COMPLETECOMMODITIES STRATEGY FUND Portfolio Solutions Advisory Services Class A JCRAX Class C JCRCX Class I JCRIX
PARTNERSHIP ALPS Serves as Advisor Specialist in manager oversight and evaluation Dedicated sales and relationship management support $17.74 billion in Assets Under Management as of 6/30/17 CoreCommodity Management LLC ("CoreCommodity Management ) CoreCommodity Management provides investors with a diversified suite of high quality asset management products based upon a deep understanding of the commodity markets. With over 50 years of combined commodity industry experience, Adam De Chiara and Bradford Klein, Co-Founders of CoreCommodity Management, have extensive experience in building, innovating and managing investments in the commodity markets. Among their notable accomplishments, CoreCommodity Management s executive team was responsible for the design and launch of the Bloomberg Commodity Index (formerly the Dow Jones-AIG Commodity Index) and the current version of the Thomson Reuters / CoreCommodity CRB Index, two of the most renowned commodity indices globally. Robert Hyman, Portfolio Manager for the CompleteCommodities Fund since inception, has successfully traded commodities and commodity-related products for over 35 years. 1
COMPLETECOMMODITIES 2 The CompleteCommodities Strategy, as developed by CoreCommodity Management, LLC, is an investment approach that actively combines Commodity and Commodity Equity Investments. Commodity Investments are investments in commodity futures contracts, commodity futures-linked swaps, options on commodity futures, commodity-linked notes and may at times include direct or indirect investments in physical commodities. Commodity Equity Investments are investments in companies primarily engaged in the production and distribution of commodities and commodity-related products. Collateral investments are limited to US Treasuries/TIPS and cash. CompleteCommodities is a service mark of CoreCommodity Management, LLC. ^ For the period of June 30, 2010 June 30, 2017, the average 90 day volatility (defined as the annualized standard deviation of the relative price change for the 90 most recent trading days closing price, expressed as a percentage) for the Fund was 14.3, while the average 90 day volatility for Commodity Equities alone, as measured by the S&P Global Natural Resources Index Total Return was 16.9. The average 90 day volatility for Commodity Futures, as measured by the Bloomberg Commodity Index Total Return was 13.9. ^^ Contango is a situation where the future price is below the current spot price. Potential Benefits of a CompleteCommodities investment approach include: Participation in commodity markets including those for which there are no liquid or available futures contracts (e.g., fertilizers, steel, iron ore, coal, etc.). Mitigation of the impact of contango, which can erode returns for long-term investors Historically, a combination of Commodity Investments and Commodity Equity investments resulted in lower volatility, particularly when compared to a portfolio of Commodity Investments or Equity Investments alone.^ Active re-allocation between Commodity and Commodity Equity Investments provides trading opportunities.
THE COMPLETECOMMODITIES FUND ALPS CoreCommodity Management CompleteCommodities Strategy Fund (the CompleteCommodities Fund ) seeks to maximize returns, consistent with prudent investment management. The CompleteCommodities Fund uses an active investment process with exposure to: Commodity Investments Commodity Equity Investments U.S. Treasury & Treasury Inflation Protected Securities (TIPS) Commodity Equity Investments TIPS Commodity Investments * Generally, the Commodity Investments will be made through the CompleteCommodities Fund s Cayman Islands subsidiary. The CompleteCommodities Fund will generally invest up to 25% of its total assets in the Cayman subsidiary, consistent with the limits of the federal tax law requirements applicable to registered investment companies. Please refer to important risks/disclaimers in the back of the presentation regarding an investment in the CompleteCommodities Fund. 3
