UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-08194

FINANCIAL INVESTORS TRUST

(Exact name of Registrant as specified in charter)

1290 Broadway, Suite 1100, Denver, Colorado 80203

(Address of principal executive offices) (Zip code)

JoEllen L. Legg, Esq., Secretary

Financial Investors Trust

1290 Broadway, Suite 1100

Denver, Colorado 80203

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2015 – January 31, 2016

Item 1. Schedule of Investments.

ALPS | Alerian MLP Infrastructure Index Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
MASTER LIMITED PARTNERSHIPS (99.38%)
Gathering & Processing (21.90%)
Pipelines (21.90%)
DCP Midstream Partners LP		31,347	$	588,383
EnLink Midstream Partners LP		46,820		561,372
MPLX LP		73,371		2,257,626
Targa Resources Partners LP		57,085		784,348
Western Gas Partners LP		26,437		864,225
Williams Partners LP		57,368		1,263,243
				6,319,197

TOTAL GATHERING & PROCESSING				6,319,197

Pipeline Transportation \| Natural Gas (32.69%)
Pipelines (32.69%)
Energy Transfer Partners LP		66,931		1,990,528
Enterprise Products Partners LP		131,522		3,144,691
EQT Midstream Partners LP		18,775		1,278,014
ONEOK Partners LP		53,689		1,467,858
Spectra Energy Partners LP		20,464		857,646
TC PipeLines LP		15,987		691,278
				9,430,015

TOTAL PIPELINE TRANSPORTATION \| NATURAL GAS				9,430,015

Pipeline Transportation \| Petroleum (44.79%)
Pipelines (44.79%)
Buckeye Partners LP		37,135		2,162,743
Enbridge Energy Partners LP		64,378		1,175,542
Genesis Energy LP		32,206		915,295
Magellan Midstream Partners LP		37,546		2,411,580
NGL Energy Partners LP		31,546		380,129
NuStar Energy LP		21,996		713,330
Plains All American Pipeline LP		106,890		2,256,448
Shell Midstream Partners LP		21,331		758,530
Sunoco Logistics Partners LP		55,563		1,237,388
Tesoro Logistics LP		20,492		908,410
				12,919,395

TOTAL PIPELINE TRANSPORTATION \| PETROLEUM				12,919,395

TOTAL MASTER LIMITED PARTNERSHIPS (Cost $36,600,621)				28,668,607

TOTAL INVESTMENTS (99.38%) (Cost $36,600,621)			$	28,668,607

Other Assets In Excess Of Liabilities (0.62%)				178,116

NET ASSETS (100.00%)			$	28,846,723

Common Abbreviations:

LP - Limited Partnerships.

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

See Notes to Quarterly Statement of Investments.

ALPS|CoreCommodity Management

CompleteCommodities^® Strategy Fund

CONSOLIDATED STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (29.61%)
Argentina (0.10%)
YPF SA, Sponsored ADR		21,316	$	358,961

Australia (0.87%)
BlueScope Steel, Ltd.		126,081		412,260
GrainCorp, Ltd., Class A		56,752		341,815
Iluka Resources, Ltd.		60,429		232,234
Newcrest Mining, Ltd.^(a)		29,337		267,431
Nufarm, Ltd.		61,898		299,211
OZ Minerals, Ltd.		164,868		439,904
Sandfire Resources NL		41,755		147,760
South32, Ltd.^(a)		68,819		47,489
Woodside Petroleum, Ltd.		47,197		933,633
				3,121,737

Austria (0.13%)
OMV AG		15,986		409,649
Voestalpine AG		2,300		60,396
				470,045

Bermuda (0.11%)
Kosmos Energy, Ltd.^(a)		67,844		310,047
Nabors Industries, Ltd.		11,916		87,702
				397,749

Brazil (0.50%)
BRF SA, ADR		31,540		382,580
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		241,150		1,280,506
Vale SA, Sponsored ADR		42,979		105,299
				1,768,385

Canada (4.85%)
Advantage Oil & Gas, Ltd.^(a)		35,400		193,311
Agnico-Eagle Mines, Ltd.		49,573		1,459,429
ARC Resources, Ltd.		69,987		940,720
Barrick Gold Corp.		5,870		58,172
Cameco Corp.		22,228		269,848
Canadian Natural Resources, Ltd.		31,805		676,174
Canadian Oil Sands, Ltd.		92,251		618,343
Cenovus Energy, Inc.		83,500		1,028,774
Centerra Gold, Inc.		78,900		359,328
Crescent Point Energy Corp.		77,878		863,335
Detour Gold Corp.^(a)		16,587		201,758
Eldorado Gold Corp.		20,618		46,184
Encana Corp.		8,286		36,210
Ensign Energy Services, Inc.		27,700		131,095
Franco-Nevada Corp.		22,556		994,945
Freehold Royalties, Ltd.		22,900		175,073
Goldcorp, Inc.		19,779		224,294
Husky Energy, Inc.		10,813		107,599
Imperial Oil, Ltd.		25,700		787,933
Lundin Mining Corp.^(a)		23,700		58,704
Mullen Group, Ltd.		20,800		223,011

	Shares		Value (Note 2)
Canada (continued)
New Gold, Inc.^(a)		119,281	$	289,853
Osisko Gold Royalties, Ltd.		2,569		26,114
Pan American Silver Corp.		8,431		55,813
Parex Resources, Inc.^(a)		43,000		283,311
Pason Systems, Inc.		13,400		171,506
Peyto Exploration & Development Corp.		18,600		400,041
Potash Corp. of Saskatchewan, Inc.		10,130		165,119
Precision Drilling Corp.		89,606		304,660
Raging River Exploration, Inc.^(a)		83,800		535,377
Secure Energy Services, Inc.		42,200		225,625
Seven Generations Energy, Ltd., Class A^(a)		42,100		473,621
ShawCor, Ltd.		12,700		274,234
Silver Wheaton Corp.		134,407		1,580,626
Suncor Energy, Inc.		31,400		743,702
Tahoe Resources, Inc.		74,900		581,706
TORC Oil & Gas, Ltd.		35,600		137,734
Turquoise Hill Resources, Ltd.^(a)		180,078		370,961
Vermilion Energy, Inc.		30,800		823,591
Whitecap Resources, Inc.		74,400		406,813
				17,304,647

Chile (0.27%)
Sociedad Quimica y Minera de Chile SA, Sponsored ADR		58,982		957,278

China (0.51%)
China Petroleum & Chemical Corp., Class H		528,358		294,028
CNOOC, Ltd., Sponsored ADR		12,416		1,261,093
PetroChina Co., Ltd., ADR		4,087		249,798
				1,804,919

Colombia (0.14%)
Ecopetrol SA, Sponsored ADR		76,906		495,275

Denmark (0.06%)
FLSmidth & Co. A/S		6,011		209,587

Finland (0.08%)
Kemira OYJ		10,739		120,989
Outotec OYJ		43,438		169,403
				290,392

France (0.09%)
TOTAL SA, Sponsored ADR		6,996		310,063

Germany (0.26%)
Aurubis AG		2,871		116,755
K+S AG		27,948		587,659
Salzgitter AG		10,429		222,339
				926,753

Great Britain (0.18%)
Amec Foster Wheeler PLC		48,174		282,878
John Wood Group PLC		38,450		352,283
				635,161

	Shares		Value (Note 2)
Israel (0.00%)^(b)
Tower Semiconductor, Ltd.^(a)		1	$	7

Japan (2.62%)
Hitachi Metals, Ltd.		65,700		723,397
Inpex Corp.		135,133		1,175,919
Japan Petroleum Exploration Co., Ltd.		10,600		270,111
Kubota Corp.		38,000		548,978
Kurita Water Industries, Ltd.		70,016		1,471,860
Maruichi Steel Tube, Ltd.		20,000		557,552
Megmilk Snow Brand Co., Ltd.		20,800		536,043
METAWATER Co., Ltd.		13,100		267,378
Nihon Nohyaku Co., Ltd.		219,900		1,325,957
Nippon Suisan Kaisha, Ltd.		115,300		595,238
Nisshin Steel Co., Ltd.		29,000		269,962
Osaka Titanium Technologies Co., Ltd.		8,500		136,418
Sumitomo Forestry Co., Ltd.		37,659		470,329
Sumitomo Metal Mining Co., Ltd.		21,000		218,040
Toho Titanium Co., Ltd.^(a)		16,600		125,462
Tokyo Steel Manufacturing Co., Ltd.		69,700		483,608
Yamato Kogyo Co., Ltd.		6,700		156,231
				9,332,483

Jersey (0.43%)
Petrofac, Ltd.		12,709		143,333
Randgold Resources, Ltd., ADR		19,554		1,382,859
				1,526,192

Luxembourg (0.08%)
Subsea 7 SA^(a)		5,410		32,093
Ternium SA, Sponsored ADR		20,283		240,962
				273,055

Mexico (0.26%)
Grupo Lala SAB de CV		265,800		629,851
Grupo Mexico SAB de CV, Series B		82,383	$	159,790
Industrias Penoles SAB de CV		13,107		125,002
				914,643

Netherlands (0.34%)
Frank's International N.V.		36,103		528,187
Fugro N.V.^(a)		7,518		110,680
Royal Dutch Shell PLC, Class A, Sponsored ADR		13,288		583,742
				1,222,609

Norway (1.66%)
Bakkafrost P/F		16,496		547,422
DNO ASA^(a)		295,286		195,574
Marine Harvest ASA		116,099		1,575,339
Norsk Hydro ASA		139,190		459,819
Statoil ASA		33,953		463,052
TGS Nopec Geophysical Co. ASA		35,976		518,821
Yara International ASA		57,700		2,173,321
				5,933,348

Peru (0.11%)
Cia de Minas Buenaventura SAA, ADR^(a)		101,778		407,112

	Shares		Value (Note 2)
Singapore (0.24%)
First Resources, Ltd.		102,200	$	125,185
Wilmar International, Ltd.		366,661		733,528
				858,713

South Africa (0.20%)
AngloGold Ashanti, Ltd., Sponsored ADR^(a)		10,817		91,728
Exxaro Resources, Ltd.		35,057		133,958
Gold Fields, Ltd., Sponsored ADR		121,567		413,328
Impala Platinum Holdings, Ltd.^(a)		39,295		81,335
				720,349

South Korea (0.10%)
POSCO, Sponsored ADR		9,804		363,630

Spain (0.03%)
Acerinox SA		10,270		91,986

Sweden (0.16%)
Boliden AB		7,842		108,258
Holmen AB, B Shares		4,641		132,786
Lundin Petroleum AB^(a)		16,470		235,232
SSAB AB, A Shares^(a)		41,117		98,482
				574,758

Switzerland (0.27%)
Noble Corp. PLC		9,174		71,465
Syngenta AG		1,786		655,398
Transocean, Ltd.		8,890		92,634
Weatherford International, Ltd.^(a)		20,498		138,157
				957,654

United Kingdom (0.82%)
Antofagasta PLC		49,329		267,238
BG Group PLC		17,867		268,462
BP PLC, Sponsored ADR		21,309		689,772
Fresnillo PLC		14,550		149,687
Severn Trent PLC		21,019		655,605
United Utilities Group PLC		64,416		877,936
				2,908,700

United States (14.14%)
AGCO Corp.		16,351		797,438
Allegheny Technologies, Inc.		5,767		54,094
Allied Nevada Gold Corp.^(a)		28,885		1,127
American States Water Co.		12,117		550,112
American Water Works Co., Inc.		3,695		239,842
The Andersons, Inc.		13,426		393,516
Antero Resources Corp.^(a)		17,644		479,388
Apache Corp.		4,465		189,941
Aqua America, Inc.		18,258		575,675
Archer-Daniels-Midland Co.		13,777		487,017
Baker Hughes, Inc.		8,747		380,582
Bristow Group, Inc.		9,527		221,598
Bunge, Ltd.		2,390		148,204
Calgon Carbon Corp.		20,375		329,871
California Water Service Group		12,143		304,668
Cal-Maine Foods, Inc.		39,853		2,011,381

	Shares		Value (Note 2)
United States (continued)
Cameron International Corp.^(a)		8,046	$	528,300
Carpenter Technology Corp.		11,547		320,545
Carrizo Oil & Gas, Inc.^(a)		1,829		49,621
CF Industries Holdings, Inc.		11,029		330,870
Chevron Corp.		4,200		363,174
Cimarex Energy Co.		3,872		360,096
Commercial Metals Co.		24,641		343,003
ConocoPhillips		5,846		228,462
Continental Resources, Inc.^(a)		143		3,019
Core Laboratories N.V.		9,180		903,312
CST Brands, Inc.		1,278		49,510
Darling Ingredients, Inc.^(a)		18,472		166,063
Deere & Co.		6,627		510,345
Devon Energy Corp.		5,560		155,124
Diamond Offshore Drilling, Inc.		3,190		59,302
Diamondback Energy, Inc.^(a)		2,929		221,286
Dril-Quip, Inc.^(a)		31,333		1,837,367
Energen Corp.		98		3,456
Ensco PLC, Class A		9,480		92,714
EOG Resources, Inc.		3,824		271,580
EQT Corp.		6,352		392,172
Exxon Mobil Corp.		13,502		1,051,131
FMC Technologies, Inc.^(a)		41,461		1,042,744
Forum Energy Technologies, Inc.^(a)		46,952		526,332
Halliburton Co.		564		17,930
Helix Energy Solutions Group, Inc.^(a)		73,603		296,620
Helmerich & Payne, Inc.		23,402		1,188,822
Hess Corp.		14,833		630,403
HollyFrontier Corp.		28,340		991,050
Hormel Foods Corp.		30,756		2,473,090
Ingredion, Inc.		9,393		946,063
Joy Global, Inc.		33,712		336,109
Kaiser Aluminum Corp.		1,761		136,900
Kinder Morgan, Inc.		5,763		94,801
Laredo Petroleum, Inc.^(a)		39,853		309,259
Lindsay Corp.		11,998		843,939
Marathon Oil Corp.		44,849		436,381
Marathon Petroleum Corp.		31,343		1,309,824
Matador Resources Co.^(a)		18,153		290,993
Memorial Resource Development Corp.^(a)		31,199		496,376
Monsanto Co.		27,375		2,480,175
The Mosaic Co.		8,076		194,632
Murphy Oil Corp.		37,028		726,119
National Oilwell Varco, Inc.		21,300		693,102
Newmont Mining Corp.		84		1,677
Noble Energy, Inc.		4,222		136,666
Occidental Petroleum Corp.		976		67,178
Oceaneering International, Inc.		38,357		1,298,384
Oil States International, Inc.^(a)		27,984		789,988
Parsley Energy, Inc., Class A^(a)		13,039		251,131
Patterson-UTI Energy, Inc.		17,623		253,419
PDC Energy, Inc.^(a)		4,982		283,326
Phillips 66		10,779		863,937
Pilgrim's Pride Corp.^(a)		113,544		2,518,406
Pioneer Natural Resources Co.		1,605		198,940
Plum Creek Timber Co., Inc. REIT		4,614		186,913
Potash Corp. REIT		31,180		899,231
QEP Resources, Inc.		16,190		207,556

	Shares		Value (Note 2)
United States (continued)
Rayonier, Inc. REIT		16,060	$	338,705
Royal Gold, Inc.		17,724		527,998
RPC, Inc.		107,192		1,336,684
RSP Permian, Inc.^(a)		14,082		331,631
Sanderson Farms, Inc.		38,094		3,093,995
Schlumberger, Ltd.		12,112		875,334
Southern Copper Corp.		20,916		542,143
Southwestern Energy Co.^(a)		12,696		112,867
Steel Dynamics, Inc.		17,923		328,887
Stillwater Mining Co.^(a)		17,761		116,335
Superior Energy Services, Inc.		13,527		139,463
Synergy Resources Corp.^(a)		41,496		263,085
Tyson Foods, Inc., Class A		4,769		254,474
Valero Energy Corp.		20,330		1,379,797
Walter Energy, Inc.^(a)		68,768		2,132
Weyerhaeuser Co. REIT		19,376		496,219
Worthington Industries, Inc.		15,573		476,378
				50,439,449

TOTAL COMMON STOCKS (Cost $126,245,523)				105,575,640

MASTER LIMITED PARTNERSHIPS (0.24%)
United States (0.24%)
Alliance Resource Partners LP	14,363	203,380
Buckeye Partners LP	977	56,901
Energy Transfer Partners LP	2,591	77,056
Enterprise Products Partners LP	10,676	255,263
Magellan Midstream Partners LP	2,054	131,929
MPLX LP	1,555	47,847
Plains All American Pipeline LP	3,090	65,230
Williams Partners LP	1,242	27,349
		864,955

TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,410,976)		864,955

	Principal Amount		Value (Note 2)
GOVERNMENT BONDS (58.29%)
U.S. Treasury Bonds (58.29%)
United States Treasury Inflation Indexed Bonds
0.125%, 4/15/16^(c)	$	46,883,516	$	46,684,214
2.500%, 7/15/16		2,174,287		2,205,783
0.875%, 11/30/16		25,000,000		25,054,700
2.375%, 1/15/17^(c)		10,298,488		10,554,003
1.000%, 3/31/17^(c)		36,000,000		36,135,720
0.125%, 4/15/17^(c)		15,152,500		15,170,456
0.750%, 6/30/17^(c)		45,000,000		45,016,695
2.625%, 7/15/17^(c)		14,601,428		15,288,629
1.625%, 1/15/18		11,329,700		11,745,047
				207,855,247
TOTAL GOVERNMENT BONDS (Cost $209,113,737)				207,855,247

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (13.07%)
Money Market Fund (13.07%)
Dreyfus Treasury Prime Cash Management Fund, Institutional Shares		0.077	%		46,609,587	$	46,609,587

TOTAL SHORT TERM INVESTMENTS (Cost $46,609,587)							46,609,587

TOTAL INVESTMENTS (101.21%) (Cost $383,379,823)						$	360,905,429

Liabilities in Excess of Other Assets (-1.21%)							(4,312,877	)^(d)
NET ASSETS - 100.00%						$	356,592,552

^(a)	Non-Income Producing Security.

^(b)	Less than 0.005%

^(c)	Security, or portion of security, is being held as collateral for total return swap contract, futures contracts and written options aggregating a total market value of $57,179,183.

^(d)	Includes cash which is being held as collateral for total return swap contracts, future contracts and written options in the amount of $182,617.

Common Abbreviations:

A/S - Aktieselskab is the Danish equivalent for the term Stock Company.

AB - Aktiebolag is the Swedish equivalent of the term corporation.

ADR - American Depositary Receipt.

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

ASA - Allmennaksjeselskap is the Norwegian term for public limited company.

Ltd. - Limited.

LP - Limited Partnership.

NL - No Liability

N.V. - Naamloze vennootschap is the Dutch term for a public limited liability corporation.

OYJ - Osakeyhtio is the Finnish equivalent of a public limited company.

PLC - Public Limited Co.

REIT - Real Estate Investment Trust.

SA - Generally designated corporations in various countries, mostly those employing the civil law.

SAA - Sociedad Anonima Abierta is the Peruvian term used for companies with 20 or more shareholders.

SAB de CV - A variable capital company.

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

See Notes to Quarterly Statement of Investments.

