<PAGE>
LETTER FROM THE TRUST ----------------------------------------------------------
Dear Shareholders:
We are pleased to present for you the annual report for the U.S. Treasury
Money Market Fund, the U.S. Government Money Market Fund and the Prime Money
Market Fund of Financial Investors Trust.
We continue to pursue the most important goals of our customers, safety of
principal, liquidity, a rate of return that is competitive in the market place
and customer service
We were pleased to launch the Prime Money Market Fund in December 1998,
complimenting the existing Financial Investors Trust family of mutual funds.
We appreciate your continued support of the Funds and you can be assured
that we will be responsive and courteous to any suggestions you may have.
Sincerely,
/s/ W. Robert Alexander /s/ Donald J. Duncan
W. Robert Alexander Donald J. Duncan
Chairman Senior Investment Manager
Financial Investors Trust GE Investment Management Incorporated
[LOGO]----------------------------------------------------------------------- 1
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
FINANCIAL INVESTORS TRUST:
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the U.S. Treasury Money Market Fund,
U.S. Government Money Market Fund and the Prime Money Market Fund of Financial
Investors Trust as of April 30, 1999, the related statements of operations for
the year then ended and the statements of changes in net assets and financial
highlights for each of the periods indicated. These financial statements and
financial highlights are the responsibility of the Trust's Management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit also includes examining
on a test basis, evidence supporting the amounts and disclosures in the
financial statements and financial highlights. Our procedures included
confirmation of securities owned at April 30, 1999, by correspondence with the
custodian. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the U.S. Treasury
Money Market Fund, U.S. Government Money Market Fund and the Prime Money Market
Fund of Financial Investors Trust as of April 30, 1999, and the results of their
operations, the changes in their net assets and financial highlights for each of
the periods indicated in conformity with generally accepted accounting
principles.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
DENVER, COLORADO
JUNE 3, 1999
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
2 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999
<TABLE>
<CAPTION>
Face Value Value*
- ---------- ------
U.S. TREASURY OBLIGATIONS 33.35%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Notes:
$10,000,000 6.38%, 7/15/99 $10,034,255
10,000,000 7.13%, 9/30/99 10,095,857
10,000,000 7.75%, 11/30/99 10,169,537
-------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $30,299,649) 30,299,649
-------------
<CAPTION>
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 66.01% Collateral Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
4,400,000 Repurchase agreement with Chase Securities Inc., 4.84%,
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Note, 5.50% due 2/29/00 with a repurchase
amount of $4,401,775 4,400,000 $4,491,182
4,400,000 Repurchase agreement with CS First Boston, 4.85%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bonds, 7.13% due 2/15/23 and 8.13% due
5/15/21 with a repurchase amount of $4,401,778 4,400,000 4,511,194
4,400,000 Repurchase agreement with Deutsche Bank Corp., 4.86%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bond, 6.00% due 2/15/26 with a repurchase
amount of $4,401,782 4,400,000 4,488,966
2,000,000 Repurchase agreement with Dresdner Kleinwort Benson,
4.85%, dated 4/30/99 and maturing 5/3/99, collateralized
by U.S. Treasury Note, 6.25% due 10/31/01 with a
repurchase amount of $2,000,808 2,000,000 2,042,684
4,400,000 Repurchase agreement with Goldman Sachs, 4.89%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Note, 5.63% due 5/15/08 with a repurchase
amount of $4,401,793 4,400,000 4,488,275
4,400,000 Repurchase agreement with J.P. Morgan & Co. Inc., 4.86%,
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Note, 4.88% due 3/31/01 with a repurchase
amount of $4,401,782 4,400,000 4,488,849