SPOT AND INDEX COMMODITY PRICES Month-End Values Annualized Performance as of June 30, 2017 Jun-17 Jun-14 Jun-12 Jun-07 3-Year 5-Year 10-Year Spot Gold 1,242 1,327 1,597 650-2.19% -4.91% 6.68% Spot Copper 5,927 7,041 7,692 7,678-5.56% -5.07% -2.55% Spot Corn 3.5 4.1 6.7 3.2-4.86% -11.96% 1.12% Spot Gasoline 87% Octane NY 150 291 258 221-19.76% -10.32% -3.81% Spot WTI Crude Oil 46 105 85 71-24.05% -11.52% -4.19% S&P 500 Index (TR) 4,678 3,552 2,364 2,338 9.58% 14.61% 7.17% Bloomberg Commodity Spot Index 328 422 414 312-8.09% -4.57% 0.51% Bloomberg Commodity Index (TR) 168 271 272 328-14.76% -9.24% -6.49% Annual Underperformance -6.68% -4.67% -6.99% Data Range: December 31, 2006 through June 30, 2017 Data Source: Bloomberg L.P. Past performance is not indicative of future results. Annual Underperformance represents the annualized returns for the Bloomberg Commodity Spot Index minus the annualized returns for the Bloomberg Commodity Index. The price of a spot commodity reflects the price of a commodity for immediate delivery. Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. 4
A MORE COMPREHENSIVE APPROACH TO COMMODITY INVESTING 500 450 400 350 300 250 200 150 100 50 - Spot Commodities Commodities Equities Commodity Futures (TR) S & P 500 (TR) Commodity Equities, or companies principally engaged in the production and distribution of commodityrelated products, have kept pace with Spot Commodities, even while investment Commodity Futures have lagged meaningfully. Commodity Equities when combined with Commodity Futures can result in a more comprehensive exposure to commodity markets. 5 Data Range: January 1, 2003 through June 30, 2017 Source: Bloomberg L.P. Past performance is not indicative of future results. Commodity Equities are represented by the S&P Global Natural Resources Index Total Return, Spot Commodities are represented by the Bloomberg Commodity Spot Index and Commodity Futures are represented by the Bloomberg Commodity Index Total Return.
COMMODITY EQUITIES + COMMODITIES, A MORE COMPLETE APPROACH 160 140 120 100 80 60 40 20 0 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Bloomberg Commodity Index (TR) JCRIX Data Range: June 29, 2010 through June 30, 2017 Source: Bloomberg L.P.; CoreCommodity Management LLC Past performance does not guarantee future results. It is not possible to invest directly in an index. This is not meant to represent the performance of the CompleteCommodities Fund. All indices are Total Return USD indices. Index performance is shown for illustrative purposes only. Contango is a situation where the price of a commodity for future delivery is higher than nearer delivery. By combining Commodity and Commodity Equity investments, investors may: Mitigate the impact of contango, which can erode returns for longterm investors Lower volatility and improve risk-adjusted returns when compared to investments in either commodity equities or commodity futures alone. Achieve a more complete approach to commodity markets 6
CORRELATION The chart below illustrates the 100-day rolling values for daily correlations between S&P 500 Index and the CRB Index Correlation 1.00 0.80 0.60 0.40 0.20 0.00 1957-0.20 1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017-0.40-0.60-0.80-1.00 7 Data Range: December 31, 1956 June 30, 2017 Data Source: Bloomberg L.P.; CoreCommodity Management LLC Past performance is not indicative of future results. 100-day rolling values a consecutive series of daily returns during 100 business day intervals, ranging from December 31, 1956 through June 30, 2017 Correlation - a measurement of the degree of association between two sets of variables that describes how closely they track or are related to one another.
