<PAGE> 1
An investment in the Fund is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.
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 LOGO]
ALPS MUTUAL FUNDS SERVICES
SPONSOR AND DISTRIBUTOR
MEMBER NASD
FINANCIAL INVESTORS TRUST
SEMI-ANNUAL REPORT
OCTOBER 31, 2000
[GE ASSET MANAGEMENT LOGO]
<PAGE> 2
FINANCIAL INVESTORS TRUST
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
---------- -----------
U.S. TREASURY OBLIGATIONS 31.04%
--------------------------------------------------------------------------------------------------------
U.S. Treasury Notes:
<S> <C> <C>
$8,000,000 5.25%, 1/31/01 $ 7,977,138
5,000,000 5.63%, 2/28/01 4,986,694
10,000,000 6.25%, 4/30/01 9,993,294
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $22,957,126) 22,957,126
-----------
<CAPTION>
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 69.27% Collateral Value
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase agreement with Chase Securities Inc., 6.54%,
dated 10/31/00 and maturing 11/1/00, collateralized by
U.S. Treasury Note, 4.25% due 1/15/10 with a repurchase
amount of $3,500,636 3,500,000 $3,572,433
Repurchase agreement with Deutsche Bank Corp., 6.54%,
dated 10/31/00 and maturing 11/1/00, collateralized by
U.S. Treasury Bill, due 1/18/01 with a repurchase
amount of $3,500,636 3,500,000 3,570,866
Repurchase agreement with Dresdner Kleinwort Benson, 6.54%,
dated 10/31/00 and maturing 11/1/00, collateralized by U.S.
Treasury Bond, 10.38% due 11/15/12 with a repurchase amount
of $3,500,636 3,500,000 3,570,717
Repurchase agreement with Goldman Sachs, 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S.
Treasury Note, 6.50% due 2/15/10 with a repurchase
amount of $3,500,637 3,500,000 3,570,812
Repurchase agreement with J.P. Morgan & Co., Inc., 6.55%
dated 10/31/00 and maturing 11/1/00, collateralized by
U.S. Treasury Note, 5.50% due 8/31/01 with a repurchase
amount of $3,500,637 3,500,000 3,570,246
</TABLE>
1
<PAGE> 3
FINANCIAL INVESTORS TRUST
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
----------- ----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase agreement with Merrill Lynch, 6.50%, dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Strips,
10.75 - 11.62% due 11/15/04 - 8/15/05 with a repurchase amount of
$3,500,632 $ 3,500,000 $ 3,573,486
Repurchase agreement with Morgan Stanley Inc., 6.50%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Note, 5.50% due 01/31/03 with a repurchase amount of $3,500,632 3,500,000 3,574,810
Repurchase agreement with Nesbitt Burns, 6.57%, dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Bond, 9.25%
due 2/15/16, and U.S. Treasury Note, 8.00% due 5/15/01, with a
repurchase amount of $3,500,639 3,500,000 3,570,369
Repurchase agreement with SG Cowen, 6.55%, dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Bills, due
11/2/00 - 11/9/00, U.S. Treasury Bond, 11.63% due 11/15/02, and
U.S. Treasury Notes, 5.38 - 6.88% due 2/15/01 - 5/15/06 with a
repurchase amount of $3,500,637 3,500,000 3,574,177
Repurchase agreement with State Street Bank Corp., 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Note, 5.63% due 9/30/01 with a repurchase amount of $12,730,316 12,728,000 13,046,027
Repurchase agreement with Warburg Dillon Reed, 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S.
Treasury Bond, 3.63% due 4/15/28 with a repurchase amount
of $3,500,637 3,500,000 3,575,130
Repurchase agreement with Wheat First Securities, 6.56%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S.
Treasury Bond, 7.50% dated 11/15/16 with a repurchase amount
of $3,500,638 3,500,000 3,571,061
----------- -----------
TOTAL REPURCHASE AGREEMENTS
(Cost $51,228,000) 51,228,000 52,340,134
----------- -----------
</TABLE>
2
<PAGE> 4
FINANCIAL INVESTORS TRUST
U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value*
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $74,185,126) 100.31% $74,185,126
Liabilities in Excess of Other Assets (0.31)% (228,310)
------ -----------
NET ASSETS 100.00% $73,956,816
====== ===========
</TABLE>
*See note 1 to financial statements.