4,400,000 Repurchase agreement with Merrill Lynch Inc., 4.80%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Note, 4.25% due 11/15/03 with a repurchase
amount of $4,401,760 4,400,000 4,489,506
</TABLE>
[LOGO]----------------------------------------------------------------------- 3
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
--------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$4,400,000 Repurchase agreement with Morgan Stanley Inc., 4.87%,
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Bills due 8/19/99 - 10/28/99, U.S. Treasury
Note, 6.75% due 5/31/99 and U.S. Treasury Bond, 15.75%
due 11/15/01 with a repurchase amount of $4,401,786 $4,400,000 $4,505,162
4,400,000 Repurchase agreement with Nationsbank Montgomery
Securities, 4.84%, dated 4/30/99 and maturing 5/3/99,
collateralized by U.S. Treasury Note, 7.75% due 12/31/99
with a repurchase amount of $4,401,775 4,400,000 4,488,222
4,400,000 Repurchase agreement with Nesbitt Burns, 4.85%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bills due 7/29/99 - 2/03/00 and U.S. Treasury
Notes, 4.63% - 7.75% due 5/31/99 - 6/30/01 with a
repurchase amount of $4,401,778 4,400,000 4,488,268
4,400,000 Repurchase agreement with SG Cowen, 4.85%, dated 4/30/99
and maturing 5/3/99, collateralized by U.S. Treasury Notes,
4.50% - 7.50% due 8/15/99 - 2/15/08 and U.S. Treasury Bond,
12.38% due 5/15/04 with a repurchase amount of $4,401,778 4,400,000 4,495,045
5,177,000 Repurchase agreement with State Street Bank Corp., 4.84%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Note, 5.50% due 12/31/00 with a repurchase amount
of $5,179,088 5,177,000 5,496,374
4,400,000 Repurchase agreement with Warburg Dillion Reed, 4.88%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bond, 12.38% due 5/15/04 with a repurchase amount
of $4,401,789 4,400,000 4,492,148
4,400,000 Repurchase agreement with Wheat First Securities, 4.86%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bills due 5/20/99 - 6/10/99, U.S. Treasury Notes,
5.25% - 8.50%, due 5/31/99 - 2/15/04, and U.S. Treasury
Strip, 4.88% due 4/30/01 with a
repurchase amount of $4,401,782 4,400,000 4,491,250
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $59,977,000) 59,977,000 61,457,125
------------------------------------
</TABLE>
4 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Value*
------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $90,276,649) 99.36% $90,276,649
Other Assets in Excess of Liabilities 0.64% 585,703
------------------------------
NET ASSETS 100.00% $90,862,352
------------------------------
------------------------------
</TABLE>
*See note 1 to financial statements.
[LOGO]----------------------------------------------------------------------- 5
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999
<TABLE>
<CAPTION>
Face Value Value*
- ----------- --------
U.S. TREASURY OBLIGATIONS 1.43%
- ------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Notes:
$5,000,000 7.13%, 9/30/99 $5,047,929
------------------------
TOTAL U.S TREASURY OBLIGATIONS
(Cost $5,047,929) 5,047,929
------------------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS 37.98%
- ------------------------------------------------------------------------------------------
<S> <C> <C>
Farmer Mac
7,000,000 4.76%, 6/1/99 6,972,933
Federal Farm Credit Bank
7,000,000 4.69%, 7/8/99 6,939,670
Federal Home Loan Bank
8,000,000 4.71%, 5/26/99 7,975,914
7,000,000 4.67%, 6/23/99 6,953,623
8,000,000 4.71%, 6/30/99 7,939,269
8,000,000 4.78%, 8/27/99 7,875,743
Federal Home Loan Mortgage Corp.
8,000,000 4.71%, 7/23/99 7,915,176
8,000,000 4.61%, 7/26/99 7,912,868
7,000,000 4.67%, 8/30/99 6,891,005
6,000,000 4.74%, 9/24/99 5,885,834
5,020,000 4.71%, 10/18/99 4,909,604
Federal National Mortgage Association
8,000,000 4.82%, 5/6/99 7,996,725
6,000,000 4.75%, 5/19/99 5,987,200
4,447,000 4.63%, 6/7/99 4,426,714
6,000,000 4.70%, 7/13/99 5,944,312
3,365,000 4.73%, 7/22/99 3,329,612
11,042,000 4.73%, 8/5/99 10,904,415
7,323,000 4.71%, 9/13/99 7,195,223
1,076,000 4.80%, 10/12/99 1,052,672
9,000,000 4.70%, 10/12/99 8,809,351
------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $133,817,863) 133,817,863
------------------------
</TABLE>
6 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
