<PAGE> 1
These Funds are neither insured nor guaranteed by the U.S. Government, the FDIC,
the Federal Reserve Board or any other governmental agency or insurer.
INVESTMENT ADVISER
GE Investment Management Incorporated
3003 Summer Street
P.O.Box 7900
Stamford, Connecticut 06905
ADMINISTRATOR, DISTRIBUTOR, TRANSFER AGENT &
FUND ACCOUNTANT
ALPS Mutual Funds Services, Inc.
370 Seventeenth Street
Suite 3100
Denver, Colorado 80202
LEGAL COUNSEL
Davis, Graham & Stubbs LLP
370 Seventeenth Street
Suite 4700
Denver, CO 80202
INDEPENDENT AUDITORS
Deloitte & Touche LLP
555 Seventeenth Street
Suite 3600
Denver, Colorado 80202
CUSTODIAN
State Street Bank & Trust Company
of Connecticut N.A.
750 Main Street
Suite 1114
Hartford, Connecticut 06103
SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, Massachusetts 02171
MUST BE ACCOMPANIED OR PRECEDED BY
A CURRENT PROSPECTUS.
FOR MORE INFORMATION, PLEASE CALL
1-800-298-3442
GE INVESTMENTS
THE INVESTMENT MANAGEMENT ARM OF GE
INVESTMENT ADVISOR
ALPS
MUTUAL FUND SERVICES
SPONSOR AND DISTRIBUTOR
MEMBER NASD
FINANCIAL INVESTORS TRUST
SEMI-ANNUAL REPORT
October 31, 1999
GE INVESTMENTS
THE INVESTMENT MANAGEMENT ARM OF GE
INVESTMENT ADVISOR
<PAGE> 2
FINANCIAL INVESTORS TRUST -----------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
- ---------- ------
U.S. TREASURY OBLIGATIONS 22.11%
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury Notes:
$ 10,000,000 7.75%, 11/30/99 $10,023,406
10,000,000 7.13%, 2/29/00 10,059,590
-----------
TOTAL U.S. Treasury obligations
(Cost $20,082,996) 20,082,996
-----------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 77.82% Collateral Value
- ---------------------------------------------------------------------------------------------------------------------
5,300,000 Repurchase agreement with Chase Securities Inc., 5.20%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bills due 3/30/00 - 4/13/00 with a
repurchase amount of $5,300,766 5,300,000 $5,409,926
5,300,000 Repurchase agreement with Deutsche Bank Corp., 5.19%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Strip due 5/15/09 with a repurchase
amount of $5,300,764 5,300,000 5,406,526
5,300,000 Repurchase agreement with Dresdner Kleinwort Benson,
5.20%, dated 10/31/99 and maturing 11/1/99, collateralized
by U.S. Treasury Bills due 11/12/99 - 10/12/00 with a
repurchase amount of $5,300,766 5,300,000 5,406,104
5,300,000 Repurchase agreement with Goldman Sachs, 5.18%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Note, 5.63% due 2/28/01 with a repurchase
amount of $5,300,763 5,300,000 5,406,204
5,300,000 Repurchase agreement with J.P. Morgan & Co. Inc., 5.22%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bond, 6.13% due 8/15/29 with a repurchase
amount of $5,300,769 5,300,000 5,406,071
5,300,000 Repurchase agreement with Merrill Lynch Inc., 5.21%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Strip, 9.00% due 11/15/18 with a repurchase
amount of $5,300,767 5,300,000 5,406,650
</TABLE>
============================================================================= 1
<PAGE> 3
FINANCIAL INVESTORS TRUST -----------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
------ ----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$5,300,000 Repurchase agreement with Morgan Stanley Inc., 5.19%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bill due 12/9/99 with a repurchase amount of
$5,300,764 5,300,000 $5,412,490
5,300,000 Repurchase agreement with Nationsbank Montgomery
Securities, 5.18%, dated 10/31/99 and maturing 11/1/99,
collateralized by U.S. Treasury Bond, 8.88% due 2/15/19
with a repurchase amount of $5,300,763 5,300,000 7,078,630
5,300,000 Repurchase agreement with Nesbitt Burns, 5.22%, dated
10/31/99 and maturing 11/1/99, collateralized by U.S.
