<PAGE>
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 Asset 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 ASSET MANAGEMENT
--------------------------------------------------------------------------------
THE INVESTMENT MANAGEMENT ARM OF GE
ALPS
[GRAPHIC]
MUTUAL FUNDS SERVICES
SPONSOR AND DISTRIBUTOR
MEMBER NASD
FINANCIAL
[GRAPHIC] INVESTORS
TRUST
-------------------------
ANNUAL REPORT
-------------------------
April 30, 2000
GE ASSET MANAGEMENT
--------------------------------------------------------------------------------
THE INVESTMENT MANAGMENT ARM OF GE
<PAGE>
INDEPENDENT AUDITORS' REPORT---------------------------------------------------
[LOGO]
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, 2000, 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 auditing standards generally
accepted in the United States of America. 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, 2000, 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, 2000, and the results of their
operations, the changes in their net assets and financial highlights for each of
the periods indicated in conformity with accounting principles generally
accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Denver, Colorado
June 7, 2000
---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
---------------
-------------------------------------------------------------------------- 1
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000
<TABLE>
<CAPTION>
Face Value Value*
---------- ----------
U.S. TREASURY OBLIGATIONS 25.31%
-----------------------------------------------------------------------------------------------------------------------
U.S. Treasury Notes:
<S> <C> <C> <C>
$ 6,000,000 6.25%, 5/31/00 $6,003,164
6,000,000 5.88%, 6/30/00 6,002,693
5,000,000 6.25%, 8/31/00 5,002,867
3,000,000 5.25%, 1/31/01 2,975,601
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $19,984,325) 19,984,325
----------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 74.61% Collateral Value
-----------------------------------------------------------------------------------------------------------------------
3,850,000 Repurchase agreement with Chase Securities Inc., 5.69%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Bill due 5/18/00 with a repurchase
amount of $3,850,609 3,850,000 $3,928,259
3,850,000 Repurchase agreement with CR Suisse First Boston, 5.65%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Note, 7.50% due 5/15/02 with a repurchase
amount of $3,850,604 3,850,000 3,946,599
3,850,000 Repurchase agreement with Deutsche Bank Corp., 5.68%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Notes, 5.38% - 5.50% due 7/31/00-12/31/00
with a repurchase amount of $3,850,607 3,850,000 3,927,840
3,850,000 Repurchase agreement with Dresdner Kleinwort Benson, 5.68%,
dated 4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Bond, 8.50% due 2/15/20 with a
repurchase amount of $3,850,607 3,850,000 3,933,146
3,850,000 Repurchase agreement with Goldman Sachs, 5.67%, dated 4/28/00
and maturing 5/1/00, collateralized by U.S. Treasury Note,
5.63% due 5/15/01 with a repurchase
amount of $3,850,606 3,850,000 3,928,006
</TABLE>
2 -----------------------------------------------------------------------------
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
-----------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$3,850,000 Repurchase agreement with J.P. Morgan & Co. Inc., 5.72%,
dated 4/28/00 and maturing 5/1/00, collateralized by
U.S. Treasury Bond, 8.50% due 2/15/20 with a repurchase
amount of $3,850,612 $3,850,000 $3,927,471
3,850,000 Repurchase agreement with Morgan Stanley Inc., 5.63%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Note, 4.50% due 9/30/00 with a repurchase