-------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 60.58%
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$15,600,000 Repurchase agreement with Chase Securities Inc.,
4.84%, dated 4/30/99 and maturing 5/3/99, collateralized
by U.S. Treasury Notes, 5.38% - 7.75% due 1/31/00 -
2/29/00 with a repurchase amount of $15,606,292 $15,600,000 $15,912,836
15,600,000 Repurchase agreement with CS First Boston, 4.85%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bond, 10.38% due 11/15/09 with a repurchase
amount of $15,606,305 15,600,000 15,999,196
15,600,000 Repurchase agreement with Deutsche Bank Corp., 4.86%,
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Bond, 11.63% due 11/15/04 and U.S. Treasury
Strip due 2/15/16 with a repurchase amount of $15,606,318 15,600,000 15,912,177
15,600,000 Repurchase agreement with Goldman Sachs, 4.89%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Note, 5.63% due 5/15/08 with a repurchase
amount of $15,606,357 15,600,000 15,912,307
15,600,000 Repurchase agreement with J.P. Morgan & Co., Inc.,
4.86%, dated 4/30/99 and maturing 5/3/99, collateralized
by U.S. Treasury Note, 4.50% due 1/31/01 with a
repurchase amount of $15,606,318 15,600,000 15,912,072
15,600,000 Repurchase agreement with Merrill Lynch Inc., 4.80%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Notes, 5.63% due 12/31/02 and 4.25% due 11/15/03
with a repurchase amount of $15,606,240 15,600,000 15,914,138
15,600,000 Repurchase agreement with Morgan Stanley Inc., 4.87%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bill due 8/26/99, U.S Treasury Note, 5.50% due
2/28/03 and U.S. Treasury Bond, 6.25% due 8/15/23
with a repurchase amount of $15,606,331 15,600,000 16,085,699
15,600,000 Repurchase agreement with Nationsbank Montgomery,
4.84%, dated 4/30/99 and maturing 5/3/99, collateralized
by U.S. Treasury Note, 7.75% due 12/31/99 with a
repurchase amount of $15,606,292 15,600,000 15,912,026
</TABLE>
[LOGO]----------------------------------------------------------------------- 7
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
-------------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$15,600,000 Repurchase agreement with Nesbitt Burns, 4.85%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Bill due 10/28/99, U.S. Treasury Notes, 4.75% -
8.00% due 8/15/99 - 11/15/04 and U.S. Treasury Bonds,
5.25% - 12.00% due 8/15/13 - 11/15/28 with a repurchase
amount of $15,606,305 $15,600,000 $15,912,920
15,600,000 Repurchase agreement with SG Cowen, 4.85%, dated
4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Notes, 5.50% - 8.00% due 8/15/99 - 2/15/06 and
U.S. Treasury Bond, 10.75% due 5/15/03 with a repurchase
amount of $15,606,305 15,600,000 15,923,917
26,230,000 Repurchase agreement with State Street Bank Corp.,
4.84%, dated 4/30/99 and maturing 5/3/99, collateralized
by U.S. Treasury Note, 7.75% due 11/30/99 with a
repurchase amount of $26,240,579 26,230,000 26,981,222
15,600,000 Repurchase agreement with Warburg Dillion Reed, 4.88%,
dated 4/30/99 and maturing 05/3/99, collateralized by
U.S. Treasury Bond, 12.38% due 5/15/04 with a
repurchase amount of $15,606,344 15,600,000 15,914,257
15,600,000 Repurchase agreement with Wheat First Securities, 4.86%,
dated 4/30/99 and maturing 5/3/99, collateralized by U.S.
Treasury Note, 4.88% due 3/31/01 and U.S. Treasury Bond,
6.13% due 11/15/27 with a repurchase amount of
$15,606,318 15,600,000 15,926,030
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $213,430,000) 213,430,000 218,218,797
------------------------------------
TOTAL INVESTMENTS
(Cost $352,295,792) 99.99% 352,295,792
Other Assets in Excess of Liabilities 0.01% 37,276
------------------------------------
NET ASSETS 100.00% $352,333,068
------------------------------------
------------------------------------
</TABLE>
*See note 1 to financial statements.
8 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999
<TABLE>
<CAPTION>
Face Value Value*
- ----------- --------
U.S. GOVERNMENT AGENCY OBLIGATIONS 24.47%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federal Farm Credit Bank
$5,400,000 4.69%, 7/8/99 $5,353,460
Federal Home Loan Bank
5,000,000 4.71%, 5/26/99 4,984,946
3,000,000 4.78%, 8/27/99 2,953,404
Federal Home Loan Mortgage Corp.
