UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21987

(Investment Company Act file number)

ALPS Variable Investment Trust

(Exact name of registrant as specified in charter)

1290 Broadway, Suite 1000, Denver, Colorado 80203

(Address of principal executive offices)(Zip code)

Brendan Hamill

ALPS Variable Investment Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

(Name and address of agent for service)

(303) 623-2577

(Registrant's telephone number, including area code)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025 - June 30, 2025

Item 1. Reports to Stockholders.

(a)

Morningstar Conservative ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Conservative ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/cetfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

The Portfolio's past performance is not a good predictor of the Portfolio's future performance. The chart and the Average Annual Total Returns table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or sale of Portfolio shares.

Date	Morningstar Conservative ETF Asset Allocation Portfolio (Class I)	Conservative Blended Benchmark-1 (20% Equity)	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10044	10058	10093	10070
08/31/2015	9868	9919	9960	10055
09/30/2015	9806	9884	9960	10123
10/31/2015	9982	10056	10130	10125
11/30/2015	9938	9996	10116	10098
12/31/2015	9852	9946	10061	10065
01/31/2016	9806	9902	10062	10204
02/29/2016	9852	9984	10111	10276
03/31/2016	10073	10250	10317	10371
04/30/2016	10146	10340	10354	10410
05/31/2016	10155	10333	10393	10413
06/30/2016	10312	10486	10535	10600
07/31/2016	10422	10634	10662	10667
08/31/2016	10431	10635	10656	10655
09/30/2016	10468	10661	10652	10649
10/31/2016	10367	10520	10554	10567
11/30/2016	10247	10362	10450	10317
12/31/2016	10333	10412	10502	10332
01/31/2017	10429	10501	10557	10352
02/28/2017	10525	10619	10693	10422
03/31/2017	10554	10637	10692	10416
04/30/2017	10641	10739	10774	10497
05/31/2017	10708	10853	10866	10577
06/30/2017	10708	10863	10872	10567
07/31/2017	10814	10983	10951	10612
08/31/2017	10872	11063	11030	10707
09/30/2017	10881	11073	11038	10656
10/31/2017	10910	11118	11095	10663
11/30/2017	10939	11192	11153	10649
12/31/2017	11000	11255	11216	10698
01/31/2018	11049	11356	11251	10575
02/28/2018	10901	11196	11091	10474
03/31/2018	10921	11211	11088	10542
04/30/2018	10862	11154	11037	10463
05/31/2018	10881	11191	11149	10538
06/30/2018	10842	11174	11154	10525
07/31/2018	10911	11250	11241	10527
08/31/2018	10921	11317	11368	10595
09/30/2018	10911	11280	11329	10527
10/31/2018	10714	11035	11110	10444
11/30/2018	10783	11106	11205	10506
12/31/2018	10770	11067	11155	10699
01/31/2019	11027	11367	11422	10813
02/28/2019	11057	11428	11492	10806
03/31/2019	11191	11589	11699	11014
04/30/2019	11252	11675	11798	11017
05/31/2019	11232	11657	11803	11212
06/30/2019	11478	11955	12079	11353
07/31/2019	11478	11985	12135	11378
08/31/2019	11560	12120	12328	11673
09/30/2019	11580	12117	12327	11611
10/31/2019	11683	12217	12409	11646
11/30/2019	11693	12264	12496	11640
12/31/2019	11820	12371	12566	11632
01/31/2020	11852	12495	12743	11855
02/29/2020	11746	12401	12702	12069
03/31/2020	11196	11871	12337	11998
04/30/2020	11609	12309	12814	12211
05/31/2020	11810	12501	12979	12268
06/30/2020	11915	12649	13091	12345
07/31/2020	12116	12991	13381	12530
08/31/2020	12190	13114	13495	12428
09/30/2020	12074	13009	13387	12422
10/31/2020	11989	12929	13272	12366
11/30/2020	12444	13387	13658	12488
12/31/2020	12624	13579	13777	12505
01/31/2021	12558	13500	13677	12415
02/28/2021	12515	13435	13608	12236
03/31/2021	12515	13381	13604	12083
04/30/2021	12689	13590	13827	12178
05/31/2021	12775	13674	13880	12218
06/30/2021	12840	13739	14016	12304
07/31/2021	12949	13871	14197	12442
08/31/2021	12992	13924	14263	12418
09/30/2021	12808	13692	14041	12310
10/31/2021	12916	13822	14234	12307
11/30/2021	12819	13754	14246	12344
12/31/2021	12941	13848	14347	12312
01/31/2022	12658	13486	13972	12047
02/28/2022	12511	13296	13775	11912
03/31/2022	12375	13093	13598	11581
04/30/2022	11865	12473	12985	11142
05/31/2022	11979	12512	13051	11214
06/30/2022	11548	12080	12687	11038
07/31/2022	11933	12474	13148	11307
08/31/2022	11594	12112	12770	10988
09/30/2022	11005	11488	12134	10513
10/31/2022	11141	11572	12218	10377
11/30/2022	11605	12074	12685	10759
12/31/2022	11438	11955	12500	10710
01/31/2023	11856	12398	12941	11040
02/28/2023	11558	12098	12637	10754
03/31/2023	11797	12394	12968	11027
04/30/2023	11868	12478	13069	11094
05/31/2023	11725	12344	12979	10973
06/30/2023	11856	12497	13122	10934
07/31/2023	11976	12616	13203	10927
08/31/2023	11880	12480	13103	10857
09/30/2023	11605	12145	12739	10581
10/31/2023	11450	11953	12543	10414
11/30/2023	11976	12577	13190	10886
12/31/2023	12375	13065	13683	11302
01/31/2024	12375	13026	13706	11271
02/29/2024	12388	13037	13715	11112
03/31/2024	12549	13204	13900	11215
04/30/2024	12276	12891	13534	10931
05/31/2024	12524	13142	13840	11117
06/30/2024	12648	13260	14039	11222
07/31/2024	12909	13548	14317	11484
08/31/2024	13083	13783	14541	11649
09/30/2024	13256	13993	14750	11805
10/31/2024	13021	13687	14460	11512
11/30/2024	13256	13895	14745	11634
12/31/2024	13058	13655	14503	11444
01/31/2025	13198	13805	14643	11504
02/28/2025	13338	13960	14844	11757
03/31/2025	13223	13866	14684	11762
04/30/2025	13274	14007	14710	11808
05/31/2025	13401	14129	14822	11724
06/30/2025	13656	14431	15143	11904

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Conservative ETF Asset Allocation - I	7.97%	2.76%	3.16%
Conservative Blended Benchmark-1^(a)	8.79%	2.66%	3.75%
Blended Secondary Benchmark^(b)	7.86%	2.96%	4.24%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

Performance returns do not reflect expenses incurred from investing through a separate account or qualified plan and do not reflect variable annuity or life insurance contract charges. If they did, the overall fees and expenses would be higher.


(a)	The Conservative Blended Benchmark is a blended benchmark consisting of 14% Morningstar US Market Extended Index - TR / 6% Morningstar Global Markets ex-US Index - NR / 58% Bloomberg US Universal Index - TR / 12% FTSE WGBI Non-USD Index / 10% ICE BofAML Treasury 3 Month Index – TR.


(b)	The Conservative Blended Secondary Benchmark is a blended benchmark consisting of 20% S&P 500 Index / 73% Bloomberg US Aggregate Bond Index / 7% ICE BofAML Treasury 3 Month TR Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$28,765,499
Number of Portfolio Holdings	16
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$41,662

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	15.28%
U.S. Bonds	68.57%
Non-U.S. Equity	5.03%
Non-U.S. Bonds	9.46%
Cash Equivalents	1.65%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

If you wish to view additional information about the Portfolio, including but not limited to the Portfolio's prospectus, financial information, holdings, and proxy voting information, please visit https://www.alpsfunds.com/variable-insurance-trusts/cetfx.

SAR-C000043416-063025

Morningstar Conservative ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
CETFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Conservative ETF Asset Allocation Portfolio (the "Portfolio" or "CETFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/cetfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$39	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Conservative ETF Asset Allocation Portfolio (Class II)	Conservative Blended Benchmark-1 (20% Equity)	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10035	10058	10093	10070
08/31/2015	9858	9919	9960	10055
09/30/2015	9796	9884	9960	10123
10/31/2015	9965	10056	10130	10125
11/30/2015	9929	9996	10116	10098
12/31/2015	9835	9946	10061	10065
01/31/2016	9789	9902	10062	10204
02/29/2016	9835	9984	10111	10276
03/31/2016	10056	10250	10317	10371
04/30/2016	10130	10340	10354	10410
05/31/2016	10130	10333	10393	10413
06/30/2016	10277	10486	10535	10600
07/31/2016	10397	10634	10662	10667
08/31/2016	10397	10635	10656	10655
09/30/2016	10425	10661	10652	10649
10/31/2016	10333	10520	10554	10567
11/30/2016	10213	10362	10450	10317
12/31/2016	10288	10412	10502	10332
01/31/2017	10384	10501	10557	10352
02/28/2017	10481	10619	10693	10422
03/31/2017	10500	10637	10692	10416
04/30/2017	10586	10739	10774	10497
05/31/2017	10654	10853	10866	10577
06/30/2017	10654	10863	10872	10567
07/31/2017	10750	10983	10951	10612
08/31/2017	10807	11063	11030	10707
09/30/2017	10817	11073	11038	10656
10/31/2017	10846	11118	11095	10663
11/30/2017	10865	11192	11153	10649
12/31/2017	10926	11255	11216	10698
01/31/2018	10976	11356	11251	10575
02/28/2018	10828	11196	11091	10474
03/31/2018	10848	11211	11088	10542
04/30/2018	10779	11154	11037	10463
05/31/2018	10798	11191	11149	10538
06/30/2018	10759	11174	11154	10525
07/31/2018	10828	11250	11241	10527
08/31/2018	10838	11317	11368	10595
09/30/2018	10818	11280	11329	10527
10/31/2018	10621	11035	11110	10444
11/30/2018	10690	11106	11205	10506
12/31/2018	10668	11067	11155	10699
01/31/2019	10923	11367	11422	10813
02/28/2019	10954	11428	11492	10806
03/31/2019	11086	11589	11699	11014
04/30/2019	11137	11675	11798	11017
05/31/2019	11127	11657	11803	11212
06/30/2019	11362	11955	12079	11353
07/31/2019	11362	11985	12135	11378
08/31/2019	11444	12120	12328	11673
09/30/2019	11454	12117	12327	11611
10/31/2019	11556	12217	12409	11646
11/30/2019	11566	12264	12496	11640
12/31/2019	11684	12371	12566	11632
01/31/2020	11716	12495	12743	11855
02/29/2020	11611	12401	12702	12069
03/31/2020	11065	11871	12337	11998
04/30/2020	11464	12309	12814	12211
05/31/2020	11663	12501	12979	12268
06/30/2020	11758	12649	13091	12345
07/31/2020	11957	12991	13381	12530
08/31/2020	12030	13114	13495	12428
09/30/2020	11915	13009	13387	12422
10/31/2020	11831	12929	13272	12366
11/30/2020	12272	13387	13658	12488
12/31/2020	12443	13579	13777	12505
01/31/2021	12378	13500	13677	12415
02/28/2021	12335	13435	13608	12236
03/31/2021	12335	13381	13604	12083
04/30/2021	12507	13590	13827	12178
05/31/2021	12582	13674	13880	12218
06/30/2021	12647	13739	14016	12304
07/31/2021	12754	13871	14197	12442
08/31/2021	12797	13924	14263	12418
09/30/2021	12604	13692	14041	12310
10/31/2021	12711	13822	14234	12307
11/30/2021	12614	13754	14246	12344
12/31/2021	12726	13848	14347	12312
01/31/2022	12446	13486	13972	12047
02/28/2022	12301	13296	13775	11912
03/31/2022	12166	13093	13598	11581
04/30/2022	11663	12473	12985	11142
05/31/2022	11775	12512	13051	11214
06/30/2022	11349	12080	12687	11038
07/31/2022	11719	12474	13148	11307
08/31/2022	11383	12112	12770	10988
09/30/2022	10801	11488	12134	10513
10/31/2022	10946	11572	12218	10377
11/30/2022	11394	12074	12685	10759
12/31/2022	11222	11955	12500	10710
01/31/2023	11634	12398	12941	11040
02/28/2023	11340	12098	12637	10754
03/31/2023	11576	12394	12968	11027
04/30/2023	11634	12478	13069	11094
05/31/2023	11493	12344	12979	10973
06/30/2023	11623	12497	13122	10934
07/31/2023	11741	12616	13203	10927
08/31/2023	11634	12480	13103	10857
09/30/2023	11375	12145	12739	10581
10/31/2023	11210	11953	12543	10414
11/30/2023	11729	12577	13190	10886
12/31/2023	12102	13065	13683	11302
01/31/2024	12114	13026	13706	11271
02/29/2024	12114	13037	13715	11112
03/31/2024	12273	13204	13900	11215
04/30/2024	12004	12891	13534	10931
05/31/2024	12249	13142	13840	11117
06/30/2024	12358	13260	14039	11222
07/31/2024	12615	13548	14317	11484
08/31/2024	12786	13783	14541	11649
09/30/2024	12957	13993	14750	11805
10/31/2024	12713	13687	14460	11512
11/30/2024	12945	13895	14745	11634
12/31/2024	12742	13655	14503	11444
01/31/2025	12880	13805	14643	11504
02/28/2025	13017	13960	14844	11757
03/31/2025	12905	13866	14684	11762
04/30/2025	12955	14007	14710	11808
05/31/2025	13067	14129	14822	11724
06/30/2025	13317	14431	15143	11904

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Conservative ETF Asset Allocation - II	7.76%	2.52%	2.91%
Conservative Blended Benchmark-1^(a)	8.79%	2.66%	3.75%
Blended Secondary Benchmark^(b)	7.86%	2.96%	4.24%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Conservative Blended Benchmark is a blended benchmark consisting of 14% Morningstar US Market Extended Index - TR / 6% Morningstar Global Markets ex-US Index - NR / 58% Bloomberg US Universal Index - TR / 12% FTSE WGBI Non-USD Index / 10% ICE BofAML Treasury 3 Month Index – TR.


(b)	The Conservative Blended Secondary Benchmark is a blended benchmark consisting of 20% S&P 500 Index / 73% Bloomberg US Aggregate Bond Index / 7% ICE BofAML Treasury 3 Month TR Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$28,765,499
Number of Portfolio Holdings	16
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$41,662

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	15.28%
U.S. Bonds	68.57%
Non-U.S. Equity	5.03%
Non-U.S. Bonds	9.46%
Cash Equivalents	1.65%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-CETFX-063025

Morningstar Income and Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Income and Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/ietfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class I) - $16,031
	Income & Growth Blended Benchmark-1 (40% Equity) - $17,323
	Blended Secondary Benchmark - $19,038
	Bloomberg US Aggregate Bond Index - $11,904
	Bloomberg US 1000 Index - $34,884

Date	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class I)	Income & Growth Blended Benchmark-1 (40% Equity)	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000	10000
07/31/2015	10036	10071	10122	10070	10194
08/31/2015	9738	9809	9870	10055	9582
09/30/2015	9611	9703	9809	10123	9320
10/31/2015	9900	10019	10141	10125	10069
11/30/2015	9873	9971	10138	10098	10104
12/31/2015	9741	9887	10056	10065	9929
01/31/2016	9587	9711	9933	10204	9390
02/29/2016	9616	9767	9966	10276	9383
03/31/2016	9962	10146	10287	10371	10032
04/30/2016	10049	10246	10325	10410	10086
05/31/2016	10078	10265	10401	10413	10274
06/30/2016	10203	10377	10515	10600	10297
07/31/2016	10386	10601	10706	10667	10692
08/31/2016	10405	10610	10706	10655	10706
09/30/2016	10444	10642	10704	10649	10717
10/31/2016	10319	10481	10580	10567	10506
11/30/2016	10280	10419	10600	10317	10917
12/31/2016	10397	10513	10692	10332	11121
01/31/2017	10532	10645	10785	10352	11346
02/28/2017	10688	10819	10996	10422	11784
03/31/2017	10729	10854	10998	10416	11794
04/30/2017	10833	10973	11090	10497	11922
05/31/2017	10916	11109	11200	10577	12078
06/30/2017	10937	11136	11222	10567	12166
07/31/2017	11083	11296	11341	10612	12405
08/31/2017	11145	11367	11412	10707	12440
09/30/2017	11208	11438	11477	10656	12708
10/31/2017	11280	11533	11588	10663	13002
11/30/2017	11353	11660	11722	10649	13397
12/31/2017	11449	11751	11805	10698	13544
01/31/2018	11627	11985	12001	10575	14294
02/28/2018	11382	11737	11762	10474	13771
03/31/2018	11371	11694	11685	10542	13461
04/30/2018	11326	11669	11656	10463	13503
05/31/2018	11360	11736	11815	10538	13850
06/30/2018	11304	11719	11837	10525	13939
07/31/2018	11449	11868	12015	10527	14419
08/31/2018	11471	11978	12216	10595	14901
09/30/2018	11471	11954	12201	10527	14953
10/31/2018	11092	11529	11816	10444	13884
11/30/2018	11203	11635	11952	10506	14180
12/31/2018	10992	11381	11642	10699	12883
01/31/2019	11398	11851	12085	10813	13973
02/28/2019	11494	11989	12237	10806	14452
03/31/2019	11626	12156	12463	11014	14696
04/30/2019	11757	12331	12668	11017	15289
05/31/2019	11566	12135	12471	11212	14328
06/30/2019	11925	12572	12910	11353	15326
07/31/2019	11925	12618	13001	11378	15573
08/31/2019	11925	12660	13105	11673	15295
09/30/2019	12020	12719	13166	11611	15552
10/31/2019	12164	12880	13303	11646	15877
11/30/2019	12248	13013	13493	11640	16476
12/31/2019	12442	13203	13652	11632	16943
01/31/2020	12404	13280	13795	11855	16972
02/29/2020	12077	12937	13479	12069	15588
03/31/2020	11210	12059	12772	11998	13534
04/30/2020	11826	12750	13552	12211	15322
05/31/2020	12115	13062	13844	12268	16144
06/30/2020	12253	13274	14003	12345	16504
07/31/2020	12530	13723	14434	12530	17447
08/31/2020	12731	14039	14785	12428	18726
09/30/2020	12542	13838	14556	12422	18047
10/31/2020	12417	13702	14365	12366	17624
11/30/2020	13196	14501	15072	12488	19697
12/31/2020	13527	14832	15315	12505	20522
01/31/2021	13475	14757	15193	12415	20369
02/28/2021	13606	14802	15240	12236	20971
03/31/2021	13723	14857	15402	12083	21740
04/30/2021	13984	15205	15798	12178	22903
05/31/2021	14140	15320	15871	12218	22988
06/30/2021	14205	15438	16080	12304	23604
07/31/2021	14296	15585	16332	12442	24108
08/31/2021	14401	15732	16513	12418	24815
09/30/2021	14127	15371	16128	12310	23682
10/31/2021	14361	15684	16577	12307	25330
11/30/2021	14179	15535	16558	12344	24995
12/31/2021	14428	15768	16832	12312	25964
01/31/2022	14058	15234	16284	12047	24455
02/28/2022	13879	14983	15989	11912	23774
03/31/2022	13825	14890	15982	11581	24555
04/30/2022	13166	14043	15092	11142	22334
05/31/2022	13303	14076	15157	11214	22278
06/30/2022	12645	13402	14526	11038	20441
07/31/2022	13153	13997	15257	11307	22354
08/31/2022	12755	13559	14772	10988	21497
09/30/2022	11973	12696	13878	10513	19499
10/31/2022	12330	12971	14230	10377	21049
11/30/2022	12947	13637	14839	10759	22174
12/31/2022	12652	13394	14463	10710	20880
01/31/2023	13227	14008	15073	11040	22287
02/28/2023	12873	13653	14714	10754	21748
03/31/2023	13109	13996	15139	11027	22441
04/30/2023	13212	14111	15287	11094	22707
05/31/2023	13020	13968	15225	10973	22834
06/30/2023	13345	14309	15601	10934	24377
07/31/2023	13581	14545	15798	10927	25218
08/31/2023	13404	14330	15646	10857	24773
09/30/2023	13035	13879	15132	10581	23613
10/31/2023	12799	13598	14877	10414	23035
11/30/2023	13522	14461	15794	10886	25199
12/31/2023	14042	15084	16417	11302	26447
01/31/2024	14042	15067	16506	11271	26811
02/29/2024	14195	15239	16734	11112	28269
03/31/2024	14470	15509	17038	11215	29178
04/30/2024	14103	15085	16527	10931	27921
05/31/2024	14470	15467	17012	11117	29238
06/30/2024	14638	15656	17349	11222	30215
07/31/2024	14944	15996	17660	11484	30643
08/31/2024	15174	16300	17975	11649	31346
09/30/2024	15388	16583	18265	11805	32011
10/31/2024	15112	16217	17953	11512	31767
11/30/2024	15495	16579	18482	11634	33796
12/31/2024	15193	16244	18143	11444	32856
01/31/2025	15430	16508	18401	11504	33888
02/28/2025	15525	16613	18531	11757	33296
03/31/2025	15256	16355	18121	11762	31340
04/30/2025	15303	16506	18114	11808	31162
05/31/2025	15620	16854	18502	11724	33175
06/30/2025	16031	17323	19038	11904	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Income & Growth ETF Asset Allocation - I	9.51%	5.52%	4.83%
Income & Growth Blended Benchmark-1^(a)	10.65%	5.47%	5.65%
Blended Secondary Benchmark^(b)	9.73%	6.34%	6.65%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Income & Growth Blended Benchmark is a blended benchmark consisting of 28% Morningstar US Market Extended Index - TR / 12% Morningstar Global Markets ex-US Index - NR / 46% Bloomberg US Universal Index - TR / 9% FTSE WGBI Non-USD Index / 5% ICE BofAML Treasury 3 Month Index – TR.


(b)	The Income & Growth Blended Secondary Benchmark is a blended benchmark consisting of 40% S&P 500 / 55% Bloomberg US Aggregate Bond / 5% ICE BofAML Treasury 3 Month Index – TR.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$51,004,810
Number of Portfolio Holdings	19
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$92,833

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	29.11%
U.S. Bonds	51.19%
Non-U.S. Equity	11.06%
Non-U.S. Bonds	6.44%
Cash Equivalents	2.21%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043421-063025

Morningstar Income and Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
IETFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Income and Growth ETF Asset Allocation Portfolio (the "Portfolio" or "IETFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/ietfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class II) - $15,632
	Income & Growth Blended Benchmark-1 (40% Equity) - $17,323
	Blended Secondary Benchmark - $19,038
	Bloomberg US Aggregate Bond Index - $11,904
	Bloomberg US 1000 Index - $34,884

Date	Morningstar Income and Growth ETF Asset Allocation Portfolio (Class II)	Income & Growth Blended Benchmark-1 (40% Equity)	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000	10000
07/31/2015	10026	10071	10122	10070	10194
08/31/2015	9730	9809	9870	10055	9582
09/30/2015	9608	9703	9809	10123	9320
10/31/2015	9887	10019	10141	10125	10069
11/30/2015	9852	9971	10138	10098	10104
12/31/2015	9730	9887	10056	10065	9929
01/31/2016	9573	9711	9933	10204	9390
02/29/2016	9601	9767	9966	10276	9383
03/31/2016	9941	10146	10287	10371	10032
04/30/2016	10024	10246	10325	10410	10086
05/31/2016	10052	10265	10401	10413	10274
06/30/2016	10171	10377	10515	10600	10297
07/31/2016	10355	10601	10706	10667	10692
08/31/2016	10365	10610	10706	10655	10706
09/30/2016	10402	10642	10704	10649	10717
10/31/2016	10282	10481	10580	10567	10506
11/30/2016	10245	10419	10600	10317	10917
12/31/2016	10350	10513	10692	10332	11121
01/31/2017	10488	10645	10785	10352	11346
02/28/2017	10636	10819	10996	10422	11784
03/31/2017	10675	10854	10998	10416	11794
04/30/2017	10774	10973	11090	10497	11922
05/31/2017	10863	11109	11200	10577	12078
06/30/2017	10883	11136	11222	10567	12166
07/31/2017	11031	11296	11341	10612	12405
08/31/2017	11080	11367	11412	10707	12440
09/30/2017	11140	11438	11477	10656	12708
10/31/2017	11219	11533	11588	10663	13002
11/30/2017	11278	11660	11722	10649	13397
12/31/2017	11378	11751	11805	10698	13544
01/31/2018	11557	11985	12001	10575	14294
02/28/2018	11305	11737	11762	10474	13771
03/31/2018	11294	11694	11685	10542	13461
04/30/2018	11241	11669	11656	10463	13503
05/31/2018	11273	11736	11815	10538	13850
06/30/2018	11220	11719	11837	10525	13939
07/31/2018	11357	11868	12015	10527	14419
08/31/2018	11378	11978	12216	10595	14901
09/30/2018	11368	11954	12201	10527	14953
10/31/2018	10999	11529	11816	10444	13884
11/30/2018	11104	11635	11952	10506	14180
12/31/2018	10895	11381	11642	10699	12883
01/31/2019	11287	11851	12085	10813	13973
02/28/2019	11377	11989	12237	10806	14452
03/31/2019	11512	12156	12463	11014	14696
04/30/2019	11635	12331	12668	11017	15289
05/31/2019	11456	12135	12471	11212	14328
06/30/2019	11803	12572	12910	11353	15326
07/31/2019	11803	12618	13001	11378	15573
08/31/2019	11803	12660	13105	11673	15295
09/30/2019	11882	12719	13166	11611	15552
10/31/2019	12028	12880	13303	11646	15877
11/30/2019	12106	13013	13493	11640	16476
12/31/2019	12300	13203	13652	11632	16943
01/31/2020	12253	13280	13795	11855	16972
02/29/2020	11937	12937	13479	12069	15588
03/31/2020	11069	12059	12772	11998	13534
04/30/2020	11679	12750	13552	12211	15322
05/31/2020	11960	13062	13844	12268	16144
06/30/2020	12101	13274	14003	12345	16504
07/31/2020	12370	13723	14434	12530	17447
08/31/2020	12570	14039	14785	12428	18726
09/30/2020	12382	13838	14556	12422	18047
10/31/2020	12253	13702	14365	12366	17624
11/30/2020	13015	14501	15072	12488	19697
12/31/2020	13337	14832	15315	12505	20522
01/31/2021	13276	14757	15193	12415	20369
02/28/2021	13410	14802	15240	12236	20971
03/31/2021	13531	14857	15402	12083	21740
04/30/2021	13785	15205	15798	12178	22903
05/31/2021	13918	15320	15871	12218	22988
06/30/2021	13990	15438	16080	12304	23604
07/31/2021	14075	15585	16332	12442	24108
08/31/2021	14184	15732	16513	12418	24815
09/30/2021	13906	15371	16128	12310	23682
10/31/2021	14136	15684	16577	12307	25330
11/30/2021	13942	15535	16558	12344	24995
12/31/2021	14200	15768	16832	12312	25964
01/31/2022	13832	15234	16284	12047	24455
02/28/2022	13642	14983	15989	11912	23774
03/31/2022	13592	14890	15982	11581	24555
04/30/2022	12933	14043	15092	11142	22334
05/31/2022	13072	14076	15157	11214	22278
06/30/2022	12414	13402	14526	11038	20441
07/31/2022	12920	13997	15257	11307	22354
08/31/2022	12528	13559	14772	10988	21497
09/30/2022	11755	12696	13878	10513	19499
10/31/2022	12097	12971	14230	10377	21049
11/30/2022	12705	13637	14839	10759	22174
12/31/2022	12419	13394	14463	10710	20880
01/31/2023	12973	14008	15073	11040	22287
02/28/2023	12635	13653	14714	10754	21748
03/31/2023	12865	13996	15139	11027	22441
04/30/2023	12960	14111	15287	11094	22707
05/31/2023	12770	13968	15225	10973	22834
06/30/2023	13081	14309	15601	10934	24377
07/31/2023	13311	14545	15798	10927	25218
08/31/2023	13122	14330	15646	10857	24773
09/30/2023	12770	13879	15132	10581	23613
10/31/2023	12541	13598	14877	10414	23035
11/30/2023	13230	14461	15794	10886	25199
12/31/2023	13735	15084	16417	11302	26447
01/31/2024	13735	15067	16506	11271	26811
02/29/2024	13888	15239	16734	11112	28269
03/31/2024	14153	15509	17038	11215	29178
04/30/2024	13791	15085	16527	10931	27921
05/31/2024	14139	15467	17012	11117	29238
06/30/2024	14306	15656	17349	11222	30215
07/31/2024	14613	15996	17660	11484	30643
08/31/2024	14822	16300	17975	11649	31346
09/30/2024	15046	16583	18265	11805	32011
10/31/2024	14767	16217	17953	11512	31767
11/30/2024	15129	16579	18482	11634	33796
12/31/2024	14829	16244	18143	11444	32856
01/31/2025	15058	16508	18401	11504	33888
02/28/2025	15144	16613	18531	11757	33296
03/31/2025	14886	16355	18121	11762	31340
04/30/2025	14929	16506	18114	11808	31162
05/31/2025	15230	16854	18502	11724	33175
06/30/2025	15632	17323	19038	11904	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Income & Growth ETF Asset Allocation - II	9.26%	5.25%	4.57%
Income & Growth Blended Benchmark-1^(a)	10.65%	5.47%	5.65%
Blended Secondary Benchmark^(b)	9.73%	6.34%	6.65%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Income & Growth Blended Benchmark is a blended benchmark consisting of 28% Morningstar US Market Extended Index - TR / 12% Morningstar Global Markets ex-US Index - NR / 46% Bloomberg US Universal Index - TR / 9% FTSE WGBI Non-USD Index / 5% ICE BofAML Treasury 3 Month Index – TR.


