		172,960		460,477		411,793

EXPENSES
Unitary administrative fees		31,432		76,951		60,651
Distribution and service fees
Investor Class		2,240		8,896		5,171
Class A		1,601		6,739		11,018
Class C		15,509		64,221		78,296
Investor Class II		1,072		–		–
Total Expenses		51,854		156,807		155,136
Net Expenses		51,854		156,807		155,136
Net Investment Income		121,106		303,670		256,657
Net realized gain on investments - affiliated securities		208,546		1,259,623		893,183
Net realized gain		208,546		1,259,623		893,183
Net change in unrealized appreciation on investments - affiliated securities		5,244,280		8,541,735		4,594,802
Net change in unrealized appreciation		5,244,280		8,541,735		4,594,802
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		5,452,826		9,801,358		5,487,985
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,573,932	$	10,105,028	$	5,744,642

See Notes to Financial Statements.

162 | April 30, 2021

RiverFront Asset Allocation Aggressive

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	121,106		$	416,786
Net realized gain/(loss)		208,546			(1,857,082	)
Net change in unrealized appreciation		5,244,280			842,445
Net Increase/(Decrease) in Net Assets Resulting from Operations		5,573,932			(597,851	)
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(21,922	)		(79,044	)
Class A		(14,110	)		(16,860	)
Class C		(42,875	)		(89,159	)
Class I		(40,375	)		(101,058	)
Investor Class II		(11,166	)		(24,038	)
Class L		(191,732	)		(358,372	)
Net Decrease in Net Assets from Distributions		(322,180	)		(668,531	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		93,072			27,937
Class A		478,698			414,965
Class C		105,906			112,219
Class I		–			475,259
Investor Class II		6,862			31,382
Class L		1,424,213			1,329,923
Dividends reinvested
Investor Class		21,114			76,357
Class A		14,110			16,860
Class C		42,795			88,963
Class I		38,987			99,066
Investor Class II		11,024			17,702
Class L		190,865			357,175
Shares redeemed
Investor Class		(609,688	)		(1,877,602	)
Class A		(150,038	)		(199,699	)
Class C		(1,045,289	)		(1,664,423	)
Class I		(581,835	)		(4,411,082	)
Investor Class II		(6,880	)		(524,176	)
Class L		(1,286,765	)		(5,856,097	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(1,252,849	)		(11,485,271	)
Net increase/(decrease) in net assets		3,998,903			(12,751,653	)
NET ASSETS
Beginning of period		22,961,080			35,712,733
End of period	$	26,959,983		$	22,961,080

See Notes to Financial Statements.

163 | April 30, 2021

RiverFront Asset Allocation Growth & Income

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	303,670		$	1,044,927
Net realized gain/(loss)		1,259,623			(3,546,085	)
Net change in unrealized appreciation		8,541,735			1,850,356
Net Increase/(Decrease) in Net Assets Resulting from Operations		10,105,028			(650,802	)
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(33,311	)		(134,202	)
Class A		(25,416	)		(67,887	)
Class C		(34,878	)		(213,573	)
Class I		(206,807	)		(767,779	)
Net Decrease in Net Assets from Distributions		(300,412	)		(1,183,441	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		38,543			123,506
Class A		1,181,535			1,864,486
Class C		260,966			798,015
Class I		2,161,927			4,243,529
Dividends reinvested
Investor Class		31,923			129,440
Class A		25,202			67,753
Class C		34,506			211,358
Class I		203,381			755,180
Shares redeemed
Investor Class		(900,020	)		(2,188,662	)
Class A		(670,895	)		(1,243,469	)
Class C		(4,053,705	)		(6,701,534	)
Class I		(4,728,063	)		(18,874,405	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(6,414,700	)		(20,814,803	)
Net increase/(decrease) in net assets		3,389,916			(22,649,046	)
NET ASSETS
Beginning of period		59,461,225			82,110,271
End of period	$	62,851,141		$	59,461,225

See Notes to Financial Statements.

164 | April 30, 2021

RiverFront Asset Allocation Moderate

Statements of Changes in Net Assets

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
OPERATIONS
Net investment income	$	256,657		$	691,629
Net realized gain/(loss)		893,183			(102,437	)
Net change in unrealized appreciation		4,594,802			453,892
Net Increase in Net Assets Resulting from Operations		5,744,642			1,043,084
TOTAL DISTRIBUTIONS
From distributable earnings
Investor Class		(23,407	)		(66,700	)
Class A		(50,663	)		(101,776	)
Class C		(38,590	)		(168,779	)
Class I		(132,209	)		(381,939	)
Net Decrease in Net Assets from Distributions		(244,869	)		(719,194	)
BENEFICIAL INTEREST TRANSACTIONS (NOTE 6)
Shares sold
Investor Class		191,441			167,869
Class A		2,062,643			3,641,533
Class C		89,141			455,274
Class I		1,506,732			2,685,022
Dividends reinvested
Investor Class		23,308			66,302
Class A		50,177			100,652
Class C		36,722			162,523
Class I		125,946			365,144
Shares redeemed
Investor Class		(317,423	)		(1,546,495	)
Class A		(761,383	)		(2,067,955	)
Class C		(3,798,739	)		(11,137,381	)
Class I		(2,396,736	)		(9,739,924	)
Net Decrease in Net Assets Derived from Beneficial Interest Transactions		(3,188,171	)		(16,847,436	)
Net increase/(decrease) in net assets		2,311,602			(16,523,546	)
NET ASSETS
Beginning of period		46,946,191			63,469,737
End of period	$	49,257,793		$	46,946,191

See Notes to Financial Statements.

165 | April 30, 2021

RiverFront Asset Allocation Aggressive – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.31		$	11.57		$	14.59		$	16.27		$	13.54		$	13.95
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.06			0.17			0.17			0.25			0.16			0.23
Net realized and unrealized gain/(loss)		2.77			(0.19	)		0.08			(1.27	)		2.76			(0.31	)
Total from investment operations		2.83			(0.02	)		0.25			(1.02	)		2.92			(0.08	)
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.21	)		(0.19	)		(0.20	)
From net realized gains		–			–			(3.08	)		(0.45	)		–			(0.13	)
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.66	)		(0.19	)		(0.33	)
Net increase/(decrease) in net asset value		2.66			(0.26	)		(3.02	)		(1.68	)		2.73			(0.41	)
Net asset value, end of period	$	13.97		$	11.31		$	11.57		$	14.59		$	16.27		$	13.54
TOTAL RETURN^(d)		25.14	%		(0.33	)%		5.05	%		(6.62	)%		21.81	%		(0.57	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,766		$	1,862		$	3,914		$	4,491		$	8,935		$	9,618
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.93	%		1.45	%		1.40	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.75	%^(f)		1.15	%		1.15	%
Ratio of net investment income to average net assets		0.92	%^(e)		1.47	%		1.47	%		1.56	%		1.09	%		1.77	%
Portfolio turnover rate^(g)		2	%		22	%		18	%		200	%		60	%		113	%

^(a)

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

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(c)

Calculated using the average shares method.

^(d)

^(e)

Annualized.

^(f)

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.

^(g)

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

See Notes to Financial Statements.

166 | April 30, 2021

RiverFront Asset Allocation Aggressive – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.22		$	11.48		$	14.51		$	16.35
INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.05			0.15			0.21			0.16
Net realized and unrealized gain/(loss)		2.76			(0.17	)		0.03			(2.00	)
Total from investment operations		2.81			(0.02	)		0.24			(1.84	)

DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		–
From net realized gains		–			–			(3.08	)		–
Total distributions		(0.17	)		(0.24	)		(3.27	)		–
Net increase/(decrease) in net asset value		2.64			(0.26	)		(3.03	)		(1.84	)
Net asset value, end of period	$	13.86		$	11.22		$	11.48		$	14.51
TOTAL RETURN^(b)		25.18	%		(0.33	)%		5.01	%		(11.25	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	1,577		$	989		$	756		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		0.79	%^(c)		1.38	%		1.88	%		2.66	%^(c)
Portfolio turnover rate^(d)		2	%		22	%		18	%		200	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

167 | April 30, 2021

RiverFront Asset Allocation Aggressive – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	10.57		$	10.89		$	14.01		$	15.73		$	13.18		$	13.67
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.01			0.07			0.08			0.12			0.04			0.12
Net realized and unrealized gain/(loss)		2.58			(0.17	)		0.05			(1.20	)		2.68			(0.30	)
Total from investment operations		2.59			(0.10	)		0.13			(1.08	)		2.72			(0.18	)
DISTRIBUTIONS:
From net investment income		(0.15	)		(0.22	)		(0.17	)		(0.19	)		(0.17	)		(0.18	)
From net realized gains		–			–			(3.08	)		(0.45	)		–			(0.13	)
Total distributions		(0.15	)		(0.22	)		(3.25	)		(0.64	)		(0.17	)		(0.31	)
Net increase/(decrease) in net asset value		2.44			(0.32	)		(3.12	)		(1.72	)		2.55			(0.49	)
Net asset value, end of period	$	13.01		$	10.57		$	10.89		$	14.01		$	15.73		$	13.18
TOTAL RETURN^(c)		24.68	%		(1.04	)%		4.23	%		(7.24	)%		20.87	%		(1.31	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	2,917		$	3,147		$	4,758		$	8,597		$	10,408		$	11,447
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.63	%		2.20	%		2.16	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.47	%^(e)		1.90	%		1.90	%
Ratio of net investment income to average net assets		0.18	%^(d)		0.69	%		0.71	%		0.80	%		0.29	%		0.92	%
Portfolio turnover rate^(f)		2	%		22	%		18	%		200	%		60	%		113	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