COMMODITIES WELL BELOW PEAKS (A) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 97.12% 75.52% 97.34% 98.81% 35.35% 0% Barclays Inflation Index Emerging Markets DJ US Real Estate S&P 500 Bloomberg Commodity Index Date of Peak 12.10.2012 10.29.2007 8.1.2016 6.29.2017 7.2.2008 Peak Price 301.8 1338.5 1184.9 4734.48 474.2 Data Range: December 31, 1999 through June 30, 2017 Data Source: Bloomberg L.P.; CoreCommodity Management LLC Peak Price is the highest closing price over the reported period. Barclays Inflation Index is the Barclays US Government Inflation-Linked Bond Index. Emerging Markets is the MSCI Emerging Markets Index. DJ US Real Estate is the Dow Jones US Real Estate Index Total Return. 8
COMMODITIES WELL BELOW PEAKS (B) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Current Price as % of Peak Price Data Range: December 31, 1999 through June 30, 2017 Data Source: Bloomberg L.P.; CoreCommodity Management LLC Peak Price is the highest closing price of the first month futures contract over the reported period Current Price represents the price of the front month contract as of June 30, 2017 Security Date of Peak Peak Value Bloomberg Commodity Index 7/3/2008 238 WTI Crude Oil 7/3/2008 $145.8 Brent Crude Oil 7/3/2008 $146.6 RBOB Gasoline 7/14/2008 $3.58 Heating Oil 7/3/2008 $4.11 Natural Gas 12/13/2005 $15.5 Aluminum 7/11/2008 $3,291 COMEX Copper 2/14/2011 $4.63 Nickel 5/4/2007 $52,850 Zinc 11/9/2006 $4,594 Gold 8/22/2011 $1889.7 Silver 4/29/2011 $48.6 CBOT Wheat 3/12/2008 $12.8 KC Wheat 3/12/2008 $13.28 Corn 8/21/2012 $8.31 Soybeans 9/4/2012 $17.68 Soybean Oil 3/3/2008 $70.82 Soybean Meal 8/21/2012 $543.6 Sugar 2/2/2011 $0.353 Coffee 5/3/2011 $3.06 Cotton 3/7/2011 $2.14 Live Cattle 11/19/2014 $1.71 Lean Hogs 6/30/2014 $1.33 Orange Juice 11/2/2016 $2.26 9
COMMODITIES PRICES AS A % ABOVE OF BELOW COST OF PRODUCTION 80% 60% 40% 30% 32% 35% 49% 62% Data Range: prices as of June 30, 2017. Cost of production data as of December 30, 2016 Data Source: Bloomberg L.P.; CoreCommodity Management LLC Price represents the price of the front month futures contract 20% 0% -20% -40% -16% -14% -13% -13% -10% -22% -22% -22% -24% -2% 0% 3% 7% 7% 9% 11% Cost of production is estimated, based on publicly available information, data provided by major investment banks, proprietary models and government data and is as of each year end. Compiled by CoreCommodity Management LLC. BCOM Spot is the Bloomberg Commodity Spot Index 10
COMMODITY EQUITIES CAN COMPLEMENT COMMODITY FUTURES Offers exposure to commodities that may not have a liquid futures contracts (e.g., steel, iron ore, coal, fertilizers, etc.) Adding commodity equities to commodity futures related investments helps preserve high correlations to commodity prices Can lower overall volatility when compared to investing in either commodity futures or commodity equities alone Helps reduce many of the frictions and complexities associated with rolling futures contracts (process of replacing expiring futures positions with new contracts) Provides exposure to currencies of countries rich in natural resources Rolling futures contracts - reflect the cumulative yield on a continuously held investment over a number of consecutive periods. 11
OVERVIEW OF INVESTMENT PROCESS 1 2 3 1. Asset Allocation Define allocations for Commodity and Commodity Equity Investments and duration target for cash collateral held in Treasuries/TIPS 2. Commodity Investments Determine optimal weighting for each commodity Assess preferred maturity for each commodity 3. Commodity Equities Determine desired commodityrelated equities and determine optimal weighting for each equity holding 12
1A. CORECOMMODITY MANAGEMENT EXECUTIVE TEAM Adam C. De Chiara Adam De Chiara is a Co-Founder of CoreCommodity Management LLC and the Portfolio Manager of the CoreCommodity Institutional Programs. In 2003, Mr. De Chiara co-founded the commodity asset management group at Jefferies, which became independent as CoreCommodity Management in 2013. Prior to Jefferies, Mr. De Chiara founded and headed the commodity index group at AIG Trading Group, where he designed and launched the Dow Jones-AIG Commodity Index (now the Bloomberg Commodity Index). Mr. De Chiara began his commodity career in 1991 at Goldman Sachs where he was responsible for trading the Goldman Sachs Commodity Index ( GSCI ). Prior to Goldman, Mr. De Chiara practiced law at Sullivan & Cromwell in New York. Mr. De Chiara received a B.A., magna cum laude, from Harvard University and a J.D.,with honors, from Harvard Law