FUTURES CONTRACTS

Description	Position	Contracts	Expiration Date	Value (Note 2)			Unrealized Appreciation
Brent Crude Future	Long	400	3/01/16	$	14,396,000		$	1,556,320
Copper Future	Short	(39)	3/30/16		(2,015,325	)		144,668
Gold 100 Oz Future	Long	29	4/28/16		3,237,560			70,237
LME Zinc Future	Long	8	3/15/16		324,400			14,040
Natural Gas Future	Long	15	2/26/16		344,700			23,697
Platinum Future	Long	61	4/28/16		2,666,615			38,525
Silver Future	Long	48	3/30/16		3,418,320			50,096
WTI Crude Future	Short	(26)	2/20/16		(874,120	)		25,804
WTI Crude Future	Long	21	2/23/16		706,020			46,001
				$	22,204,170		$	1,969,388

Description	Position	Contracts	Expiration Date	Value (Note 2)			Unrealized Depreciation
Coffee C Future	Long	25	3/19/16	$	1,090,781		$	(15,994	)
LME Nickel Future	Long	10	3/15/16		516,300			(16,706	)
Sugar #11 (World)	Long	140	3/01/16		2,060,352			(235,200	)
WTI Crude Future	Short	(186)	3/19/16		(6,562,080	)		(567,942	)
				$	(2,894,647	)	$	(835,842	)

SCHEDULE OF WRITTEN OPTIONS	Expiration Date	Exercise Price		Contracts	Value (Note 2)
Written Call Options
Sugar (WRLD) Future:
	2/16/16	$	15.00	(50)	$	(1,120	)
	2/16/16		15.50	(50)		(560	)

TOTAL WRITTEN CALL OPTIONS
(Premiums received $57,854)					$	(1,680	)

TOTAL WRITTEN OPTIONS
(Premiums received $57,854)					$	(1,680	)

TOTAL RETURN SWAP CONTRACTS^(a)

Swap Counterparty	Reference Obligation	Notional Dollars		Floating Rate/Fixed Amount Paid by Fund	Termination Date	Unrealized Appreciation
Bank of America - Merrill Lynch	ML eXtra Silver GA6	$	971,705	USB3MTA + 10 bps*	6/30/2016	$	29,276
						$	29,276

Swap Counterparty	Reference Obligation	Notional Dollars			Floating Rate/Fixed Amount Paid by Fund	Termination Date	Unrealized Appreciation
Bank of America - Merrill Lynch	MLCS Coffee J-F3	$	(2,735,837	)	USB3MTA*	6/30/2016	$	221,598
Bank of America - Merrill Lynch	MLCS Copper J-F3		(3,553,008	)	USB3MTA*	6/30/2016		117,504
							$	339,102
					Total Appreciation		$	368,378

Swap Counterparty	Reference Obligation	Notional Dollars		Floating Rate/Fixed Amount Paid by Fund	Termination Date	Unrealized Depreciation
UBS	CRB 3m Fwd TR Index **	$	9,019,904	USB3MTA + 40 bps*	11/30/2016	$	(369,642	)
Citigroup	CRB 3m Fwd TR Index **		82,067,612	USB3MTA + 27 bps*	9/19/2016		(2,047,645	)
Societe Generale	CRB 3m Fwd TR Index **		68,074,154	USB3MTA + 35 bps*	11/30/2016		(2,789,709	)
Bank of America - Merrill Lynch	CRB 3m Fwd TR Index **		73,030,897	USB3MTA + 35 bps*	6/30/2016		(2,993,011	)
Bank of America - Merrill Lynch	LME Copper Future		2,988,900	n/a	4/29/2016		(246,114	)
Bank of America - Merrill Lynch	ML Nickel		533,520	n/a	3/17/2016		(17,126	)
Bank of America - Merrill Lynch	ML Aluminum GA6		7,387,784	USB3MTA + 10 bps*	6/30/2016		(4,814	)
Bank of America - Merrill Lynch	ML eXtra Coffee GA6		2,837,754	USB3MTA + 10 bps*	6/30/2016		(227,494	)
Bank of America - Merrill Lynch	ML eXtra Copper GA6		3,578,034	USB3MTA + 10 bps*	6/30/2016		(117,427	)
						$	(8,812,982	)

Swap Counterparty	Reference Obligation	Notional Dollars			Floating Rate/Fixed Amount Paid by Fund	Termination Date	Unrealized Depreciation
Bank of America - Merrill Lynch	MLCS Silver J-F3		(968,615	)	USB3MTA**	6/30/2016	$	(29,955	)
Bank of America - Merrill Lynch	MLCX Aluminum J-F3		(7,249,730	)	USB3MTA**	6/30/2016		(37,062	)
							$	(67,017	)
					Total Depreciation		$	(8,879,999	)

^(a)	The Fund receives payments based on any positive return of the Reference Obligation less the rate paid by the Fund. The Fund makes payments on any negative return of such Reference Obligations plus the rate paid by the fund

*	United States Auction Results 3 Month Treasury Bill High Discount

**	CRB - Commodity Research Bureau

ALPS | Kotak India Growth Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (97.83%)
Consumer Discretionary (11.02%)
Auto Components (2.54%)
Motherson Sumi Systems, Ltd.		41,520	$	163,960
MRF, Ltd.		365		192,284
				356,244

Automobiles (6.94%)
Maruti Suzuki India, Ltd.		6,650		403,036
Tata Motors, Ltd., Class A^(a)		86,500		340,489
TVS Motor Co., Ltd.		53,000		229,888
				973,413

Media (1.54%)
Dish TV India, Ltd.^(a)		159,500		215,902

TOTAL CONSUMER DISCRETIONARY				1,545,559

Consumer Staples (9.40%)
Beverages (0.86%)
United Breweries, Ltd.		10,500		120,051

Food Products (1.94%)
Britannia Industries, Ltd.		6,850		272,604

Household Products (0.97%)
Jyothy Laboratories, Ltd.		32,000		135,721

Personal Products (1.96%)
Colgate‐Palmolive India, Ltd.		21,700		275,112

Tobacco (3.67%)
ITC, Ltd.		108,500		514,481

TOTAL CONSUMER STAPLES				1,317,969

Energy (4.76%)
Oil, Gas & Consumable Fuels (4.76%)
Hindustan Petroleum Corp., Ltd.		31,100		375,383
Reliance Industries, Ltd.		19,100		292,955
				668,338

TOTAL ENERGY				668,338

Financials (26.76%)
Commercial Banks (19.23%)
Axis Bank, Ltd.		68,364		414,717
Bank of Baroda		93,000		173,402
HDFC Bank, Ltd.		48,033		749,163
ICICI Bank, Ltd.		148,000		504,076
IndusInd Bank, Ltd.		29,135		401,121
State Bank of India		86,900		232,275

	Shares		Value (Note 2)
Commercial Banks (continued)
Yes Bank, Ltd.		20,102	$	222,704
				2,697,458

Consumer Finance (2.58%)
Shriram Transport Finance Co., Ltd.		15,215		190,197
SKS Microfinance, Ltd.^(a)		21,700		171,800
				361,997

Diversified Financial Services (0.88%)
Multi Commodity Exchange of India, Ltd.		9,750		123,536

Insurance (1.02%)
MAX Financial Services, Ltd.		26,325		142,572

Thrifts & Mortgage Finance (3.05%)
Housing Development Finance Corp., Ltd.		24,400		427,128

TOTAL FINANCIALS				3,752,691

Health Care (7.88%)
Health Care Equipment & Services (0.32%)
MAX India, Ltd.^(a)(b)		26,325		45,557

Pharmaceuticals (7.56%)
Cadila Healthcare, Ltd.		30,445		137,125
Cipla, Ltd.		23,100		200,292
Lupin, Ltd.		9,350		236,809
Sun Pharmaceutical Industries, Ltd.		37,500		485,396
				1,059,622

TOTAL HEALTH CARE				1,105,179

Industrials (10.79%)
Construction & Engineering (2.60%)
Larsen & Toubro, Ltd.		19,500		318,895
MBL Infrastructures, Ltd.		19,042		45,833
				364,728

Electrical Equipment (4.17%)
Amara Raja Batteries, Ltd.		18,300		227,253
Crompton Greaves, Ltd.		67,450		171,229
Finolex Cables, Ltd.		36,000		123,536
V‐Guard Industries, Ltd.		4,762		62,975
				584,993

Machinery (1.53%)
Thermax, Ltd.		6,800		84,215
Timken India, Ltd.^(a)		18,200		130,143
				214,358

Miscellaneous Manufacturer (0.65%)
Solar Industries India, Ltd.		2,000		90,996

Transportation Infrastructure (1.84%)
Gateway Distriparks, Ltd.		40,500		181,076

	Shares		Value (Note 2)
Transportation Infrastructure (continued)
IL&FS Transportation Networks, Ltd.		65,040	$	76,887
				257,963

TOTAL INDUSTRIALS				1,513,038

Information Technology (14.01%)
Computers (0.21%)
Persistent Systems, Ltd.		3,100		30,424

IT Services (13.80%)
HCL Technologies, Ltd.		20,050		257,218
Infosys, Ltd.		53,250		915,394
Tata Consultancy Services, Ltd.		16,300		576,562
Tech Mahindra, Ltd.		25,000		185,734
				1,934,908

TOTAL INFORMATION TECHNOLOGY				1,965,332

Materials (12.60%)
Auto Parts & Equipment (0.58%)
Gulf Oil Lubricants India, Ltd.		10,628		81,694

Chemicals (4.29%)
Akzo Nobel India, Ltd.		9,860		195,502
Bayer CropScience, Ltd.		1,674		83,495
Berger Paints India, Ltd.		35,225		138,844
Max Venture & Industries, Ltd.^(a)(b)		5,265		2,147
Supreme Industries, Ltd.		16,488		180,680
				600,668

Construction Materials (7.73%)
ACC, Ltd.		4,721		86,671
Century Textiles & Industries, Ltd.		19,200		149,857
JK Cement, Ltd.		22,666		166,330
Orient Cement, Ltd.		30,974		65,257
The Ramco Cements, Ltd.		36,619		210,516
Shree Cement, Ltd.		1,015		158,530
Ultratech Cement, Ltd.		5,870		246,877
				1,084,038

TOTAL MATERIALS				1,766,400

Telecommunication Services (0.61%)
Diversified Telecommunication (0.61%)
Tata Communications, Ltd.		14,342		85,079

TOTAL TELECOMMUNICATION SERVICES				85,079

TOTAL COMMON STOCKS (Cost $14,724,769)				13,719,585

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.46%)
Money Market Fund (0.46%)
Dreyfus Cash Advantage Fund, Institutional Class		0.332	%		63,874	$	63,874

TOTAL SHORT TERM INVESTMENTS (Cost $63,874)							63,874

TOTAL INVESTMENTS (98.29%) (Cost $14,788,643)						$	13,783,459

Other Assets In Excess Of Liabilities (1.71%)							239,659

NET ASSETS (100.00%)						$	14,023,118

^(a)	Non-Income Producing Security.

^(b)	Fair valued security; valued by management in accordance with the procedures approved by the Fund’s Board of Trustees. As of January 31, 2016, these securities had a total value of $47,704 or 0.34% of total net assets.

Common Abbreviations:

Ltd. - Limited.

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

See Notes to Quarterly Statement of Investments.

ALPS|Metis Global Micro Cap Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (93.77%)
Australia (5.61%)
Beadell Resources, Ltd.		434,720	$	47,649
Bradken, Ltd.^(a)		76,768		24,109
Cedar Woods Properties, Ltd.		9,027		28,235
Monadelphous Group, Ltd.		9,508		42,537
Reckon, Ltd.		14,972		22,173
Regis Resources, Ltd.		26,080		43,731
Resolute Mining, Ltd.^(a)		243,781		56,246
Sandfire Resources NL		10,925		39,562
Senex Energy, Ltd.^(a)		257,937		28,008
Seven West Media, Ltd.		77,657		46,251
Southern Cross Media Group, Ltd.		53,525		43,182
STW Communications Group, Ltd.		45,766		24,722
Watpac, Ltd.		34,642		26,065
				472,470

Belgium (0.28%)
Sioen Industries NV		1,315		23,719

Brazil (0.61%)
Direcional Engenharia SA		30,000		24,788
Even Construtora e Incorporadora SA		25,600		26,474
				51,262

Canada (4.15%)
Capstone Infrastructure Corp.		17,020		58,560
Corus Entertainment, Inc., B Shares		5,696		39,562
Endeavour Silver Corp.^(a)		30,722		38,095
Horizon North Logistics, Inc.		27,012		35,286
Medical Facilities Corp.		2,565		25,542
Nevsun Resources, Ltd.		16,555		45,024
TransGlobe Energy Corp.		22,529		32,164
Trinidad Drilling, Ltd.		21,400		29,941
Yellow Pages, Ltd.^(a)		3,984		45,217
				349,391

China (0.67%)
Merry Garden Holdings, Ltd.		1,010,000		22,113
Tiangong International Co., Ltd.		514,000		34,577
				56,690

France (1.64%)
Assystem		1,019		24,727
EuropaCorp^(a)		4,802		22,581
Neopost SA		1,813		43,390
Sequana SA^(a)		6,073		20,843
Sword Group		989		26,619
				138,160

Germany (0.87%)
Borussia Dortmund GmbH & Co., KGaA		5,985		25,506
Leifheit AG		486		24,560
PNE Wind AG		11,597		23,531
				73,597

	Shares		Value (Note 2)
Great Britain (1.71%)
Amerisur Resources PLC^(a)		76,175	$	27,558
CML Microsystems PLC		6,945		36,615
Majestic Wine PLC^(a)		5,912		30,074
Soco International PLC		12,259		28,167
Wincanton PLC^(a)		9,107		21,736
				144,150

Hong Kong (2.53%)
APT Satellite Holdings, Ltd.		32,000		23,297
CSI Properties, Ltd.		800,000		21,725
G‐Resources Group, Ltd.		1,866,000		43,004
Le Saunda Holdings, Ltd.		114,000		22,211
Lisi Group Holdings, Ltd.		512,000		26,062
Playmates Toys, Ltd.		176,000		40,685
Shougang Fushan Resources Group, Ltd.		340,000		36,567
				213,551

India (0.24%)
Oriental Bank of Commerce		12,316		20,538

Indonesia (0.56%)
Bekasi Fajar Industrial Estate Tbk PT		1,202,500		21,133
Kawasan Industri Jababeka Tbk PT		1,499,200		25,718
				46,851

Israel (0.56%)
Magic Software Enterprises, Ltd.		4,713		26,769
magicJack VocalTec, Ltd.^(a)		2,714		20,654
				47,423

Japan (34.99%)
Aderans Co., Ltd.		3,700		18,542
Agro‐Kanesho Co., Ltd.		3,300		25,529
Aizawa Securities Co., Ltd.		7,600		43,318
Arealink Co., Ltd.		36,300		38,585
Asmo Corp.		68,000		42,706
Avex Group Holdings, Inc.		3,000		33,796
The Bank of Saga, Ltd.		12,000		24,824
Cleanup Corp.		7,100		42,338
Computer Engineering & Consulting, Ltd.		4,300		44,889
Computer Institute of Japan, Ltd.		10,600		41,230
Corona Corp.		4,600		40,756
DA Consortium, Inc.		5,200		27,661
Dai Nippon Toryo Co., Ltd.		23,000		44,253
Daihatsu Diesel Manufacturing Co., Ltd.		4,400		25,488
Daikoku Denki Co., Ltd.		3,400		45,062
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.		9,000		37,438
The Daisan Bank, Ltd.		17,000		23,218
The Ehime Bank, Ltd.		13,000		26,324
Eidai Co., Ltd.		13,000		44,901
Fuji Kiko Co., Ltd.		6,600		23,759
Fujisash Co., Ltd.^(a)		47,100		37,254
Fujishoji Co., Ltd.		4,700		40,883
Fujitec Co., Ltd.		4,200		39,606
Fukui Computer Holdings, Inc.		2,600		26,689
The Fukushima Bank, Ltd.		33,000		24,434
Gun‐Ei Chemical Industry Co., Ltd.		10,000		25,726
Happinet Corp.		4,500		39,911

	Shares		Value (Note 2)
Japan (continued)
Honda Tsushin Kogyo		4,800	$	38,710
Hosokawa Micron Corp.		6,000		27,994
Howa Machinery, Ltd.		7,900		38,316
Ichiyoshi Securities Co., Ltd.		4,800		44,671
Imagineer Co., Ltd.		3,000		22,572
IwaiCosmo Holdings, Inc.		3,800		40,989
Iwasaki Electric Co., Ltd.		21,000		37,068
Japan Digital Laboratory Co., Ltd.		3,100		41,256
Kato Works Co., Ltd.		6,000		22,440
Kawai Musical Instruments Manufacturing Co., Ltd.		2,300		39,251
Kinugawa Rubber Industrial Co., Ltd.		4,000		20,961
Koatsu Gas Kogyo Co., Ltd.		7,000		34,512
Komori Corp.		3,700		41,730
Konishi Co., Ltd.		1,200		24,204
Kurimoto, Ltd.		23,000		41,266
Kyokuto Kaihatsu Kogyo Co., Ltd.		2,300		22,698
Kyowa Leather Cloth Co., Ltd.		3,400		24,754
Mamiya‐Op Co., Ltd.		27,000		38,493
Mars Engineering Corp.		2,600		44,601
The Michinoku Bank, Ltd.		17,000		27,930
The Mie Bank, Ltd.		12,000		23,529
Miroku Jyoho Service Co., Ltd.		5,000		36,528
Mito Securities Co., Ltd.		12,800		43,423
Mitsuuroko Group Holdings Co., Ltd.		5,300		25,107
The Nanto Bank, Ltd.		9,000		26,166
ND Software Co., Ltd.		2,500		21,594
Nihon House Holdings Co., Ltd.		11,500		40,546
Nippon Hume Corp.		7,200		39,626
Nippon Piston Ring Co., Ltd.		1,600		24,931
Nippon Seisen Co., Ltd.		10,000		40,917
Ohashi Technica, Inc.		2,400		25,316
Okamoto Industries, Inc.		3,000		24,632
Osaka Soda Co., Ltd.		11,000		42,225
Riken Corp.		7,000		23,801
Ryoden Trading Co., Ltd.		7,000		43,550
San‐Ai Oil Co., Ltd.		3,000		23,264
Sankyo Seiko Co., Ltd.		11,300		40,011
Sansha Electric Manufacturing Co., Ltd.		7,000		38,839
The Shimizu Bank, Ltd.		1,000		23,539
Shiroki Corp.		8,000		24,850
SNT Corp.		5,200		25,978
Sun Frontier Fudousan Co., Ltd.		5,800		49,246
Systena Corp.		3,200		41,583
Tabuchi Electric Co., Ltd.		7,000		39,755
Tachikawa Corp.		4,000		22,873
Takagi Securities Co., Ltd.		29,000		40,351
Takiron Co., Ltd.		6,000		29,279
Tatsuta Electric Wire and Cable Co., Ltd.		12,000		40,558
Tayca Corp.		6,000		27,543
Teikoku Electric Manufacturing Co., Ltd.		3,500		25,604
Teikoku Sen‐I Co., Ltd.		2,000		21,497
The Tochigi Bank, Ltd.		4,000		19,023
Togami Electric Manufacturing Co., Ltd.		9,000		40,651
Toli Corp.		16,000		41,913
Tosho Printing Co., Ltd.		6,000		25,233
The Towa Bank, Ltd.		29,000		22,737
Toyo Machinery & Metal Co., Ltd.		7,100		23,265
Tsukuba Bank, Ltd.		7,900		24,541

	Shares		Value (Note 2)
Japan (continued)
Usen Corp.^(a)		8,900	$	26,182
West Holdings Corp.		7,200		48,167
Yachiyo Industry Co., Ltd.		4,700		38,115
Yuasa Trading Co., Ltd.		1,700		38,274
				2,948,298

New Zealand (0.28%)
Skellerup Holdings, Ltd.		25,458		23,833

Pakistan (0.56%)
Bank Alfalah, Ltd.		94,500		23,514
The Bank of Punjab^(a)		299,000		23,944
				47,458