168 | April 30, 2021

RiverFront Asset Allocation Aggressive – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.56		$	11.79		$	14.78		$	16.43		$	13.65		$	14.03
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.08			0.20			0.21			0.29			0.19			0.26
Net realized and unrealized gain/(loss)		2.82			(0.19	)		0.07			(1.27	)		2.78			(0.30	)
Total from investment operations		2.90			0.01			0.28			(0.98	)		2.97			(0.04	)
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.22	)		(0.19	)		(0.21	)
From net realized gains		–			–			(3.08	)		(0.45	)		–			(0.13	)
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.67	)		(0.19	)		(0.34	)
Net increase/(decrease) in net asset value		2.73			(0.23	)		(2.99	)		(1.65	)		2.78			(0.38	)
Net asset value, end of period	$	14.29		$	11.56		$	11.79		$	14.78		$	16.43		$	13.65
TOTAL RETURN^(c)		25.27	%		(0.02	)%		5.29	%		(6.33	)%		22.05	%		(0.31	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	3,049		$	2,945		$	7,003		$	12,701		$	13,873		$	10,140
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.62	%		1.20	%		1.15	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.46	%^(e)		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.14	%^(d)		1.73	%		1.77	%		1.79	%		1.29	%		1.98	%
Portfolio turnover rate^(f)		2	%		22	%		18	%		200	%		60	%		113	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

169 | April 30, 2021

RiverFront Asset Allocation Aggressive – Investor Class II

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.21		$	11.47		$	14.50		$	16.18		$	13.47		$	13.87
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.06			0.16			0.18			0.25			0.15			0.23
Net realized and unrealized gain/(loss)		2.75			(0.18	)		0.06			(1.27	)		2.75			(0.30	)
Total from investment operations		2.81			(0.02	)		0.24			(1.02	)		2.90			(0.07	)
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.21	)		(0.19	)		(0.20	)
From net realized gains		–			–			(3.08	)		(0.45	)		–			(0.13	)
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.66	)		(0.19	)		(0.33	)
Net increase/(decrease) in net asset value		2.64			(0.26	)		(3.03	)		(1.68	)		2.71			(0.40	)
Net asset value, end of period	$	13.85		$	11.21		$	11.47		$	14.50		$	16.18		$	13.47
TOTAL RETURN^(d)		25.20	%		(0.33	)%		5.02	%		(6.66	)%		21.77	%		(0.51	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	927		$	741		$	1,255		$	2,043		$	3,451		$	4,667
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.91	%		1.45	%		1.40	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.74	%^(f)		1.15	%		1.15	%
Ratio of net investment income to average net assets		0.88	%^(e)		1.41	%		1.53	%		1.58	%		1.04	%		1.75	%
Portfolio turnover rate^(g)		2	%		22	%		18	%		200	%		60	%		113	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

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

^(c)

Calculated using the average shares method.

^(d)

^(e)

Annualized.

^(f)

^(g)

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

See Notes to Financial Statements.

170 | April 30, 2021

RiverFront Asset Allocation Aggressive – Class L

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.53		$	11.77		$	14.76		$	16.41		$	13.63		$	14.01
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.07			0.19			0.21			0.30			0.19			0.25
Net realized and unrealized gain/(loss)		2.83			(0.19	)		0.07			(1.28	)		2.78			(0.29	)
Total from investment operations		2.90			–			0.28			(0.98	)		2.97			(0.04	)
DISTRIBUTIONS:
From net investment income		(0.17	)		(0.24	)		(0.19	)		(0.22	)		(0.19	)		(0.21	)
From net realized gains		–			–			(3.08	)		(0.45	)		–			(0.13	)
Total distributions		(0.17	)		(0.24	)		(3.27	)		(0.67	)		(0.19	)		(0.34	)
Net increase/(decrease) in net asset value		2.73			(0.24	)		(2.99	)		(1.65	)		2.78			(0.38	)
Net asset value, end of period	$	14.26		$	11.53		$	11.77		$	14.76		$	16.41		$	13.63
TOTAL RETURN^(c)		25.33	%		(0.11	)%		5.30	%		(6.34	)%		22.08	%		(0.31	)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	16,724		$	13,277		$	18,026		$	19,449		$	25,309		$	22,552
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.63	%		1.20	%		1.16	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.47	%^(e)		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.11	%^(d)		1.68	%		1.77	%		1.82	%		1.27	%		1.90	%
Portfolio turnover rate^(f)		2	%		22	%		18	%		200	%		60	%		113	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Aggressive was known as the RiverFront Global Growth Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

171 | April 30, 2021

RiverFront Asset Allocation Growth & Income – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.84		$	12.02		$	13.37		$	14.48		$	12.38		$	12.63
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.07			0.18			0.23			0.25			0.17			0.21
Net realized and unrealized gain/(loss)		2.03			(0.16	)		0.41			(0.80	)		2.09			(0.00	)^(d)
Total from investment operations		2.10			0.02			0.64			(0.55	)		2.26			0.21
DISTRIBUTIONS:
From net investment income		(0.06	)		(0.20	)		(0.21	)		(0.24	)		(0.16	)		(0.21	)
From net realized gains		–			–			(1.78	)		(0.32	)		–			(0.25	)
Total distributions		(0.06	)		(0.20	)		(1.99	)		(0.56	)		(0.16	)		(0.46	)
Net increase/(decrease) in net asset value		2.04			(0.18	)		(1.35	)		(1.11	)		2.10			(0.25	)
Net asset value, end of period	$	13.88		$	11.84		$	12.02		$	13.37		$	14.48		$	12.38
TOTAL RETURN^(e)		17.78	%		0.27	%		6.71	%		(4.03	)%		18.37	%		1.80	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	7,104		$	6,802		$	8,864		$	9,062		$	19,123		$	20,227
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(f)		0.50	%		0.50	%		0.85	%		1.37	%		1.35	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(f)		0.50	%		0.50	%		0.74	%^(g)		1.15	%		1.15	%
Ratio of net investment income to average net assets		0.99	%^(f)		1.57	%		1.91	%		1.70	%		1.24	%		1.74	%
Portfolio turnover rate^(h)		7	%		33	%		62	%		224	%		63	%		129	%

^(a)

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

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(c)

Calculated using the average shares method.

^(d)

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

^(e)

^(f)

Annualized.

^(g)

^(h)

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

See Notes to Financial Statements.

172 | April 30, 2021

RiverFront Asset Allocation Growth & Income – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	11.83		$	12.01		$	13.36		$	14.70
INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.06			0.18			0.25			0.15
Net realized and unrealized gain/(loss)		2.03			(0.16	)		0.39			(1.34	)
Total from investment operations		2.09			0.02			0.64			(1.19	)

DISTRIBUTIONS:
From net investment income		(0.06	)		(0.20	)		(0.21	)		(0.15	)
From net realized gains		–			–			(1.78	)		–
Total distributions		(0.06	)		(0.20	)		(1.99	)		(0.15	)

Net increase/(decrease) in net asset value		2.03			(0.18	)		(1.35	)		(1.34	)
Net asset value, end of period	$	13.86		$	11.83		$	12.01		$	13.36
TOTAL RETURN^(b)		17.72	%		0.28	%		6.78	%		(8.13	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	5,836		$	4,489		$	3,839		$	13
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		0.99	%^(c)		1.52	%		2.13	%		2.65	%^(c)
Portfolio turnover rate^(d)		7	%		33	%		62	%		224	%

^(a)

Calculated using the average shares method.

^(b)

^(c)

Annualized.

^(d)

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

See Notes to Financial Statements.

173 | April 30, 2021

RiverFront Asset Allocation Growth & Income – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.45		$	11.65		$	13.03		$	14.16		$	12.15		$	12.44
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.02			0.09			0.13			0.14			0.07			0.13
Net realized and unrealized gain/(loss)		1.96			(0.15	)		0.40			(0.78	)		2.05			(0.02	)
Total from investment operations		1.98			(0.06	)		0.53			(0.64	)		2.12			0.11
DISTRIBUTIONS:
From net investment income		(0.03	)		(0.14	)		(0.13	)		(0.17	)		(0.11	)		(0.15	)
From net realized gains		–			–			(1.78	)		(0.32	)		–			(0.25	)
Total distributions		(0.03	)		(0.14	)		(1.91	)		(0.49	)		(0.11	)		(0.40	)
Net increase/(decrease) in net asset value		1.95			(0.20	)		(1.38	)		(1.13	)		2.01			(0.29	)
Net asset value, end of period	$	13.40		$	11.45		$	11.65		$	13.03		$	14.16		$	12.15
TOTAL RETURN^(c)		17.33	%		(0.44	)%		5.91	%		(4.74	)%		17.53	%		0.97	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	11,994		$	13,642		$	19,798		$	23,111		$	26,514		$	32,217
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.57	%		2.12	%		2.10	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.47	%^(e)		1.90	%		1.90	%
Ratio of net investment income to average net assets		0.25	%^(d)		0.82	%		1.15	%		1.01	%		0.51	%		1.08	%
Portfolio turnover rate^(f)		7	%		33	%		62	%		224	%		63	%		129	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

