HomeMy WebLinkAbout980396.tiff RESOLUTION
RE: DESIGNATE ADDITIONAL MONEY MARKET FUND AS DEPOSITORY FOR WELD
COUNTY FUNDS AND AUTHORIZE THE WELD COUNTY TREASURER TO INVEST
IN SUCH FUND
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, pursuant to § 24-75-601.1(1)(k) C.R.S., as amended, Weld County may
invest any moneys in its treasury, which are not immediately required to be disbursed, in money
market funds as long as such funds are registered as investment companies under the federal
"Investment Company Act of 1940", as amended, and comply with all of the remaining
requirements set forth in§ 24-75-601.1(1)(k) C.R.S., as amended, and
WHEREAS, by resolution of the Board dated January 20, 1997, and as modified by
resolution of the Board dated August 4, 1997, the Board has designated various banks, savings
and loans, public asset pools, and money market funds as depositories for the funds of Weld
County, Colorado, and
WHEREAS, the Board now deems it in the best interest of Weld County to designate
the Financial Investors Trust's U. S. Government Money Market Fund as a depository for funds
of Weld County, in addition to the money market funds designated in the Board Resolutions
dated January 20, 1997, and August 4, 1997, and
WHEREAS, Art Willis, Weld County Treasurer, advises the Board that the Financial
Investors Trust's U. S. Government Money Market Fund is registered as an investment
company under the federal "Investment Company Act of 1940", as amended, and complies with
all of the remaining requirements set forth in§ 24-75-601.1(1)(k) C.R.S., as amended.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Financial Investors Trust's U. S. Government Money Market
Fund be, and hereby is, designated as a depository for the funds of Weld County and that the
Weld County Treasurer be, and hereby is, authorized to invest those Weld County funds not
immediately required to be disbursed in said Fund.
980396
TR0017
I (LA, 7
RE: WELD COUNTY FUNDS
Page 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 9th day of March, A.D., 1998.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:
Constance L. Hlar rt, Cha it
Weld Count CI*to the B. ,'
/2 / /1/9 /,)
J " f W. H. bster, Pro-Tem
BY: / ! xef
Deputy y`i' a�t1! .a _
eorge . Baxter
PR ED AS T RM:
Hall
ounty ttor y /1,4,{ G i4.c[ /,‘_,� ‘A,
Barbara J. Kirkmey2r �f
980396
TR0017
TO: Board of County Commissioners
FROM: Bruce T. Barker, County Attorney
DATE: March 2, 1998
O
RE: Authorization to Weld County Treasurer to Invest Weld
COLORADO County Funds in Additional Money Market Fund
Art Willis, Weld County Treasurer, desires to have the Board of County Commissioners make
changes to the Board's previous authorizations of his investments of Weld County's funds. On
January 20, 1997, the Board of County Commissioners approved a resolution designating various
banks, savings banks, public asset pools, and money market funds as depositories for Weld County's
funds. That list was amended on August 4, 1997, by resolution of the Board to add an additional
money market fund. Now, Art would like to have the authorization to invest Weld County's funds in
the Financial Investors' Trust's U. S. Government Money Market Fund. A copy of the August 28,
1997, Prospectus for the Fund is attached.
From reading the Prospectus, it appears to me that the investment policies and goals of the Fund meet
the requirements of C.R.S. §24-75-601.1 (1)(k), as follows:
1. The Fund is registered as an investment company under the Federal "Investment
Company Act of 1940," as amended.
2. The investment policies of the Fund include seeking to maintain a constant share
price.
3. No sales or load fees are added to the purchase prices or deducted from the
redemption prices of the investments in the Fund.
4. The Fund has " . . . the highest current rating from one or more nationally recognized
organizations that regularly rate such obligations . . . "
5. The dollar weighted average portfolio maturities of the Fund meets the requirements
specified in Rule 2a-7 under the Federal "Investment Company Act of 1940," as
amended.
9803%2
Board of County Commissioners, Memo
March 2, 1998
Page 2.
Please review the attached Prospectus and Resolution. Then let me know if you have any objections
to Art's request. If there are no objections, I will place the Resolution on the Board's Agenda for
March 11, 1998.
G
Bruce 1'. Barke
r, County Attorney c
Place on Schedule
Agenda Work Session
Connie Harbert t)-^'
Bill Webster 11
George Baxter b,"
Dale Hall I/
Barb Kirkmeyer ✓
Attachments
pc Art Willis
Don Warden
M:\WPFILES\MEMO\BOCC\INVESTOR.BTB
903962
�i"o MEMORANDUM
WIDC TO: Bruce Barker
j February 26, 1998
COLORADO From: Art Willis, Treasure .
=----"_7:
SUBJECT: Approval of M ney Market Fund
t\Y\
pt,
FtB27, 1991 ;„}
Bruce, _L° ys OFf
I would like to request the Board's approval of Financial Investors' Trust's "U.S. Government
Money Market Fund" as an investment vehicle for county funds. A prospectus is attached. The
Fund invests in Treasuries, Agency Securities and collateralized repos - all legal investments per
Colorado statutes. The weighted average maturity ranges from 40- to 45-days, comparable to
the pools, with a bit better yield. Would you look over the prospectus and, if all looks well, work it
into the Board's agenda?
Thanks,
Art
9 8-0386
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y • GE Investments
The Investment Management Arm of GE
i Investment Advisor
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FINANCIAL INVESTORS TRUST August 28,1997
370 Seventeenth Street
Suite 2700
Denver,Colorado 80202-5627
For additional information,call(800)298-3442
U.S.GOVERNMENT MONEY MARKET FUND
This Prospectus describes the U.S. Government Money Market Fund (the"Fund"),a diversified no-load money
market fund offered to institutional investors and high net worth individuals by Financial Investors Trust( the"Trust"),
a Delaware business trust.Shares of the Fund are sold without the imposition of Rule 12b-1 fees or other sales-related
charges.