Treasury Bills due 2/3/00 - 3/9/00, U.S. Treasury Notes,
5.38% - 6.88% due 11/30/99 - 5/15/07 and U.S. Treasury
Bonds, 6.25% - 7.13% due 2/15/23 - 8/15/23 with a
repurchase amount of $5,300,769 5,300,000 5,406,723
5,300,000 Repurchase agreement with SG Cowen, 5.22%, dated 10/31/99
and maturing 11/1/99, collateralized by U.S. Treasury Bill
due 4/27/00, U.S. Treasury Notes, 4.00% - 8.75% due
11/30/99 - 5/15/08 and U.S. Treasury Bonds, 9.38% - 10.75%
due 2/15/03 - 2/15/06 with a repurchase amount of
$5,300,769 5,300,000 5,426,244
12,378,000 Repurchase agreement with State Street Bank Corp., 5.20%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Note, 5.63% due 9/30/01 with a repurchase
amount of $12,379,788 12,378,000 15,038,370
5,300,000 Repurchase agreement with Wheat First Securities, 5.22%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bill due 10/12/00 with a repurchase amount
of $5,300,769 5,300,000 5,406,717
---------- ----------
TOTAL REPURCHASE AGREEMENTS
(Cost $70,678,000) 70,678,000 76,210,655
---------- ----------
</TABLE>
2 ============================================================================
<PAGE> 4
FINANCIAL INVESTORS TRUST -----------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value*
TOTAL INVESTMENTS ------
<S> <C> <C>
(Cost $90,760,996) 99.93% $90,760,996
Other Assets in Excess of Liabilities 0.07% 66,027
------ -----------
NET ASSETS 100.00% $90,827,023
====== ===========
</TABLE>
*See note 1 to financial statements.
============================================================================= 3
<PAGE> 5
FINANCIAL INVESTORS TRUST -----------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
- ---------- U.S. TREASURY OBLIGATIONS 5.15% ------
- -------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Note:
$15,000,000 7.13%, 2/29/00 $15,089,385
-----------
TOTAL U.S TREASURY OBLIGATIONS
(Cost $15,089,385) 15,089,385
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 63.12%
- --------------------------------------------------------------------------------
Federal Agricultural Mortgage Corp.
6,000,000 5.19%, 11/18/99 5,985,267
Federal Home Loan Bank
7,000,000 5.25%, 11/19/99 6,981,457
21,100,000 5.25%, 12/3/99 21,001,253
10,000,000 5.28%, 1/26/00 9,872,084
4,000,000 5.45%, 2/16/00 3,934,456
10,708,000 5.59%, 4/12/00 10,436,398
Federal Home Loan Mortgage Corp.
8,000,000 4.73%, 11/4/99 7,996,769
14,000,000 5.15%, 11/9/99 13,983,776
21,776,000 5.27%, 11/18/99 21,721,364
Federal National Mortgage Association
14,000,000 5.15%, 11/8/99 13,985,818
18,000,000 5.25%, 11/9/99 17,978,833
18,000,000 5.26%, 12/6/99 17,907,204
4,000,000 5.20%, 1/20/00 3,953,094
12,000,000 5.31%, 1/20/00 11,856,547
7,542,000 5.58%, 2/7/00 7,427,203
10,090,000 5.59%, 4/10/00 9,837,006
-----------
TOTAL U.S. GOVERNMENT Agency obligations
(Cost $184,858,529) 184,858,529
-----------
</TABLE>
4 ==============================================================================
<PAGE> 6
FINANCIAL INVESTORS TRUST -----------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
REPURCHASE AGREEMENTS COLLATERALIZED ------------ ------------------
BY U.S. GOVERNMENT OBLIGATIONS 32.10%
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$6,700,000 Repurchase agreement with Chase Securities Inc., 5.20%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bills due 3/9/00 - 3/30/00 with a
repurchase amount of $6,700,968 $ 6,700,000 $ 6,837,113
6,700,000 Repurchase agreement with Deutsche Bank Corp.,
5.19%, dated 10/31/99 and maturing 11/1/99,
collateralized by U.S. Treasury Note, 5.38% due 6/30/00
with a repurchase amount of $6,700,966 6,700,000 6,834,580