4,310,000 4.75%, 6/22/99 4,281,443
3,768,000 4.75%, 7/6/99 3,736,063
4,000,000 4.79%, 7/9/99 3,964,078
2,000,000 4.70%, 7/9/99 1,982,480
5,400,000 4.70%, 9/24/99 5,298,241
Federal National Mortgage Association
1,337,000 4.74%, 5/7/99 1,336,288
1,500,000 4.69%, 7/9/99 1,486,766
5,600,000 4.70%, 7/13/99 5,548,024
-----------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $40,925,193) 40,925,193
-----------------
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount Value*
- -------- ---------------------------- ---------------- ------
CERTIFICATES OF DEPOSIT 4.19%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dresdner Bank
7/12/99 4.87% $4,000,000 4,000,000
7/12/99 4.84% 3,000,000 3,000,000
TOTAL CERTIFICATES OF DEPOSIT
(Cost $7,000,000) 7,000,000
------------------------
<CAPTION>
COMMERCIAL PAPER 55.37%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Abbey National Bank
5/17/99 4.81% 2,100,000 2,096,032
Associates Corp. of North America
5/3/99 4.94% 8,000,000 8,000,000
Bank of America
7/29/99 4.80% 4,000,000 3,953,526
7/29/99 4.80% 1,500,000 1,482,577
</TABLE>
[LOGO]----------------------------------------------------------------------- 9
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount Value*
- -------- ---------------------------- ---------------- ------
COMMERCIAL PAPER (CONTINUED)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Bank of Montreal
8/2/99 4.85% $7,000,000 $7,000,000
Bank of Novia Scotia
5/28/99 4.83% 3,000,000 2,989,846
5/28/99 4.77% 2,400,000 2,392,028
Bayer Hypo Vereinsbk
5/19/99 4.88% 600,000 600,000
5/19/99 4.87% 2,400,000 2,400,000
5/19/99 4.79% 2,300,000 2,295,092
CR Suisse First Boston
7/15/99 4.82% 4,700,000 4,653,946
7/15/99 4.82% 2,300,000 2,277,508
Halifax Building Society
5/5/99 4.79% 1,000,000 999,731
5/5/99 4.78% 3,400,000 3,399,095
5/5/99 4.76% 2,000,000 1,999,471
5/5/99 4.73% 1,000,000 999,734
JP Morgan
7/2/99 4.82% 2,000,000 1,983,860
7/2/99 4.81% 1,610,000 1,597,024
7/2/99 4.78% 3,000,000 2,976,078
Merrill Lynch
7/19/99 4.79% 5,800,000 5,740,466
7/19/99 4.77% 1,200,000 1,187,749
Morgan Stanley Dean Witter
6/2/99 4.85% 2,480,000 2,469,887
6/2/99 4.84% 520,000 517,887
6/2/99 4.78% 2,400,000 2,390,417
6/2/99 4.77% 1,600,000 1,593,635
Societe General Bank
8/3/99 4.85% 7,000,000 7,000,000
Toronto Dominion Bank
6/14/99 4.83% 5,400,000 5,400,000
</TABLE>
10 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount Value*
- -------- ---------------------------- ---------------- ------
COMMERCIAL PAPER (CONTINUED)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
UBS AG
5/3/99 4.81% $2,480,000 $2,480,000
5/3/99 4.77% 4,500,000 4,500,000
Wells Fargo & Co.
7/23/99 4.80% 5,300,000 5,242,630
TOTAL COMMERCIAL PAPER
(Cost $92,618,219) 92,618,219
-------------
<CAPTION>
TIME DEPOSITS 3.53%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Bank of Novia Scotia
5/27/99 4.81% 1,600,000 1,600,000
Bayer Hypo Vereinsbk
5/19/99 4.75% 1,700,000 1,700,000
State Street
5/3/99 4.81% 2,607,000 2,607,000
TOTAL TIME DEPOSITS
(Cost $5,907,000) 5,907,000
-------------
<CAPTION>
Collateral Value
----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 12.55%
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7,000,000 Repurchase agreement with CS First Boston, 4.85%,
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Bonds, 9.37% - 13.88 due 8/15/05 -
5/15/11 with a repurchase amount of $7,002,829 7,000,000 $7,179,153
7,000,000 Repurchase agreement with Deutsche Bank Corp., 4.86%
dated 4/30/99 and maturing 5/3/99, collateralized by
U.S. Treasury Bond, 14.00% due 11/15/11 with a
repurchase amount of $7,002,835 7,000,000 7,140,271
7,000,000 Repurchase agreement with Warburg Dillon Reed, 4.88%,
dated 4/30/99 and maturing 05/3/99, collateralized by
U.S. Treasury Bond, 12.38% due 5/15/04 with a
repurchase amount of $7,002,847 7,000,000 7,142,242
------------------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $21,000,000) 21,000,000 21,461,666
------------------------------------
</TABLE>
[LOGO]----------------------------------------------------------------------- 11
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 1999 (CONTINUED)
<TABLE>
<CAPTION>
Value*
------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $167,450,412) 100.11% $167,450,412
Liabilities in Excess of Other Assets (0.11)% (190,817)
------------------------------------
NET ASSETS 100.00% $167,259,595
------------------------------------
------------------------------------
</TABLE>
*See note 1 to financial statements.