Poland (0.23%)
Getin Noble Bank SA^(a)		171,390		18,986

Qatar (0.26%)
National Leasing		6,848		22,008

South Korea (4.90%)
Daou Technology, Inc.		2,388		41,086
Dong‐A Hwasung Co., Ltd.^(a)		5,963		25,925
Dongyang E&P, Inc.^(a)		2,131		22,367
DY Corp.		4,439		21,288
Halla Holdings Corp.^(a)		482		25,219
Kumho Tire Co., Inc.^(a)		4,546		23,805
Kwang Myung Electric Engineering Co., Ltd.^(a)		13,039		23,244
NEOWIZ HOLDINGS Corp.^(a)		2,075		25,396
Sammok S‐Form Co., Ltd.^(a)		2,496		45,854
SeAH Special Steel Co., Ltd.		2,746		41,912
Sejoong Co., Ltd.		8,018		25,614
Seoyon Electronics Co., Ltd.		8,753		23,104
Sungwoo Hitech Co., Ltd.		3,436		23,781
YeaRimDang Publishing Co., Ltd.^(a)		6,221		21,317
Yoosung Enterprise Co., Ltd.		7,447		22,714
				412,626

Sweden (1.21%)
Eniro AB^(a)		238,122		24,273
Medivir AB, B Shares^(a)		3,389		26,556
Semcon AB		5,207		24,902
Tethys Oil AB		3,843		26,429
				102,160

Taiwan (3.95%)
Apacer Technology, Inc.		81,000		39,431
China General Plastics Corp.		57,000		24,005
Clevo Co.		45,000		42,742
Cyberlink Corp.		13,000		26,658
Farglory Land Development Co., Ltd.		25,000		24,505
KEE TAI Properties Co., Ltd.		74,000		31,346
Radium Life Tech Co., Ltd.		73,000		22,480
Taiwan TEA Corp.		98,000		40,224
We&Win Diversification Co., Ltd.		143,000		42,053

	Shares		Value (Note 2)
Taiwan (continued)
Yungshin Construction & Development Co., Ltd.		50,000	$	39,447
				332,891

Thailand (0.57%)
Raimon Land PCL^(a)		1,304,100		47,700

Turkey (0.54%)
EGE Seramik Sanayi ve Ticaret AS		31,843		45,287

United States (26.85%)
Adams Resources & Energy, Inc.		702		23,636
Alaska Communications Systems Group, Inc.^(a)		19,767		32,023
American Public Education, Inc.^(a)		2,305		36,372
American Vanguard Corp.		3,125		35,188
Ampco‐Pittsburgh Corp.		4,248		44,264
Approach Resources, Inc.^(a)		14,777		19,062
Atwood Oceanics, Inc.		2,581		15,822
Baldwin & Lyons, Inc., Class B		1,822		45,058
Blucora, Inc.^(a)		4,413		38,084
Bravo Brio Restaurant Group, Inc.^(a)		4,870		41,931
C&F Financial Corp.		1,129		43,185
CARBO Ceramics, Inc.		1,554		25,719
CDI Corp.		6,400		32,896
Chart Industries, Inc.^(a)		2,431		39,407
Citizens & Northern Corp.		1,795		36,169
Columbus McKinnon Corp.		1,381		19,748
Computer Task Group, Inc.		6,575		38,858
Crawford & Co., Class B		8,161		37,133
CSS Industries, Inc.		1,544		43,247
Denbury Resources, Inc.		13,227		20,634
EZCORP, Inc., Class A^(a)		8,584		26,095
First BanCorp^(a)		7,934		20,628
FONAR Corp.^(a)		1,503		20,907
FreightCar America, Inc.		2,213		42,158
Geospace Technologies Corp.^(a)		2,397		25,911
Global Power Equipment Group, Inc.		12,292		32,205
Gold Resource Corp.		24,593		32,955
Graham Corp.		2,616		45,257
Hallador Energy Co.		5,588		27,828
Hardinge, Inc.		4,643		40,998
Hawaiian Telcom Holdco, Inc.^(a)		1,732		41,325
Higher One Holdings, Inc.^(a)		13,515		47,167
Hovnanian Enterprises, Inc., Class A^(a)		24,183		37,242
Hurco Cos, Inc.		1,688		45,575
Hyster‐Yale Materials Handling, Inc.		834		43,318
Independence Holding Co.		3,135		48,091
ITT Educational Services, Inc.^(a)		11,843		32,095
Johnson Outdoors, Inc., Class A		1,961		42,162
Juniper Pharmaceuticals, Inc.^(a)		3,719		29,529
Lifevantage Corp^(a)		4,799		40,168
Liquidity Services, Inc.^(a)		6,730		43,812
Macatawa Bank Corp.		7,266		42,579
Modine Manufacturing Co.^(a)		2,904		18,644
Nature's Sunshine Products, Inc.		4,226		36,259
Northern Oil and Gas, Inc.^(a)		7,611		25,116
Nutraceutical International Corp.^(a)		1,006		23,842
OFG Bancorp		3,566		20,041

	Shares		Value (Note 2)
United States (continued)
Pain Therapeutics, Inc.^(a)		23,407	$	37,919
Preformed Line Products Co.		1,035		39,144
Pzena Investment Management, Inc., Class A		5,031		38,739
REX American Resources Corp.^(a)		490		26,181
Saga Communications, Inc., Class A		1,117		46,813
SciClone Pharmaceuticals, Inc.^(a)		2,876		22,979
SL Industries, Inc.^(a)		1,387		41,610
Stone Energy Corp.^(a)		6,712		20,673
Travelzoo, Inc.^(a)		5,254		42,610
TRC Cos, Inc.^(a)		4,701		41,510
Twin Disc, Inc.		4,115		47,075
UFP Technologies, Inc.^(a)		1,117		24,205
Unit Corp.^(a)		2,218		23,134
VAALCO Energy, Inc.^(a)		20,819		29,355
Vera Bradley, Inc.^(a)		2,763		40,837
VOXX International Corp.^(a)		7,971		34,196
VSE Corp.		714		42,840
Weight Watchers International, Inc.^(a)		1,966		24,949
ZAGG, Inc.^(a)		4,060		37,433
				2,262,545

TOTAL COMMON STOCKS (Cost $8,488,494)				7,901,594

PREFERRED STOCKS (0.54%)
Brazil (0.54%)
Banco ABC Brasil SA		12,300		24,807
Banco do Estado do Rio Grande do Sul SA, Class B		18,300		20,420
				45,227

TOTAL PREFERRED STOCKS (Cost $51,652)				45,227

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (5.85%)
Money Market Fund (5.85%)
Morgan Stanley Institutional Liquidity Fund ‐ Prime Portfolio		0.347	%		492,878		492,878

TOTAL SHORT TERM INVESTMENTS (Cost $492,878)							492,878

TOTAL INVESTMENTS (100.16%) (Cost $9,033,024)						$	8,439,699

Liabilities in Excess of Other Assets (‐0.16%)							(13,035	)
NET ASSETS ‐100.00%						$	8,426,664

^(a)	Non-Income Producing Security.

Common Abbreviations:

AB - Aktiebolag is the Swedish equivalent of the term corporation.

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

AS - Andonim Sirketi, Joint Stock Company in Turkey.

GmbH - Gesellschaft mit beschrankter Haftung is the German term for a company with limited liability.

KGaA - Kommanditgesellschaft auf Aktien is a German corporate designation standing for 'partnership limited by shares.'

Ltd. - Limited.

NL - No Liability.

NV - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PCL - A rearrangement of the letters for Public Limited Company, used in Thailand.

PLC - Public Limited Company.

SA - Generally designates corporations in various countries, mostly those employing the civil law.

Tbk PT - Terbuka is the Indonesian term for limited liability company.

See Notes to Quarterly Statement of Investments.

ALPS | Red Rocks Listed Private Equity Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
CLOSED‐END FUNDS (12.22%)
Apax Global Alpha, Ltd.^(a)		4,490,779	$	7,294,755
Graphite Enterprise Trust PLC		600,399		4,662,519
HBM Healthcare Investments AG, Class A		115,708		11,295,748
HgCapital Trust PLC		960,999		13,830,200
Oakley Capital Investments, Ltd.^(a)		3,405,546		7,036,212
Pantheon International Participations PLC, Ordinary Shares^(a)		183,925		3,249,725
Pantheon International Participations PLC, Redeemable Shares^(a)		347,200		5,862,492
				53,231,651

TOTAL CLOSED‐END FUNDS (Cost $58,562,683)				53,231,651

COMMON STOCKS (86.28%)
Communications (2.53%)
Internet (1.88%)
IAC/InterActiveCorp		104,071		5,405,448
Liberty Ventures, Series A^(a)		70,631		2,777,917
				8,183,365

Media (0.65%)
Liberty Media Corp., Class A^(a)		77,273		2,829,737

TOTAL COMMUNICATIONS				11,013,102

Consumer, Non‐Cyclical (0.95%)
Commercial Services (0.95%)
Macquarie Infrastructure Corp.		61,365		4,115,137

TOTAL CONSUMER, NON‐CYCLICAL				4,115,137

Diversified (13.02%)
Holding Companies‐Diversified Operations (13.02%)
Ackermans & van Haaren N.V.		144,871		18,746,341
Bollore SA		418,262		1,685,998
Remgro, Ltd.		363,768		5,743,482
Schouw & Co.		272,101		16,016,397
Wendel SA		144,947		14,494,621
				56,686,839

TOTAL DIVERSIFIED				56,686,839

Financials (64.17%)
Diversified Financial Services (6.29%)
Apollo Global Management LLC, Class A		222,171		3,017,082
The Blackstone Group LP		659,100		17,314,557

	Shares		Value (Note 2)
Diversified Financial Services (continued)
The Carlyle Group LP		150,635	$	2,060,687
Intermediate Capital Group PLC		353,944		2,935,227
KKR & Co. LP		151,075		2,059,152
				27,386,705

Insurance (2.51%)
Alleghany Corp.^(a)		22,892		10,940,545

Investment Companies (34.65%)
3i Group PLC		2,980,500		18,771,352
Altamir		629,197		6,856,990
Ares Capital Corp.		627,192		8,717,969
Aurelius AG		559,200		28,235,479
Eurazeo SA		237,890		14,524,329
Fifth Street Senior Floating Rate Corp.		248,413		1,870,550
Grand Parade Investments, Ltd.		8,181,795		1,952,063
Hosken Consolidated Investments, Ltd.		757,558		4,942,052
Investment AB Kinnevik, B Shares		155,067		3,974,247
Investor AB, B Shares		468,815		15,603,591
IP Group PLC^(a)		782,446		2,074,841
mutares AG		197,004		3,726,217
Oaktree Capital Group LLC		59,231		2,591,949
Onex Corp.		337,139		20,150,367
SVG Capital PLC^(a)		2,419,433		16,920,076
				150,912,072

Private Equity (15.97%)
Castle Private Equity, Ltd.^(a)		301,447		4,752,642
Electra Private Equity PLC		251,904		12,562,824
HarbourVest Global Private Equity, Ltd.^(a)		1,937,928		24,051,377
Ratos AB, B Shares		1,209,059		6,467,883
Riverstone Energy, Ltd.^(a)		817,848		8,571,157
Standard Life European Private Equity Trust PLC, Ordinary Shares		4,565,054		13,155,841
				69,561,724

Real Estate (4.75%)
Brookfield Asset Management, Inc., Class A		691,497		20,717,250

TOTAL FINANCIALS				279,518,296

Industrials (3.70%)
Miscellaneous Manufacturers (3.70%)
Danaher Corp.		171,188		14,833,440
Indus Holding AG		28,630		1,300,920
				16,134,360

TOTAL INDUSTRIALS				16,134,360

	Shares		Value (Note 2)

Utilities (1.91%)
Electric (1.91%)
Brookfield Infrastructure Partners LP		231,718	$	8,330,262

TOTAL UTILITIES				8,330,262

TOTAL COMMON STOCKS (Cost $382,310,944)				375,797,996

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.91%)
Money Market Fund (0.91%)
Morgan Stanley Institutional Liquidity Fund ‐ Prime Portfolio		0.347	%		3,956,767		3,956,767

TOTAL SHORT TERM INVESTMENTS (Cost $3,956,767)							3,956,767

TOTAL INVESTMENTS (99.41%) (Cost $444,830,394)						$	432,986,414

Other Assets In Excess Of Liabilities (0.59%)							2,588,762

NET ASSETS (100.00%)						$	435,575,176

^(a)	Non‐Income Producing Security.

Common Abbreviations:

AB - Aktiebolag is the Swedish equivalent of the term corporation.

AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders.

LLC - Limited Liability Company.

LP - Limited Partnership.

Ltd. - Limited.

N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PLC - Public Limited Company.

SA - Generally designates corporations in various countries, mostly those employing the civil law.

See Notes to Quarterly Statement of Investments.

ALPS | Sterling ETF Tactical Rotation Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (100.22%)
iShares^® Short Treasury Bond ETF		63,748	$	7,031,404

iShares^® Core U.S. Aggregate Bond ETF		128,650		14,062,732
SPDR^® Barclays 1‐3 Month T‐Bill ETF^(a)		153,893		7,031,371

TOTAL EXCHANGE TRADED FUNDS (Cost $28,128,104)				28,125,507

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (0.18%)
Money Market Fund (0.18%)
Morgan Stanley Institutional Liquidity Fund, Prime Portfolio		0.347	%		50,701		50,701

TOTAL SHORT TERM INVESTMENTS (Cost $50,701)							50,701

TOTAL INVESTMENTS (100.40%) (Cost $28,178,805)						$	28,176,208

Liabilities In Excess Of Other Assets (‐0.40%)							(111,198	)

NET ASSETS (100.00%)						$	28,065,010

^(a)	Non-Income Producing Security.

Common Abbreviations:

ETF - Exchange Traded Fund.

SPDR - Standard & Poor’s Depositary Receipts

See Notes to Quarterly Statement of Investments.

ALPS | Westport Resources Hedged High Income Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (0.03%)
Financials (0.03%)
Diversified Financial Services (0.03%)
Pinetree Capital Ltd.^(a)		201,675	$	4,319

TOTAL FINANCIALS				4,319

TOTAL COMMON STOCKS (Cost $5,890)				4,319

EXCHANGE TRADED FUNDS (0.98%)
ProShares UltraShort Russell 2000^®(a)		3,600		165,708

TOTAL EXCHANGE TRADED FUNDS (Cost $128,663)				165,708

	Principal Amount		Value (Note 2)
BANK LOANS (32.90%)^(b)
Basic Materials (0.65%)
Plaskolite LLC, First Lien Term Loan
5.750% 10/02/2022	$	22,000		21,835
Tensar Corp., First Lien Term Loan
5.750% 07/09/2021		100,852		87,405
Total Basic Materials				109,240
Communications (6.18%)
Ancestry.com, Inc., Initial Term Loan
5.000% 08/29/2022		49,376		48,960
Answers Corporation, First Lien Term Loan
6.250% 10/01/2021		61,380		41,943
Auction.com LLC, Existing Term Loan
6.000% 05/12/2019		53,595		53,126
ConvergeOne Holdings Corp., First Lien Initial Term Loan
6.000% 06/17/2020		50,235		49,419
CSC Holdings LLC (fka CSC Holdings Inc. (Cablevision)), Term B Loan
5.000% 10/09/2022		26,000		25,998
Emerging Markets Communications LLC, First Lien Initial Term Loan
6.750% 07/01/2021		34,825		32,822
Encompass Digital Media, Inc., Second Lien Tranche B Term Loan
8.750% 06/06/2022		64,000		60,800
Extreme Reach, Inc., Second Lien Initial Term Loan
10.500% 01/22/2021		160,000		145,600
Global Healthcare Exchange LLC, Initial Term Loan
5.500% 08/15/2022		37,905		37,739
iParadigms Holdings LLC, First Lien Initial Term Loan
5.000% 07/30/2021		19,696		18,711

	Principal Amount		Value (Note 2)
Communications (continued)
Match Group, Inc., Term B-1 Loan
5.500% 10/27/2022	$	59,000	$	58,938
MediArena Acquisition BV, (fka AP NMT Acquisition BV), First Lien Dollar Term B Loan
6.750% 08/13/2021		97,763		85,787
Miller Heiman, Inc., Term Loan
6.750% 09/30/2019		33,688		26,318
NextGen Networks Pty Ltd. (Nextgen Finance LLC), Term B Loan
5.000% 05/31/2021		68,652		59,612
Numericable-SFR SA, USD Term Loan
4.750% 01/20/2023		31,000		29,807
Quincy Newspapers, Inc., Term B Loan
5.500% 10/19/2022		39,840		39,193
RentPath LLC, First Lien Term Loan
6.250% 12/17/2021		28,580		22,936
Sable International Finance, Ltd., Term B1 Loan
L+4.75% 12/02/2022 ^(c)		113,000		110,811
TCH-2 Holdings LLC (TravelClick, Inc.), First Lien Initial Term Loan
5.500% 05/06/2021		98,538		95,089
Total Communications				1,043,609
Consumer, Cyclical (4.82%)
Agrofresh, Inc., Term Loan
5.750% 07/31/2021		33,638		33,070
Amaya Holdings BV, First Lien Initial Term B Loan
5.000% 08/01/2021		110,604		102,413
AMF Bowling Centers, Inc., Term B Loan
7.250% 09/18/2021		91,349		90,435
BDF Acquisition Corp., Initial Term Loan
5.250% 02/12/2021		123,125		120,970
BDF Acquisition Corp., Second Lien Initial Term Loan
9.000% 02/12/2022		23,000		21,850
Big Jack Holdings LP, Initial Term Loan
5.750% 07/01/2022		54,875		53,640
CDS U.S. Intermediate Holdings, Inc. (Cirque Du Soleil Canada, Inc.), Second Lien Initial Loan
9.250% 07/10/2023		24,000		22,500
CWGS Group LLC, Term Loan
5.750% 02/20/2020		98,667		97,393
Deluxe Entertainment Services Group, Inc., Initial Term Loan
6.500% 02/28/2020		93,854		89,161
Fullbeauty Brands Holdings Corp., First Lien Initial Term Loan
5.750% 10/14/2022		21,000		19,793
PlayPower, Inc., First Lien Initial Term Loan
5.750% 06/23/2021		66,665		66,332
World Triathlon Corp., Initial Term Loan
5.250% 06/25/2021		98,500		96,530
Total Consumer, Cyclical				814,087

	Principal Amount		Value (Note 2)
Consumer, Non-cyclical (7.92%)
AF Borrower LLC (aka Accuvant Finance LLC), First Lien Initial Term Loan
6.250% 01/28/2022	$	73,445	$	71,494
Candy Intermediate Holdings, Inc., Initial Term Loan
7.500% 06/18/2018		15,836		15,777
Central Security Group, Inc., First Lien Initial Term Loan
6.250% 10/06/2020		46,530		45,192
Coty, Inc., USD Term B Loan
3.750% 10/27/2022		15,667		15,647
CPI Buyer LLC, First Lien Initial Term Loan
5.500% 08/16/2021		77,331		74,141
DAE Aviation Holdings, Inc., Initial Term Loan
5.250% 07/07/2022		54,863		54,725
FHC Health Systems, Initial Term Loan
5.000% 12/23/2021		99,499		95,519
Galleria Co., USD Term B Loan
3.750% 10/21/2022		31,333		31,226
GK Holdings, Inc. (aka Global Knowledge), First Lien Initial Term Loan
6.500% 01/20/2021		18,810		18,693
Global Cash Access, Inc., Term B Loan
6.250% 12/18/2020		12,606		11,794
Jackson Hewitt, Inc., Initial Term Loan
8.000% 07/30/2020		76,000		73,625
Kronos Acquisition Intermediate, Inc. (aka KIK Custom Products, Inc.), Initial Term Loan
6.000% 08/26/2022		10,973		10,541
Marine Acquisition Corp., Term Loan
5.250% 01/30/2021		3,082		3,081
Mister Car Wash Holdings, Inc., Term Loan
5.000% 08/20/2021		41,370		41,146
Navex Global, Inc., First Lien Term Loan
5.750% 11/19/2021		3,960		3,861
Navex Global, Inc., Second Lien Term Loan
9.750% 11/18/2022		46,000		44,620
Prime Security Services Borrower LLC (aka Protection 1 Security Solutions), First Lien Term B Loan
5.000% 07/01/2021		57,855		57,023
Prime Security Services Borrower LLC (aka Protection 1 Security Solutions), Second Lien Term B Loan
9.750% 07/01/2022		30,000		28,650
ProQuest LLC (fka ProQuest-CSA LLC), Initial Term Loan
5.750% 10/24/2021		153,369		148,865
Ryan LLC, Tranche B Term Loan
6.750% 08/07/2020		20,475		19,886
Shearer's Foods LLC, 2015 Incremental Term Loan
5.250% 06/30/2021		22,000		21,615