14,700,000 Repurchase agreement with Dresdner Kleinwort, 5.20%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bond, 10.75% due 5/15/03 with a repurchase
amount of $14,702,123 14,700,000 14,998,071
6,700,000 Repurchase agreement with Goldman Sachs, 5.18%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Note, 5.63% due 2/28/01 with a repurchase
amount of $6,700,964 6,700,000 6,834,030
3,000,000 Repurchase agreement with J.P. Morgan & Co., Inc., 5.22%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Bond, 6.13% due 8/15/29 with a repurchase
amount of $3,000,435 3,000,000 3,060,359
6,700,000 Repurchase agreement with Merrill Lynch Inc., 5.21%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Strip, 9.00% due 11/15/18 with a
repurchase amount of $6,700,970 6,700,000 6,834,423
6,700,000 Repurchase agreement with Morgan Stanley Inc., 5.19%,
dated 10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Notes, 4.75% - 6.25% due 2/15/03 - 11/15/08
with a repurchase amount of $6,700,966 6,700,000 6,875,909
6,700,000 Repurchase agreement with Nationsbank Montgomery,
5.18%, dated 10/31/99 and maturing 11/1/99, collateralized
by U.S. Treasury Bills due 12/9/99 - 10/12/00 with a
repurchase amount of $6,700,964 6,700,000 6,834,556
</TABLE>
============================================================================ 5
<PAGE> 7
FINANCIAL INVESTORS TRUST =====================================================
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
REPURCHASE AGREEMENTS COLLATERALIZED BY ----------- --------------------
U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 14,700,000 Repurchase agreement with Nesbitt Burns, 5.22%, dated
10/31/99 and maturing 11/1/99, collateralized by U.S.
Treasury Bills due 12/9/99 - 6/22/00, U.S. Treasury Notes,
5.63% - 6.50% due 12/31/99 - 8/15/04 and U.S. Treasury
Bonds, 5.25% - 15.75% due 11/15/01 - 2/15/29 with a
repurchase amount of $14,702,132 $ 14,700,000 $ 14,994,121
6,700,000 Repurchase agreement with SG Cowen, 5.22%, dated
10/31/99 and maturing 11/1/99, collateralized by
U.S. Treasury Notes, 5.00% - 6.63% due 10/31/99 -
5/15/07 and U.S. Treasury Bond, 12.00% due 5/15/05
with a repurchase amount of $6,700,972 6,700,000 6,845,710
14,700,000 Repurchase agreement with Wheat First Securities,
5.22%, dated 10/31/99 and maturing 11/1/99,
collateralized by U.S. Treasury Note, 6.38% due
5/15/00 with a repurchase amount of $14,702,132 14,700,000 14,994,834
------------- -------------
TOTAL REPURCHASE AGREEMENTS
(Cost $94,000,000) 94,000,000 95,943,706
------------- -------------
TOTAL INVESTMENTS
(Cost $293,947,914) 100.37% 293,947,914
Other Assets in Excess of Liabilities (0.37)% (1,100,716)
------ -------------
NET ASSETS 100.00% $ 292,847,198
====== =============
*See note 1 to financial statements.
</TABLE>
6 =============================================================================
<PAGE> 8
FINANCIAL INVESTORS TRUST =====================================================
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
- ---------- ------
U.S. TREASURY OBLIGATIONS 1.75%
- ---------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Note:
$ 2,500,000 5.50%, 3/31/00 $ 2,502,067
------------
TOTAL U.S TREASURY OBLIGATIONS
(Cost $2,502,067) 2,502,067
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 27.79%
- ---------------------------------------------------------------------------------
Federal Agricultural Mortgage Corp.
750,000 5.57%, 1/18/00 740,922
Federal Home Loan Bank
1,570,000 5.26%, 11/10/99 1,567,919
5,214,000 5.25%, 12/3/99 5,189,599
3,500,000 5.59%, 4/12/00 3,411,225
Federal Home Loan Mortgage Corp.