12 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1999
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
----------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments, at amortized cost
(which approximates market value)(1)
- see accompanying statement $90,276,649 $352,295,792 $167,450,412
Interest receivable 606,574 118,425 80,672
Organizational costs,
net of accumulated amortization 5,111 0 0
Prepaid and other assets 31,406 76,612 3,771
- --------------------------------------------------------------------------------------------------------------
Total Assets 90,919,740 352,490,829 167,534,855
- --------------------------------------------------------------------------------------------------------------
LIABILITIES
Dividends payable 6,278 76,944 247,092
Accrued investment advisory fee 4,162 8,039 4,561
Accrued administration fee 15,234 26,765 9,538
Other payables 31,714 46,013 14,069
- --------------------------------------------------------------------------------------------------------------
Total Liabilities 57,388 157,761 275,260
- --------------------------------------------------------------------------------------------------------------
NET ASSETS $90,862,352 $352,333,068 $167,259,595
- --------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $90,889,989 $352,497,486 $167,259,552
Accumulated net realized gain (loss) (27,637) (164,418) 43
- --------------------------------------------------------------------------------------------------------------
NET ASSETS $90,862,352 $352,333,068 $167,259,595(2)
- --------------------------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding 90,889,989 352,346,197 167,259,552(2)
- --------------------------------------------------------------------------------------------------------------
Net asset value and redemption value per share $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Including repurchase agreements for the U.S. Treasury Money Market, U.S.
Government Money Market, and Prime Money Market Funds in the amounts of
$59,977,000, $213,430,000 and $21,000,000, respectively.
<TABLE>
<CAPTION>
(2) Prime Money Market Fund Net Assets Shares Outstanding
---------- ------------------
<S> <C> <C>
Class I 167,257,334 167,257,291
Class II 2,261 2,261
</TABLE>
See notes to financial statements.
[LOGO]----------------------------------------------------------------------- 13
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED APRIL 30, 1999
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND(2)
----------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME $6,897,726 $10,712,318 $1,265,519
- --------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee (Note 2) 66,847 82,280 10,306
Administration services(1)(Note 2) 603,289 367,491 142,027
Legal 8,755 20,814 1,801
Amortization of organization costs 68,288 3,520 0
Insurance 6,566 8,479 0
SEC Registration - 12,432 11,821
State Registration 3,757 2,232 -
Class I - - 2,574
Class II - - 4
Distribution - Class II - - 91
Other 2,393 2,694 1,315
- --------------------------------------------------------------------------------------------------------------
Total Expenses 759,895 499,942 169,939
- --------------------------------------------------------------------------------------------------------------
Expenses waived by administrator (318,834) (88,651) (118,340)
- --------------------------------------------------------------------------------------------------------------
Net Expenses 441,061 411,291 51,599
- --------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 6,456,665 10,301,027 1,213,920
- --------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN ON INVESTMENTS - - 43
- --------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $6,456,665 $10,301,027 $1,213,963
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Administration services include: fund accounting, daily pricing, custody,
licensing and registration, shareholder servicing, transfer agency, fund
ratings, audit and printing.
(2) For the period December 10, 1998 to April 30, 1999.
See notes to financial statements.
14 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT
MONEY MARKET MONEY MARKET
FUND FUND
---------------------------------------------------------------------
For the Year Ended April 30, For the Year Ended April 30,
1999 1998 1999 1998
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $6,456,665 $8,086,434 $10,301,027 $7,068,999
Net realized gain on investments 0 6,180 0 0
- --------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 6,456,665 8,092,614 10,301,027 7,068,999
DISTRIBUTIONS
Dividends to shareholders from net
investment income (6,456,665) (8,086,434) (10,301,027) (7,068,999)
- --------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST
TRANSACTIONS (1)
Shares sold 188,834,889 597,251,125 826,998,395 438,749,225
Dividends reinvested 6,860,511 7,918,215 10,370,767 6,088,821
Shares redeemed (243,001,992) (634,698,326) (635,258,161) (382,031,631)
- --------------------------------------------------------------------------------------------------------------
Change in net assets derived from
beneficial interest transactions (47,306,592) (29,528,986) 202,111,001 62,806,415
- --------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS (47,306,592) (29,522,806) 202,111,001 62,806,415
NET ASSETS:
Beginning of year 138,168,944 167,691,750 150,222,067 87,415,652
- --------------------------------------------------------------------------------------------------------------
End of year $90,862,352 $138,168,944 $352,333,068 $150,222,067
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) At net asset value of $1.00 per share.
See notes to financial statements.