	Principal Amount		Value (Note 2)
Consumer, Non-cyclical (continued)
Sitel Worldwide Corporation, First Lien Term B-1 Loan
6.500% 09/18/2021	$	80,798	$	79,384
Sun Products Corp. (fka Huish Detergents, Inc.), Tranche B Term Loan
5.500% 03/23/2020		97,800		93,827
Sundial Group Holdings LLC, Initial Term Loan
7.250% 10/19/2021		97,000		93,666
U.S. Renal Care, Inc., First Lien Initial Term Loan
5.250% 11/17/2022		26,000		25,886
USAGM Holdco LLC, First Lien Initial Term Loan
4.750% 07/28/2022		36,000		34,560
Vestcom International, Inc. (fka Vector Investment Holdings, Inc.), Term Loan
5.250% 09/30/2021		115,050		112,749
Weight Watchers International, Inc., Initial Tranche B-1 Term Loan
3.430% 04/02/2016		10,000		9,830
Total Consumer, Non-cyclical				1,337,023
Diversified (1.61%)
Emerald 2 Ltd., Facility B1 Loan
5.000% 05/14/2021		100,000		92,500
First Eagle Investment Management LLC, Term Loan
L+4.00% 10/30/2022 ^(c)		91,000		86,753
Koosharem LLC, Term Loan
7.500% 05/15/2020		57,420		53,652
LBM Holdings LLC, First Lien Initial Term Loan
6.250% 08/20/2022		41,895		39,947
Total Diversified				272,852
Energy (0.16%)
Expro Financial Services, S.a.r.l., Initial Term Loan
5.750% 09/02/2021		44,438		26,567

Financials (4.15%)
AmeriLife Group LLC, First Lien Initial Term Loan
5.750% 07/10/2022		14,925		14,552
AmeriLife Group LLC, Second Lien Initial Term Loan
9.750% 01/10/2023		22,000		21,560
Aptean, Inc., First Lien Term Loan
5.250% 02/26/2020		98,250		95,917
Asurion LLC (fka Asurion Corp.), B-4 Term Loan
5.000% 08/04/2022		32,835		30,102
Asurion LLC (fka Asurion Corp.), Second Lien Term Loan
8.500% 03/03/2021		70,000		59,725
BATS Global Markets, Inc., Incremental B-2 Term Loan
5.750% 01/31/2020		10,254		10,261

	Principal Amount		Value (Note 2)
Financials (continued)
Confie Seguros Holding II Co., First Lien Term B Loan
5.750% 11/09/2018	$	11,938	$	11,759
Duff & Phelps Corporation, Second Lien Initial Term Loan
9.500% 04/23/2021		29,000		27,405
IG Investments Holdings LLC, Extended Tranche B Term Loan
6.000% 10/31/2021		49,490		49,242
Liquidnet Holdings, Inc., Term Loan
7.750% 05/22/2019		92,500		89,263
LTCG Holdings Corp., Initial Term Loan
6.000% 06/06/2020		70,964		66,706
NXT Capital, Inc. (NXT Capital LLC), Tranche B Loan
6.250% 09/04/2018		98,241		98,241
RCS Capital Corp., First Lien Term Loan
7.500% 04/29/2019		97,025		71,799
Vistra Group Limited, USD Term Loan
4.750% 07/21/2022		7,980		7,910
Walter Investment Management Corp., Tranche B Term Loan
4.750% 12/18/2020		59,443		46,477
Total Financials				700,919
Industrials (3.86%)
ABG Operating LLC, Term Loan
6.250% 06/12/2020		64,350		64,189
Builders FirstSource, Inc., Term B Loan
6.000% 07/29/2022		44,897		44,234
Commercial Barge Line Co., Initial Term Loan
9.750% 11/06/2020		50,000		44,500
DI Purchaser, Inc., First Lien Initial Term Loan
6.000% 12/15/2021		32,670		28,178
Gruden Acquisition, Inc. (aka Quality Distributions), First Lien Term Loan
5.750% 08/18/2022		19,000		17,880
Jeld-Wen, Inc. (Onex BP Finance LP), Term B-1 Loan
4.750% 07/01/2022		16,958		16,767
Lully Finance S.a.r.l. (Lully Finance LLC), First Lien Initial B-1 Term Loan
5.000% 10/14/2022		14,000		13,615
Mirion Technologies (Finance) LLC (Mirion Technologies, Inc.), First Lien Initial Term Loan
5.750% 03/31/2022		28,783		28,486
NN, Inc., Initial Term Loan
5.750% 09/30/2022		25,935		25,611
NVLX Acquisition LLC, Second Lien Closing Date Term Loan
9.750% 06/05/2022		54,123		51,146
Plaze, Inc., Term Loan
5.250% 07/31/2022		97,836		96,613
Prolampac Holdings, Inc., First Lien Initial Term Loan
5.000% 08/18/2022		70,940		69,521

	Principal Amount		Value (Note 2)
Industrials (continued)
Quality Home Brands Holdings LLC, First Lien Initial Term Loan
7.750% 12/17/2018	$	49,000	$	49,143
Quanex Building Products Corp., Initial Term Loan
6.250% 11/02/2022		22,000		21,821
U.S. Farathane LLC, Initial Term Loan
6.750% 12/23/2021		80,568		80,568
Total Industrials				652,272
Technology (3.55%)
Computer Sciences Government Services, Inc., Term B Loan
3.750% 10/06/2022		47,000		47,029
Compuware Corp., First Lien Tranched B-1 Term Loan
6.250% 12/15/2019		74,026		68,636
First Data Corp., New 2022B Dollar Term Loan
3.962% 07/08/2022		17,000		16,711
Novetta Solutions LLC, First Lien Initial Term Loan
6.000% 10/17/2022		86,000		83,993
QBS Holding Company, Inc., Term Loan
5.750% 08/07/2021		123,224		121,992
Regit Eins GmbH (TV Borrower US LLC), First Lien Dollar Term Loan
6.000% 01/08/2021		98,750		97,812
STG - Fairway Acquisitions, Inc., First Lien Term Loan
6.250% 06/30/2022		54,697		53,056
Stratus Technologies Bermuda Ltd. (Stratus Technologies, Inc.), Initial Term Loan
6.000% 04/28/2021		46,597		45,869
Vencore, Inc. (fka SI Organization, Inc.), First Lien Initial Term Loan
5.750% 11/23/2019		64,757		64,217
Total Technology				599,315
TOTAL BANK LOANS (Cost $5,760,169)				5,555,884

CONVERTIBLE CORPORATE BONDS (1.51%)
Basic Materials (0.11%)
Fortress Paper Ltd., Conv. Sub. Notes
6.500% 12/31/2016		30,000		19,359

Communications (0.33%)
ModusLink Global Solutions, Inc., Conv. Sr. Unsec. Notes
5.250% 03/01/2019		75,000		54,984

Consumer, Non-cyclical (0.84%)
PDL BioPharma, Inc., Conv. Sr. Unsec. Notes
4.000% 02/01/2018		175,000		142,187

	Principal Amount		Value (Note 2)
Financials (0.23%)
Pinetree Capital Ltd., Conv. Sub. Notes
10.000% 05/31/2016	$	55,719	$	38,581

TOTAL CONVERTIBLE CORPORATE BONDS (Cost $285,260)				255,111

CORPORATE BONDS (48.13%)
Basic Materials (3.22%)
American Gilsonite Co., Second Lien Notes
11.500% 09/01/2017 ^(d)		150,000		77,437
Barminco Finance Pty Ltd., Sr. Unsec. Notes, Series AI
9.000% 06/01/2018		40,000		31,000
BlueScope Steel Finance Ltd. / BlueScope Steel Finance USA LLC, Sr. Unsec. Notes
7.125% 05/01/2018 ^(d)		55,000		53,075
Eco Services Operations LLC / Eco Finance Corp., Sr. Unsec. Notes
8.500% 11/01/2022 ^(d)		26,000		22,750
Optima Specialty Steel, Inc., First Lien Notes
12.500% 12/15/2016 ^(d)		165,000		138,600
Platform Specialty Products Corp., Sr. Unsec. Notes
10.375% 05/01/2021 ^(d)		100,000		93,750
TFS Corp., Ltd., First Lien Notes
11.000% 07/15/2018 ^(d)		23,000		23,978
Thompson Creek Metals Co., Inc., First Lien Notes
9.750% 12/01/2017		140,000		103,950
Total Basic Materials				544,540
Communications (6.30%)
Avaya, Inc., First Lien Notes
7.000% 04/01/2019 ^(d)		50,000		33,500
Broadview Networks Holdings, Inc., Sec. Notes
10.500% 11/15/2017		400,000		372,000
EarthLink Holdings Corp., Sr. Unsec. Notes
8.875% 05/15/2019		100,000		101,000
Frontier Communications Corp., Sr. Unsec. Notes
10.500% 09/15/2022 ^(d)		35,000		34,344
11.000% 09/15/2025 ^(d)		70,000		67,725
HC2 Holdings, Inc., Sec. Notes
11.000% 12/01/2019 ^(d)		115,000		98,325
Intelsat Luxembourg SA, Sr. Unsec. Notes
6.750% 06/01/2018		75,000		55,313
Interactive Network, Inc. / FriendFinder Networks, Inc., First Lien Notes
14.000% 12/20/2018		237,755		110,556
Sprint Communications, Inc., Sr. Unsec. Notes
7.000% 08/15/2020		125,000		92,500

	Principal Amount		Value (Note 2)
Communications (continued)
Windstream Services LLC, Sr. Unsec. Notes
7.750% 10/01/2021	$	125,000	$	99,375
Total Communications				1,064,638
Consumer, Cyclical (12.65%)
Boardriders SA, Sr. Unsec. Notes, Series REGS
8.875% 12/15/2017 ^(e)		390,000		353,516
Bon‐Ton Department Stores, Inc., Second Lien Notes
10.625% 07/15/2017		115,000		92,000
Brookfield Residential Properties, Inc., Sr. Unsec. Notes
6.375% 05/15/2025 ^(d)		65,000		55,088
Caesars Entertainment Operating Co., Inc., Sr. Unsec. Notes
10.750% 02/01/2016 ^(f)		250,000		66,250
Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Properties, First Lien Notes
8.000% 10/01/2020		20,400		19,074
Ferrellgas LP / Ferrellgas Finance Corp., Sr. Unsec. Notes
6.750% 06/15/2023 ^(d)		50,000		38,250
General Motors Financial Co., Inc., Sr. Unsec. Notes
4.300% 07/13/2025		100,000		95,404
Gibson Brands, Inc., Sec. Notes
8.875% 08/01/2018 ^(d)		90,000		51,750
Group 1 Automotive, Inc., Sr. Unsec. Notes
5.250% 12/15/2023 ^(d)		50,000		47,250
HT Intermediate Holdings Corp., Sr. Unsec. Notes
12.000% 05/15/2019 ^(d)(g)		80,000		70,600
Icon Health & Fitness, Inc., First Lien Notes
11.875% 10/15/2016 ^(d)		298,000		266,710
JC Penney Corp. Inc., Sr. Unsec. Notes
8.125% 10/01/2019		100,000		92,300
K Hovnanian Enterprises, Inc., Sr. Unsec. Notes
8.000% 11/01/2019 ^(d)		55,000		32,725
Mohegan Tribal Gaming Authority, Sr. Unsec. Notes
9.750% 09/01/2021 ^(d)		95,000		93,813
Nebraska Book Holdings, Inc., Sec. Notes
15.000% 06/30/2016 ^(d)		274,500		281,362
Toll Brothers Finance Corp., Sr. Unsec. Notes
4.875% 11/15/2025		110,000		108,075
Tops Holding LLC / Tops Markets II Corp., Sec. Notes
8.000% 06/15/2022 ^(d)		40,000		38,200
Tunica‐Biloxi Gaming Authority, Sr. Unsec. Notes
9.000% 05/15/2016 ^(d)(f)		400,000		206,000

	Principal Amount		Value (Note 2)
Consumer, Cyclical (continued)
United Airlines 2014‐1 Class B Pass Through Trust, Second Lien Notes, Series B
4.750% 04/11/2022	$	95,209	$	95,090
Viking Cruises Ltd., Sr. Unsec. Notes
6.250% 05/15/2025 ^(d)		40,000		33,600
Total Consumer, Cyclical				2,137,057
Consumer, Non‐cyclical (5.37%)
Avon Products, Inc., Sr. Unsec. Notes
4.200% 07/15/2018		45,000		34,987
6.500% 03/01/2019		25,000		20,250
Carolina Beverage Group LLC / Carolina Beverage Group Finance, Inc., Sec. Notes
10.625% 08/01/2018 ^(d)		103,000		101,455
Centene Escrow Corp., Sr. Unsecured Notes
6.125% 02/15/2024 ^(d)		50,000		51,188
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp., Second Lien Notes
8.125% 06/15/2021 ^(d)		100,000		84,500
Fresenius US Finance II, Inc., Sr. Unsec. Notes
4.500% 01/15/2023 ^(d)		50,000		50,250
HealthSouth Corp., Sr. Unsec. Notes
5.125% 03/15/2023		45,000		43,875
JBS USA LLC / JBS USA Finance, Inc., Sr. Unsec. Notes
5.750% 06/15/2025 ^(d)		75,000		58,125
Lansing Trade Group LLC / Lansing Finance Co. Inc., Sr. Unsec. Notes
9.250% 02/15/2019 ^(d)		315,000		294,525
Vantage Oncology LLC / Vantage Oncology Finance Co., Sec. Notes
9.500% 06/15/2017 ^(d)		200,000		167,500
Total Consumer, Non‐cyclical				906,655
Energy (4.63%)
Antero Resources Corp., Sr. Unsec. Notes
5.125% 12/01/2022		100,000		84,750
Calumet Specialty Products Partners LP / Calumet Finance Corp., Sr. Unsec. Notes
7.750% 04/15/2023 ^(d)		50,000		36,750
CONSOL Energy, Inc., Sr. Unsec. Notes
5.875% 04/15/2022		75,000		48,937
Diamond Offshore Drilling, Inc., Sr. Unsec. Notes
4.875% 11/01/2043		50,000		28,962
EV Energy Partners LP / EV Energy Finance Corp., Sr. Unsec. Notes
8.000% 04/15/2019		161,000		53,935
ION Geophysical Corp., Second Lien Notes
8.125% 05/15/2018		300,000		121,500
Kinder Morgan Energy Partners LP, Sr. Unsec. Notes
5.400% 09/01/2044		100,000		75,389
MPLX LP, Sr. Unsec. Notes
4.875% 06/01/2025 ^(d)		85,000		66,524

	Principal Amount		Value (Note 2)
Energy (continued)
Newfield Exploration Co., Sr. Unsec. Notes
5.375% 01/01/2026	$	75,000	$	60,750
Petroleum Geo‐Services ASA, Sr. Unsec. Notes
7.375% 12/15/2018 ^(d)		63,000		43,470
Polarcus Ltd., Sr. Unsec. Notes
8.000% 06/07/2018 ^(d)		400,000		46,000
Schlumberger Holdings Corp., Sr. Unsec. Notes
3.625% 12/21/2022 ^(d)		45,000		44,101
4.000% 12/21/2025 ^(d)		25,000		24,402
Sunoco LP / Sunoco Finance Corp., Sr. Unsec. Notes
6.375% 04/01/2023 ^(d)		50,000		46,375
Total Energy				781,845
Financials (6.56%)
4finance SA, Sr. Unsec. Notes, Series REGS
11.750% 08/14/2019 ^(e)		200,000		200,100
Aircastle Ltd., Sr. Unsec. Notes
5.500% 02/15/2022		35,000		34,912
Ally Financial, Inc., Sub. Notes
5.750% 11/20/2025		25,000		25,000
CNO Financial Group, Inc., Sr. Unsec. Notes
5.250% 05/30/2025		25,000		25,344
Constellation Enterprises LLC, First Lien Notes
10.625% 02/01/2016 ^(d)		120,000		85,800
Creditcorp, Sec. Notes
12.000% 07/15/2018 ^(d)		340,000		195,075
Fly Leasing Ltd., Sr. Unsec. Notes
6.375% 10/15/2021		200,000		194,250
Goldman Sachs Group, Inc., Jr. Sub. Notes, Series M
5.375% Perpetual Maturity ^(b)(h)		70,000		68,425
Goldman Sachs Group, Inc., Sr. Unsec. Notes
4.750% 10/21/2045		55,000		54,736
Goldman Sachs Group, Inc., Sub. Notes
5.150% 05/22/2045		35,000		34,121
JPMorgan Chase & Co., Jr. Sub. Notes, Series V
5.000% Perpetual Maturity ^(b)(h)		50,000		46,938
KKR Group Finance Co. III LLC, Sr. Unsec. Notes
5.125% 06/01/2044 ^(d)		75,000		74,667
Morgan Stanley, Jr. Sub. Notes, Series J
5.550% Perpetual Maturity ^(b)(h)		45,000		44,578
Quicken Loans, Inc., Sr. Unsec. Notes
5.750% 05/01/2025 ^(d)		25,000		23,531
Total Financials				1,107,477
Industrials (7.32%)
Air Medical Merger Sub Corp., Sr. Unsec. Notes
6.375% 05/15/2023 ^(d)		75,000		66,375
Dispensing Dynamics International, Sec. Notes
12.500% 01/01/2018 ^(d)		115,000		108,100

	Principal Amount		Value (Note 2)
Industrials (continued)
GEO Debt Finance SCA, First Lien Notes, Series REGS
7.500% 08/01/2018 ^(e)	$	120,000	$	116,948
GFL Escrow Corp., Sr. Unsec. Notes
9.875% 02/01/2021 ^(d)		95,000		96,069
Global Ship Lease, Inc., First Lien Notes
10.000% 04/01/2019 ^(d)		145,000		116,725
Huntington Ingalls, Sr. Unsec. Notes
5.000% 11/15/2025 ^(d)		50,000		51,625
Kemet Corp., First Lien Notes
10.500% 05/01/2018		165,000		132,412
Kratos Defense & Security Solutions, Inc., First Lien Notes
7.000% 05/15/2019		36,000		24,570
OPE KAG Finance Sub, Inc., Sr. Unsec. Notes
7.875% 07/31/2023 ^(d)		150,000		147,000
Optimas OE Solutions Holding LLC / Optimas OE Solutions, Inc., Sec. Notes
8.625% 06/01/2021 ^(d)		85,000		69,700
Real Alloy Holding, Inc., First Lien Notes
10.000% 01/15/2019 ^(d)		186,000		186,000
XPO Logistics, Inc., Sr. Unsec. Notes
7.875% 09/01/2019 ^(d)		120,000		120,150
Total Industrials				1,235,674
Technology (2.08%)
DynCorp International, Inc., Sr. Unsec. Notes
10.375% 07/01/2017		65,000		48,262
Hutchinson Technology, Inc., Second Lien Notes
8.500% 01/15/2017		120,000		119,400
Interface Security Systems Holdings, Inc. / Interface Security Systems LLC, Second Lien Notes
9.250% 01/15/2018		130,000		122,363
MSCI, Inc., Sr. Unsec. Notes
5.250% 11/15/2024 ^(d)		20,000		20,675
Seagate HDD Cayman, Sr. Unsec. Notes
5.750% 12/01/2034 ^(d)		60,000		40,899
Total Technology				351,599
TOTAL CORPORATE BONDS (Cost $10,341,825)				8,129,485