The Fund seeks to provide investors with as high a level of current income as is consistent with the preservation of
capital and liquidity by investing exclusively in obligations issued or guaranteed as to principal and interest by the U.S.
Government or by any of its agencies or instrumentalities and repurchase agreements collateralized to 102%by U.S.
Treasury obligations and other direct obligations of the U.S. Government or its agencies or instrumentalities.The Fund
is required to maintain a dollar-weighted average portfolio maturity of 90 days or less and seeks to maintain its net asset
value per share at$1.00 for purposes of purchases and redemptions.
Shares of the Fund are sold generally to municipal investors,including municipalities,counties and state agencies,
as well as other institutional investors such as broker/dealers,corporations,investment advisers,credit unions,banks,
insurance companies and other financial institutions.
The Fund is sponsored and distributed by ALPS Mutual Funds Services,Inc. ("ALPS"or the "Administrator" or
"Distributor") and is advised by GE Investment Management Incorporated ("GEIM" or the "Adviser").
Shares in the Fund are not deposits or obligations of,or guaranteed or endorsed by, any bank,and are not
insured by the FDIC,the Federal Reserve Board,or any other agency or insurer and they may involve investment
risks including the possible loss of principal.
This Prospectus sets forth concisely the information you should consider before investing in the Fund. Please read
this Prospectus and keep it for future reference. Additional information about the Fund is contained in a Statement of
Additional Information(the "Statement of Additional Information") which has been filed with the Securities and
Exchange Commission and is available upon request without charge by writing to or calling the Trust at the address and
telephone number listed above. The Statement of Additional Information bears the same date as this Prospectus and is
incorporated herein by reference.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION,NOR HAS THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE. AN INVESTMENT IN THE FUND IS NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL BE ABLE TO MAINTAIN A
STABLE NET ASSET VALUE OF$1.00 PER SHARE.
1
TABLE OF CONTENTS
Page
EXPENSE SUMMARY 3
FINANCIAL HIGHLIGHTS 4
FUND OPERATIONS 6
SUITABILITY 8
MANAGEMENT OF THE FUND 9
HOW TO INVEST IN THE FUND 10
HOW TO REDEEM SHARES 11
SHAREHOLDER SERVICES 12
TAXES 13
OTHER INFORMATION 13
2
EXPENSE SUMMARY
The summary below shows shareholder transaction expenses imposed by the Fund and annual Fund operating
expenses based on the actual operating expenses for the fiscal year ended April 30, 1997, adjusted to reflect current fees
of the Fund. A hypothetical example based on the summary is also shown. "Shareholder Transaction Expenses" are
charges you pay when buying or selling shares of the Fund whereas"Annual Fund Operating Expenses" are paid out of
the Fund's assets and include fees for portfolio management,Fund administration and other services.
Shareholder Transaction Expenses
Maximum Sales Load on Purchases
of Fund Shares None
Deferred Sales Load None
Redemption Fees None
Exchange Fee None
Annual Fund Operating Expenses(as a percentage of average net assets)
The Management Fees described in the table below are based upon the average daily net assets of the Fund for
the fiscal year ended April 30, 1997,adjusted to reflect new servicing agreements.Management Fees may be higher to
the extent the Fund's average net assets exceed$500 million. Please read the following Annual Fund Operating
Expenses summary and accompanying footnotes carefully before investing.
Management Fees(1) 0.04%
12b-1 Fees None
All Other Expenses(2) 0.16%
(Net of Fee Waivers and Reimbursements)
Total Fund Operating Expenses
(Net of Fee Waivers and Reimbursements)(2) 0.20%
(1) The Fund is obligated to pay management fees to GEIM at the maximum annual rate of 0.08% of the Fund's
average net assets.Under its Investment Advisory Agreement with the Fund,GEIM is entitled to receive management
fees of 0.04%on the first$500 million of average net assets of the Fund,0.06%on the next$500 million and 0.08%on
average net assets in excess of$1 billion.
(2) The amount for "All Other Expenses" includes administration fees payable to the Administrator calculated
daily and payable monthly, at an annual rate of the greater of$90,000 or 0.18%of average daily net assets of the Fund
up to$500 million,0.15%of average daily net assets of the Fund in excess of$500 million up to$1 billion and 0.12%of
average daily net assets of the Fund in excess of$1 billion. The Administrator has stated that it will voluntarily waive a
portion of the administration fees otherwise payable by the Fund, as well as voluntarily assume a portion of the Fund
expenses, to the extent necessary for the Fund to maintain a total expense ratio of not more than 0.20%of the average
net assets of the Fund. Without this voluntary fee waiver and assumption of expenses, and assuming payment of the
maximum management and administration fees,All Other Expenses and Total Fund Operating Expenses would be
0.55%and 0.63%,respectively,of the average net assets of the Fund. The Administrator reserves the right to modify or
terminate the fee waiver and assumption of expenses at any time.
3
The following example should not be considered a representation of future expenses. The expenses set forth
above and the example set forth below reflect the non-imposition of certain fees and expenses. Actual expenses may
be greater or less than those shown.
Example:
Based upon the above summary of expenses and assuming a 5%annual return,redemption at the end of each
time period and the reinvestment of all dividends and distributions,you would pay the following expenses on a
$1,000,000 investment in the Fund:
1 Year $ 2,050
3 Years $ 6,450
5 Years $11,281
10 Years $25,539
Other Information:
The Expense Summary and Example are intended to help you understand the expenses you would bear either
directly (as with the Shareholder Transaction Expenses) or indirectly(as with the Annual Fund Operating Expenses) as a
Fund shareholder. As stated above,the Fund does not impose any sales-related charges in connection with purchases of
its shares,although certain service institutions may charge their clients fees in connection with purchases and sales for
the accounts of their clients. These fees are in addition to the expenses shown in the Expense Summary and Example.