School. Bradford L. Klein 1 Bradford Klein is a Co-Founder of CoreCommodity Management LLC and Chair of the CompleteCommodities Fund s Policy Committee. In 2003, Mr. Klein co-founded the commodity asset management group at Jefferies, which became independent as CoreCommodity in 2013. Prior to Jefferies and over the course of his career at AIG Trading Group, Mr. Klein s positions included Executive Vice President and Head of Global Foreign Exchange and Commodities, in addition to President and Chief Executive Officer. Mr. Klein developed and supervised AIG Trading Group s globally recognized Commodity Department and was responsible for trading, market making and risk management in precious metals, base metals, and commodity indices. Mr. Klein played an integral part in the launch and marketing of the Dow Jones-AIG Commodity Index (now the Bloomberg Commodity Index). Prior to joining AIG Trading Group in 1990, Mr. Klein held the position of First Vice President at Drexel Burnham Lambert Trading Corporation. Mr. Klein graduated with honors from George Washington University in Washington, D.C. with a B.A. in finance. 13
1B. PORTFOLIO MANAGEMENT Robert B. Hyman* Mr. Hyman is a Senior Vice President for CoreCommodity Management, LLC and Portfolio Manager to the CompleteCommodities Fund. Mr. Hyman re-joined CoreCommodity in June 2010. From January 2004 to April 2006, Mr. Hyman was a portfolio manager for the Jefferies Real Asset Fund, where he invested in commodity futures, options, indices, foreign exchange, ETFs, and commodity related equities. During his 35 plus years successfully investing in commodities and commodity related products, Mr. Hyman has held a number of investing and risk control positions, including proprietary trading positions at Lehman Brothers, Amerada Hess Crude & Gas Co., and Drexel Burnham Lambert. Mr. Hyman graduated from Dartmouth College in 1978 with a Bachelor of Arts degree in Government. 1 The Fund does not seek to employ net leverage. To the extent the Fund uses calendar spread trades or pairs trades, the Fund may employ gross leverage. Should the market conditions warrant, the portfolio manager may exercise discretion to take defensive positions to reduce overall exposure to markets. The Fund s Policy Committee meets monthly to review asset allocation guidelines for Commodity Investments Commodity Equity Investments Duration targets for the Treasuries/TIPS collateral held in the portfolio Collectively, the Policy Committee has extensive experience and specialized expertise in analyzing, trading, and managing commodity and commodity equity portfolios. * Registered Representative of ALPS Distributors, Inc. 14
2A. COMMODITY ANALYSIS INVESTMENT PROCESS Multi-Factor, Bottom Up Approach including such factors as: 1 Quantitative Fundamental Market Dynamics Manager Discretion Curve Analysis Seasonality Volatility Correlation Historical Trends Technical Indicators Supply & Demand Balances Microeconomic Inputs Distilling and Ranking Fundamental Data Points Proprietary Open Interest Analysis Commercial versus Non-Commercial Market Liquidity Capital Flows Real Time Market Assessments Risk Management Considerations Geopolitical and Other Significant Developments Execution 15
2B. TACTICAL WEIGHTING & CURVE SELECTION The Weighting Mix of a Commodity Portfolio Can be Actively Managed Most commodity benchmarks rely on fixed weighting formulas, adjusted periodically based on econometric or market driven inputs. The CoreCommodity Management team has developed proprietary techniques in order to dynamically adjust the weightings of the various constituent commodities in order to seek higher total returns over time. 1 Wheat Tactical Allocation Copper Crude Oil Gold Corn For illustrative purposes only. Pie chart illustration should not be construed as a recommendation to buy or sell a security and is not intended as investment advice. It is not intended to represent actual fund allocations. Cotton 16
3A. COMMODITY EQUITIES ANALYSIS Portfolio Drivers Global Equities 1 Global Natural Resource Equities Corporate Fundamentals Commodity Relationships Market Dynamics Risk Management Engine Sector Rotation Industry Preference Stock Selection Equity Portfolio The CompleteCommodities Fund typically holds a diversified portfolio of commodity equity related securities, ranging from agriculture producers, metals and mining companies and energy companies. 17