355,000 5.10%, 11/2/99 354,949
6,500,000 5.26%, 12/1/99 6,471,427
6,500,000 5.27%, 12/6/99 6,466,569
2,000,000 5.27%, 12/8/99 1,989,126
3,616,000 5.27%, 12/10/99 3,595,277
3,500,000 5.47%, 1/19/00 3,457,776
Federal National Mortgage Association
126,000 5.10%, 11/5/99 125,927
2,000,000 5.15%, 11/8/99 1,997,974
3,900,000 5.27%, 12/2/99 3,882,234
500,000 5.59%, 4/10/00 487,463
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $39,738,387) 39,738,387
------------
Due Date Discount Rate or Coupon Rate Principal Amount
- -------- ---------------------------- ----------------
CERTIFICATES OF DEPOSIT 18.77%
- ---------------------------------------------------------------------------------
Bank of Nova Scotia
12/2/99 5.42% $5,100,000 5,100,000
Bayerische Hypotheken Vereinsbank
1/28/00 6.09% 5,750,000 5,750,000
Canadian Imperial Bank of Commerce
12/7/99 5.41% 5,200,000 5,200,000
</TABLE>
============================================================================= 7
<PAGE> 9
FINANCIAL INVESTORS TRUST =====================================================
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
DUE DATE DISCOUNT RATE OR COUPON RATE PRINCIPAL AMOUNT VALUE*
- -------- ---------------------------- ---------------- -----
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT (CONTINUED)
- ------------------------------------------------------------------------------------------
Deutsche Bank
1/14/00 6.08% $ 5,300,000 $ 5,300,000
Toronto Dominion Bank
11/12/99 5.31% 5,500,000 5,500,000
---------------
TOTAL Certificates of deposit
(Cost $26,850,000) 26,850,000
---------------
COMMERCIAL PAPER 42.84%
- ------------------------------------------------------------------------------------------
Associate Corp. of North America
11/1/99 5.31% 6,000,000 6,000,000
BankAmerica Corp.
1/7/00 6.04% 5,630,000 5,566,649
Bank of Nova Scotia
12/2/99 5.31% 1,700,000 1,692,189
Chase Manhattan Corp.
11/9/99 5.31% 6,800,000 6,791,937
Credit Suisse Group
1/10/00 5.93% 5,300,000 5,238,625
First Union Corp.
1/31/00 6.00% 5,630,000 5,544,498
Goldman Sachs
1/28/00 6.00% 5,000,000 4,926,532
Halifax Building Society
11/22/99 5.23% 5,770,000 5,752,371
Merrill Lynch & Co.
11/10/99 5.25% 4,000,000 3,994,742
J.P. Morgan
1/14/00 5.97% 5,300,000 5,234,689
</TABLE>
8 =============================================================================
<PAGE> 10
FINANCIAL INVESTORS TRUST =====================================================
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
DUE DATE DISCOUNT RATE OR COUPON RATE PRINCIPAL AMOUNT VALUE*
- -------- ---------------------------- ---------------- ------
<S> <C> <C> <C>
COMMERCIAL PAPER (CONTINUED)
- ---------------------------------------------------------------------------------------------
Morgan Stanley Dean Witter
1/12/00 5.92% $5,500,000 $ 5,434,579
Wells Fargo & Co.
11/22/99 5.32% 5,100,000 5,084,012
---------- ------------
TOTAL COMMERCIAL PAPER
(Cost $61,260,823) 61,260,823
------------
TIME DEPOSITS 9.20%
- ---------------------------------------------------------------------------------------------
Bank of Montreal
11/1/99 5.31% 6,000,000 6,000,000
Republic New York
11/1/99 5.31% 6,000,000 6,000,000
State Street Corp.
11/1/99 5.19% 1,155,000 1,155,000
---------- ------------
TOTAL TIME DEPOSITS
(Cost $13,155,000) 13,155,000
------------
TOTAL INVESTMENTS
(Cost $143,506,277) 100.35% 143,506,277
Liabilities in Excess of Other Assets (0.35)% (496,256)
------ ------------
NET ASSETS 100.00% $143,010,021
====== ============
</TABLE>
*See note 1 to financial statements.
