ALPS ADVISORS, INC.

Exhibit (h)(54)

ALPS ADVISORS, INC.

0000 Xxxxxxxx, Xxxxx 0000

Denver, CO 80203

RED ROCKS CAPITAL LLC

00000 Xxxxxxx Xxxxx Xxxx, Xxxxx 000

Golden, CO 80401

June 12, 2012

Xx. Xxxxxx X. Xxxxx

Chairman

Financial Investors Trust

0000 Xxxxxxxx, Xxxxx 0000

Denver, CO 80203

Re: ALPS/Red Rocks Listed Private Equity Fund (the “Fund”) of the Financial Investors Trust (the “Trust”)

Dear Xx. Xxxxx:

This letter confirms the agreement of ALPS Advisors, Inc. (the “Adviser”) and Red Rocks Capital LLC (the “Sub-Adviser”) with the Trust to contractually limit the total amount of the “Management Fees” and “Other Expenses” that they are entitled to receive from the Fund.

Class I and R Shares

With respect to the Fund’s Class I and Class R shares, to the extent the Total Annual Fund Operating Expenses (as defined in Item 3 to Form N-1A), after such expense reimbursement and/or fee waiver (exclusive of distribution and service (12b-1) fees, brokerage expenses, interest expense, taxes and extraordinary expenses), does not exceed 1.25%, the Adviser will reduce the fee payable with respect to the Fund to the extent of such excess, and/or shall reimburse the Fund (or class as applicable) by the amount of such excess. The waiver or reimbursement shall be allocated to each class of the Fund in the same manner as the underlying expenses or fees were allocated.

Class A and C Shares

With respect to the Fund’s Class A and C shares, to the extent the Total Annual Fund Operating Expenses (as defined in Item 3 to Form N-1A), after such expense reimbursement and/or fee waiver (exclusive of distribution and service (12b-1) fees, shareholder service fees, brokerage expenses, interest expense, taxes and extraordinary expenses), does not exceed 1.25%, the Adviser will reduce the fee payable with respect to the Fund to the extent of such excess, and/or shall reimburse the Fund (or class as applicable) by the amount of such excess. The waiver or reimbursement shall be allocated to each class of the Fund in the same manner as the underlying

expenses or fees were allocated.

* * * * *

The Adviser and the Sub-Adviser agree to allocate any such waivers or reimbursements incurred by the Adviser by attributing 2/3 of the required amount to the Sub-Adviser and 1/3 of the required amount to the Adviser.

The Adviser and the Sub-Adviser further agree that such fee waivers and reimbursements for the Fund are effective as of September 1, 2012 and shall continue at least through August 31, 2013.

The Adviser and the Sub-Adviser will be permitted to recover, on a class by class basis, expenses it has borne through this letter agreement to the extent that the Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous letter agreements.

Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fee and expenses was deferred.

ALPS ADVISORS, INC.						RED ROCKS CAPITAL LLC
By:		/s/ Xxxxxx X. Xxxxxx				By:		/s/ Xxxxxxx X. Xxxxx
Name:		Xxxxxx X. Xxxxxx				Name:		Xxxxxxx X. Xxxxx
Title:		President				Title:		Chief Financial Officer

Your signature below acknowledges acceptance of this letter agreement:

FINANCIAL INVESTORS TRUST
By:		/s/ Xxxxxx X. Xxx
Name:		Xxxxxx X. Xxx
Title:		Treasurer

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