For a more complete description of the Fund's operating expenses, see "Management of the Fund"in this Prospectus
and the Statement of Additional Information.
FINANCIAL HIGHLIGHTS
The financial highlights have been derived from the Fund's financial statements for the fiscal year ended April
30, 1997,which have been audited by Deloitte&Touche LLP,independent auditors. Their report on the financial
statements and the financial highlights of the Fund is included in the Annual Report. The financial statements and
financial highlights are incorporated by reference into the Fund's Statement of Additional Information. You should read
the financial highlights with the financial statements and related notes. Further information about the performance of
the Fund is available in the Annual Report. You may obtain both the Statement of Additional Information and the
Annual Report free of charge by calling or writing to the Trust at the telephone number or address listed on the first
page.
The Financial Highlights continue on page 5.
4
U.S. GOVERNMENT MONEY MARKET FUND
Selected data for a share of beneficial interest outstanding throughout the period indicated(1):
For the Year Ended For the Year Ended For the Period Ended
April 30, 1997 April 30, 1996 April 30, 1995 (2)
Net asset value-beginning of period $9.97 $9.97 $10.00
Income from investment operations
Net investment income 0.14 0.55 0.44
Net realized and unrealized gain(loss)
on investments 0.00 0.00 (0.03)
Total income from investment operations (0.14) 0.55 0.41
Dividends and distributions to shareholders
Dividends from net investment income (0.14) (0.55) (0.44)
Stock Split(5) (8.97) 0.00 0.00
Total dividends and distributions to shareholders (9.11) (0.55) (0.44)
Net asset value-end of period $1.00 $9.97 $9.97
Total return 5.23% 5.65% 4.73%(4)
Ratios/Supplemental Data:
Net assets,end of period (000) $87,416 $31,082 $41,893
Ratio of expenses to average net assets 0.23% 0.60% 0.45%(4)
Ratio of net investment income to
average net assets 5.13% 5.38% 5.23%(4)
Ratio of expenses to average net assets
without fee waivers 0.39% 0.85% 0.65%(4)
Ratio of net investment income to average
net assets without fee waivers 4.97% 5.12% 5.03%(4)
Portfolio turnover rate n/a(3)(5) 0.00% 827.35%(4)
(1)The financial highlights prior to July 10, 1996 reflect the operations of the Fund as the Short-Term U.S.
Government Income Fund when it was not a money market fund and had different investment policies and expenses,
and a fluctuating net asset value not maintained at$1.00 per share.The Fund changed to a money market fund on July
10, 1996 following a Special Meeting of the Fund's shareholders on June 27, 1996. The financial highlights prior to March
24, 1997 also reflect the operations of the Fund while the Fund's investment adviser was FGIC Advisors,Inc. GEIM was
approved as the Fund's investment adviser at a Special Meeting of the shareholders of the Fund on March 21, 1997.
(2)Operations commenced on June 7, 1994.
(3)A portfolio turnover rate is calculated for non-money market funds and is therefore no longer applicable for the U.S.
Government Money Market Fund.
(4)Annualized.
(5)At a Special Meeting of the U.S. Government Money Market Fund (the"Fund") (formerly the Short-Term U.S.
Government Income Fund)held on June 27, 1996,shareholders of the Fund approved an amendment to a fundamental
investment restriction of the Fund to allow for the purchase of United States Government agency and instrumentality
obligations as well as repurchase agreements collateralized to 102%by direct obligations of United States Government
agencies and instrumentalities. The shareholders also approved that the Fund change from a non-money market fund to
a money market fund and that the Fund change its name to the U.S. Government Money Market Fund to reflect these
changes.After the close of business on July 9, 1996, the changes approved by the shareholders of the Fund were
implemented.As a money market fund,the Fund seeks to maintain a net asset value of$1.00 for purposes of purchases
and redemptions. In order to bring the net asset value of the Fund to$1.00,the Fund executed a stock split of 9.97 to 1
after the close of business on July 9, 1996.
5
FUND OPERATIONS
Investment Objective
The Adviser will use its best efforts to achieve the investment objective of the Fund as described below,
although the achievement of the investment objective, of course,cannot be assured. You should not consider the Fund,
by itself, to be a complete investment program. The Fund is a diversified, open-end management investment company.
The Fund's investment objective is to seek as high a level of current income as is consistent with preservation of
capital and liquidity. The securities held by the Fund have remaining maturities of thirteen months or less. The average
weighted maturity of the securities held by the Fund will not exceed 90 days.The Fund's investment objective may not
be changed without approval of a majority of the Fund's outstanding shares.
In seeking to achieve its investment objective,the Fund will invest exclusively in obligations issued or
guaranteed as to principal and interest by the U.S. Government or by any of its agencies or instrumentalities,and may
engage in repurchase agreement transactions with respect to such obligations.The Board of Trustees shall make a
determination that all portfolio securities purchased by the Fund present minimal credit risk.
U.S. Government securities are high quality debt securities issued or guaranteed by the U.S.Treasury or by an
agency or instrumentality of the U.S. Government. Not all U.S. Government securities are backed by the full faith and
credit of the United States. Some U.S. Government securities,such as those issued by the Federal National Mortgage
Association,are supported by an instrumentality's or agency's right to borrow money from the U.S. Treasury under
certain circumstances. Other U.S. Government securities may be supported only by the credit of the entity that issues
them. Due to fluctuations in interest rates,the market value of such securities may vary during the period a shareholder
owns shares of the Fund. Neither the United States,nor any agency or instrumentality thereof,has guaranteed,
sponsored or approved the Fund or its shares. The Fund will seek to maintain a stable net asset value at$1.00 per share.
There is no assurance that the Fund's investment objectives will be achieved.
The Fund,may,consistent with its respective investment objective and policies, invest in mortgage-related
securities issued or guaranteed by the U.S.Government or its agencies or instrumentalities.