amount of $3,850,602 3,850,000 3,929,625
3,850,000 Repurchase agreement with Nesbitt Burns, 5.70%,
dated 4/28/00 and maturing 5/1/00, collateralized by
U.S. Treasury Bill due 3/01/01, U.S. Treasury Bonds, 5.50% -
13.25% due 5/15/14 - 08/15/28, and U. S. Treasury Notes,
4.50% - 6.88% due 5/31/00 - 11/15/08 with a repurchase
amount of $3,850,610 3,850,000 3,924,387
3,850,000 Repurchase agreement with SG Cowen, 5.70%, dated 4/28/00
and maturing 5/1/00, collateralized by U.S. Treasury Note,
6.63% due 4/30/02, and a U.S.Treasury Bond, 9.38% due 2/15/06
with a repurchase amount
of $3,850,610 3,850,000 3,932,872
16,549,000 Repurchase agreement with State Street Bank Corp., 5.71%,
dated 4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Note, 7.50% due 2/15/05 with a
repurchase amount of $16,551,625 16,549,000 17,123,408
3,850,000 Repurchase agreement with Warburg Dillon Reed, 5.71%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Bond, 8.38% due 8/15/08 with a
repurchase amount of $3,850,611 3,850,000 3,927,955
3,850,000 Repurchase agreement with Wheat First Securities, 5.71%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Strip dated 02/15/01 with a repurchase
amount of $3,850,611 3,850,000 3,927,643
-----------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $58,899,000) 58,899,000 60,354,411
-----------------------------
</TABLE>
-------------------------------------------------------------------------- 3
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Value*
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $78,883,325) 99.92% $78,883,325
Other Assets in Excess of Liabilities 0.08% 59,941
-----------------------------
NET ASSETS 100.00% $78,943,266
=============================
</TABLE>
*See note 1 to financial statements.
4 -----------------------------------------------------------------------------
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000
<TABLE>
<CAPTION>
Face Value Value*
---------- ------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS 3.11%
U.S. Treasury Note:
$7,000,000 5.25%, 1/31/01 $6,943,067
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,943,067) 6,943,067
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 67.53%
----------------------------------------------------------------------------------------
Federal Farm Credit Bank DN
10,000,000 5.72%, 5/8/00 9,988,729
Federal Home Loan Bank
5,000,000 5.49%, 5/5/00 4,996,866
Federal Home Loan Mortgage Corp.
8,000,000 5.91%, 5/16/00 7,980,173
12,742,000 5.83%, 5/25/00 12,691,941
13,000,000 5.89%, 6/1/00 12,933,556
11,000,000 5.96%, 6/8/00 10,930,255
12,000,000 6.11%, 7/27/00 11,822,805
10,000,000 6.16%, 10/12/00 9,718,716
Federal National Mortgage Association
11,270,000 5.78%, 5/4/00 11,264,498
12,596,000 5.85%, 5/15/00 12,566,919
5,000,000 5.86%, 6/1/00 4,974,559
6,000,000 5.81%, 6/12/00 5,958,778
9,000,000 6.06%, 7/6/00 8,899,723
5,133,000 5.87%, 7/13/00 5,071,063
12,000,000 5.90%, 8/3/00 11,812,584
5,000,000 5.93%, 8/3/00 4,921,588
4,265,000 6.13%, 9/14/00 4,166,047
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $150,698,800) 150,698,800
------------
</TABLE>
-------------------------------------------------------------------------- 5
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
-----------------------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 29.77%
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$5,650,000 Repurchase agreement with Chase Securities Inc., 5.69%,
dated 4/28/00 and maturing 5/1/00, collateralized by
U.S. Treasury Note, 5.50% due 2/15/08 with a
repurchase amount of $5,650,893 $5,650,000 $5,763,171
5,650,000 Repurchase agreement with CR Suisse First Boston, 5.65%,