3
<PAGE> 5
FINANCIAL INVESTORS TRUST
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
---------- -----------
U.S. TREASURY OBLIGATIONS 2.46%
----------------------------------------------------------------------------------------
U.S. Treasury Note:
<S> <C> <C>
$7,000,000 5.25%, 1/31/01 $ 6,981,043
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,981,043) 6,981,043
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 67.67%
----------------------------------------------------------------------------------------
12,000,000 Farmer Mac DN 12,000,000
6.44%, 11/1/00
Federal Farm Credit Bank DN
6,000,000 6.46%, 1/24/01 5,907,843
Federal Home Loan Bank
11,435,000 6.40%, 11/29/00 11,377,455
12,000,000 6.43%, 1/24/01 11,819,907
Federal Home Loan Mortgage Corp.
10,000,000 6.41%, 11/28/00 9,951,722
14,750,000 6.43%, 11/30/00 14,672,730
12,000,000 6.39%, 12/5/00 11,927,322
12,000,000 6.44%, 1/4/01 11,862,054
12,000,000 6.43%, 1/18/01 11,832,431
10,000,000 6.40%, 2/1/01 9,835,685
Federal National Mortgage Association
14,000,000 6.39%, 11/9/00 13,979,826
10,000,000 6.43%, 11/22/00 9,962,072
15,000,000 6.40%, 12/7/00 14,903,129
4,000,000 6.49%, 12/21/00 3,963,062
14,000,000 6.43%, 1/4/01 13,837,379
7,000,000 6.38%, 2/15/01 6,867,822
9,434,000 6.35%, 3/1/01 9,232,501
8,000,000 6.35%, 3/22/01 7,800,998
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $191,733,938) 191,733,938
-----------
</TABLE>
4
<PAGE> 6
FINANCIAL INVESTORS TRUST
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
---------- ----------------
REPURCHASE AGREEMENTS COLLATERALIZED
BY U.S. GOVERNMENT OBLIGATIONS 30.38%
---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase agreement with Chase Securities Inc., 6.54%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Note, 4.25% due 1/15/10 with a repurchase amount of $7,501,363 $7,500,000 $7,653,682
Repurchase agreement with Deutsche Bank Corp., 6.54%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Bond, 7.13% due 2/15/23 with a repurchase amount of $7,501,363 7,500,000 7,650,998
Repurchase agreement with Dresdner Kleinwort, 6.54%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Bill, dated 1/4/01 and U.S. Treasury Bond, 10.38% due 11/15/12
with a repurchase amount of $7,501,363 7,500,000 7,651,261
Repurchase agreement with Goldman Sachs, 6.55%, dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Note, 6.50%
due 2/15/10 with a repurchase amount of $7,501,365 7,500,000 7,650,676
Repurchase agreement with J.P. Morgan & Co., Inc., 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Note, 6.50% due 10/15/06 with a repurchase amount of $7,501,365 7,500,000 7,650,830
Repurchase agreement with Merrill Lynch, 6.50% dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Strip,
10.75% due 8/15/05 with a repurchase amount of $7,501,354 7,500,000 7,651,708
Repurchase agreement with Morgan Stanley Inc., 6.50%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Note, 5.25% due 8/15/03, with a repurchase amount of $7,501,354 7,500,000 7,650,562
</TABLE>
5
<PAGE> 7
FINANCIAL INVESTORS TRUST
U.S. GOVERNMENT MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Value* Collateral Value
------------ ----------------
REPURCHASE AGREEMENTS COLLATERALIZED BY
U.S. GOVERNMENT OBLIGATIONS (CONTINUED)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase agreement with Nesbitt Burns, 6.57%, dated 10/31/00
and maturing 11/1/00, collateralized by U.S. Treasury Bonds, 6.75
- 9.25% due 2/15/16 - 8/15/26 with a repurchase amount of
$7,501,369 $ 7,500,000 $ 7,650,942
Repurchase agreement with SG Cowen, 6.55%, dated 10/31/00 and
maturing 11/1/00, collateralized by U.S. Treasury Bonds, 10.75 -
11.63% due 11/15/02 - 2/15/03, and U.S. Treasury Notes, 4.88 -
7.88% due 12/31/00 - 8/15/10 with a repurchase amount of
$7,501,365 7,500,000 7,670,625
Repurchase agreement with State Street Bank Corp., 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S.