(b)	The Income & Growth Blended Secondary Benchmark is a blended benchmark consisting of 40% S&P 500 / 55% Bloomberg US Aggregate Bond / 5% ICE BofAML Treasury 3 Month Index – TR.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$51,004,810
Number of Portfolio Holdings	19
Portfolio Turnover Rate	11%
Total Advisory Fees Paid	$92,833

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	29.11%
U.S. Bonds	51.19%
Non-U.S. Equity	11.06%
Non-U.S. Bonds	6.44%
Cash Equivalents	2.21%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-IETFX-063025

Morningstar Balanced ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Balanced ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/betfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Balanced ETF Asset Allocation Portfolio (Class I)	Balanced Blended Benchmark-1	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000	10000
07/31/2015	10035	10083	10152	10070	10194
08/31/2015	9611	9694	9779	10055	9582
09/30/2015	9438	9519	9659	10123	9320
10/31/2015	9827	9972	10149	10125	10069
11/30/2015	9810	9934	10157	10098	10104
12/31/2015	9642	9817	10048	10065	9929
01/31/2016	9379	9507	9801	10204	9390
02/29/2016	9388	9535	9820	10276	9383
03/31/2016	9859	10019	10254	10371	10032
04/30/2016	9959	10128	10293	10410	10086
05/31/2016	10004	10170	10405	10413	10274
06/30/2016	10113	10236	10492	10600	10297
07/31/2016	10376	10532	10749	10667	10692
08/31/2016	10394	10548	10754	10655	10706
09/30/2016	10430	10587	10753	10649	10717
10/31/2016	10276	10409	10604	10567	10506
11/30/2016	10340	10448	10744	10317	10917
12/31/2016	10480	10585	10877	10332	11121
01/31/2017	10664	10759	11009	10352	11346
02/28/2017	10859	10989	11300	10422	11784
03/31/2017	10917	11041	11306	10416	11794
04/30/2017	11034	11175	11409	10497	11922
05/31/2017	11131	11332	11538	10577	12078
06/30/2017	11180	11377	11577	10567	12166
07/31/2017	11364	11577	11739	10612	12405
08/31/2017	11413	11639	11801	10707	12440
09/30/2017	11539	11773	11926	10656	12708
10/31/2017	11666	11922	12096	10663	13002
11/30/2017	11792	12105	12313	10649	13397
12/31/2017	11910	12226	12417	10698	13544
01/31/2018	12227	12604	12789	10575	14294
02/28/2018	11868	12263	12460	10474	13771
03/31/2018	11837	12154	12301	10542	13461
04/30/2018	11805	12166	12295	10463	13503
05/31/2018	11858	12266	12506	10538	13850
06/30/2018	11773	12249	12547	10525	13939
07/31/2018	11984	12476	12829	10527	14419
08/31/2018	12016	12633	13112	10595	14901
09/30/2018	12027	12624	13125	10527	14953
10/31/2018	11457	12002	12548	10444	13884
11/30/2018	11615	12144	12730	10506	14180
12/31/2018	11193	11651	12130	10699	12883
01/31/2019	11752	12295	12762	10813	13973
02/28/2019	11907	12515	13006	10806	14452
03/31/2019	12050	12684	13253	11014	14696
04/30/2019	12240	12955	13577	11017	15289
05/31/2019	11883	12559	13151	11212	14328
06/30/2019	12371	13141	13771	11353	15326
07/31/2019	12359	13203	13901	11378	15573
08/31/2019	12276	13135	13907	11673	15295
09/30/2019	12430	13262	14035	11611	15552
10/31/2019	12633	13489	14234	11646	15877
11/30/2019	12775	13714	14542	11640	16476
12/31/2019	13048	13999	14802	11632	16943
01/31/2020	12911	14014	14907	11855	16972
02/29/2020	12339	13394	14273	12069	15588
03/31/2020	11072	12153	13184	11998	13534
04/30/2020	11917	13094	14288	12211	15322
05/31/2020	12302	13524	14721	12268	16144
06/30/2020	12488	13802	14932	12345	16504
07/31/2020	12824	14360	15522	12530	17447
08/31/2020	13159	14887	16144	12428	18726
09/30/2020	12886	14583	15773	12422	18047
10/31/2020	12712	14383	15494	12366	17624
11/30/2020	13830	15547	16570	12488	19697
12/31/2020	14275	16035	16961	12505	20522
01/31/2021	14237	15966	16812	12415	20369
02/28/2021	14545	16146	16998	12236	20971
03/31/2021	14815	16337	17364	12083	21740
04/30/2021	15188	16843	17972	12178	22903
05/31/2021	15407	16995	18070	12218	22988
06/30/2021	15471	17172	18371	12304	23604
07/31/2021	15536	17330	18711	12442	24108
08/31/2021	15729	17590	19039	12418	24815
09/30/2021	15343	17080	18445	12310	23682
10/31/2021	15741	17614	19218	12307	25330
11/30/2021	15420	17364	19160	12344	24995
12/31/2021	15846	17768	19656	12312	25964
01/31/2022	15384	17039	18885	12047	24455
02/28/2022	15166	16720	18466	11912	23774
03/31/2022	15234	16778	18682	11581	24555
04/30/2022	14404	15676	17436	11142	22334
05/31/2022	14554	15700	17498	11214	22278
06/30/2022	13629	14747	16527	11038	20441
07/31/2022	14309	15568	17595	11307	22354
08/31/2022	13847	15053	16976	10988	21497
09/30/2022	12854	13927	15760	10513	19499
10/31/2022	13466	14433	16449	10377	21049
11/30/2022	14255	15276	17231	10759	22174
12/31/2022	13849	14882	16607	10710	20880
01/31/2023	14579	15692	17428	11040	22287
02/28/2023	14170	15283	17003	10754	21748
03/31/2023	14360	15672	17544	11027	22441
04/30/2023	14491	15822	17749	11094	22707
05/31/2023	14243	15675	17723	10973	22834
06/30/2023	14769	16247	18404	10934	24377
07/31/2023	15149	16630	18755	10927	25218
08/31/2023	14871	16320	18532	10857	24773
09/30/2023	14389	15738	17825	10581	23613
10/31/2023	14068	15355	17494	10414	23035
11/30/2023	15003	16490	18756	10886	25199
12/31/2023	15664	17260	19541	11302	26447
01/31/2024	15649	17274	19720	11271	26811
02/29/2024	15971	17660	20247	11112	28269
03/31/2024	16384	18056	20711	11215	29178
04/30/2024	15879	17505	20006	10931	27921
05/31/2024	16399	18048	20732	11117	29238
06/30/2024	16614	18325	21255	11222	30215
07/31/2024	16981	18718	21601	11484	30643
08/31/2024	17257	19102	22035	11649	31346
09/30/2024	17533	19469	22431	11805	32011
10/31/2024	17196	19045	22100	11512	31767
11/30/2024	17732	19607	22969	11634	33796
12/31/2024	17310	19160	22499	11444	32856
01/31/2025	17656	19574	22922	11504	33888
02/28/2025	17672	19596	22935	11757	33296
03/31/2025	17278	19121	22165	11762	31340
04/30/2025	17310	19280	22110	11808	31162
05/31/2025	17861	19928	22886	11724	33175
06/30/2025	18460	20608	23720	11904	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Balanced ETF Asset Allocation - I	11.11%	8.13%	6.32%
Balanced Blended Benchmark-1^(a)	12.46%	8.35%	7.50%
Blended Secondary Benchmark^(b)	11.59%	9.70%	9.02%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Balanced Blended Benchmark is a blended benchmark consisting of 42% Morningstar US Market Extended Index - TR / 18% Morningstar Global Markets ex-US Index - NR / 32% Bloomberg US Universal Index - TR / 6% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.

(b)

The Balanced Blended Secondary Benchmark is a blended benchmark consisting of 60% S&P 500 / 38%

Bloomberg US Aggregate Bond / 2% ICE BofAML Treasury 3 Month Index – TR.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$165,383,455
Number of Portfolio Holdings	18
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$353,260

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	43.01%
U.S. Bonds	35.67%
Non-U.S. Equity	17.52%
Non-U.S. Bonds	2.92%
Cash Equivalents	0.89%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043414-063025

Morningstar Balanced ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
BETFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Balanced ETF Asset Allocation Portfolio (the "Portfolio" or "BETFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/betfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Balanced ETF Asset Allocation Portfolio (Class II)	Balanced Blended Benchmark-1	Blended Secondary Benchmark	Bloomberg US Aggregate Bond Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000	10000
07/31/2015	10043	10083	10152	10070	10194
08/31/2015	9621	9694	9779	10055	9582
09/30/2015	9441	9519	9659	10123	9320
10/31/2015	9828	9972	10149	10125	10069
11/30/2015	9802	9934	10157	10098	10104
12/31/2015	9635	9817	10048	10065	9929
01/31/2016	9374	9507	9801	10204	9390
02/29/2016	9374	9535	9820	10276	9383
03/31/2016	9850	10019	10254	10371	10032
04/30/2016	9949	10128	10293	10410	10086
05/31/2016	9994	10170	10405	10413	10274
06/30/2016	10093	10236	10492	10600	10297
07/31/2016	10354	10532	10749	10667	10692
08/31/2016	10372	10548	10754	10655	10706
09/30/2016	10408	10587	10753	10649	10717
10/31/2016	10246	10409	10604	10567	10506
11/30/2016	10309	10448	10744	10317	10917
12/31/2016	10451	10585	10877	10332	11121
01/31/2017	10624	10759	11009	10352	11346
02/28/2017	10816	10989	11300	10422	11784
03/31/2017	10884	11041	11306	10416	11794
04/30/2017	10989	11175	11409	10497	11922
05/31/2017	11085	11332	11538	10577	12078
06/30/2017	11133	11377	11577	10567	12166
07/31/2017	11316	11577	11739	10612	12405
08/31/2017	11364	11639	11801	10707	12440
09/30/2017	11479	11773	11926	10656	12708
10/31/2017	11604	11922	12096	10663	13002
11/30/2017	11729	12105	12313	10649	13397
12/31/2017	11845	12226	12417	10698	13544
01/31/2018	12156	12604	12789	10575	14294
02/28/2018	11803	12263	12460	10474	13771
03/31/2018	11761	12154	12301	10542	13461
04/30/2018	11730	12166	12295	10463	13503
05/31/2018	11772	12266	12506	10538	13850
06/30/2018	11699	12249	12547	10525	13939
07/31/2018	11896	12476	12829	10527	14419
08/31/2018	11928	12633	13112	10595	14901
09/30/2018	11938	12624	13125	10527	14953
10/31/2018	11377	12002	12548	10444	13884
11/30/2018	11522	12144	12730	10506	14180
12/31/2018	11106	11651	12130	10699	12883
01/31/2019	11655	12295	12762	10813	13973
02/28/2019	11806	12515	13006	10806	14452
03/31/2019	11946	12684	13253	11014	14696
04/30/2019	12133	12955	13577	11017	15289
05/31/2019	11783	12559	13151	11212	14328
06/30/2019	12250	13141	13771	11353	15326
07/31/2019	12250	13203	13901	11378	15573
08/31/2019	12156	13135	13907	11673	15295
09/30/2019	12308	13262	14035	11611	15552
10/31/2019	12495	13489	14234	11646	15877
11/30/2019	12646	13714	14542	11640	16476
12/31/2019	12912	13999	14802	11632	16943
01/31/2020	12767	14014	14907	11855	16972
02/29/2020	12208	13394	14273	12069	15588
03/31/2020	10957	12153	13184	11998	13534
04/30/2020	11783	13094	14288	12211	15322
05/31/2020	12159	13524	14721	12268	16144
06/30/2020	12341	13802	14932	12345	16504
07/31/2020	12669	14360	15522	12530	17447
08/31/2020	12997	14887	16144	12428	18726
09/30/2020	12730	14583	15773	12422	18047
10/31/2020	12548	14383	15494	12366	17624
11/30/2020	13653	15547	16570	12488	19697
12/31/2020	14090	16035	16961	12505	20522
01/31/2021	14052	15966	16812	12415	20369
02/28/2021	14353	16146	16998	12236	20971
03/31/2021	14604	16337	17364	12083	21740
04/30/2021	14980	16843	17972	12178	22903
05/31/2021	15193	16995	18070	12218	22988
06/30/2021	15256	17172	18371	12304	23604
07/31/2021	15306	17330	18711	12442	24108
08/31/2021	15494	17590	19039	12418	24815
09/30/2021	15118	17080	18445	12310	23682
10/31/2021	15507	17614	19218	12307	25330
11/30/2021	15193	17364	19160	12344	24995
12/31/2021	15610	17768	19656	12312	25964
01/31/2022	15148	17039	18885	12047	24455
02/28/2022	14923	16720	18466	11912	23774
03/31/2022	14989	16778	18682	11581	24555
04/30/2022	14169	15676	17436	11142	22334
05/31/2022	14315	15700	17498	11214	22278
06/30/2022	13403	14747	16527	11038	20441
07/31/2022	14064	15568	17595	11307	22354
08/31/2022	13614	15053	16976	10988	21497
09/30/2022	12623	13927	15760	10513	19499
10/31/2022	13231	14433	16449	10377	21049
11/30/2022	14011	15276	17231	10759	22174
12/31/2022	13599	14882	16607	10710	20880
01/31/2023	14320	15692	17428	11040	22287
02/28/2023	13910	15283	17003	10754	21748
03/31/2023	14094	15672	17544	11027	22441
04/30/2023	14221	15822	17749	11094	22707
05/31/2023	13967	15675	17723	10973	22834
06/30/2023	14490	16247	18404	10934	24377
07/31/2023	14857	16630	18755	10927	25218
08/31/2023	14574	16320	18532	10857	24773
09/30/2023	14108	15738	17825	10581	23613
10/31/2023	13797	15355	17494	10414	23035
11/30/2023	14702	16490	18756	10886	25199
12/31/2023	15343	17260	19541	11302	26447
01/31/2024	15328	17274	19720	11271	26811
02/29/2024	15638	17660	20247	11112	28269
03/31/2024	16037	18056	20711	11215	29178
04/30/2024	15549	17505	20006	10931	27921
05/31/2024	16051	18048	20732	11117	29238
06/30/2024	16258	18325	21255	11222	30215
07/31/2024	16612	18718	21601	11484	30643
08/31/2024	16878	19102	22035	11649	31346
09/30/2024	17144	19469	22431	11805	32011
10/31/2024	16804	19045	22100	11512	31767
11/30/2024	17336	19607	22969	11634	33796
12/31/2024	16903	19160	22499	11444	32856
01/31/2025	17252	19574	22922	11504	33888
02/28/2025	17267	19596	22935	11757	33296
03/31/2025	16873	19121	22165	11762	31340
04/30/2025	16903	19280	22110	11808	31162
05/31/2025	17433	19928	22886	11724	33175
06/30/2025	18010	20608	23720	11904	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Balanced ETF Asset Allocation - II	10.77%	7.85%	6.06%
Balanced Blended Benchmark-1^(a)	12.46%	8.35%	7.50%
Blended Secondary Benchmark^(b)	11.59%	9.70%	9.02%
Bloomberg US Aggregate Bond Index*	6.08%	-0.73%	1.76%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Balanced Blended Benchmark is a blended benchmark consisting of 42% Morningstar US Market Extended Index - TR / 18% Morningstar Global Markets ex-US Index - NR / 32% Bloomberg US Universal Index - TR / 6% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.

(b)

The Balanced Blended Secondary Benchmark is a blended benchmark consisting of 60% S&P 500 / 38%

Bloomberg US Aggregate Bond / 2% ICE BofAML Treasury 3 Month Index – TR.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$165,383,455
Number of Portfolio Holdings	18
Portfolio Turnover Rate	9%
Total Advisory Fees Paid	$353,260

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	43.01%
U.S. Bonds	35.67%
Non-U.S. Equity	17.52%
Non-U.S. Bonds	2.92%
Cash Equivalents	0.89%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-BETFX-063025

Morningstar Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/getfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.52%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Growth ETF Asset Allocation Portfolio (Class I)	Growth Blended Benchmark-1	Blended Secondary Benchmark	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10035	10093	10182	10194
08/31/2015	9497	9579	9687	9582
09/30/2015	9271	9335	9509	9320
10/31/2015	9757	9917	10150	10069
11/30/2015	9748	9892	10169	10104
12/31/2015	9558	9743	10034	9929
01/31/2016	9173	9298	9664	9390
02/29/2016	9155	9299	9667	9383
03/31/2016	9745	9878	10209	10032
04/30/2016	9844	9993	10249	10086
05/31/2016	9907	10057	10397	10274
06/30/2016	9987	10073	10455	10297
07/31/2016	10327	10435	10777	10692
08/31/2016	10345	10459	10787	10706
09/30/2016	10390	10504	10787	10717
10/31/2016	10202	10312	10613	10506
11/30/2016	10345	10457	10877	10917
12/31/2016	10502	10636	11052	11121
01/31/2017	10740	10850	11225	11346
02/28/2017	10978	11135	11596	11784
03/31/2017	11063	11206	11606	11794
04/30/2017	11197	11351	11719	11922
05/31/2017	11311	11527	11869	12078
06/30/2017	11387	11591	11926	12166
07/31/2017	11625	11832	12132	12405
08/31/2017	11663	11880	12184	12440
09/30/2017	11853	12083	12373	12708
10/31/2017	12024	12286	12606	13002
11/30/2017	12205	12529	12912	13397
12/31/2017	12359	12680	13038	13544
01/31/2018	12837	13216	13606	14294
02/28/2018	12369	12778	13179	13771
03/31/2018	12298	12597	12928	13461
04/30/2018	12277	12652	12948	13503
05/31/2018	12348	12786	13216	13850
06/30/2018	12247	12770	13278	13939
07/31/2018	12532	13081	13674	14419
08/31/2018	12572	13288	14048	14901
09/30/2018	12593	13298	14094	14953
10/31/2018	11830	12464	13301	13884
11/30/2018	12023	12644	13533	14180
12/31/2018	11389	11888	12606	12883
01/31/2019	12103	12708	13441	13973
02/28/2019	12334	13015	13784	14452
03/31/2019	12472	13178	14051	14696
04/30/2019	12749	13553	14507	15289
05/31/2019	12195	12933	13821	14328
06/30/2019	12806	13660	14635	15326
07/31/2019	12806	13740	14810	15573
08/31/2019	12622	13544	14699	15295
09/30/2019	12841	13746	14903	15552
10/31/2019	13106	14041	15171	15877
11/30/2019	13325	14367	15610	16476
12/31/2019	13682	14752	15984	16943
01/31/2020	13423	14693	16041	16972
02/29/2020	12611	13765	15042	15588
03/31/2020	10987	12158	13538	13534
04/30/2020	12009	13337	14975	15322
05/31/2020	12476	13884	15559	16144
06/30/2020	12710	14225	15826	16504
07/31/2020	13116	14887	16588	17447
08/31/2020	13608	15639	17515	18726
09/30/2020	13251	15224	16980	18047
10/31/2020	13030	14959	16604	17624
11/30/2020	14494	16503	18091	19697
12/31/2020	15086	17158	18652	20522
01/31/2021	15073	17102	18475	20369
02/28/2021	15563	17442	18829	20971
03/31/2021	15989	17796	19441	21740
04/30/2021	16466	18477	20302	22903
05/31/2021	16763	18669	20429	22988
06/30/2021	16815	18909	20839	23604
07/31/2021	16854	19072	21282	24108
08/31/2021	17125	19465	21791	24815
09/30/2021	16647	18786	20943	23682
10/31/2021	17228	19581	22115	25330
11/30/2021	16776	19210	22006	24995
12/31/2021	17362	19815	22784	25964
01/31/2022	16807	18875	21742	24455
02/28/2022	16549	18487	21173	23774
03/31/2022	16739	18744	21684	24555
04/30/2022	15736	17368	20007	22334
05/31/2022	15898	17380	20062	22278
06/30/2022	14692	16111	18674	20441
07/31/2022	15546	17178	20143	22354
08/31/2022	15004	16594	19372	21497
09/30/2022	13784	15189	17777	19499
10/31/2022	14679	15969	18883	21049
11/30/2022	15654	17000	19866	22174
12/31/2022	15112	16429	18932	20880
01/31/2023	16034	17451	20000	22287
02/28/2023	15558	16999	19507	21748
03/31/2023	15717	17426	20179	22441
04/30/2023	15890	17617	20455	22707
05/31/2023	15573	17474	20482	22834
06/30/2023	16350	18327	21550	24377
07/31/2023	16869	18889	22101	25218
08/31/2023	16480	18469	21791	24773
09/30/2023	15890	17750	20849	23613
10/31/2023	15457	17257	20432	23035
11/30/2023	16624	18689	22110	25199
12/31/2023	17470	19612	23083	26447
01/31/2024	17425	19670	23381	26811
02/29/2024	17967	20333	24313	28269
03/31/2024	18538	20882	24984	29178
04/30/2024	17891	20197	24042	27921
05/31/2024	18583	20931	25077	29238
06/30/2024	18854	21314	25844	30215
07/31/2024	19276	21752	26217	30643
08/31/2024	19607	22225	26801	31346
09/30/2024	19953	22689	27330	32011
10/31/2024	19562	22219	26996	31767
11/30/2024	20299	23030	28321	33796
12/31/2024	19720	22459	27688	32856
01/31/2025	20219	23062	28335	33888
02/28/2025	20141	22955	28164	33296
03/31/2025	19533	22202	26896	31340
04/30/2025	19564	22367	26771	31162
05/31/2025	20422	23404	28081	33175
06/30/2025	21248	24340	29310	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Growth ETF Asset Allocation - I	12.70%	10.82%	7.83%
Growth Blended Benchmark-1^(a)	14.20%	11.34%	9.30%
Blended Secondary Benchmark^(b)	13.41%	13.12%	11.35%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Growth Blended Benchmark is a blended benchmark consisting of 56% Morningstar US Market Extended Index - TR / 24% Morningstar Global Markets ex-US Index - NR / 15% Bloomberg US Universal Index - TR / 3% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.