dated 4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Note, 7.50% due 5/15/02 with a repurchase
amount of $5,650,887 5,650,000 5,788,694
5,650,000 Repurchase agreement with Deutsche Bank Corp.,
5.68%, dated 4/28/00 and maturing 5/1/00,
collateralized by U.S. Treasury Note, 6.50%
due 5/15/05 with a repurchase amount of $5,650,891 5,650,000 5,763,272
5,650,000 Repurchase agreement with Dresdner Kleinwort, 5.68%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Bond, 8.13% due 8/15/21 with a repurchase amount of $5,650,891 5,650,000 5,768,258
5,650,000 Repurchase agreement with Goldman Sachs, 5.67%, dated 4/28/00
and maturing 5/1/00, collateralized by U.S. Treasury Bill due
7/13/00 with a repurchase amount of $5,650,890 5,650,000 5,763,363
5,650,000 Repurchase agreement with J.P. Morgan & Co., Inc., 5.72%,
dated 4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Bond, 8.50% due 2/15/00 with a repurchase
amount of $5,650,898 5,650,000 5,764,087
5,650,000 Repurchase agreement with Morgan Stanley Inc., 5.63%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Bond, 6.50% due 11/15/26, and U.S. Treasury Strip due 7/15/02
with a repurchase amount of $5,650,884 5,650,000 5,829,926
5,650,000 Repurchase agreement with Nesbitt Burns, 5.70%, dated 4/28/00
and maturing 5/1/00, collateralized by U.S. Treasury Notes,
5.63% due 2/28/01 - 5/15/01 with a repurchase amount of $5,650,895 5,650,000 5,763,817
</TABLE>
6 -----------------------------------------------------------------------------
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
-----------------------------
REPURCHASE AGREEMENTS COLLATERALIZED BY
U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$5,650,000 Repurchase agreement with SG Cowen, 5.70%, dated
4/28/00 and maturing 5/1/00, collateralized by
U.S. Treasury Bills due 6/8/00 - 10/26/00, and
U.S. Treasury Notes, 4.25% - 7.88% due 6/30/00 -
10/15/06 with a repurchase amount of $5,650,895 $5,650,000 $5,774,881
4,274,000 Repurchase agreement with State Street Bank Corp.,
5.71%, dated 4/28/00 and maturing 5/1/00,
collateralizedby U.S. Treasury Note, 7.50% due
2/15/05 with a repurchase amount of $4,274,678 4,274,000 4,422,038
5,650,000 Repurchase agreement with Warburg Dillon Reed, 5.70%, dated
4/28/00 and maturing 5/1/00, collateralized by U.S. Treasury
Bond, 8.38% due 8/15/08 with a repurchase amount of $5,650,895 5,650,000 5,767,024
5,650,000 Repurchase agreement with Wheat First Securities, 5.71%,
dated 4/28/00 and maturing 5/1/00, collateralized by U.S.
Treasury Strips due 2/15/01 - 11/15/07 with a repurchase
amount of $5,650,896 5,650,000 5,763,482
-----------------------------
TOTAL REPURCHASE AGREEMENTS
(Cost $66,424,000) 66,424,000 67,932,013
-----------------------------
TOTAL INVESTMENTS
(Cost $224,065,867) 100.41% 224,065,867
Other Liabilities in Excess of Assets (0.41)% (913,455)
------------------------------------
NET ASSETS 100.00% $223,152,412
====================================
</TABLE>
*See note 1 to financial statements.
-------------------------------------------------------------------------- 7
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000
<TABLE>
<CAPTION>
Face Value Value*
---------- ------
U.S. TREASURY OBLIGATIONS 1.29%
-----------------------------------------------------------------------------------------
U.S. Treasury Note:
<S> <C> <C>
$900,000 6.25%, 5/31/00 $900,475
900,000 5.88%, 6/30/00 900,404
----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $1,800,879) 1,800,879
----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 19.94%
----------------------------------------------------------------------------------------
Federal Home Loan Bank
5,000,000 5.49%, 5/5/00 4,996,865
Federal Home Loan Mortgage Corp.