3B. COMMODITY EQUITIES ANALYSIS Commodity Relationships Proven & Probable Reserves 1 Commodity Extraction Margins Corporate Fundamentals Profitability Earnings Quality Market Dynamics Positioning Price Trends Backwardation & Contango Value Liquidity Risk Management Engine Stock Selection Industry Preference Sector Rotation 18
PORTFOLIO COMPOSITION JUNE 30, 2017 Benchmark Sector and Constituent Weightings: Portfolio Composition Commodity Investments: 72.1% Participation as a Percentage of Fund Assets* WTI Crude Oil 11.0% Brent Crude Oil 10.0% Soybeans 3.9% Aluminum 3.9% Natural Gas 3.8% Corn 3.8% Live Cattle 3.7% Heating Oil 3.3% Unleaded Gasoline RBOB 3.3% CMX Copper 3.3% The history of the Thomson Reuters/Core Commodity CRB Index (TR/CC CRB) dates back to 1957, making it one of the oldest and most widely recognized commodity indices. The TR/CC CRB Index is designed to provide a timely and accurate representation of a long-only, broadly diversified investment in commodities through a transparent and disciplined calculation methodology. As of June 30, 2017 * Participation in commodities is generally achieved through investments in over-the-counter commodity swap contracts, futures and/or options ** Participation in Gold can be achieved through investments in ETFs that hold physical gold and/or futures or other derivative contracts that are directly tied to the price performance of Gold. Holdings and composition of holdings are subject to change. Commodity Equity Investments: 27.9% Weighting as a Percentage of Fund Assets Sanderson Farms Inc (SAFM US) 0.6% Kubota Corporation (6326 JP) 0.6% Yara International ASA (YAR NO) 0.5% Hormel Foods Corporation (HRL US) 0.4% Tahoe Resources Inc. (THO CN) 0.3% Ingredion Incorporated (INGR US) 0.3% Cia de Saneamento Basico do Estado de Sao Paulo (SBS US) 0.3% Sociedad Quimica y Minera de Chile SA (SQM US) 0.3% Marathon Petroleum Corporation (MPC US) 0.3% Kurita Water Industries LTD (6370 JP) 0.3% 19
FUND PERFORMANCE Performance as of June 30, 2017 1 Month 3 Month Calendar Year to date Since Fund Inception (cumulative) 1 Year 5 Year Since Fund Inception (annualized) Class A (NAV) -2.10% -6.17% -7.91% -19.76% -5.62% -7.35% -3.10% Class A (LOAD) -7.54% -11.29% -12.95% -24.16% -10.80% -8.39% -3.87% Class C (NAV) -2.17% -6.24% -8.03% -22.97% -6.11% -7.90% -3.66% Class C (LOAD) -3.15% -7.18% -8.95% -22.97% -7.05% -7.90% -3.66% Class I (NAV) -2.09% -6.16% -7.76% -18.12% -5.31% -7.08% -2.81% TR/CC CRB TR -2.70% -5.76% -8.87% -31.06% -8.73% -9.10% -5.17% BCOMTR -0.19% -3.00% -5.26% -32.79% -6.50% -9.25% -5.52% Share Class & Fee Structure Class A Class C Class I Ticker JCRAX JCRCX JCRIX Total annual Fund operating expenses 1.45% 2.05% 1.15% What you pay* 1.45% 2.05% 1.15% Performance data quoted represents past performance. Past performance is not indicative of future results and investment returns and principal value of the CompleteCommodities Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The CompleteCommodities Fund imposes a 2.00% redemption fee on shares held for less than 30 days. Performance shown does not include the redemption fee, which if reflected would reduce the performance quoted. Current performance may be higher or lower than the performance quoted. Call 866.759.5679 for current month end performance. Maximum Offering Price (MOP) for Class A shares includes the CompleteCommodities Fund s maximum sales charge of 5.50%. A Contingent Deferred Sales Charge (CDSC) of 1.00% may apply to Class C shares redeemed within the first 12 months. * What You Pay reflects the Sub-Advisor s decision to contractually limit expenses through February 28, 2018. 1 Fund Inception Date of June 29, 2010 Please see the prospectus for additional information. 20
SUMMARY STATISTICS FOR JCRIX 21 Summary Statistics Shown are Net of Fees, relative to the Bloomberg Commodity Index Total Return Performance of JCRIX (relative to the BCOM (TR) Index) As of June 30, 2017 Annualized Outperformance 2.87% Beta to Benchmark 98.97% Inception To Date Outperformance 15.48% Correlation of Outperformance to Beta -2.74% Tracking Error 5.52% Frequency of Monthly Outperformance 46% Information Ratio 0.52x Monthly Outperformance (Underperformance) of JCRIX Relative to the BCOM (TR) Index 2010 2011 2012 2013 2014 2015 2016 2017 Jan 2.81% 2.74% 1.06% -1.68% -0.12% -2.44% 0.92% Feb 3.57% 0.78% 0.12% -0.21% 1.63% 2.10% -0.86% Mar 0.01% 0.49% -0.49% 0.25% -0.80% 2.03% 0.56% Apr 0.18% -1.60% 0.07% -0.27% 1.34% -0.14% -0.77% May 0.49% -2.28% -0.26% 2.14% 0.22% -0.78% -0.59% Jun 1.93% -1.58% 0.16% 1.72% -2.21% -0.93% -1.90% Jul -0.37% -1.17% -3.04% 0.71% 1.27% 1.14% 2.01% Aug 1.42% -3.52% 1.54% -1.57% 1.23% -0.96% 1.48% Sep 0.70% -0.57% -0.05% 3.15% -0.73% -2.47% -0.20% Oct 0.38% 4.56% 0.70% 1.67% -2.53% 4.37% -0.33% Nov -0.16% 0.43% 0.51% -0.09% -1.26% 3.20% 0.72% Dec -0.03% 0.78% 2.51% -0.44% 0.51% -1.29% 0.17% Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Tracking error: a divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. Information ratio: A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Absolute Performance Results As of June 30,2017 JCRIX BCOM (TR) Index Difference Inception To Date Compounded Return -18.12% -33.60% 15.48% Volatility 15.59% 14.73% Correlation 93.5%