[LOGO]----------------------------------------------------------------------- 15
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PRIME MONEY
MARKET FUND
---------------------------------------------------------
For the Period
December 10, 1998
to
to April 30, 1999
---------------------------------------------------------
<S> <C>
OPERATIONS
Net investment income $1,213,920
Net realized gain on investments 43
- --------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 1,213,963
DISTRIBUTIONS
Dividends to shareholders from net investment income
Class I (1,212,272)
Class II (1,648)
- --------------------------------------------------------------------------------------------------------------
Net decrease in net assets from distributions (1,213,920)
- --------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 265,150,363
Dividends reinvested 439,755
Shares redeemed (98,332,827)
Class II
Shares sold 380,613
Dividends reinvested 1,648
Shares redeemed (380,000)
- --------------------------------------------------------------------------------------------------------------
Change in net assets derived from
beneficial interest transactions 167,259,552
- --------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS 167,259,595
NET ASSETS:
Beginning of year 0
- --------------------------------------------------------------------------------------------------------------
End of year $167,259,595
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) At net asset value of $1.00 per share.
See notes to financial statements.
16 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial
interest outstanding throughout the period indicated(1):
<TABLE>
<CAPTION>
For the Period Ended April 30,
1999 1998 1997 1996 1995 (2)
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.05 0.05 0.05 0.05 0.04
- --------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.05) (0.05) (0.05) (0.05) (0.04)
- --------------------------------------------------------------------------------------------------------------
Net asset value - end of period $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------
Total return 4.90% 5.30% 5.15% 5.44% 4.71%(3)
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA:
<S> <C> <C> <C> <C> <C>
Net assets, end of period (000) $90,862 $138,169 $167,692 $316,364 $109,055
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.33% 0.33% 0.30% 0.30% 0.50%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 4.83% 5.18% 5.02% 5.36% 4.87%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.57% 0.55% 0.67% 0.71% 1.32%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 4.59% 4.96% 4.65% 4.95% 4.05%(3)
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The financial highlights prior to March 24, 1997 reflect the operations of
the Fund while the Fund's investment adviser was FGIC Advisors, Inc. GEIM
was approved as the Fund's investment adviser at a special meeting of the
shareholders of the Fund on March 21, 1997.
(2) Operations commenced on May 25, 1994.
(3) Annualized
See notes to financial statements.
[LOGO]----------------------------------------------------------------------- 17
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout the
period indicated(1):
<TABLE>
<CAPTION>
For the Period Ended April 30,
1999 1998 1997 1996 1995(2)
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $1.00 $1.00 $9.97 $9.97 $10.00
- --------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.05 0.05 0.14 0.55 0.44
Net realized and unrealized gain (loss)
on investments 0.00 0.00 0.00 0.00 (0.03)
- --------------------------------------------------------------------------------------------------------------
Total income from investment operations 0.05 0.05 0.14 0.55 0.41
- --------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.05) (0.05) (0.14) (0.55) (0.44)
Stock Split (Note 3) 0.00 0.00 (8.97) 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Total dividends and distributions to
shareholders (0.05) (0.05) (9.11) (0.55) (0.44)
- --------------------------------------------------------------------------------------------------------------
Net asset value - end of period $1.00 $1.00 $1.00 $9.97 $9.97
- --------------------------------------------------------------------------------------------------------------
Total return 5.16% 5.48% 5.23% 5.65% 4.73%(3)
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA:
<S> <C> <C> <C> <C> <C>
Net assets, end of period (000) $352,333 $150,222 $87,416 $31,082 $41,893
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.20% 0.20% 0.23% 0.60% 0.45%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 5.01% 5.35% 5.13% 5.38% 5.23%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.24% 0.31% 0.39% 0.85% 0.65%(3)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 4.96% 5.24% 4.97% 5.12% 5.03%(3)
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The financial highlights prior to July 10, 1996 reflect the operations of
the Fund as the Short-Term U.S. Government Income Fund when it was not a
money market fund and had different investment policies and expenses, and a
fluctuating net asset value not maintained at $1.00 per share. The Fund
changed to a money market fund on July 10, 1996 following a Special Meeting
of the Fund's shareholders on June 27, 1996. The financial highlights prior
to March 24, 1997 also reflect the operations of the Fund while the Fund's
investment adviser was FGIC Advisors, Inc. GEIM was approved as the Fund's
investment adviser at a Special Meeting of the shareholders of the Fund on
March 21, 1997.
(2) Operations commenced on June 7, 1994.
(3) Annualized
See notes to financial statements.