Treasury Note, 5.63% due 9/30/01 with a repurchase amount
of $3,577,651 3,577,000 3,667,941
Repurchase agreement with Warburg Dillon Reed, 6.55%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Bond, 3.63% due 4/15/28 with a repurchase amount of $7,501,365 7,500,000 7,655,105
Repurchase agreement with Wheat First Securities, 6.56%, dated
10/31/00 and maturing 11/1/00, collateralized by U.S. Treasury
Bond, 7.50% due 11/15/16, U.S. Treasury Note 6.50% due 8/31/01,
and U.S. Treasury Strips, 6.34% due 8/15/02 - 2/15/27 with a
repurchase amount of $7,501,367 7,500,000 7,650,618
------------ -----------
TOTAL REPURCHASE AGREEMENTS
(Cost $86,077,000) 86,077,000 87,854,948
------------ -----------
TOTAL INVESTMENTS
(Cost $284,791,981) 100.51% 284,791,981
Liabilities in Excess of Other Assets (0.51)% (1,459,447)
------ ------------
NET ASSETS 100.00% $283,332,534
====== ============
</TABLE>
*See note 1 to financial statements.
6
<PAGE> 8
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
Face Value Value*
---------- -----------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS 21.89%
----------------------------------------------------------------------------------------
Federal Farm Credit Bank DN
$1,300,000 6.28%, 4/16/01 $ 1,262,332
Federal Home Loan Mortgage Corp.
5,000,000 6.41%, 11/28/00 4,975,857
3,000,000 6.39%, 12/5/00 2,981,831
3,000,000 6.39%, 12/12/00 2,978,123
Federal National Mortgage Association
6,200,000 6.74%, 12/21/00 6,142,927
2,970,000 6.35%, 3/29/01 2,892,453
2,594,000 6.28%, 4/12/01 2,520,591
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $23,754,114) 23,754,114
-----------
</TABLE>
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount
-------- ---------------------------- ----------------
CERTIFICATES OF DEPOSIT 31.47%
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bank of Montreal
11/7/00 6.53% $5,000,000 5,000,000
Bayerische Hypotheken Vereinsbank
11/22/00 6.56% 4,450,000 4,450,000
Canadian Imperial Bank of Commerce
11/15/00 6.55% 5,000,000 5,000,000
Deutsche Bank
11/1/00 6.63% 5,000,000 5,000,000
Dresdner Bank
11/7/00 6.59% 5,000,000 5,000,000
Societe General Bank
12/18/00 6.54% 5,000,000 5,000,000
</TABLE>
7
<PAGE> 9
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount Value*
-------- ---------------------------- ---------------- ----------
<S> <C> <C> <C>
CERTIFICATES OF DEPOSIT (CONTINUED)
----------------------------------------------------------------------------------------
Wachovia Bank Corp.
11/16/00 6.58% $4,700,000 $ 4,700,000
---------- -----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $34,150,000)
34,150,000
-----------
COMMERCIAL PAPER 42.39%
----------------------------------------------------------------------------------------
Abbey National PLC
1/22/01 6.52% 5,000,000 4,925,637
Associates Corp., N.A.
1/16/01 6.53% 5,000,000 4,930,909
Bank One Corp.
1/8/01 6.56% 5,000,000 4,937,738
Bank of Nova Scotia
11/3/00 6.49% 4,900,000 4,898,224
Chase Manhattan
11/2/00 6.48% 5,000,000 4,999,095
Credit Suisse Group
11/13/00 6.48% 2,780,000 2,773,913
Halifax Building Society
11/20/00 6.48% 4,660,000 4,643,866
Merrill Lynch & Co.