174 | April 30, 2021

RiverFront Asset Allocation Growth & Income – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	11.79		$	11.97		$	13.31		$	14.42		$	12.31		$	12.56
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.08			0.22			0.26			0.29			0.20			0.25
Net realized and unrealized gain/(loss)		2.04			(0.18	)		0.41			(0.82	)		2.09			(0.01	)
Total from investment operations		2.12			0.04			0.67			(0.53	)		2.29			0.24
DISTRIBUTIONS:
From net investment income		(0.08	)		(0.22	)		(0.23	)		(0.26	)		(0.18	)		(0.24	)
From net realized gains		–			–			(1.78	)		(0.32	)		–			(0.25	)
Total distributions		(0.08	)		(0.22	)		(2.01	)		(0.58	)		(0.18	)		(0.49	)
Net increase/(decrease) in net asset value		2.04			(0.18	)		(1.34	)		(1.11	)		2.11			(0.25	)
Net asset value, end of period	$	13.83		$	11.79		$	11.97		$	13.31		$	14.42		$	12.31
TOTAL RETURN^(c)		17.98	%		0.46	%		7.07	%		(3.88	)%		18.75	%		2.01	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	37,917		$	34,529		$	49,610		$	51,749		$	33,484		$	28,833
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.53	%		1.12	%		1.10	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.44	%^(e)		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.24	%^(d)		1.83	%		2.17	%		2.04	%		1.50	%		2.06	%
Portfolio turnover rate^(f)		7	%		33	%		62	%		224	%		63	%		129	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Growth & Income was known as the RiverFront Dynamic Equity Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

175 | April 30, 2021

RiverFront Asset Allocation Moderate – Investor Class

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)(b)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	10.50		$	10.46		$	11.54		$	12.47		$	11.22		$	11.48
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(c)		0.07			0.15			0.21			0.22			0.18			0.21
Net realized and unrealized gain/(loss)		1.25			0.05			0.49			(0.36	)		1.23			(0.01	)
Total from investment operations		1.32			0.20			0.70			(0.14	)		1.41			0.20
DISTRIBUTIONS:
From net investment income		(0.06	)		(0.16	)		(0.20	)		(0.22	)		(0.16	)		(0.21	)
From net realized gains		–			–			(1.58	)		(0.57	)		–			(0.25	)
Total distributions		(0.06	)		(0.16	)		(1.78	)		(0.79	)		(0.16	)		(0.46	)
Net increase/(decrease) in net asset value		1.26			0.04			(1.08	)		(0.93	)		1.25			(0.26	)
Net asset value, end of period	$	11.76		$	10.50		$	10.46		$	11.54		$	12.47		$	11.22
TOTAL RETURN^(d)		12.63	%		1.95	%		7.99	%		(1.32	)%		12.67	%		1.81	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	4,245		$	3,883		$	5,162		$	8,244		$	13,311		$	22,679
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.84	%		1.33	%		1.31	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(e)		0.50	%		0.50	%		0.74	%^(f)		1.15	%		1.15	%
Ratio of net investment income to average net assets		1.19	%^(e)		1.46	%		2.00	%		1.78	%		1.49	%		1.87	%
Portfolio turnover rate^(g)		9	%		20	%		41	%		209	%		56	%		132	%

^(a)

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

^(b)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(c)

Calculated using the average shares method.

^(d)

^(e)

Annualized.

^(f)

^(g)

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

See Notes to Financial Statements.

176 | April 30, 2021

RiverFront Asset Allocation Moderate – Class A

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Period June 12, 2018 (Commencement of Operations) to October 31, 2018
Net asset value, beginning of period	$	10.49		$	10.45		$	11.53		$	12.28
INCOME FROM INVESTMENT OPERATIONS:
Net investment income^(a)		0.07			0.15			0.20			0.11
Net realized and unrealized gain/(loss)		1.25			0.05			0.51			(0.74	)
Total from investment operations		1.32			0.20			0.71			(0.63	)

DISTRIBUTIONS:
From net investment income		(0.06	)		(0.16	)		(0.21	)		(0.12	)
From net realized gains		–			–			(1.58	)		–
Total distributions		(0.06	)		(0.16	)		(1.79	)		(0.12	)

Net increase/(decrease) in net asset value		1.26			0.04			(1.08	)		(0.75	)
Net asset value, end of period	$	11.75		$	10.49		$	10.45		$	11.53
TOTAL RETURN^(b)		12.65	%		1.96	%		8.07	%		(5.15	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	10,004		$	7,680		$	5,933		$	9
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of expenses to average net assets including fee waivers and reimbursements		0.50	%^(c)		0.50	%		0.50	%		0.50	%^(c)
Ratio of net investment income to average net assets		1.19	%^(c)		1.43	%		1.92	%		2.44	%^(c)
Portfolio turnover rate^(d)		9	%		20	%		41	%		209	%

(a)

Calculated using the average shares method.

(b)

(c)

Annualized.

(d)

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

See Notes to Financial Statements.

177 | April 30, 2021

RiverFront Asset Allocation Moderate – Class C

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	10.34		$	10.30		$	11.39		$	12.34		$	11.12		$	11.39
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.03			0.07			0.13			0.12			0.08			0.13
Net realized and unrealized gain/(loss)		1.24			0.05			0.49			(0.36	)		1.24			(0.02	)
Total from investment operations		1.27			0.12			0.62			(0.24	)		1.32			0.11
DISTRIBUTIONS:
From net investment income		(0.03	)		(0.08	)		(0.13	)		(0.14	)		(0.10	)		(0.13	)
From net realized gains		–			–			(1.58	)		(0.57	)		–			(0.25	)
Total distributions		(0.03	)		(0.08	)		(1.71	)		(0.71	)		(0.10	)		(0.38	)
Net increase/(decrease) in net asset value		1.24			0.04			(1.09	)		(0.95	)		1.22			(0.27	)
Net asset value, end of period	$	11.58		$	10.34		$	10.30		$	11.39		$	12.34		$	11.12
TOTAL RETURN^(c)		12.26	%		1.21	%		7.23	%		(2.16	)%		11.94	%		1.03	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	14,493		$	16,353		$	26,831		$	40,792		$	51,231		$	63,480
Ratio of expenses to average net assets excluding fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.56	%		2.08	%		2.06	%
Ratio of expenses to average net assets including fee waivers and reimbursements		1.25	%^(d)		1.25	%		1.25	%		1.47	%^(e)		1.90	%		1.90	%
Ratio of net investment income to average net assets		0.45	%^(d)		0.72	%		1.27	%		1.03	%		0.70	%		1.14	%
Portfolio turnover rate^(f)		9	%		20	%		41	%		209	%		56	%		132	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

178 | April 30, 2021

RiverFront Asset Allocation Moderate – Class I

Financial Highlights

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

	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020			For the Year Ended October 31, 2019			For the Year Ended October 31, 2018^(a)			For the Year Ended October 31, 2017			For the Year Ended October 31, 2016
Net asset value, beginning of period	$	10.51		$	10.47		$	11.54		$	12.48		$	11.21		$	11.47
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income^(b)		0.08			0.18			0.23			0.25			0.20			0.24
Net realized and unrealized gain/(loss)		1.26			0.04			0.50			(0.37	)		1.25			(0.01	)
Total from investment operations		1.34			0.22			0.73			(0.12	)		1.45			0.23
DISTRIBUTIONS:
From net investment income		(0.08	)		(0.18	)		(0.22	)		(0.25	)		(0.18	)		(0.24	)
From net realized gains		–			–			(1.58	)		(0.57	)		–			(0.25	)
Total distributions		(0.08	)		(0.18	)		(1.80	)		(0.82	)		(0.18	)		(0.49	)
Net increase/(decrease) in net asset value		1.26			0.04			(1.07	)		(0.94	)		1.27			(0.26	)
Net asset value, end of period	$	11.77		$	10.51		$	10.47		$	11.54		$	12.48		$	11.21
TOTAL RETURN^(c)		12.74	%		2.19	%		8.36	%		(1.16	)%		13.05	%		2.05	%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$	20,516		$	19,030		$	25,544		$	28,228		$	30,913		$	43,056
Ratio of expenses to average net assets excluding fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.56	%		1.08	%		1.06	%
Ratio of expenses to average net assets including fee waivers and reimbursements		0.25	%^(d)		0.25	%		0.25	%		0.47	%^(e)		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.44	%^(d)		1.71	%		2.25	%		2.02	%		1.71	%		2.16	%
Portfolio turnover rate(f)		9	%		20	%		41	%		209	%		56	%		132	%

^(a)

Prior to February 28, 2018, the RiverFront Asset Allocation Moderate was known as the RiverFront Moderate Growth & Income Fund.

^(b)

Calculated using the average shares method.

^(c)

^(d)

Annualized.

^(e)

^(f)

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

See Notes to Financial Statements.

179 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of multiple separate portfolios or series. This annual report includes the financial statements and financial highlights of the following 11 funds: ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, ALPS | Kotak India Growth Fund, ALPS | Red Rocks Global Opportunity Fund, Clough China Fund, RiverFront Asset Allocation Aggressive, RiverFront Asset Allocation Growth & Income, RiverFront Asset Allocation Moderate, ALPS | Smith Total Return Bond Fund and ALPS | Smith Short Duration Bond, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund Fund (each, a “Fund” and collectively, the “Funds”). Prior to March 31, 2020, the ALPS | Red Rocks Global Opportunity Fund was known as the ALPS | Red Rocks Listed Private Equity Fund.

The ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund seeks to maximize real returns (returns after inflation), consistent with prudent investment management. ALPS | Kotak India Growth Fund’s investment goal is long-term capital appreciation. ALPS | Red Rocks Global Opportunity Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. The Clough China Fund seeks to provide investors with long-term capital appreciation. Effective February 28, 2018, the RiverFront Asset Allocation Aggressive seeks to achieve long-term capital appreciation, RiverFront Asset Allocation Growth & Income seeks to achieve long-term growth and income, the RiverFront Asset Allocation Moderate has two primary investment objectives- it seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks, and (2) growth of capital. The ALPS | Smith Total Return Bond Fund seeks to obtain maximum total return, consistent with preservation of capital. The ALPS | Smith Short Duration Bond Fund seeks as high a level of current income as is consistent with preservation of capital. The ALPS | Smith Balanced Opportunity Fund seeks long-term capital growth, consistent with presercation of capital and balanced by current income. The ALPS | Smith Credit Opportunities Fund seeks to obtain maximum risk-adjusted return with a secondary focus on high current income.