MORTGAGE BACKED SECURITIES (9.96%)
American Homes 4 Rent, Series 2014‐SFR1
3.601% 06/17/2016 ^(b)(d)		150,000		140,539
American Residential Properties Trust, Series 2014‐SFR1
4.127% 09/17/2016 ^(b)(d)		100,000		97,310
4.627% 09/17/2016 ^(b)(d)		100,000		96,003
Citigroup Commercial Mortgage Trust, Series 2014‐GC25
3.548% 10/10/2024 ^(d)		100,000		66,798
Colony American Homes, Series 2014‐1A
3.151% 05/17/2017 ^(b)(d)		125,000		117,929

	Principal Amount		Value (Note 2)
Countrywide Alternative Loan Trust, Series 2006‐6CB
5.750% 05/25/2036	$	241,533	$	188,198
Fannie Mae Connecticut Avenue Securities, Series 2015‐C04
5.972% 04/25/2028 ^(b)		45,000		43,926
6.122% 04/25/2028 ^(b)		105,000		102,982
Fannie Mae Connecticut Avenue Securities, Series 2014‐C04
5.322% 11/25/2024 ^(b)		120,000		116,689
Fannie Mae Connecticut Avenue Securities, Series 2014‐C03
3.422% 07/25/2024 ^(b)		100,000		87,938
Invitation Homes Trust, Series 2014‐SFR1
3.957% 06/17/2016 ^(b)(d)		200,000		190,911
JPMBB Commercial Mortgage Securities Trust, Series 2015‐C31
4.119% 08/15/2025 ^(b)		100,000		67,945
Luminent Mortgage Trust, Series 2006‐2 A1A
0.394% 02/25/2046 ^(b)		71,662		48,039
Wells Fargo Commercial Mortgage Trust, Series 2015‐NXS2
4.252% 07/15/2058 ^(b)		100,000		74,071
Wells Fargo Commercial Mortgage Trust, Series 2015‐SG1
4.471% 12/15/2047 ^(b)		53,000		39,440
Wells Fargo Commercial Mortgage Trust, Series 2015‐C27
3.768% 03/15/2025 ^(d)		100,000		67,578
Wells Fargo Commercial Mortgage Trust, Series 2015‐C29
4.225% 06/15/2048 ^(b)		50,000		37,496
WFRBS Commercial Mortgage Trust, Series 2014‐LC14
4.586% 02/15/2024 ^(b)(d)		125,000		97,569

TOTAL MORTGAGE BACKED SECURITIES (Cost $1,807,213)				1,681,361

	Yield			Principal Amount		Value (Note 2)
SHORT TERM INVESTMENTS (0.47%)
Government (0.47%)
U.S. Treasury Bills Discounted Notes, 06/23/2016⁽ⁱ⁾		0.056	%		50,000		49,928
U.S. Treasury Bills Discounted Notes, 03/03/2016⁽ⁱ⁾		0.061	%		30,000		29,995
							79,923

TOTAL SHORT TERM INVESTMENTS (Cost $79,952)							79,923

	Value (Note 2)
TOTAL INVESTMENTS (93.98%) (Cost $18,408,972)	$	15,871,791

Other Assets In Excess Of Liabilities (6.02%)		1,017,279	^(j)

NET ASSETS (100.00%)	$	16,889,070

^(a)	Non-Income Producing Security.

^(b)	Floating or variable rate security. Interest rate disclosed is that which is in effect at January 31, 2016.

^(c)

All or a portion of this position has not settled as of January 31, 2016. The interest rate shown represents the stated spread over the London Interbank Offered Rate ("LIBOR" or "L") or the applicable LIBOR floor; the Fund will not accrue interest until the settlement date, at which point LIBOR will be established.

^(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $5,251,025, which represents approximately 31.09% of net assets as of January 31, 2016.

^(e)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund's Board of Trustees. As of January 31, 2016 the aggregate market value of those securities was $670,564, representing 3.97% of net assets.

^(f)	Security is in default and therefore is non-income producing.

^(g)	Payment in-kind security.

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

⁽ⁱ⁾	All or a portion of the security is pledged as collateral on futures. The aggregate market value of the collateralized securities totals $79,923 as of January 31, 2016. See Note 3 in Notes to Statement of Investments.

^(j)	Portion of Assets in Excess of Liabilities is held as collateral for futures contracts and credit default swap contracts in the amount of $69,560. See Note 3 in the Notes to Financial Statements.

Common Abbreviations:

aka - Also known as.

ASA - Allmennaksjeselskap is the Norwegian term for public limited company.

BV - Besloten Vennootschap is the Dutch term for private limited liability company.

Conv. - Convertible.

fka - Formerly known as.

GmbH - Gesellschaft mit beschränkter Haftungis the German term for limited liability company.

Jr. Sub. - Junior Subordinated.

LLC - Limited Liability Company.

LP - Limited Partnership.

Ltd. - Limited.

Pty. - Proprietary.

SA - Generally designates corporations in various countries, mostly those employing the civil law.

S.a.r.l. - Societe Anonyme a Responsabilite Limitee is the French term for limited liability company.

Sec. - Secured.

Sr. Unsec. - Senior Unsecured.

Sub. - Subordinated.

See Notes to Quarterly Statement of Investments.

FUTURES CONTRACTS

Description	Position	Contracts	Expiration Date	Value (Note 2)			Unrealized Appreciation
CME Ultra Long Term U.S. Treasury Bond Future	Long	1	03/22/16	$	166,188		$	8,344
				$	166,188		$	8,344

Description	Position	Contracts	Expiration Date	Value (Note 2)			Unrealized Depreciation
5 Year USD Deliverable Interest Rate Swap Future	Short	(19)	03/15/16	$	(1,961,156	)	$	(36,860	)
U.S. 10 Year Treasury Note Future	Short	(4)	03/22/16		(518,313	)		(10,073	)
U.S. 5 Year Treasury Note Future	Short	(12)	04/01/16		(1,448,063	)		(15,781	)
U.S. Long Bond Future	Short	(1)	03/22/16		(161,031	)		(7,409	)
				$	(4,088,563	)	$	(70,123	)

CREDIT DEFAULT SWAP CONTRACTS

Clearing House		Reference Obligation	Buy Credit Protection	Notional Amount		Rate Paid by Fund			Termination Date	Upfront Payment			Unrealized Appreciation
Centrally cleared swap	Intercontinental Exchange	CDX North American High Yield Index Series 25	Buy	$	750,000		1.00	%	12/20/2020	$	(3,287	)	$	3,679
TOTAL										$	(3,287	)	$	3,679

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS


Counterparty	Foreign Currency	Contracted Amount*	Purchase/Sale Contract	Settlement Date	Current Value		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	EUR	450,000	Sale	02/11/16	$	487,631	$	1,913
							$	1,913

State Street Bank & Trust Co.	CAD	80,000	Sale	02/11/16	$	57,106	$	(236	)
							$	(236	)

*	The contracted amount is stated in the currency in which the contract is denominated.

ALPS | WMC Research Value Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (98.61%)
Consumer Discretionary (6.09%)
Consumer Services (2.08%)
Las Vegas Sands Corp.		4,090	$	184,459
McDonald's Corp.		7,400		915,972
Norwegian Cruise Line Holdings, Ltd.^(a)		9,725		441,223
Royal Caribbean Cruises, Ltd.		2,864		234,734
				1,776,388

Media (2.56%)
Comcast Corp., Class A		19,520		1,087,459
DreamWorks Animation SKG, Inc., Class A^(a)		12,360		316,910
The Interpublic Group of Companies., Inc.		6,630		148,777
Twenty-First Century Fox, Inc., Class A		23,144		624,194
				2,177,340

Retailing (1.45%)
Advance Auto Parts, Inc.		6,116		929,938
The Priceline Group, Inc.^(a)		287		305,646
				1,235,584

TOTAL CONSUMER DISCRETIONARY				5,189,312

Consumer Staples (6.90%)
Food & Staples Retailing (0.91%)
CVS Health Corp.		8,015		774,169

Food Beverage & Tobacco (3.00%)
Mondelez International, Inc., Class A		40,754		1,756,497
Post Holdings, Inc.^(a)		13,670		799,695
				2,556,192

Household & Personal Products (2.99%)
Avon Products, Inc.		55,209		187,158
Colgate-Palmolive Co.		14,990		1,012,275
Coty, Inc., Class A		9,770		240,440
The Estee Lauder Companies, Inc., Class A		11,261		960,000
Nu Skin Enterprises, Inc., Class A		4,760		150,654
				2,550,527

TOTAL CONSUMER STAPLES				5,880,888

Energy (9.41%)
Energy (9.41%)
Anadarko Petroleum Corp.		5,653		220,976
Baker Hughes, Inc.		790		34,373
Cabot Oil & Gas Corp.		2,909		60,362
Cheniere Energy, Inc.^(a)		2,500		75,125

	Shares		Value (Note 2)
Energy (continued)
Chevron Corp.		4,339	$	375,193
Cobalt International Energy, Inc.^(a)		87,365		331,113
ConocoPhillips		15,920		622,154
Continental Resources, Inc.^(a)		19,400		409,534
Ensco PLC, Class A		7,290		71,296
EOG Resources, Inc.		6,850		486,487
Forum Energy Technologies, Inc.^(a)		18,490		207,273
Halliburton Co.		9,573		304,326
Hess Corp.		7,381		313,693
Marathon Petroleum Corp.		11,900		497,301
Newfield Exploration^(a)		42,047		1,222,306
ONEOK, Inc.		6,780		168,890
Patterson-UTI Energy, Inc.		19,440		279,547
Pioneer Natural Resources Co.		9,663		1,197,729
Tenaris SA, ADR		11,680		243,411
Tesco Corp.		17,900		121,720
TransCanada Corp.		13,770		475,891
WPX Energy, Inc.^(a)		55,507		300,848

TOTAL ENERGY				8,019,548

Financials (31.58%)
Banks (8.71%)
Bank of America Corp.		196,230		2,774,692
The PNC Financial Services Group, Inc.		19,250		1,668,012
Wells Fargo & Co.		59,260		2,976,630
				7,419,334

Diversified Financials (7.61%)
American Express Co.		28,680		1,534,380
Ameriprise Financial, Inc.		2,093		189,730
BlackRock, Inc.		1,190		373,969
Capital One Financial Corp.		13,240		868,809
The Goldman Sachs Group, Inc.		2,810		453,984
Invesco, Ltd.		12,360		369,935
MSCI, Inc.		6,064		417,446
Northern Trust Corp.		11,430		709,574
OneMain Holdings, Inc.^(a)		8,270		218,576
Raymond James Financial, Inc.		7,450		326,385
Santander Consumer USA Holdings, Inc.^(a)		86,160		900,372
WisdomTree Investments, Inc.		10,300		123,600
				6,486,760

Insurance (9.50%)
Aflac, Inc.		4,310		249,807
Alleghany Corp.^(a)		1,130		540,050
The Allstate Corp.		6,020		364,812
American International Group, Inc.		22,440		1,267,411
Assured Guaranty, Ltd.		53,800		1,279,364
The Hartford Financial Services Group, Inc.		18,527		744,415
Marsh & McLennan Companies, Inc.		20,310		1,083,132
MetLife, Inc.		6,300		281,295
Principal Financial Group, Inc.		9,838		373,844
Prudential Financial, Inc.		8,074		565,826

	Shares		Value (Note 2)
Insurance (continued)
Willis Towers Watson PLC		780	$	89,287
XL Group PLC		34,700		1,258,222
				8,097,465

Real Estate (5.76%)
American Tower Corp.		4,060		383,021
AvalonBay Communities, Inc.		5,770		989,497
Douglas Emmett, Inc.		22,780		673,832
Essex Property Trust, Inc.		1,855		395,319
Extra Space Storage, Inc.		3,750		340,088
Federal Realty Investment Trust		4,664		703,471
Forest City Realty Trust, Inc., Class A^(a)		32,993		649,962
InfraREIT, Inc.		3,010		58,183
Public Storage		1,280		324,557
SL Green Realty Corp.		4,075		393,686
				4,911,616

TOTAL FINANCIALS				26,915,175

Health Care (12.31%)
Health Care Equipment & Services (8.22%)
Abbott Laboratories		14,500		548,825
Becton Dickinson and Co.		2,288		332,607
Boston Scientific Corp.^(a)		59,100		1,036,023
HCA Holdings, Inc.^(a)		8,250		574,035
McKesson Corp.		3,331		536,224
Medtronic PLC		25,020		1,899,518
St Jude Medical, Inc.		9,220		487,369
Stryker Corp.		6,048		599,659
UnitedHealth Group, Inc.		8,610		991,528
				7,005,788

Pharmaceuticals, Biotechnology & Life Sciences (4.09%)
Alkermes PLC^(a)		1,730		55,377
Allergan PLC^(a)		4,854		1,380,623
Alnylam Pharmaceuticals, Inc.^(a)		2,000		137,880
Bristol-Myers Squibb Co.		8,504		528,609
Merck & Co., Inc.		25,202		1,276,986
Mylan N.V.^(a)		2,010		105,907
				3,485,382

TOTAL HEALTH CARE				10,491,170

Industrials (9.85%)
Capital Goods (6.72%)
Danaher Corp.		10,490		908,959
Eaton Corp. PLC		5,100		257,601
General Electric Co.		41,330		1,202,703
Honeywell International, Inc.		3,966		409,291
Illinois Tool Works, Inc.		3,560		320,649
Lockheed Martin Corp.		2,166		457,026
Northrop Grumman Corp.		2,058		380,853
Owens Corning		12,210		563,980
Pentair PLC		4,260		200,731
Raytheon Co.		5,866		752,256

	Shares		Value (Note 2)
Capital Goods (continued)
Triumph Group, Inc.		3,590	$	91,545
WESCO International, Inc.^(a)		4,560		184,133
				5,729,727

Commercial & Professional Services (2.04%)
Equifax, Inc.		1,829		193,508
Huron Consulting Group, Inc.^(a)		1,530		85,849
ManpowerGroup, Inc.		2,898		221,262
Nielsen Holdings PLC		12,814		617,122
TransUnion^(a)		4,030		99,702
Waste Management, Inc.		9,780		517,851
				1,735,294

Transportation (1.09%)
FedEx Corp.		1,960		260,445
Genesee & Wyoming, Inc., Class A^(a)		2,814		139,518
JetBlue Airways Corp.^(a)		2,840		60,521
Kansas City Southern		1,290		91,435
Norfolk Southern Corp.		4,170		293,985
XPO Logistics, Inc.^(a)		3,720		85,002
				930,906

TOTAL INDUSTRIALS				8,395,927

Information Technology (10.10%)
Semiconductors & Semiconductor Equipment (3.38%)
Applied Materials, Inc.		24,630		434,720
Avago Technologies, Ltd.		2,747		367,301
First Solar, Inc.^(a)		2,482		170,414
Lam Research Corp.		3,180		228,292
Linear Technology Corp.		10,920		466,612
Microchip Technology, Inc.		9,140		409,563
NXP Semiconductors N.V.^(a)		4,568		341,595
ON Semiconductor Corp.^(a)		17,901		153,233
Skyworks Solutions, Inc.		2,670		184,016
SunEdison Semiconductor, Ltd.^(a)		5,390		33,418
SunPower Corp.^(a)		3,500		89,040
				2,878,204

Software & Services (5.75%)
Accenture PLC, Class A		974		102,796
Alliance Data Systems Corp.^(a)		685		136,856
Alphabet, Inc., Class A^(a)		1,280		974,528
Alphabet, Inc., Class C^(a)		417		309,810
Automatic Data Processing, Inc.		2,146		178,311
CACI International, Inc., Class A^(a)		3,300		274,131
Electronic Arts, Inc.^(a)		2,850		183,953
Genpact, Ltd.^(a)		8,910		213,127
Global Payments, Inc.		2,988		176,143
Heartland Payment Systems, Inc.		1,790		164,823
Microsoft Corp.		32,903		1,812,626
SS&C Technologies Holdings, Inc.		4,470		287,377
Visa, Inc., Class A		1,190		88,643
				4,903,124

	Shares		Value (Note 2)
Technology Hardware & Equipment (0.97%)
Cisco Systems, Inc.		34,540	$	821,707

TOTAL INFORMATION TECHNOLOGY				8,603,035

Materials (3.44%)
Materials (3.44%)
Ball Corp.		3,460		231,232
Boise Cascade Co.^(a)		7,980		164,867
Cabot Corp.		5,530		223,080
Celanese Corp., Series A		4,220		268,687
CRH PLC, Sponsored ADR		5,600		150,752
Crown Holdings, Inc.^(a)		4,425		203,019
The Dow Chemical Co.		9,093		381,906
International Paper Co.		7,780		266,154
LyondellBasell Industries N.V., Class A		1,530		119,294
Martin Marietta Materials, Inc.		839		105,362
The Mosaic Co.		6,100		147,010
Nucor Corp.		1,980		77,358
Owens-Illinois, Inc.^(a)		5,150		66,641
Reliance Steel & Aluminum Co.		1,960		111,602
The Sherwin-Williams Co.		710		181,526
Vulcan Materials Co.		2,633		232,231

TOTAL MATERIALS				2,930,721

Utilities (8.93%)
Utilities (8.93%)
Ameren Corp.		8,150		366,098
American Water Works Co., Inc.		7,280		472,545
Avangrid, Inc.^(a)		7,020		269,919
Dominion Resources, Inc.		8,695		627,518
DTE Energy Co.		4,900		416,549
Duke Energy Corp.		7,500		564,750
Edison International		7,200		444,960
Exelon Corp.		13,600		402,152
ITC Holdings Corp.		7,990		318,801
NextEra Energy, Inc.		12,637		1,411,679
PG&E Corp.		9,147		502,262
Pinnacle West Capital Corp.		5,390		357,411
Sempra Energy		5,260		498,385
UGI Corp.		28,100		955,400

TOTAL UTILITIES				7,608,429

TOTAL COMMON STOCKS (Cost $85,224,813)				84,034,205

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (1.12%)
Money Market Fund (1.12%)
Morgan Stanley Institutional Liquidity Fund - Prime Portfolio		0.349	%		951,888	$	951,888

TOTAL SHORT TERM INVESTMENTS (Cost $951,888)							951,888

TOTAL INVESTMENTS (99.73%) (Cost $86,176,701)						$	84,986,093

Other Assets In Excess Of Liabilities (0.27%)							226,907	^(b)

NET ASSETS (100.00%)						$	85,213,000

^(a)	Non-Income Producing Security.

^(b)	Includes cash which is being held as collateral for futures contracts in the amount of $42,351.

Common Abbreviations:

ADR - American Depositary Receipt.

Ltd. - Limited.

N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation.

PLC - Public Limited Company.

REIT - Real Estate Investment Trust.

See Notes to Quarterly Statement of Investments.