FUND PERFORMANCE Historical Fund Performance versus Benchmark and Other Related Commodity Indices 160 150 140 130 120 110 100 90 80 70 60 50 40 22 JCRIX SPGSCITR BCOMTR Date Range: June 29, 2010 through June 30, 2017. Fund inception June 29, 2010. Source: Bloomberg L.P. Past performance is not indicative of future results. JCRIX represents the ALPS CoreCommodity Management CompleteCommodities Strategy Fund Class I with reinvestment of dividends, S&P GSCI (TR) represents S&P GSCI Index TR, BCOMTR represents Bloomberg Commodity Index Total Return, TR/CC CRB Index Total Return represents Thomson Reuters/CoreCommodity CRB Index Total Return.
DISCLAIMERS Investors should consider the following risk factors and special considerations associated with investing in the ALPS CoreCommodity Management CompleteCommodities Strategy Fund (the CompleteCommodities Fund ), which may cause you to lose money. The CompleteCommodities Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a diversified fund. A principal risk of investing in the CompleteCommodities Fund is equity risk, which is the risk that the value of the securities held by the CompleteCommodities Fund will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the CompleteCommodities Fund participate or factors relating to specific companies in which the CompleteCommodities Fund invests. The CompleteCommodities Fund s investments in non-u.s. issuers involve unique risks compared to investing in securities of U.S. issuers, including, among others, greater market volatility than U.S. securities and less complete financial information than for U.S. issuers. In addition, adverse political, economic or social developments could undermine the value of the CompleteCommodities Fund s investments or prevent the CompleteCommodities Fund from realizing the full value of their investments. An investor should consider the CompleteCommodities Fund s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the CompleteCommodities Fund. For more complete information about the CompleteCommodities Fund or to obtain a prospectus, call 1-866-675-2639 or 1-877-526-9298 or visit www.corecommodityllc.com. Please read the prospectus carefully before investing. Above and continuing below are a description of the principal risks of the CompleteCommodities Fund s portfolio that may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described here) which could prevent the CompleteCommodities Fund from achieving its investment objective. It is important to read all of the disclosure information provided and to understand that you may lose money by investing in the CompleteCommodities Fund. Prior to April 30, 2013, The ALPS/CoreCommodity Management CompleteCommodities Strategy Fund was known as the Jefferies Asset Management Commodity Strategy Allocation Fund. ALPS Portfolio Solutions Distributor, Inc. is the distributor for the ALPS CoreCommodity Management CompleteCommodities Strategy Fund. ALPS is not affiliated with CoreCommodity Management, LLC. The ALPS CoreCommodity Management CompleteCommodities Strategy Fund is: Not FDIC Insured - No Bank Guarantee - May Lose Value ALPS Advisors, Inc. and CoreCommodity Management, LLC are registered with the CFTC as the Commodity Pool Operator, and as the Commodity Trading Advisor, respectively, and both are NFA members. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributors, Inc. are affiliated. 23