11/8/00 6.48% 5,000,000 4,993,670
J.P. Morgan
12/8/00 6/48% 4,000,000 3,973,254
Royal Bank CDA
11/10/00 6.48% 4,940,000 4,931,918
--------- -----------
TOTAL COMMERCIAL PAPER
(Cost $46,008,224) 46,008,224
-----------
</TABLE>
8
<PAGE> 10
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND
STATEMENT OF INVESTMENTS
OCTOBER 31, 2000 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
Due Date Discount Rate or Coupon Rate Principal Amount Value*
-------- ---------------------------- ---------------- ------------
<S> <C> <C> <C>
TIME DEPOSITS 4.47%
---------------------------------------------------------------------------------------
State Street Corp.
11/1/00 6.50% $4,854,000 $ 4,854,000
---------- ------------
TOTAL TIME DEPOSITS
(Cost $4,854,000) 4,854,000
------------
TOTAL INVESTMENTS
(Cost $108,766,338) 100.22% 108,766,338
Liabilities in Excess of Other Assets (0.22)% (244,159)
---------- ------------
NET ASSETS 100.00% $108,522,179
========== ============
</TABLE>
*See note 1 to financial statements.
9
<PAGE> 11
FINANCIAL INVESTORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2000 (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 $ 74,185,126 $ 284,791,981 $ 108,766,338
Interest receivable 165,349 108,514 373,653
Prepaid and other assets 2,250 1,173 878
------------- ------------- -------------
Total Assets 74,352,725 284,901,668 109,140,869
------------- ------------- -------------
LIABILITIES
Dividends payable 367,808 1,508,945 575,966
Accrued investment advisory fee 2,993 9,524 3,591
Accrued administration fee 14,933 35,947 12,610
Other payables 10,175 14,718 26,523
------------- ------------- -------------
Total Liabilities 395,909 1,569,134 618,690
------------- ------------- -------------
NET ASSETS $ 73,956,816 $ 283,332,534 $ 108,522,179
------------- ------------- -------------
COMPOSITION OF NET ASSETS
Paid-in capital $ 73,984,453 $ 283,497,457 $ 108,528,288
Accumulated net realized loss (27,637) (164,923) (6,109)
------------- ------------- -------------
NET ASSETS $ 73,956,816 $ 283,332,534 $ 108,522,179 (2)
============= ============= =============
Shares of beneficial interest outstanding (3) 73,984,453 283,346,168 108,528,288 (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 $51,228,000 and $86,077,000,
respectively.
<TABLE>
<CAPTION>
(2) Prime Money Market Fund Net Assets Shares Outstanding
----------- ------------------
<S> <C> <C>
Class I 108,410,040 108,416,132
Class II 112,139 112,156
</TABLE>
(3) On October 31, 2000, there was an unlimited number of no par value shares of
beneficial interest authorized.
See notes to financial statements.
10
<PAGE> 12
FINANCIAL INVESTORS TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED OCTOBER 31, 2000 (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 $ 2,859,663 $ 9,942,797 $ 4,092,759
----------------- ----------- ----------- -----------
EXPENSES
Investment advisory fee (Note 2) 22,434 61,292 24,944
Administration services (Note 2) 302,467 245,169 189,878
Legal 407 1,446 1,596
Insurance 3,192 4,648 --
State Registration 1,795 4,027 --
Class I -- -- 7,830
Class II -- -- 12
Distribution - Class II -- -- 250
Other 6,061 3,060 2,037
----------- ----------- -----------
Total Expenses 336,356 319,642 226,547
----------- ----------- -----------
Expenses waived by administrator (188,305) (13,142) (101,619)
----------- ----------- -----------
Net Expenses 148,051 306,500 124,928
----------- ----------- -----------
NET INVESTMENT INCOME 2,711,612 9,636,297 3,967,831
----------- ----------- -----------
NET REALIZED GAIN ON INVESTMENTS -- 688 576
----------- ----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 2,711,612 $ 9,636,985 $ 3,968,407
=========== =========== ===========
</TABLE>
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 SIX FOR THE FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
OCTOBER 31, 2000* APRIL 30, 2000 OCTOBER 31, 2000* APRIL 30, 2000