(b)	The Growth Blended Secondary Benchmark is a blended benchmark consisting of 80% S&P 500 / 20% Bloomberg US Aggregate Bond Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$275,594,795
Number of Portfolio Holdings	15
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$582,913

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	55.36%
U.S. Bonds	17.52%
Non-U.S. Equity	25.18%
Non-U.S. Bonds	0.97%
Cash Equivalents	0.97%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043418-063025

Morningstar Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
GETFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Growth ETF Asset Allocation Portfolio (the "Portfolio" or "GETFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/getfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.77%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Growth ETF Asset Allocation Portfolio (Class II)	Growth Blended Benchmark-1	Blended Secondary Benchmark	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10026	10093	10182	10194
08/31/2015	9498	9579	9687	9582
09/30/2015	9261	9335	9509	9320
10/31/2015	9754	9917	10150	10069
11/30/2015	9736	9892	10169	10104
12/31/2015	9543	9743	10034	9929
01/31/2016	9162	9298	9664	9390
02/29/2016	9135	9299	9667	9383
03/31/2016	9724	9878	10209	10032
04/30/2016	9824	9993	10249	10086
05/31/2016	9887	10057	10397	10274
06/30/2016	9960	10073	10455	10297
07/31/2016	10295	10435	10777	10692
08/31/2016	10313	10459	10787	10706
09/30/2016	10358	10504	10787	10717
10/31/2016	10168	10312	10613	10506
11/30/2016	10304	10457	10877	10917
12/31/2016	10468	10636	11052	11121
01/31/2017	10699	10850	11225	11346
02/28/2017	10929	11135	11596	11784
03/31/2017	11016	11206	11606	11794
04/30/2017	11141	11351	11719	11922
05/31/2017	11256	11527	11869	12078
06/30/2017	11323	11591	11926	12166
07/31/2017	11564	11832	12132	12405
08/31/2017	11602	11880	12184	12440
09/30/2017	11785	12083	12373	12708
10/31/2017	11958	12286	12606	13002
11/30/2017	12131	12529	12912	13397
12/31/2017	12279	12680	13038	13544
01/31/2018	12751	13216	13606	14294
02/28/2018	12289	12778	13179	13771
03/31/2018	12207	12597	12928	13461
04/30/2018	12186	12652	12948	13503
05/31/2018	12258	12786	13216	13850
06/30/2018	12156	12770	13278	13939
07/31/2018	12433	13081	13674	14419
08/31/2018	12474	13288	14048	14901
09/30/2018	12484	13298	14094	14953
10/31/2018	11735	12464	13301	13884
11/30/2018	11919	12644	13533	14180
12/31/2018	11292	11888	12606	12883
01/31/2019	12001	12708	13441	13973
02/28/2019	12222	13015	13784	14452
03/31/2019	12361	13178	14051	14696
04/30/2019	12629	13553	14507	15289
05/31/2019	12082	12933	13821	14328
06/30/2019	12675	13660	14635	15326
07/31/2019	12675	13740	14810	15573
08/31/2019	12489	13544	14699	15295
09/30/2019	12710	13746	14903	15552
10/31/2019	12954	14041	15171	15877
11/30/2019	13175	14367	15610	16476
12/31/2019	13523	14752	15984	16943
01/31/2020	13263	14693	16041	16972
02/29/2020	12457	13765	15042	15588
03/31/2020	10858	12158	13538	13534
04/30/2020	11862	13337	14975	15322
05/31/2020	12321	13884	15559	16144
06/30/2020	12544	14225	15826	16504
07/31/2020	12941	14887	16588	17447
08/31/2020	13424	15639	17515	18726
09/30/2020	13077	15224	16980	18047
10/31/2020	12854	14959	16604	17624
11/30/2020	14292	16503	18091	19697
12/31/2020	14877	17158	18652	20522
01/31/2021	14851	17102	18475	20369
02/28/2021	15344	17442	18829	20971
03/31/2021	15759	17796	19441	21740
04/30/2021	16227	18477	20302	22903
05/31/2021	16512	18669	20429	22988
06/30/2021	16551	18909	20839	23604
07/31/2021	16590	19072	21282	24108
08/31/2021	16863	19465	21791	24815
09/30/2021	16382	18786	20943	23682
10/31/2021	16954	19581	22115	25330
11/30/2021	16499	19210	22006	24995
12/31/2021	17091	19815	22784	25964
01/31/2022	16532	18875	21742	24455
02/28/2022	16274	18487	21173	23774
03/31/2022	16464	18744	21684	24555
04/30/2022	15457	17368	20007	22334
05/31/2022	15620	17380	20062	22278
06/30/2022	14435	16111	18674	20441
07/31/2022	15266	17178	20143	22354
08/31/2022	14735	16594	19372	21497
09/30/2022	13536	15189	17777	19499
10/31/2022	14408	15969	18883	21049
11/30/2022	15361	17000	19866	22174
12/31/2022	14826	16429	18932	20880
01/31/2023	15722	17451	20000	22287
02/28/2023	15259	16999	19507	21748
03/31/2023	15404	17426	20179	22441
04/30/2023	15577	17617	20455	22707
05/31/2023	15259	17474	20482	22834
06/30/2023	16025	18327	21550	24377
07/31/2023	16531	18889	22101	25218
08/31/2023	16141	18469	21791	24773
09/30/2023	15563	17750	20849	23613
10/31/2023	15129	17257	20432	23035
11/30/2023	16271	18689	22110	25199
12/31/2023	17089	19612	23083	26447
01/31/2024	17044	19670	23381	26811
02/29/2024	17587	20333	24313	28269
03/31/2024	18129	20882	24984	29178
04/30/2024	17496	20197	24042	27921
05/31/2024	18175	20931	25077	29238
06/30/2024	18431	21314	25844	30215
07/31/2024	18838	21752	26217	30643
08/31/2024	19154	22225	26801	31346
09/30/2024	19501	22689	27330	32011
10/31/2024	19094	22219	26996	31767
11/30/2024	19832	23030	28321	33796
12/31/2024	19255	22459	27688	32856
01/31/2025	19738	23062	28335	33888
02/28/2025	19660	22955	28164	33296
03/31/2025	19068	22202	26896	31340
04/30/2025	19083	22367	26771	31162
05/31/2025	19910	23404	28081	33175
06/30/2025	20705	24340	29310	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Growth ETF Asset Allocation - II	12.34%	10.54%	7.55%
Growth Blended Benchmark-1^(a)	14.20%	11.34%	9.30%
Blended Secondary Benchmark^(b)	13.41%	13.12%	11.35%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Growth Blended Benchmark is a blended benchmark consisting of 56% Morningstar US Market Extended Index - TR / 24% Morningstar Global Markets ex-US Index - NR / 15% Bloomberg US Universal Index - TR / 3% FTSE WGBI Non-USD Index / 2% ICE BofAML Treasury 3 Month Index - TR.


(b)	The Growth Blended Secondary Benchmark is a blended benchmark consisting of 80% S&P 500 / 20% Bloomberg US Aggregate Bond Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$275,594,795
Number of Portfolio Holdings	15
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$582,913

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


U.S. Equity	55.36%
U.S. Bonds	17.52%
Non-U.S. Equity	25.18%
Non-U.S. Bonds	0.97%
Cash Equivalents	0.97%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-GETFX-063025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/agtfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$27	0.53%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Aggressive Growth ETF Asset Allocation Portfolio (Class I)	Aggressive Growth Blended Benchmark-1 (95% Equity)	Blended Secondary Benchmark	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10033	10102	10203	10194
08/31/2015	9438	9494	9617	9582
09/30/2015	9181	9198	9394	9320
10/31/2015	9710	9876	10147	10069
11/30/2015	9702	9863	10174	10104
12/31/2015	9494	9688	10020	9929
01/31/2016	9067	9143	9555	9390
02/29/2016	9042	9122	9546	9383
03/31/2016	9682	9767	10166	10032
04/30/2016	9784	9885	10205	10086
05/31/2016	9852	9968	10379	10274
06/30/2016	9912	9946	10414	10297
07/31/2016	10304	10357	10782	10692
08/31/2016	10330	10386	10796	10706
09/30/2016	10381	10434	10797	10717
10/31/2016	10185	10235	10606	10506
11/30/2016	10398	10464	10967	10917
12/31/2016	10580	10676	11174	11121
01/31/2017	10844	10919	11376	11346
02/28/2017	11107	11247	11809	11784
03/31/2017	11207	11330	11822	11794
04/30/2017	11343	11483	11942	11922
05/31/2017	11471	11671	12106	12078
06/30/2017	11561	11750	12177	12166
07/31/2017	11834	12018	12418	12405
08/31/2017	11861	12056	12459	12440
09/30/2017	12106	12313	12700	12708
10/31/2017	12315	12560	12982	13002
11/30/2017	12542	12850	13360	13397
12/31/2017	12715	13023	13504	13544
01/31/2018	13290	13680	14231	14294
02/28/2018	12744	13165	13726	13771
03/31/2018	12646	12924	13399	13461
04/30/2018	12646	13015	13442	13503
05/31/2018	12744	13182	13755	13850
06/30/2018	12637	13169	13834	13939
07/31/2018	12968	13548	14324	14419
08/31/2018	13047	13800	14772	14901
09/30/2018	13056	13826	14847	14953
10/31/2018	12149	12821	13877	13884
11/30/2018	12363	13032	14150	14180
12/31/2018	11549	12062	12949	12883
01/31/2019	12386	13017	13942	13973
02/28/2019	12657	13396	14366	14452
03/31/2019	12787	13555	14645	14696
04/30/2019	13113	14014	15209	15289
05/31/2019	12429	13214	14304	14328
06/30/2019	13135	14054	15271	15326
07/31/2019	13113	14150	15481	15573
08/31/2019	12853	13853	15268	15295
09/30/2019	13146	14114	15536	15552
10/31/2019	13439	14462	15858	15877
11/30/2019	13722	14871	16404	16476
12/31/2019	14141	15336	16874	16943
01/31/2020	13774	15218	16884	16972
02/29/2020	12732	14043	15579	15588
03/31/2020	10797	12152	13746	13534
04/30/2020	11965	13512	15432	15322
05/31/2020	12480	14150	16134	16144
06/30/2020	12732	14540	16444	16504
07/31/2020	13167	15279	17337	17447
08/31/2020	13774	16211	18514	18726
09/30/2020	13362	15706	17845	18047
10/31/2020	13099	15388	17391	17624
11/30/2020	14850	17231	19208	19697
12/31/2020	15603	18020	19910	20522
01/31/2021	15591	17975	19712	20369
02/28/2021	16280	18451	20214	20971
03/31/2021	16839	18947	21043	21740
04/30/2021	17421	19777	22118	22903
05/31/2021	17790	19998	22268	22988
06/30/2021	17813	20301	22770	23604
07/31/2021	17825	20468	23297	24108
08/31/2021	18182	20978	23967	24815
09/30/2021	17599	20156	22898	23682
10/31/2021	18336	21181	24422	25330
11/30/2021	17754	20708	24265	24995
12/31/2021	18505	21490	25295	25964
01/31/2022	17865	20364	24024	24455
02/28/2022	17583	19917	23327	23774
03/31/2022	17878	20354	24118	24555
04/30/2022	16734	18746	22074	22334
05/31/2022	16931	18746	22119	22278
06/30/2022	15492	17210	20368	20441
07/31/2022	16464	18491	22177	22354
08/31/2022	15898	17852	21286	21497
09/30/2022	14472	16213	19378	19499
10/31/2022	15615	17232	20856	21049
11/30/2022	16759	18414	22001	22174
12/31/2022	16114	17682	20792	20880
01/31/2023	17179	18884	22065	22287
02/28/2023	16647	18400	21525	21748
03/31/2023	16751	18856	22303	22441
04/30/2023	16971	19081	22641	22707
05/31/2023	16582	18951	22722	22834
06/30/2023	17556	20052	24144	24377
07/31/2023	18219	20772	24880	25218
08/31/2023	17738	20260	24496	24773
09/30/2023	17036	19421	23355	23613
10/31/2023	16517	18832	22870	23035
11/30/2023	17881	20523	24906	25199
12/31/2023	18869	21575	26029	26447
01/31/2024	18802	21679	26441	26811
02/29/2024	19545	22600	27763	28269
03/31/2024	20248	23289	28625	29178
04/30/2024	19504	22482	27478	27921
05/31/2024	20343	23392	28795	29238
06/30/2024	20653	23879	29791	30215
07/31/2024	21126	24352	30170	30643
08/31/2024	21505	24899	30887	31346
09/30/2024	21910	25447	31534	32011
10/31/2024	21464	24951	31223	31767
11/30/2024	22397	26004	32981	33796
12/31/2024	21671	25320	32207	32856
01/31/2025	22296	26100	33068	33888
02/28/2025	22116	25864	32694	33296
03/31/2025	21351	24841	30945	31340
04/30/2025	21365	24994	30752	31162
05/31/2025	22491	26394	32579	33175
06/30/2025	23506	27567	34178	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Aggressive Growth ETF Asset Allocation - I	13.81%	13.05%	8.92%
Aggressive Growth Blended Benchmark-1^(a)	15.45%	13.65%	10.67%
Blended Secondary Benchmark^(b)	14.73%	15.76%	13.08%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Aggressive Growth Blended Benchmark - 1 is a blended benchmark consisting of 67% Morningstar US Market Extended Index - TR / 28% Morningstar Global Markets ex-US Index - NR / 3% Bloomberg US Universal Index - TR / 2% ICE BofAML Treasury 3 Month Index - TR.


(b)	The Aggressive Growth Blended Secondary Benchmark is a blended benchmark consisting of 95% S&P 500 / 5% Bloomberg US Aggregate Bond Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$209,805,970
Number of Portfolio Holdings	11
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$443,687

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000043412-063025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio - Class II	ALPS VARIABLE INVESTMENT TRUST
AGTFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the "Portfolio" or "AGTFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/agtfx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class II	$40	0.78%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	Morningstar Aggressive Growth ETF Asset Allocation Portfolio (Class II)	Aggressive Growth Blended Benchmark-1 (95% Equity)	Blended Secondary Benchmark	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000	10000
07/31/2015	10033	10102	10203	10194
08/31/2015	9432	9494	9617	9582
09/30/2015	9174	9198	9394	9320
10/31/2015	9700	9876	10147	10069
11/30/2015	9691	9863	10174	10104
12/31/2015	9482	9688	10020	9929
01/31/2016	9061	9143	9555	9390
02/29/2016	9026	9122	9546	9383
03/31/2016	9662	9767	10166	10032
04/30/2016	9765	9885	10205	10086
05/31/2016	9834	9968	10379	10274
06/30/2016	9894	9946	10414	10297
07/31/2016	10280	10357	10782	10692
08/31/2016	10297	10386	10796	10706
09/30/2016	10349	10434	10797	10717
10/31/2016	10151	10235	10606	10506
11/30/2016	10366	10464	10967	10917
12/31/2016	10544	10676	11174	11121
01/31/2017	10800	10919	11376	11346
02/28/2017	11064	11247	11809	11784
03/31/2017	11156	11330	11822	11794
04/30/2017	11292	11483	11942	11922
05/31/2017	11411	11671	12106	12078
06/30/2017	11502	11750	12177	12166
07/31/2017	11776	12018	12418	12405
08/31/2017	11794	12056	12459	12440
09/30/2017	12031	12313	12700	12708
10/31/2017	12250	12560	12982	13002
11/30/2017	12469	12850	13360	13397
12/31/2017	12632	13023	13504	13544
01/31/2018	13209	13680	14231	14294
02/28/2018	12661	13165	13726	13771
03/31/2018	12564	12924	13399	13461
04/30/2018	12554	13015	13442	13503
05/31/2018	12652	13182	13755	13850
06/30/2018	12544	13169	13834	13939
07/31/2018	12877	13548	14324	14419
08/31/2018	12945	13800	14772	14901
09/30/2018	12955	13826	14847	14953
10/31/2018	12045	12821	13877	13884
11/30/2018	12260	13032	14150	14180
12/31/2018	11454	12062	12949	12883
01/31/2019	12280	13017	13942	13973
02/28/2019	12542	13396	14366	14452
03/31/2019	12672	13555	14645	14696
04/30/2019	12998	14014	15209	15289
05/31/2019	12313	13214	14304	14328
06/30/2019	12998	14054	15271	15326
07/31/2019	12988	14150	15481	15573
08/31/2019	12716	13853	15268	15295
09/30/2019	13009	14114	15536	15552
10/31/2019	13292	14462	15858	15877
11/30/2019	13575	14871	16404	16476
12/31/2019	13993	15336	16874	16943
01/31/2020	13615	15218	16884	16972
02/29/2020	12586	14043	15579	15588
03/31/2020	10675	12152	13746	13534
04/30/2020	11819	13512	15432	15322
05/31/2020	12334	14150	16134	16144
06/30/2020	12574	14540	16444	16504
07/31/2020	13009	15279	17337	17447
08/31/2020	13592	16211	18514	18726
09/30/2020	13192	15706	17845	18047
10/31/2020	12929	15388	17391	17624
11/30/2020	14645	17231	19208	19697
12/31/2020	15386	18020	19910	20522
01/31/2021	15386	17975	19712	20369
02/28/2021	16050	18451	20214	20971
03/31/2021	16607	18947	21043	21740
04/30/2021	17164	19777	22118	22903
05/31/2021	17520	19998	22268	22988
06/30/2021	17544	20301	22770	23604
07/31/2021	17556	20468	23297	24108
08/31/2021	17899	20978	23967	24815
09/30/2021	17330	20156	22898	23682
10/31/2021	18053	21181	24422	25330
11/30/2021	17473	20708	24265	24995
12/31/2021	18207	21490	25295	25964
01/31/2022	17583	20364	24024	24455
02/28/2022	17289	19917	23327	23774
03/31/2022	17583	20354	24118	24555
04/30/2022	16456	18746	22074	22334
05/31/2022	16640	18746	22119	22278
06/30/2022	15219	17210	20368	20441
07/31/2022	16174	18491	22177	22354
08/31/2022	15611	17852	21286	21497
09/30/2022	14215	16213	19378	19499
10/31/2022	15330	17232	20856	21049
11/30/2022	16456	18414	22001	22174
12/31/2022	15808	17682	20792	20880
01/31/2023	16854	18884	22065	22287
02/28/2023	16338	18400	21525	21748
03/31/2023	16441	18856	22303	22441
04/30/2023	16648	19081	22641	22707
05/31/2023	16260	18951	22722	22834
06/30/2023	17216	20052	24144	24377
07/31/2023	17849	20772	24880	25218
08/31/2023	17384	20260	24496	24773
09/30/2023	16686	19421	23355	23613
10/31/2023	16170	18832	22870	23035
11/30/2023	17513	20523	24906	25199
12/31/2023	18476	21575	26029	26447
01/31/2024	18409	21679	26441	26811
02/29/2024	19133	22600	27763	28269
03/31/2024	19817	23289	28625	29178
04/30/2024	19079	22482	27478	27921
05/31/2024	19897	23392	28795	29238
06/30/2024	20192	23879	29791	30215
07/31/2024	20661	24352	30170	30643
08/31/2024	21010	24899	30887	31346
09/30/2024	21412	25447	31534	32011
10/31/2024	20970	24951	31223	31767
11/30/2024	21882	26004	32981	33796
12/31/2024	21169	25320	32207	32856
01/31/2025	21775	26100	33068	33888
02/28/2025	21596	25864	32694	33296
03/31/2025	20839	24841	30945	31340
04/30/2025	20853	24994	30752	31162
05/31/2025	21940	26394	32579	33175
06/30/2025	22931	27567	34178	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
Morningstar Aggressive Growth ETF Asset Allocation - II	13.56%	12.77%	8.65%
Aggressive Growth Blended Benchmark-1^(a)	15.45%	13.65%	10.67%
Blended Secondary Benchmark^(b)	14.73%	15.76%	13.08%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.


(a)	The Aggressive Growth Blended Benchmark - 1 is a blended benchmark consisting of 67% Morningstar US Market Extended Index - TR / 28% Morningstar Global Markets ex-US Index - NR / 3% Bloomberg US Universal Index - TR / 2% ICE BofAML Treasury 3 Month Index - TR.


(b)	The Aggressive Growth Blended Secondary Benchmark is a blended benchmark consisting of 95% S&P 500 / 5% Bloomberg US Aggregate Bond Index.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$209,805,970
Number of Portfolio Holdings	11
Portfolio Turnover Rate	14%
Total Advisory Fees Paid	$443,687

WHAT DID THE PORTFOLIO INVEST IN?

Sector Allocation*


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-AGTFX-063025

ALPS \| Alerian Energy Infrastructure Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about ALPS | Alerian Energy Infrastructure Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/alefx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$48	0.95%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS/Alerian Energy Infrastructure Portfolio (Class I)	Alerian Midstream Energy Select Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000
07/31/2015	9590	9609	10194
08/31/2015	8911	8899	9582
09/30/2015	7654	7671	9320
10/31/2015	8184	8218	10069
11/30/2015	7495	7539	10104
12/31/2015	6908	6933	9929
01/31/2016	6577	6616	9390
02/29/2016	6626	6681	9383
03/31/2016	7326	7409	10032
04/30/2016	8066	8157	10086
05/31/2016	8250	8350	10274
06/30/2016	8688	8796	10297
07/31/2016	8717	8844	10692
08/31/2016	8970	9112	10706
09/30/2016	9457	9607	10717
10/31/2016	9019	9183	10506
11/30/2016	9379	9548	10917
12/31/2016	9767	9952	11121
01/31/2017	9886	10085	11346
02/28/2017	9956	10174	11784
03/31/2017	10006	10215	11794
04/30/2017	9827	10047	11922
05/31/2017	9478	9703	12078
06/30/2017	9598	9832	12166
07/31/2017	9866	10116	12405
08/31/2017	9548	9788	12440
09/30/2017	9797	10062	12708
10/31/2017	9449	9721	13002
11/30/2017	9379	9654	13397
12/31/2017	9719	10028	13544
01/31/2018	9760	10068	14294
02/28/2018	8722	9010	13771
03/31/2018	8427	8704	13461
04/30/2018	8844	9158	13503
05/31/2018	9292	9619	13850
06/30/2018	9455	9807	13939
07/31/2018	9801	10170	14419
08/31/2018	9658	10034	14901
09/30/2018	9485	9862	14953
10/31/2018	8773	9134	13884
11/30/2018	8763	9126	14180
12/31/2018	7913	8256	12883
01/31/2019	9166	9582	13973
02/28/2019	9281	9713	14452
03/31/2019	9626	10090	14696
04/30/2019	9521	9976	15289
05/31/2019	9323	9792	14328
06/30/2019	9605	10106	15326
07/31/2019	9396	9901	15573
08/31/2019	9114	9608	15295
09/30/2019	9344	9855	15552
10/31/2019	8999	9495	15877
11/30/2019	8811	9303	16476
12/31/2019	9555	10101	16943
01/31/2020	9160	9694	16972
02/29/2020	8211	8699	15588
03/31/2020	4820	5091	13534
04/30/2020	6356	6761	15322
05/31/2020	6814	7242	16144
06/30/2020	6601	7026	16504
07/31/2020	6558	6994	17447
08/31/2020	6729	7188	18726
09/30/2020	5972	6385	18047
10/31/2020	5972	6394	17624
11/30/2020	7113	7641	19697
12/31/2020	7180	7735	20522
01/31/2021	7510	8113	20369
02/28/2021	8061	8719	20971
03/31/2021	8623	9337	21740
04/30/2021	9118	9891	22903
05/31/2021	9735	10543	22988
06/30/2021	10186	11042	23604
07/31/2021	9746	10634	24108
08/31/2021	9592	10479	24815
09/30/2021	10032	10971	23682
10/31/2021	10572	11584	25330
11/30/2021	9779	10707	24995
12/31/2021	9926	10886	25964
01/31/2022	10725	11774	24455
02/28/2022	11209	12315	23774
03/31/2022	12031	13230	24555
04/30/2022	11761	12942	22334
05/31/2022	12526	13790	22278
06/30/2022	10872	11972	20441
07/31/2022	12031	13272	22354
08/31/2022	12031	13286	21497
09/30/2022	10714	11850	19499
10/31/2022	11986	13265	21049
11/30/2022	12481	13830	22174
12/31/2022	11697	12972	20880
01/31/2023	12275	13626	22287
02/28/2023	11768	13082	21748
03/31/2023	11685	13005	22441
04/30/2023	11945	13314	22707
05/31/2023	11508	12839	22834
06/30/2023	12322	13767	24377
07/31/2023	12853	14361	25218
08/31/2023	12770	14289	24773
09/30/2023	12664	14183	23613
10/31/2023	12581	14111	23035
11/30/2023	13454	15106	25199
12/31/2023	13364	15020	26447
01/31/2024	13425	15120	26811
02/29/2024	13968	15737	28269
03/31/2024	14918	16825	29178
04/30/2024	14820	16727	27921
05/31/2024	15350	17340	29238
06/30/2024	15782	17860	30215
07/31/2024	16251	18395	30643
08/31/2024	16868	19143	31346
09/30/2024	16954	19273	32011
10/31/2024	17596	20013	31767
11/30/2024	20064	22843	33796
12/31/2024	18847	21497	32856
01/31/2025	19480	22243	33888
02/28/2025	19810	22634	33296
03/31/2025	20087	22973	31340
04/30/2025	18874	21640	31162
05/31/2025	19348	22205	33175
06/30/2025	19915	22891	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
ALPS \| Alerian Energy Infrastructure Portfolio - I - NAV	26.19%	24.71%	7.13%
Alerian Midstream Energy Select Index	28.17%	26.65%	8.63%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$128,084,446
Number of Portfolio Holdings	25
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$455,281

WHAT DID THE PORTFOLIO INVEST IN?

