Class A, C & I Fund Update | March 31, 2015www.lpefund.com | 866.759.5679Description The ALPS | Red Rocks Listed Private Equity Fund is an open-end mutual fund that provides investorswithexposuretoprivatebusinessesbyinvestinginpublicly-tradedprivate equity companies that trade on global exchanges.These listed private equity companies havedirectownership,controlandinfuenceovertheprivatelyheldbusinessesintheir portfolios.The Fund assembles approximately 30-50 holdings and is diversifed by stage of investment, geography, industry, and capital structure. Investors enjoy daily liquidity and valuation, and the primary mission of the Fund is to maximize total return. Role in PortfolioThe ALPS | Red Rocks Listed Private Equity Fund may be used to potentially reduce risk and generate alpha in a diversifed portfolio. A Ibbotson study suggests a typical allocation range from 0-10%, according to risk tolerance, with a market neutral allocation of roughly 3%.1CALENDAR YEAR PERFORMANCE as of 3/31/15PERFORMANCE as of 3/31/15Annualized3 Month YTD 1 Year 3 Year 5 YearSince FundInception2Class A (NAV) 3.49% 3.49% 0.26% 17.18% 12.44% 0.31%Class A (MOP) -2.15% -2.15% -5.25% 14.98% 11.19% -0.46%Class C (NAV) 3.28% 3.28% -0.40% 16.38% 11.53% -0.48%Class C (CDSC) 2.28% 2.28% -1.37% 16.38% 11.53% -0.48%Class I 3.46% 3.46% 0.58% 17.53% 12.72% 0.60%MSCI World Index32.31% 2.31% 6.03% 12.19% 10.01% 3.48%Red Rocks Global Listed Private Equity Index45.32% 5.32% 0.42% 16.52% 12.17% 1.22%S&P LPE Index54.62% 4.62% 3.09% 17.15% 11.93% 2.12%Performancedataquotedrepresentspastperformance.Pastperformancedoesnot guaranteefutureresults.Investmentreturnandprincipalvalueofaninvestmentwill fuctuatesothataninvestorsshares,whensoldorredeemed,maybeworthmoreorless than the original cost. Current performance data may be higher or lower than actual data quoted. Te fund imposes a 2.00% redemption fee on shares held for less than 90 days. For the most current month-end performance data please call (866) 759-5679.MaximumOferingPrice(MOP)forClassAsharesincludestheFundsmaximumsales charge of 5.50%. CDSC performance for Class C shares includes a 1% contingent deferred sales charge (CDSC) on C shares redeemed within 12 months of purchase. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.Performance shown for Class C Shares prior to June 30, 2010 refects the historical performance of the Funds Class A Shares, calculated using the fees and expenses of Class C shares.1 Source: Private Equity and Strategic Asset Allocation 2007by Ibbotson.2 Fund inception date of 12/31/2007.3 MSCI World Index: Morgan Stanley Capital Internationals market capitalization weighted index is composed of companies representative of the market structure of 22 developed market countries in North America, Europe, and the Asia/Pacifc Region. You cannot invest directly in an index. 4TeRedRocksGlobalListedPrivateEquityIndexincludessecurities,ADRsandGDRsof40 to75privateequitycompanies,includingbusinessdevelopmentcompanies,masterlimited partnerships and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies. 5S&P Listed Private Equity Index: The S&P Listed Private Equity Index is comprised of 30 leading listed privateequitycompaniesthatmeetsize,liquidity,exposure,andactivityrequirements.Theindexis designed to provide tradable exposure to the leading publicly listed companies in the private equity space.-18.8529.70-18.2441.260.44-25%-10%5%20%35%50%3/31/15 12/31/14 12/31/13 12/31/12 12/31/1131.3415.83-5.54-18.8526.6837.19-0.144.94S&P LPE Index5MSCI World Index3Red Rocks Global Listed Private Equity Index4Class A-18.5029.7139.10-2.193.494.622.315.32Fund FactsSymbols & CUSIPSA Shares LPEFX 317609816C Shares LPFCX 317609634I Shares LPEIX 317609782Minimum Initial Investment:Class A & C: $500 for tax-deferred, $2,500 for all othersClass I: $1,000,000Typical Portfolio Holdings:30-50 HoldingsMinimum position size: 1% Maximum position size: 10%Inception Date: 12/31/07Total Net Assets: $506 MillionTotal Number of Holdings:36Adviser: ALPS Advisors, Inc.Sub-Adviser: Red Rocks Capital LLCFund ExpensesExpense Ratios Class A Class C Class IDirect Operating Expenses: 1.65% 2.15% 1.25%Acquired Fund Fees: 0.70% 0.70% 0.70%Total Expense Ratio: 2.35% 2.85% 1.95%Expense Waivers:^0.00% 0.00% 0.00%Total Net Expense Ratio: 2.35% 2.85% 1.95%Net Expense Ratio Excluding Acquired Fund Fees and Expenses 1.65%2.15% 1.25%^RefectstheAdviserandSub-Advisers decisiontocontractuallylimitexpenses throughFebruary29,2016.Pleaseseethe prospectus for additional information. AcquiredFundFeesandExpensesare expensesincurredindirectlybytheFund throughitsownershipofsharesinother investmentcompanies.Teyarenotdirect costs paid by Fund shareholders and are not used to calculate the Funds net asset value.Investment ObjectiveTheFundseekstomaximizetotalreturn, whichconsistsofappreciationonits investments and a variable income stream.HHHHH5-STAR OVERALLMORNINGSTAR RATINGTMForClassCasof3/31/15among903World Group Stock Funds*HHHH4-STAR OVERALLMORNINGSTAR RATINGTMForClassAandIasof3/31/15among903 World Group Stock Funds*ALPS | RED ROCKS LISTED