Mortgage-related securities represent pools of mortgage loans assembled for sale to investors by various
governmental agencies such as the Government National Mortgage Association and government-related organizations
such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, as well as by
nongovernmental issuers such as commercial banks,savings and loan institutions,mortgage bankers, and private
mortgage insurance companies. Although certain mortgage-related securities are guaranteed by a third party or
otherwise similarly secured,the market value of the security, which may fluctuate, is not so secured. If the Fund
purchases a mortgage-related security at a premium,that portion may be lost if there is a decline in the market value of
the security whether resulting from changes in interest rates or prepayments in the underlying mortgage collateral. To
an even greater extent than other interest-bearing securities,the prices of such securities may be extremely sensitive to,
and inversely affected by,changes in interest rates. However,though the value of a mortgage-related security may
decline when interest rates rise, the converse is not necessarily true since in periods of declining interest rates the
mortgages underlying the securities are prone to prepayment. For this and other reasons,a mortgage-related security's
stated maturity may be shortened by unscheduled prepayments on the underlying mortgages and, therefore,it is not
possible to predict accurately the security's return to the Fund. Lower than estimated prepayments from an increase in
interest rates might alter the expected average life of such securities and increase volatility. In addition,regular
payments received in respect of mortgage-related securities include both interest and principal. No assurance can be
given as to the return that the Fund will receive when these amounts are reinvested.
Investment Policies
Securities held by the Fund may be subject to repurchase agreements.A repurchase agreement is a transaction
in which the Fund agrees to purchase portfolio securities from financial institutions, such as banks and broker-dealers,
subject to the seller's agreement to repurchase them at an agreed upon time and price. Although the securities subject to
a repurchase agreement might bear maturities exceeding thirteen months, the Fund presently intends only to enter into
repurchase agreements with maturities in excess of seven days in cases where a liquidity feature,such as a put option,
permits the Fund to liquidate or terminate the repurchase agreement within seven days. The seller under a repurchase
agreement will be required to maintain the value of the securities subject to the repurchase agreement at not less than
6
102% of the principal value of the repurchase agreement,including any accrued interest earned on the repurchase
agreement. The Fund's custodian or subcustodian will take possession of such collateral. The seller will collateralize the
repurchase agreement with U.S. Treasury obligations and other direct obligations of the U.S. Government or its agencies
or instrumentalities. Default by or bankruptcy of the seller may,however,expose the Fund to possible loss because of
adverse market action or delay or transaction costs in connection with the disposition of the underlying obligations.The
Fund may enter into agreements with a single counterparty that constitutes more than 5%of Fund assets.
The Fund may, in certain cases,calculate the maturity of a security with a floating or variable rate or a demand
feature in the manner specified in Rule 2a-7 under the Investment Company Act,with the effect that the maturity is
deemed to be shorter than its final date.
The Fund intends to purchase U.S. Treasury securities at auction from the Federal Reserve.
Investment Restrictions
The Fund is subject to a number of investment restrictions which reflect self-imposed standards as well as
federal regulatory limitations. These limitations are designed to minimize certain risks associated with investing in
specified types of securities or engaging in certain transactions. The investment restrictions may be changed only by a
vote of a majority of the Fund's outstanding shares.
The Fund may not:
1)Purchase securities other than direct obligations of the U.S. Government or its agencies or instrumentalities,
some of which may be subject to repurchase agreements,and repurchase agreements collateralized to 102%by direct
obligations of the U.S. Government or its agencies or instrumentalities.
2)Make loans,except that the Fund may purchase or hold debt instruments, and enter into repurchase
agreements in accordance with its investment objective and policies.
3) Borrow money or issue senior securities,except that the Fund may borrow from banks for temporary
purposes in amounts up to 10% of the value of its total assets at the time of such borrowing; or mortgage,pledge or
hypothecate any assets,except in connection with any such borrowings and in amounts not in excess of the dollar
amounts borrowed or 10%of the value of the Fund's assets at the time of borrowing. The Fund may not purchase
securities while its borrowings are outstanding.
4)With respect to more than 10%of Fund assets,enter into repurchase agreements providing for settlement
more than seven days after notice without a liquidity feature such as a put option,permitting the Fund to liquidate or
terminate the repurchase agreement within seven days.
5) Purchase municipal bonds issued by an issuer any of whose outstanding bonds are insured by Financial
Guarantee Insurance Corporation ("FGIC").
6) Purchase collateralized mortgage obligations,inverse floaters or any other securities commonly known as
"derivatives".
7) Purchase illiquid securities,except for fully collateralized repurchase agreements that,because of term
limitations, are deemed to be illiquid.
8)Hold securities with remaining maturities exceeding thirteen months.
9) Purchase reverse repurchase agreements.
Determination of Net Asset Value
The value of the Fund's shares is referred to as "net asset value". Net asset value per share for purposes of
pricing purchases and redemptions is calculated by adding the value of all securities and other assets belonging to the
Fund, subtracting its liabilities,and dividing the result by the number of the Fund's outstanding shares. Net asset value
is determined as of 5:00 p.m. Eastern Time on each day the New York Federal Reserve and the New York Stock
7
Exchange are open for business and as of 12:00 noon Eastern Time on any day the Public Securities Association("PSA")
recommends an early close (each such day referred to as a"Half Day"). Currently,either the New York Federal Reserve
or the New York Stock Exchange is closed on New Years Day,Martin Luther King Jr. Day,Presidents'Day, Good
Friday,Memorial Day,Independence Day,Labor Day,Columbus Day, Veterans'Day,Thanksgiving Day and Christmas
Day. An early close is currently recommended by the PSA on the Business Day before each day that either the New
York Federal Reserve or the New York Stock Exchange observes a holiday, except for Good Friday. Additionally, the
PSA recommends an early close on the Business Day following Independence Day and Thanksgiving Day.A "Business
Day" is any day on which the New York Federal Reserve and the New York Stock Exchange are open for business.