18 -----------------------------------------------------------------------[LOGO]
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout the
period indicated(1):
<TABLE>
<CAPTION>
For the Period
December 10, 1998 to April 30, 1999
---------------------------------------------------------
Class I Class II
---------------------------------------------------------
<S> <C> <C>
Net asset value - beginning of period $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.02
- --------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.02)
- --------------------------------------------------------------------------------------------------------------
Net asset value - end of period $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------
Total return 4.82%(2) 4.55%(2)
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
RATIOS/SUPPLEMENTAL DATA:
<S> <C> <C>
Net assets, end of period (000) $167,257 $2
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.20%(2) 0.45%(2)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 4.71%(2) 4.53%(2)
- --------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.66%(2) 1.24%(2)
- --------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 4.25%(2) 3.74%(2)
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Class I and Class II commenced operations on December 10, 1998 and December
23, 1998, respectively.
(2) Annualized.
See notes to financial statements.
[LOGO]----------------------------------------------------------------------- 19
<PAGE>
NOTES TO FINANCIAL STATEMENTS --------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Financial Investors Trust, a Delaware business trust, is registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. The financial statements included herein relate to the U.S.
Treasury Money Market Fund, U.S. Government Money Market Fund and the Prime
Money Market Fund (the "Funds"). The financial statements of the remaining
portfolios of the Trust are presented separately.
The Prime Money Market Fund offers two classes of shares (Class I and
Class II). Class I and Class II are identical in all respects with the exception
that Class II shares charge a distribution fee and have a lower investment
minimum. Each Class of shares has equal rights as to earnings, assets and voting
privileges except that Class II has exclusive voting rights with respect to its
Distribution Plan. Income, expenses (other than expenses incurred under the
Class II Distribution Plan and other class specific expenses) and realized gains
or losses on investments are allocated to each Class based upon their relative
net assets.
The following is a summary of significant accounting policies
consistently followed by the Funds in the preparation of their financial
statements. The policies are in conformity with generally accepted accounting
principles.
INVESTMENT VALUATION: The Funds value their securities on the basis of
amortized cost which approximates market value.
REPURCHASE AGREEMENTS: The Funds' custodian takes possession of the
collateral pledged for investments in repurchase agreements. The underlying
collateral is valued daily on a mark-to-market basis to ensure that value,
including accrued interest, is at least 102% of the repurchase price. In the
event of default on the obligation to repurchase, the Funds have the right to
liquidate the collateral and apply the proceeds in satisfaction of the
obligation. Under certain circumstances, in the event of default by or
bankruptcy of the other party to the agreement, realization and/or retention of
the collateral may be subject to legal proceedings.
FEDERAL INCOME TAXES: It is the Funds' policy to continue to comply
with provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its taxable income to shareholders.
Therefore, no federal income tax provisions are required.
ORGANIZATION COSTS: The U.S. Treasury Money Market Fund and the U.S.
Government Money Market Fund have deferred certain organization costs. Such
costs are being amortized over a 60 month period from the commencement of
operations. In the event that all, or part of the initial investment in shares
of the Funds are withdrawn during the amortization period, the redemption
proceeds will be reduced by the proportionate amount of the unamortized
organization costs represented by the ratio that the number of shares redeemed
bears to the number of initial shares outstanding at the time of each
redemption.
EXPENSES: Most expenses of the Trust can be directly attributed to a
Fund. Expenses which cannot be directly attributed are apportioned among the
Funds based on average net assets.
OTHER: Investment transactions are accounted for on the date the
investments are purchased or sold (trade date). Dividends from net investment
income are declared daily and paid monthly. Distributions of accumulated net
realized gains, if any, are declared at least once a year. Realized gains and
losses from investment transactions are reported on an identified cost basis
which is the same basis the Funds use for federal income tax purposes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from these estimates.
20 -----------------------------------------------------------------------[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) --------------------------------------
2. INVESTMENT ADVISORY FEES, ADMINISTRATION FEES AND OTHER RELATED PARTY
TRANSACTIONS
The Trust has entered into Investment Advisory Agreements with GE
Investment Management, Incorporated ("GEIM"). Pursuant to these advisory
agreements, GEIM is entitled to an advisory fee, computed daily and payable
monthly, based on the following fee schedule:
<TABLE>
<CAPTION>
U.S. Treasury U.S. Government Prime
Average Net Assets Money Market Fund Money Market Fund Money Market Fund
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First $500 million 0.05% 0.04% 0.04%
Next $500 million 0.075% 0.06% 0.06%
Next $500 million 0.10% 0.08% 0.08%
In excess of $1.5 billion 0.15% 0.08% 0.08%
</TABLE>
ALPS~Mutual Funds Services, Inc. ("ALPS") serves as the Funds'
administrator. ALPS is entitled to receive a fee from each Fund for its
administrative services, computed daily and payable monthly, based on the
following fee schedule:
<TABLE>
<CAPTION>
U.S. Treasury U.S. Government Prime
Average Net Assets Money Market Fund* Money Market Fund* Money Market Fund*
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First $500 million 0.26% 0.16% 0.16%
Next $500 million 0.24% 0.14% 0.14%
In excess of $1 billion 0.22% 0.12% 0.12%
</TABLE>
*Subject to a minimum monthly fee of $50,000, $30,000 and $30,000 for the U.S.