============================================================================ 9
<PAGE> 11
FINANCIAL INVESTORS TRUST =====================================================
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 1999 (UNAUDITED)
<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 $ 90,760,996 $ 293,947,914 $ 143,506,277
Interest receivable 478,178 222,938 161,160
Prepaid and other assets 6,226 58,881 183
------------- ------------- -------------
Total Assets 91,245,400 294,229,733 143,667,620
------------- ------------- -------------
LIABILITIES
Dividends payable 365,126 1,296,677 625,235
Accrued investment advisory fee 3,782 10,196 4,711
Accrued administration fee 20,248 35,483 11,698
Other payables 29,221 40,179 15,955
------------- ------------- -------------
Total Liabilities 418,377 1,382,535 657,599
------------- ------------- -------------
NET ASSETS $ 90,827,023 $ 292,847,198 $ 143,010,021
============= ============= =============
COMPOSITION OF NET ASSETS
Paid-in capital $ 90,854,660 $ 293,012,809 $ 143,016,706
Accumulated net realized loss (27,637) (165,611) (6,685)
------------- ------------- -------------
NET ASSETS $ 90,827,023 $ 292,847,198 $ 143,010,021(2)
============= ============= =============
Shares of beneficial interest outstanding 90,854,660 292,861,520 143,016,706(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 and U.S.
Government Money Market Funds in the amounts of $70,678,000 and $94,000,000,
respectively.
<TABLE>
<CAPTION>
(2) Prime Money Market Fund NET ASSETS SHARES OUTSTANDING
----------- ------------------
<S> <C> <C>
Class I 142,877,587 142,884,252
Class II 132,434 132,454
</TABLE>
See notes to financial statements.
10 ============================================================================
<PAGE> 12
FINANCIAL INVESTORS TRUST =====================================================
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED OCTOBER 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME $ 2,536,885 $ 7,649,670 $ 3,769,344
------------- ------------- -------------
EXPENSES
Investment advisory fee (Note 2) 25,587 60,572 29,411
Administration services(1)(Note 2) 299,179 241,611 179,507
Legal 675 1,493 3,538
Amortization of organization costs 5,111 0 0
Insurance 3,071 4,471 0
SEC Registration -- 15,810 28,989
State Registration 1,594 5,464 --
Class I -- -- 7,346
Class II -- -- 7
Distribution - Class II -- -- 176
Other 665 5,147 8,180
------------- ------------- -------------
Total Expenses 335,882 334,568 257,154
------------- ------------- -------------
Expenses waived by administrator (166,965) (31,244) (109,274)
------------- ------------- -------------
Net Expenses 168,917 303,324 147,880
------------- ------------- -------------
NET INVESTMENT INCOME 2,367,968 7,346,346 3,621,464
------------- ------------- -------------
NET REALIZED LOSS ON INVESTMENTS -- (1,193) (6,728)
------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 2,367,968 $ 7,345,153 $ 3,614,736
============= ============= =============
</TABLE>
(1) Administration services include: fund accounting, daily pricing, custody,
licensing and registration, shareholder servicing, transfer agency, fund
ratings, audit and printing.
See notes to financial statements.
============================================================================ 11
<PAGE> 13
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 For the For the For the
Six Months Ended Year Ended Six Months Ended Year Ended
October 31, 1999* April 30, 1999 October 31, 1999* April 30, 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,367,968 $ 6,456,665 $ 7,346,346 $ 10,301,027
Net realized loss on investments 0 0 (1,193) 0
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 2,367,968 6,456,665 7,345,153 10,301,027
------------- ------------- ------------- -------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income (2,367,968) (6,456,665) (7,346,346) (10,301,027)
------------- ------------- ------------- -------------
BENEFICIAL INTEREST
TRANSACTIONS (1)
Shares sold 116,918,115 188,834,889 675,871,825 826,998,395
Dividends reinvested 1,969,446 6,860,511 5,638,956 10,370,767
Shares redeemed (118,922,890) (243,001,992) (740,995,458) (635,258,161)
------------- ------------- ------------- -------------
Change in net assets derived from
beneficial interest transactions (35,329) (47,306,592) (59,484,677) 202,111,001
------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS (35,329) (47,306,592) (59,485,870) 202,111,001
NET ASSETS:
Beginning of period 90,862,352 138,168,944 352,333,068 150,222,067
------------- ------------- ------------- -------------
End of period $ 90,827,023 $ 90,862,352 $ 292,847,198 $ 352,333,068
============= ============= ============= =============
</TABLE>
(1) At net asset value of $1.00 per share.
* Unaudited
See notes to financial statements.