FUTURES CONTRACTS
Description	Position	Contracts		Expiration Date	Value (Note 2)		Unrealized Appreciation
S&P 500 Mini Future	Long		9	03/18/16	$	868,545	$	12,452
					$	868,545	$	12,452

Clough China Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (84.85%)
Communications (17.11%)
Internet (5.40%)
Alibaba Group Holding, Ltd., Sponsored ADR^(a)		28,800	$	1,930,464
JD.com, Inc., ADR^(a)		22,200		577,866
SINA Corp.^(a)		7,500		344,625
Zhaopin, Ltd., Sponsored ADR^(a)		10,700		170,665
				3,023,620

Telecommunications (11.71%)
China Mobile, Ltd.		500,500		5,497,582
China Telecom Corp., Ltd., Class H		926,000		435,539
China Unicom Hong Kong, Ltd.		566,000		627,076
				6,560,197

TOTAL COMMUNICATIONS				9,583,817

Consumer Discretionary (0.38%)
Specialty Retail (0.38%)
China ZhengTong Auto Services Holdings, Ltd.		582,500		216,106

TOTAL CONSUMER DISCRETIONARY				216,106

Consumer, Cyclical (18.50%)
Apparel (1.13%)
Shenzhou International Group Holdings, Ltd.		118,000		632,730

Auto Manufacturers (3.72%)
BAIC Motor Corp., Ltd., Class H^(b)		439,500		314,776
Byd Co., Ltd., Class H^(a)		384,500		1,768,829
				2,083,605

Auto Parts & Equipment (2.33%)
Fuyao Glass Industry Group Co., Ltd., Class H^(a)(b)		640,800		1,305,046

Entertainment (0.58%)
IMAX China Holding, Inc.^(a)(b)		50,500		323,027

Lodging (2.69%)
Galaxy Entertainment Group, Ltd.		180,000		565,510
Sands China, Ltd.		269,200		940,247
				1,505,757

Retail (5.15%)
Giordano International, Ltd.		1,412,000		564,492
Li Ning Co., Ltd.^(a)		1,994,000		919,993
Man Wah Holdings, Ltd.		1,292,312		1,404,245
				2,888,730

	Shares		Value (Note 2)
Textiles (2.90%)
Anta Sports Products, Ltd.		141,000	$	340,853
Pacific Textile Holdings, Ltd.		883,000		1,287,433
				1,628,286

TOTAL CONSUMER, CYCLICAL				10,367,181

Consumer, Non-Cyclical (2.19%)
Biotechnology (1.16%)
3SBio, Inc.^(a)(b)		535,500		649,202

Pharmaceuticals (1.03%)
Sinopharm Group Co., Ltd., Class H		162,400		576,862

TOTAL CONSUMER, NON-CYCLICAL				1,226,064

Energy (1.51%)
Oil & Gas (1.51%)
China Petroleum & Chemical Corp., Class H		1,494,120		844,086

TOTAL ENERGY				844,086

Financials (23.16%)
Banks (11.96%)
Bank of China, Ltd., Class H		2,945,437		1,153,348
China Construction Bank Corp., Class H		5,785,080		3,531,763
Industrial & Commercial Bank of China, Ltd., Class H		3,872,967		2,015,652
				6,700,763

Diversified Financial Services (1.50%)
Hong Kong Exchanges and Clearing, Ltd.		38,000		842,104

Insurance (6.82%)
China Life Insurance Co., Ltd., Class H		365,000		884,931
Ping An Insurance Group Co. of China, Ltd., Class H		648,000		2,935,859
				3,820,790

Real Estate (2.88%)
China Overseas Land & Investment, Ltd.		200,000		584,321
China Resources Land, Ltd.		268,000		662,331
CIFI Holdings Group Co., Ltd.		1,930,000		365,838
				1,612,490

TOTAL FINANCIALS				12,976,147

Industrials (3.75%)
Engineering & Construction (1.94%)
China Communications Construction Co., Ltd., Class H		692,000		618,131

	Shares		Value (Note 2)
Engineering & Construction (continued)
China Railway Construction Corp., Ltd., Class H		467,500	$	469,492
				1,087,623

Environmental Control (1.38%)
CT Environmental Group, Ltd.		2,660,000		772,310

Transportation Infrastructure (0.43%)
Sinotrans, Ltd., Class H		525,000		240,141

TOTAL INDUSTRIALS				2,100,074

Technology (17.19%)
Computers (1.51%)
Lenovo Group, Ltd.		546,000		490,111
PAX Global Technology, Ltd.		351,000		355,806
				845,917

Internet (13.24%)
Tencent Holdings, Ltd.		394,900		7,418,868

Internet Software & Services (1.66%)
Baidu, Inc., Sponsored ADR^(a)		5,700		930,639

Software (0.78%)
NetEase, Inc., ADR		2,800		437,192

TOTAL TECHNOLOGY				9,632,616

Utilities (1.06%)
Water (1.06%)
Beijing Enterprises Water Group, Ltd.		1,186,000		591,821

TOTAL UTILITIES				591,821

TOTAL COMMON STOCKS (Cost $44,084,727)				47,537,912

PARTICIPATION NOTES (4.87%)
Consumer, Cyclical (2.75%)
Auto Manufacturers (1.43%)
Chongqing Changan Automobile Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 01/11/18^(a)(b)		234,700		526,566
Zhengzhou Yutong Bus Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/17^(a)(b)		96,835		274,956
				801,522

	Shares		Value (Note 2)
Entertainment (0.51%)
Wanda Cinema Line Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/06/17^(a)(b)		24,100	$	283,721

Leisure Time (0.81%)
China CYTS Tours Holding Co., Ltd., Class A (Loan Participation Notes Issued by Morgan Stanley Asia Products), expiring 12/15/17^(a)(b)		97,700		287,065
Huangshan Tourism Development Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 12/15/17^(a)(b)		57,800		168,160
				455,225

TOTAL CONSUMER, CYCLICAL				1,540,468

Consumer, Non-Cyclical (1.00%)
Pharmaceuticals (1.00%)
Jiangsu Hengrui Medicine Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 03/16/17^(a)(b)		84,100		562,473

TOTAL CONSUMER, NON-CYCLICAL				562,473

Industrials (1.12%)
Electronics (0.29%)
Han's Laser Technology Industry Group Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 11/06/17^(a)(b)		51,300		158,919

Engineering & Construction (0.83%)
Shanghai International Airport Co., Ltd., Class A (Loan Participation Notes issued by Morgan Stanley Asia Products), expiring 10/27/17^(a)(b)		118,665		466,449

TOTAL INDUSTRIALS				625,368

TOTAL PARTICIPATION NOTES (Cost $2,880,557)				2,728,309

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (2.84%)
Money Market Fund (2.84%)
Morgan Stanley Institutional Liquidity Funds - Prime Portfolio		0.347	%		1,589,199	$	1,589,199

TOTAL SHORT TERM INVESTMENTS (Cost $1,589,199)							1,589,199

TOTAL INVESTMENTS (92.56%) (Cost $48,554,483)						$	51,855,420

Other Assets In Excess Of Liabilities (7.44%)							4,170,769

NET ASSETS (100.00%)						$	56,026,189

^(a)	Non-Income Producing Security.

^(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2016, the aggregate market value of those securities was $5,320,360, representing 9.50% of net assets.

Common Abbreviations:

ADR - American Depositary Receipt.

Ltd. - Limited.

See Notes to Quarterly Statement of Investments.

RiverFront Conservative Income Builder Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
EXCHANGE TRADED FUNDS (93.79%)
Debt (60.16%)
Guggenheim BulletShares 2016 Corporate Bond ETF		50,020	$	1,102,441
Guggenheim BulletShares 2017 Corporate Bond ETF		48,930		1,107,775
Guggenheim BulletShares 2018 Corporate Bond ETF		52,503		1,103,613
iShares^® 0-5 Year High Yield Corporate Bond ETF		6,515		286,921
iShares^® 1-3 Year Treasury Bond ETF		3,753		318,667
iShares^® Barclays 1-3 Year Credit Bond ETF		5,381		563,875
PIMCO 0-5 Year High Yield Corporate Bond Index ETF		3,996		360,399
PIMCO Enhanced Short Maturity Active ETF		7,666		772,043
RiverFront Strategic Income Fund^(a)		52,061		1,251,547
SPDR^® Barclays Short Term Corporate Bond ETF		13,830		420,155
SPDR^® Barclays Short Term High Yield Bond ETF		15,702		394,905
				7,682,341

Equity (33.63%)
Consumer Staples Select Sector SPDR^® Fund		2,644		134,210
FlexShares Quality Dividend Index Fund		2,322		77,717
iShares^® Currency Hedged MSCI Eurozone ETF		25,949		638,086
iShares^® Currency Hedged MSCI Japan ETF		9,596		262,643
iShares^® MSCI EAFE Growth ETF		12,590		805,256
iShares^® MSCI Japan ETF		52,612		605,038
iShares^® U.S. Consumer Goods ETF		1,670		177,521
PowerShares^® Aerospace & Defense Portfolio		2,609		86,906
PowerShares^® Europe Currency Hedged Low Volatility Portfolio		7,465		180,616
PowerShares^® KBW Bank Portfolio		4,301		141,116
PowerShares^® S&P 500^® Ex-Rate Sensitive Low Volatility Portfolio		5,241		128,601
SPDR^® Morgan Stanley Technology ETF		2,563		125,510
Vanguard^® Telecommunication Services ETF		931		79,107
WisdomTree^® Europe SmallCap Dividend Fund		3,697		195,423
WisdomTree^® Japan Hedged Real Estate Fund		5,257		137,260

	Shares		Value (Note 2)
Equity (continued)
WisdomTree^® Japan SmallCap Dividend Fund		1,808	$	97,921
WisdomTree^® LargeCap Dividend Fund		6,124		420,596
				4,293,527

TOTAL EXCHANGE TRADED FUNDS (Cost $12,204,250)				11,975,868

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.16%)
Money Market Fund (6.16%)
Morgan Stanley Institutional Liquidity Fund - Prime Portfolio		0.349	%		786,967		786,967

TOTAL SHORT TERM INVESTMENTS (Cost $786,967)							786,967

TOTAL INVESTMENTS (99.95%) (Cost $12,991,217)						$	12,762,835

Other Assets In Excess Of Liabilities (0.05%)							6,048

NET ASSETS (100.00%)						$	12,768,883

^(a)	Affiliated Company. See Note 4 in Notes to Quarterly Statement of Investments.

Common Abbreviations:

EAFE - Europe, Australia, and Far East.

ETF - Exchange Traded Fund.

KBW- Keefe, Bruyette, & Woods.

MSCI - Morgan Stanley Capital International.

PIMCO - Pacific Investment Management Company.

S&P - Standard and Poor's.

SPDR - Standard and Poor's Depositary Receipt.

See Notes to Quarterly Statement of Investments.

RiverFront Dynamic Equity Income Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (4.04%)
Communications (0.60%)
Telecommunications (0.60%)
AT&T, Inc.		13,445	$	484,827

TOTAL COMMUNICATIONS				484,827

Consumer, Cyclical (0.79%)
Retail (0.79%)
Costco Wholesale Corp.		4,182		631,984

TOTAL CONSUMER, CYCLICAL				631,984

Consumer, Non-Cyclical (1.08%)
Beverages (0.51%)
PepsiCo, Inc.		4,159		412,989

Pharmaceuticals (0.57%)
Perrigo Co. PLC		3,180		459,764

TOTAL CONSUMER, NON-CYCLICAL				872,753

Industrials (1.08%)
Machinery, Construction & Mining (0.46%)
Caterpillar, Inc.		5,930		369,083

Miscellaneous Manufacturers (0.62%)
3M Co.		3,291		496,941

TOTAL INDUSTRIALS				866,024

Technology (0.49%)
Software (0.49%)
Paychex, Inc.		8,295		396,998

TOTAL TECHNOLOGY				396,998

TOTAL COMMON STOCKS (Cost $3,342,272)				3,252,586

EXCHANGE TRADED FUNDS (93.40%)
Debt (17.45%)
PIMCO Enhanced Short Maturity Active ETF		50,921		5,128,254
RiverFront Strategic Income Fund^(a)		235,240		5,655,170

	Shares		Value (Note 2)
Debt (continued)
SPDR^® Barclays Short Term High Yield Bond ETF		129,599	$	3,259,415
				14,042,839

Equity (75.95%)
Consumer Staples Select Sector SPDR^® Fund		54,811		2,782,206
FlexShares Quality Dividend Index Fund		34,950		1,169,773
Global X FTSE Nordic Region ETF		15,960		327,659
iShares^® Core S&P 500^® ETF		5,831		1,134,829
iShares^® Currency Hedged MSCI Eurozone ETF		161,626		3,974,383
iShares^® Currency Hedged MSCI Japan ETF		59,768		1,635,850
iShares^® MSCI EAFE Growth ETF		104,472		6,682,029
iShares^® MSCI Japan ETF		552,622		6,355,153
iShares^® MSCI United Kingdom ETF		60,070		922,675
iShares^® U.S. Home Construction ETF		31,881		775,665
Market Vectors^® Oil Service ETF		66,794		1,621,758
PowerShares^® Aerospace & Defense Portfolio		24,323		810,199
PowerShares^® Europe Currency Hedged Low Volatility Portfolio		74,407		1,800,277
PowerShares^® KBW Bank Portfolio		76,130		2,497,825
PowerShares^® S&P 500^® Ex-Rate Sensitive Low Volatility Portfolio		64,784		1,589,638
PowerShares^® S&P 500^® High Dividend Portfolio		166,292		5,487,636
SPDR^® Morgan Stanley Technology ETF		56,168		2,750,547
Vanguard^® FTSE Europe ETF		46,972		2,210,972
Vanguard^® Information Technology ETF		4,061		413,816
Vanguard^® Telecommunication Services ETF		17,626		1,497,681
WisdomTree^® Europe Hedged Equity Fund		170,641		8,871,626
WisdomTree^® Europe SmallCap Dividend Fund		15,353		811,560
WisdomTree^® Japan Hedged Equity Fund		28,252		1,343,665
WisdomTree^® Japan Hedged Real Estate Fund		49,113		1,282,341
WisdomTree^® Japan SmallCap Dividend Fund		29,882		1,618,409

	Shares		Value (Note 2)
Equity (continued)
WisdomTree^® LargeCap Dividend Fund		10,610	$	728,695
				61,096,867

TOTAL EXCHANGE TRADED FUNDS (Cost $77,768,587)				75,139,706

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (2.38%)
Money Market Fund (2.38%)
Morgan Stanley Institutional Liquidity Fund - Prime Portfolio		0.349	%		1,910,607		1,910,607

TOTAL SHORT TERM INVESTMENTS (Cost $1,910,607)							1,910,607

TOTAL INVESTMENTS (99.82%) (Cost $83,021,466)						$	80,302,899

Other Assets In Excess Of Liabilities (0.18%)							144,455

NET ASSETS (100.00%)						$	80,447,354

⁽^a)	Affiliated Company. See Note 4 in Notes to Quarterly Statement of Investments.

Common Abbreviations:

EAFE - Europe, Australia, and Far East.

ETF - Exchange Traded Fund.

FTSE - Financial Times and the London Stock Exchange.

KBW- Keefe, Bruyette, & Woods.

MSCI - Morgan Stanley Capital International.

S&P - Standard and Poor's.

SPDR - Standard and Poor's Depositary Receipt.

See Notes to Quarterly Statement of Investments.

RiverFront Global Allocation Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (4.10%)
Communications (0.60%)
Telecommunications (0.60%)
AT&T, Inc.		6,862	$	247,444

TOTAL COMMUNICATIONS				247,444

Consumer, Cyclical (0.82%)
Retail (0.82%)
Costco Wholesale Corp.		2,214		334,580

TOTAL CONSUMER, CYCLICAL				334,580

Consumer, Non-Cyclical (1.09%)
Beverages (0.52%)
PepsiCo, Inc.		2,160		214,488

Pharmaceuticals (0.57%)
Perrigo Co. PLC		1,623		234,654

TOTAL CONSUMER, NON-CYCLICAL				449,142

Industrials (1.09%)
Machinery, Construction & Mining (0.47%)
Caterpillar, Inc.		3,092		192,446

Miscellaneous Manufacturers (0.62%)
3M Co.		1,685		254,435

TOTAL INDUSTRIALS				446,881

Technology (0.50%)
Software (0.50%)
Paychex, Inc.		4,255		203,644

TOTAL TECHNOLOGY				203,644

TOTAL COMMON STOCKS (Cost $1,730,900)				1,681,691

EXCHANGE TRADED FUNDS (93.82%)
Debt (9.77%)
PIMCO Enhanced Short Maturity Active ETF		30,440		3,065,612
RiverFront Strategic Income Fund^(a)		39,386		946,840
				4,012,452

Equity (84.05%)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		15,100		393,657
Financial Select Sector SPDR^® Fund		43,321		940,499

	Shares		Value (Note 2)
Equity (continued)
First Trust NYSE Arca Biotechnology Index Fund		5,088	$	436,652
FlexShares Quality Dividend Index Fund		24,605		823,527
Global X FTSE Nordic Region ETF		8,511		174,731
iShares^® Core S&P 500^® ETF		2,323		452,102
iShares^® Currency Hedged MSCI Eurozone ETF		82,495		2,028,552
iShares^® Currency Hedged MSCI Japan ETF		30,506		834,949
iShares^® MSCI EAFE ETF		9,210		510,971
iShares^® MSCI EAFE Growth ETF		49,661		3,176,318
iShares^® MSCI Japan ETF		308,144		3,543,656
iShares^® MSCI Switzerland Capped ETF		13,475		392,931
iShares^® MSCI United Kingdom ETF		71,223		1,093,985
iShares^® U.S. Consumer Goods ETF		12,860		1,367,018
iShares^® U.S. Home Construction ETF		33,893		824,617
Market Vectors^® Oil Service ETF		31,668		768,899
PowerShares^® Aerospace & Defense Portfolio		11,200		373,072
PowerShares^® Europe Currency Hedged Low Volatility Portfolio		46,738		1,130,826
PowerShares^® KBW Bank Portfolio		24,750		812,047
PowerShares^® S&P 500^® Ex-Rate Sensitive Low Volatility Portfolio		34,121		837,244
SPDR^® Morgan Stanley Technology ETF		43,102		2,110,705
Vanguard^® FTSE Developed Markets ETF		41,156		1,427,702
Vanguard^® FTSE Europe ETF		24,548		1,155,474
Vanguard^® Telecommunication Services ETF		7,483		635,830
WisdomTree^® Europe Hedged Equity Fund		94,609		4,918,722
WisdomTree^® Europe SmallCap Dividend Fund		7,836		414,211
WisdomTree^® Japan Hedged Equity Fund		16,401		780,032
WisdomTree^® Japan Hedged Real Estate Fund		25,067		654,499
WisdomTree^® Japan SmallCap Dividend Fund		15,329		830,219
WisdomTree^® LargeCap Dividend Fund		9,668		663,998
				34,507,645

TOTAL EXCHANGE TRADED FUNDS (Cost $39,913,677)				38,520,097

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (2.22%)
Money Market Fund (2.22%)
Morgan Stanley Institutional Liquidity Fund - Prime Portfolio		0.349	%		912,443	$	912,443

TOTAL SHORT TERM INVESTMENTS (Cost $912,443)							912,443

TOTAL INVESTMENTS (100.14%) (Cost $42,557,020)						$	41,114,231

Liabilities In Excess Of Other Assets (-0.14%)							(58,732	)

NET ASSETS (100.00%)						$	41,055,499

^(a)	Affiliated Company. See Note 4 in Notes to Quarterly Statement of Investments.

Common Abbreviations:

EAFE - Europe, Australia, and Far East.

ETF - Exchange Traded Fund.

FTSE - Financial Times and the London Stock Exchange.
KBW- Keefe, Bruyette, & Woods.
MSCI - Morgan Stanley Capital International.
NYSE - New York Stock Exchange
S&P - Standard and Poor's.
SPDR - Standard and Poor's Depositary Receipt.

See Notes to Quarterly Statement of Investments.