Top Ten Holdings*


Energy Transfer LP	8.83%
Enbridge, Inc.	7.84%
Enterprise Products Partners LP	7.12%
The Williams Cos., Inc.	6.48%
Kinder Morgan, Inc.	5.30%
Cheniere Energy, Inc.	5.17%
DT Midstream, Inc.	5.16%
Keyera Corp.	4.99%
Plains GP Holdings LP	4.97%
MPLX LP	4.95%
Total % of Top 10 Holdings	60.81%

Sector Allocation*


Canadian Energy Infrastructure Companies	28.25%
U.S. Energy Infrastructure Companies	28.08%
U.S. Energy Infrastructure MLPs	27.96%
U.S. General Partners	15.78%
Cash, Cash Equivalents, & Other Net Assets	-0.07%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000125262-063025

ALPS \| Alerian Energy Infrastructure Portfolio - Class III	ALPS VARIABLE INVESTMENT TRUST
ALEFX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about ALPS | Alerian Energy Infrastructure Portfolio (the "Portfolio" or "ALEFX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/alefx. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class III	$66	1.30%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS/Alerian Energy Infrastructure Portfolio (Class III)	Alerian Midstream Energy Select Index	Bloomberg US 1000 Index
06/30/2015	10000	10000	10000
07/31/2015	9589	9609	10194
08/31/2015	8908	8899	9582
09/30/2015	7656	7671	9320
10/31/2015	8179	8218	10069
11/30/2015	7488	7539	10104
12/31/2015	6897	6933	9929
01/31/2016	6567	6616	9390
02/29/2016	6616	6681	9383
03/31/2016	7315	7409	10032
04/30/2016	8044	8157	10086
05/31/2016	8219	8350	10274
06/30/2016	8656	8796	10297
07/31/2016	8685	8844	10692
08/31/2016	8938	9112	10706
09/30/2016	9414	9607	10717
10/31/2016	8986	9183	10506
11/30/2016	9336	9548	10917
12/31/2016	9711	9952	11121
01/31/2017	9830	10085	11346
02/28/2017	9890	10174	11784
03/31/2017	9939	10215	11794
04/30/2017	9761	10047	11922
05/31/2017	9404	9703	12078
06/30/2017	9523	9832	12166
07/31/2017	9791	10116	12405
08/31/2017	9464	9788	12440
09/30/2017	9711	10062	12708
10/31/2017	9364	9721	13002
11/30/2017	9285	9654	13397
12/31/2017	9630	10028	13544
01/31/2018	9660	10068	14294
02/28/2018	8640	9010	13771
03/31/2018	8336	8704	13461
04/30/2018	8751	9158	13503
05/31/2018	9185	9619	13850
06/30/2018	9357	9807	13939
07/31/2018	9690	10170	14419
08/31/2018	9549	10034	14901
09/30/2018	9367	9862	14953
10/31/2018	8660	9134	13884
11/30/2018	8650	9126	14180
12/31/2018	7804	8256	12883
01/31/2019	9041	9582	13973
02/28/2019	9155	9713	14452
03/31/2019	9495	10090	14696
04/30/2019	9392	9976	15289
05/31/2019	9196	9792	14328
06/30/2019	9464	10106	15326
07/31/2019	9258	9901	15573
08/31/2019	8979	9608	15295
09/30/2019	9206	9855	15552
10/31/2019	8856	9495	15877
11/30/2019	8670	9303	16476
12/31/2019	9397	10101	16943
01/31/2020	9009	9694	16972
02/29/2020	8076	8699	15588
03/31/2020	4730	5091	13534
04/30/2020	6251	6761	15322
05/31/2020	6691	7242	16144
06/30/2020	6482	7026	16504
07/31/2020	6440	6994	17447
08/31/2020	6607	7188	18726
09/30/2020	5852	6385	18047
10/31/2020	5852	6394	17624
11/30/2020	6974	7641	19697
12/31/2020	7036	7735	20522
01/31/2021	7359	8113	20369
02/28/2021	7898	8719	20971
03/31/2021	8437	9337	21740
04/30/2021	8933	9891	22903
05/31/2021	9525	10543	22988
06/30/2021	9967	11042	23604
07/31/2021	9525	10634	24108
08/31/2021	9374	10479	24815
09/30/2021	9805	10971	23682
10/31/2021	10323	11584	25330
11/30/2021	9558	10707	24995
12/31/2021	9694	10886	25964
01/31/2022	10474	11774	24455
02/28/2022	10936	12315	23774
03/31/2022	11738	13230	24555
04/30/2022	11474	12942	22334
05/31/2022	12222	13790	22278
06/30/2022	10595	11972	20441
07/31/2022	11727	13272	22354
08/31/2022	11716	13286	21497
09/30/2022	10441	11850	19499
10/31/2022	11672	13265	21049
11/30/2022	12145	13830	22174
12/31/2022	11373	12972	20880
01/31/2023	11936	13626	22287
02/28/2023	11442	13082	21748
03/31/2023	11362	13005	22441
04/30/2023	11603	13314	22707
05/31/2023	11178	12839	22834
06/30/2023	11970	13767	24377
07/31/2023	12476	14361	25218
08/31/2023	12395	14289	24773
09/30/2023	12281	14183	23613
10/31/2023	12200	14111	23035
11/30/2023	13050	15106	25199
12/31/2023	12955	15020	26447
01/31/2024	13014	15120	26811
02/29/2024	13541	15737	28269
03/31/2024	14451	16825	29178
04/30/2024	14355	16727	27921
05/31/2024	14858	17340	29238
06/30/2024	15277	17860	30215
07/31/2024	15720	18395	30643
08/31/2024	16307	19143	31346
09/30/2024	16391	19273	32011
10/31/2024	17001	20013	31767
11/30/2024	19384	22843	33796
12/31/2024	18214	21497	32856
01/31/2025	18813	22243	33888
02/28/2025	19119	22634	33296
03/31/2025	19387	22973	31340
04/30/2025	18201	21640	31162
05/31/2025	18647	22205	33175
06/30/2025	19196	22891	34884

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
ALPS \| Alerian Energy Infrastructure Portfolio - III - NAV	25.65%	24.25%	6.74%
Alerian Midstream Energy Select Index	28.17%	26.65%	8.63%
Bloomberg US 1000 Index*	15.45%	16.15%	13.31%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$128,084,446
Number of Portfolio Holdings	25
Portfolio Turnover Rate	10%
Total Advisory Fees Paid	$455,281

WHAT DID THE PORTFOLIO INVEST IN?

Top Ten Holdings*


Energy Transfer LP	8.83%
Enbridge, Inc.	7.84%
Enterprise Products Partners LP	7.12%
The Williams Cos., Inc.	6.48%
Kinder Morgan, Inc.	5.30%
Cheniere Energy, Inc.	5.17%
DT Midstream, Inc.	5.16%
Keyera Corp.	4.99%
Plains GP Holdings LP	4.97%
MPLX LP	4.95%
Total % of Top 10 Holdings	60.81%

Sector Allocation*


Canadian Energy Infrastructure Companies	28.25%
U.S. Energy Infrastructure Companies	28.08%
U.S. Energy Infrastructure MLPs	27.96%
U.S. General Partners	15.78%
Cash, Cash Equivalents, & Other Net Assets	-0.07%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-ALEFX-063025

ALPS Global Opportunity Portfolio - Class I	ALPS VARIABLE INVESTMENT TRUST
	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about ALPS Global Opportunity Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/avpex. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class I	$55	1.10%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS Global Opportunity Portfolio (Class I)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/24/2014	10000	10000	10000
10/31/2014	10110	10205	10243
11/30/2014	10430	10465	10433
12/31/2014	10480	10423	10329
01/31/2015	10450	10370	10151
02/28/2015	10980	11071	10742
03/31/2015	10830	10978	10600
04/30/2015	11190	11561	10832
05/31/2015	11380	11804	10879
06/30/2015	11230	11591	10641
07/31/2015	11320	11767	10809
08/31/2015	10760	11037	10116
09/30/2015	10330	10453	9741
10/31/2015	10730	11018	10487
11/30/2015	10530	10953	10447
12/31/2015	10367	10560	10261
01/31/2016	9644	9596	9633
02/29/2016	9504	9520	9577
03/31/2016	10397	10543	10241
04/30/2016	10558	10609	10409
05/31/2016	10568	10752	10473
06/30/2016	10196	10280	10341
07/31/2016	10698	10927	10793
08/31/2016	10778	11134	10800
09/30/2016	11059	11315	10864
10/31/2016	10919	11071	10636
11/30/2016	11029	11413	10813
12/31/2016	11217	11741	11074
01/31/2017	11683	12171	11339
02/28/2017	11842	12311	11644
03/31/2017	11958	12465	11758
04/30/2017	12541	13084	11942
05/31/2017	13060	13499	12188
06/30/2017	13240	13695	12249
07/31/2017	13653	14113	12541
08/31/2017	13557	13829	12556
09/30/2017	13896	14470	12857
10/31/2017	13949	14613	13097
11/30/2017	13875	14409	13382
12/31/2017	14076	14708	13565
01/31/2018	15080	15734	14253
02/28/2018	14316	14949	13669
03/31/2018	14054	14569	13398
04/30/2018	14229	14803	13549
05/31/2018	13956	14692	13657
06/30/2018	13891	14670	13638
07/31/2018	14283	15273	14032
08/31/2018	14338	15363	14215
09/30/2018	14687	15455	14268
10/31/2018	13410	13897	13178
11/30/2018	13247	13711	13333
12/31/2018	12356	12572	12301
01/31/2019	13526	13905	13285
02/28/2019	13912	14320	13688
03/31/2019	14041	14406	13839
04/30/2019	14790	15219	14321
05/31/2019	14193	14417	13494
06/30/2019	15036	15265	14365
07/31/2019	15153	15333	14432
08/31/2019	15083	15097	14122
09/30/2019	15469	15403	14420
10/31/2019	15984	15866	14796
11/30/2019	16557	16436	15211
12/31/2019	17341	17182	15666
01/31/2020	17589	17250	15541
02/29/2020	15861	15428	14215
03/31/2020	12038	11335	12240
04/30/2020	13399	12864	13588
05/31/2020	14121	13899	14279
06/30/2020	14535	14491	14641
07/31/2020	15376	15081	15318
08/31/2020	16216	15996	16326
09/30/2020	15814	15488	15794
10/31/2020	15494	15285	15349
11/30/2020	17660	17983	17346
12/31/2020	19000	19521	18123
01/31/2021	18550	19676	17989
02/28/2021	19246	20517	18491
03/31/2021	19669	21135	19070
04/30/2021	21020	22786	19934
05/31/2021	21266	23290	20205
06/30/2021	21552	23100	20454
07/31/2021	22426	24346	20758
08/31/2021	22931	24671	21280
09/30/2021	21962	23416	20423
10/31/2021	23504	25492	21518
11/30/2021	22713	24376	20967
12/31/2021	23651	24978	21858
01/31/2022	21976	22732	20636
02/28/2022	21074	21362	20172
03/31/2022	21103	21192	20681
04/30/2022	18869	18525	18974
05/31/2022	18855	18697	18977
06/30/2022	16722	16161	17302
07/31/2022	18440	17977	18681
08/31/2022	17208	16523	17914
09/30/2022	15175	14126	16224
10/31/2022	16321	15276	17386
11/30/2022	17767	16654	18607
12/31/2022	16867	15887	17889
01/31/2023	18395	17910	19144
02/28/2023	17994	17829	18688
03/31/2023	17593	17029	19159
04/30/2023	18051	17491	19473
05/31/2023	18089	17109	19239
06/30/2023	18872	18087	20403
07/31/2023	19598	19268	21110
08/31/2023	19369	18519	20585
09/30/2023	19121	18046	19688
10/31/2023	18204	16701	19070
11/30/2023	20381	19798	20855
12/31/2023	21795	22001	21949
01/31/2024	22005	21954	22152
02/29/2024	22693	22736	23071
03/31/2024	23228	23484	23828
04/30/2024	22769	22622	22918
05/31/2024	23896	23354	23929
06/30/2024	23610	22936	24326
07/31/2024	25042	24684	24847
08/31/2024	25176	24766	25464
09/30/2024	25711	26043	25929
10/31/2024	25157	25634	25388
11/30/2024	26952	27291	26565
12/31/2024	25780	25936	25800
01/31/2025	27223	27784	26712
02/28/2025	26366	26642	26474
03/31/2025	24839	25004	25335
04/30/2025	25236	24861	25575
05/31/2025	25822	25967	27073
06/30/2025	26637	27456	28237

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Portfolio - I - NAV	12.82%	12.88%	9.02%
Red Rocks Global Listed Private Equity Index	19.70%	13.63%	9.01%
Morningstar Developed Markets Index*	16.08%	14.04%	10.25%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$23,357,383
Number of Portfolio Holdings	51
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$64,653

WHAT DID THE PORTFOLIO INVEST IN?

Country Allocation*


United States	46.68%
Great Britain	19.68%
Luxembourg	5.71%
Sweden	5.24%
Switzerland	4.41%
Canada	4.10%
Guernsey	3.49%
Bermuda	1.98%
Germany	1.97%
Australia	1.79%
Belgium	1.10%
Italy	0.91%
Ireland	0.84%
Japan	0.56%
Cash, Cash Equivalents, & Other Net Assets	1.54%

Top Ten Holdings*


3i Group PLC	6.24%
KKR & Co., Inc.	5.13%
HgCapital Trust PLC	4.94%
Ares Management LP	4.82%
Berkshire Hathaway, Inc.	4.38%
Constellation Software, Inc.	4.10%
Brederode SA	3.97%
Apollo Global Management, Inc.	3.58%
Partners Group Holding AG	3.44%
Blackstone, Inc.	3.42%
Total % of Top 10 Holdings	44.02%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-C000146220-063025

ALPS Global Opportunity Portfolio - Class III	ALPS VARIABLE INVESTMENT TRUST
AVPEX	Semi-Annual Shareholder Report June 30, 2025

This semi-annual shareholder report contains important information about ALPS Global Opportunity Portfolio (the "Portfolio" or "AVPEX") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Portfolio at https://www.alpsfunds.com/variable-insurance-trusts/avpex. You can also request this information by contacting us at 1-866-432-2926.

WHAT WERE THE PORTFOLIO COSTS FOR THE PAST SIX MONTHS?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 Investment	Costs Paid as a Percentage of a $10,000 Investment
Class III	$71	1.40%^*

^*	Annualized

Comparison of change in value of a $10,000 investment in the Portfolio and the Indexes

Date	ALPS Global Opportunity Portfolio (Class III)	Red Rocks Global Listed Private Equity Index	Morningstar Developed Markets Index
10/24/2014	10000	10000	10000
10/31/2014	10110	10205	10243
11/30/2014	10420	10465	10433
12/31/2014	10470	10423	10329
01/31/2015	10440	10370	10151
02/28/2015	10960	11071	10742
03/31/2015	10810	10978	10600
04/30/2015	11170	11561	10832
05/31/2015	11350	11804	10879
06/30/2015	11200	11591	10641
07/31/2015	11280	11767	10809
08/31/2015	10730	11037	10116
09/30/2015	10300	10453	9741
10/31/2015	10690	11018	10487
11/30/2015	10490	10953	10447
12/31/2015	10332	10560	10261
01/31/2016	9611	9596	9633
02/29/2016	9461	9520	9577
03/31/2016	10362	10543	10241
04/30/2016	10522	10609	10409
05/31/2016	10522	10752	10473
06/30/2016	10152	10280	10341
07/31/2016	10643	10927	10793
08/31/2016	10723	11134	10800
09/30/2016	11003	11315	10864
10/31/2016	10853	11071	10636
11/30/2016	10963	11413	10813
12/31/2016	11156	11741	11074
01/31/2017	11610	12171	11339
02/28/2017	11761	12311	11644
03/31/2017	11872	12465	11758
04/30/2017	12447	13084	11942
05/31/2017	12961	13499	12188
06/30/2017	13133	13695	12249
07/31/2017	13546	14113	12541
08/31/2017	13446	13829	12556
09/30/2017	13778	14470	12857
10/31/2017	13829	14613	13097
11/30/2017	13748	14409	13382
12/31/2017	13940	14708	13565
01/31/2018	14932	15734	14253
02/28/2018	14167	14949	13669
03/31/2018	13909	14569	13398
04/30/2018	14074	14803	13549
05/31/2018	13796	14692	13657
06/30/2018	13734	14670	13638
07/31/2018	14116	15273	14032
08/31/2018	14167	15363	14215
09/30/2018	14508	15455	14268
10/31/2018	13238	13897	13178
11/30/2018	13073	13711	13333
12/31/2018	12193	12572	12301
01/31/2019	13339	13905	13285
02/28/2019	13724	14320	13688
03/31/2019	13846	14406	13839
04/30/2019	14573	15219	14321
05/31/2019	13989	14417	13494
06/30/2019	14815	15265	14365
07/31/2019	14914	15333	14432
08/31/2019	14848	15097	14122
09/30/2019	15222	15403	14420
10/31/2019	15718	15866	14796
11/30/2019	16291	16436	15211
12/31/2019	17051	17182	15666
01/31/2020	17285	17250	15541
02/29/2020	15592	15428	14215
03/31/2020	11828	11335	12240
04/30/2020	13153	12864	13588
05/31/2020	13866	13899	14279
06/30/2020	14267	14491	14641
07/31/2020	15091	15081	15318
08/31/2020	15904	15996	16326
09/30/2020	15514	15488	15794
10/31/2020	15191	15285	15349
11/30/2020	17307	17983	17346
12/31/2020	18628	19521	18123
01/31/2021	18171	19676	17989
02/28/2021	18844	20517	18491
03/31/2021	19251	21135	19070
04/30/2021	20574	22786	19934
05/31/2021	20803	23290	20205
06/30/2021	21082	23100	20454
07/31/2021	21934	24346	20758
08/31/2021	22418	24671	21280
09/30/2021	21464	23416	20423
10/31/2021	22964	25492	21518
11/30/2021	22189	24376	20967
12/31/2021	23087	24978	21858
01/31/2022	21441	22732	20636
02/28/2022	20566	21362	20172
03/31/2022	20579	21192	20681
04/30/2022	18403	18525	18974
05/31/2022	18376	18697	18977
06/30/2022	16293	16161	17302
07/31/2022	17978	17977	18681
08/31/2022	16771	16523	17914
09/30/2022	14781	14126	16224
10/31/2022	15882	15276	17386
11/30/2022	17288	16654	18607
12/31/2022	16413	15887	17889
01/31/2023	17884	17910	19144
02/28/2023	17504	17829	18688
03/31/2023	17105	17029	19159
04/30/2023	17555	17491	19473
05/31/2023	17590	17109	19239
06/30/2023	18335	18087	20403
07/31/2023	19044	19268	21110
08/31/2023	18802	18519	20585
09/30/2023	18560	18046	19688
10/31/2023	17659	16701	19070
11/30/2023	19772	19798	20855
12/31/2023	21139	22001	21949
01/31/2024	21330	21954	22152
02/29/2024	22005	22736	23071
03/31/2024	22507	23484	23828
04/30/2024	22057	22622	22918
05/31/2024	23165	23354	23929
06/30/2024	22871	22936	24326
07/31/2024	24256	24684	24847
08/31/2024	24377	24766	25464
09/30/2024	24896	26043	25929
10/31/2024	24342	25634	25388
11/30/2024	26074	27291	26565
12/31/2024	24946	25936	25800
01/31/2025	26336	27784	26712
02/28/2025	25491	26642	26474
03/31/2025	24026	25004	25335
04/30/2025	24402	24861	25575
05/31/2025	24965	25967	27073
06/30/2025	25754	27456	28237

Average Annual Total Returns (as of June 30, 2025)

	1 Year	5 Year	10 Year
ALPS Global Opportunity Portfolio - III - NAV	12.61%	12.54%	8.68%
Red Rocks Global Listed Private Equity Index	19.70%	13.63%	9.01%
Morningstar Developed Markets Index*	16.08%	14.04%	10.25%

^*	Broad-based securities market index.

For the most current month-end performance data please visit www.alpsfunds.com or call 1-866-432-2926.

WHAT ARE SOME KEY PORTFOLIO STATISTICS? (as of June 30, 2025)

Net Assets	$23,357,383
Number of Portfolio Holdings	51
Portfolio Turnover Rate	13%
Total Advisory Fees Paid	$64,653

WHAT DID THE PORTFOLIO INVEST IN?

Country Allocation*


United States	46.68%
Great Britain	19.68%
Luxembourg	5.71%
Sweden	5.24%
Switzerland	4.41%
Canada	4.10%
Guernsey	3.49%
Bermuda	1.98%
Germany	1.97%
Australia	1.79%
Belgium	1.10%
Italy	0.91%
Ireland	0.84%
Japan	0.56%
Cash, Cash Equivalents, & Other Net Assets	1.54%

Top Ten Holdings*


3i Group PLC	6.24%
KKR & Co., Inc.	5.13%
HgCapital Trust PLC	4.94%
Ares Management LP	4.82%
Berkshire Hathaway, Inc.	4.38%
Constellation Software, Inc.	4.10%
Brederode SA	3.97%
Apollo Global Management, Inc.	3.58%
Partners Group Holding AG	3.44%
Blackstone, Inc.	3.42%
Total % of Top 10 Holdings	44.02%


*	As a percentage of net assets.

Holdings are subject to change.

WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE PORTFOLIO?

SAR-AVPEX-063025

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable to this Report.

Item 3. Audit Committee Financial Expert.

Not applicable to this Report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this Report.

Item 5. Audit Committee of Listed Registrants.

Not Applicable to the Registrant.

Item 6. Investments.

(a)

The Schedule of Investments is included in the financial statements filed under Item 7 of this Report.

(b)

Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table of Contents

Financial Statements and Financial Highlights for Open-End Management Investment Companies
Morningstar ETF Asset Allocation Series
Schedules of Investments	1
Statements of Assets and Liabilities	6
Statements of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	13
ALPS \| Alerian Energy Infrastructure Portfolio
Schedule of Investments	23
Statement of Assets and Liabilities	24
Statement of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	27
ALPS Global Opportunity Portfolio
Schedule of Investments	29
Statement of Assets and Liabilities	31
Statement of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements and Financial Highlights	36
Additional Information	46
Changes in and Disagreements with Accountants or Open-End Management Investment Companies	47
Proxy Disclosures for Open-End Management Investment Companies	48
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies	49
Statement Regarding Basis for Approval of Investment Advisory & Sub-Advisory Contracts	50

alpsfunds.com

Morningstar Conservative ETF Asset Allocation Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 98.35%
iShares^® Broad USD High Yield Corporate Bond ETF		46,152	$	1,731,162
iShares^® Core S&P 500^® ETF		2,839		1,762,735
iShares^® S&P 100 ETF		965		293,698
Schwab Fundamental International Equity ETF		7,212		288,624
Schwab US TIPS ETF		26,980		719,827
SPDR^® Portfolio Intermediate Term Corporate Bond ETF		55,705		1,870,574
Vanguard^® Emerging Markets Government Bond ETF		11,055		722,444
Vanguard^® FTSE Developed Markets ETF		15,213		867,293
Vanguard^® FTSE Emerging Markets ETF		5,866		290,132
Vanguard^® Intermediate-Term Treasury ETF		19,278		1,153,017
Vanguard^® Mortgage-Backed Securities ETF		31,133		1,442,703
Vanguard^® Short-Term Bond ETF		51,009		4,014,408
Vanguard^® Small-Cap ETF		1,230		291,486
Vanguard^® Total Bond Market ETF		119,430		8,793,631
Vanguard^® Total International Bond ETF		40,398		2,000,105
Vanguard^® Total Stock Market ETF		6,738		2,047,880
Total Exchange Traded Funds
(Cost $26,902,636)				28,289,719

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 1.75%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		504,628	$	504,628

Total Short-Term Investments
(Cost $504,628)							504,628

Total Investments - 100.10%
(Total cost $27,407,264)							28,794,347

Liabilities in Excess of Other Assets - (0.10)%							(28,848	)

Net Assets - 100.00%						$	28,765,499

See Notes to Financial Statements and Financial Highlights.

1 | June 30, 2025

Morningstar Income and Growth ETF Asset Allocation Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 97.79%
Columbia EM Core ex-China ETF		14,930	$	510,307
iShares^® Broad USD High Yield Corporate Bond ETF		54,214		2,033,567
iShares^® Core S&P 500^® ETF		7,425		4,610,183
iShares^® Core S&P^® Mid-Cap ETF		8,267		512,719
iShares^® S&P 100 ETF		5,055		1,538,489
Schwab Fundamental International Equity ETF		38,355		1,534,967
Schwab US TIPS ETF		28,420		758,246
SPDR^® Portfolio Intermediate Term Corporate Bond ETF		75,500		2,535,290
Vanguard^® Emerging Markets Government Bond ETF		11,740		767,209
Vanguard^® FTSE Developed Markets ETF		49,334		2,812,531
Vanguard^® FTSE Emerging Markets ETF		15,800		781,468
Vanguard^® Intermediate-Term Treasury ETF		25,438		1,521,447
Vanguard^® Mega Cap Growth ETF		1,400		512,638
Vanguard^® Mortgage-Backed Securities ETF		44,015		2,039,655
Vanguard^® Short-Term Bond ETF		57,627		4,535,245
Vanguard^® Small-Cap ETF		5,435		1,287,986
Vanguard^® Total Bond Market ETF		172,266		12,683,946
Vanguard^® Total International Bond ETF		50,815		2,515,851
Vanguard^® Total Stock Market ETF		21,008		6,384,961
Total Exchange Traded Funds
(Cost $46,545,759)				49,876,705

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 2.13%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		1,087,909	$	1,087,909

Total Short-Term Investments
(Cost $1,087,909)							1,087,909

Total Investments - 99.92%
(Total cost $47,633,668)							50,964,614

Other Assets in Excess of Liabilities - 0.08%							40,196

Net Assets - 100.00%						$	51,004,810

See Notes to Financial Statements and Financial Highlights.

2 | June 30, 2025

Morningstar Balanced ETF Asset Allocation Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 99.11%
Columbia EM Core ex-China ETF		75,025	$	2,564,354
iShares^® Broad USD High Yield Corporate Bond ETF		130,382		4,890,629
iShares^® Core S&P 500^® ETF		35,088		21,786,139
iShares^® Core S&P^® Mid-Cap ETF		65,945		4,089,909
iShares^® S&P 100 ETF		27,765		8,450,278
Schwab Fundamental International Equity ETF		205,809		8,236,476
Schwab US TIPS ETF		60,810		1,622,411
SPDR^® Portfolio Intermediate Term Corporate Bond ETF		145,535		4,887,065
Vanguard^® FTSE Developed Markets ETF		231,257		13,183,961
Vanguard^® FTSE Emerging Markets ETF		100,978		4,994,372
Vanguard^® Intermediate-Term Treasury ETF		54,486		3,258,808
Vanguard^® Mega Cap Growth ETF		9,310		3,409,043
Vanguard^® Mortgage-Backed Securities ETF		105,585		4,892,809
Vanguard^® Short-Term Bond ETF		123,967		9,756,203
Vanguard^® Small-Cap ETF		27,775		6,582,119
Vanguard^® Total Bond Market ETF		403,140		29,683,199
Vanguard^® Total International Bond ETF		97,410		4,822,769
Vanguard^® Total Stock Market ETF		88,199		26,806,322
Total Exchange Traded Funds
(Cost $144,704,017)				163,916,866

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 0.53%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		870,351	$	870,351

Total Short-Term Investments
(Cost $870,351)							870,351

Total Investments - 99.64%
(Total cost $145,574,368)							164,787,217

Other Assets in Excess of Liabilities - 0.36%							596,238

Net Assets - 100.00%						$	165,383,455

See Notes to Financial Statements and Financial Highlights.