The Board of Trustees has established procedures designed to maintain a stable net asset value of$1.00 per
share, to the extent reasonably possible. The Board of Trustees has approved and adopted procedures under Rule 2a-7
under the Investment Company Act of 1940,as amended,which was enacted by the SEC with the intent of stabilizing
money market funds at$1.00 per share. Under the guidelines of Rule 2a-7, the Fund uses the amortized cost method to
value its portfolio securities. The amortized cost method involves valuing a security at its cost and amortizing any
discount or premium over the period of maturity,regardless of the impact of fluctuating interest rates on the market
value of the security. Rule 2a-7 also provides that the Fund must also do a"mark-to-market" analysis,where it is
determined the degree to which any variations may exist between the amortized pricing method and the actual market
price of the securities in the Fund. In the event the Board determines that a deviation exists which may result in material
dilution or other unfair results to investors or existing shareholders, the Board will take such corrective action as it
regards as necessary and appropriate,including the sale of portfolio instruments prior to maturity to realize capital
gains or losses or to shorten average portfolio maturity.
Rule 2a-7 also requires the Fund to maintain a dollar weighted average portfolio maturity of 90 days or less,
purchase securities having remaining maturities of 13 months or less and invest only in securities determined by the
Trust's Board of Trustees to be "eligible securities" and that present minimal credit risks. The Board of Trustees or its
delegate reviews the portfolio securities monthly and at regularly scheduled quarterly Board of Trustees meetings. There
can be no assurance that at all times the$1.00 price per share can be maintained. See the Statement of Additional
Information for more details.
Dividends and Distributions
The Fund's net income is declared daily as a dividend at the close of business on the day of declaration. Your
shares begin earning dividends on the day you purchase them,and continue to earn dividends through and including
the day before you redeem them. See "How to Invest in the Fund". The Fund pays dividends not later than five business
days after the end of each month in the form of additional shares of the Fund,unless you elect prior to the date of
distribution to receive payment in cash. Reinvested dividends and distributions receive the same tax treatment as those
paid in cash. If you redeem all of your shares in the Fund, the Fund will pay your dividends in cash not later than five
business days after the redemption.
SUITABILITY
The Fund is designed as an economical and convenient professionally managed investment vehicle for
institutional investors and high net worth individuals with cash balances or cash reserves who seek as high a level of
current income as is consistent with the preservation of capital and liquidity. The Fund is designed to meet the specific
cash management needs of institutional investors such as Municipal Investors,broker/dealers,corporations,
investments advisers,credit unions,banks,insurance companies and other institutional investors. "Municipal Investors"
include any State,county,municipality,school district, special district or political subdivision in the United States. The
Fund may also be suitable for institutions seeking an investment vehicle for daily cash sweep or liquidity purposes on
behalf of their clients.
Legislation in each state sets forth guidelines and limitations with respect to investments by Municipal Investors
located within the state. In addition,Municipal Investors may be subject to local laws or have their own guidelines and
policies prescribing acceptable investments for cash management purposes. Each Municipal Investor planning to invest
in the Fund must independently verify that the Fund meets all of the criteria of investment policies and guidelines
applicable to such Municipal Investor.
8
Future statutory or regulatory changes, as well as future judicial or administrative decisions and interpretations
of present and future statutes and regulations could prevent a Municipal Investor from continuing its investment in the
Fund. Each Municipal Investor should therefore remain aware of any changes in the applicable regulation of permitted
investments.
The Fund offers the advantages of purchasing power efficiencies and diversification of risk. Generally,in
purchasing debt instruments from dealers,the percentage difference between the bid and asked price tends to decrease
as the size of the transaction increases. The Fund also offers investors the opportunity to participate in a portfolio of U.S.
government obligations which is more diversified in terms of issues and maturities than a portfolio a single investor
may otherwise be able to invest in.
Investment in the Fund relieves the investor of money management and administrative burdens usually
associated with the direct purchase and sale of U.S. Government debt instruments. These include the selection of the
portfolio investments;surveying the market for the best terms at which to buy and sell;scheduling and monitoring
maturities and reinvestments;receipt,delivery and safekeeping of securities; and portfolio recordkeeping.
The Fund qualifies as an eligible investment for federally chartered credit unions pursuant to Sections 107 of the
Federal Credit Union Act and Part 703 of the National Credit Union Administration Rules and Regulations. The Fund
intends to review changes in the applicable laws,rules and regulations governing eligible investments for federally
chartered credit unions, and take such action as may be necessary so that the investments of the Fund qualify as eligible
investments under the Federal Credit Union Act and the regulations thereunder. Shares of the Fund,however,may or
may not qualify as eligible investments for particular state chartered credit unions. The Fund encourages each state
chartered credit union to consult qualified legal counsel concerning whether the Fund is a permissible investment under
the laws applicable to it.
MANAGEMENT OF THE FUND
Investment Adviser
At a meeting held on January 20, 1997,the Trustees approved a new Investment Advisory Agreement with
GEIM. The new Investment Advisory Agreement was submitted to shareholders for their consideration pursuant to a
Proxy Statement dated March 3, 1997 and subsequently approved by a majority of the shareholders at a Special Meeting
held on March 21, 1997. The Adviser is a wholly-owned subsidiary of General Electric Company ("GE"). The principal
address of the Adviser is 3003 Summer Street,Stamford,CT 06905.
GEIM and General Electric Investment Corporation("GEIC"),an affiliated company of GEIM wholly-owned by
GE,collectively provide investment management services to various institutional accounts with total assets, as of June
30, 1997, in excess of$65 billion, including$1.5 billion in money market funds.
Pursuant to the Investment Advisory Agreement, the Adviser has agreed to provide a continuous investment
program for the Fund,including investment research and management with respect to the assets of the Fund. GEIM is
entitled to receive management fees of 0.04%on the first$500 million of average net assets of the Fund,0.06% on the
next$500 million and 0.08%on average net assets in excess of$1 billion.