----------------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,711,612 $ 4,437,430 $ 9,636,297 $ 14,701,489
Net realized gain/(loss) on investments -- -- 688 (1,193)
------------- ------------- ------------- ---------------
Net increase in net assets resulting
from operations 2,711,612 4,437,430 9,636,985 14,700,296
------------- ------------- ------------- ---------------
DISTRIBUTIONS
Dividends to shareholders from net
investment income (2,711,612) (4,437,430) (9,636,297) (14,701,489)
------------- ------------- ------------- ---------------
BENEFICIAL INTEREST
TRANSACTIONS (1)
Shares sold 117,996,806 154,467,209 822,267,546 984,216,243
Dividends reinvested 2,590,927 4,037,883 8,450,753 12,733,950
Shares redeemed (125,574,183) (170,424,178) (770,538,865) (1,126,129,656)
------------- ------------- ------------- ---------------
Change in net assets derived from
beneficial interest transactions (4,986,450) (11,919,086) 60,179,434 (129,179,463)
------------- ------------- ------------- ---------------
NET INCREASE (DECREASE)
IN NET ASSETS (4,986,450) (11,919,086) 60,180,122 (129,180,656)
NET ASSETS:
Beginning of period 78,943,266 90,862,352 223,152,412 352,333,068
------------- ------------- ------------- ---------------
End of period $ 73,956,816 $ 78,943,266 $ 283,332,534 $ 223,152,412
============= ============= ============= ===============
</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
MONTHS ENDED YEAR ENDED
OCTOBER 31, 2000* APRIL 30, 2000
----------------- ----------------
<S> <C> <C>
OPERATIONS
Net investment income $ 3,967,831 $ 9,757,505
Net realized gain (loss) on investments 576 (6,728)
--------------- ---------------
Net increase in net assets resulting
from operations 3,968,407 9,750,777
--------------- ---------------
DISTRIBUTIONS
Dividends to shareholders from net investment income
Class I (3,961,696) (9,750,052)
Class II (6,135) (7,453)
--------------- ---------------
Net decrease in net assets from distributions (3,967,831) (9,757,505)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS (1)
Class I
Shares sold 237,254,621 994,770,000
Dividends reinvested 897,570 4,930,917
Shares redeemed (269,747,330) (1,026,946,937)
Class II
Shares sold 1,525,000 2,375,000
Dividends reinvested 4,985 6,910
Shares redeemed (1,450,000) (2,352,000)
--------------- ---------------
Change in net assets derived from
beneficial interest transactions (31,515,154) (27,216,110)
--------------- ---------------
NET DECREASE IN NET ASSETS (31,514,578) (27,222,838)
NET ASSETS:
Beginning of period 140,036,757 167,259,595
--------------- ---------------
End of period $ 108,522,179 $ 140,036,757
=============== ===============
</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 For the Year
Ended October 31, Ended April 30,
2000* 2000 1999 1998 1997 1996
------------------ ------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.05 0.05 0.05 0.05
------- ------- ------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.03) (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 $ 1.00
======= ======= ======= ======== ======== ========
Total return 6.07%(2) 5.01% 4.90% 5.30% 5.15% 5.44%
======= ======= ======= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $73,957 $78,943 $90,862 $138,169 $167,692 $316,364
======= ======= ======= ======== ======== ========
Ratio of expenses to average net assets 0.33%(2) 0.33% 0.33% 0.33% 0.30% 0.30%
======= ======= ======= ======== ======== ========
Ratio of net investment income to
average net assets 6.04%(2) 4.85% 4.83% 5.18% 5.02% 5.36%
======= ======= ======= ======== ======== ========
Ratio of expenses to average net assets
without fee waivers 0.75%(2) 0.72% 0.57% 0.55% 0.67% 0.71%
======= ======= ======= ======== ======== ========
Ratio of net investment income to
average net assets without fee waivers 5.62%(2) 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.