3 | June 30, 2025

Morningstar Growth ETF Asset Allocation Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 99.03%
Columbia EM Core ex-China ETF		164,755	$	5,631,326
iShares^® Broad USD High Yield Corporate Bond ETF		143,240		5,372,932
iShares^® Core S&P 500^® ETF		69,475		43,137,028
iShares^® Core S&P^® Mid-Cap ETF		152,220		9,440,685
iShares^® S&P 100 ETF		55,385		16,856,425
Schwab Fundamental International Equity ETF		486,031		19,450,961
Vanguard^{^®} FTSE Developed Markets ETF		536,527		30,587,404
Vanguard^® FTSE Emerging Markets ETF		277,657		13,732,915
Vanguard^® Mega Cap Growth ETF		23,060		8,443,880
Vanguard^® Mortgage-Backed Securities ETF		57,940		2,684,940
Vanguard^® Short-Term Bond ETF		135,376		10,654,091
Vanguard^® Small-Cap ETF		68,745		16,291,190
Vanguard^® Total Bond Market ETF		401,480		29,560,972
Vanguard^® Total International Bond ETF		53,840		2,665,618
Vanguard^® Total Stock Market ETF		192,166		58,405,012
Total Exchange Traded Funds
(Cost $214,728,007)				272,915,379

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 0.98%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		2,701,660	$	2,701,660

Total Short-Term Investments
(Cost $2,701,660)							2,701,660

Total Investments - 100.01%
(Total cost $217,429,667)							275,617,039

Liabilities in Excess of Other Assets - (0.01)%							(22,244	)

Net Assets - 100.00%						$	275,594,795

See Notes to Financial Statements and Financial Highlights.

4 | June 30, 2025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Exchange Traded Funds - 99.13%
Columbia EM Core ex-China ETF		156,280	$	5,341,651
iShares^® Core S&P 500^® ETF		54,397		33,775,097
iShares^® Core S&P^® Mid-Cap ETF		164,835		10,223,067
iShares^® S&P 100 ETF		45,552		13,863,751
Schwab Fundamental International Equity ETF		421,442		16,866,109
Vanguard^® FTSE Developed Markets ETF		517,830		29,521,488
Vanguard^® FTSE Emerging Markets ETF		252,600		12,493,596
Vanguard^® Mega Cap Growth ETF		23,325		8,540,915
Vanguard^® Small-Cap ETF		69,530		16,477,220
Vanguard^® Total Bond Market ETF		110,818		8,159,529
Vanguard^® Total Stock Market ETF		173,466		52,721,521
Total Exchange Traded Funds
(Cost $158,071,911)				207,983,944

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 0.82%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		1,726,880	$	1,726,880

Total Short-Term Investments
(Cost $1,726,880)							1,726,880

Total Investments - 99.95%
(Total cost $159,798,791)							209,710,824

Other Assets in Excess of Liabilities - 0.05%							95,146

Net Assets - 100.00%						$	209,805,970

See Notes to Financial Statements and Financial Highlights.

5 | June 30, 2025

Morningstar ETF Asset Allocation Series

Statements of Assets and Liabilities

As of June 30, 2025 (Unaudited)

	Morningstar Conservative ETF Asset Allocation Portfolio		Morningstar Income and Growth ETF Asset Allocation Portfolio		Morningstar Balanced ETF Asset Allocation Portfolio		Morningstar Growth ETF Asset Allocation Portfolio		Morningstar Aggressive Growth ETF Asset Allocation Portfolio
ASSETS:

Investments, at value	$	28,794,347	$	50,964,614	$	164,787,217	$	275,617,039	$	209,710,824
Receivable for shares sold		4,405		73,010		681,258		22,708		21,676
Dividends receivable		9,060		27,498		110,700		246,237		228,922
Other assets		797		1,509		4,816		7,875		5,975
Total Assets		28,808,609		51,066,631		165,583,991		275,893,859		209,967,397

LIABILITIES:

Payable for shares redeemed		8,104		12,524		79,785		119,905		32,296
Payable to advisor		4,908		14,956		56,700		99,541		73,367
Payable for distribution and service fees		4,494		8,137		24,065		26,027		11,805
Payable for audit fees		9,077		9,077		9,077		9,077		9,077
Payable for trustees’ fees		2,947		659		1,426		1,566		1,481
Accrued expenses and other liabilities		13,580		16,468		29,483		42,948		33,401
Total Liabilities		43,110		61,821		200,536		299,064		161,427
Net Assets	$	28,765,499	$	51,004,810	$	165,383,455	$	275,594,795	$	209,805,970

NET ASSETS CONSIST OF:

Paid-in capital	$	28,398,364	$	42,634,435	$	123,303,820	$	186,499,065	$	136,746,639
Total distributable earnings/ (accumulated losses)		367,135		8,370,375		42,079,635		89,095,730		73,059,331
Net Assets	$	28,765,499	$	51,004,810	$	165,383,455	$	275,594,795	$	209,805,970

Investments, at Cost	$	27,407,264	$	47,633,668	$	145,574,368	$	217,429,667	$	159,798,791

PRICING OF SHARES:

Class I:
Net Assets	$	6,823,212	$	11,026,749	$	45,578,194	$	145,951,388	$	151,128,926
Shares of beneficial interest outstanding		635,963		1,087,404		3,892,856		10,711,790		8,936,906
Net assets value, offering and redemption price per share	$	10.73	$	10.14	$	11.71	$	13.63	$	16.91

Class II:
Net Assets	$	21,942,287	$	39,978,061	$	119,805,261	$	129,643,407	$	58,677,044
Shares of beneficial interest outstanding		2,058,555		3,667,064		10,081,156		9,759,306		3,522,354
Net assets value, offering and redemption price per share	$	10.66	$	10.90	$	11.88	$	13.28	$	16.66

See Notes to Financial Statements and Financial Highlights.

6 | June 30, 2025

Morningstar ETF Asset Allocation Series

Statements of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

	Morningstar Conservative ETF Asset Allocation Portfolio			Morningstar Income and Growth ETF Asset Allocation Portfolio			Morningstar Balanced ETF Asset Allocation Portfolio			Morningstar Growth ETF Asset Allocation Portfolio		Morningstar Aggressive Growth ETF Asset Allocation Portfolio
INVESTMENT INCOME:
Dividends	$	428,667		$	637,805		$	1,700,214		$	2,264,049	$	1,411,514
Total Investment Income		428,667			637,805			1,700,214			2,264,049		1,411,514

EXPENSES:
Investment advisor fee		63,875			109,804			355,455			582,913		439,598
Recoupment of previously waived fees		–			–			–			–		6,553
12b-1 fees:
Class II		27,409			48,185			143,816			153,153		70,295
Custodian fees		2,980			3,283			3,860			5,381		4,422
Administration fees		5,034			5,034			5,034			5,034		5,034
Legal fees		2,101			3,314			10,187			16,241		12,115
Audit fees		8,505			8,505			8,505			8,505		8,505
Trustees’ fees and expenses		6,479			6,693			21,068			33,873		25,909
Report to shareholder fees		2,445			2,746			4,402			6,120		4,561
Other expenses		5,998			6,943			12,256			17,300		13,545
Total expenses before waiver/reimbursements		124,826			194,507			564,583			828,520		590,537
Less fees waived/reimbursed by investment advisor
Class I		(5,070	)		(3,573	)		(601	)		–		(1,774	)
Class II		(17,143	)		(13,398	)		(1,594	)		–		(690	)
Total Net Expenses		102,613			177,536			562,388			828,520		588,073
Net Investment Income		326,054			460,269			1,137,826			1,435,529		823,441

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain on investments		225,349			610,941			2,493,313			4,876,318		4,390,352
Net change in unrealized appreciation on investments		709,669			1,563,954			6,621,435			13,276,231		11,065,582
Net Realized and Unrealized Gain on Investments		935,018			2,174,895			9,114,748			18,152,549		15,455,934
Net Increase in Net Assets Resulting from Operations	$	1,261,072		$	2,635,164		$	10,252,574		$	19,588,078	$	16,279,375

See Notes to Financial Statements and Financial Highlights.

7 | June 30, 2025

Morningstar Conservative ETF Asset Allocation Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	326,054		$	824,488
Net realized gain		225,349			217,664
Net change in unrealized appreciation		709,669			465,863
Net increase in net assets resulting from operations		1,261,072			1,508,015

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(154,435	)
Class II		–			(513,648	)
Total distributions		–			(668,083	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		482,714			872,144
Issued to shareholders in reinvestment of distributions		–			154,435
Cost of shares redeemed		(193,223	)		(772,446	)
Net increase from share transactions		289,491			254,133
Class II
Proceeds from sale of shares		2,028,257			3,217,431
Issued to shareholders in reinvestment of distributions		–			513,648
Cost of shares redeemed		(3,728,603	)		(5,121,107	)
Net decrease from share transactions		(1,700,346	)		(1,390,028	)

Net decrease in net assets		(149,783	)		(295,963	)

NET ASSETS:

Beginning of period		28,915,282			29,211,245
End of period	$	28,765,499		$	28,915,282

OTHER INFORMATION - SHARES:

Class I
Sold		46,633			85,179
Reinvested		–			14,793
Redeemed		(18,559	)		(74,894	)
Net increase in shares outstanding		28,074			25,078

Class II
Sold		197,126			316,567
Reinvested		–			49,437
Redeemed		(361,443	)		(503,581	)
Net decrease in shares outstanding		(164,317	)		(137,577	)

See Notes to Financial Statements and Financial Highlights.

8 | June 30, 2025

Morningstar Income and Growth ETF Asset Allocation Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	460,269		$	1,219,775
Net realized gain		610,941			3,076,925
Net change in unrealized appreciation/(depreciation)		1,563,954			(362,352	)
Net increase in net assets resulting from operations		2,635,164			3,934,348

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(325,450	)
Class II		–			(1,094,671	)
Total distributions		–			(1,420,121	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		865,876			2,369,886
Issued to shareholders in reinvestment of distributions		–			325,450
Cost of shares redeemed		(367,495	)		(1,020,304	)
Net increase from share transactions		498,381			1,675,032
Class II
Proceeds from sale of shares		3,174,318			2,134,385
Issued to shareholders in reinvestment of distributions		–			1,094,672
Cost of shares redeemed		(3,734,069	)		(12,890,098	)
Net decrease from share transactions		(559,751	)		(9,661,041	)

Net increase/(decrease) in net assets		2,573,794			(5,471,782	)

NET ASSETS:

Beginning of period		48,431,016			53,902,798
End of period	$	51,004,810		$	48,431,016

OTHER INFORMATION - SHARES:

Class I
Sold		89,271			244,021
Reinvested		–			33,074
Redeemed		(37,864	)		(109,264	)
Net increase in shares outstanding		51,407			167,831

Class II
Sold		302,472			204,454
Reinvested		–			103,368
Redeemed		(356,223	)		(1,248,953	)
Net decrease in shares outstanding		(53,751	)		(941,131	)

See Notes to Financial Statements and Financial Highlights.

9 | June 30, 2025

Morningstar Balanced ETF Asset Allocation Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	1,137,826		$	3,285,475
Net realized gain		2,493,313			16,412,513
Net change in unrealized appreciation/(depreciation)		6,621,435			(3,729,363	)
Net increase in net assets resulting from operations		10,252,574			15,968,625

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(1,248,752	)
Class II		–			(3,211,558	)
Total distributions		–			(4,460,310	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		2,253,526			5,271,054
Issued to shareholders in reinvestment of distributions		–			1,248,752
Cost of shares redeemed		(1,970,627	)		(5,143,243	)
Net increase from share transactions		282,899			1,376,563
Class II
Proceeds from sale of shares		3,761,233			8,308,237
Issued to shareholders in reinvestment of distributions		–			3,211,558
Cost of shares redeemed		(9,587,862	)		(23,618,451	)
Net decrease from share transactions		(5,826,629	)		(12,098,656	)

Net increase in net assets		4,708,844			786,222

NET ASSETS:

Beginning of period		160,674,611			159,888,389
End of period	$	165,383,455		$	160,674,611

OTHER INFORMATION - SHARES:

Class I
Sold		205,093			487,497
Reinvested		–			110,509
Redeemed		(175,953	)		(490,928	)
Net increase in shares outstanding		29,140			107,078

Class II
Sold		327,786			759,607
Reinvested		–			279,509
Redeemed		(848,605	)		(2,130,539	)
Net decrease in shares outstanding		(520,819	)		(1,091,423	)

See Notes to Financial Statements and Financial Highlights.

10 | June 30, 2025

Morningstar Growth ETF Asset Allocation Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	1,435,529		$	4,423,593
Net realized gain		4,876,318			20,264,137
Net change in unrealized appreciation		13,276,231			6,287,777
Net increase in net assets resulting from operations		19,588,078			30,975,507

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(4,873,019	)
Class II		–			(4,330,871	)
Total distributions		–			(9,203,890	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		4,253,991			10,761,141
Issued to shareholders in reinvestment of distributions		–			4,873,019
Cost of shares redeemed		(5,758,061	)		(11,721,203	)
Net increase/(decrease) from share transactions		(1,504,070	)		3,912,957
Class II
Proceeds from sale of shares		2,697,956			7,075,512
Issued to shareholders in reinvestment of distributions		–			4,330,871
Cost of shares redeemed		(6,126,377	)		(22,135,968	)
Net decrease from share transactions		(3,428,421	)		(10,729,585	)

Net increase in net assets		14,655,587			14,954,989

NET ASSETS:

Beginning of period		260,939,208			245,984,219
End of period	$	275,594,795		$	260,939,208

OTHER INFORMATION - SHARES:

Class I
Sold		331,545			857,819
Reinvested		–			371,986
Redeemed		(448,933	)		(939,834	)
Net increase/(decrease) in shares outstanding		(117,388	)		289,971

Class II
Sold		214,323			591,362
Reinvested		–			338,614
Redeemed		(493,013	)		(1,796,516	)
Net decrease in shares outstanding		(278,690	)		(866,540	)

See Notes to Financial Statements and Financial Highlights.

11 | June 30, 2025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	823,441		$	2,802,392
Net realized gain		4,390,352			15,165,910
Net change in unrealized appreciation		11,065,582			7,635,986
Net increase in net assets resulting from operations		16,279,375			25,604,288

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(3,919,911	)
Class II		–			(1,612,902	)
Total distributions		–			(5,532,813	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		5,429,080			10,858,429
Issued to shareholders in reinvestment of distributions		–			3,919,911
Cost of shares redeemed		(3,161,133	)		(9,051,479	)
Net increase from share transactions		2,267,947			5,726,861
Class II
Proceeds from sale of shares		1,127,913			4,074,378
Issued to shareholders in reinvestment of distributions		–			1,612,902
Cost of shares redeemed		(5,504,024	)		(10,477,479	)
Net decrease from share transactions		(4,376,111	)		(4,790,199	)

Net increase in net assets		14,171,211			21,008,137

NET ASSETS:

Beginning of period		195,634,759			174,626,622
End of period	$	209,805,970		$	195,634,759

OTHER INFORMATION - SHARES:

Class I
Sold		342,872			711,159
Reinvested		–			241,671
Redeemed		(202,579	)		(594,716	)
Net increase in shares outstanding		140,293			358,114

Class II
Sold		72,761			273,181
Reinvested		–			100,806
Redeemed		(352,436	)		(696,040	)
Net decrease in shares outstanding		(279,675	)		(322,053	)

See Notes to Financial Statements and Financial Highlights.

12 | June 30, 2025

Morningstar Conservative ETF Asset Allocation Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	10.26		$	9.97		$	9.57		$	11.43		$	11.65		$	11.18
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.13			0.31			0.25			0.25			0.19			0.19
Net realized and unrealized gain/(loss) on investments		0.34			0.24			0.52			(1.57	)		0.11			0.56
Total income/(loss) from investment operations		0.47			0.55			0.77			(1.32	)		0.30			0.75

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.26	)		(0.26	)		(0.18	)		(0.20	)		(0.22	)
From net realized gain		–			–			(0.11	)		(0.36	)		(0.32	)		(0.06	)
Total distributions		–			(0.26	)		(0.37	)		(0.54	)		(0.52	)		(0.28	)
Net increase/(decrease) in net asset value		0.47			0.29			0.40			(1.86	)		(0.22	)		0.47
Net asset value - end of period	$	10.73		$	10.26		$	9.97		$	9.57		$	11.43		$	11.65

Total Return^*		4.58	%⁽²⁾		5.52	%		8.19	%		(11.61	)%		2.51	%		6.80	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	6,823		$	6,235		$	5,808		$	5,102		$	4,959		$	4,334
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.69	%⁽³⁾		0.66	%		0.66	%		0.61	%		0.65	%		0.62	%
Net expenses after waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income after waiver/reimbursements		2.50	%⁽³⁾		3.05	%		2.53	%		2.36	%		1.65	%		1.65	%
Portfolio turnover rate		10	%⁽²⁾		27	%		32	%		67	%		20	%		73	%

Assumes reinvestment of any dividends and distributions. The performance does not include the fees and expenses incurred by investing through a separate account or qualified plan and does not reflect the variable annuity or life insurance contract charges. If they did the Portfolio’s performance would be lower.

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

13 | June 30, 2025

Morningstar Conservative ETF Asset Allocation Portfolio – Class II

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	10.20		$	9.91		$	9.52		$	11.37		$	11.59		$	11.13
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.11			0.28			0.22			0.22			0.16			0.16
Net realized and unrealized gain/(loss) on investments		0.35			0.25			0.52			(1.55	)		0.11			0.56
Total income/(loss) from investment operations		0.46			0.53			0.74			(1.33	)		0.27			0.72

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.24	)		(0.23	)		(0.16	)		(0.17	)		(0.20	)
From net realized gain		–			–			(0.12	)		(0.36	)		(0.32	)		(0.06	)
Total distributions		–			(0.24	)		(0.35	)		(0.52	)		(0.49	)		(0.26	)
Net increase/(decrease) in net asset value		0.46			0.29			0.39			(1.85	)		(0.22	)		0.46
Net asset value - end of period	$	10.66		$	10.20		$	9.91		$	9.52		$	11.37		$	11.59

Total Return^*		4.51	%⁽²⁾		5.29	%		7.84	%		(11.82	)%		2.28	%		6.49	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	21,942		$	22,680		$	23,403		$	26,573		$	30,736		$	33,236
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.94	%⁽³⁾		0.91	%		0.91	%		0.86	%		0.90	%		0.87	%
Net expenses after waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income after waiver/reimbursements		2.24	%⁽³⁾		2.77	%		2.23	%		2.08	%		1.35	%		1.42	%
Portfolio turnover rate		10	%⁽²⁾		27	%		32	%		67	%		20	%		73	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

14 | June 30, 2025

Morningstar Income and Growth ETF Asset Allocation Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	9.61		$	9.18		$	8.58		$	10.52		$	10.38		$	9.90
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.10			0.26			0.21			0.21			0.20			0.17
Net realized and unrealized gain/(loss) on investments		0.43			0.50			0.72			(1.49	)		0.49			0.69
Total income/(loss) from investment operations		0.53			0.76			0.93			(1.28	)		0.69			0.86

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.26	)		(0.24	)		(0.21	)		(0.19	)		(0.25	)
From net realized gain		–			(0.07	)		(0.09	)		(0.45	)		(0.36	)		(0.13	)
Total distributions		–			(0.33	)		(0.33	)		(0.66	)		(0.55	)		(0.38	)
Net increase/(decrease) in net asset value		0.53			0.43			0.60			(1.94	)		0.14			0.48
Net asset value - end of period	$	10.14		$	9.61		$	9.18		$	8.58		$	10.52		$	10.38

Total Return^*		5.52	%⁽²⁾		8.20	%		10.99	%		(12.31	)%		6.66	%		8.73	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	11,027		$	9,953		$	7,967		$	6,892		$	9,245		$	6,333
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.60	%⁽³⁾		0.60	%		0.60	%		0.56	%		0.56	%		0.57	%
Net expenses after waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income after waiver/reimbursements		2.10	%⁽³⁾		2.70	%		2.32	%		2.17	%		1.85	%		1.72	%
Portfolio turnover rate		11	%⁽²⁾		71	%		34	%		23	%		16	%		47	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

15 | June 30, 2025

Morningstar Income and Growth ETF Asset Allocation Portfolio – Class II

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	10.34		$	9.85		$	9.19		$	11.21		$	11.02		$	10.49
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.09			0.24			0.19			0.19			0.16			0.15
Net realized and unrealized gain/(loss) on investments		0.47			0.55			0.77			(1.58	)		0.55			0.73
Total income/(loss) from investment operations		0.56			0.79			0.96			(1.39	)		0.71			0.88

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.23	)		(0.21	)		(0.18	)		(0.16	)		(0.22	)
From net realized gain		–			(0.07	)		(0.09	)		(0.45	)		(0.36	)		(0.13	)
Total distributions		–			(0.30	)		(0.30	)		(0.63	)		(0.52	)		(0.35	)
Net increase/(decrease) in net asset value		0.56			0.49			0.66			(2.02	)		0.19			0.53
Net asset value - end of period	$	10.90		$	10.34		$	9.85		$	9.19		$	11.21		$	11.02

Total Return^*		5.42	%⁽²⁾		7.97	%		10.59	%		(12.54	)%		6.47	%		8.43	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	39,978		$	38,478		$	45,936		$	46,779		$	60,783		$	62,967
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.85	%⁽³⁾		0.85	%		0.84	%		0.81	%		0.81	%		0.81	%
Net expenses after waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income after waiver/reimbursements		1.83	%⁽³⁾		2.33	%		2.03	%		1.88	%		1.43	%		1.42	%
Portfolio turnover rate		11	%⁽²⁾		71	%		34	%		23	%		16	%		47	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

16 | June 30, 2025

Morningstar Balanced ETF Asset Allocation Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	10.98		$	10.23		$	9.48		$	11.65		$	11.10		$	10.50
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.09			0.24			0.21			0.23			0.21			0.18
Net realized and unrealized gain/(loss) on investments		0.64			0.85			1.01			(1.68	)		1.00			0.80
Total income/(loss) from investment operations		0.73			1.09			1.22			(1.45	)		1.21			0.98

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.23	)		(0.23	)		(0.22	)		(0.19	)		(0.24	)
From net realized gain		–			(0.11	)		(0.24	)		(0.50	)		(0.47	)		(0.14	)
Total distributions		–			(0.34	)		(0.47	)		(0.72	)		(0.66	)		(0.38	)
Net increase/(decrease) in net asset value		0.73			0.75			0.75			(2.17	)		0.55			0.60
Net asset value - end of period	$	11.71		$	10.98		$	10.23		$	9.48		$	11.65		$	11.10

Total Return^*		6.65	%⁽²⁾		10.50	%		13.11	%		(12.60	)%		11.00	%		9.41	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	45,578		$	42,410		$	38,413		$	33,315		$	38,044		$	30,293
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.54	%		0.53	%		0.53	%		0.53	%
Net expenses after waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income after waiver/reimbursements		1.63	%⁽³⁾		2.25	%		2.13	%		2.18	%		1.79	%		1.76	%
Portfolio turnover rate		9	%⁽²⁾		51	%		35	%		23	%		15	%		53	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

17 | June 30, 2025

Morningstar Balanced ETF Asset Allocation Portfolio – Class II

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	11.16		$	10.39		$	9.62		$	11.81		$	11.24		$	10.63
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.08			0.21			0.19			0.20			0.17			0.16
Net realized and unrealized gain/(loss) on investments		0.64			0.87			1.03			(1.71	)		1.03			0.81
Total income/(loss) from investment operations		0.72			1.08			1.22			(1.51	)		1.20			0.97

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.20	)		(0.21	)		(0.18	)		(0.16	)		(0.22	)
From net realized gain		–			(0.11	)		(0.24	)		(0.50	)		(0.47	)		(0.14	)
Total distributions		–			(0.31	)		(0.45	)		(0.68	)		(0.63	)		(0.36	)
Net increase/(decrease) in net asset value		0.72			0.77			0.77			(2.19	)		0.57			0.61
Net asset value - end of period	$	11.88		$	11.16		$	10.39		$	9.62		$	11.81		$	11.24

Total Return^*		6.45	%⁽²⁾		10.27	%		12.82	%		(12.88	)%		10.79	%		9.12	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	119,805		$	118,265		$	121,476		$	117,564		$	145,119		$	149,159
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.79	%		0.78	%		0.78	%		0.78	%
Net expenses after waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income after waiver/reimbursements		1.37	%⁽³⁾		1.95	%		1.84	%		1.89	%		1.45	%		1.50	%
Portfolio turnover rate		9	%⁽²⁾		51	%		35	%		23	%		15	%		53	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

18 | June 30, 2025

Morningstar Growth ETF Asset Allocation Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	12.65		$	11.61		$	10.49		$	12.81		$	11.69		$	11.12
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.08			0.23			0.21			0.24			0.22			0.18
Net realized and unrealized gain/(loss) on investments		0.90			1.29			1.40			(1.90	)		1.54			0.95
Total income/(loss) from investment operations		0.98			1.52			1.61			(1.66	)		1.76			1.13

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.22	)		(0.23	)		(0.21	)		(0.19	)		(0.25	)
From net realized gain		–			(0.26	)		(0.26	)		(0.45	)		(0.45	)		(0.31	)
Total distributions		–			(0.48	)		(0.49	)		(0.66	)		(0.64	)		(0.56	)
Net increase/(decrease) in net asset value		0.98			1.04			1.12			(2.32	)		1.12			0.57
Net asset value - end of period	$	13.63		$	12.65		$	11.61		$	10.49		$	12.81		$	11.69

Total Return^*		7.75	%⁽²⁾		12.88	%		15.61	%		(12.96	)%		15.09	%		10.26	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	145,951		$	136,987		$	122,310		$	107,289		$	118,634		$	101,796
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.52	%⁽³⁾		0.52	%		0.53	%		0.52	%		0.52	%		0.53	%
Net expenses after waiver/reimbursements		0.52	%⁽³⁾		0.52	%		0.53	%		0.52	%		0.52	%		0.53	%
Net investment income after waiver/reimbursements		1.23	%⁽³⁾		1.85	%		1.90	%		2.08	%		1.74	%		1.74	%
Portfolio turnover rate		13	%⁽²⁾		27	%		35	%		26	%		15	%		47	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