12 ============================================================================
<PAGE> 14
FINANCIAL INVESTORS TRUST =====================================================
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PRIME MONEY MARKET FUND
-------------------------------------
For the Six For the Period
Months Ended December 10, 1998 to
October 31, 1999* April 30, 1999
------------------ --------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 3,621,464 $ 1,213,920
Net realized gain/(loss) on investments (6,728) 43
--------------- ---------------
Net increase in net assets resulting
from operations 3,614,736 1,213,963
--------------- ---------------
DISTRIBUTIONS
Dividends to shareholders from net investment income
Class I (3,618,059) (1,212,272)
Class II (3,405) (1,648)
--------------- ---------------
Net decrease in net assets from distributions (3,621,464) (1,213,920)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 352,157,569 265,150,363
Dividends reinvested 1,577,733 439,755
Shares redeemed (378,108,341) (98,332,827)
Class II
Shares sold 1,270,000 380,613
Dividends reinvested 2,193 1,648
Shares redeemed (1,142,000) (380,000)
--------------- ---------------
Change in net assets derived from
beneficial interest transactions (24,242,846) 167,259,552
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS (24,249,574) 167,259,595
NET ASSETS:
Beginning of period 167,259,595 0
--------------- ---------------
End of period $ 143,010,021 167,259,595
=============== ===========
</TABLE>
(1) At net asset value of $1.00 per share.
* Unaudited
See notes to financial statements.
============================================================================ 13
<PAGE> 15
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 Six
Months Ended
October 31, For the Period Ended April 30,
1999* 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<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 0.02 0.05 0.05 0.05 0.05
----------- ----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.05) (0.05) (0.05) (0.05)
----------- ----------- ----------- ----------- -----------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Total return 4.63%(3) 4.90% 5.30% 5.15% 5.44%
----------- ----------- ----------- ----------- -----------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 90,827 $ 90,862 $ 138,169 $ 167,692 $ 316,364
----------- ----------- ----------- ----------- -----------
Ratio of expenses to average net assets 0.33%(3) 0.33% 0.33% 0.30% 0.30%
----------- ----------- ----------- ----------- -----------
Ratio of net investment income to
average net assets 4.61%(3) 4.83% 5.18% 5.02% 5.36%
----------- ----------- ----------- ----------- -----------
Ratio of expenses to average net assets
without fee waivers 0.65%(3) 0.57% 0.55% 0.67% 0.71%
----------- ----------- ----------- ----------- -----------
Ratio of net investment income to
average net assets without fee waivers 4.29%(3) 4.59% 4.96% 4.65% 4.95%
----------- ----------- ----------- ----------- -----------
<CAPTION>
1995 (2)
-----------
<S> <C>
Net asset value - beginning of period $ 1.00
-----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.04
-----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.04)
-----------
Net asset value - end of period $ 1.00
-----------
Total return 4.71%(3)
-----------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 109,055
-----------
Ratio of expenses to average net assets 0.50%(3)
-----------
Ratio of net investment income to
average net assets 4.87%(3)
-----------
Ratio of expenses to average net assets
without fee waivers 1.32%(3)
-----------
Ratio of net investment income to
average net assets without fee waivers 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
*Unaudited
See notes to financial statements.