Administrator and Bookkeeping and Pricing Agent
ALPS serves as the Fund's Administrator. As Administrator,ALPS has agreed to: assist in maintaining the
Fund's office;furnish the Fund with clerical and certain other services;compile data for and prepare notices and semi-
annual reports to the Securities and Exchange Commission;prepare filings with state securities commissions;coordinate
Federal and state tax returns;monitor the Fund's expense accruals;monitor compliance with the Fund's investment
policies and limitations;and generally assist in the Fund's operations. ALPS is entitled to receive a fee from the Fund for
its administrative services computed daily and payable monthly, at the annual rate of the greater of$90,000 or 0.18%of
average daily net assets of the Fund up to$500 million,0.15%of average daily net assets of the Fund in excess of$500
million up to$1 billion and 0.12%of average daily net assets of the Fund in excess of$1 billion. ALPS has stated that it
will voluntarily waive a portion of the administration fees otherwise payable by the Fund, as well as voluntarily assume
a portion of the Fund expenses, to the extent necessary for the Fund to maintain a total expense ratio of not more than
0.20%of the average net assets of the Fund. ALPS reserves the right to modify or terminate the fee waiver and
9
assumption of expenses at any time. ALPS may also pay third parties from time to time for rendering services to the
Fund and/or shareholders.
ALPS also serves as the Fund's Bookkeeping and Pricing Agent. In this capacity,ALPS has agreed to maintain
the financial accounts and records of the Fund and to compute the net asset value and certain other financial
information relating to the Fund.
Custodian
State Street Bank and Trust Company of Connecticut,N.A.,located at 750 Main Street,Suite 1114,Hartford,
Connecticut 06103,serves as Custodian for the Fund.
Sub-Custodian and Transfer Agent
State Street Bank and Trust Company,located at P.O. Box 1978,Boston,Massachusetts 02015,serves as Sub-
Custodian and Transfer Agent for the Fund.
HOW TO INVEST IN THE FUND
Shares in the Fund are distributed on a continuous basis by ALPS, the Fund's Sponsor and Distributor.ALPS
has its principal office at 370 Seventeenth Street,Suite 2700,Denver,Colorado 80202 and may be reached at(800)298-
3442.
General Procedures
You may purchase Fund shares through ALPS or the Fund's Transfer Agent. Investors shall pay for their
purchase of Fund shares by using the Federal Reserve Wire System. Shares of the Fund may be purchased at the net
asset value next determined after an order is received and accepted. The Fund does not impose any sales-related charges
in connection with purchases of shares.The Fund may discontinue offering its shares in any state without notice to
shareholders.
An initial investment in the Fund must be preceded or accompanied by a completed,signed application.The
application should be forwarded to:
Financial Investors Trust
P.O. Box 1978
Boston,Massachusetts 02015
Purchases by telephone or facsimile can be made after an account has been established by the Transfer Agent as
described below. The Trust reserves the right to reject any purchase order.
Purchase Price
Your purchase of Fund shares will be effected at the net asset value next determined after the Fund receives
your purchase order in proper form and payment in the form of Federal Funds. If your order is accompanied by Federal
Funds,or is converted into Federal Funds by 5:00 p.m. Eastern Time on a Business Day or 12:00 noon Eastern Time on a
Half Day,it will be executed on that day.If the Fund receives your order and payment in the form of Federal Funds
after 5:00 p.m. Eastern Time on a Business Day or after 12:00 noon Eastern Time on a Half Day,your order will be
processed the next Business Day.
Telephone and Facsimile Purchases
You can purchase Fund shares by telephone or facsimile once you have established your account with the Fund
and selected facsimile and/or telephone privileges on your Account Application. In order to qualify for dividends on
the day of purchase,telephone or facsimile orders must be placed and Federal Funds must be in the Fund's custody
account by 5:00 p.m. Eastern Time on Business Days. In order to qualify for dividends on the day of purchase on Half
Days,telephone or facsimile orders must be placed and Federal Funds must be in the Fund's custody account by 12:00
10
noon that day. If Federal Funds arrive in the Fund's custody account after the stated deadlines for both Business Days
and Half Days,the account will be credited the next Business Day.
Minimum Investment and Account Balances
The minimum initial investment in the Fund is$1,000,000 and additional investments may be made in any
amount. The minimum purchase requirements do not apply to reinvested dividends. If an account balance falls below
$200,000 due to redemptions or exchanges, the account may be closed and the proceeds wired to the bank account of
record, or a check will be issued and sent to the party of record. An investor will be given 30 days notice that the
account will be closed unless an additional investment is made to increase the account balance to the$200,000 minimum.
Statements and Reports
The Trust will send you a statement of your account after every transaction that affects your share balance or
your account registration. A statement with tax information and an annual statement will be mailed to you by January
31 of each year, and also will be filed with the IRS. At least twice a year,you will receive financial statements in the form
of Annual and Semi-Annual Reports of the Fund.
HOW TO REDEEM SHARES
General Procedures
Shareholders may redeem all or any part of the value of their account(s) on any Business Day. You may redeem
by mail, telephone or facsimile if you have established that capability with the Fund. Redemption orders are processed
at the net asset value per share next determined after the Fund receives your order. If the Fund receives your
redemption order before 1:00 p.m. Eastern Time,on a Business Day other than a Half Day,or by 11:00 a.m. Eastern Time
on a Half Day, the Fund will generally pay for your redeemed shares on that day. Otherwise, the Fund will generally
pay for your redeemed shares on the next Business Day. The Fund reserves the right to pay for redeemed shares within
seven days after receiving your redemption order if,in the judgment of the Adviser, an earlier payment could adversely
affect the Fund.