(2) 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 For the Year
Ended October 31, Ended April 30,
2000* 2000 1999 1998 1997 1996
------------------ --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.97 $ 9.97
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.05 0.05 0.14 0.55
----------- -------- -------- -------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.03) (0.05) (0.05) (0.05) (0.14) (0.55)
Stock Split (Note 3) 0.00 0.00 0.00 0.00 (8.97) 0.00
----------- -------- -------- -------- -------- --------
Total dividends and distributions to
shareholders (0.03) (0.05) (0.05) (0.05) (9.11) (0.55)
----------- -------- -------- -------- -------- --------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 9.97
=========== ======== ======== ======== ======== ========
Total return 6.33%(2) 5.27% 5.16% 5.48% 5.23% 5.65%
=========== ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 283,333 $223,152 $352,333 $150,222 $ 87,416 $ 31,082
=========== ======== ======== ======== ======== ========
Ratio of expenses to average net assets 0.20%(2) 0.20% 0.20% 0.20% 0.23% 0.60%
=========== ======== ======== ======== ======== ========
Ratio of net investment income to
average net assets 6.29%(2) 5.12% 5.01% 5.35% 5.13% 5.38%
=========== ======== ======== ======== ======== ========
Ratio of expenses to average net assets
without fee waivers 0.21%(2) 0.22% 0.24% 0.31% 0.39% 0.85%
=========== ======== ======== ======== ======== ========
Ratio of net investment income to
average net assets without fee waivers 6.28%(2) 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.
(2) Annualized
*Unaudited
See notes to financial statements.
15
<PAGE> 17
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND - CLASS I
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the period indicated:
<TABLE>
<CAPTION>
For the
For the For the Period
Six Months Year December 10,
Ended Ended 1998 to
October 31, 2000* April 30, 2000 April 30, 1999(1)
----------------- -------------- -----------------
<S> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.02
-------- -------- --------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.03) (0.05) (0.02)
-------- -------- --------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total return 6.43%(2) 5.43% $ 4.82(2)
======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $108,410 $140,005 $167,257
======== ======== ========
Ratio of expenses to average net assets 0.20%(2) 0.20% 0.20%(2)
======== ======== ========
Ratio of net investment income to
average net assets 6.36%(2) 5.37% 4.71%(2)
======== ======== ========
Ratio of expenses to average net assets
without fee waivers 0.36%(2) 0.28% 0.66%(2)
======== ======== ========
Ratio of net investment income to
average net assets without fee waivers 6.20%(2) 5.28% 4.25%(2)
======== ======== ========
</TABLE>
(1) Class I commenced operations on December 10, 1998.
(2) Annualized
*Unaudited
See notes to financial statements.
16
<PAGE> 18
FINANCIAL INVESTORS TRUST
PRIME MONEY MARKET FUND - CLASS II
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest
outstanding throughout the period indicated:
<TABLE>
<CAPTION>
For the
For the For the Period
Six Months Year December 23,
Ended Ended 1998 to
October 31, 2000* April 30, 2000 April 30, 1999(1)
----------------- -------------- -----------------
<S> <C> <C> <C>
Net asset value - beginning of period $ 1.00 $ 1.00 $ 1.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.02
------- ------- -------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income (0.03) (0.05) (0.02)
------- ------- -------
Net asset value - end of period $ 1.00 $ 1.00 $ 1.00
======= ======= =======
Total return 6.17%(2) 5.17% 4.55%(2)
======= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 112 $ 32 $ 2
======= ======= =======
Ratio of expenses to average net assets 0.45%(2) 0.45% 0.45%(2)
======= ======= =======
Ratio of net investment income to
average net assets 6.13%(2) 5.11% 4.53%(2)
======= ======= =======
Ratio of expenses to average net assets
without fee waivers 0.60%(2) 0.57% 1.24%(2)
======= ======= =======
Ratio of net investment income to
average net assets without fee waivers 5.97%(2) 4.99% 3.74%(2)
======= ======= =======
</TABLE>
(1) Class II commenced operations on December 23, 1998.
(2) Annualized
*Unaudited
See notes to financial statements.
17
<PAGE> 19
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 their taxable income to shareholders.
Therefore, no federal income tax provisions are required.
EXPENSES: Most expenses of the Trust can be directly attributed to a
Fund. Expenses which cannot be directly attributed are apportioned among all
funds in the Trust 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> 20
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
2. INVESTMENT ADVISORY FEES, ADMINISTRATION FEES AND OTHER RELATED PARTY
TRANSACTIONS (UNAUDITED)
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.
Shareholders holding more than 10% of the Funds' outstanding shares as
of October 31, 2000, constituted 16.4 percent of the U.S. Treasury Money Market
Fund 12.3% of the U.S. Government Money Market Fund and 86.3 percent of the
Prime Money Market Fund.
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