Treasury Money Market Fund, U.S. Government Money Market Fund and Prime Money
Market Fund, respectively.
ALPS has agreed to voluntarily waive a portion of its fees so that the
total annual expenses of each Fund will not exceed the voluntary expense
limitations adopted by ALPS. Fee waivers by ALPS are voluntary and may be
terminated at any time.
The Trustees have adopted a Distribution Plan of behalf of Class II of
the Prime Money Market Fund ("Class II") pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended. The Distribution Plan provides for
payment of a fee to ALPS at the annual rate of .25% of the average net assets of
Class II.
Three shareholders of the U.S. Treasury Money Market Fund owned 14.4
percent, 13.2 percent, and 10.0 percent of that Fund's outstanding shares at
April 30, 1999. One shareholder of the U.S. Government Money Market Fund owned
36.7 percent of that Fund's outstanding shares at April 30, 1999. Two
shareholders of the Prime Money Market Fund owned 35.8 percent and 14.0 percent
of that Fund's outstanding shares at April 30, 1999.
3. FUNDAMENTAL CHANGES
At a Special Meeting of the U.S. Government Money Market Fund (the
"Fund") (formerly the Short-Term U.S. Government Income Fund) held on June 27,
1996, shareholders of the Fund approved an amendment to a fundamental investment
restriction of the Fund to allow for the purchase of United States Government
agency and instrumentality obligations as well as repurchase agreements
collateralized to 102% by direct obligations of United States Government
agencies and instrumentalities. The shareholders also approved that the Fund
change from a non-money market fund to a money market fund and that the Fund
change its name to the U.S. Government Money Market Fund to reflect these
changes. After the close of business on July 9, 1996, the changes approved by
the shareholders of the Fund were implemented. As a money market fund, the Fund
seeks to maintain a net asset value of $1.00 for purposes of purchases and
redemptions. In order to bring the net asset value of the Fund to $1.00, the
Fund executed a stock split of 9.97 to 1 after the close of business on July 9,
1996.
[LOGO]----------------------------------------------------------------------- 21
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Intentionally
Left Blank
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[LOGO]----------------------------------------------------------------------- 22
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Intentionally
Left Blank
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[LOGO]----------------------------------------------------------------------- 23
<PAGE>
THESE FUNDS ARE NEITHER INSURED NOR
GUARANTEED BY THE U.S. GOVERNMENT, THE
FEDERAL RESERVE BOARD OR ANY OTHER
GOVERNMENTAL AGENCY OR INSURER.
[LOGO]FINANCIAL
INVESTORS
INVESTMENT ADVISER TRUST
GE Investment Management
Incorporated
3003 Summer Street
P.O. Box 7900
Stramford, Connecticut 06905
ADMINISTRATOR, DISTRIBUTOR,
TRANSFER AGENT &
FUND ACCOUNTANT
ALPS Mutual Funds Services, Inc.
370 Seventeenth Street
Suite 3100
Denver, CO 80202
LEGAL COUNSEL ANNUAL REPORT
Davis, Graham & Strubbs LLP APRIL 30, 1999
370 Seventeenth Sreet
Suite 4700
Denver, CO 80202
INDEPENDENT AUDITORS
Deloitte & Touche LLP
555 Seventeenth Street
Suite 3600
Denver, CO 80202
CUSTODIAN
State Street Bank & Trust Company
of Connecticut N.A.
750 Main Street
Suite 1114
Hartford, Connecticut 06103
SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, Massachusetts 02171
MUST BE ACCOMPANIED OR PRECEDED BY
A CURRENT PROSPECTUS.
FOR MORE INFORMATION, PLEASE CALL
1-800-298-3442
GE INVESTMENTS GE INVESTMENTS
- ----------------------------------- -----------------------------------
THE INVESTMENT MANAGEMENT ARM OF GE THE INVESTMENT MANAGEMENT ARM OF GE
INVESTMENT ADVISOR INVESTMENT ADVISOR
ALPS MUTUAL FUND SERVICES
- -------------------------
SPONSOR AND DISTRIBUTOR
