ALPSSTADION CORE ETF PORTFOLIO CLASS III (ALSTX) Exchange: NMFQS

DELISTED - To achieve its investment objective, the Portfolio operates under a “fund-of-funds” structure and invests primarily in and allocates its investments primarily between Fund Investments (defined below) that the Sub-Adviser believes have the potential for capital appreciation and Cash Positions (defined below). “Fund Investments” include actively managed or index-based ETFs (exchange traded funds), groups of securities related by index or sector made available through certain brokers at a discount brokerage rate (such as stock baskets, baskets of bonds or other index- or sector-based groups of related securities), and index-based mutual funds or other investment companies. ETFs invest in equity (stocks) and/or fixed income (bonds) securities. Index-based ETFs are funds traded on securities exchanges that generally hold a portfolio of common stocks or bonds designed to correspond with the performance of a securities index. Alternatively, an ETF may be actively managed in accordance with a particular investment objective and strategy, similar to other non-index based investment companies. From time to time, based on the Sub-Adviser’s analysis, “Cash Positions” may be used and include cash and short-term, highly liquid investments such as money market instruments, U.S. Government obligations, commercial paper, repurchase agreements and other cash or cash equivalent positions. To participate in markets and market sectors, the Sub-Adviser’s investment philosophy emphasizes purchasing Fund Investments, which the Sub-Adviser believes are a convenient way to invest in both broad market indexes (e.g., the S&P 500, Russell 2000, NASDAQ-100, MSCI EAFE, Bloomberg Barclays bond indexes, etc.) and market sector indexes (e.g., healthcare indexes, utilities indexes, real estate indexes, etc.). In allocating the Portfolio’s assets, the Sub-Adviser uses a proprietary quantitative research process to identify the appropriate equity and fixed income indices, determine the current risks and returns in the broad securities markets and allocate amongst three investment methodologies: Under normal conditions, the Portfolio will generally invest as follows: •The Core Equity Position. Approximately 55% of the Portfolio’s assets will generally be invested in one or more broad based equity Fund Investments, such as the S&P 500 Index, the Russell 2000 Index, the S&P 400 Mid-Cap Index, the Dow Jones Industrial Index, the EAFE (Europe, Australia and Far East) Index and EM (Emerging Markets) Index and market sector Fund Investments, such as those tracking healthcare, utilities, real estate, financial, technology, consumer goods or other indexes (the “Equity Position”). The mix of investments within the Portfolio’s Equity Position may change periodically due to rebalancing to better align with the MSCI ACWI IMI or as the Sub-Adviser deems appropriate or necessary based upon its analysis and allocation models. •The Core Fixed Income Position. Approximately 40% of the Portfolio’s assets will be invested in an allocation of fixed income Fund Investments with portfolios comprised of fixed income securities that generally possess risk, style and maturity characteristics similar to the securities comprising the Barclays U.S. Universal Bond Index (the “Fixed Income Position”) such as Treasuries, Securitized, and Investment-grade Corporate instruments. The mix of investments within the Portfolio’s Fixed Income Position may change periodically as the Sub-Adviser deems appropriate or necessary based upon its analysis and allocation models. •The Flex Position. Approximately 5% of the Portfolio’s assets will, under normal conditions, be invested primarily in equity Fund Investments, fixed-income Fund Investments, or Cash Positions using an allocation model and risk-based ranking system (the “Flex Position”). The Flex Position is not designed to hedge the Equity Position or Fixed Income Position; however, some investment positions may hedge, or have the effect of hedging, a portion of the Equity Position or Fixed Income Position from time to time, while some may amplify risks of the Equity Position or Fixed Income Position. The Sub-Adviser uses a proprietary, technically driven asset allocation model to determine current risk in the broad equity markets (reflected in the Sub-Adviser’s model by a weighted average score) based on a number of technical indicators examined by the Sub-Adviser. The technical indicators examined by the Sub-Adviser are primarily focused on trend analysis, such as analysis of price trends (e.g., determining risk based on movements of market prices up or down), breadth trends (e.g., analyzing the ratio of the number of advancing stocks to declining stocks) and relative strength (i.e., comparing risk profiles of investment alternatives such as small cap vs. large cap or growth vs. value).