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

Basis of Consolidation for the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund

CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on April 23, 2010 and is a wholly owned subsidiary of the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund (the “CoreCommodity Fund”). 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 April 30, 2021, net assets of the CoreCommodity Fund were $866,094,514 of which $176,104,436 or 20.33%, represented the CoreCommodity Fund’s ownership of all issued shares and voting rights of the Subsidiary.

2. SIGNIFICANT ACCOUNTING POLICIES

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

180 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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

The market price for debt obligations is generally the price supplied by an independent third-party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers-dealers that make a market in the security. Investments in non-exchange traded funds are fair valued at their respective net asset values. Bonds may be purchased and held as odd lots. Pricing vendors generally value securities assuming orderly transactions of institutional round lot sizes, but a Fund may hold or transact in such securities in smaller, odd lot sizes. Special valuation considerations may apply with respect to a Fund’s odd-lot positions, as the Fund may receive different prices when it sells such positions than it would receive for sales of institutional round lot positions. The ALPS | Smith Total Return Bond Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Balanced Opportunity Fund, and ALPS | Smith Credit Opportunities Fund have odd lot pricing policies it employs to value odd lot securities.

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

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

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

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

When such prices or quotations are not available, or when the Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The fair valuation policies and procedures (“FV Procedures”) have been adopted by the Board for the fair valuation of portfolio assets held by the Fund(s) in the event that (1) market quotations for the current price of a portfolio security or asset are not readily available, or (2) available market quotations that would otherwise be used to value a portfolio security or asset in accordance with the Fund’s Pricing Procedures appear to be unreliable. The Pricing Procedures reflect certain pricing methodologies (or “logics”) that are not “readily available market quotations” and thus are viewed and treated as fair valuations. The Fair Value Committee routinely meets to discuss fair valuations of portfolio securities and other instruments held by the Fund(s).

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.

181 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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 April 30, 2021:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Common Stocks^(a)
United States	$	97,781,811		$	103		$	–	$	97,781,914
Other		175,427,629			–			–		175,427,629
Master Limited Partnerships^(a)		454,573			–			–		454,573
Rights		–			–			–		–
Government Bonds		–			357,556,694			–		357,556,694
Total	$	273,664,013		$	357,556,797		$	–	$	631,220,810
Other Financial Instruments
Assets
Futures Contracts	$	10,457,861		$	–		$	–	$	10,457,861
Liabilities
Total Return Swap Contracts		–			(45	)		–		(45	)
Futures Contracts		(11,403,553	)		–			–		(11,403,553	)
Total	$	(945,692	)	$	(45	)	$	–	$	(945,737	)

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Kotak India Growth Fund
Common Stocks
Communication Services	$	703,399	$	6,340,846	$	–	$	7,044,245
Consumer Discretionary		–		27,809,726		–		27,809,726
Consumer Staples		–		22,504,813		–		22,504,813
Energy		–		22,193,055		–		22,193,055
Financials		16,304,282		85,771,702		–		102,075,984
Health Care		–		25,476,366		–		25,476,366
Industrials		–		29,691,816		–		29,691,816
Information Technology		8,536,942		40,333,119		–		48,870,061
Materials		1,895,378		25,267,923		–		27,163,301
Real Estate		–		2,321,481		–		2,321,481
Utilities		–		3,318,675		–		3,318,675
Total	$	27,440,001	$	291,029,522	$	–	$	318,469,523

182 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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	$	–	$	2,630,317	$	–	$	2,630,317
Commercial Mortgage-Backed Securities		–		1,279,687		–		1,279,687
Mortgage-Backed Securities		–		13,525,735		–		13,525,735
Corporate Bonds		–		299,727,375		–		299,727,375
Government Bonds		–		78,963,850		–		78,963,850
Municipal Bonds		–		285,000		–		285,000
Short Term Investments		12,012,510		–		–		12,012,510
Total	$	12,012,510	$	396,411,964	$	–	$	408,424,474

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	$	–	$	139,549,836	$	–	$	139,549,836
Commercial Mortgage-Backed Securities		–		55,330,342		–		55,330,342
Mortgage-Backed Securities		–		102,327,555		–		102,327,555
Corporate Bonds		–		981,862,470		–		981,862,470
Government Bonds		–		385,797,010		–		385,797,010
Preferred Stock		10,246,520		–		–		10,246,520
Short Term Investments		41,624,135		–		–		41,624,135
Total	$	51,870,655	$	1,664,867,213	$	–	$	1,716,737,868

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Credit Opportunities Fund
Common Stocks^(a)	$	256,180	$	–	$	–	$	256,180
Exchange Traded Funds		6,549,564		–		–		6,549,564
Corporate Bonds		–		121,775,112		–		121,775,112
Government Bonds		–		16,541,132		–		16,541,132
Preferred Stock		2,521,413		–		–		2,521,413
Short Term Investments		2,303,925		–		–		2,303,925
Total	$	11,631,082	$	138,316,244	$	–	$	149,947,326

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Smith Balanced Opportunity Fund
Common Stocks^(a)	$	13,879,159	$	–	$	–	$	13,879,159
Collateralized Mortgage Obligations		–		1,224,106		–		1,224,106
Mortgage-Backed Securities		–		216,425		–		216,425
Corporate Bonds		–		2,974,417		–		2,974,417
Government Bonds		–		1,942,221		–		1,942,221
Short Term Investments		1,777,557		–		–		1,777,557
Total	$	15,656,716	$	6,357,169	$	–	$	22,013,885

183 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Red Rocks Global Opportunity Fund
Closed-End Funds	$	12,109,069	$	7,910,532	$	–	$	20,019,601
Common Stocks
Communications		10,869,238		–		–		10,869,238
Consumer, Cyclical		1,469,755		3,733,766		–		5,203,521
Consumer, Non-cyclical		6,998,632		–		–		6,998,632
Diversified		–		1,035,810		–		1,035,810
Financials		26,312,938		23,485,716		–		49,798,654
Industrials		4,864,196		–		–		4,864,196
Technology		3,785,566		–		–		3,785,566
Utilities		1,688,378		–		–		1,688,378
Short-Term Investments		1,785,765		–		–		1,785,765
Total	$	69,883,537	$	36,165,824	$	–	$	106,049,361

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Clough China Fund
Common Stocks
Communications	$	2,704,861	$	6,182,333		$	–	$	8,887,194
Consumer Discretionary		5,876,501		6,715,219			–		12,591,720
Consumer Staples		–		393,218			–		393,218
Energy		–		588,419			–		588,419
Financials		–		6,573,316			–		6,573,316
Health Care		649,022		1,101,967			–		1,750,989
Industrials		–		887,974			–		887,974
Materials		–		1,807,247			–		1,807,247
Real Estate		–		1,205,938			–		1,205,938
Technology		2,792,849		3,096,857			–		5,889,706
Utilities		–		457,632			–		457,632
Short Term Investments		4,720,007		–			–		4,720,007
Total	$	16,743,240	$	29,010,120		$	–	$	45,753,360
Other Financial Instruments
Assets:
Total Return Swap Contracts	$	–	$	853,282		$	–	$	853,282
Liabilities:
Total Return Swap Contracts		–		(21,338	)		–		(21,338	)
Total	$	–	$	831,944		$	–	$	831,944

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Aggressive
Exchange Traded Funds	$	26,254,862	$	–	$	–	$	26,254,862
Short-Term Investments		719,325		–		–		719,325
Total	$	26,974,187	$	–	$	–	$	26,974,187

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Growth & Income
Exchange Traded Funds	$	61,661,444	$	–	$	–	$	61,661,444
Short-Term Investments		1,293,007		–		–		1,293,007
Total	$	62,954,451	$	–	$	–	$	62,954,451

184 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Asset Allocation Moderate
Exchange Traded Funds	$	48,456,326	$	–	$	–	$	48,456,326
Short-Term Investments		833,336		–		–		833,336
Total	$	49,289,662	$	–	$	–	$	49,289,662

^(a)

For detailed descriptions of country, sector and/or industry, see the accompanying Statement of Investments or Consolidated Statement of Investments.

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

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

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return, but may extend to four years in certain jurisdictions. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

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

Exchange Traded Funds (ETFs): Each Fund may invest in shares of ETFs and other similar instruments if the investment manager chooses to adjust a Fund’s exposure to the general market or industry sectors and to manage a Fund’s risk exposure. ETFs differ from traditional index funds in that their shares are listed on a securities exchange and can be traded intraday. ETF shares are shares of exchange traded investment companies that are registered under the 1940 Act and hold a portfolio of common stocks designed to track the performance of a particular index. Limitations of the 1940 Act may prohibit a Fund from acquiring more than 3% of the outstanding shares of certain ETFs. Instruments that are similar to ETFs represent beneficial ownership interests in specific “baskets” of stocks of companies within a particular industry sector or group. These securities may also be exchange traded, but unlike ETFs, the issuers of these securities are not registered as investment companies.