RiverFront Global Growth Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (4.09%)
Communications (0.60%)
Telecommunications (0.60%)
AT&T, Inc.		12,608	$	454,644

TOTAL COMMUNICATIONS				454,644

Consumer, Cyclical (0.82%)
Retail (0.82%)
Costco Wholesale Corp.		4,085		617,325

TOTAL CONSUMER, CYCLICAL				617,325

Consumer, Non‐Cyclical (1.09%)
Beverages (0.52%)
PepsiCo, Inc.		3,948		392,036

Pharmaceuticals (0.57%)
Perrigo Co. PLC		2,982		431,138

TOTAL CONSUMER, NON‐CYCLICAL				823,174

Industrials (1.09%)
Machinery, Construction & Mining (0.47%)
Caterpillar, Inc.		5,661		352,341

Miscellaneous Manufacturers (0.62%)
3M Co.		3,089		466,439

TOTAL INDUSTRIALS				818,780

Technology (0.49%)
Software (0.49%)
Paychex, Inc.		7,781		372,399

TOTAL TECHNOLOGY				372,399

TOTAL COMMON STOCKS (Cost $3,173,863)				3,086,322

EXCHANGE TRADED FUNDS (89.06%)
Equity (89.06%)
Consumer Staples Select Sector SPDR^® Fund		11,833		600,643
Deutsche X‐trackers MSCI EAFE Hedged Equity ETF		96,760		2,522,533
Financial Select Sector SPDR^® Fund		62,736		1,361,999
First Trust NYSE Arca Biotechnology Index Fund		10,635		912,696

	Shares		Value (Note 2)
Equity (continued)
FlexShares Quality Dividend Index Fund		67,806	$	2,269,460
Global X FTSE Nordic Region ETF		15,827		324,928
iShares^® Currency Hedged MSCI Eurozone ETF		152,367		3,746,705
iShares^® Currency Hedged MSCI Japan ETF		57,116		1,563,265
iShares^® MSCI EAFE Growth ETF		93,478		5,978,853
iShares^® MSCI Japan ETF		641,759		7,380,228
iShares^® MSCI United Kingdom ETF		102,410		1,573,018
iShares^® U.S. Consumer Goods ETF		13,993		1,487,456
iShares^® U.S. Home Construction ETF		66,416		1,615,901
Market Vectors^® Oil Service ETF		69,921		1,697,682
PowerShares^® Aerospace & Defense Portfolio		27,747		924,253
PowerShares^® Europe Currency Hedged Low Volatility Portfolio		79,280		1,918,180
PowerShares^® KBW Bank Portfolio		59,362		1,947,667
PowerShares^® S&P 500^® Ex‐Rate Sensitive Low Volatility Portfolio		63,678		1,562,499
SPDR^® Morgan Stanley Technology ETF		78,872		3,862,362
Vanguard^® FTSE Developed Markets ETF		81,212		2,817,244
Vanguard^® FTSE Europe ETF		45,688		2,150,534
Vanguard^® Information Technology ETF		6,387		650,835
Vanguard^® Telecommunication Services ETF		15,350		1,304,289
WisdomTree^® Europe Hedged Equity Fund		231,663		12,044,159
WisdomTree^® Europe SmallCap Dividend Fund		14,396		760,973
WisdomTree^® Japan Hedged Equity Fund		38,826		1,846,565
WisdomTree^® Japan Hedged Real Estate Fund		61,404		1,603,258
WisdomTree^® Japan SmallCap Dividend Fund		13,951		755,586
				67,183,771

TOTAL EXCHANGE TRADED FUNDS (Cost $68,670,892)				67,183,771

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.72%)
Money Market Fund (6.72%)
Morgan Stanley Institutional Liquidity Fund ‐ Prime Portfolio		0.349	%		5,065,780	$	5,065,780

TOTAL SHORT TERM INVESTMENTS (Cost $5,065,780)							5,065,780

TOTAL INVESTMENTS (99.87%) (Cost $76,910,535)						$	75,335,873

Other Assets In Excess Of Liabilities (0.13%)							96,294

NET ASSETS (100.00%)						$	75,432,167

Common Abbreviations:

EAFE ‐ Europe, Australia, and Far East.

ETF ‐ Exchange Traded Fund.

FTSE ‐ Financial Times and the London Stock Exchange.

KBW‐ Keefe, Bruyette, & Woods.

MSCI ‐ Morgan Stanley Capital International.

NYSE ‐ New York Stock Exchange.

S&P ‐ Standard and Poor's.

SPDR ‐ Standard and Poor's Depositary Receipt.

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

See Notes to Quarterly Statement of Investments.

RiverFront Moderate Growth & Income Fund

STATEMENT OF INVESTMENTS

January 31, 2016 (Unaudited)

	Shares		Value (Note 2)
COMMON STOCKS (4.02%)
Communications (0.60%)
Telecommunications (0.60%)
AT&T, Inc.		23,458	$	845,895

TOTAL COMMUNICATIONS				845,895

Consumer, Cyclical (0.81%)
Retail (0.81%)
Costco Wholesale Corp.		7,552		1,141,258

TOTAL CONSUMER, CYCLICAL				1,141,258

Consumer, Non‐Cyclical (1.08%)
Beverages (0.51%)
PepsiCo, Inc.		7,179		712,875

Pharmaceuticals (0.57%)
Perrigo Co. PLC		5,548		802,130

TOTAL CONSUMER, NON‐CYCLICAL				1,515,005

Industrials (1.05%)
Machinery, Construction & Mining (0.45%)
Caterpillar, Inc.		10,261		638,645

Miscellaneous Manufacturers (0.60%)
3M Co.		5,574		841,674

TOTAL INDUSTRIALS				1,480,319

Technology (0.48%)
Software (0.48%)
Paychex, Inc.		13,967		668,461

TOTAL TECHNOLOGY				668,461

TOTAL COMMON STOCKS (Cost $5,816,221)				5,650,938

EXCHANGE TRADED FUNDS (90.21%)
Debt (37.95%)
Guggenheim BulletShares 2016 Corporate Bond ETF		167,990		3,702,500
Guggenheim BulletShares 2017 Corporate Bond ETF		164,156		3,716,492
Guggenheim BulletShares 2018 Corporate Bond ETF		176,405		3,708,033
iShares^® 0‐5 Year High Yield Corporate Bond ETF		76,944		3,388,614

	Shares		Value (Note 2)
Debt (continued)
iShares^® 1‐3 Year Treasury Bond ETF		48,941	$	4,155,580
iShares^® Barclays 1‐3 Year Credit Bond ETF		10,856		1,137,600
PIMCO 0‐5 Year High Yield Corporate Bond Index ETF		46,444		4,188,784
PIMCO Enhanced Short Maturity Active ETF		93,266		9,392,819
RiverFront Strategic Income Fund^(a)		572,444		13,761,554
SPDR^® Barclays Short Term Corporate Bond ETF		80,428		2,443,403
SPDR^® Barclays Short Term High Yield Bond ETF		147,390		3,706,858
				53,302,237

Equity (52.26%)
Consumer Staples Select Sector SPDR^® Fund		91,805		4,660,022
FlexShares Quality Dividend Index Fund		168,214		5,630,106
iShares^® Currency Hedged MSCI Eurozone ETF		281,988		6,934,085
iShares^® Currency Hedged MSCI Japan ETF		104,277		2,854,061
iShares^® MSCI EAFE Growth ETF		108,046		6,910,622
iShares^® MSCI Japan ETF		723,635		8,321,802
iShares^® U.S. Home Construction ETF		45,087		1,096,967
Market Vectors^® Oil Service ETF		87,902		2,134,260
PowerShares^® Aerospace & Defense Portfolio		33,810		1,126,211
PowerShares^® Europe Currency Hedged Low Volatility Portfolio		211,255		5,111,315
PowerShares^® KBW Bank Portfolio		108,699		3,566,414
PowerShares^® S&P 500^® Ex‐Rate Sensitive Low Volatility Portfolio		101,293		2,485,477
SPDR^® Morgan Stanley Technology ETF		92,962		4,552,349
Vanguard^® Telecommunication Services ETF		28,169		2,393,520
WisdomTree^® Europe Hedged Equity Fund		125,627		6,531,348
WisdomTree^® Europe SmallCap Dividend Fund		26,786		1,415,908
WisdomTree^® Japan Hedged Real Estate Fund		114,249		2,983,041
WisdomTree^® Japan SmallCap Dividend Fund		19,454		1,053,629

	Shares		Value (Note 2)
Equity (continued)
WisdomTree^® LargeCap Dividend Fund		53,101	$	3,646,977
				73,408,114

TOTAL EXCHANGE TRADED FUNDS (Cost $130,104,861)				126,710,351

	7-Day Yield			Shares		Value (Note 2)
SHORT TERM INVESTMENTS (6.04%)
Money Market Fund (6.04%)
Morgan Stanley Institutional Liquidity Fund ‐ Prime Portfolio		0.349	%		8,489,692		8,489,692

TOTAL SHORT TERM INVESTMENTS (Cost $8,489,692)							8,489,692

TOTAL INVESTMENTS (100.27%) (Cost $144,410,774)						$	140,850,981

Liabilities In Excess Of Other Assets (‐0.27%)							(381,186	)

NET ASSETS (100.00%)						$	140,469,795

^(a)	Affiliated Company. See Note 4 in Notes to Quarterly Statement of Investments.

Common Abbreviations:

EAFE ‐ Europe, Australia, and Far East.

ETF ‐ Exchange Traded Fund.

KBW‐ Keefe, Bruyette, & Woods.

MSCI ‐ Morgan Stanley Capital International.

PIMCO ‐ Pacific Investment Management Company.

S&P ‐ Standard and Poor's.

SPDR ‐ Standard and Poor's Depositary Receipt.

See Notes to Quarterly Statement of Investments.

1. ORGANIZATION

Financial Investors Trust (the “Trust”), a Delaware statutory trust, is an open‐end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of January 31, 2016, the Trust had 33 registered funds. This quarterly report describes the following 14 funds: ALPS | Alerian MLP Infrastructure Index Fund, ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, ALPS | Kotak India Growth Fund, ALPS | Metis Global Micro Cap Fund, ALPS | Red Rocks Listed Private Equity Fund, ALPS | Sterling ETF Tactical Rotation Fund, ALPS | Westport Resources Hedged High Income Fund, ALPS| WMC Research Value Fund, Clough China Fund, RiverFront Conservative Income Builder Fund, RiverFront Dynamic Equity Income Fund, RiverFront Global Allocation Fund, RiverFront Global Growth Fund and RiverFront Moderate Growth & Income Fund (each, a “Fund” and collectively, the “Funds”).

ALPS | Alerian MLP Infrastructure Index Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index. The ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund seeks to maximize real returns (returns after inflation), consistent with prudent investment management. ALPS | Kotak India Growth Fund’s investment goal is long‐term capital appreciation. ALPS | Metis Global Micro Cap Fund seeks long-term growth of capital. ALPS | Red Rocks Listed Private Equity Fund seeks to maximize total return, which consists of appreciation on its investments and a variable income stream. ALPS | Sterling ETF Tactical Rotation Fund seeks investment results that correspond (before fees and expenses) generally to the performance of the Sterling Tactical Rotation Index. ALPS | Westport Resources Hedged High Income Fund seeks to provide high current income. The Fund’s secondary investment objective is to seek capital preservation, with the potential for capital appreciation. ALPS | WMC Research Value Fund seeks long‐term capital appreciation: dividend income may be a factor in portfolio selection but is secondary to the Fund’s principal objective. The Clough China Fund seeks to provide investors with long‐term capital appreciation. The RiverFront Conservative Income Builder Fund seeks to provide current income and potential for that income to grow over time. The RiverFront Dynamic Equity Income Fund seeks to achieve long‐term growth and income through a combination of capital appreciation and rising dividend payments that exceed the average yield on global stocks generally. The RiverFront Global Allocation Fund seeks to provide high total investment return through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. Total investment return means the combination of capital appreciation and investment income. The RiverFront Global Growth Fund seeks to achieve long‐term capital appreciation through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. The RiverFront Moderate Growth & Income Fund has two primary investment objectives: (1) seeks to provide a level of current income that exceeds the average yield on U.S. stocks in general and (2) to provide a growing stream of income over the years. The Funds secondary objective is to provide growth of capital.

The classes of each Fund differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Fund and earn income and realized gains/losses from the Fund pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends to shareholders are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions to shareholders are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Basis of Consolidation for the ALPS | CoreCommodity Management CompleteCommodities^®Strategy Fund

CoreCommodity Management Cayman Commodity Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on April 23, 2010 and is a wholly owned subsidiary of the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund (the “CoreCommodity Fund”). The Subsidiary acts as an investment vehicle for the CoreCommodity Fund in order to effect certain commodity‐related investments on behalf of the CoreCommodity Fund. CoreCommodity Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of June 14, 2010, and it is intended that the CoreCommodity Fund will remain the sole shareholder and will continue to wholly own and control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding‐up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. The CoreCommodity Fund may invest up to 25% of its total assets in shares of the Subsidiary. As a wholly owned subsidiary of the CoreCommodity Fund, the financial statements of the Subsidiary are included in the consolidated financial statements of the CoreCommodity Fund. All investments held by the Subsidiary are disclosed in the accounts of the CoreCommodity Fund. As of January 31, 2016, net assets of the CoreCommodity Fund were $356,592,552, of which $73,050,940 or 20.49%, represented the CoreCommodity Fund’s ownership of all issued shares and voting rights of the Subsidiary.

Basis of Consolidation for the ALPS | Kotak India Growth Fund

ALPS | Kotak India Growth Fund, (the “Kotak Fund”) invests in the equity securities of Indian companies through its wholly owned, collective investment vehicle, the India Premier Equity Portfolio (the “Portfolio”). The Portfolio is registered with and regulated by the Mauritius Financial Services Commission. The Portfolio was formed for the purpose of facilitating the Kotak Fund’s purchase of securities of a wide selection of Indian companies, consistent with the Kotak Fund’s investment strategies. The Portfolio is a private company limited by shares incorporated under the Mauritius Companies Act 2001. As a wholly owned subsidiary of the Kotak Fund, financial statements of the Portfolio are included in the consolidated financial statements of the Kotak Fund. All investments held by the Portfolio are disclosed in the accounts of the Kotak Fund.

The Portfolio established residency in Mauritius allowing the Kotak Fund to receive the beneficial tax treatment under the Treaty between India and Mauritius. If the benefits of the Treaty are denied or if the Portfolio is held to have a permanent establishment in India, gains derived by the Portfolio due to the sale of securities may be subject to taxation in India. India’s Finance Act had introduced legislation on General Anti‐ Avoidance Rules (“GAAR”) which contains treaty override provisions. The GAAR, which is now expected to come into effect from April 1, 2017, may be used by the Indian tax authorities to declare any arrangement whose main purpose or one of the main purposes is to obtain a tax benefit, as an “impermissible avoidance arrangement”.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. Each Fund is considered an investment company for financial reporting purposes, the following policies are in conformity with accounting principles generally accepted in the United States of America for investment companies (“U.S. GAAP”).The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by the Funds and subsidiaries, as applicable, in preparation of their financial statements.

Investment Valuation: The Funds generally value their securities based on market prices determined at the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading. For equity securities and mutual funds that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange.

The market price for debt obligations is generally the price supplied by an independent third‐party pricing service approved by the Board, which may use a matrix, formula or other objective method that takes into consideration quotations from dealers, market transactions in comparable investments, market indices and yield curves. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers‐dealers that make a market in the security. Short‐term debt obligations that will mature in 60 days or less are valued at amortized cost; unless it is determined that using this method would not reflect an investment’s fair value. Investments in non‐exchange traded funds are fair valued at their respective net asset values.

Futures contracts that are listed or traded on a national securities exchange, commodities exchange, contract market or comparable over the counter market, and that are freely transferable, are valued at their closing settlement price on the exchange on which they are primarily traded or based upon the current settlement price for a like instrument acquired on the day on which the instrument is being valued. A settlement price may not be used if the market makes a limit move with respect to a particular commodity. Over‐the‐counter swap contracts for which market quotations are readily available are valued based on quotes received from independent pricing services or one or more dealers that make markets in such securities.

Equity securities that are primarily traded on foreign securities exchanges are valued at the closing values of such securities on their respective foreign exchanges, except when an event occurs subsequent to the close of the foreign exchange and the close of the NYSE that was likely to have changed such value. In such an event, the fair value of those securities are determined in good faith through consideration of other factors in accordance with procedures established by and under the general supervision of the Board. The Funds will use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Fund’s portfolio is believed to have been materially affected by an valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading day on the NYSE.

Forward currency exchange contracts have a market value determined by the prevailing foreign currency exchange daily rates and current foreign currency exchange forward rates. The foreign currency exchange forward rates are calculated using an automated system that estimates rates on the basis of the current day foreign currency exchange rates and forward foreign currency exchange rates supplied by a pricing service. Foreign exchange rates and forward foreign currency exchange rates may generally be obtained at the close of the NYSE, normally 4:00 p.m. Eastern Time.

When such prices or quotations are not available, or when the Fair Value Committee appointed by the Board believes that they are unreliable, securities may be priced using fair value procedures approved by the Board.

Fair Value Measurements: The Funds disclose the classification of their fair value measurements following a three‐tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of each Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1	–	Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

Level 2	–	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3	–	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of each Fund’s investments/financial instruments in the fair value hierarchy as of January 31, 2016:

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Alerian MLP Infrastructure Index Fund
Master Limited Partnerships^(a)	$	28,668,607	$	–	$	–	$	28,668,607
Total	$	28,668,607	$	–	$	–	$	28,668,607

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Common Stocks^(a)	$	105,575,640		$	–		$	–	$	105,575,640
Master Limited Partnerships^(a)		864,955			–			–		864,955
Government Bonds		–			207,855,247			–		207,855,247
Short Term Investments		46,609,587			–			–		46,609,587
Total	$	153,050,182		$	207,855,247		$	–	$	360,905,429
Other Financial Instruments
Assets
Futures Contracts	$	1,969,388		$	–		$	–	$	1,969,388
Total Return Swap Contracts		–			368,378			–		368,378
Liabilities
Futures Contracts		(835,842	)		–			–		(835,842	)
Written Options		(1,680	)		–			–		(1,680	)
Total Return Swap Contracts		–			(8,879,999	)		–		(8,879,999	)
Total	$	1,131,866		$	(8,511,621	)	$	–	$	(7,379,755	)

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Kotak India Growth Fund
Common Stocks
Consumer Discretionary	$	–	$	1,545,559	$	–	$	1,545,559
Consumer Staples		–		1,317,969		–		1,317,969
Energy		–		668,338		–		668,338
Financials		–		3,752,691		–		3,752,691
Health Care		–		1,059,622		45,557		1,105,179
Industrials		–		1,513,038		–		1,513,038
Information Technology		–		1,965,332		–		1,965,332
Materials		81,694		1,682,559		2,147		1,766,400
Telecommunication Services		–		85,079		–		85,079
Short Term Investments		63,874		–		–		63,874
Total	$	145,568	$	13,590,187	$	47,704	$	13,783,459

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Metis Global Micro Cap Fund
Common Stocks
Australia	$	–	$	472,470	$	–	$	472,470
Belgium		23,719		–		–		23,719
Brazil		–		51,262		–		51,262
Canada		349,391		–		–		349,391
China		–		56,690		–		56,690
France		24,727		113,433		–		138,160
Germany		73,597		–		–		73,597
Great Britain		88,425		55,725		–		144,150
Hong Kong		–		213,551		–		213,551
India		–		20,538		–		20,538
Indonesia		–		46,851		–		46,851
Israel		47,423		–		–		47,423
Japan		–		2,948,298		–		2,948,298
New Zealand		–		23,833		–		23,833
Pakistan		23,944		23,514		–		47,458
Poland		–		18,986		–		18,986
Qatar		22,008		–		–		22,008
South Korea		–		412,626		–		412,626
Sweden		24,273		77,887		–		102,160
Taiwan		–		332,891		–		332,891
Thailand		–		47,700		–		47,700
Turkey		–		45,287		–		45,287
United States		2,262,545		–		–		2,262,545
Preferred Stocks		–		45,227		–		45,227
Short Term Investments		492,878		–		–		492,878
Total	$	3,432,930	$	5,006,769	$	–	$	8,439,699