6,160,000 6.16%, 10/12/00 5,986,729
Federal National Mortgage Association
5,000,000 5.78%, 5/4/00 4,997,559
3,000,000 5.85%, 5/11/00 2,995,054
5,000,000 5.86%, 6/1/00 4,974,559
4,000,000 5.81%, 6/12/00 3,972,519
----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $27,923,285) 27,923,285
----------
Due Date Discount Rate or Coupon Rate Principal Amount
-------- ---------------------------- ----------------
<CAPTION>
CERTIFICATES OF DEPOSIT 25.35%
----------------------------------------------------------------------------------------
<S> <C> <C>
Bank of America
7/21/00 6.21% $6,160,000 6,160,000
Bayerische Hypotheken Vereinsbank
5/8/00 5.99% 5,500,000 5,500,000
Canadian Imperial Bank of Commerce
7/27/00 6.31% 6,040,000 6,040,000
</TABLE>
8 -----------------------------------------------------------------------------
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount
-------- ---------------------------- ----------------
CERTIFICATES OF DEPOSIT (CONTINUED)
----------------------------------------------------------------------------------------
<S> <C> <C>
Deutsche Bank
7/14/00 6.23% $5,800,000 $5,800,000
Societe General Bank
6/1/00 6.00% 5,850,000 5,850,000
Wachovia Bank Corp.
5/30/00 6.04% 6,160,000 6,160,000
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $35,510,000) 35,510,000
-----------
COMMERCIAL PAPER 44.92%
-----------------------------------------------------------------------------------------
Abbey National PLC
7/6/00 6.09% 5,600,000 5,537,166
Bank of Nova Scotia
6/29/00 6.06% 5,200,000 5,148,242
Credit Suisse Group
7/24/00 6.18% 6,090,000 6,002,092
Goldman Sachs
5/8/00 5.90% 18,000,000 17,979,076
Halifax Building Society
5/2/00 5.87% 5,000,000 4,999,177
Halifax Building Society
5/2/00 6.03% 700,000 699,882
Merrill Lynch & Co.
5/1/00 5.91% 5,500,000 5,500,000
Morgan Stanley Dean Witter
5/1/00 5.90% 5,850,000 5,850,000
Salomon Smith Barney
6/5/00 6.09% 5,470,000 5,437,601
</TABLE>
-------------------------------------------------------------------------- 9
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
APRIL 30, 2000 (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount
-------- ---------------------------- ----------------
COMMERCIAL PAPER (CONTINUED)
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wells Fargo & Co.
6/19/00 6.04% $ 5,800,000 $ 5,752,125
------------------------------
TOTAL COMMERCIAL PAPER
(Cost $62,905,361) 62,905,361
------------
TIME DEPOSITS 8.81%
-----------------------------------------------------------------------------------------
Chase Manhattan
5/1/00 6.06% 3,000,000 3,000,000
Royal Bank of Canada
5/1/00 6.00% 5,000,000 5,000,000
State Street Corp.
5/1/00 5.94% 4,333,000 4,333,000
------------------------------
TOTAL TIME DEPOSITS
(Cost $12,333,000) 12,333,000
------------
TOTAL INVESTMENTS
(Cost $140,472,525) 100.31% 140,472,525
Liabilities in Excess of Other Assets (0.31)% (435,768)
------------------------------
NET ASSETS 100.00% $140,036,757
==============================
</TABLE>
*See note 1 to financial statements.
10 ----------------------------------------------------------------------------
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2000
<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 $78,883,325 $224,065,867 $140,472,525
Interest receivable 394,869 123,350 254,816
Prepaid and other assets 2,815 27,588 1,403
-------------------------------------------------------------------------------------------------------
Total Assets 79,281,009 224,216,805 140,728,744
-------------------------------------------------------------------------------------------------------
LIABILITIES
Dividends payable 319,338 1,027,836 654,010
Accrued investment advisory fee 2,852 7,076 5,234
Accrued administration fee 14,167 26,306 18,657
Other payables 1,386 3,175 14,086
-------------------------------------------------------------------------------------------------------
Total Liabilities 337,743 1,064,393 691,987
-------------------------------------------------------------------------------------------------------
NET ASSETS $78,943,266 $223,152,412 $140,036,757
-------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $78,970,903 $223,318,023 $140,043,442
Accumulated net realized loss (27,637) (165,611) (6,685)
-------------------------------------------------------------------------------------------------------
NET ASSETS $78,943,266 $223,152,412 $140,036,757(2)
-------------------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding (3) 78,970,903 223,166,734 140,043,442(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 $58,899,000 and $66,424,000,
respectively.