The portfolio manager may decide to purchase or sell short ETF shares or options on ETF shares for the same reasons it would purchase or sell (and as an alternative to purchasing or selling) futures contracts – to obtain exposure to the stock market or a particular segment of the stock market, or to hedge a Fund’s portfolio against such exposures. Depending on the market, the holding period and other factors, the use of ETF shares and options thereon can be less costly than the use of index options or stock index futures. In addition, ETF shares and options thereon can typically be purchased

185 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

in smaller amounts than are available for futures contracts and can offer exposure to market sectors and styles for which there is no suitable or liquid futures contract.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex-dividend date or for certain foreign securities, as soon as information is available to each Fund.

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

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

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

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

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

Treasury Inflation Protected-Securities (“TIPS”): The Funds may invest in TIPS, including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on a Fund’s distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Loan Participations and Assignments: Certain Funds may invest in loan participations and assignments. The Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Under a loan participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. When the Fund purchases assignments of loans from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

186 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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

Libor Risk: In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Fund’ investments, payment obligations, and financing terms may be based on floating rates, such as the London Interbank Offered Rate, or “LIBOR,”which is the offered rate for short-term Eurodollar deposits between major international banks. On November 30, 2020, the administrator of LIBOR announced its intention to delay the phase out of the majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2020.

COVID-19 Risks: A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies, their securities (including equity and debt), and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time.

3. DERIVATIVE INSTRUMENTS

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

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

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

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

187 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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

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

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

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

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

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

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

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

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

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Credit default swaps are a type of swap agreement in which the protection “buyer” is generally obligated to pay the protection “seller” an upfront and/ or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. Credit default swaps (“CDS”) are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party

188 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

(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 April 30, 2021 are disclosed after the Statement of Investments.

The average notional amount of the swap positions held in the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund for the six-month period ended April 30, 2021 was $304,328,142. The average notional amount of the swap positions held in the Clough China Fund for the six-month period ended April 30, 2021 was $3,097,246.

Futures: Each Fund may invest in futures contracts in accordance with their investment objectives. Each Fund does so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Fund’s investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, a Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to a Fund upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposit with broker for futures contracts on the Statement of Assets and Liabilities. Each day a Fund may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by a Fund. Variation margin does not represent a borrowing or loan by a Fund but is instead a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The average value of futures contracts held in the ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund for the six-month period ended April 30, 2021, was $238,430,680 for long futures and $109,909,505 for short futures.

Option Contracts: Each Fund may enter into options transactions for hedging purposes and for non-hedging purposes such as seeking to enhance return. Each Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses which are recorded on the Statement of Operations.

189 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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 six-month period ended April 30, 2021:

Risk Exposure	Asset Location	Fair Value		Liability Location	Fair Value
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)
Commodity Contracts (Futures Contracts)	Unrealized appreciation on futures contracts^(b)	$	10,457,862	Unrealized depreciation on futures contracts^(b)	$	(11,403,553	)
Commodity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts		9	Unrealized depreciation on total return swap contracts		(54	)
Total		$	10,457,871		$	(11,403,607	)

Risk Exposure	Asset Location	Fair Value		Liability Location	Fair Value
Clough China Fund
Equity Contracts (Total Return Swap Contracts)	Unrealized appreciation on total return swap contracts	$	853,282	Unrealized depreciation on total return swap contracts	$	(21,338	)
Total		$	853,282		$	(21,338	)

(a)

The ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund consolidates the statements of assets and liabilities.

(b)

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

The effect of derivatives instruments on the Statement of Operations for six-month period ended April 30, 2021:

Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)
Equity and Commodity Contracts (Futures Contracts)	Net realized gain on futures contracts/ Net change in unrealized depreciation on futures contracts	$	4,565,164	$	4,689,671
Commodity Contracts (Total Return Swap Contracts)	Net realized loss on total return swap contracts/ Net change in unrealized depreciation on total return swap contracts		90,805,142		284
Total		$	95,370,306	$	4,689,955
Clough China Fund
Equity Contracts (Total Return Swap Contracts)	Net realized gain on total return swap contracts/Net change in unrealized appreciation on total return swap contracts	$	1,562,594	$	(10,936	)
Total		$	1,562,594	$	(10,936	)

(a)

The ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund consolidates the statements of operations.

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

190 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

The following table presents financial instruments that are subject to enforceable netting arrangements or other similar agreements as of April 30, 2021:

Offsetting of Derivatives Asset

April 30, 2021

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received^(a)		Net Amount
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Total Return Swap Contracts	$	9	$	–	$	9	$	–		$	–	$	9
Total	$	9	$	–	$	9	$	–		$	–	$	9

Clough China Fund
Total Return Swap Contracts	$	853,282	$	–	$	853,282	$	(21,338	)	$	–	$	831,944
Total	$	853,282	$	–	$	853,282	$	(21,338	)	$	–	$	831,944

^(a)

These amounts are limited to the derivative asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Offsetting of Derivatives Liability

April 30, 2021

							Gross Amounts Not Offset in the Statement of Financial Position
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments^(a)			Cash Collateral Pledged^(a)			Net Amount
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Total Return Swap Contracts	$	54	$	–	$	54	$	–		$	(54	)	$	–
Total	$	54	$	–	$	54	$	–		$	(54	)	$	–

Clough China Fund
Total Return Swap Contracts	$	21,338	$	–	$	21,338	$	(21,338	)	$	–		$	–
Total	$	21,338	$	–	$	21,338	$	(21,338	)	$	–		$	–

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. Accordingly, tax basis balances have not been determined as of April 30, 2021.

191 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

The tax character of distributions paid by the Funds for the fiscal year ended October 31, 2020 were as follows:

Fund	Ordinary Income		Long-Term Capital Gain
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	5,386,269	$	–
ALPS \| Kotak India Growth Fund		–		363,112
ALPS \| Smith Short Duration Bond Fund		1,810,242		7,397
ALPS \| Smith Total Return Bond Fund		22,579,307		8,170
ALPS \| Smith Credit Opportunities Fund		41,361		–
ALPS \| Smith Balanced Opportunity Fund		7,109		–
ALPS \| Red Rocks Global Opportunity Fund		14,647,308		11,394,100
Clough China Fund		648,314		2,743,546
RiverFront Asset Allocation Moderate		719,194		–
RiverFront Asset Allocation Aggressive		668,533		–
RiverFront Asset Allocation Growth & Income		1,183,441		–

Unrealized Appreciation and Depreciation on Investments: As of April 30, 2021, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)		Cost of Investments for Income Tax Purposes
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	$	85,972,279	$	(26,237,201	)	$	59,735,078	$	570,539,996
ALPS \| Kotak India Growth Fund		49,677,700		(13,582,336	)		36,095,364		275,067,068
ALPS \| Smith Short Duration Bond Fund		2,191,287		(103,343	)		2,087,944		406,336,530
ALPS \| Smith Total Return Bond Fund		25,241,905		(10,500,085	)		14,741,820		1,701,996,048
ALPS \| Smith Credit Opportunities Fund		1,685,792		(510,538	)		1,175,254		148,772,072
ALPS \| Smith Balanced Opportunity Fund		2,503,512		(105,299	)		2,398,213		19,615,672
ALPS \| Red Rocks Global Opportunity Fund		31,588,364		(593,950	)		30,994,414		75,054,947
Clough China Fund		19,789,325		(6,290,983	)		13,498,342		33,086,962
RiverFront Asset Allocation Moderate		6,940,411		(7,337	)		6,933,074		42,356,588
RiverFront Asset Allocation Aggressive		5,420,087		(41,062	)		5,379,025		21,595,162
RiverFront Asset Allocation Growth & Income		11,051,164		(3,599	)		11,047,565		51,906,886

5. SECURITIES TRANSACTIONS

Purchases and sales of securities, excluding short-term securities and U.S. Government Obligations during the six-month period ended April 30, 2021 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)	$	93,134,862	$	55,462,296
ALPS \| Kotak India Growth Fund		145,664,165		35,119,382
ALPS \| Smith Short Duration Bond Fund		213,347,522		127,418,835
ALPS \| Smith Total Return Bond Fund		775,997,210		675,880,925
ALPS \| Smith Credit Opportunities Fund		155,954,953		60,873,769
ALPS \| Smith Balanced Opportunity Fund		9,607,281		5,953,888
ALPS \| Red Rocks Global Opportunity Fund		33,092,081		43,818,392
Clough China Fund		20,769,884		21,921,665
RiverFront Asset Allocation Moderate		4,316,364		7,112,853
RiverFront Asset Allocation Aggressive		360,575		1,948,950
RiverFront Asset Allocation Growth & Income		4,042,719		10,287,163

192 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

Purchases and sales of U.S. Government Obligations during the six-month period ended April 30, 2021 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund^(a)	$	113,993,161	$	74,102,095
ALPS \| Smith Short Duration Bond Fund		133,544,988		98,142,522
ALPS \| Smith Total Return Bond Fund		1,115,997,257		916,724,915
ALPS \| Smith Credit Opportunities Fund		39,592,529		25,474,129
ALPS \| Smith Balanced Opportunity Fund		4,594,295		4,924,477

(a)

Purchases and sales for ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund are consolidated and include the balances of CoreCommodity Management Cayman Commodity Fund, Ltd. (wholly owned subsidiary).

6. BENEFICIAL INTEREST TRANSACTIONS

Shares redeemed within 90 days of purchase for ALPS | Red Rocks Global Opportunity Fund and 30 days of purchase for ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, ALPS | Kotak India Growth Fund, and Clough China Fund, may incur a 2% short-term redemption fee deducted from the redemption amount. RiverFront Asset Allocation Aggressive Fund, RiverFront Asset Allocation Growth & Income Fund, RiverFront Asset Allocation Moderate Fund, ALPS | Smith Short Duration Bond, ALPS | Smith Total Return Bond Fund, ALPS | Smith Credit Opportunities Fund and ALPS | Smith Balanced Opportunity Fund do not incur redemption fees.