DISCLAIMERS AND DISCLOSURES Commodity Risk. The CompleteCommodities Fund s investments in commodity and commodity equities may subject the CompleteCommodities Fund to significantly greater volatility than investments in traditional securities and involve substantial risks, including risk of a significant portion on their principal value. The commodities markets and the prices of various commodities may fluctuate widely based on a variety of factors. Because the CompleteCommodities Fund s performance is linked to the performance of highly volatile commodities, investors should consider purchasing shares of the CompleteCommodities Fund only as part of an overall diversified portfolio and should be willing to assume the risks of potentially significant fluctuations in the value of the CompleteCommodities Fund. Risks of Investing in Commodity-Linked Derivatives and Leverage Risk. Commodity-Linked Derivatives are subject to the risk that the market value of the Commodity-Linked Derivative itself or the market value of the underlying instrument will change in a way adverse to the CompleteCommodities Fund s interests. In addition, such instruments may experience potentially dramatic price changes (losses) and imperfect correlations between the price of the contract and the underlying security or index. As a result, the CompleteCommodities Fund may incur larger losses or smaller gains than otherwise would be the case if the CompleteCommodities Fund invested directly in the underlying securities. A highly liquid secondary market may not exist for certain Commodity-Linked Derivatives, and there can be no assurance that one will develop. Certain derivative transactions may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Leveraging may cause the CompleteCommodities Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. Counterparty Risk. In connection with the CompleteCommodities Fund s direct and indirect investments in Commodity-Linked Derivatives, the CompleteCommodities Fund will attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to the limited number of entities that may serve as counterparties (and which the CompleteCommodities Fund believes are creditworthy) at any one time the CompleteCommodities Fund may enter into Commodity-Linked Derivative transactions with a limited number of counterparties or issued by a limited number of issuers that will act as counterparties, which may increase the CompleteCommodities Fund s exposure to counterparty credit risk. S&P 500 Index, S&P Global Natural Resources Index and S&P GSCI (Goldman Sachs Commodity Indexes) are a trademarks of Standard & Poor's, a Division of The McGraw-Hill Companies, Inc. "Thomson," "Thomson Reuters," "Reuters" and "CRB" are service marks or trademarks of Thomson Reuters (Markets) LLC, a Thomson Reuters company, or its affiliates. Thomson Reuters / CoreCommodity CRB 3 Month Forward Index replicates the constituents and weights of the TR/CC CRB Index, but invests in futures contracts with more distant maturities You cannot invest directly in an index. Index sponsors are not responsible for the information herein. Thomson Reuters/CoreCommodity CRB Index is a service mark of Thomson Reuters and CoreCommodity Indexes, LLC ( CCI ) or their affiliates. CCI and Thomson Reuters may make changes to the CRB Index without regard to the resulting impact on client accounts and may receive index licensing fees. Bloomberg, Bloomberg Commodity Index SM and the names of the other indexes and sub-indexes that are part of the Bloomberg Commodity Index family (such indexes and sub-indexes collectively referred to as the Bloomberg Commodity Indexes ) are service marks of Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg ) and is an unmanaged index used as a measurement of change in commodity market conditions based on the performance of a basket of commodities. Neither Bloomberg nor UBS Securities LLC and its affiliates (collectively, UBS ) guarantees the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Indexes. More broad definitions of the aforementioned indexes can be found in the back of the presentation. CompleteCommodities is a service mark of CoreCommodity Management, LLC. 24
DEFINITIONS Forward Curve Analysis: The Forward Curve for a particular commodity shows the relation between the price and the time to maturity of a futures contract. Our Forward Curve Analysis seeks to identify the futures contract offering the best relative value, based on proprietary models, for ownership within the CompleteCommodities Fund. Volatility: measures the dispersion of returns. Volatility can either be measured by using the standard deviation or variance between returns from that same security or market index. Correlation: is a statistical measure of how two securities move in relation to each other. Positively correlated securities will move in the same direction, while negatively correlated securities will move in opposite directions. Technical Indicators: are metrics whose value is derived from generic price activity of an asset. Technical indicators look to predict