<TABLE>
<CAPTION>
(2) Prime Money Market Fund Net Assets Shares Outstanding
---------- ------------------
<S> <C> <C>
Class I 140,004,605 140,011,271
Class II 32,152 32,171
</TABLE>
(3) On April 30, 2000, there was an unlimited number of no par value shares of
beneficial interest authorized.
See notes to financial statements.
-------------------------------------------------------------------------- 11
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED APRIL 30, 2000
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT PRIME
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME $4,737,667 $15,272,941 $10,120,265
-----------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fee (Note 2) 45,466 114,194 72,352
Administration services (Note 2) 598,357 456,100 394,851
Legal 1,115 - 4,972
Amortization of organization costs 5,111 - -
Insurance 6,228 9,068 -
SEC Registration - 15,810 28,989
State Registration 1,227 13,382 -
Class I - - 5,918
Class II - - 11
Distribution - Class II - - 363
Other 4,564 9,703 3,742
-----------------------------------------------------------------------------------------------------------
Total Expenses 662,068 618,257 511,198
-----------------------------------------------------------------------------------------------------------
Expenses waived by administrator (361,831) (46,805) (148,438)
-----------------------------------------------------------------------------------------------------------
Net Expenses 300,237 571,452 362,760
-----------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 4,437,430 14,701,489 9,757,505
-----------------------------------------------------------------------------------------------------------
NET REALIZED LOSS ON INVESTMENTS - (1,193) (6,728)
-----------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $4,437,430 $14,700,296 $9,750,777
-----------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
12 ----------------------------------------------------------------------------
<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 FOR THE YEAR ENDED
APRIL 30, 2000 APRIL 30, 1999 APRIL 30, 2000 APRIL 30, 1999
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $4,437,430 $6,456,665 $14,701,489 $10,301,027
Net realized loss on investments - - (1,193) -
------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 4,437,430 6,456,665 14,700,296 10,301,027
------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income (4,437,430) (6,456,665) (14,701,489) (10,301,027)
------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST
TRANSACTIONS (1)
Shares sold 154,467,209 188,834,889 984,216,243 826,998,395
Dividends reinvested 4,037,883 6,860,511 12,733,950 10,370,767
Shares redeemed (170,424,178) (243,001,992) (1,126,129,656) (635,258,161)
------------------------------------------------------------------------------------------------------------
Change in net assets derived from
beneficial interest transactions (11,919,086) (47,306,592) (129,179,463) 202,111,001
------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS (11,919,086) (47,306,592) (129,180,656) 202,111,001
NET ASSETS:
Beginning of period 90,862,352 138,168,944 352,333,068 150,222,067
------------------------------------------------------------------------------------------------------------
End of period $78,943,266 $90,862,352 $223,152,412 $352,333,068
------------------------------------------------------------------------------------------------------------
</TABLE>
(1) At net asset value of $1.00 per share.
See notes to financial statements.
-------------------------------------------------------------------------- 13
<PAGE>
FINANCIAL INVESTORS TRUST ------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PRIME MONEY MARKET FUND
-------------------------------------------------------------------------------------------------------
For the For the Period
Year Ended December 10, 1998 to
April 30, 2000 April 30, 1999
-------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $9,757,505 $1,213,920
Net realized gain (loss) on investments (6,728) 43
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 9,750,777 1,213,963
-------------------------------------------------------------------------------------------------------
DISTRIBUTIONS
Dividends to shareholders from net investment income
Class I (9,750,052) (1,212,272)
Class II (7,453) (1,648)
-------------------------------------------------------------------------------------------------------
Net decrease in net assets from distributions (9,757,505) (1,213,920)
-------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 994,770,000 265,150,363
Dividends reinvested 4,930,917 439,755
Shares redeemed (1,026,946,937) (98,332,827)
Class II
Shares sold 2,375,000 380,613
Dividends reinvested 6,910 1,648
Shares redeemed (2,352,000) (380,000)
-------------------------------------------------------------------------------------------------------
Change in net assets derived from
beneficial interest transactions (27,216,110) 167,259,552
-------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (27,222,838) 167,259,595
NET ASSETS:
Beginning of period 167,259,595 -
-------------------------------------------------------------------------------------------------------
End of period $140,036,757 $167,259,595
-------------------------------------------------------------------------------------------------------
</TABLE>
(1) At net asset value of $1.00 per share.