19 | June 30, 2025

Morningstar Growth ETF Asset Allocation Portfolio – Class II

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	12.35		$	11.34		$	10.26		$	12.55		$	11.46		$	10.91
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.06			0.19			0.18			0.20			0.18			0.15
Net realized and unrealized gain/(loss) on investments		0.87			1.27			1.36			(1.86	)		1.52			0.93
Total income/(loss) from investment operations		0.93			1.46			1.54			(1.66	)		1.70			1.08

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.19	)		(0.20	)		(0.18	)		(0.16	)		(0.22	)
From net realized gain		–			(0.26	)		(0.26	)		(0.45	)		(0.45	)		(0.31	)
Total distributions		–			(0.45	)		(0.46	)		(0.63	)		(0.61	)		(0.53	)
Net increase/(decrease) in net asset value		0.93			1.01			1.08			(2.29	)		1.09			0.55
Net asset value - end of period	$	13.28		$	12.35		$	11.34		$	10.26		$	12.55		$	11.46

Total Return^*		7.53	%⁽²⁾		12.67	%		15.27	%		(13.25	)%		14.88	%		10.01	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	129,643		$	123,952		$	123,674		$	114,300		$	138,143		$	131,873
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.77	%⁽³⁾		0.77	%		0.78	%		0.77	%		0.77	%		0.78	%
Net expenses after waiver/reimbursements		0.77	%⁽³⁾		0.77	%		0.78	%		0.77	%		0.77	%		0.78	%
Net investment income after waiver/reimbursements		0.97	%⁽³⁾		1.56	%		1.64	%		1.80	%		1.44	%		1.45	%
Portfolio turnover rate		13	%⁽²⁾		27	%		35	%		26	%		15	%		47	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

20 | June 30, 2025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	15.59		$	13.96		$	12.40		$	15.05		$	13.13		$	12.35
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.07			0.24			0.25			0.29			0.27			0.20
Net realized and unrealized gain/(loss) on investments		1.25			1.85			1.84			(2.22	)		2.16			1.07
Total income/(loss) from investment operations		1.32			2.09			2.09			(1.93	)		2.43			1.27

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.23	)		(0.25	)		(0.24	)		(0.19	)		(0.25	)
From net realized gain		–			(0.23	)		(0.28	)		(0.48	)		(0.32	)		(0.24	)
Total distributions		–			(0.46	)		(0.53	)		(0.72	)		(0.51	)		(0.49	)
Net increase/(decrease) in net asset value		1.32			1.63			1.56			(2.65	)		1.92			0.78
Net asset value - end of period	$	16.91		$	15.59		$	13.96		$	12.40		$	15.05		$	13.13

Total Return^*		8.47	%⁽²⁾		14.85	%		17.10	%		(12.92	)%		18.60	%		10.34	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	151,129		$	137,162		$	117,801		$	92,533		$	97,338		$	76,410
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.54	%		0.53	%		0.54	%		0.55	%
Net expenses after waiver/reimbursements		0.53	%⁽³⁾		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income after waiver/reimbursements		0.93	%⁽³⁾		1.58	%		1.86	%		2.15	%		1.83	%		1.75	%
Portfolio turnover rate		14	%⁽²⁾		35	%		37	%		23	%		18	%		45	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

21 | June 30, 2025

Morningstar Aggressive Growth ETF Asset Allocation Portfolio – Class II

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	15.38		$	13.78		$	12.24		$	14.87		$	12.98		$	12.23
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.05			0.19			0.20			0.25			0.22			0.17
Net realized and unrealized gain/(loss) on investments		1.23			1.84			1.84			(2.20	)		2.15			1.04
Total income/(loss) from investment operations		1.28			2.03			2.04			(1.95	)		2.37			1.21

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.20	)		(0.22	)		(0.20	)		(0.16	)		(0.22	)
From net realized gain		–			(0.23	)		(0.28	)		(0.48	)		(0.32	)		(0.24	)
Total distributions		–			(0.43	)		(0.50	)		(0.68	)		(0.48	)		(0.46	)
Net increase/(decrease) in net asset value		1.28			1.60			1.54			(2.63	)		1.89			0.75
Net asset value - end of period	$	16.66		$	15.38		$	13.78		$	12.24		$	14.87		$	12.98

Total Return^*		8.32	%⁽²⁾		14.58	%		16.88	%		(13.17	)%		18.33	%		9.96	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	58,677		$	58,472		$	56,826		$	51,790		$	56,211		$	53,243
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.79	%		0.78	%		0.79	%		0.80	%
Net expenses after waiver/reimbursements		0.78	%⁽³⁾		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income after waiver/reimbursements		0.64	%⁽³⁾		1.28	%		1.53	%		1.90	%		1.50	%		1.45	%
Portfolio turnover rate		14	%⁽²⁾		35	%		37	%		23	%		18	%		45	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

22 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Canadian Energy Infrastructure Companies - 28.25%
Enbridge, Inc.		221,467	$	10,042,656
Gibson Energy, Inc.		142,286		2,497,254
Keyera Corp.		195,487		6,393,972
Pembina Pipeline Corp.		167,953		6,306,177
South Bow Corp.		181,378		4,708,436
TC Energy Corp.		127,685		6,233,522

Total Canadian Energy Infrastructure Companies
(Cost $31,242,137)				36,182,017

U.S. Energy Infrastructure Companies - 28.08%
Aris Water Solutions, Inc.		21,462		507,576
Cheniere Energy, Inc.		27,175		6,617,656
DT Midstream, Inc.		60,124		6,608,229
Kinder Morgan, Inc.		230,914		6,788,871
Kinetik Holdings, Inc.		36,783		1,620,291
NextDecade Corp. ⁽¹⁾		107,825		960,721
ONEOK, Inc.		77,282		6,308,530
Summit Midstream Corp. ⁽¹⁾		9,355		229,478
Targa Resources Corp.		36,362		6,329,897

Total U.S. Energy Infrastructure Companies
(Cost $26,067,235)				35,971,249

U.S. Energy Infrastructure MLPs - 27.96%
Delek Logistics Partners LP		8,110		348,325
Energy Transfer LP		623,832		11,310,074
Enterprise Products Partners LP		294,240		9,124,382
Genesis Energy LP		45,067		776,505
Hess Midstream LP, Class A		113,690		4,378,202
MPLX LP		123,134		6,342,632
Western Midstream Partners LP		91,116		3,526,189

Total U.S. Energy Infrastructure MLPs
(Cost $30,158,115)				35,806,309

U.S. General Partners - 15.78%
Antero Midstream Corp.		292,952		5,551,441
Plains GP Holdings LP, Class A		327,349		6,360,391
The Williams Cos., Inc.		132,194		8,303,105

Total U.S. General Partners
(Cost $13,850,211)				20,214,937

Security Description	7-Day Yield			Shares		Value
Short-Term Investments - 0.10%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		130,181	$	130,181

Total Short-Term Investments
(Cost $130,181)							130,181

Total Investments - 100.17%
(Total cost $101,447,879)							128,304,693

Liabilities in Excess of Other Assets - (0.17)%							(220,247	)

Net Assets - 100.00%						$	128,084,446

⁽¹⁾

Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

23 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio

Statement of Assets and Liabilities

As of June 30, 2025 (Unaudited)

ASSETS:
Investments, at value	$	128,304,693
Foreign currency, at value (Cost $139,874)		139,874
Receivable for shares sold		13,218
Dividends receivable		238,374
Other assets		3,807
Total Assets		128,699,966

LIABILITIES:

Payable for investments purchased		1,013
Payable for shares redeemed		454,481
Payable to advisor		69,366
Payable for distribution and service fees		49,917
Payable for audit fees		11,798
Payable for trustees’ fees		1,764
Accrued expenses and other liabilities		27,181
Total Liabilities		615,520
Net Assets	$	128,084,446

NET ASSETS CONSIST OF:

Paid-in capital	$	81,601,006
Total distributable earnings (accumulated losses)		46,483,440
Net Assets	$	128,084,446

Investments, at Cost	$	101,447,879

PRICING OF SHARES:

Class I:
Net Assets	$	7,484,141
Shares of beneficial interest outstanding		495,667
Net assets value, offering and redemption price per share	$	15.10

Class III:
Net Assets	$	120,600,305
Shares of beneficial interest outstanding		8,011,823
Net assets value, offering and redemption price per share	$	15.05

See Notes to Financial Statements and Financial Highlights.

24 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio

Statement of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

INVESTMENT INCOME:
Dividends (Net of foreign withholding taxes of $166,256)	$	3,358,962
Total Investment Income		3,358,962

EXPENSES:
Investment advisor fee		459,795
12b-1 fees:
Class III		153,845
Shareholder servicing fees:
Class I		6,220
Class III		153,845
Custodian fees		12,324
Administration fee		5,109
Legal fees		8,155
Audit fees		11,195
Trustees’ fees and expenses		18,885
Report to shareholder fees		3,166
Other expenses		10,857
Total expenses before waiver/reimbursements		843,396
Less fees waived/reimbursed by investment advisor
Class I		(222	)
Class III		(4,292	)
Total Net Expenses		838,882
Net Investment Income		2,520,080

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on:
Investments		6,675,905
Foreign currency transactions		(1,756	)
Net realized gain		6,674,149
Net change in unrealized appreciation/(depreciation) on:
Investments		(2,342,573	)
Translation of assets and liabilities denominated in foreign currencies		212
Net change in unrealized depreciation		(2,342,361	)
Net Realized and Unrealized Gain on Investments		4,331,788
Net Increase in Net Assets Resulting from Operations	$	6,851,868

See Notes to Financial Statements and Financial Highlights.

25 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	2,520,080		$	4,333,813
Net realized gain		6,674,149			18,839,407
Net change in unrealized appreciation/(depreciation)		(2,342,361	)		20,289,873
Net increase in net assets resulting from operations		6,851,868			43,463,093

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(627,674	)
Class III		–			(7,909,354	)
Total distributions		–			(8,537,028	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		760,228			2,792,448
Issued to shareholders in reinvestment of distributions		–			627,674
Cost of shares redeemed		(3,159,879	)		(1,440,475	)
Net increase/(decrease) from share transactions		(2,399,651	)		1,979,647
Class III
Proceeds from sale of shares		7,073,763			29,515,069
Issued to shareholders in reinvestment of distributions		–			7,909,354
Cost of shares redeemed		(18,182,965	)		(52,845,003	)
Net decrease from share transactions		(11,109,202	)		(15,420,580	)

Net increase/(decrease) in net assets		(6,656,985	)		21,485,132

NET ASSETS:

Beginning of period		134,741,431			113,256,299
End of period	$	128,084,446		$	134,741,431

OTHER INFORMATION - SHARES:

Class I
Sold		51,944			222,082
Reinvested		–			42,468
Redeemed		(220,514	)		(118,654	)
Net increase/(decrease) in shares outstanding		(168,570	)		145,896

Class III
Sold		478,593			2,333,705
Reinvested		–			535,501
Redeemed		(1,239,253	)		(4,048,991	)
Net decrease in shares outstanding		(760,660	)		(1,179,785	)

See Notes to Financial Statements and Financial Highlights.

26 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	14.29		$	10.83		$	9.92		$	8.82		$	6.51		$	8.96
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.30			0.47			0.43			0.35			0.49			0.32
Net realized and unrealized gain/(loss) on investments		0.51			4.01			0.98			1.23			2.02			(2.54	)
Total income/(loss) from investment operations		0.81			4.48			1.41			1.58			2.51			(2.22	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.59	)		(0.38	)		(0.48	)		(0.20	)		(0.23	)
From net realized gain		–			(0.43	)		(0.12	)		–			–			–
Total distributions		–			(1.02	)		(0.50	)		(0.48	)		(0.20	)		(0.23	)
Net increase/(decrease) in net asset value		0.81			3.46			0.91			1.10			2.31			(2.45	)
Net asset value - end of period	$	15.10		$	14.29		$	10.83		$	9.92		$	8.82		$	6.51

Total Return^*		5.67	%⁽²⁾		41.03	%		14.25	%		17.84	%		38.46	%		(24.97	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	7,484		$	9,495		$	5,611		$	3,948		$	2,244		$	1,280
Ratios to average net assets:
Total expenses before waiver/reimbursements		0.96	%⁽³⁾		0.96	%		0.99	%		0.97	%		0.99	%		1.04	%
Net expenses after waiver/reimbursements		0.95	%⁽³⁾		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income after waiver/reimbursements		4.12	%⁽³⁾		3.65	%		4.08	%		3.41	%		5.75	%		4.98	%
Portfolio turnover rate		10	%⁽²⁾		45	%		30	%		34	%		68	%		52	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

27 | June 30, 2025

ALPS | Alerian Energy Infrastructure Portfolio – Class III

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	14.28		$	10.82		$	9.90		$	8.82		$	6.53		$	8.96
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽¹⁾		0.28			0.43			0.40			0.32			0.48			0.30
Net realized and unrealized gain/(loss) on investments		0.49			3.99			0.97			1.21			1.99			(2.54	)
Total income/(loss) from investment operations		0.77			4.42			1.37			1.53			2.47			(2.24	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(0.53	)		(0.33	)		(0.45	)		(0.18	)		(0.19	)
From net realized gain		–			(0.43	)		(0.12	)		–			–			–
Total distributions		–			(0.96	)		(0.45	)		(0.45	)		(0.18	)		(0.19	)
Net increase/(decrease) in net asset value		0.77			3.46			0.92			1.08			2.29			(2.43	)
Net asset value - end of period	$	15.05		$	14.28		$	10.82		$	9.90		$	8.82		$	6.53

Total Return^*		5.39	%⁽²⁾		40.60	%		13.91	%		17.32	%		37.77	%		(25.12	)%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	120,600		$	125,247		$	107,645		$	114,486		$	84,789		$	52,630
Ratios to average net assets:
Total expenses before waiver/reimbursements		1.31	%⁽³⁾		1.31	%		1.33	%		1.32	%		1.34	%		1.40	%
Net expenses after waiver/reimbursements		1.30	%⁽³⁾		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment income after waiver/ reimbursements		3.82	%⁽³⁾		3.37	%		3.81	%		3.10	%		5.54	%		4.59	%
Portfolio turnover rate		10	%⁽²⁾		45	%		30	%		34	%		68	%		52	%

⁽¹⁾

Per share numbers have been calculated using the average shares method.

⁽²⁾

Not annualized.

⁽³⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

28 | June 30, 2025

ALPS Global Opportunity Portfolio

Schedule of Investments

As of June 30, 2025 (Unaudited)

Security Description	Shares		Value
Closed-End Funds - 14.22%
Financials - 14.22%
HarbourVest Global Private Equity, Ltd. ⁽¹⁾		13,730	$	471,503
HBM Healthcare Investments AG, Class A		1,055		227,368
HgCapital Trust PLC		163,465		1,154,784
NB Private Equity Partners, Ltd.		17,595		343,997
Oakley Capital Investments, Ltd.		66,120		462,873
Pantheon International PLC Fund ⁽¹⁾		68,600		296,108
Patria Private Equity Trust PLC ⁽¹⁾		47,528		363,947

Total Financials				3,320,580

Total Closed-End Funds
(Cost $2,517,189)				3,320,580

Common Stocks - 84.24%
Consumer Discretionary - 2.85%
Amazon.com, Inc. ⁽¹⁾		1,135		249,008
Wesfarmers, Ltd.		7,475		417,160

Total Consumer Discretionary				666,168

Consumer Staples - 2.69%
Costco Wholesale Corp.		635		628,612

Financials - 59.63%
3i Group PLC		25,750		1,457,244
Apollo Global Management, Inc., Class A		5,890		835,614
Ares Management LP, Class A		6,500		1,125,800
Berkshire Hathaway, Inc., Class B ⁽¹⁾		2,104		1,022,060
Blackstone, Inc., Class A		5,335		798,009
Blue Owl Capital, Inc.		17,690		339,825
Brederode SA		6,652		926,628
Bridgepoint Group PLC ⁽²⁾⁽³⁾		71,025		303,006
CVC Capital Partners PLC ⁽²⁾⁽³⁾		19,815		407,426
EQT AB		9,915		332,609
Fiserv, Inc. ⁽¹⁾		1,080		186,203
Hamilton Lane, Inc., Class A		1,905		270,739
Houlihan Lokey, Inc.		2,330		419,284
Integral Corp.		5,865		129,743
Intermediate Capital Group PLC		26,695		708,107
Investment AB Kinnevik, B Shares ⁽¹⁾		16,145		143,057
Investor AB, B Shares Class B		15,150		448,946
KKR & Co., Inc., Class A		9,005		1,197,935
Mastercard, Inc., Class A		460		258,492
Mutares SE & Co. KGaA		10,790		460,406
Partners Group Holding AG		614		803,312
Petershill Partners PLC ⁽²⁾⁽³⁾		102,620		313,415
Sofina SA		780		257,985
StepStone Group, Inc., Class A		6,235		346,043

Security Description	Shares		Value
Financials (continued)
TPG, Inc.		8,280	$	434,286

Total Financials				13,926,174

Health Care - 0.99%
Chemed Corp.		475		231,292

Industrials - 8.46%
Atmus Filtration Technologies, Inc.		5,680		206,866
Carlisle Cos., Inc.		1,135		423,809
CSW Industrials, Inc.		574		164,640
Dover Corp.		1,205		220,792
Italmobiliare SpA		6,920		211,937
Lockheed Martin Corp.		450		208,413
OEM International AB, Class B		20,260		299,194
Paychex, Inc.		1,660		241,464

Total Industrials				1,977,115

Information Technology - 9.62%
Accenture PLC, Class A		660		197,267
Adobe, Inc. ⁽¹⁾		405		156,686
Constellation Software, Inc.		261		957,023
Dell Technologies, Inc.		1,815		222,519
GoDaddy, Inc. ⁽¹⁾		1,150		207,069
Lam Research Corp.		2,721		264,862
Microsoft Corp.		485		241,244

Total Information Technology				2,246,670
Total Common Stocks
(Cost $13,806,054)				19,676,031

	7-Day
Security Description	Yield			Shares		Value
Short-Term Investments - 1.89%
State Street Institutional Treasury Plus Money Market Fund, Premier Class		4.245	%		441,800	$	441,800

Total Short-Term Investments
(Cost $441,800)							441,800

Total Investments - 100.35%
(Total cost $16,765,043)							23,438,411

Liabilities in Excess of Other Assets - (0.35)%							(81,028	)

Net Assets - 100.00%						$	23,357,383

⁽¹⁾

Non-income producing security.

See Notes to Financial Statements and Financial Highlights.

29 | June 30, 2025

ALPS Global Opportunity Portfolio

Schedule of Investments (continued)

As of June 30, 2025 (Unaudited)

⁽²⁾

Securities were originally issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of June 30, 2025, the aggregate value of those securities was $1,023,847, which represents 4.38% of net assets.

⁽³⁾

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate market value of those securities was $1,023,847, representing 4.38% of net assets.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at June 30, 2025		Fund Delivering	U.S. $ Value at June 30, 2025		Unrealized Appreciation/ (Depreciation)
State Street Bank and Trust Company	09/19/25	USD	$	671,818	GBP	$	686,682	$	(14,864	)
State Street Bank and Trust Company	07/25/25	USD	$	915,293	GBP	$	974,689	$	(59,396	)
								$	(74,260	)

See Notes to Financial Statements and Financial Highlights.

30 | June 30, 2025

ALPS Global Opportunity Portfolio

Statement of Assets and Liabilities

As of June 30, 2025 (Unaudited)

ASSETS:
Investments, at value	$	23,438,411
Foreign currency, at value (Cost $22)		22
Receivable for shares sold		636
Dividends receivable		80,082
Other assets		808
Total Assets		23,519,959

LIABILITIES:

Payable for shares redeemed		38,473
Unrealized depreciation on forward foreign currency contracts		74,260
Payable to advisor		10,610
Payable for distribution and service fees		9,103
Payable for audit fees		10,475
Payable for trustees’ fees		700
Accrued expenses and other liabilities		18,955
Total Liabilities		162,576
Net Assets	$	23,357,383

NET ASSETS CONSIST OF:

Paid-in capital	$	16,189,381
Total distributable earnings (accumulated losses)		7,168,002
Net Assets	$	23,357,383

Investments, at Cost	$	16,765,043

PRICING OF SHARES:

Class I:
Net Assets	$	658,493
Shares of beneficial interest outstanding		51,677
Net assets value, offering and redemption price per share	$	12.74

Class III:
Net Assets	$	22,698,890
Shares of beneficial interest outstanding		1,655,388
Net assets value, offering and redemption price per share	$	13.71

See Notes to Financial Statements and Financial Highlights.

31 | June 30, 2025

ALPS Global Opportunity Portfolio

Statement of Operations

For the Six Months Ended June 30, 2025 (Unaudited)

INVESTMENT INCOME:
Dividends (Net of foreign withholding taxes of $7,240)	$	244,613
Total Investment Income		244,613

EXPENSES:
Investment advisor fee		105,385
12b-1 fees:
Class III		21,837
Shareholder servicing fees:
Class I		862
Class III		21,837
Custodian fees		10,316
Administration fee		7,007
Legal fees		1,924
Audit fees		9,904
Trustees’ fees and expenses		3,868
Report to shareholder fees		2,114
Other expenses		11,263
Total expenses before waiver/reimbursements		196,317
Less fees waived/reimbursed by investment advisor
Class I		(2,064	)
Class III		(38,668	)
Total Net Expenses		155,585
Net Investment Income		89,028

REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) on:
Investments		1,450,782
Forward foreign currency contracts		(10,506	)
Foreign currency transactions		5,853
Net realized gain		1,446,129
Net change in unrealized appreciation/(depreciation) on:
Investments		(781,969	)
Forward foreign currency contracts		(132,661	)
Translation of assets and liabilities denominated in foreign currencies		6,979
Net change in unrealized depreciation		(907,651	)
Net Realized and Unrealized Gain on Investments		538,478
Net Increase in Net Assets Resulting from Operations	$	627,506

See Notes to Financial Statements and Financial Highlights.

32 | June 30, 2025

ALPS Global Opportunity Portfolio

Statements of Changes in Net Assets

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024
OPERATIONS:

Net investment income	$	89,028		$	288,337
Net realized gain		1,446,129			2,161,311
Net change in unrealized appreciation/(depreciation)		(907,651	)		1,749,126
Net increase in net assets resulting from operations		627,506			4,198,774

DISTRIBUTIONS TO SHAREHOLDERS:

From distributable earnings
Class I		–			(169,700	)
Class III		–			(1,925,632	)
Total distributions		–			(2,095,332	)

SHARE TRANSACTIONS:
Class I
Proceeds from sale of shares		567,298			1,307,338
Issued to shareholders in reinvestment of distributions		–			169,700
Cost of shares redeemed		(1,755,075	)		(259,552	)
Net increase/(decrease) from share transactions		(1,187,777	)		1,217,486
Class III
Proceeds from sale of shares		2,053,261			2,109,849
Issued to shareholders in reinvestment of distributions		–			1,925,632
Cost of shares redeemed		(3,504,123	)		(5,182,149	)
Net decrease from share transactions		(1,450,862	)		(1,146,668	)

Net increase/(decrease) in net assets		(2,011,133	)		2,174,260

NET ASSETS:

Beginning of period		25,368,516			23,194,256
End of period	$	23,357,383		$	25,368,516

OTHER INFORMATION - SHARES:

Class I
Sold		44,691			109,390
Reinvested		–			13,247
Redeemed		(146,777	)		(20,897	)
Net increase/(decrease) in shares outstanding		(102,086	)		101,740

Class III
Sold		152,882			160,998
Reinvested		–			139,539
Redeemed		(265,286	)		(383,019	)
Net decrease in shares outstanding		(112,404	)		(82,482	)

See Notes to Financial Statements and Financial Highlights.

33 | June 30, 2025

ALPS Global Opportunity Portfolio – Class I

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023 ⁽¹⁾			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020 ⁽²⁾
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	12.33		$	11.41		$	8.83		$	16.52		$	13.92		$	14.65
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽³⁾		0.04			0.19			0.19			0.18			0.05	⁽⁴⁾		0.14
Net realized and unrealized gain/(loss) on investments		0.37			1.94			2.39			(4.87	)		3.34			1.17
Total income/(loss) from investment operations		0.41			2.13			2.58			(4.69	)		3.39			1.31

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(1.21	)		–			(1.75	)		(0.79	)		(1.79	)
From net realized gain		–			–			–			(1.25	)		–			(0.25	)
Total distributions		–			(1.21	)		–			(3.00	)		(0.79	)		(2.04	)
Net increase/(decrease) in net asset value		0.41			0.92			2.58			(7.69	)		2.60			(0.73	)
Net asset value - end of period	$	12.74		$	12.33		$	11.41		$	8.83		$	16.52		$	13.92

Total Return^*		3.33	%⁽⁵⁾		18.28	%		29.22	%		(28.68	)%		24.48	%		9.57	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	658		$	1,896		$	594		$	377		$	474		$	432
Ratios to average net assets:
Total expenses before waiver/reimbursements		1.46	%⁽⁶⁾		1.36	%		1.34	%		1.27	%		1.31	%		1.35	%
Net expenses after waiver/reimbursements		1.10	%⁽⁶⁾		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income after waiver/reimbursements		0.61	%⁽⁶⁾		1.49	%		1.88	%		1.43	%		0.32	%		1.04	%
Portfolio turnover rate		13	%⁽⁵⁾		31	%		22	%		32	%		38	%		59	%

⁽¹⁾

Prior to January 24, 2023, the ALPS Global Opportunity Portfolio was known as the ALPS/Red Rocks Global Opportunity Portfolio.

⁽²⁾

Prior to April 30, 2020, the ALPS/Red Rocks Global Opportunity Portfolio was known as the ALPS/Red Rocks Listed Private Equity Portfolio.

⁽³⁾

Per share numbers have been calculated using the average shares method.

⁽⁴⁾

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to income earned and/or fluctuating market value of the investments of the Fund.

⁽⁵⁾

Not annualized.

⁽⁶⁾

Annualized.

See Notes to Financial Statements and Financial Highlights.