Regular Redemption
You may redeem shares by sending a written request to Financial Investors Trust,P.O. Box 1978, Boston,
Massachusetts 02015. You must sign a redemption request. (All individuals with authority on the account must co-sign.)
Your written redemption request must:
(i) state the number of shares to be redeemed;
(ii) identify your shareholder account number; and
(iii) provide your tax identification number.
Each signature must be guaranteed by either a bank that is a member of the FDIC, a trust company or a member
firm of a national securities exchange or other eligible guarantor institution. The Fund will not accept guarantees from
notaries public. Guarantees must be signed by an authorized person at the guarantor institution, and the words
"Signature Guaranteed"must appear with the signature. A redemption request will not be deemed to be properly
received until the Fund receives all required documents in proper form.
When the Fund wires your redemption proceeds, the wire must be paid to the same bank and account as
designated on the Fund's Account Application or in your written instructions to the Fund. If your bank is not a member
of the Federal Reserve System,your redemption proceeds will be wired to a correspondent bank. Immediate notification
by the correspondent bank to your bank will be necessary to avoid a delay in crediting the funds to your bank account.
Telephone and Facsimile Redemption
You may redeem shares by telephone or facsimile. Shareholders must check the appropriate box on the Account
Application to activate facsimile and/or telephone redemption privileges. Shares may be redeemed by telephoning the
Fund at(800)298-3442 (or sending a facsimile transmission to the Fund at(617)985-9626)and giving the account name,
11
account number,Personal Identification Number (PIN#),name of Fund and amount of redemption. Proceeds from
redemptions will be wired directly to your account at a commercial bank within the United States.
In order to arrange for facsimile and/or telephone redemptions after you have opened your account,or to
change the bank account or address designated to receive redemption proceeds, send a written request to the Fund at
the address listed under"Regular Redemption". The request must be signed by you and each other shareholder of the
account involved,with the signatures guaranteed as described above. The Trust may modify or terminate procedures for
redeeming shares by telephone but will not materially change or terminate it without giving shareholders 60 days'
written notice.
During periods of substantial economic or market change,telephone or facsimile redemptions may be difficult
to complete. If you are unable to contact the Fund by telephone or facsimile,you may redeem your shares by mail as
described above under "Regular Redemption".
By electing the facsimile and/or telephone redemption option,you may be giving up a measure of security
which you might have had if you were to redeem in writing. The Trust will employ reasonable procedures to confirm
that instructions communicated by telephone or facsimile are genuine, such as recording telephone calls,providing
written confirmation of transactions, or requiring a form of personal identification prior to acting on instructions
received by telephone or facsimile. To the extent the Trust does not employ reasonable procedures,it and/or its service
contractors may be liable for any losses due to unauthorized or fraudulent instructions.Neither the Trust,the Transfer
Agent nor ALPS will be liable for following instructions communicated by telephone or facsimile that are reasonably
believed to be genuine. Accordingly,you,as a result of this policy,may bear the risk of fraudulent telephone or
facsimile redemption transactions.
General Redemption Information
Except for the presence of certain exceptional circumstances as described in the Investment Company Act of
1940, the Fund will pay for redeemed shares by mail within seven days after the Fund receives your order and
supporting documents in proper form(except as provided by the rules of the Securities and Exchange Commission).
Where payment is to be made by wire via the Federal Reserve Wire System,the Fund will wire redemption proceeds on
the same day after receiving your redemption order,provided it is made before 1:00 P.M. Eastern Time on Business
Days and 11:00 a.m. Eastern Time on Half Days.
There is no charge for share redemptions. The Fund may redeem an account that has a balance of less than
$200,000 if the shareholder does not increase the amount of the account to at least$200,000 upon 30 days'notice.
Please direct questions concerning the proper form for redemption requests to the Fund at(800) 298-3442.
SHAREHOLDER SERVICES
Exchange Privilege
You may sell your Fund shares and buy shares of the U.S. Treasury Money Market Fund, another investment
portfolio of the Trust,in exchange by written request. There are no fees or commissions for exchanging Fund shares. If
you have established the privilege on your Account Application,you may also initiate exchanges by telephone or
facsimile. Exchange requests should be directed to the Fund at(800)298-3442.
Exchange transactions must be for amounts of$1,000 or more. Exchanges may have tax consequences,so you
should consult your tax adviser for further information. The U.S. Treasury Money Market Fund or other investment
portfolio must be registered for sale in your state and must meet the investment criteria for your institution. See
"Suitability" in the U.S. Treasury Money Market Fund's prospectus. Prior to requesting an exchange of Fund shares you
should call the Fund at(800)298-3442. You should read the current prospectus for the U.S.Treasury Money Market
Fund before investing. Each Fund has its own minimum balance requirements which must be adhered to.
During periods of significant economic or market change, telephone or facsimile exchanges may be difficult to
complete. If you are unable to contact the Fund by telephone or facsimile,you may also mail the exchange request to the
Fund at the address listed under "Regular Redemption".Neither the Trust, the Transfer Agent nor ALPS will be
12
responsible for the authenticity of exchange instructions received by telephone or facsimile except as set forth under
"How to Redeem Shares-Telephone and Facsimile Redemption".
The Trust can provide you with information concerning certain limitations on the exchange privilege,including
those related to frequency. The Trust may modify or terminate the exchange privilege but will not materially change or
terminate it without giving shareholders 60 days'written notice.
TAXES
While municipal investors are generally exempt from Federal income taxes,each investor should independently
ascertain its tax status. With respect to investors who are not exempt from Federal income taxes, dividends derived from
net investment income and short term capital gains are taxable as ordinary income distributions and are taxable when
paid,whether investors receive distributions in cash or reinvest them in additional shares,except that distributions
declared in December and paid in January are taxable as if paid on December 31. The Fund will send to non-exempt
investors an IRS Form 1099-DIV showing their taxable distributions for the past calendar year.
