Other-Geography Consumer Staples Far East/Asia & Japan N Amer & Canada ALPS | RED ROCKS LISTED PRIVATE EQUITY FUND Other-Industry Class A, C & I Fund Update | December 31, 2015 Utilities 0.6% Materials Europe PORTFOLIO DIVERSIFICATION OF UNDERLYING HOLDINGS Utilities Materials 2.3% Other-Industry 2.4% Consumer Staples TOP 10 HOLDINGS^ Aurelius AG Geographic Allocation 3.7% 5.3% Energy 6.28% 5.5% Telecomm HarbourVest Global Private Equity, Ltd. IT Brookfield Asset Management, Inc., Healthcare Class A Consumer Discretionary Financial Services 3i Group PLC Industrials The Blackstone Group LP Other-Industry Energy 4.14% 3.88% Wendel SA Consumer Staples Telecomm 4.30% SVG Capital PLC Materials Utilities 4.56% Onex Corp. Industry 4.58% Ackermans & van Haaren N.V. Europe - 53.8% North America & Canada - 33.2% Far East/Asia & Japan - 5.6% Other-Geography - 4.5% Australia & New Zealand - 1.5% South America - 1.4% 5.56% 3.84% Eurazeo SA 1.1% 1.3% 3.83% 45.66% Top Ten Holdings 44 Total Number of Holdings 3.1% 3.5% ^ 5.4% 10.8% Healthcare Future holdings are subject to change. Stage of Investment 5.8% IT 10.9% 60.3% 17.1% Consumer Discretionary 18.5% Financial Services 29.7% 22.6% Industrials Vintage Year 1 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Cash 4.69% 10.0% 3.5% 6.9% 6.9% 5.9% 10.5% 9.0% Early Mid Late Early Mid Capital Structure 5.5% 10.2% Late 14.1% Debt 8% 7.9% 4.2% 15.8% 10.1% The year in which the first allocation of investment capital is delivered by a private equity company to a project or portfolio company. Data presented is as of 12/31/15. Debt Source: Listed Private Equity company financial information/filings, portfolio company estimates and Red Rocks Capital LLC analysis. Equity 1 IMPORTANT DISCLOSURES & DEFINITIONS An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, please contact your investment professional. Read the prospectus carefully before investing. Certain of the Fund’s investments may be exposed to liquidity risk due to low trading volume, lack of a market maker or legal restrictions limiting the ability of the Fund to sell particular securities at an advantageous price and/or time. As a result these securities may be more difficult to value.

Foreign investing involves special risks such as currency fluctuations and political uncertainty. The Fund invests in derivatives and is subject to the risk that the value of those derivative investments will fall because of pricing difficulties or lack of correlation with the underlying investment. There are inherent risks in investing in private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to privately – held companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed investment decision. Listed Private Equity Companies may have relatively concentrated investment 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 Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects 92% Equity lpefund@alpsinc.com | 866.759.5679 of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.

(Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) As of 12/31/2015 The ALPS | Red Rocks Listed Private Equity Fund Class C and A were rated against 781 and 984 World Stock funds over the 5- and 3-year periods and received 3 and 4 stars, respectively. The ALPS | Red Rocks Listed Private Equity Fund Class I was rated against 781 and 984 World Stock funds over the 5- and 3-year periods and received 4 and 5 stars, respectively. Other classes may have different performance characteristics.

©2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or 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 arising from any use of this information. Past performance is no guarantee of future results. Alpha: A measure of performance on a risk-adjusted Market Neutral Allocation: An investment strategy that aims to produce almost the same profit 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. RRC000524 4/30/16 ML15-005416 11/6/2016 9.4 .