PRIVATE EQUITY FUND Class A, C & I Fund Update | March 31, 2015TOP 10 HOLDINGS^HarbourVest Global Private Equity, Ltd. 6.48%The Blackstone Group LP 5.83%Aurelius AG 4.75%Eurazeo SA 4.66%The Carlyle Group LP 4.63%3i Group PLC 4.56%KKR & Co. LP 4.33%Brookfeld Asset Management, Inc., Class A 4.22%Investor AB, B Shares 4.12%Onex Corp. 4.08%Top Ten Holdings47.66%Total Number of Holdings36^ Future holdings are subject to change.Stage of InvestmentCapital StructureDebtEquity6.9%93.1%DebtEquitylpefund@alpsinc.com | 866.759.5679IMPORTANT DISCLOSURES & DEFINITIONSAninvestorshouldconsiderinvestmentobjectives,risks,chargesand expenses carefully before investing. To obtain a prospectus, which contains thisandotherinformation,pleasecontactyourinvestmentprofessional. Read the prospectus carefully before investing.CertainoftheFundsinvestmentsmaybeexposedtoliquidityriskduetolow tradingvolume,lackofamarketmakerorlegalrestrictionslimitingtheability of the Fund to sell particular securities at an advantageous price and/or time. As a result these securities may be more difcult to value. Foreign investing involves specialriskssuchascurrencyfuctuationsandpoliticaluncertainty.TeFund invests in derivatives and is subject to the risk that the value of those derivative investments will fall because of pricing difculties or lack of correlation with the underlying investment.Tere are inherent risks in investing in private equity companies, which encom-pass fnancial institutions or vehicles whose principal business is to invest in and lend capital to privately held companies. Generally, little public information ex-ists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision.ListedPrivateEquityCompaniesmayhaverelativelyconcentratedinvestment portfolios, consisting of a relatively small number of holdings. A consequence of this limited number of investments is that the aggregate returns realized may be adversely impacted by the poor performance of a small number of investments, or even a single investment, particularly if a company experiences the need to write down the value of an investment.*For each fund with at least a three-year history, Morningstar calculates a Morn-ingstarRatingTMbasedonaMorningstarRisk-AdjustedReturnmeasurethat accountsforvariationinafundsmonthlyperformance(includingtheefects of sales charges, loads, and redemption fees), placing more emphasis on down-wardvariationsandrewardingconsistentperformance.TeOverallMorning-star RatingTM for a fund is derived from a weighted average of the performance fguresassociatedwithitsthree-,fve-andten-year(ifapplicable)Morning-star RatingTM metrics. Te top 10% of funds in each category receive 5 stars, the next22.5%receive4stars,thenext35%receive3stars,thenext22.5%receive2 starsandthebottom10%receive1star.(Eachshareclassiscountedasafrac-tionofonefundwithinthisscaleandratedseparately,whichmaycauseslight variationsinthedistributionpercentages.)Asof3/31/2015TeALPS|Red Rocks Listed Private Equity Fund Class C and A were rated against 702 and 903 World Stock funds over the 5- and 3-year periods and received 3 and 5 stars, re-spectively.TeALPS|RedRocksListedPrivateEquityFundClassIwasrated against702and903WorldStockfundsoverthe5-and3-yearperiodsandre-ceived 4 and 5 stars, respectively. Other classes may have diferent performance characteristics.2015Morningstar,Inc.AllRightsReserved.Teinformation containedherein:(1)isproprietarytoMorningstar;(2)maynotbecopiedor distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arisingfromanyuseofthisinformation.Pastperformanceisnoguaranteeof future results.Alpha: A measure of performance on a risk-adjustedMarket Neutral Allocation: An investment strategy that aims to produce almost the same proft regardless of market circumstances.Not FDIC Insured No Bank Guarantee May Lose Value ALPS | Red Rocks Listed Private Equity Fund is a series of Financial Investors Trust.ALPS Portfolio Solutions Distributor, Inc., distributor for the ALPS | Red Rocks Listed Private Equity Fund. PORTFOLIO DIVERSIFICATION OF UNDERLYING HOLDINGSGeographic AllocationAustralia & NZS AmericaOther-GeographyFar East/Asia & JapanN Amer & CanadaEurope South America - 0.9% Australia & New Zealand - 0.7%Other-Geography - 5.7% North America & Canada - 34.7%Europe - 51.5%Far East/Asia & Japan - 6.5%IndustryVintage Year11Te year in which the frst allocation of investment capital is delivered by a private equity company to a project or portfolio company. Data presented is as of 12/31/14. Source: Listed Private Equity company fnancial information/flings, portfolio company estimates and Red Rocks Capital LLC analysis.RRC0004867/31/15ML14-003812 11/6/2015EarlyMidLate26.9%63.6%9.5%Early Mid Late9.0%10.2%14.1%5.5%3.5%5.9%6.9%6.9%6.1%10.1%15.8%7.9%4.2%Cash20032004200520062007200820092010201120132012IndustrialsFinancial Services Consumer DiscretionaryHealthcareITEnergy Consumer StaplesTelecommOther-IndustryMaterialsUtilities0.5%2.7%3.7%4.3%4.3%5.8%9.0%12.2%17.2%17.4%22.9% IndustrialsFinancial ServicesConsumer DiscretionaryHealthcareITEnergyConsumer StaplesTelecommOther-IndustryMaterialsUtilities