See notes to financial statements.
14 ----------------------------------------------------------------------------
<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 Year Ended April 30,
2000 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 0.05 0.05 0.05 0.05 0.05
-----------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.05) (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 5.01% 4.90% 5.30% 5.15% 5.44%
-----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $78,943 $90,862 $138,169 $167,692 $316,364
-----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.33% 0.33% 0.33% 0.30% 0.30%
-----------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 4.85% 4.83% 5.18% 5.02% 5.36%
-----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.72% 0.57% 0.55% 0.67% 0.71%
-----------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 4.46% 4.59% 4.96% 4.65% 4.95%
-----------------------------------------------------------------------------------------------------------
</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.
See notes to financial statements.
-------------------------------------------------------------------------- 15
<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 Year Ended April 30,
2000 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 0.05 0.05 0.05 0.14 0.55
-----------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.05) (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 (0.05) (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 5.27% 5.16% 5.48% 5.23% 5.65%
-----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $223,152 $352,333 $150,222 $87,416 $31,082
-----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.20% 0.20% 0.20% 0.23% 0.60%
-----------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 5.12% 5.01% 5.35% 5.13% 5.38%
-----------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.22% 0.24% 0.31% 0.39% 0.85%
-----------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 5.10% 4.96% 5.24% 4.97% 5.12%
-----------------------------------------------------------------------------------------------------------
</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.
See notes to financial statements.
16 ----------------------------------------------------------------------------
<PAGE>
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 For the Period
Year December 10, Year December 23,
Ended 1998 to Ended 1998 to
April 30, 2000 April 30, 1999(1) April 30, 2000 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 0.05 0.02 0.05 0.02
--------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.05) (0.02) (0.05) (0.02)
--------------------------------------------------------------------------------------------------------------------------------
Net asset value - end of period $1.00 $1.00 $1.00 $1.00
--------------------------------------------------------------------------------------------------------------------------------
Total return 5.43% $4.82(2) 5.17% 4.55%(2)
--------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $140,005 $167,257 $32 $2
--------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets 0.20% 0.20%(2) 0.45% 0.45%(2)
--------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets 5.37% 4.71%(2) 5.11% 4.53%(2)
--------------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets
without fee waivers 0.28% 0.66%(2) 0.57% 1.24%(2)
--------------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to
average net assets without fee waivers 5.28% 4.25%(2) 4.99% 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.
-------------------------------------------------------------------------- 17
<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 their 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 April 30, 2000.
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.
18 ----------------------------------------------------------------------------
<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 Asset
Management Incorporated ("GEAM"). Pursuant to these advisory agreements, GEAM 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 contractually agreed to 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 until at least April 30, 2001. After that date, the
fee waivers by ALPS are voluntary and may be terminated at any time.
Administration services include: fund accounting, daily pricing, custody,
registration, shareholder servicing, transfer agency, fund ratings, audit, and
printing.
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.
One shareholder of the U.S. Treasury Money Market Fund owned 21.4 percent
of that Fund's outstanding shares at April 30, 2000. One shareholder of the
Prime Money Market Fund owned 76.5 percent of that Fund's outstanding shares at
April 30, 2000.
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.
-------------------------------------------------------------------------- 19