34 | June 30, 2025

ALPS Global Opportunity Portfolio – Class III

Financial Highlights

	For the Six Months Ended June 30, 2025 (Unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023 ⁽¹⁾			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020 ⁽²⁾
PER COMMON SHARE OPERATING PERFORMANCE

Net asset value - beginning of period	$	13.28		$	12.21		$	9.48		$	17.40		$	14.65		$	15.31
INCOME/(LOSS) FROM INVESTMENT OPERATIONS:
Net investment income⁽³⁾		0.05			0.15			0.17			0.13			(0.00	)⁽⁴⁾		0.09
Net realized and unrealized gain/(loss) on investments		0.38			2.09			2.56			(5.11	)		3.49			1.23
Total income/(loss) from investment operations		0.43			2.24			2.73			(4.98	)		3.49			1.32

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
From net investment income		–			(1.17	)		–			(1.69	)		(0.74	)		(1.73	)
From net realized gain		–			–			–			(1.25	)		–			(0.25	)
Total distributions		–			(1.17	)		–			(2.94	)		(0.74	)		(1.98	)
Net increase/(decrease) in net asset value		0.43			1.07			2.73			(7.92	)		2.75			(0.66	)
Net asset value - end of period	$	13.71		$	13.28		$	12.21		$	9.48		$	17.40		$	14.65

Total Return^*		3.24	%⁽⁵⁾		18.01	%		28.80	%		(28.91	)%		23.93	%		9.25	%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)	$	22,699		$	23,473		$	22,600		$	22,439		$	35,551		$	30,562
Ratios to average net assets:
Total expenses before waiver/reimbursements		1.76	%⁽⁶⁾⁽⁷⁾		1.62	%⁽⁷⁾		1.66	%⁽⁷⁾		1.62	%		1.66	%		1.69	%
Net expenses after waiver/reimbursements		1.40	%⁽⁶⁾⁽⁷⁾		1.36	%⁽⁷⁾		1.42	%		1.45	%		1.45	%		1.45	%
Net investment income after waiver/ reimbursements		0.72	%⁽⁶⁾		1.11	%⁽⁷⁾		1.60	%		1.00	%		0.00	%⁽⁸⁾		0.67	%
Portfolio turnover rate		13	%⁽⁵⁾		31	%⁽⁷⁾		22	%		32	%		38	%		59	%

⁽¹⁾

Prior to January 24, 2023, the ALPS Global Opportunity Portfolio was known as the ALPS/Red Rocks Global Opportunity Portfolio.

⁽²⁾

Prior to April 30, 2020, the ALPS/Red Rocks Global Opportunity Portfolio was known as the ALPS/Red Rocks Listed Private Equity Portfolio.

⁽³⁾

Per share numbers have been calculated using the average shares method.

⁽⁴⁾

Less than ($0.005) per share.

⁽⁵⁾

Not annualized.

⁽⁶⁾

Annualized.

⁽⁷⁾

According to the Fund’s shareholder services and 12b-1 plans with respect to the Fund’s Class III shares, any amount of fees accrued according to the plans, but not paid during the Fund’s fiscal year for such service activities shall be reimbursed to the Fund as soon as practical. Fees were reimbursed to the Fund for the periods ended June 30, 2025, December 31, 2024, and December 31, 2023 respectively, in the amount of 0.05%, 0.09% and 0.03% of average net assets of Class III shares.

⁽⁸⁾

Less than (0.005%) per share.

See Notes to Financial Statements and Financial Highlights.

35 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

1. ORGANIZATION

ALPS Variable Investment Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is organized as a Delaware business trust by a Declaration of Trust dated July 26, 2000. The Schedules of Investments herein relate to the following seven series of the Trust: Morningstar Conservative ETF Asset Allocation Portfolio, Morningstar Income and Growth ETF Asset Allocation Portfolio, Morningstar Balanced ETF Asset Allocation Portfolio, Morningstar Growth ETF Asset Allocation Portfolio, Morningstar Aggressive Growth ETF Asset Allocation Portfolio (each a “Morningstar Portfolio,” and collectively The “Morningstar Portfolios”), the ALPS|Alerian Energy Infrastructure Portfolio, and the ALPS Global Opportunity Portfolio (collectively the “Portfolios”). The ALPS|Alerian Energy Infrastructure Portfolio is considered non-diversified under the 1940 Act and may invest a greater portion of its assets in a more limited number of issuers than a diversified portfolio. The Morningstar Portfolios and the ALPS Global Opportunity Portfolio are each considered diversified under the 1940 Act.

The Morningstar Portfolios offer Class I and Class II shares. The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio offer Class I and Class III shares. Each class has equal rights as to class and voting privileges. The classes differ principally in the applicable distribution and shareholder service fees. Shareholders of each class also bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of the Portfolios and earn income and realized gains/losses from the Portfolios pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gain distributions are allocated to each class pro rata based on the shares outstanding of each class on the date of distribution. Common expenses of the Portfolios (including legal fees, printing and mailing fees, and fees and expenses of the independent trustees) are allocated to each Portfolio in proportion to its average daily net assets. Expenses directly attributable to a particular Portfolio (including advisory, custodial, registration, professional and audit fees) are charged directly to that Portfolio. Differences in per share dividend rates generally result from differences in separate class expenses, including distribution and shareholder service fees, if applicable.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liability arising out of the performance of their duties with respect to the Portfolios. In addition, in the normal course of business, the Trust, on behalf of the Portfolios, enters into contracts with vendors and others that provide general indemnification to the extent permissible under law. Each Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust and/or the Portfolios.

The Portfolios are investment vehicles for variable annuity contracts and variable life insurance policies. The Portfolios also may be used as investment vehicles for qualified pension and retirement plans and certain registered and unregistered separate accounts. Shares of the Portfolios are offered only to participating insurance companies and their separate accounts to fund the benefits of variable annuity contracts and variable life insurance policies, qualified pensions, retirement plans or registered and unregistered separate accounts. Shares are not offered to the general public.

Each variable annuity contract and variable life insurance policy owner (“Contract Owner”) and retirement plan participant (“Participant”) also incurs fees associated with the variable annuity, variable life insurance or retirement plan through which he or she invested. As a Contract Owner or Participant, you may incur additional fees and different terms and conditions associated with your investment program that are not disclosed in the Portfolios’ Financial Statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The Portfolios’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from these estimates. Each Portfolio is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services - Investment Companies. In regards to Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Chief Operating Decision Maker (“CODM”) monitors the operating results of each Portfolio as a whole. ALPS Advisors, Inc. (the “Advisor”) is the CODM for each Portfolio. Each Portfolio’s financial information is used by the CODM to assess each segment’s performance. The CODM has determined that each Portfolio is a single operating segment as defined by ASU 2023-07 that recognizes revenues and incurs expenses. This is supported by the single investment strategy of each Portfolio, against which the CODM assesses performance.

Security Valuation: The price of Portfolio shares (“net asset value”) is determined as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m. Eastern Time), on each day the NYSE is open for business. Securities, including Exchange Traded Funds (“ETFs”) and Exchange Traded Notes (“ETNs”) for which exchange quotations are readily available, are valued at the last sale price, or if no sale price or if traded on the over-the-counter market, at the mean between the last bid and ask price. Shares of an open-end investment company are valued at that investment company’s net asset value per share. Securities for which quotations are not readily available are valued under procedures utilized by the Valuation Designee to determine fair value in good faith. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board” or “Trustees”) designated the Advisor as the valuation designee (“Valuation Designee”) for each Portfolio to perform the fair value determinations relating to Portfolio investments. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees.

36 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

Securities traded on one or more of the U.S. national securities exchanges, the NASDAQ Stock Market LLC or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of which such value is being determined.

Each Portfolio’s investments are valued at market value or, in the absence of market value with respect to any portfolio securities, at fair value in good faith by the Valuation Designee. When market quotations are not readily available, or in management’s judgment they do not accurately reflect fair value of a security, or an event occurs after the market close but before the Portfolio is priced that materially affects the value of a security, the securities will be valued by the Valuation Designee using fair valuation procedures utilized by the Valuation Designee. Examples of potentially significant events that could materially impact the value of a security include, but are not limited to, company specific announcements, significant market volatility, natural disasters, armed conflicts, significant governmental actions, or a security’s trading has been halted, suspended or the security has not traded since the prior day and the closure of the primary trading market at a time when under normal conditions it would be open.

In the case of foreign securities, management may consider the following when determining the “fair value” of a security: (a) the country’s or geographic region’s political and economic environment; (b) the nature of any significant events which have occurred from the time of the market quotation to the valuation of each Portfolio’s net asset value which may materially impact each Portfolio’s net asset valuation; (c) American Depository Receipt trading; (d) Exchange-Traded Fund trading; (e) foreign currency exchange activity; (f) other relevant matters; and (g) if a stock split occurs on a Japanese exchange, management will fair value using the last day of trading price until the security commences trading again.

ALPS Global Opportunity Portfolio uses a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security’s value or a meaningful portion of the Fund’s portfolio is believed to have been materially affected by a valuation event that has occurred between the close of the exchange or market on which the security is traded and the close of the regular trading on the NYSE.

If the current price of a foreign security is unavailable as a result of a foreign stock exchange’s closure for a foreign holiday, such foreign security’s value will be the closing price of such security on the last day such foreign exchange was open, adjusted by the current foreign exchange rate, assuming there are no significant events which occurred which may materially impact each Portfolio’s net asset value determination.

Fair Value Measurements: The Portfolios disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Valuation techniques used to value the Portfolios’ investments by major category are as follows:

Equity securities, exchange-traded funds and limited partnerships for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the mean of the most recent quoted bid and ask prices on such day and are generally categorized as Level 2 in the hierarchy. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the time when each Portfolio’s assets are valued. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor.

37 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

Various inputs are used in determining the value of each Portfolio’s investments as of the reporting period end. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls for an investment is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 –	Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that a Portfolio has the ability to access at the measurement date;

Level 2 –	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 –	Significant unobservable prices or inputs (including the Portfolio’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the inputs used to value each Portfolio’s investments as of the six months ended June 30, 2025:

Morningstar Conservative ETF Asset Allocation Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	28,289,719	$	–	$	–	$	28,289,719
Short-Term Investments		504,628		–		–		504,628
Total	$	28,794,347	$	–	$	–	$	28,794,347

Morningstar Income and Growth ETF Asset Allocation Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	49,876,705	$	–	$	–	$	49,876,705
Short-Term Investments		1,087,909		–		–		1,087,909
Total	$	50,964,614	$	–	$	–	$	50,964,614

Morningstar Balanced ETF Asset Allocation Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	163,916,866	$	–	$	–	$	163,916,866
Short-Term Investments		870,351		–		–		870,351
Total	$	164,787,217	$	–	$	–	$	164,787,217

Morningstar Growth ETF Asset Allocation Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	272,915,379	$	–	$	–	$	272,915,379
Short-Term Investments		2,701,660		–		–		2,701,660
Total	$	275,617,039	$	–	$	–	$	275,617,039

Morningstar Aggressive Growth ETF Asset Allocation Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	207,983,944	$	–	$	–	$	207,983,944
Short-Term Investments		1,726,880		–		–		1,726,880
Total	$	209,710,824	$	–	$	–	$	209,710,824

38 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

ALPS | Alerian Energy Infrastructure Portfolio

	Valuation Inputs
Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Canadian Energy Infrastructure Companies	$	36,182,017	$	–	$	–	$	36,182,017
U.S. Energy Infrastructure Companies		35,971,249		–		–		35,971,249
U.S. Energy Infrastructure MLPs		35,806,309		–		–		35,806,309
U.S. General Partners		20,214,937		–		–		20,214,937
Short-Term Investments		130,181		–		–		130,181
Total	$	128,304,693	$	–	$	–	$	128,304,693

ALPS Global Opportunity Portfolio

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	690,241	$	2,630,339	$	–	$	3,320,580
Common Stocks		12,884,214		6,791,817		–		19,676,031
Short-Term Investments		441,800		–		–		441,800
Total	$	14,016,255	$	9,422,156	$	–	$	23,438,411

	Valuation Inputs
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Liabilities
Forward foreign currency contracts	$	–	$	(74,260	)	$	–	$	(74,260	)
TOTAL	$	–	$	(74,260	)	$	–	$	(74,260	)

See Schedule of Investments for industry classifications.

The Portfolios did not have significant unobservable inputs (Level 3) used in determining fair value and there were no transfers into or out of Level 3 during the six months ended June 30, 2025.

Income Taxes: For federal income tax purposes, the Portfolios currently qualify, and intend to remain qualified, as regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), by distributing substantially all of their investment company taxable net income including realized gain, not offset by capital loss carryforwards, if any, to shareholders. Accordingly, no provisions for federal income or excise taxes have been made.

As of and during the six months ended June 30, 2025, each Portfolio did not have a liability for any unrecognized tax benefit. Each Portfolio files U.S. federal, state, and local tax returns as required. Each Portfolio’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. The Portfolios recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. As of, and during the six months ended June 30, 2025, the Portfolios did not recognize interest and penalties related to tax liabilities.

The Treasury Department has issued Regulations under Code Section 817(h) that pertain to diversification requirements for variable annuity and variable life insurance contracts. Each Portfolio intends to comply with these diversification requirements.

Expenses: Most expenses of the Trust can be directly attributed to a Portfolio. Expenses that cannot be directly attributed are apportioned among the Portfolios based on average net assets. Expenses are allocated among classes within a Portfolio based on daily class level net assets, except for distribution fees associated with each Portfolio’s Distribution Plan under Rule 12b-1 of the 1940 Act (“12b-1 fees”) which are only allocated to the Class II shares and Class III shares. In addition, Class III shares and certain Class I shares are also offered with fees for non-distribution related services provided to Shareholders, under a shareholder services plan.

Distributions to Shareholders: Each Portfolio currently intends to declare and pay capital gains and income dividends, if any, on an annual basis. All dividends and capital gains distributions paid by the Portfolios will be automatically reinvested, at net asset value, in additional shares of the Portfolios unless otherwise indicated. There is no fixed dividend rate and there can be no assurance that the Portfolios will pay any dividends or realize any capital gains. Any net capital gains earned by each Portfolio are distributed at least annually to the extent necessary to avoid federal income and excise taxes. Distributions to shareholders are recorded by each Portfolio on the ex-dividend date.

39 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

Master Limited Partnerships (“MLPs”): Pursuant to Section 851(b)(3) of the Code, the ALPS | Alerian Energy Infrastructure Portfolio may invest no more than 25% of the value of its total assets in the securities of one or more qualified publicly traded partnerships, which include MLPs. Unlike direct investments in MLPs, income and losses from the ALPS | Alerian Energy Infrastructure Portfolio’s investments in MLPs will not directly flow through to the personal tax returns of shareholders. The ALPS | Alerian Energy Infrastructure Portfolio will report distributions from its investments, including MLPs, made to shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as ALPS | Alerian Energy Infrastructure Portfolio shareholders, be treated as engaged in the business conducted by underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. MLPs are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, MLP interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level income taxation. To qualify as an MLP and not be taxed as a corporation for income tax purposes, a partnership must, for any taxable year, receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include, among other things, certain natural resource-based activities such as the processing, transportation and storage of any mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.

Selected Risks: In the normal course of business, each Portfolio’s investment activities expose it to various types of risks associated with the financial instruments and markets in which it invests. Significant types of financial risks the Portfolios are exposed to include market risk, equity securities risk, concentration risk and non-U.S. securities risk. Each Portfolio’s prospectus and statement of additional information provide details of these and other types of risk.

Market Risk: Market risk refers to the risk that the value of securities held by a Portfolio may decline due to daily fluctuations in the securities markets that are generally beyond the Adviser’s or Sub-Adviser’s control, including fluctuation in interest rates, the quality of a Portfolio’s investments, investor sentiment and general economic and market conditions, such as national or international political events, natural disasters, and the spread of infectious illness or other public health issue and investor sentiment. In a declining stock market, stock prices for all companies (including those in a Portfolio’s portfolio) may decline, regardless of their long-term prospects.

Equity Securities Risk: Common stock and other equity securities may be affected by macro-economic and other factors affecting the stock market in general, including without limitation, expectations of interest rates, changes in an issuer’s financial condition, poor performance of a particular issuer, national or international political events, natural disasters, and the spread of infectious illness or other public health issue.

Concentration Risk: The performance of the Portfolios may be directly affected by the performance of the underlying investments in other investment companies. As of June 30, 2025, the Morningstar Conservative ETF Asset Allocation Portfolio and the Morningstar Aggressive Growth ETF Asset Allocation Portfolio held more than 25% of its assets in the Vanguard^® Total Bond Market Index Fund ETF and the Vanguard^® Total Stock Market Index Fund ETF, respectively. The financial statements of the Vanguard^® Total Bond Market Index Fund ETF and the Vanguard^® Total Stock Market Index Fund ETF, including the portfolio of investments, are included in the NCSR filings for the Vanguard^® Total Bond Market Index Fund ETF and the Vanguard^® Total Stock Market Index Fund ETF dated March 4, 2025, available at www.sec.gov or can be found at www.investor.vanguard.com and should be read in conjunction with the Portfolio’s financial statements, though this information is not incorporated herein by reference.

Non-U.S. Securities Risk: The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio invest directly in securities of non-U.S. issuers which involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers. Non-U.S. securities exchanges, brokers and companies may be subject to less government supervision and regulation than exists in the U.S. Dividend and interest income may be subject to withholding and other non-U.S. taxes, which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court judgment abroad. In addition, it may be difficult to effect repatriation of capital invested in certain countries. When investing in securities issued by non-U.S. issuers, there is also the risk that the value of such an investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.

Security Transactions and Investment Income: Investment security transactions are accounted for as of the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the identified cost basis. Dividend income is recognized on the ex-dividend date, or for certain foreign securities, as soon as information is available to a Portfolio. Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations.

40 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Portfolios do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Portfolios books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments insecurities at fiscal period end, resulting from changes in exchange rates.

Forward Foreign Currency Contracts: The ALPS Global Opportunity Portfolio engaged in currency transactions with counterparties during the six months ended June 30, 2025 to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by the Funds as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through delivery, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Portfolios bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

The table below is a summary of the fair valuations of derivative instruments categorized by risk exposure.

Fair values of forward foreign currency contracts on the Statement of Assets and Liabilities and the Statement of Operations as of June 30, 2025:

Risk Exposure	Location	Fair Value		Location	Fair Value
ALPS Global Opportunity Portfolio
Foreign Exchange Rate Risk (Forward Foreign Currency Contracts)	Unrealized appreciation on forward contracts	$	—	Unrealized depreciation on forward contracts	$	(74,260	)
Total		$	—		$	(74,260	)

Risk Exposure	Location	Realized Gain/(Loss) on Derivatives			Location	Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
ALPS Global Opportunity Portfolio
Foreign Exchange Rate Risk (Forward Foreign Currency Contracts)	Net realized loss on forward foreign currency contracts	$	(10,506	)	Change in unrealized appreciation/(depreciation) on forward foreign currency contracts	$	(132,661	)
Total		$	(10,506	)		$	(132,661	)

The forward foreign currency contract’s average volume for the ALPS Global Opportunity Portfolio during the six months ended June 30, 2025 was $1,482,396.

41 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

3. FEDERAL TAXES AND TAX BASIS INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to each Portfolio’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025.

The tax character of the distributions paid during the year ended December 31, 2024, was as follows:

2024	Ordinary Income		Long-Term Capital Gains		Total
Morningstar Conservative ETF Asset Allocation Portfolio	$	668,083	$	–	$	668,083
Morningstar Income and Growth ETF Asset Allocation Portfolio		1,133,283		286,838		1,420,121
Morningstar Balanced ETF Asset Allocation Portfolio		2,940,437		1,519,873		4,460,310
Morningstar Growth ETF Asset Allocation Portfolio		4,051,313		5,152,577		9,203,890
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		2,725,068		2,807,745		5,532,813
Alerian Energy Infrastructure ETF		5,042,528		3,494,500		8,537,028
ALPS Global Opportunity Portfolio		2,095,332		–		2,095,332

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of December 31, 2024, the following amounts are available as carry forwards to the next tax year:

		Capital Loss Carryovers
Morningstar Conservative ETF Asset Allocation Portfolio		$	1,356,572

As of June 30, 2025, the cost of investments for federal income tax purposes and accumulated net unrealized appreciation/(depreciation) on investments were as follows:

	Cost of Investments for Income Tax Purposes		Gross Appreciation (Excess of Value Over Tax Cost)		Gross Depreciation (Excess of Tax Cost Over Value)			Net Unrealized Appreciation/(Depreciation)
Morningstar Conservative ETF Asset Allocation Portfolio	$	28,524,682	$	548,253	$	(278,588	)	$	269,665
Morningstar Income and Growth ETF Asset Allocation Portfolio		49,110,671		2,309,856		(455,913	)		1,853,943
Morningstar Balanced ETF Asset Allocation Portfolio		147,540,223		19,586,254		(2,339,260	)		17,246,994
Morningstar Growth ETF Asset Allocation Portfolio		217,603,314		60,931,251		(2,917,526	)		58,013,725
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		159,974,294		50,395,855		(659,325	)		49,736,530
Alerian Energy Infrastructure ETF		101,447,879		27,974,475		(1,117,661	)		26,856,814
ALPS Global Opportunity Portfolio		16,816,046		7,122,196		(499,831	)		6,622,365

The differences between book-basis and tax-basis are primarily due to the deferral of losses from wash sales and adjustments from partnership basis. In addition, certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of June 30, 2025.

42 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

4. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities, other than short-term investments, during the six months ended June 30, 2025, were as follows for each Portfolio:

Portfolio	Purchases		Sales
Morningstar Conservative ETF Asset Allocation Portfolio	$	2,924,740	$	3,942,394
Morningstar Income and Growth ETF Asset Allocation Portfolio		5,293,076		5,157,094
Morningstar Balanced ETF Asset Allocation Portfolio		14,866,956		19,677,840
Morningstar Growth ETF Asset Allocation Portfolio		34,059,028		37,657,440
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		28,060,631		29,239,668
ALPS \| Alerian Energy Infrastructure Portfolio		13,801,464		24,010470
ALPS Global Opportunity Portfolio		3,105,868		5,801,004

5. INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

Portfolio	Sub-Adviser
Morningstar Conservative ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Income and Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Balanced ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	Morningstar Investment Management LLC

Pursuant to the Investment Advisory Agreements (the “Advisory Agreements”), each Portfolio pays the Adviser an annual management fee based on the Portfolio’s average daily net assets. The management fee is paid on a monthly basis. The following table reflects each Portfolio’s annual contractual management fee rate.

Portfolio	Management Fee
Morningstar Conservative ETF Asset Allocation Portfolio	0.45%
Morningstar Income and Growth ETF Asset Allocation Portfolio	0.45%
Morningstar Balanced ETF Asset Allocation Portfolio	0.45%
Morningstar Growth ETF Asset Allocation Portfolio	0.45%
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	0.45%
ALPS \| Alerian Energy Infrastructure Portfolio	0.70%
ALPS Global Opportunity Portfolio	0.90%

Pursuant to the Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser an annual sub-advisory management fee which is based on a Portfolio’s average daily net assets. The Adviser pays the sub-advisory management fee out of the management fee paid to the Adviser pursuant to the Advisory Agreement. The following table reflects the contractual sub-advisory fees annual rates.

Portfolio	Average Daily Net Assets	Sub-Advisory Fee
Morningstar Conservative ETF Asset Allocation Portfolio	All Asset Levels	0.15%
Morningstar Income and Growth ETF Asset Allocation Portfolio	All Asset Levels	0.15%
Morningstar Balanced ETF Asset Allocation Portfolio	All Asset Levels	0.15%
Morningstar Growth ETF Asset Allocation Portfolio	All Asset Levels	0.15%
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	All Asset Levels	0.15%

43 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

6. OTHER AGREEMENTS

Distribution Agreement and Rule 12b-1 Plans: ALPS Portfolio Solutions Distributor, Inc. (the “Distributor”), an affiliate of the Adviser, serves as the principal underwriter and national distributor for the shares of each Portfolio pursuant to a Distribution Agreement with the Trust. The Trust has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act relating to Class I, Class II and Class III Portfolio shares, respectively (the “12b-1 Plans”).

The Class I shares have adopted a Defensive Distribution Plan that recognizes that the Adviser may use its management fees, in addition to its past profits or its other resources, to pay for expenses incurred in connection with providing services intended to result in the sale of Portfolio shares and/or shareholder support services. As of June 30, 2025, there were no payments from Class I due to the Plan. The Class II and Class III Distribution Plans permit the use of each Portfolio’s assets to compensate the Distributor for its services and costs in distributing shares and servicing shareholder accounts. Under the 12b-1 Plans, the Distributor receives, as a percentage of average annual net assets, the amounts outlined in the following table.

Portfolio	Class II	Portfolio	Class III
Morningstar Conservative ETF Asset Allocation Portfolio	0.25%	ALPS \| Alerian Energy Infrastructure Portfolio	0.25%
Morningstar Income and Growth ETF Asset Allocation Portfolio	0.25%	ALPS Global Opportunity Portfolio	0.25%
Morningstar Balanced ETF Asset Allocation Portfolio	0.25%
Morningstar Growth ETF Asset Allocation Portfolio	0.25%
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	0.25%

Shareholder Servicing Fees: The ALPS | Alerian Energy Infrastructure Portfolio and the ALPS Global Opportunity Portfolio have each adopted a shareholder services plan with respect to each Portfolio’s Class I and III shares. Under the Services Plan, each Portfolio is authorized to pay insurance companies, banks and their affiliates and other institutions, including broker-dealers and Trust affiliates (“Participating Organizations”), an aggregate fee in an amount not to exceed on an annual basis 0.15% of the average daily net asset value of the Class I shares and 0.25% of the average daily net asset value of the Class III shares of each Portfolio attributable to or held in the name of a Participating Organization for its clients as compensation for providing service activities pursuant to an agreement with a Participating Organization. Any amount of such payment not paid during a Portfolio’s fiscal year for such service activities, attributed to that fiscal year, shall be reimbursed to the Portfolio as soon as practicable.

Expense Limitation Agreements: Under the terms of the Expense Limitation Agreements between the Adviser and/or the Sub-Advisers, as applicable for the benefit of the Portfolios, the Adviser and/or Sub-Advisers have contractually agreed to waive certain fees they are entitled to receive from, or reimburse certain expenses to be paid by, the Portfolios. Specifically, the Adviser and certain Sub-Advisers agree to reimburse Portfolio expenses and/or waive a portion of the investment advisory, sub-advisory, and other fees (excluding distribution and/or service (12b-1) fees, shareholder service fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinary expenses) that the Adviser and/or Sub-Advisers are entitled to receive to the extent necessary for the Portfolios to maintain a total annual expense ratio not to exceed the per share annual rates set forth in the table below. All parties also agree that the waivers shall continue at least through the end of the period stated below.