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Red Rocks Listed Private Equity Fund
Closed‐End Funds	$	53,231,651	$	–	$	–	$	53,231,651
Common Stocks^(a)		375,797,996		–		–		375,797,996
Short Term Investments		3,956,767		–		–		3,956,767
Total	$	432,986,414	$	–	$	–	$	432,986,414

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| Sterling ETF Tactical Rotation Fund
Exchange Traded Funds	$	28,125,507	$	–	$	–	$	28,125,507
Short Term Investments		50,701		–		–		50,701
Total	$	28,176,208	$	–	$	–	$	28,176,208

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ALPS \| Westport Resources Hedged High Income Fund
Common Stocks^(a)	$	4,319		$	–		$	–	$	4,319
Exchange Traded Funds		165,708			–			–		165,708
Bank Loans^(a)		–			5,555,884			–		5,555,884
Convertible Corporate Bonds^(a)		–			255,111			–		255,111
Corporate Bonds^(a)		–			8,129,485			–		8,129,485
Mortgage Backed Securities		–			1,681,361			–		1,681,361
Short Term Investments		–			79,923			–		79,923
Total	$	170,027		$	15,701,764		$	–	$	15,871,791
Other Financial Instruments
Assets
Futures Contracts	$	8,344		$	–		$	–	$	8,344
Credit Default Swap Contracts		–			3,679			–		3,679
Forward Foreign Currency Contracts		–			1,913			–		1,913

Liabilities
Futures Contracts		(70,123	)		–			–		(70,123	)
Forward Foreign Currency Contracts		–			(236	)		–		(236	)
Total	$	(61,779	)	$	5,356		$	–	$	(56,423	)

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ALPS \| WMC Research Value Fund
Common Stocks^(a)	$	84,034,205	$	–	$	–	$	84,034,205
Short Term Investments		951,888		–		–		951,888
Total	$	84,986,093	$	–	$	–	$	84,986,093
Other Financial Instruments
Assets
Futures Contracts	$	12,452	$	–	$	–	$	12,452
Total	$	12,452	$	–	$	–	$	12,452

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Clough China Fund
Common Stocks
Communications	$	3,023,620	$	6,560,197	$	–	$	9,583,817
Consumer Discretionary		–		216,106		–		216,106
Consumer, Cyclical		565,510		9,801,671		–		10,367,181
Consumer, Non‐Cyclical		–		1,226,064		–		1,226,064
Energy		–		844,086		–		844,086
Financials		–		12,976,147		–		12,976,147
Industrials		–		2,100,074		–		2,100,074
Technology		1,367,831		8,264,785		–		9,632,616
Utilities		–		591,821		–		591,821
Participation Notes^(a)		–		2,728,309		–		2,728,309
Short Term Investments		1,589,199		–		–		1,589,199
Total	$	6,546,160	$	45,309,260	$	–	$	51,855,420

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Conservative Income Builder Fund
Exchange Traded Funds^(a)	$	11,975,868	$	–	$	–	$	11,975,868
Short Term Investments		786,967		–		–		786,967
Total	$	12,762,835	$	–	$	–	$	12,762,835

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Dynamic Equity Income Fund
Common Stocks^(a)	$	3,252,586	$	–	$	–	$	3,252,586
Exchange Traded Funds^(a)		75,139,706		–		–		75,139,706
Short Term Investments		1,910,607		–		–		1,910,607
Total	$	80,302,899	$	–	$	–	$	80,302,899

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Global Allocation Fund
Common Stocks^(a)	$	1,681,691	$	–	$	–	$	1,681,691
Exchange Traded Funds^(a)		38,520,097		–		–		38,520,097
Short Term Investments		912,443		–		–		912,443
Total	$	41,114,231	$	–	$	–	$	41,114,231

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Global Growth Fund
Common Stocks^(a)	$	3,086,322	$	–	$	–	$	3,086,322
Exchange Traded Funds^(a)		67,183,771		–		–		67,183,771
Short Term Investments		5,065,780		–		–		5,065,780
Total	$	75,335,873	$	–	$	–	$	75,335,873

Investments in Securities at Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
RiverFront Moderate Growth & Income Fund
Common Stocks^(a)	$	5,650,938	$	–	$	–	$	5,650,938
Exchange Traded Funds^(a)		126,710,351		–		–		126,710,351
Short Term Investments		8,489,692		–		–		8,489,692
Total	$	140,850,981	$	–	$	–	$	140,850,981

^(a)	For detailed descriptions of country, sector and/or industry, see the accompanying Statement of Investments.

The Funds recognize transfers between levels as of the end of the period. For the period ended January 31, 2016, the Funds did not have any transfers between Level 1 and Level 2 securities, except the ALPS | Kotak India Growth Fund. The ALPS | Kotak India Growth Fund utilizes a fair value evaluation service with respect to international securities with an earlier market closing than the Fund’s net asset value computation cutoff. When events trigger the use of the fair value evaluation service on a reporting period date, it results in certain securities transferring from a Level 1 to a Level 2 classification. The transfer amounts disclosed in the table below represents the value of the securities as of January 31, 2016 transferred in/(out) of Level 1 and Level 2 during the reporting period that were also held at October 31, 2015.

The ALPS | Kotak India Growth Fund had the following transfers between Levels 1 and 2 at January 31, 2016:

	Level 1 - Quoted and Unadjusted Prices					Level 2 - Other Significant Observable Inputs
	Transfers In		Transfers (Out)			Transfers In		Transfers (Out)
Common Stocks	$	81,694	$	(279,717	)	$	279,717	$	(81,694	)
Total	$	81,694	$	(279,717	)	$	279,717	$	(81,694	)

The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:

Investments in Securities

Balance as of October 31, 2015

Realized Gain/(Loss)

Change in Unrealized Appreciation/ (Depreciation)

Corporate Actions

Sales Proceeds

Transfer into Level 3

Transfer out of Level 3

Balance as of January 31, 2016

ALPS | Kotak India Growth Fund

Common Stocks^(a)

$‐

47,627

$‐

47,704

Total

$‐

47,627

$‐

47,704

^(a)	MAX Financial Services, Ltd. (known as Max India, Ltd. prior to a name change effective January 15th, 2016) had a stock spin-off to MAX India, Ltd. & Max Venture & Industries, Ltd., which are private companies.

Information about Level 3 fair value measurements as of January 31, 2016:

	Fair Value		Valuation Technique	Unobservable Input
ALPS \| Kotak India Growth Fund
Assets
Common Stocks	$	47,704	Allocated Cost	Allocated Cost

Fund and Class Expenses: Some expenses of the Trust can be directly attributed to a Fund or a specific share class of a Fund. Expenses which cannot be directly attributed are apportioned among all Funds in the Trust based on average net assets of each share class within a Fund.

Distributions to Shareholders: Each Fund, except the ALPS | Alerian MLP Infrastructure Index Fund, ALPS | Westport Resources Hedged High Income Fund, RiverFront Conservative Income Builder Fund, RiverFront Dynamic Equity Income Fund, and RiverFront Moderate Growth & Income Fund normally pays dividends and distributes capital gains, if any, on an annual basis. The ALPS | Alerian MLP Infrastructure Index Fund, RiverFront Conservative Income Builder Fund, RiverFront Dynamic Equity Income Fund, and RiverFront Moderate Growth & Income Fund normally pay dividends, if any, on a quarterly basis and distribute capital gains annually. The ALPS | Westport Resources Hedged High Income Fund normally pays dividends, if any, on a monthly basis and distributes capital gains annually. Income dividend distributions are derived from interest and other income the Fund receives from its investments, including distributions of short‐term capital gains. Capital gain distributions are derived from gains realized when the Fund sells a security it has owned for more than a year. Each Fund may make additional distributions and dividends at other times if its portfolio manager or managers believe doing so may be necessary for the Fund to avoid or reduce taxes.

Distributions received from the ALPS | Alerian MLP Infrastructure Index Fund’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded. Return of capital distributions are not taxable income to the shareholder, but reduce the investor’s tax basis in the investor’s Fund shares. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of Fund shares. Shareholders who periodically receive the payment of dividends or other distributions consisting of a return of capital may be under the impression that they are receiving net profits from the Fund when, in fact, they are not. Shareholders should not assume that the source of the distributions is from the net profits of the Fund.

Commodity-Linked Notes: The ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund may invest in commodity-linked notes which are derivative instruments that have characteristics of a debt security and of a commodity-linked derivative. A commodity-linked note typically provides for interest payments and a principal payment at maturity linked to the price movement of the underlying commodity, commodity index or commodity futures or option contract. Commodity-linked notes may be principal protected, partially protected, or offer no principal protection. The value of these notes will rise and fall in response to changes in the underlying commodity or related index or investment. These notes are often leveraged, increasing the volatility of each note’s value relative to the change in the underlying linked index. Commodity index-linked investments may be more volatile and less liquid than the underlying index and their value may be affected by the performance of the commodities as well as other factors, including liquidity, quality, maturity and other economic variables. Commodity-linked notes are typically issued by a bank or other financial institution and are sometimes referred to as structured notes because the terms of the notes may be structured by the issuer and the purchaser of the notes to accommodate the specific investment requirements of the purchaser.

Investment Transactions and Investment Income: Investment transactions are accounted for on the date the investments are purchased or sold (trade date basis). Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income, which includes accretion of discounts and amortization of premiums, is accrued and recorded as earned. Dividend income is recognized on the ex‐dividend date or for certain foreign securities, as soon as information is available to each Fund.

Foreign Securities: Each Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible reevaluation of currencies, the inability to repatriate foreign currency, less complete financial information about companies and possible future adverse political and economic developments.

Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Currency Spot Contracts: The Funds may enter into foreign currency spot contracts to facilitate transactions in foreign securities or to convert foreign currency receipts into U.S. dollars. A foreign currency spot contract is an agreement between two parties to buy and sell currencies at the current market rate, for settlement generally within two business days. The U.S. dollar value of the contracts is determined using current currency exchange rates supplied by a pricing service. The contract is marked‐to‐market daily for settlements beyond one day and any change in market value is recorded as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value on the open and close date. Losses may arise from changes in the value of the foreign currency, or if the counterparties do not perform under the contract’s terms. The maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Real Estate Investment Trusts (“REITs”): The Funds may invest a portion of their assets in REITs and are subject to certain risks associated with direct investment in REITs. REITs may be affected by changes in the value of their underlying properties and by defaults by borrowers or tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareowners, and certain REITs have self‐liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time. In addition, the performance of a REIT may be affected by its failure to qualify for tax‐free pass‐through of income under the Internal Revenue Code of 1986, as amended (the “Code”), or its failure to maintain exemption from registration under the 1940 Act.

Treasury Inflation Protected-Securities: The Funds may invest in treasury inflation protected securities (“TIPS”), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on a Fund’s distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Loan Participations and Assignments: Certain Funds may invest in loan participations and assignments. The Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Under a loan participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set‐off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set‐off between the lender and the borrower. When the Fund purchases assignments of loans from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

Master Limited Partnerships: MLPs are publicly traded partnerships engaged in the transportation, storage and processing of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management. MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

Unrealized Appreciation and Depreciation on Investments: As of January 31, 2016, the costs of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

Fund	Gross Appreciation (excess of value over tax cost)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/(Depreciation)			Cost of Investments for Income Tax Purposes
ALPS \| Alerian MLP Infrastructure Index Fund	$	–	$	(9,797,148	)	$	(9,797,148	)	$	38,465,755
ALPS \| CoreCommodity Management Complete Commodities^® Strategy Fund		5,588,183		(29,313,779	)		(23,725,596	)		384,631,025
ALPS \| Kotak India Growth Fund		865,109		(2,056,246	)		(1,191,137	)		14,974,596
ALPS \| Metis Global Micro Cap Fund		95,002		(688,327	)		(593,325	)		9,033,024
ALPS \| Red Rocks Listed Private Equity Fund		13,685,853		(47,906,824	)		(34,220,971	)		467,207,385
ALPS \| Sterling ETF Tactical Rotation Fund		–		(2,597	)		(2,597	)		28,178,805
ALPS \| Westport Resources Hedged High Income Fund		60,496		(2,608,766	)		(2,548,270	)		18,420,061
ALPS \| WMC Research Value Fund		6,742,910		(8,484,239	)		(1,741,329	)		86,727,422
Clough China Fund		5,588,915		(3,914,298	)		1,674,617			50,180,803
RiverFront Conservative Income Builder Fund		20,964		(312,673	)		(291,709	)		13,054,544
RiverFront Dynamic Equity Income Fund		1,180,794		(3,989,856	)		(2,809,062	)		83,111,961
RiverFront Global Allocation Fund		651,166		(2,097,554	)		(1,446,388	)		42,560,619
RiverFront Global Growth Fund		2,216,346		(3,813,619	)		(1,597,273	)		76,933,146
RiverFront Moderate Growth & Income Fund		1,859,937		(5,875,781	)		(4,015,844	)		144,866,825

3. DERIVATIVE INSTRUMENTS

As a part of their investment strategy, the ALPS | CoreCommodity Management CompleteCommodities^® Strategy Fund, ALPS | Kotak India Growth Fund and ALPS | Westport Resources Hedged High Income Fund are permitted to enter in various types of derivatives contracts. The other funds including ALPS | Alerian MLP Infrastructure Index Fund, ALPS | Metis Global Micro Cap Fund, ALPS | Red Rocks Listed Private Equity Fund, ALPS | Sterling ETF Tactical Rotation Fund, ALPS | WMC Research Value Fund, Clough China Fund, RiverFront Conservative Income Builder Fund, RiverFront Dynamic Equity Income Fund, RiverFront Global Allocation Fund, RiverFront Global Growth Fund and RiverFront Moderate Growth & Income Fund may invest to a lesser extent in derivatives contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Risk of Investing in Derivatives: The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Fund to increase its market value exposure relative to its net assets and can substantially increase the volatility of the Funds’ performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

Commodity Risk: Exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. Prices of various commodities may also be affected by factors, such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments, which are unpredictable. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions.

Foreign Currency Risk: Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency.

Interest Rate Risk: Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Funds are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, and are usually more volatile than securities.

Swap Contracts: Each Fund may enter into swap transactions for hedging purposes or to seek to increase total return. At the present time, the CoreCommodity Fund primarily enters into swap transactions for the purpose of increasing total return and the ALPS Westport Hedged High Income Fund for hedging purposes. Swap agreements may be executed in a multilateral or other trade facility program, such as a registered exchange (“centrally cleared swaps”) or may be privately negotiated in the over‐the counter market. The duration of a swap agreement typically ranges from a few weeks to more than one year. In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Although centrally cleared swaps typically present less counterparty risk than non‐centrally cleared swaps, a Fund that has entered into centrally cleared swaps is subject to the risk of the failure of the CCP.

Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk and elements of credit, legal and documentation risk.

The Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover its obligations under these contracts. Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Credit default swaps are a type of swap agreement in which the protection “buyer” is generally obligated to pay the protection “seller” an upfront and/ or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. Credit default swaps (“CDS”) are typically two‐party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre‐determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. Swap agreements held at January 31, 2016 are disclosed after the Statement of Investments.

Futures: Each Fund may invest in futures contracts in accordance with their investment objectives. Each Fund does so for a variety of reasons including for cash management, hedging or non‐hedging purposes in an attempt to achieve the Fund’s investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a Fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a Fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a Fund from liquidating an unfavorable position, and the Fund would remain obligated to meet margin requirements until the position is closed. In addition, a Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

When a purchase or sale of a futures contract is made by a Fund, the Fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to a Fund upon termination of the contract, assuming all contractual obligations have been satisfied. Each day a Fund may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by a Fund. Variation margin does not represent a borrowing or loan by a Fund but is instead a settlement between a Fund and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Forward Foreign Currency Contracts: The ALPS | Westport Resources Hedged High Income Fund (the “Fund”) invests in foreign currency exchange contracts to reduce the risks of fluctuating exchange rates and to generate returns uncorrelated to the other strategies employed. A forward foreign currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be a fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. By entering into a forward foreign currency exchange contract, the Fund “locks in” the exchange rate between the currency it will deliver and the currency it will receive for the duration of the contract. As a result, the Fund reduces its exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will exchange into. The Fund may enter into these contracts for the purpose of hedging against foreign exchange risk arising from the Fund’s investment or anticipated investment in securities denominated in foreign currencies. The Fund also may enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The Fund may use one currency (or a basket of currencies) to hedge against adverse changes in the value of another currency (or a basket of currencies) when exchange rates between the two currencies are positively correlated. As of January 31, 2016, the Fund held forward foreign currency contracts with net unrealized appreciation of $1,677.

Option Contracts: Each Fund may enter into options transactions for hedging purposes and for non‐hedging purposes such as seeking to enhance return. Each Fund may write covered put and call options on any stocks or stock indices, currencies traded on domestic and foreign securities exchanges, or futures contracts on stock indices, interest rates and currencies traded on domestic and, to the extent permitted by the CFTC, foreign exchanges. A call option on an asset written by a Fund obligates the Fund to sell the specified asset to the holder (purchaser) at a stated price (the exercise price) if the option is exercised before a specified date (the expiration date). A put option on an asset written by a Fund obligates the Fund to buy the specified asset from the purchaser at the exercise price if the option is exercised before the expiration date. Premiums received when writing options are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.

The Funds had the following transactions in written covered call/put options during the period ended January 31, 2016:

	Number of Contracts			Premiums Received
ALPS \| CoreCommodity Management CompleteCommodities^® Strategy Fund
Options Outstanding, at the beginning of the period		(975	)	$	1,142,049
Options written		-			-
Options closed		130			(339,723	)
Options exercised		-			-
Options expired		745			(744,472	)
Options Outstanding, at January 31, 2016		(100	)	$	57,854

4. AFFILIATED COMPANIES

Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the Investment Company Act of 1940, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, return of capital distributions received, shares and value of investments in affiliated companies for the period ended January 31, 2016 were as follows:

RiverFront Conservative Income Builder Fund

Security Name	Share Balance October 31, 2015		Purchases		Sales		Share Balance January 31, 2016		Dividend Income		Realized Gain/(Loss)		Market Value January 31, 2016
RiverFront Strategic Income Fund		47,086		4,975		-		52,061	$	10,774	$	-	$	1,251,547
									$	10,774	$	-	$	1,251,547

RiverFront Dynamic Equity Income Fund

Security Name	Share Balance October 31, 2015		Purchases		Sales		Share Balance January 31, 2016		Dividend Income		Realized Gain/(Loss)		Market Value January 31, 2016
RiverFront Strategic Income Fund		215,714		19,526		-		235,240	$	47,730	$	-	$	5,655,170
									$	47,730	$	-	$	5,655,170

RiverFront Global Allocation Fund

Security Name	Share Balance October 31, 2015		Purchases		Sales		Share Balance January 31, 2016		Dividend Income		Realized Gain/(Loss)		Market Value January 31, 2016
RiverFront Strategic Income Fund		39,386		-		-		39,386	$	8,420	$	-	$	946,840
									$	8,420	$	-	$	946,840

RiverFront Moderate Growth & Income Fund

Security Name	Share Balance October 31, 2015		Purchases		Sales		Share Balance January 31, 2016		Dividend Income		Realized Gain/(Loss)		Market Value January 31, 2016
RiverFront Strategic Income Fund		562,358		10,086		-		572,444	$	121,657	$	-	$	13,761,554
									$	121,657	$	-	$	13,761,554

Item 2. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this Report.

(b)

There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	FINANCIAL INVESTORS TRUST

	By:	/s/ Edmund J. Burke
		Edmund J. Burke
		President (Principal Executive Officer)

	Date:	March 30, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Edmund J. Burke
		Edmund J. Burke
		President (Principal Executive Officer)

	Date:	March 30, 2016

	By:	/s/ Kimberly R. Storms
		Kimberly R. Storms
		Treasurer (Principal Financial Officer)

	Date:	March 30, 2016