The Fund has qualified and intends to continue to qualify as a "regulated investment company" under the
Internal Revenue Code of 1986,as amended (the "Code"). This qualification will relieve the Fund of liability for Federal
income taxes to the extent its earnings are distributed in accordance with the Code and it meets other requirements for
qualification as set forth in the Code.
The information above is only a summary of some of the federal tax consequences generally affecting the Fund
and its shareholders, and no attempt has been made to discuss individual tax consequences.In addition to Federal taxes,
investors may be subject to state or local taxes on their investment. Investors should consult their tax advisor to
determine whether the Fund is suitable to their particular tax situation.
When investors sign their account application, they will be asked to certify that their social security or taxpayer
identification number is correct and that they are not subject to 31%backup withholding for failing to report income to
the IRS. If investors violate IRS regulations,the IRS can require the Fund to withhold 31%of taxable distributions and
redemptions.
The Fund declares dividends from net investment income daily and pays such dividends monthly. The Fund
intends to distribute substantially all of its net investment income and capital gains,if any, to shareholders within each
calendar year as well as on a fiscal year basis.
Since all of the Fund's net investment income is expected to be derived from earned interest,it is anticipated
that all dividends paid by the Fund will be taxable as ordinary income to those shareholders who are not exempt from
Federal income taxes,and that no part of any distribution will be eligible for the dividends received deduction for
corporations.
OTHER INFORMATION
Capitalization
The Trust was organized as a Delaware Business Trust on November 30, 1993 and consists of two separate
portfolios or series, one of which is offered in this Prospectus. The Board of Trustees may establish additional series in
the future. The capitalization of the Trust consists solely of an unlimited number of shares of beneficial interest with a
par value of$0.001 each. When issued,shares of the Trust are fully paid and non-assessable.
Under Delaware law,shareholders could,under certain circumstances,be held personally liable for the
obligations of a series of the Trust but only to the extent of the shareholder's investment in such series. However, the
Trust Instrument disclaims liability of the shareholders,Trustees or Officers of the Trust for acts or obligations of the
Trust, which are binding only on the assets and property of each series of the Trust and requires that notice of the
disclaimer be given in each contract or obligations entered into or executed by the Trust or the Trustees. The risk of a
shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust
itself would be unable to meet its obligations and should be considered remote and is limited to the amount of the
shareholder's investment in the Fund.
13
Voting
Shareholders have the right to vote in the election of Trustees and on any and all matters on which,by law or
under the provisions of the Trust Instrument,they may be entitled to vote. The Trust is not required to hold regular
annual meetings of the Fund's shareholders and does not intend to do so. Shareholders of the Fund may vote separately
on items which affect only the Fund.
The Trust Instrument provides that the holders of not less than two-thirds of the outstanding shares of the Trust
may remove a person serving as Trustee either by declaration in writing or at a meeting called for such purpose. The
Trustees are required to call a meeting of shareholders for the purpose of considering the removal of a person serving as
Trustee if requested in writing to do so by the holders of not less than 10% of the outstanding shares of the Trust or the
Fund.
Shares entitle their holders to one vote per share(with proportionate voting for fractional shares).As used in
this Prospectus,the phrase "vote of a majority of the outstanding shares" of the Fund (or the Trust)means the vote of
the lesser of: (1)67%of the shares of the Fund (or the Trust)present at a meeting if the holders of more than 50%of the
outstanding shares are present in person or by proxy: or(2)more than 50%of the outstanding shares of the Fund.
Performance Information
From time to time, the Fund may quote its "yield" and "effective yield" in advertisements or in communications
to shareholders. Both yield figures are based on historical earnings and are not intended to indicate future performance. The
"yield" quoted in advertisements refers to the income generated by an investment in the Fund over a specified seven-
day period. This income is then"annualized".That is,the amount of income generated by the investment during that
week is assumed to be generated each week over a 52-week period and is shown as a percentage of the investment. The
"effective yield" is calculated similarly but,when annualized,the income earned by an investment in the Fund is
assumed to be reinvested. The"effective yield" will be slightly higher than the"yield"because of the compounding
effect of the assumed reinvestment.
Additionally, the yield of the Fund may be compared in advertisements or in reports to shareholders to those of
other mutual funds with similar investment objectives and to other relevant indices or to rankings prepared by
independent services or other financial or industry publications that monitor the performance of mutual funds. For
example,the Funds'yields may be compared to the IBC/Donoghue's Money Fund Average,which is an average compiled
by IBC/Donoghue's Money Fund Report. In addition,yields may be compared to the average yields reported by the Bank
Rate Monitor for money market deposit accounts offered by the 50 leading banks and thrift institutions in the top five
standard metropolitan statistical areas.
Yield data as reported in national financial publications, including Money Magazine,Forbes,Barron's, The Wall
Street Journal and The New York Times,or in publications of a local or regional nature,may also be used in comparing the
yields of the Fund.
Since yields fluctuate,you cannot necessarily use yield data to compare an investment in the Funds'shares with
bank deposits, savings accounts and similar investment alternatives which often provide an agreed or guaranteed fixed
yield for a stated period of time. Yield is generally a function of the kind and quality of the instruments held in a
portfolio,portfolio maturity,operating expenses and market conditions.Any fees charged by service institutions directly
to their customer accounts in connection with investments in shares of the Fund will not be included in the Fund's
calculations of yield.
Inquiries
Please write or call the Trust at the address or telephone number listed on the cover of this Prospectus with any
inquiries you may have regarding the Fund or any other investment portfolios of the Trust that are not offered by this
Prospectus.
14
THIS PAGE
INTENTIONALLY
LEFT BLANK
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS,OR IN THE FUND'S STATEMENT OF
ADDITIONAL INFORMATION INCORPORATED HEREIN BY REFERENCE,IN CONNECTION WITH THE
OFFERING MADE BY THIS PROSPECTUS AND,IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS
DISTRIBUTOR. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE
DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.
16
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