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

For the sixth-month period ended April 30, 2021, the amounts listed below were retained by the Funds. These amounts are reflected in “Shares redeemed” in the Statements of Changes in Net Assets.

	Redemption Fee Retained
Fund	For the Six Months Ended April 30, 2021 (Unaudited)		For the Year Ended October 31, 2020
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Investor Class	$	3,556	$	3,872
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Class A		–		38
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund - Class I		2,066		6,370
ALPS \| Kotak India Growth Fund - Investor Class		50		286,145
ALPS \| Kotak India Growth Fund - Class I		924		550
ALPS \| Smith Short Duration Bond Fund - Class I		–		2,157
ALPS \| Smith Total Return Bond Fund - Investor Class		–		20
ALPS \| Smith Total Return Bond Fund - Class A		–		4,313
ALPS \| Smith Total Return Bond Fund - Class I		–		29,289
ALPS \| Red Rocks Global Opportunity Fund - Investor Class		170		12,646
ALPS \| Red Rocks Global Opportunity Fund - Class A		21		1,933
ALPS \| Red Rocks Global Opportunity Fund - Class C		–		367
ALPS \| Red Rocks Global Opportunity Fund - Class I		39		16,589
Clough China Fund - Investor Class		268		133
Clough China Fund - Class C		–		1

193 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

Transactions in shares of capital stock were as follows:

	ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		2,215,852			3,723,036
Dividends reinvested		24,142			52,689
Shares redeemed		(1,054,304	)		(1,557,348	)
Net increase in shares outstanding		1,185,690			2,218,377
Class A
Shares sold		373,605			141,752
Dividends reinvested		351			855
Shares redeemed		(47,551	)		(48,458	)
Net increase in shares outstanding		326,405			94,149
Class C
Shares sold		364,071			55,316
Dividends reinvested		689			4,410
Shares redeemed		(117,431	)		(704,431	)
Net increase/(decrease) in shares outstanding		247,329			(644,705	)
Class I
Shares sold		29,472,100			31,313,307
Dividends reinvested		221,924			575,900
Shares redeemed		(9,131,255	)		(34,485,123	)
Net increase/(decrease) in shares outstanding		20,562,769			(2,595,916	)

194 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	ALPS \| Kotak India Growth Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		23,448			1,469,294
Dividends reinvested		–			3,593
Shares redeemed		(54,454	)		(1,612,826	)
Net decrease in shares outstanding		(31,006	)		(139,939	)
Class A
Shares sold		56,164			1,521
Dividends reinvested		–			88
Shares redeemed		(2,420	)		(1,914	)
Net increase/(decrease) in shares outstanding		53,744			(305	)
Class C
Shares sold		669			7,894
Dividends reinvested		–			2,484
Shares redeemed		(61,517	)		(30,928	)
Net decrease in shares outstanding		(60,848	)		(20,550	)
Class I
Shares sold		233,136			547,548
Dividends reinvested		–			17,939
Shares redeemed		(989,353	)		(527,423	)
Net increase/(decrease) in shares outstanding		(756,217	)		38,064
Class II^(a)
Shares sold		8,155,415			13,368,943
Shares redeemed		–			(2,963,226	)
Net increase in shares outstanding		8,155,415			10,405,717

	ALPS \| Smith Short Duration Bond Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		1,267,468			826,795
Dividends reinvested		7,870			1,587
Shares redeemed		(609,154	)		(22,188	)
Net increase in shares outstanding		666,184			806,194
Class A
Shares sold		805,319			315,200
Dividends reinvested		7,794			1,745
Shares redeemed		(28,026	)		(14,094	)
Net increase in shares outstanding		785,087			302,851
Class C
Shares sold		92,197			175,014
Dividends reinvested		1,588			806
Shares redeemed		–			(17,601	)
Net increase in shares outstanding		93,785			158,219
Class I
Shares sold		24,901,675			15,201,725
Dividends reinvested		164,746			114,292
Shares redeemed		(5,463,521	)		(3,995,650	)
Net increase in shares outstanding		19,602,900			11,320,367

195 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	ALPS \| Smith Total Return Bond Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		235,364			851,183
Dividends reinvested		19,068			10,771
Shares redeemed		(344,673	)		(354,961	)
Net increase/(decrease) in shares outstanding		(90,241	)		906,993
Class A
Shares sold		575,177			680,483
Dividends reinvested		31,433			21,602
Shares redeemed		(403,242	)		(114,005	)
Net increase in shares outstanding		203,368			588,080
Class C
Shares sold		164,067			470,809
Dividends reinvested		10,985			4,985
Shares redeemed		(33,267	)		(64,416	)
Net increase in shares outstanding		141,785			411,378
Class I
Shares sold		50,878,469			98,260,437
Dividends reinvested		2,333,491			1,340,528
Shares redeemed		(18,861,127	)		(16,682,072	)
Net increase in shares outstanding		34,350,833			82,918,893

	ALPS \| Smith Credit Opportunities Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period January 1, 2014 (Commencement) to October 31, 2020
Investor Class
Shares sold		696,647			70,203
Dividends reinvested		2,272			–
Shares redeemed		(32,974	)		(17	)
Net increase in shares outstanding		665,945			70,186
Class A
Shares sold		15,704			100,000
Dividends reinvested		125			–
Net increase in shares outstanding		15,829			100,000
Class C
Shares sold		–			50,000
Net increase in shares outstanding		–			50,000
Class I
Shares sold		12,238,009			2,545,943
Dividends reinvested		37,357			128
Shares redeemed		(507,283	)		(32,551	)
Net increase in shares outstanding		11,768,083			2,513,520

196 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	ALPS \| Smith Balanced Opportunity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Period January 1, 2014 (Commencement) to October 31, 2020
Investor Class
Shares sold		674			60,855
Dividends reinvested		13			–
Shares redeemed		(5	)		–
Net increase in shares outstanding		682			60,855
Class A
Shares sold		–			100,000
Net increase in shares outstanding		–			100,000
Class C
Shares sold		–			50,000
Net increase in shares outstanding		–			50,000
Class I
Shares sold		345,337			1,243,550
Dividends reinvested		1,887			70
Shares redeemed		(689	)		–
Net increase in shares outstanding		346,535			1,243,620

	ALPS \| Red Rocks Global Opportunity Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		101,251			746,089
Dividends reinvested		78,824			396,106
Shares redeemed		(277,102	)		(1,986,245	)
Net decrease in shares outstanding		(97,027	)		(844,050	)
Class A
Shares sold		82,333			502,233
Dividends reinvested		11,627			11,532
Shares redeemed		(70,641	)		(222,154	)
Net increase in shares outstanding		23,319			291,611
Class C
Shares sold		4,511			100,932
Dividends reinvested		55,299			277,858
Shares redeemed		(200,433	)		(1,107,493	)
Net decrease in shares outstanding		(140,623	)		(728,703	)
Class I
Shares sold		609,700			3,948,906
Dividends reinvested		306,048			2,205,348
Shares redeemed		(1,671,128	)		(15,717,303	)
Net decrease in shares outstanding		(755,380	)		(9,563,049	)
Class R
Shares sold		23,611			172,726
Dividends reinvested		50,509			169,759
Shares redeemed		(102,541	)		(240,276	)
Net increase/(decrease) in shares outstanding		(28,421	)		102,209

197 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	Clough China Fund
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		23,935			26,030
Dividends reinvested		11,125			27,169
Shares redeemed		(16,642	)		(136,999	)
Net increase/(decrease) in shares outstanding		18,418			(83,800	)
Class A
Shares sold		3,920			28,884
Dividends reinvested		1,351			3,571
Shares redeemed		(11,260	)		(17,923	)
Net increase/(decrease) in shares outstanding		(5,989	)		14,532
Class C
Shares sold		1,135			2,134
Dividends reinvested		1,898			5,599
Shares redeemed		(6,686	)		(60,290	)
Net decrease in shares outstanding		(3,653	)		(52,557	)
Class I
Shares sold		18,150			45,424
Dividends reinvested		41,321			91,364
Shares redeemed		(24,224	)		(138,066	)
Net increase/(decrease) in shares outstanding		35,247			(1,278	)

198 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	RiverFront Asset Allocation Aggressive
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		7,262			2,440
Dividends reinvested		1,657			6,342
Shares redeemed		(47,107	)		(182,440	)
Net decrease in shares outstanding		(38,188	)		(173,658	)
Class A
Shares sold		36,295			38,409
Dividends reinvested		1,116			1,412
Shares redeemed		(11,732	)		(17,567	)
Net increase in shares outstanding		25,679			22,254
Class C
Shares sold		8,657			10,908
Dividends reinvested		3,599			7,859
Shares redeemed		(85,738	)		(157,814	)
Net decrease in shares outstanding		(73,482	)		(139,047	)
Class I
Shares sold		–			42,140
Dividends reinvested		2,994			8,074
Shares redeemed		(44,438	)		(389,251	)
Net decrease in shares outstanding		(41,444	)		(339,037	)
Investor II
Shares sold		515			2,707
Dividends reinvested		873			1,484
Shares redeemed		(521	)		(47,500	)
Net increase/(decrease) in shares outstanding		867			(43,309	)
Class L
Shares sold		105,063			113,431
Dividends reinvested		14,693			29,157
Shares redeemed		(97,984	)		(522,923	)
Net increase/(decrease) in shares outstanding		21,772			(380,335	)