14 ============================================================================
<PAGE> 16
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 Six
Months Ended
October 31, For the Period Ended April 30,
1999* 1999 1998 1997 1996
---------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00 $ 9.97 $ 9.97
---------- ---------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.05 0.05 0.14 0.55
Net realized and unrealized loss
on investments 0.00 0.00 0.00 0.00 0.00
---------- ---------- ----------- ----------- -----------
Total income from investment operations 0.02 0.05 0.05 0.14 0.55
---------- ---------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.05) (0.05) (0.14) (0.55)
Stock Split (Note 3) 0.00 0.00 0.00 (8.97) 0.00
---------- ---------- ----------- ----------- -----------
Total dividends and distributions to
shareholders (0.02) (0.05) (0.05) (9.11) (0.55)
---------- ---------- ----------- ----------- -----------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.97
---------- ---------- ----------- ----------- -----------
Total return 4.85%(3) 5.16% 5.48% 5.23% 5.65%
---------- ---------- ----------- ----------- -----------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 292,847 $ 352,333 $ 150,222 $ 87,416 $ 31,082
---------- ---------- ----------- ----------- -----------
Ratio of expenses to average net assets 0.20%(3) 0.20% 0.20% 0.23% 0.60%
---------- ---------- ----------- ----------- -----------
Ratio of net investment income to
average net assets 4.84%(3) 5.01% 5.35% 5.13% 5.38%
---------- ---------- ----------- ----------- -----------
Ratio of expenses to average net assets
without fee waivers 0.22%(3) 0.24% 0.31% 0.39% 0.85%
---------- ---------- ----------- ----------- -----------
Ratio of net investment income to
average net assets without fee waivers 4.82%(3) 4.96% 5.24% 4.97% 5.12%
---------- ---------- ----------- ----------- -----------
<CAPTION>
1995(2)
----------
<S> <C>
Net asset value - beginning of period $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.44
Net realized and unrealized loss
on investments (0.03)
----------
Total income from investment operations 0.41
----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.44)
Stock Split (Note 3) 0.00
----------
Total dividends and distributions to
shareholders (0.44)
----------
Net asset value - end of period $ 9.97
----------
Total return 4.73%(3)
----------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 41,893
----------
Ratio of expenses to average net assets 0.45%(3)
----------
Ratio of net investment income to
average net assets 5.23%(3)
----------
Ratio of expenses to average net assets
without fee waivers 0.65%(3)
----------
Ratio of net investment income to
average net assets without fee waivers 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
*Unaudited
See notes to financial statements.
============================================================================ 15
<PAGE> 17
FINANCIAL INVESTORS TRUST ====================================================
PRIME MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the period indicated:
<TABLE>
<CAPTION>
For the For the
For the Period Ended For the Period Ended
Six Months December 10, Six Months December 10,
Ended 1998 to Ended 1998 to
October 31, 1999* April 30, 1999(1) October 31, 1999* April 30, 1999(1)
----------------------------------------------------------------------------------
Class I Class II
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.02 0.02 0.02 0.02
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.02) (0.02) (0.02) (0.02)
----------- ----------- ----------- -----------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- -----------
Total return 4.95%(2) $ 4.82(2) 4.69%(2) 4.55%(2)
----------- ----------- ----------- -----------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 142,878 $ 167,257 $ 132 $ 2
----------- ----------- ----------- -----------
Ratio of expenses to average net assets 0.20%(2) 0.20%(2) 0.45%(2) 0.45%(2)
----------- ----------- ----------- -----------
Ratio of net investment income to
average net assets 4.91%(2) 4.71%(2) 4.83%(2) $ 4.53%(2)
----------- ----------- ----------- -----------
Ratio of expenses to average net assets
without fee waivers 0.35%(2) 0.66%(2) 0.62%(2) 1.24%(2)
----------- ----------- ----------- -----------
Ratio of net investment income to
average net assets without fee waivers 4.76%(2) 4.25%(2) 4.65%(2) 3.74%(2)
----------- ----------- ----------- -----------
</TABLE>
(1) Class I and Class II commenced operations on December 10, 1998 and December
23, 1998 respectively.
(2) Annualized
*Unaudited
See notes to financial statements.
16 ============================================================================
<PAGE> 18
NOTES TO FINANCIAL STATEMENTS =================================================
1. SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED)
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 had deferred certain organization costs. Such costs
were amortized over a 60 month period from the commencement of operations and
were fully amortized at 10/31/99.
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.
17 ============================================================================
<PAGE> 19
NOTES TO FINANCIAL STATEMENTS =================================================
2. INVESTMENT ADVISORY FEES, ADMINISTRATION FEES AND OTHER RELATED PARTY
TRANSACTIONS (UNAUDITED)
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>
ALPSMutual 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.
Two shareholders of the U.S. Treasury Money Market Fund owned 15.7
percent and 13.8 percent of that Fund's outstanding shares at October 31, 1999.
One shareholder of the U.S. Government MoneyMarket Fund owned 10.8 percent of
that Fund's outstanding shares at October 31, 1999. Two shareholders of the
Prime Money Market Fund owned 50.2 percent and 10.5 percent of that Fund's
outstanding shares at October 31, 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.
18 =============================================================================
<PAGE> 20
================================================================================
Intentionally
Left Blank
================================================================================
============================================================================ 19