the future price levels, or simply the general price direction, of an asset by looking at past patterns in prices. Fundamental Analysis: is a method of evaluating a commodity that entails attempting to measure the intrinsic value by examining related economic, supply, demand, financial and other qualitative and quantitative factors. Open Interest Analysis: seeks to analyze the level and changes in open interest of a commodity futures contract to identify available liquidity and assess how market participants are positioned in any given commodity. Open interest measures total number of futures contracts that has been entered into and are still open in the market. Open interest increases by one whenever a new futures contract is created and reduces by one whenever an existing futures contract is offset by a closing transaction. Commercial Trader: is a classification used by the Commodity Futures Trading Commission (CFTC) to describe traders that use the futures market primarily to hedge their business activities. This type of classification is usually given to futures commission merchants, foreign brokers, clearing members or even investment banks that buy index futures to hedge current long positions. Non-commercial Trader: is a classification used by the Commodity Futures Trading Commission (CFTC) to identify traders that use the futures market for speculative purposes. Generally, the category of non-commercial trader includes individual investors, hedge funds, and some large financial institutions. Capital Flows: seeks to measure the movement of money into and out of a commodities for the purpose of investment, trade or business production. Magnitude and direction of capital flows can help to show the relative strength or weakness of a given market. Swaps: the exchange of one security for another to change the maturity (bonds), quality of issues (stocks or bonds), or because investment objectives have changed. Options: A financial derivative that represents a contract sold by one party (option writer) to another party (option holder). Commodity Futures: An agreement to buy or sell a set amount of a commodity at a predetermined price and date. Commodity-Linked Notes: pays a return linked to the performance of a commodity or basket of commodities over a defined period. 25
INDEX DEFINITIONS The Bloomberg Commodity Index is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of futures contracts on physical commodities. The Bloomberg Commodity Spot (BCOMSP) index measures the price movements of commodities included in the Bloomberg Commodity Index and select subindexes. It does not account for the effects of rolling futures contracts or the costs associated with holding physical commodities and is quoted in USD. The Thomson Reuters/Core Commodity CRB Index is designed to provide timely and accurate representation of a long-only, broadly diversified investment in commodities through a transparent and disciplined calculation methodology. The S&P 500 index consists of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. A Total Return index tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index. The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. Barclays Inflation Index is the Barclays US Government Inflation-Linked Bond Index, which includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. The MSCI Emerging Markets Index captures large and mid cap representation across 21 Emerging Markets countries. With 822 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The Dow Jones US Real Estate Index represents REITs and other companies that invest directly or indirectly in real estate through development, management or ownership, including property agencies. Thomson/Reuters / CoreCommodity CRB 3 Month Forward Index TR is designed to provide timely and accurate representation of a long-only, broadly diversified investment incommodities through a transparent and disciplined calculation methodology. The index tracks closing levels of futures positions that would comprise the CRB Index in three months on the commodity futures curve. The S&P GSCI is recognized as a leading measure of general price movements and inflation in the world economy. The index representing market beta is world-production weighted. It is designed to be investable by including the most liquid commodity futures, and provides diversification with low correlations to other asset classes. A Total Return (TR) index tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index. JCI0000476 10/31/2017 26