199 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

	RiverFront Asset Allocation Growth & Income
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		2,938			10,492
Dividends reinvested		2,445			11,414
Shares redeemed		(68,054	)		(184,808	)
Net decrease in shares outstanding		(62,671	)		(162,902	)
Class A
Shares sold		89,733			159,284
Dividends reinvested		1,932			5,987
Shares redeemed		(50,272	)		(105,466	)
Net increase in shares outstanding		41,393			59,805
Class C
Shares sold		20,146			69,052
Dividends reinvested		2,743			19,111
Shares redeemed		(319,497	)		(595,631	)
Net decrease in shares outstanding		(296,608	)		(507,468	)
Class I
Shares sold		162,175			356,030
Dividends reinvested		15,615			66,670
Shares redeemed		(363,607	)		(1,640,532	)
Net decrease in shares outstanding		(185,817	)		(1,217,832	)

	RiverFront Asset Allocation Moderate
	For the Six Months Ended April 30, 2021 (Unaudited)			For the Year Ended October 31, 2020
Investor Class
Shares sold		16,978			15,746
Dividends reinvested		2,065			6,563
Shares redeemed		(27,903	)		(145,967	)
Net decrease in shares outstanding		(8,860	)		(123,658	)
Class A
Shares sold		182,366			351,122
Dividends reinvested		4,447			9,942
Shares redeemed		(67,368	)		(196,595	)
Net increase in shares outstanding		119,445			164,469
Class C
Shares sold		8,098			44,622
Dividends reinvested		3,308			16,302
Shares redeemed		(340,734	)		(1,083,506	)
Net decrease in shares outstanding		(329,328	)		(1,022,582	)
Class I
Shares sold		133,046			254,684
Dividends reinvested		11,154			36,154
Shares redeemed		(212,332	)		(920,184	)
Net decrease in shares outstanding		(68,132	)		(629,346	)

(a)

Class II commenced operations on December 19, 2019.

200 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

7. AFFILIATED COMPANIES

The 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 six-month period ended April 30, 2021 were as follows:

RiverFront Asset Allocation Aggressive	Market Value as of October 31, 2020		Purchases		Sales			Market Value as of April 30, 2021		Share Balance as of April 30, 2021		Dividends		Change in Unrealized Gain (Loss)		Realized Gain/Loss
First Trust RiverFront Dynamic Asia Pacific ETF	$	783,725		–	$	(58,194	)	$	844,578		14,735	$	7,661	$	124,089	$	(5,042	)
First Trust RiverFront Dynamic Developed International ETF		3,394,461		360,575		(265,448	)		4,330,988		63,467		21,937		833,332		8,068
First Trust RiverFront Dynamic Emerging Markets ETF		2,753,585		–		(207,058	)		3,098,405		42,019		5,702		531,107		20,771
First Trust RiverFront Dynamic Europe ETF		1,451,594		–		(113,513	)		1,743,681		24,331		16,818		408,154		(2,554	)
RiverFront Dynamic US Dividend Advantage ETF		7,066,248		–		(548,967	)		8,309,317		196,376		64,001		1,714,845		77,191
RiverFront Dynamic US Flex-Cap ETF		6,940,799		–		(755,771	)		7,927,893		183,874		56,772		1,632,753		110,112
		22,390,412		360,575		(1,948,951	)		26,254,862		524,802		172,891		5,244,280		208,546

RiverFront Asset Allocation Growth & Income	Market Value as of October 31, 2020		Purchases		Sales			Market Value as of April 30, 2021		Share Balance as of April 30, 2021		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
RiverFront Dynamic Core Income ETF	$	13,323,893	$	876,918	$	(1,231,102	)	$	12,652,486		499,504	$	109,790	$	(378,067	)	$	60,844
RiverFront Dynamic Unconstrained Income ETF		1,120,785		–		(112,740	)		1,035,134		40,215		21,331		24,789			2,300
Riverfront Strategic Income Fund		1,752,818		–		(856,917	)		910,622		36,630		20,720		6,488			8,233
First Trust RiverFront Dynamic Developed International ETF		9,191,264		3,165,818		(1,029,891	)		13,722,654		201,094		66,315		2,351,803			43,660
First Trust RiverFront Dynamic Emerging Markets ETF		5,062,398		–		(625,082	)		5,460,904		74,058		10,484		907,340			116,248
RiverFront Dynamic US Dividend Advantage ETF		20,058,777		–		(5,566,262	)		19,230,422		454,477		170,735		3,848,664			889,243
RiverFront Dynamic US Flex-Cap ETF		7,594,579		–		(865,170	)		8,649,222		200,604		60,978		1,780,718			139,095
		58,104,514		4,042,736		(10,287,164	)		61,661,444		1,506,582		460,353		8,541,735			1,259,623

201 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

RiverFront Asset Allocation Moderate	Market Value as of October 31, 2020		Purchases		Sales			Market Value as of April 30, 2021		Share Balance as of April 30, 2021		Dividends		Change in Unrealized Gain (Loss)			Realized Gain/Loss
RiverFront Dynamic Core Income ETF	$	19,601,582	$	1,637,282	$	(1,244,449	)	$	19,507,521		770,132	$	167,290	$	(565,676	)	$	78,782
RiverFront Dynamic Unconstrained Income ETF		858,377		–		(51,416	)		827,798		32,160		16,786		20,243			594
Riverfront Strategic Income Fund		1,394,780		–		(683,440	)		722,680		29,070		16,849		5,126			6,214
First Trust RiverFront Dynamic Developed International ETF		2,499,730		2,679,083		(238,070	)		5,698,381		83,505		24,681		748,899			8,739
RiverFront Dynamic US Dividend Advantage ETF		16,246,515		–		(3,634,984	)		16,551,821		391,173		143,508		3,343,456			596,834
RiverFront Dynamic US Flex-Cap ETF		5,163,846		–		(1,260,495	)		5,148,125		119,402		42,558		1,042,754			202,020
		45,764,830		4,316,365		(7,112,854	)		48,456,326		1,425,442		411,672		4,594,802			893,183

8. MANAGEMENT AND RELATED-PARTY TRANSACTIONS

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

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

Fund	Sub-Advisor(s)
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund	CoreCommodity Management, LLC
ALPS \| Kotak India Growth Fund	Kotak Mahindra Asset Management (Singapore) Pte. Ltd
ALPS \| Smith Short Duration Bond Fund	Smith Capital Investors, LLC
ALPS \| Smith Total Return Bond Fund	Smith Capital Investors, LLC
ALPS \| Red Rocks Global Opportunity Fund	Red Rocks Capital, LLC^(a)
Clough China Fund	Clough Capital Partners, LP
RiverFront Asset Allocation Aggressive	RiverFront Investment Group, LLC
RiverFront Asset Allocation Growth & Income	RiverFront Investment Group, LLC
RiverFront Asset Allocation Moderate	RiverFront Investment Group, LLC

^(a)

Red Rocks Capital, LLC is a subsidiary of ALPS Advisors, Inc.

202 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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

Fund	Contractual Management Fee
ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund	0.85%
ALPS \| Kotak India Growth Fund	0.65%
ALPS \| Smith Short Duration Bond Fund	0.37%
ALPS \| Smith Total Return Bond Fund	0.55%
ALPS \| Red Rocks Global Opportunity Fund	0.85%
Clough China Fund	1.35%

Pursuant to the Administrative Services Agreement, the Riverfront Funds listed below pay an annual unitary administrative fee which is based on each Fund’s average daily net assets. The unitary administrative fee is paid on a monthly basis. The following table reflects the Funds’ contractual unitary administrative fee rates (expressed as an annual rate).

Fund	Contractual Unitary Fee
RiverFront Asset Allocation Aggressive	0.25%
RiverFront Asset Allocation Growth & Income	0.25%
RiverFront Asset Allocation Moderate	0.25%

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

Fund	Average Daily Net Assets of the Fund	Contractual Sub-Advisory Fee
ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund	All Asset Levels		0.75%
ALPS \| Kotak India Growth Fund	All Asset Levels		0.56%
ALPS \| Smith Short Duration Bond Fund	All Asset Levels		0.29%
ALPS \| Smith Total Return Bond Fund	All Asset Levels		0.42%
ALPS \| Red Rocks Global Opportunity Fund	All Asset Levels		0.57%
Clough China Fund	All Asset Levels		0.90%

ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund

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

ALPS | Kotak India Growth Fund

Prior to April 1, 2017, AAI and Kotak Mahindra (UK) Limited have contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of distribution and service (12b-1) fees, shareholder services fees, acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses that exceed the following annual rates below. Effective April 1, 2017, Kotak entered into a Novation Agreement with the Fund, AAI and Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (“KMAMS”), another wholly owned subsidiary of Kotak Mahindra Bank Limited, whereby KMAMS will assume all of Kotak’s rights and obligations under the current Sub-Advisory Agreement.

ALPS | Smith Short Duration Bond Fund

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

203 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

ALPS | Smith Total Return Bond Fund

ALPS | Smith Credit Opportunities Fund

ALPS | Smith Balanced Opportunity Bond Fund

ALPS | Red Rocks Global Opportunity Fund

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

Clough China Fund

AAI has contractually agreed to limit the amount of the Fund’s total annual expenses, exclusive of acquired fund fees and expenses, interest, taxes, brokerage costs and commissions, dividend and interest expense on short sales, litigation, indemnification and extraordinary expenses as determined under generally accepted accounting principles that exceed the following annual rates below.

Expense limitation ratios from the current agreements are listed below. Fees waived or reimbursed for the six-month period ended April 30, 2021 are disclosed on the Statement of Operations or Consolidated Statement of Operations.