Portfolio	Class I	Class II	Class III	Expires
Morningstar Conservative ETF Asset Allocation Portfolio	0.53%	0.53%	N/A	4/29/2026
Morningstar Income and Growth ETF Asset Allocation Portfolio	0.53%	0.53%	N/A	4/29/2026
Morningstar Balanced ETF Asset Allocation Portfolio	0.53%	0.53%	N/A	4/29/2026
Morningstar Growth ETF Asset Allocation Portfolio	0.53%	0.53%	N/A	4/29/2026
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	0.53%	0.53%	N/A	4/29/2026
ALPS \| Alerian Energy Infrastructure Portfolio	0.80%	N/A	0.80%	4/29/2026
ALPS Global Opportunity Portfolio	0.95%	N/A	0.95%	4/29/2026

The Adviser and Sub-Adviser (as applicable) of the Portfolios may be permitted to recover expenses they have waived or reimbursed, on a class-by-class basis, through the agreements described above to the extent that expenses in later periods fall below the annual limits set forth in these agreements. The Portfolios will not be obligated to pay any deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. The Expense Limitation Agreements permit the Adviser and/or the Sub-Adviser to recapture only if any such recapture payments do not cause the Portfolio’s expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap in effect at the time of the recapture.

44 | June 30, 2025

ALPS Variable Investment Trust

Notes to Financial Statements and Financial Highlights

June 30, 2025 (Unaudited)

At June 30, 2025, the available recoupable balances are as follows:

Portfolio	Expires 2025		Expires2026		Expires 2027		Expires 2028		Total
Morningstar Conservative ETF Asset Allocation	$	2,066	$	37,278	$	38,706	$	22,213	$	100,263
Morningstar Income and Growth ETF Asset Allocation		9,103		34,803		34,563		16,971		95,440
Morningstar Balanced ETF Asset Allocation Portfolio		–		8,029		2,504		2,195		12,728
Morningstar Growth ETF Asset Allocation Portfolio		–		–		–		–		–
Morningstar Aggressive Growth ETF Asset Allocation		–		4,193		1,789		2,464		8,446
ALPS I Alerian Infrastructure Portfolio		21,063		38,215		11,103		4,514		74,895
ALPS Global Opportunity Portfolio		6,244		53,350		66,243		40,732		166,569

Administration, Bookkeeping and Pricing Agreement: ALPS Fund Services, Inc. (“AFS”), an affiliate of the Adviser and the Distributor, serves as administrator pursuant to a Fund Accounting and Administration Agreement (“Administration Agreement”) with the Trust. As such, AFS provides all necessary bookkeeping, shareholder recordkeeping services and pricing services to each Portfolio. Under the Administration Agreement, AFS provides portfolio accounting services, expense accrual and payment services, fund valuation and financial reporting services, tax accounting services and compliance control services. AFS receives an annual fee paid on a monthly basis.

Transfer Agency and Service Agreement: AFS also serves as transfer agent to each Portfolio pursuant to a Transfer Agency and Service Agreement (“TA Agreement”) with the Trust. Under the TA Agreement, AFS provides all of the customary services of a transfer agent and dividend disbursing agent including, but not limited to: (1) receiving and processing orders to purchase or redeem shares; and (2) transmitting shareholder reports and prospectuses to current shareholders. AFS does not charge the Trust a fee in connection with providing services under the TA Agreement.

7. TRUSTEES FEES

As of June 30, 2025, there were three Trustees, two of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (each, an “Independent Trustee”). Each Independent Trustee receives an annual retainer of $36,000, a per meeting fee of $5,000, and reimbursement for all reasonable out-of-pocket expenses relating to attendance at meetings. To the extent that there is a standalone Audit Committee meeting held not in connection with a Board meeting, each member of the Audit Committee shall receive a per meeting fee of $3,500 and reimbursement for all reasonable out-of-pocket expenses relating to attendance at such meeting. The Chairman of the Board, the Audit Committee Chairman and the Chairman of the Nominating and Governance Committee receive an additional annual retainer of $15,000 and $7,500, and $3,000 respectively.

8. RELATED PARTY TRANSACTIONS

The Portfolios may engage in cross trades between each other pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which the Adviser serves as the investment adviser. The Board of Trustees previously adopted procedures that apply to transactions between the Portfolios pursuant to Rule 17a-7. At its regularly scheduled meetings, the Trustees review such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and the Trust’s procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of each Portfolio.

Cross trades between portfolios for the six months ended June 30, 2025 were as follows:

	Purchase cost paid to		Sale proceeds received		Realized gain/(loss) on
Portfolio	Portfolios		from Portfolios		sales to Portfolios
Morningstar Conservative ETF Asset Allocation Portfolio	$	–	$	30,238	$	(2,225	)
Morningstar Income and Growth ETF Asset Allocation Portfolio		183,031		20,017		899
Morningstar Balanced ETF Asset Allocation Portfolio		152,504		382,336		89,378
Morningstar Growth ETF Asset Allocation Portfolio		222,566		283,245		(9,524	)
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		251,188		93,454		43,640
Alerian Energy Infrastructure Portfolio		156,156		-		-

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued.

45 | June 30, 2025

ALPS Variable Investment Trust

Additional Information

June 30, 2025 (Unaudited)

LICENSING AGREEMENT

Alerian

Alerian (the “Licensor”) has entered into an index licensing agreement with ALPS Advisors Inc. (the “Adviser”) with respect to the Alerian Energy Infrastructure Portfolio (the “Alerian Portfolio”), to allow the Adviser’s use of the Alerian Midstream Energy Select Index (the “Index”). The following disclosure relates to the Licensor:

Alerian is the designer of the construction and methodology for the underlying index (each an “Underlying Index”) for the Alerian Portfolio. “Alerian” and “Alerian Midstream Energy Select Index” are service marks or trademarks of Alerian. Alerian acts as brand licensor for the Index. Alerian is not responsible for the descriptions of the Index or the Funds that appear herein. Alerian is not affiliated with the Trust, the Adviser or the Distributor.

The Alerian Portfolio is not issued, sponsored, endorsed, sold or promoted by the Licensor or its affiliates. Licensor makes no representation or warranty, express or implied, to the owners of the Alerian Portfolio or any member of the public regarding the advisability of investing in securities generally or in the Alerian Portfolio particularly or the ability of the Index to track general market performance. Licensor’s only relationship to the Licensee is the licensing of the Index which is determined, composed and calculated by Licensor without regard to the Licensee or the Alerian Portfolio. Licensor has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Index. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Alerian Portfolio to be issued or in the determination or calculation of the equation by which the Alerian Portfolio is to be converted into cash. Licensor has no obligation or liability in connection with the issuance, administration, marketing or trading of the Alerian Portfolio. The Index is a trademark of Alerian and its general use is granted under a license for Alerian.

LICENSOR DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS OF ANY KIND RELATED TO THE INDEX OR DATA. LICENSOR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE ALERIAN PORTFOLIO, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED TO LICENSEE OR FOR ANY OTHER USE. LICENSOR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

The Adviser does not guarantee the accuracy and/or the completeness of the Index or any data included therein, and the Adviser shall have no liability for any errors, omissions or interruptions therein. The Adviser makes no warranty, express or implied, as to results to be obtained by the Alerian Portfolio, owners of the Shares of the Alerian Portfolio or any other person or entity from the use of the Index or any data included therein. The Adviser makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein. Without limiting any of the foregoing, in no event shall the Adviser have any liability for any special, punitive, direct, indirect, or consequential damages (including lost profits) arising out of matters relating to the use of the Index, even if notified of the possibility of such damages.

Morningstar

The Portfolios are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar Entities”), with the exception of Morningstar Investment Management LLC, a subsidiary of Morningstar, Inc., who is the investment sub-adviser to the Portfolios and may undertake joint marketing activities with ALPS Portfolio Solutions Distributor, Inc. By providing data about the Morningstar Index Data to the Portfolios, the Morningstar Entities make no representation or warranty, express or implied, to the owners of the Portfolios or any member of the public regarding the advisability of investing in mutual funds generally or in the Portfolios in particular or the ability of the Morningstar Index Data to track general mutual fund market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDEX DATA OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

46 | June 30, 2025

ALPS Variable Investment Trust

Changes in and Disagreements with Accountants
for Open-End Management Investment Companies

June 30, 2025 (Unaudited)

Not applicable for this reporting period.

47 | June 30, 2025

ALPS Variable Investment Trust

Proxy Disclosures for Open-End
Management Investment Companies

June 30, 2025 (Unaudited)

Not applicable for this reporting period.

48 | June 30, 2025

ALPS Variable Investment Trust

Remuneration Paid to Directors, Officers, and Others
of Open-End Management Investment Companies

June 30, 2025 (Unaudited)

Included in the Statement of Operations for the applicable Portfolio.

49 | June 30, 2025

ALPS Variable Investment Trust

Statement Regarding Basis for Approval of
Investment Advisory & Sub-Advisory Contracts

June 30, 2025 (Unaudited)

In anticipation of and as part of the process to consider the renewal of the investment advisory agreement with AAI with respect to each series of the ALPS Variable Investment Trust (each a “Portfolio”) and the sub-advisory agreement with respect to the applicable Portfolio (the “Advisory Agreements”), legal counsel to the Trustees of the Board of Trustees of ALPS Variable Investment Trust (the “Board”) who are not “interested persons” of the ALPS Variable Investment Trust (the “Independent Trustees”) requested certain information from ALPS Advisors, Inc. (“AAI”) and Morningstar Investment Management LLC (“Morningstar” or the “Sub-Adviser”). In response to these requests, the Board received reports from AAI and Morningstar that addressed specific factors to be considered by the Board. The Board also received from independent legal counsel a memorandum regarding the Board’s responsibilities pertaining to the approval of advisory contracts. Further, the Board met with representatives of AAI and Morningstar and discussed the services the firms provided pursuant to the agreements, as well as the information they provided.

During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to the agreements, the Board had received sufficient information to renew and approve the agreements.

In approving AAI as the Portfolios’ investment adviser and Morningstar as the Morningstar Portfolios’ sub-adviser, and the fees to be charged under the Advisory Agreements, the Trustees concluded that no single factor reviewed by the Trustees was identified by the Trustees to be determinative as the principal factor in whether to approve such agreements. Further, the Independent Trustees were advised by independent legal counsel throughout the process. The following summary does not identify all the matters considered by the Board, but provides a summary of the principal matters the Board considered.

At a meeting on June 3, 2025, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Morningstar for the maximum period permitted under the Investment Company Act of 1940, as amended (the “1940 Act”), with respect to each of the Morningstar Conservative ETF Asset Allocation Portfolio (the “Morningstar Conservative Portfolio”), Morningstar Income and Growth ETF Asset Allocation Portfolio (the “Morningstar Income and Growth Portfolio”), Morningstar Balanced ETF Asset Allocation Portfolio (the “Morningstar Balanced Portfolio”), Morningstar Growth ETF Asset Allocation Portfolio (the “Morningstar Growth Portfolio”), and Morningstar Aggressive Growth ETF Asset Allocation Portfolio (the “Morningstar Aggressive Portfolio” and, together with the Morningstar Conservative Portfolio, Morningstar Income and Growth Portfolio, Morningstar Balanced Portfolio, and Morningstar Growth Portfolio, the “Morningstar Portfolios”).

In renewing and approving the Investment Advisory Agreement with AAI and the Investment Sub-Advisory Agreement with Morningstar, the Trustees, including the Independent Trustees, considered the following factors with respect to the Morningstar Portfolios:

Nature, Extent, and Quality of the Services Provided

The Board considered the nature, extent, and quality of the services provided by AAI, including investment sub-adviser selection, evaluation, and monitoring and trade execution and the portfolio management services provided by Morningstar, in light of the investment objective of each Morningstar Portfolio. The Board also considered the portfolio team’s demonstrated consistency in investment approach for the Morningstar Portfolios, and took note of the degree of portfolio overlap across the various Morningstar Portfolios. The Board reviewed the background and experience of (i) the current AAI personnel responsible for evaluating and monitoring each Morningstar Portfolio and (ii) the Portfolio management personnel of Morningstar responsible for managing the investments of each Morningstar Portfolio. The Board also considered the compliance structure of AAI and Morningstar. Finally, the Board considered the Board’s and the Trust’s association with the current advisory oversight personnel employed by AAI, the relationships those AAI personnel maintain with Morningstar, and the ability of those personnel to evaluate the services provided by Morningstar.

The Board concluded that the nature, extent, and quality of the services provided by AAI and Morningstar to the Morningstar Portfolios were appropriate and consistent with the terms of the respective agreements and that each Morningstar Portfolio and its shareholders were likely to benefit from the services provided under the agreements. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by Morningstar had been consistent and that AAI and Morningstar have sufficient personnel, with the appropriate education and experience, to serve each Morningstar Portfolio effectively.

50 | June 30, 2025

ALPS Variable Investment Trust

Statement Regarding Basis for Approval of
Investment Advisory & Sub-Advisory Contracts

June 30, 2025 (Unaudited)

Investment Performance

The Board reviewed the performance of each Morningstar Portfolio as of March 31, 2025, over the one-year, three-year, five-year, and ten-year periods. The Board considered information from an independent research provider (the “Data Provider”) regarding the performance of each Morningstar Portfolio relative to its performance peer group. The Board also received and considered the quarterly commentaries from AAI and Morningstar regarding the performance of each Morningstar Portfolio.

The Board noted that as of March 31, 2025:

(i) each class of the Morningstar Conservative Portfolio outperformed relative to its peer group median over the one-year period and underperformed relative to its peer group median over each period;

(ii) with respect to the Morningstar Income and Growth Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

(iii) with respect to the Morningstar Balanced Portfolio, each class of the Portfolio outperformed relative to its peer group median over the three-year and five-year periods; Class I had performance equal to the peer group median for the one-year and ten-year periods; and Class II outperformed its peer group median over the one-year period and underperformed relative to its peer group median over the ten-year period.

(iv) with respect to the Morningstar Growth Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

(v) with respect to the Morningstar Aggressive Portfolio, each class of the Portfolio outperformed relative to its peer group median over each period.

Investment Advisory Fee Rate and Comparisons

The Board reviewed the fees paid by each Morningstar Portfolio to AAI and the fees paid by AAI to Morningstar. The Board took note of the fact that Morningstar is paid by AAI and not directly by each Morningstar Portfolio. In its review, the Board considered information about, among other things, (i) the rates of compensation paid to AAI (and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Morningstar Portfolios, after taking into account agreements to waive fees and/or reimburse expenses and (ii) Morningstar’s stated fee schedule and fee range for its sub-advisory clients. In connection therewith, the Board noted Morningstar’s statements regarding the range of services that are provided in its capacity as sub-adviser to the Morningstar Portfolios.

The Board noted that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s and Morningstar’s other clients employing comparable strategies, as applicable, were not indicative of any unreasonableness with respect to the advisory fees payable by the Morningstar Portfolios or with respect to the sub-advisory fees payable by AAI to Morningstar.

The Board noted that each Morningstar Portfolio’s gross advisory fees were higher, and in some cases significantly higher, when compared with the median of the gross advisory fees charged to similar open-end funds in the peer group and wider expense universe, taking into account management and non-management fees and the limitations of the peer universe for certain Morningstar Portfolios. With respect to the Morningstar Portfolios’ total net expense ratios, the Board noted that the Data Provider report included comparisons of the Morningstar Portfolios’ total next expense ratios both with acquired fund fees and expenses (“AFFE”) and excluding AFFE. The Board noted that when AFFE is excluded each Morningstar Portfolio’s total net expense ratio was higher than the peer group median, but that when AFFE is included, the Morningstar Portfolios’ rankings are generally more favorable.

The Board concluded that both the (i) gross advisory fees payable by each Morningstar Portfolio to AAI and the fees payable by AAI to Morningstar; and (ii) total net expenses borne by each Morningstar Portfolio, were reasonable in relation to the nature and quality of the respective services provided, taking into account the fees charged by other advisers for managing comparable open-end mutual funds.

Profitability and Costs of Services to Investment Advisers

The Board reviewed the profitability analyses provided by both AAI and Morningstar. The Board considered the profitability to AAI of its overall relationship with the Morningstar Portfolios, which included fees payable to AAI for investment advisory services. The Board concluded that the profits attributable to the services provided by AAI to each Morningstar Portfolio were not excessive.

51 | June 30, 2025

ALPS Variable Investment Trust

Statement Regarding Basis for Approval of
Investment Advisory & Sub-Advisory Contracts

June 30, 2025 (Unaudited)

The Board also considered the profitability of Morningstar’s overall relationship with the Morningstar Portfolios, which included fees payable to Morningstar by AAI for advisory services. In light of the foregoing, the Board concluded that the profits attributable to the services provided by Morningstar to each Morningstar Portfolio were not excessive.

Economies of Scale

The Board reviewed certain information provided by AAI and Morningstar, as well as the asset size of each Morningstar Portfolio, and concluded that, as the assets of each Morningstar Portfolio increase, there may be opportunities for sharing the benefits of economies of scale between AAI and Morningstar on one hand, and each Portfolio on the other hand.

Other Benefits

The Board also considered AAI’s and Morningstar’s statements regarding potential “fall-out” benefits (including the receipt of research products and services from unaffiliated brokers) that AAI and Morningstar might receive in connection with their association with the Morningstar Portfolios. The Board concluded that there were no material incidental benefits accruing to AAI or Morningstar in connection with their relationship with the Morningstar Portfolios.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services and Morningstar’s compensation for investment sub-advisory services are consistent with the best interests of each Morningstar Portfolio and its shareholders.

ALERIAN PORTFOLIO

At a meeting on June 3, 2025, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI for the maximum period permitted under the 1940 Act with respect to the ALPS | Alerian Energy Infrastructure Portfolio (the “Alerian Portfolio”).

In renewing and approving the Investment Advisory Agreement with AAI, the Trustees, including the Independent Trustees, considered the following factors with respect to the Alerian Portfolio:

Nature, Extent, and Quality of the Services Provided

The Board considered the nature, extent, and quality of the services provided by AAI in light of the investment objective of the Alerian Portfolio. The Board reviewed the research and decision-making processes utilized by AAI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Alerian Portfolio. The Board reviewed the background and experience of the current AAI personnel responsible for the management of the Alerian Portfolio. The Board also considered the compliance structure of AAI. Finally, the Trustees considered the Board’s and the Trust’s association with the current advisory personnel employed by AAI and the relationships those AAI personnel maintain with the index provider to the Alerian Portfolio.

The Board concluded that the nature, extent, and quality of the services provided by AAI to the Alerian Portfolio were appropriate and consistent with the terms of the Investment Advisory Agreement and that the Alerian Portfolio and its shareholders were likely to benefit from services provided under the agreement. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by AAI had been consistent, and that AAI would have sufficient personnel, with the appropriate education and experience, to serve the Alerian Portfolio effectively.

Investment Performance

The Board reviewed the performance of the Alerian Portfolio for the one-year, three-year, five-year, and ten-year periods ended March 31, 2025. The Board considered information from an independent research provider regarding the performance of the Alerian Portfolio relative to its performance peer group. The Board also received and considered the quarterly commentaries from AAI regarding the performance characteristics of the Alerian Portfolio.

The Board noted that the performance of the Alerian Portfolio, for both share classes, outperformed relative to its peer group median for the one-year and ten-year periods ended March 31, 2025, and that each class of the Portfolio underperformed relative to its peer group median during the three-year and five-year periods.

52 | June 30, 2025

ALPS Variable Investment Trust

Statement Regarding Basis for Approval of
Investment Advisory & Sub-Advisory Contracts

June 30, 2025 (Unaudited)

Investment Advisory Fee Rate and Comparisons

The Board reviewed the fees paid by the Alerian Portfolio to AAI under the Investment Advisory Agreement. In its review, the Board considered information about, among other things, (i) the rates of compensation paid to AAI (and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Alerian Portfolio, (ii) the fees charged by AAI to other comparable client accounts, and (iii) the asset size of the Alerian Portfolio relative to its peers. Further, the Board also considered the differences in the level of services provided by AAI to the Alerian Portfolio and to other comparable accounts.

The Board also noted that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to AAI’s other clients employing comparable strategies were not indicative of any unreasonableness with respect to the advisory fees payable by the Alerian Portfolio.

The Board noted that, for both classes, the Alerian Portfolio’s contractual advisory fee and total net expense ratios were lower than the peer group median. The Board concluded that both the (i) contractual advisory fees payable by the Alerian Portfolio to AAI and (ii) total net expenses borne by the Alerian Portfolio were reasonable in relation to the nature and quality of the respective services provided, taking into account the fees charged by other advisers for managing comparable open-end mutual funds and the fees AAI charges to other clients.

Profitability and Costs of Services to Investment Adviser

The Board reviewed the profitability analysis provided by AAI. The Board considered whether the provision of services by AAI to the Alerian Portfolio was profitable to AAI. In light of the foregoing, the Board concluded that the profits (if any) attributable to the services provided by AAI to the Alerian Portfolio were not excessive.

Economies of Scale

The Board reviewed certain information provided by AAI and the asset size of the Alerian Portfolio, and concluded that, to the extent any economies of scale could be realized as the assets of the Portfolio increase, such economies would likely not be significant at the current time.

Other Benefits

The Board also considered the potential “fall-out” benefits (including the receipt of research products and services from unaffiliated brokers) that AAI might receive in connection with its association with the Alerian Portfolio. The Board concluded that there were no material incidental benefits accruing to AAI in connection with its relationship with the Alerian Portfolio.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services is consistent with the best interests of the Alerian Portfolio and its shareholders.

GLOBAL OPPORTUNITY PORTFOLIO

At a meeting on June 3, 2025, the Board, including a majority of the Independent Trustees, approved the continuation of the Investment Advisory Agreement with AAI for the maximum period permitted under the 1940 Act with respect to the ALPS Global Opportunity Portfolio (the “Global Opportunity Portfolio”).

In renewing and approving the Investment Advisory Agreement with AAI, the Trustees, including the Independent Trustees, considered the following factors with respect to the Global Opportunity Portfolio:

Nature, Extent, and Quality of the Services Provided

The Board considered the nature, extent, and quality of the services provided by AAI, in light of the investment objective of the Global Opportunity Portfolio. The Board reviewed the research and decision-making processes utilized by AAI, including the methods adopted to seek to achieve compliance with the investment objectives, policies, and restrictions of the Global Opportunity Portfolio. The Board reviewed: (i) the background and experience of the current AAI personnel responsible for the evaluation and monitoring for the Global Opportunity Portfolio; and (ii) the portfolio management personnel of AAI responsible for managing the investments of the Global Opportunity Portfolio.

The Board concluded that the nature, extent, and quality of the services provided by AAI to the Global Opportunity Portfolio was appropriate and consistent with the terms of the Investment Advisory Agreement, and that the Global Opportunity Portfolio and its shareholders were likely to benefit from services provided under the agreement. The Board also concluded that the quality of the services provided by the senior advisory personnel employed by AAI had been consistent and that the investment adviser had sufficient personnel, with the appropriate education and experience, to serve the Global Opportunity Portfolio effectively.

53 | June 30, 2025

ALPS Variable Investment Trust

Statement Regarding Basis for Approval of
Investment Advisory & Sub-Advisory Contracts

June 30, 2025 (Unaudited)

Investment Performance

Investment Advisory Fee Rate and Comparisons

The Board reviewed the fees paid by the Global Opportunity Portfolio to AAI under the agreement. In its review, the Board considered information about, among other things, (i) the rate of compensation paid to AAI (and overall expense ratios for open-end mutual funds comparable in character (such as asset size) and investment strategy to the Global Opportunity Portfolio, after taking into account agreements to waive fees and/or reimburse expenses and (ii) the fees charged by AAI to other comparable client accounts.

Profitability and Costs of Services to Investment Adviser

The Board reviewed the profitability analysis prepared by AAI. The Board considered whether the provision of services by AAI to the Global Opportunity Portfolio was profitable to AAI. The Board concluded that the profits, if any, attributable to the services provided by AAI to the Global Opportunity Portfolio were not excessive.

Economies of Scale

The Board reviewed certain information provided by AAI, as well as the asset size of each Morningstar Portfolio, and concluded that, as the assets of the Global Opportunity Portfolio increase, there may be opportunity for sharing the benefits of economies of scale between AAI and the Global Opportunity Portfolio.

Other Benefits

The Board also considered the potential “fall-out” benefits (including the receipt of research products and services from unaffiliated brokers) that AAI might receive in connection with its association with the Global Opportunity Portfolio. The Board concluded that there were no material incidental benefits accruing to AAI in connection with its relationship with the Global Opportunity Portfolio.

Based on the Trustees’ deliberations and their evaluation of the information described above, the Trustees, including all of the Independent Trustees, concluded that AAI’s compensation for investment advisory services are consistent with the best interests of the Global Opportunity Portfolio and its shareholders.

54 | June 30, 2025

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Any Remuneration Paid to Directors, Officers, and Others information is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Report.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The Statement Regarding Basis for Approval of Investment Advisory Contract is included under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a)

Not applicable.

(b)

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

No changes have occurred.

Item 16. Controls and Procedures.

(a)

Based on an evaluation of the Fund’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), the Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures are effective as of a date within 90 days of the filing date of this report.

(b)

There were no significant changes in the Fund’s internal control over financial reporting that occurred during the Fund’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable to this Report.

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99.CERT.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)

Certifications required by Rule 30a-2(b) under the 1940 Act are filed herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ALPS Variable Investment Trust

By:	/s/ Erich Rettinger
	Erich Rettinger
	President (Principal Executive Officer)

Date:	September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Erich Rettinger
	Erich Rettinger
	President (Principal Executive Officer)

Date:	September 4, 2025

By:	/s/ Gina Meyer
	Gina Meyer
	Treasurer (Principal Financial Officer)

Date:	September 4, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

fp0094682-1_ex99cert.htm

fp0094682-1_ex99906cert.htm

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XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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IDEA: MetaLinks.json

IDEA: fp0094682-1_ncsrsixbrl_htm.xml


U.S. Equity	64.63%
U.S. Bonds	3.89%
Non-U.S. Equity	30.61%
Cash Equivalents	0.87%