Fund	Investor Class			Class A			Class C			Class I			Class II			Class R
ALPS \| CoreCommodity Management CompleteCommodities® Strategy Fund		1.05	%		1.05	%		1.05	%		1.15	%		N/A			N/A
ALPS \| Kotak India Growth Fund		1.00	%		1.00	%		1.00	%		1.00	%		0.75	%		N/A
ALPS \| Smith Short Duration Bond Fund		0.49	%		0.49	%		0.49	%		0.49	%		N/A			N/A
ALPS \| Smith Total Return Bond Fund		0.67	%		0.67	%		0.67	%		0.67	%		N/A			N/A
ALPS \| Red Rocks Global Opportunity Fund		1.25	%		1.25	%		1.25	%		1.25	%		N/A			1.25	%
Clough China Fund		1.95	%		1.95	%		2.70	%		1.70	%		N/A			N/A

204 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

The Advisor(s) and each Sub-Advisor are permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund, ALPS | Kotak India Growth Fund, ALPS | Smith Short Duration Bond Fund, ALPS | Smith Total Return Bond Fund, ALPS | Smith Balanced Opportunity Fund, ALPS | Smith Credit Opportunities Fund, ALPS | Red Rocks Global Opportunity Fund, and Clough China Fund are not obligated to pay any deferred fees and expenses more than thirty-six months after the date on which the fees was waived or expenses were deferred, as calculated on a monthly basis. As of the six-month period ended April 30, 2021, the Advisor and Sub-Advisor(s) may seek reimbursement of previously waived and reimbursed fees as follows:

	Expires		Expires		Expires		Expires
Fund	10/31/21		10/31/22		10/31/23		10/31/24		Total
ALPS \| Kotak India Growth Fund - Investor Class		42,345		74,543		12,723		75		129,686
ALPS \| Kotak India Growth Fund - Class A		N/A		293		243		3		539
ALPS \| Kotak India Growth Fund - Class C		12,864		29,613		5,802		67		48,346
ALPS \| Kotak India Growth Fund - Class I		97,457		229,275		60,338		641		387,711
ALPS \| Kotak India Growth Fund - Class II		N/A		N/A		411,967		198,759		610,726
ALPS \| Smith Short Duration Bond Fund - Investor Class		2,130		1,603		2,510		5,636		11,878
ALPS \| Smith Short Duration Bond Fund - Class A		1,214		752		2,600		2,076		6,643
ALPS \| Smith Short Duration Bond Fund - Class C		1,236		1,398		1,915		614		5,162
ALPS \| Smith Short Duration Bond Fund - Class I		33,418		105,940		184,309		92,583		416,250
ALPS \| Smith Total Return Bond Fund - Investor Class		1,061		2,913		3,483		178		7,635
ALPS \| Smith Total Return Bond Fund - Class A		1,197		1,933		4,094		695		7,919
ALPS \| Smith Total Return Bond Fund - Class C		1,187		459		2,094		1,129		4,869
ALPS \| Smith Total Return Bond Fund - Class I		37,658		128,360		461,477		270,589		898,084
ALPS \| Smith Credit Opportunities Fund - Investor Class		N/A		N/A		972		463		1,435
ALPS \| Smith Credit Opportunities Fund - Class A		N/A		N/A		1,487		719		2,206
ALPS \| Smith Credit Opportunities Fund - Class C		N/A		N/A		743		341		1,084
ALPS \| Smith Credit Opportunities Fund - Class I		N/A		N/A		21,266		20,722		41,988
ALPS \| Smith Balanced Opportunity Fund - Investor Class		N/A		N/A		1,277		2,834		4,111
ALPS \| Smith Balanced Opportunity Fund - Class A		N/A		N/A		2,362		4,635		6,997
ALPS \| Smith Balanced Opportunity Fund - Class C		N/A		N/A		1,181		2,313		3,494
ALPS \| Smith Balanced Opportunity Fund - Class I		N/A		N/A		26,090		66,297		92,386
ALPS \| Red Rocks Global Opportunity Fund - Investor Class		N/A		N/A		N/A		N/A		N/A
ALPS \| Red Rocks Global Opportunity Fund - Class A		N/A		N/A		N/A		N/A		N/A
ALPS \| Red Rocks Global Opportunity Fund - Class C		N/A		N/A		N/A		N/A		N/A
ALPS \| Red Rocks Global Opportunity Fund - Class I		N/A		N/A		N/A		3,612		3,612
ALPS \| Red Rocks Global Opportunity Fund - Class R		N/A		N/A		N/A		N/A		N/A
Clough China Fund - Investor Class		20,556		31,929		28,455		9,056		89,996
Clough China Fund - Class A		9		1,835		3,661		1,256		6,761
Clough China Fund - Class C		7,062		8,760		4,818		976		21,617
Clough China Fund - Class I		37,346		66,102		73,774		26,173		203,395

The CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”) has each entered into a separate advisory agreement (the “Subsidiary Advisory Agreement”) with CoreCommodity Management, LLC for the management of the Subsidiary’s portfolio pursuant to which the Subsidiary is obligated to pay the CoreCommodity Management, LLC a management fee at the same rate that the Fund pays the Adviser 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 six-months ended April 30, 2021, this amount equaled $557,929 and is disclosed in the Consolidated Statements of Operations. These waivers are not subject to reimbursement/recoupment.

ALPS | CoreCommodity Management CompleteCommodities® Strategy Fund recovered $6 of reimbursed expenses and ALPS | Kotak India Growth Fund recovered $9,763 of reimbursed expenses during the six-month period ended April 30, 2021.

The Riverfront Funds do not pay a management fee or contractually limit the amount of each Fund’s total annual expenses.

205 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

Kotak Mahindra Asset Management (Singapore) Pte. Ltd. executed purchase and sale trades in the ALPS/Kotak India Growth Fund with the sub-adviser’s affiliated broker-dealer, Kotak Securities, (the “affiliate broker”). Fund commissions paid to the affiliate broker were $22,500 during the six-month period ended April 30, 2021.

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

Distribution and Services (12b-1) Plans

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

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

Shareholder Services Plans

Each Fund has adopted a shareholder services plan with respect to their Investor Class shares (the “Investor Class Shareholder Services Plan”). Under the Investor Class Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Investor Class shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations (the “Agreement”). Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Investor Class Shareholder Services Plan fees recaptured pursuant to the Services Plan for the six-month period ended April 30, 2021 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

Each Fund has adopted a shareholder services plan with respect to their Class A shares (the “Class A Shareholder Services Plan”). Under the Class A Shareholder Services Plan, the Funds are authorized to compensate certain financial intermediaries, including broker dealers and Fund affiliates, an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of Class A shares of the Funds attributable to or held in the name of the Participating Organizations pursuant to an agreement with a such Participating Organizations. Each Agreement will set forth the non-distribution related shareholder services to be performed by the Participating Organizations for the benefit of a Fund’s shareholders who have elected to have such Participating Organizations service their accounts. Any amount of such payment not paid to Participating Organizations during a Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practicable. Shareholder Services Plan fees are included with distribution and service fees in the Statements of Operations. Class A Shareholder Services Plan fees recaptured pursuant to the Services Plan for the six-month period ended April 30, 2021 are included as an offset to distribution and service fees as disclosed in the Statements of Operations.

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

206 | April 30, 2021

Notes to Financial Statements
	April 30, 2021 (Unaudited)

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

ALPS Fund Services, Inc. (“ALPS”) an affiliate of the Distributor 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 six-month period ended April 30, 2021 are disclosed in the Statement of Operations.

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

Trustees

The fees and expenses of the Trustees of the Board are presented in the Statements of Operations.

9. INDEMNIFICATIONS

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

10. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

In October 2020, FASB issued Accounting Standards Update No. 2020-08 (“ASU 2020-08”), “Receivables -Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the implication of the additional disclosure requirement and determined that there is no impact to the Funds’ financial statements.

11. SUBSEQUENT EVENTS

Subsequent events after the date of Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that there were no subsequent events to report through the issuance of these financial statements.

207 | April 30, 2021

Additional Information
	April 30, 2021 (Unaudited)

1. FUND HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s Web site at http://www.sec.gov. The Funds’ Form N-PORTs are also available upon request by calling 1-866-759-5679.

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.

208 | April 30, 2021

Liquidity Risk Management Program
	April 30, 2021 (Unaudited)

The Financial Investors Trust (the “Trust”) has established a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk for each fund in the Trust (each a “Fund”). The Program is overseen by the Liquidity Committee (the “Committee”), a committee comprised of representatives of the Trust’s investment advisers, sub-advisers, and Officers of the Trust. The Trust’s Board of Trustees (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including a periodic assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 9, 2021the Trustees received a report from the Committee regarding the design and operational effectiveness of the Program since its implementation on December 1, 2018. The Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since implementation.

The Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. Among other things, the Board noted that the Funds are not required to have a highly liquid investment minimum based on their liquidity classifications. The Board further noted that no material changes have been made to the Program since its implementation.

209 | April 30, 2021

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(b) Not applicable.

Item 2.

Code of Ethics.

Not applicable to this report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6.

Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Reports to Stockholders filed under Item 1(a) of this Form N-CSR.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K, or this Item.

Item 11.

Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)

There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13.

Exhibits.

(a)(1)

Not applicable to this report.

(a)(2)

The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended, are attached hereto as Exhibit 99.Cert.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

The certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotten
	Dawn Cotten (Principal Executive Officer)
	President

Date:	July 9, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

FINANCIAL INVESTORS TRUST

By:	/s/ Dawn Cotton
	Dawn Cotten (Principal Executive Officer)
	President

Date:	July 9, 2021

By:	/s/ Jennell Panella
	Jennell Panella (Principal Financial Officer)
	Treasurer

Date:	July 9, 2021